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, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 5/31/21
Date of Reporting Period: Six months ended 11/30/20
Item 1. | Reports to Stockholders |
Share Class | Ticker | Automated | MOTXX | Investment | MOIXX | Wealth | MOFXX |
Service | MOSXX | Cash II | MODXX | Cash Series | MFSXX | |
Capital | MFCXX |
Federated Hermes Municipal Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 75.3% |
Municipal Notes | 22.0% |
Commercial Paper | 5.6% |
Other Assets and Liabilities—Net2 | (2.9)% |
TOTAL | 100% |
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. |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 66.8% |
8-30 Days | 4.9% |
31-90 Days | 15.5% |
91-180 Days | 4.6% |
181 Days or more | 11.1% |
Other Assets and Liabilities—Net2 | (2.9)% |
Total | 100% |
1 | 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. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— 102.9% | ||
Alabama— 3.0% | |||
$ 3,470,000 | Alabama HFA MFH (Summit South Mall Apartments Ltd.), (2007 Series C) Weekly VRDNs, (FNMA LOC), 0.210%, 12/3/2020 | $3,470,000 | |
1,120,000 | Autauga County, AL IDA (Marshall Prattville, LLC), (Series 2008) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.170%, 12/3/2020 | 1,120,000 | |
40,440,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1997) Daily VRDNs, 0.150%, 12/1/2020 | 40,440,000 | |
15,000,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1997) Weekly VRDNs, 0.270%, 12/2/2020 | 15,000,000 | |
5,100,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 0.150%, 12/1/2020 | 5,100,000 | |
5,450,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 0.130%, 12/1/2020 | 5,450,000 | |
11,610,000 | Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2007) Weekly VRDNs, (Comerica Bank LOC), 0.190%, 12/3/2020 | 11,610,000 | |
10,000,000 | Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2011) Weekly VRDNs, (Comerica Bank LOC), 0.160%, 12/3/2020 | 10,000,000 | |
2,695,000 | Mobile, AL IDB (Alabama Power Co.), (Series 2001-B) Daily VRDNs, 0.150%, 12/1/2020 | 2,695,000 | |
25,550,000 | Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly VRDNs, 0.210%, 12/2/2020 | 25,550,000 | |
2,600,000 | Walker County, AL Economic IDA (Alabama Power Co.), (Series 2007) Daily VRDNs, 0.150%, 12/1/2020 | 2,600,000 | |
1,150,000 | Wilsonville, AL IDB (Alabama Power Co.), (Series 2008) Daily VRDNs, 0.150%, 12/1/2020 | 1,150,000 | |
TOTAL | 124,185,000 | ||
Arizona— 0.3% | |||
5,610,000 | Maricopa County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.300%, 12/3/2020 | 5,610,000 | |
6,750,000 | Pinal County, AZ IDA (Milky Way Dairy LLC), (Series 2002) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.190%, 12/3/2020 | 6,750,000 | |
TOTAL | 12,360,000 | ||
Arkansas— 0.3% | |||
1,800,000 | Blytheville, AR (Nucor Corp.), (Series 2002) Weekly VRDNs, 0.190%, 12/2/2020 | 1,800,000 | |
3,830,000 | Lowell, AR IDRB (Arkansas Democrat-Gazette, Inc.), (Series 2006) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.230%, 12/2/2020 | 3,830,000 | |
5,800,000 | Lowell, AR IDRB (Little Rock Newspapers, Inc.), (Series 1996) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.230%, 12/2/2020 | 5,800,000 | |
TOTAL | 11,430,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— 10.0% | |||
$ 4,910,000 | California Enterprise Development Authority (J. Harris Industrial Water Treatment, Inc.), (Series 2015) Weekly VRDNs, (City National Bank LOC), 0.190%, 12/3/2020 | $4,910,000 | |
4,800,000 | California Enterprise Development Authority (Regional Properties, Inc.), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (FHLB of San Francisco LOC), 0.130%, 12/3/2020 | 4,800,000 | |
20,000,000 | California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.230%, 12/3/2020 | 20,000,000 | |
2,050,000 | California Infrastructure & Economic Development Bank (Bonny Doon Winery, Inc.), (Series 2000A) Weekly VRDNs, (Comerica Bank LOC), 0.270%, 12/3/2020 | 2,050,000 | |
37,500,000 | California Infrastructure & Economic Development Bank (DesertXpress Enterprises, LLC), (Series 2020A: Brightline West Passenger Rail) TOBs, (GTD by United States Treasury), 0.450%, Mandatory Tender 7/1/2021 | 37,500,000 | |
2,000,000 | California PCFA (C.A. and E.J. Vanderham Family Trust), (Series 2003) Weekly VRDNs, (CoBank, ACB LOC), 0.150%, 12/3/2020 | 2,000,000 | |
3,000,000 | California PCFA (P & D Dairy and Poso Creek Family Dairy, LLC), (Series 2003) Weekly VRDNs, (Bank of the West, San Francisco, CA LOC), 0.170%, 12/3/2020 | 3,000,000 | |
30,000,000 | California PCFA (Sierra Pacific Industries), (Series 2014) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.200%, 12/2/2020 | 30,000,000 | |
2,940,000 | California PCFA (T & W Farms), (Series 2002) Weekly VRDNs, (Bank of America N.A. LOC), 0.170%, 12/3/2020 | 2,940,000 | |
1,100,000 | California State Department of Water Resources, (Series 2), CP, 0.190%, Mandatory Tender 1/13/2021 | 1,100,000 | |
20,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 0.260%, Mandatory Tender 5/12/2021 | 20,000,000 | |
6,230,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 0.260%, Mandatory Tender 5/4/2021 | 6,230,000 | |
2,590,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.260%, Mandatory Tender 5/4/2021 | 2,590,000 | |
7,500,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 0.240%, Mandatory Tender 3/3/2021 | 7,500,000 | |
12,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 0.260%, Mandatory Tender 5/11/2021 | 12,000,000 | |
16,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 0.240%, Mandatory Tender 2/4/2021 | 16,000,000 | |
2,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), CP, 0.210%, Mandatory Tender 1/13/2021 | 2,000,000 | |
10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-2), CP, 0.250%, Mandatory Tender 1/6/2021 | 10,000,000 | |
7,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series B-5), CP, 0.210%, Mandatory Tender 1/13/2021 | 7,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 28,945,000 | California Statewide Communities Development Authority (Kaiser Permanente), Tender Option Bond Trust Receipts (Series 2015-ZF0199) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.130%, 12/3/2020 | $28,945,000 | |
33,950,000 | California Statewide Communities Development Authority MFH (ERP Operating LP), (Series 2013B) Weekly VRDNs, 0.290%, 12/2/2020 | 33,950,000 | |
2,700,000 | Hillsborough, CA Water and Sewer Systems, (Series 2000A) Weekly VRDNs, (Bank of the West, San Francisco, CA LIQ), 0.140%, 12/3/2020 | 2,700,000 | |
3,300,000 | Hillsborough, CA Water and Sewer Systems, (Series 2003A) Weekly VRDNs, (Bank of the West, San Francisco, CA LIQ), 0.140%, 12/3/2020 | 3,300,000 | |
1,910,000 | Hillsborough, CA Water and Sewer Systems, (Series 2006A) Weekly VRDNs, (Bank of the West, San Francisco, CA LIQ), 0.140%, 12/3/2020 | 1,910,000 | |
35,000,000 | Los Angeles, CA Community Redevelopment Agency (DWF V Hollywood & Vine, LP), Tender Option Bond Trust Floater Certificates (2020-MIZ9038) Weekly VRDNs, (GTD by FHLMC)/(Mizuho Bank Ltd. LIQ), 0.260%, 12/3/2020 | 35,000,000 | |
55,615,000 | Los Angeles, CA Community Redevelopment Agency (DWF V Wilshire Vermont, LP), Tender Option Bond Trust Floater Certificates (2020- MIZ9040) Weekly VRDNs, (GTD by FHLMC)/(Mizuho Bank Ltd. LIQ), 0.260%, 12/3/2020 | 55,615,000 | |
14,000,000 | Metropolitan Water District of Southern California, (Series 2017 C) SIFMA Index Mode TOBs, 0.360%, Mandatory Tender 6/21/2021 | 14,000,000 | |
2,000,000 | Metropolitan Water District of Southern California, (Series 2017 D) SIFMA Index Mode TOBs, 0.360%, Mandatory Tender 6/21/2021 | 2,000,000 | |
5,500,000 | Nuveen California Dividend Advantage Municipal Fund, (NAC Series 4) Weekly VRDPs, (Royal Bank of Canada LIQ), 0.180%, 12/3/2020 | 5,500,000 | |
2,000,000 | Nuveen California Dividend Advantage Municipal Fund, (NAC Series 7) Weekly VRDPs, (Royal Bank of Canada LIQ), 0.180%, 12/3/2020 | 2,000,000 | |
34,000,000 | Nuveen California Quality Municipal Income Fund, PUTTERs 3a-7 (Series 5038) (VRDP Series 5) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.280%, 12/1/2020 | 34,000,000 | |
TOTAL | 410,540,000 | ||
Colorado— 0.4% | |||
3,300,000 | Colorado Agricultural Development Authority (Monte Vista Dairy, LLC), (Series 2006) Weekly VRDNs, (CoBank, ACB LOC), 0.170%, 12/3/2020 | 3,300,000 | |
4,615,000 | Colorado HFA (Acme Manufacturing Company, Inc.), (Series 2016A) Weekly VRDNs, (UMB Bank, N.A. LOC), 0.300%, 12/3/2020 | 4,615,000 | |
1,460,000 | Colorado HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.260%, 12/3/2020 | 1,460,000 | |
1,500,000 | Colorado HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs, (UMB Bank, N.A. LOC), 0.350%, 12/3/2020 | 1,500,000 | |
3,000,000 | Denver, CO City & County Airport Authority, RBC Muni Products (Series G-114) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.360%, Optional Tender 12/1/2020 | 3,000,000 | |
2,185,000 | Denver, CO City & County Airport Authority, Tender Option Bond Trust Receipts (Series 2018-ZF0689) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.190%, 12/3/2020 | 2,185,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Colorado— continued | |||
$ 1,835,000 | Denver, CO City & County Airport Authority, Tender Option Bond Trust Receipts (Series 2018-ZF0691) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.190%, 12/3/2020 | $1,835,000 | |
TOTAL | 17,895,000 | ||
Connecticut— 0.7% | |||
5,000,000 | Connecticut State HFA, Tender Option Bond Trust Receipts (2016- XF0492) Weekly VRDNs, (Bank of America N.A. LIQ), 0.200%, 12/3/2020 | 5,000,000 | |
8,000,000 | Connecticut State Special Transportation Fund, RBC Muni Products (Series G-110) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.290%, Optional Tender 4/1/2021 | 8,000,000 | |
10,890,000 | Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.260%, 12/3/2020 | 10,890,000 | |
2,600,000 | Manchester, CT BANs, 2.000%, 2/18/2021 | 2,598,595 | |
3,975,000 | Southington, CT BANs, 2.500%, 1/27/2021 | 3,978,961 | |
TOTAL | 30,467,556 | ||
Florida— 5.0% | |||
20,745,000 | Broward County, FL (Florida Power & Light Co.), (Series 2015) Daily VRDNs, 0.160%, 12/1/2020 | 20,745,000 | |
3,610,000 | Broward County, FL (Florida Power & Light Co.), (Series 2018A) Daily VRDNs, 0.150%, 12/1/2020 | 3,610,000 | |
6,000,000 | Broward County, FL Port Facilities, RBC Municipal Products Trust (Series G-115) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.360%, Optional Tender 3/1/2021 | 6,000,000 | |
3,050,000 | Escambia County, FL Solid Waste Disposal (Gulf Power Co.) Daily VRDNs, 0.150%, 12/1/2020 | 3,050,000 | |
10,000,000 | Florida Development Finance Corp. (Virgin Trains USA Passenger Rail) TOBs, (GTD by United States Treasury), 0.550%, Mandatory Tender 1/28/2021 | 10,000,000 | |
9,000,000 | Greater Orlando, FL Aviation Authority, (RBC Muni Products Series G- 25) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.360%, Optional Tender 4/1/2021 | 9,000,000 | |
5,000,000 | Hillsborough County, FL Solid Waste & Resource Recovery, RBC Muni Products (Series G-41) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Optional Tender 3/1/2021 | 5,000,000 | |
8,500,000 | Jacksonville, FL EDC (JEA, FL Electric System), (Series 2000-A), CP, (U.S. Bank, N.A. LIQ), 0.200%, Mandatory Tender 12/2/2020 | 8,500,000 | |
21,395,000 | JEA, FL Electric System, (Series Three 2008A) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.130%, 12/2/2020 | 21,395,000 | |
18,765,000 | JEA, FL Water & Sewer System, (2008 Series B: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.120%, 12/2/2020 | 18,765,000 | |
600,000 | Lee County, FL IDA (Florida Power & Light Co.), (Series 2016A) Daily VRDNs, 0.160%, 12/1/2020 | 600,000 | |
25,000,000 | Liberty County, FL (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 0.190%, 12/3/2020 | 25,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Florida— continued | |||
$ 34,745,000 | Orange County, FL School Board, Stage Trust 3a-7 (Series 2020-001) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.260%, 12/3/2020 | $34,745,000 | |
37,500,000 | St. Lucie County, FL Solid Waste Disposal (Florida Power & Light Co.), (Series 2003) Daily VRDNs, 0.150%, 12/1/2020 | 37,500,000 | |
TOTAL | 203,910,000 | ||
Georgia— 3.7% | |||
6,000,000 | Appling County, GA Development Authority (Georgia Power Co.), (1st Series 1997) Daily VRDNs, 0.170%, 12/1/2020 | 6,000,000 | |
2,890,000 | Appling County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 0.170%, 12/1/2020 | 2,890,000 | |
22,240,000 | Burke County, GA Development Authority (Georgia Power Co.), (1st Series 2009) Daily VRDNs, 0.150%, 12/1/2020 | 22,240,000 | |
800,000 | Burke County, GA Development Authority (Georgia Power Co.), (2018 1st Series) Daily VRDNs, 0.180%, 12/1/2020 | 800,000 | |
32,725,000 | Burke County, GA Development Authority (Georgia Power Co.), (Third Series 2012) Daily VRDNs, 0.160%, 12/1/2020 | 32,725,000 | |
6,580,000 | Floyd County, GA Development Authority PCRB (Georgia Power Co.), (First Series 1996) Daily VRDNs, 0.170%, 12/1/2020 | 6,580,000 | |
2,200,000 | Heard County, GA Development Authority (Georgia Power Co.), (First Series 2007) Daily VRDNs, 0.160%, 12/1/2020 | 2,200,000 | |
3,500,000 | Monroe County, GA Development Authority (Gulf Power Co.), (Series 2019) Daily VRDNs, 0.160%, 12/1/2020 | 3,500,000 | |
1,240,000 | Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), (First Series 1997) Daily VRDNs, 0.170%, 12/1/2020 | 1,240,000 | |
3,065,000 | Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), (First Series 2008) Daily VRDNs, 0.170%, 12/1/2020 | 3,065,000 | |
69,800,000 | Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 0.260%, 12/2/2020 | 69,800,000 | |
TOTAL | 151,040,000 | ||
Hawaii— 0.2% | |||
6,975,000 | Hawaii State Department of Budget & Finance (Queen’s Health Systems), (2015 Series C) VRENs, 0.560%, 12/3/2020 | 6,975,000 | |
Illinois— 0.8% | |||
4,680,000 | Chicago, IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2018-XM0686) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.190%, 12/3/2020 | 4,680,000 | |
1,000,000 | Illinois Development Finance Authority IDB (Apogee Enterprises, Inc.), (Series 2001) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.220%, 12/3/2020 | 1,000,000 | |
4,700,000 | Illinois Finance Authority - Solid Waste (Kuusakoski US LLC), (Series 2013) Weekly VRDNs, (Nordea Bank Abp LOC), 0.190%, 12/3/2020 | 4,700,000 | |
17,540,000 | Illinois Finance Authority (McKinley Foundation), (Series 2007A) Weekly VRDNs, (KeyBank, N.A. LOC), 0.210%, 12/3/2020 | 17,540,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Illinois— continued | |||
$ 6,075,000 | Illinois Finance Authority (Saint Xavier University), (Series 2006) Weekly VRDNs, (Huntington National Bank LOC), 0.190%, 12/3/2020 | $6,075,000 | |
135,000 | Woodridge, DuPage, Will and Cook Counties, IL (Home Run Inn Frozen Foods Corp.), (Series 2005) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.170%, 12/3/2020 | 135,000 | |
TOTAL | 34,130,000 | ||
Indiana— 1.4% | |||
12,835,000 | Bartholomew Consolidated School Corp., IN TANs, 4.000%, 12/31/2020 | 12,860,377 | |
4,750,000 | Bloomington, IN EDRB (SY Henderson Court Investors, LP), (Series 2008: Henderson Court Apartments) Weekly VRDNs, (FHLMC LOC), 0.210%, 12/3/2020 | 4,750,000 | |
39,450,000 | Indiana Development Finance Authority (Duke Energy Indiana, Inc.), (Series 2003A) Weekly VRDNs, 0.250%, 12/2/2020 | 39,450,000 | |
600,000 | Indiana Development Finance Authority (South Central Community Mental Health Centers, Inc.), D/B/A Center for Behavioral Health (Series 2002) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.260%, 12/3/2020 | 600,000 | |
TOTAL | 57,660,377 | ||
Iowa— 0.2% | |||
3,745,000 | Iowa Finance Authority (Cone Ent.), (Series 2007) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.160%, 12/3/2020 | 3,745,000 | |
5,300,000 | Iowa Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly VRDNs, (AgriBank FCB LOC), 0.170%, 12/3/2020 | 5,300,000 | |
TOTAL | 9,045,000 | ||
Kansas— 0.5% | |||
5,000,000 | Burlington, KS (Kansas City Power And Light Co.), (Series 2007A) Weekly VRDNs, 0.250%, 12/2/2020 | 5,000,000 | |
16,000,000 | Burlington, KS (Kansas City Power And Light Co.), (Series 2007B) Weekly VRDNs, 0.250%, 12/2/2020 | 16,000,000 | |
TOTAL | 21,000,000 | ||
Kentucky— 0.7% | |||
1,785,000 | Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.170%, 12/4/2020 | 1,785,000 | |
6,500,000 | Kentucky State Property & Buildings Commission, RBC Muni Products (Series G-116) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Optional Tender 5/3/2021 | 6,500,000 | |
1,100,000 | Louisville & Jefferson County, KY Regional Airport Authority (UPS Worldwide Forwarding, Inc.), (1999 Series B) Daily VRDNs, (GTD by United Parcel Service, Inc.), 0.180%, 12/1/2020 | 1,100,000 | |
15,400,000 | Louisville, KY Regional Airport Authority (BT-OH LLC), (Series 2006A) Daily VRDNs, (GTD by United Parcel Service, Inc.), 0.140%, 12/1/2020 | 15,400,000 | |
4,800,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2020A-1) Daily VRDNs, 0.180%, 12/1/2020 | 4,800,000 | |
TOTAL | 29,585,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Louisiana— 3.8% | |||
$ 15,600,000 | Ascension Parish, LA (BASF Corp.), (Series 1995) Weekly VRDNs, 0.250%, 12/2/2020 | $15,600,000 | |
7,000,000 | Ascension Parish, LA (BASF Corp.), (Series 1997) Weekly VRDNs, 0.250%, 12/2/2020 | 7,000,000 | |
14,000,000 | Ascension Parish, LA (BASF Corp.), (Series 1998) Weekly VRDNs, 0.250%, 12/2/2020 | 14,000,000 | |
3,000,000 | Calcasieu Parish, LA Public Trust Authority (WPT Corp.), (Series 1997) Weekly VRDNs, (Bank of America N.A. LOC), 0.160%, 12/2/2020 | 3,000,000 | |
14,200,000 | East Baton Rouge Parish, LA IDB (Georgia-Pacific LLC), Sold Waste Disposal Revenue Bonds (Series 2004) Weekly VRDNs, 0.190%, 12/2/2020 | 14,200,000 | |
4,630,000 | Louisiana HFA (Emerald Point Apartments Partners, Ltd.), (Series 2007) Weekly VRDNs, (FNMA LOC), 0.210%, 12/3/2020 | 4,630,000 | |
3,000,000 | Louisiana Local Government Environmental Facilities CDA (BASF Corp.), (Series 2000A) Weekly VRDNs, (GTD by BASF SE), 0.280%, 12/2/2020 | 3,000,000 | |
1,000,000 | Port of New Orleans, LA (New Orleans Steamboat Co.), (Series 2000) Weekly VRDNs, (FHLB of Dallas LOC), 0.260%, 12/3/2020 | 1,000,000 | |
21,260,000 | Shreveport, LA, Water & Sewer, Tender Option Bond Trust Certificates (Series 2019-ZF2818) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.190%, 12/3/2020 | 21,260,000 | |
49,640,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (GTD by Nucor Corp.), 0.180%, 12/2/2020 | 49,640,000 | |
22,200,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (GTD by Nucor Corp.), 0.200%, 12/2/2020 | 22,200,000 | |
TOTAL | 155,530,000 | ||
Maine— 0.5% | |||
22,260,000 | Old Town, ME (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 0.230%, 12/2/2020 | 22,260,000 | |
Maryland— 0.1% | |||
5,000,000 | Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Mandatory Tender 1/4/2021 | 5,000,000 | |
Massachusetts— 2.4% | |||
46,540,000 | Agency Enhanced Affordable Housing Trust 2019-BAML0010, BAML 3a-7 Non CE Weekly VRDNs, (Bank of America N.A. LIQ)/(GTD by FHLMC), 0.210%, 12/3/2020 | 46,540,000 | |
5,043,000 | Holbrook, MA BANs, 1.750%, 3/17/2021 | 5,056,357 | |
10,000,000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), 0.250%, Mandatory Tender 1/27/2021 | 10,000,000 | |
8,300,000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2007), CP, (GTD by Massachusetts Electric Co.), 0.300%, Mandatory Tender 12/16/2020 | 8,300,000 | |
2,005,000 | Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 0.220%, Mandatory Tender 1/27/2021 | 2,005,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Massachusetts— continued | |||
$ 25,543,000 | Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 0.220%, Mandatory Tender 2/3/2021 | $25,543,000 | |
TOTAL | 97,444,357 | ||
Michigan— 0.6% | |||
5,800,000 | Grand Rapids, MI IDR (Clipper Belt Lacer Co.), (Series 2007) Weekly VRDNs, (Bank of America N.A. LOC), 0.180%, 12/3/2020 | 5,800,000 | |
7,180,000 | Michigan Finance Authority Local Government Loan Program (McLaren Health Care Corp.), (Series 2015D) TOBs, 0.610%, Mandatory Tender 8/9/2021 | 7,180,000 | |
6,385,000 | Michigan State Housing Development Authority, (Series 2007E) Weekly VRDNs, (Royal Bank of Canada LOC), 0.140%, 12/2/2020 | 6,385,000 | |
1,800,000 | Michigan State Strategic Fund (Universal Forest Products Eastern Division, Inc.), Series 2002 Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.100%, 12/3/2020 | 1,800,000 | |
5,250,000 | Michigan Strategic Fund (Greenville Venture Partners LLC), (Series 2018) Weekly VRDNs, (CoBank, ACB LOC), 0.170%, 12/3/2020 | 5,250,000 | |
TOTAL | 26,415,000 | ||
Minnesota— 0.1% | |||
1,000,000 | Faribault, MN IDA (Apogee Enterprises, Inc.), (Series 2001) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.220%, 12/3/2020 | 1,000,000 | |
1,965,000 | St. Louis Park, MN (Urban Park Apartments), (Series 2010A) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.240%, 12/4/2020 | 1,965,000 | |
975,000 | St. Louis Park, MN (Urban Park Apartments), (Series 2010B) Weekly VRDNs, (FHLB of Des Moines LOC), 0.340%, 12/4/2020 | 975,000 | |
1,525,000 | St. Paul, MN Port Authority (National Checking Co.), IDRB’s (Series 1998A) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.310%, 12/3/2020 | 1,525,000 | |
TOTAL | 5,465,000 | ||
Mississippi— 0.6% | |||
4,670,000 | Mississippi Business Finance Corp. (Gulf Power Co.), (1st Series 2019) Daily VRDNs, 0.150%, 12/1/2020 | 4,670,000 | |
20,100,000 | Perry County, MS (Georgia-Pacific LLC), (Series 2002) Weekly VRDNs, 0.230%, 12/3/2020 | 20,100,000 | |
TOTAL | 24,770,000 | ||
Missouri— 0.4% | |||
15,000,000 | Kansas City, MO IDA (Kansas City, MO Airport Revenue), Tender Option Bond Trust Receipts (Series 2020-XL-150) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.190%, 12/3/2020 | 15,000,000 | |
Multi-State— 23.4% | |||
111,995,000 | Agency Enhanced Affordable Housing Trust 2012-60, (Series 2012-60) TOBs, (GTD by FHLMC), 1.149%, Mandatory Tender 2/23/2021 | 112,028,962 | |
59,525,000 | Agency Enhanced Affordable Housing Trust 2019-BAML0008, BAML 3a-7 Non CE Weekly VRDNs, (Bank of America N.A. LIQ)/(GTD by FHLMC), 0.310%, 12/3/2020 | 59,525,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Multi-State— continued | |||
$ 15,000,000 | Blackrock MuniYield Investment Fund, (594 Series W-7 VRDP Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ), 0.210%, 12/3/2020 | $15,000,000 | |
52,000,000 | BlackRock MuniYield Quality Fund III, Inc., (3,564 Series W-7 VRDP Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ), 0.210%, 12/3/2020 | 52,000,000 | |
178,500,000 | Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.330%, 12/1/2020 | 178,500,000 | |
86,800,000 | Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.330%, 12/1/2020 | 86,800,000 | |
71,000,000 | Nuveen AMT-Free Quality Municipal Income Fund, (Series C) Weekly VRDPs, (Societe Generale, Paris LIQ), 0.180%, 12/3/2020 | 71,000,000 | |
28,600,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.180%, 12/3/2020 | 28,600,000 | |
75,000,000 | Nuveen Municipal Credit Income Fund, PUTTERs 3a-7 (Series 5039) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.330%, 12/1/2020 | 75,000,000 | |
37,000,000 | Nuveen Municipal Credit Opportunities Fund, (Series A) Weekly VRDPs, (Sumitomo Mitsui Banking Corp. LIQ), 0.240%, 12/3/2020 | 37,000,000 | |
102,275,000 | Nuveen Municipal Credit Opportunities Fund, PUTTERs 3a-7 (Series 5033) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.330%, 12/1/2020 | 102,275,000 | |
40,800,000 | Nuveen Quality Municipal Income Fund, (Series 1) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.210%, 12/3/2020 | 40,800,000 | |
62,000,000 | Nuveen Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.210%, 12/3/2020 | 62,000,000 | |
45,000,000 | Nuveen Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.210%, 12/3/2020 | 45,000,000 | |
TOTAL | 965,528,962 | ||
Nebraska— 0.2% | |||
7,500,000 | Stanton County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs, 0.210%, 12/2/2020 | 7,500,000 | |
1,875,000 | Stanton County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs, 0.210%, 12/2/2020 | 1,875,000 | |
TOTAL | 9,375,000 | ||
Nevada— 1.0% | |||
32,900,000 | Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008 C-2) Weekly VRDNs, (State Street Bank and Trust Co. LOC), 0.130%, 12/2/2020 | 32,900,000 | |
1,515,000 | Director of the State of Nevada Department of Business and Industry (575 Mill Street LLC), IDRBs (Series 1998A) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.280%, 12/3/2020 | 1,515,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Nevada— continued | |||
$ 7,500,000 | Director of the State of Nevada Department of Business and Industry (DesertXpress Enterprises, LLC), (Series 2020A: Brightline West Passenger Rail) TOBs, (GTD by United States Treasury), 0.500%, Mandatory Tender 7/1/2021 | $7,500,000 | |
TOTAL | 41,915,000 | ||
New Jersey— 12.0% | |||
4,230,759 | Allendale, NJ BANs, 2.500%, 4/23/2021 | 4,242,975 | |
4,080,000 | Alpha Borough, NJ BANs, 1.500%, 11/16/2021 | 4,118,132 | |
2,200,000 | Atlantic Highlands, NJ BANs, 1.500%, 3/3/2021 | 2,201,918 | |
1,114,865 | Avon By The Sea, NJ BANs, 1.500%, 2/24/2021 | 1,115,530 | |
1,930,000 | Boonton Township, NJ BANs, 1.000%, 9/3/2021 | 1,938,567 | |
3,089,863 | Boonton, NJ BANs, 1.000%, 6/25/2021 | 3,100,325 | |
5,513,000 | Burlington, NJ, (Series A) BANs, 2.000%, 5/27/2021 | 5,546,228 | |
7,057,250 | Butler Borough, NJ BANs, 1.000%, 9/10/2021 | 7,089,917 | |
12,676,000 | Carteret, NJ BANs, 1.000%, 6/4/2021 | 12,708,122 | |
8,350,000 | Cresskill Borough, NJ BANs, 1.000%, 10/15/2021 | 8,391,976 | |
2,474,750 | Demarest, NJ BANs, 1.000%, 6/25/2021 | 2,483,127 | |
5,877,650 | Deptford Township, NJ, (Series A) BANs, 1.250%, 7/15/2021 | 5,901,152 | |
1,513,051 | East Greenwich Township, NJ BANs, 2.000%, 12/10/2020 | 1,513,301 | |
16,323,831 | Fairfield Township, NJ BANs, 0.900%, 2/19/2021 | 16,345,109 | |
5,964,000 | Fairview, NJ BANs, 1.000%, 8/27/2021 | 5,990,224 | |
3,105,105 | Franklin Township (Gloucester County), NJ BANs, 1.250%, 7/16/2021 | 3,117,001 | |
1,545,161 | Franklin Township, Warren County, NJ BANs, 1.500%, 2/2/2021 | 1,545,737 | |
20,940,000 | Garden State Preservation Trust, NJ (New Jersey State), Tender Option Bond Trust Receipts (2016-ZF0416) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.310%, 12/3/2020 | 20,940,000 | |
14,188,000 | Garfield, NJ BANs, 1.250%, 8/6/2021 | 14,259,919 | |
3,905,000 | Garwood, NJ BANs, 1.000%, 11/5/2021 | 3,923,039 | |
5,972,767 | Gloucester City, NJ BANs, 1.500%, 11/23/2021 | 6,029,706 | |
10,285,000 | Hamilton Township, NJ, (Series B) BANs, 1.750%, 2/17/2021 | 10,299,032 | |
6,065,000 | Hasbrouck Heights, NJ Board of Education BANs, 1.250%, 7/9/2021 | 6,088,607 | |
9,264,000 | Highland Park, NJ BANs, 2.500%, 4/8/2021 | 9,281,526 | |
2,190,000 | Hillsdale Borough, NJ BANs, 1.500%, 12/4/2020 | 2,190,035 | |
4,511,540 | Hopatcong, NJ BANs, 1.250%, 7/23/2021 | 4,530,224 | |
3,428,150 | Lawrence Township, NJ BANs, 1.250%, 7/9/2021 | 3,441,498 | |
5,231,000 | Leonia, NJ BANs, 1.000%, 8/20/2021 | 5,253,403 | |
6,277,000 | Logan Township, NJ BANs, 1.000%, 10/20/2021 | 6,307,940 | |
9,000,000 | Lyndhurst Township, NJ BANs, 1.000%, 9/8/2021 | 9,041,339 | |
2,250,000 | Lyndhurst Township, NJ BANs, 1.250%, 3/12/2021 | 2,251,538 | |
4,060,000 | Lyndhurst Township, NJ BANs, 1.500%, 2/5/2021 | 4,062,672 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New Jersey— continued | |||
$ 8,500,000 | Lyndhurst Township, NJ BANs, 2.000%, 5/6/2021 | $8,514,280 | |
13,963,000 | Marlboro Township, NJ BANs, 1.750%, 5/14/2021 | 14,006,415 | |
2,428,000 | Milltown, NJ, (Series 2019A) BANs, 1.500%, 12/17/2020 | 2,428,177 | |
7,225,000 | New Jersey Economic Development Authority (Yeshiva of North Jersey), (Series 2018) Weekly VRDNs, (Valley National Bank LOC), 0.410%, 12/3/2020 | 7,225,000 | |
3,040,000 | New Jersey EDA (Baptist Home Society of New Jersey) Weekly VRDNs, (Valley National Bank LOC), 0.410%, 12/3/2020 | 3,040,000 | |
3,805,000 | New Jersey EDA (Geriatric Services Housing Corp., Inc. - (CNJJHA Assisted Living)), (Series 2001) Weekly VRDNs, (Valley National Bank LOC), 0.290%, 12/2/2020 | 3,805,000 | |
11,255,000 | New Jersey EDA (Jewish Community Center on the Palisades), (Series 2016) Weekly VRDNs, (Valley National Bank LOC), 0.410%, 12/3/2020 | 11,255,000 | |
1,365,000 | New Jersey EDA (Temple Emanuel of the Pascack Valley), (Series 2001/2019) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.360%, 12/4/2020 | 1,365,000 | |
2,675,000 | New Jersey Health Care Facilities Financing Authority (Christian Health Care Center), (Series 2009) Weekly VRDNs, (Valley National Bank LOC), 0.210%, 12/3/2020 | 2,675,000 | |
4,595,000 | New Jersey Health Care Facilities Financing Authority (Christian Health Care Center), (Series A-2) Weekly VRDNs, (Valley National Bank LOC), 0.430%, 12/3/2020 | 4,595,000 | |
15,385,000 | New Jersey State Economic Development Authority (Jewish Community Housing Corporation of Metropolitan New Jersey), (Series 2010) Weekly VRDNs, (Valley National Bank LOC), 0.230%, 12/3/2020 | 15,385,000 | |
44,110,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Clipper Tax-Exempt Certificates Trust (Series 2009-70) TOBs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.280%, Optional Tender 12/17/2020 | 44,110,000 | |
5,105,000 | North Haledon, NJ BANs, 1.500%, 4/29/2021 | 5,128,794 | |
2,710,000 | Ocean Township, NJ (Ocean County) BANs, 1.000%, 9/9/2021 | 2,721,253 | |
2,051,554 | Oceanport, NJ BANs, 1.250%, 2/25/2021 | 2,054,664 | |
4,615,500 | Palmyra Borough, NJ, (2019 Series A) BANs, 1.500%, 12/15/2020 | 4,615,831 | |
8,916,000 | Passaic, NJ BANs, 1.000%, 8/26/2021 | 8,953,774 | |
1,686,600 | Paulsboro, NJ BANs, 1.500%, 1/28/2021 | 1,687,259 | |
3,241,000 | Pitman, NJ, (2019 Series A) BANs, 1.500%, 12/17/2020 | 3,241,266 | |
5,600,000 | Point Pleasant, NJ BANs, 1.000%, 10/15/2021 | 5,628,639 | |
12,776,500 | Ramsey, NJ BANs, 1.250%, 6/4/2021 | 12,808,578 | |
7,641,300 | Ramsey, NJ BANs, 2.000%, 1/8/2021 | 7,647,411 | |
5,784,131 | Raritan, NJ, (Series A) BANs, 1.250%, 7/8/2021 | 5,806,550 | |
9,837,739 | Rockaway Borough, NJ BANs, 1.000%, 1/22/2021 | 9,845,412 | |
4,699,654 | Roselle, NJ, (Series A) BANs, 1.500%, 7/23/2021 | 4,726,603 | |
3,680,450 | Roxbury Township, NJ BANs, 1.750%, 3/5/2021 | 3,687,959 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New Jersey— continued | |||
$ 6,396,440 | Sea Bright, NJ BANs, 1.500%, 12/3/2020 | $6,396,495 | |
3,647,500 | South Hackensack, NJ BANs, 1.500%, 12/18/2020 | 3,647,833 | |
4,984,075 | South Plainfield, NJ BANs, 1.000%, 8/20/2021 | 5,005,433 | |
2,735,895 | Southampton Township, NJ BANs, 1.250%, 7/8/2021 | 2,746,166 | |
11,785,000 | Stafford Township, NJ, (Series A) BANs, 2.500%, 4/28/2021 | 11,817,829 | |
4,571,787 | Union Beach, NJ BANs, 1.000%, 10/29/2021 | 4,592,470 | |
8,210,727 | Vernon Township, NJ BANs, 1.000%, 3/19/2021 | 8,225,356 | |
7,693,000 | Voorhees Township, NJ BANs, 1.000%, 8/18/2021 | 7,724,596 | |
6,652,000 | Wallington, NJ BANs, 1.000%, 8/20/2021 | 6,680,488 | |
5,168,000 | Washington Township (Morris County), NJ BANs, 1.000%, 8/25/2021 | 5,190,555 | |
1,259,500 | Washington Township, NJ (Warren County) BANs, 1.000%, 8/27/2021 | 1,264,577 | |
3,857,000 | Watchung Hills, NJ Regional School District BANs, 1.500%, 12/2/2020 | 3,857,021 | |
2,080,000 | West Orange Township, NJ BANs, 1.500%, 12/18/2020 | 2,080,181 | |
2,777,775 | Westwood, NJ BANs, 1.500%, 12/18/2020 | 2,778,016 | |
6,628,000 | Woodbury, NJ BANs, 1.500%, 12/2/2021 | 6,693,750 | |
4,070,000 | Woodbury, NJ, (2019 Series A) BANs, 1.500%, 12/4/2020 | 4,070,056 | |
7,440,000 | Woodland Park, NJ BANs, 1.250%, 5/28/2021 | 7,461,611 | |
9,800,000 | Wood-Ridge Borough, NJ BANs, 1.000%, 9/10/2021 | 9,845,334 | |
3,325,000 | Woolwich, NJ, (Series B) BANs, 1.000%, 6/3/2021 | 3,333,313 | |
TOTAL | 495,618,764 | ||
New York— 9.2% | |||
5,325,000 | Avon, NY CSD BANs, 2.000%, 6/25/2021 | 5,357,155 | |
4,750,000 | Ballston Spa, NY CSD BANs, 1.500%, 6/25/2021 | 4,769,945 | |
10,075,000 | Berlin, NY CSD BANs, 2.000%, 6/30/2021 | 10,161,815 | |
17,123,792 | Brasher Falls, NY CSD BANs, 1.250%, 7/14/2021 | 17,191,982 | |
4,000,000 | Center Moriches, NY Union Free School District TANs, 1.500%, 6/25/2021 | 4,023,193 | |
14,870,000 | Cheektowaga-Maryvale, NY Union Free School District BANs, 1.500%, 6/29/2021 | 14,946,461 | |
5,750,000 | Dansville, NY CSD BANs, 1.250%, 6/25/2021 | 5,777,468 | |
8,000,000 | Delaware County, NY BANs, 1.500%, 9/1/2021 | 8,065,159 | |
13,000,000 | Falconer, NY CSD BANs, 1.500%, 6/10/2021 | 13,067,669 | |
9,133,000 | Hamilton, NY CSD, (Series B) BANs, 1.250%, 7/9/2021 | 9,168,561 | |
5,590,000 | Hempstead (town), NY IDA MFH (Hempstead Village Housing Associates LP), (Series 2006) Weekly VRDNs, (FNMA LOC), 0.180%, 12/3/2020 | 5,590,000 | |
7,500,000 | Herricks, NY Union Free School District TANs, 1.500%, 6/18/2021 | 7,544,893 | |
4,229,182 | Homer, NY CSD BANs, 1.000%, 11/5/2021 | 4,248,704 | |
5,000,000 | Jamesville-Dewitt, NY Cent School District BANs, 1.000%, 7/16/2021 | 5,017,372 | |
5,857,462 | Kingston, NY BANs, 1.500%, 8/24/2021 | 5,905,061 | |
6,000,000 | Malverne, NY Union Free School District TANs, 1.000%, 6/25/2021 | 6,018,566 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 4,590,000 | McGraw, NY CSD BANs, 2.000%, 7/20/2021 | $4,632,741 | |
1,670,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2020-XM0835) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.210%, 12/3/2020 | 1,670,000 | |
3,900,000 | New Rochelle, NY IDA (180 Union Avenue Owner LP), (Series 2006: West End Phase I Facility) Weekly VRDNs, (Citibank N.A., New York LOC), 0.200%, 12/3/2020 | 3,900,000 | |
5,675,000 | New York City Housing Development Corp. (Reverend Ruben Diaz Gardens Apartments), (Series 2006A) Weekly VRDNs, (FHLMC LOC), 0.150%, 12/2/2020 | 5,675,000 | |
5,210,000 | New York City Housing Development Corp. (Sutter Avenue Associates LLC), (2006 Series A: Granville Payne Apartments) Weekly VRDNs, (Citibank N.A., New York LOC), 0.150%, 12/2/2020 | 5,210,000 | |
33,370,000 | New York City, NY Transitional Finance Authority, Stage Trust 3a-7 (Series 2020-002) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.260%, 12/3/2020 | 33,370,000 | |
15,000,000 | New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.310%, 12/3/2020 | 15,000,000 | |
5,540,000 | New York State Dormitory Authority (Montefiore Medical Center), Tender Option Bond Trust Receipts (Series 2020-XM0922) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.170%, 12/3/2020 | 5,540,000 | |
16,020,000 | New York State Dormitory Authority (St. John’s University), Clipper Tax-Exempt Certificates Trust (2009-45) TOBs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.280%, Optional Tender 12/10/2020 | 16,020,000 | |
12,500,000 | New York State Dormitory Authority State Personal Income Tax Revenue, (Series B), 5.000%, 3/31/2021 | 12,682,675 | |
11,900,000 | New York State Energy Research & Development Authority (Consolidated Edison Co.), (Subseries 2004C-3) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 0.120%, 12/2/2020 | 11,900,000 | |
20,000,000 | New York State Energy Research & Development Authority (Consolidated Edison Co.), (Subseries C-2) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 0.140%, 12/2/2020 | 20,000,000 | |
9,880,000 | New York State Energy Research & Development Authority (National Grid Generation LLC), (1997 Series A) Weekly VRDNs, (NatWest Markets PLC LOC), 0.160%, 12/2/2020 | 9,880,000 | |
4,000,000 | New York State HFA (160 Madison Ave, LLC), (Series 2014A) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 0.120%, 12/1/2020 | 4,000,000 | |
12,255,000 | New York State HFA (29 Flatbush Associates, LLC), (Series 2010A: 29 Flatbush Avenue) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 0.120%, 12/2/2020 | 12,255,000 | |
20,455,000 | New York State HFA (8 East 102nd Street Housing), (Series 2010A) Weekly VRDNs, (TD Bank, N.A. LOC), 0.130%, 12/2/2020 | 20,455,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 10,000,000 | New York Transportation Development Corporation (LaGuardia Gateway Partners, LLC), Tender Option Bond Trust Receipts (Series 2016-XM0403) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 0.610%, 12/3/2020 | $10,000,000 | |
10,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Citibank N.A., New York LIQ), 0.160%, 12/3/2020 | 10,000,000 | |
8,500,000 | Owego-Apalachin, NY CSD BANs, 1.250%, 7/22/2021 | 8,546,035 | |
2,059,000 | Owego-Apalachin, NY CSD, (Series A) BANs, 1.250%, 8/20/2021 | 2,071,208 | |
6,000,000 | Oyster Bay-East Norwich, NY CSD TANs, 1.500%, 6/25/2021 | 6,035,470 | |
9,000,000 | Schoharie County, NY BANs, 1.500%, 6/18/2021 | 9,046,321 | |
6,000,000 | Spencerport, NY CSD BANs, 1.500%, 6/24/2021 | 6,030,100 | |
7,275,000 | Whitehall, NY CSD BANs, 2.000%, 6/28/2021 | 7,336,231 | |
5,500,000 | Whitesboro, NY CSD BANs, 1.000%, 6/25/2021 | 5,518,608 | |
1,742,590 | Whitesboro, NY CSD BANs, 1.000%, 9/10/2021 | 1,750,386 | |
3,808,027 | Whitesboro, NY CSD BANs, 2.000%, 6/25/2021 | 3,830,378 | |
TOTAL | 379,209,157 | ||
North Carolina— 0.6% | |||
25,100,000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 0.190%, 12/2/2020 | 25,100,000 | |
1,200,000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000B) Weekly VRDNs, 0.190%, 12/2/2020 | 1,200,000 | |
TOTAL | 26,300,000 | ||
Ohio— 1.1% | |||
30,470,000 | Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.260%, 12/3/2020 | 30,470,000 | |
8,100,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Barclays Golden Blue (Series 2020-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.260%, 12/3/2020 | 8,100,000 | |
7,000,000 | Toledo-Lucas County, OH Port Authority (Van Deurzen Dairy LLC), (Series 2006) Weekly VRDNs, (AgriBank FCB LOC), 0.160%, 12/3/2020 | 7,000,000 | |
TOTAL | 45,570,000 | ||
Oregon— 0.5% | |||
10,000,000 | Port of Morrow, OR (Threemile Canyon Farms LLC), (Series 2001A) Weekly VRDNs, (Cooperative Rabobank UA LOC), 0.170%, 12/3/2020 | 10,000,000 | |
10,000,000 | Port of Morrow, OR (Threemile Canyon Farms LLC), (Series 2001C) Weekly VRDNs, (Cooperative Rabobank UA LOC), 0.170%, 12/3/2020 | 10,000,000 | |
TOTAL | 20,000,000 | ||
Pennsylvania— 1.6% | |||
8,600,000 | Beaver County, PA IDA (BASF Corp.), (Series 1997) Weekly VRDNs, (GTD by BASF SE), 0.250%, 12/2/2020 | 8,600,000 | |
26,500,000 | Blackrock MuniYield Pennsylvania Quality Fund, (663 Series W-7 VRDP Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ), 0.200%, 12/3/2020 | 26,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Pennsylvania— continued | |||
$ 4,710,000 | Emmaus, PA General Authority, (Series 1996) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 0.120%, 12/2/2020 | $4,710,000 | |
13,900,000 | Montgomery County, PA IDA (Lonza, Inc.), (Series 2000) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 0.170%, 12/3/2020 | 13,900,000 | |
5,825,000 | Pennsylvania State Turnpike Commission, RBC Muni Products (Series G-43) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Optional Tender 12/1/2020 | 5,825,000 | |
4,000,000 | Philadelphia, PA Airport System, (Series C-1) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.150%, 12/2/2020 | 4,000,000 | |
2,070,000 | Philadelphia, PA Airport System, Tender Option Bond Trust Receipts (Series 2017-XG0159) Weekly VRDNs, (Bank of America N.A. LIQ)/ (Bank of America N.A. LOC), 0.210%, 12/3/2020 | 2,070,000 | |
2,000,000 | Philadelphia, PA Authority for Industrial Development (Susquehanna Net Zero Housing, L.P.), Tender Option Bond Trust Floater Certificates (2020-MIZ9051) VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 0.460%, 12/3/2020 | 2,000,000 | |
TOTAL | 67,605,000 | ||
South Carolina— 1.2% | |||
21,500,000 | Berkeley County, SC IDB (Nucor Corp.) Weekly VRDNs, 0.210%, 12/2/2020 | 21,500,000 | |
10,100,000 | Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, 0.210%, 12/2/2020 | 10,100,000 | |
5,500,000 | South Carolina Public Service Company (Santee Cooper), (Series A), CP, (Barclays Bank PLC LOC), 0.200%, Mandatory Tender 1/6/2021 | 5,500,000 | |
3,700,000 | South Carolina Public Service Company (Santee Cooper), (Series A), CP, (Barclays Bank PLC LOC), 0.200%, Mandatory Tender 12/9/2020 | 3,700,000 | |
2,815,000 | South Carolina State Public Service Authority (Santee Cooper) (Santee Cooper), CDI Net Liquidity (Series 2020-XL0154) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.260%, 12/3/2020 | 2,815,000 | |
4,900,000 | South Carolina State Public Service Authority (Santee Cooper) (Santee Cooper), CDI Net Liquidity (Series 2020-YX1157) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.260%, 12/3/2020 | 4,900,000 | |
TOTAL | 48,515,000 | ||
South Dakota— 0.1% | |||
3,000,000 | South Dakota Value Added Finance Authority (Prairie Gold Dairy LLC), (Series 2004) Weekly VRDNs, (CoBank, ACB LOC), 0.170%, 12/3/2020 | 3,000,000 | |
Tennessee— 1.8% | |||
25,620,000 | Memphis-Shelby County, TN Industrial Development Board-PCRB (Nucor Steel Memphis, Inc.), (Series 2007) Weekly VRDNs, (GTD by Nucor Corp.), 0.210%, 12/2/2020 | 25,620,000 | |
25,000,000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 0.350%, Mandatory Tender 1/8/2021 | 25,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Tennessee— continued | |||
$ 25,000,000 | Metropolitan Government Nashville & Davidson County, TN, (Series B-1), CP, (JPMorgan Chase Bank, N.A. LOC), 0.220%, Mandatory Tender 1/7/2021 | $25,000,000 | |
TOTAL | 75,620,000 | ||
Texas— 10.6% | |||
5,000,000 | Alamo, TX CCD, RBC Muni Products (Series G-111) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Optional Tender 5/3/2021 | 5,000,000 | |
17,000,000 | Brazos River Harbor, TX Navigation District of Brazoria County (BASF Corp.), (Series 1996) Weekly VRDNs, 0.250%, 12/2/2020 | 17,000,000 | |
25,000,000 | Brazos River Harbor, TX Navigation District of Brazoria County (BASF Corp.), (Series 1997) Weekly VRDNs, 0.250%, 12/2/2020 | 25,000,000 | |
25,000,000 | Brazos River Harbor, TX Navigation District of Brazoria County (BASF Corp.), (Series 2001) Weekly VRDNs, (GTD by BASF SE), 0.280%, 12/2/2020 | 25,000,000 | |
25,000,000 | Brazos River Harbor, TX Navigation District of Brazoria County (BASF Corp.), (Series 2002) Weekly VRDNs, (GTD by BASF SE), 0.280%, 12/2/2020 | 25,000,000 | |
28,500,000 | Calhoun County, TX Navigation District Environmental Facilities (Formosa Plastic Corp.), (Series 2006) Weekly VRDNs, (Bank of America N.A. LOC), 0.130%, 12/3/2020 | 28,500,000 | |
19,805,000 | Calhoun, TX Port Authority (Formosa Plastic Corp.), (Series 2012) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.130%, 12/3/2020 | 19,805,000 | |
2,100,000 | Dallam County, TX Industrial Development Corp. (Consolidated Dairy Management LLC), (Series 2007) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.170%, 12/3/2020 | 2,100,000 | |
620,000 | Dallas-Fort Worth, TX International Airport Facility Improvement Corp. (United Parcel Service, Inc.), (Series 2002) Daily VRDNs, (GTD by United Parcel Service, Inc.), 0.160%, 12/1/2020 | 620,000 | |
12,000,000 | Gulf Coast, TX Waste Disposal Authority (American Acryl LP), (Series 2003) Weekly VRDNs, (MUFG Bank Ltd. LOC), 0.160%, 12/3/2020 | 12,000,000 | |
10,000,000 | Houston, TX Combined Utility System, (Series B-4), CP, (PNC Bank, N.A. LOC), 0.200%, Mandatory Tender 1/13/2021 | 10,000,000 | |
4,000,000 | Jewett, TX Economic Development Corporation (Nucor Corp.), (Series 2003) Weekly VRDNs, 0.210%, 12/2/2020 | 4,000,000 | |
9,000,000 | North Texas Tollway Authority, RBC Municipal Products Trust (Series 2019 G-112) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Optional Tender 1/4/2021 | 9,000,000 | |
85,800,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Weekly VRDNs, 0.260%, 12/2/2020 | 85,800,000 | |
12,500,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2003) Weekly VRDNs, 0.300%, 12/2/2020 | 12,500,000 | |
13,200,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2005) Weekly VRDNs, 0.300%, 12/2/2020 | 13,200,000 | |
42,000,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2006) Weekly VRDNs, 0.300%, 12/2/2020 | 42,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Texas— continued | |||
$ 35,000,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Weekly VRDNs, 0.300%, 12/2/2020 | $35,000,000 | |
1,100,000 | Port of Port Arthur Navigation District of Jefferson County, TX (BASF Corp.), (Series 1998) Weekly VRDNs, (GTD by BASF SE), 0.250%, 12/2/2020 | 1,100,000 | |
15,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (BASF Corp.), (Series 2000A), CP, (GTD by BASF SE), 0.330%, Mandatory Tender 12/1/2020 | 15,000,000 | |
25,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals USA, Inc.), (Series 2010) Weekly VRDNs, 0.150%, 12/2/2020 | 25,000,000 | |
15,000,000 | Texas State Department of Housing & Community Affairs (Onion Creek Housing Partners Ltd.), (Series 2007) Weekly VRDNs, (FNMA LOC), 0.210%, 12/3/2020 | 15,000,000 | |
10,000,000 | Texas State Public Finance Authority (Texas State), (Series 2016B), CP, 0.230%, Mandatory Tender 1/6/2021 | 10,000,000 | |
TOTAL | 437,625,000 | ||
Utah— 2.2% | |||
89,675,000 | Riverton, UT Hospital Revenue Authority (IHC Health Services, Inc.), Stage Trust (Series 2012-33C) VRENs, (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 0.280%, 12/3/2020 | 89,675,000 | |
550,000 | Salt Lake County, UT Training Facilities (Community Foundation For The Disabled, Inc.), (Series 2000) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.260%, 12/3/2020 | 550,000 | |
TOTAL | 90,225,000 | ||
Virginia— 1.4% | |||
35,600,000 | Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), Barclays Golden Blue (Series 2020-010) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.260%, 12/3/2020 | 35,600,000 | |
4,800,000 | Metropolitan Washington, DC Airports Authority, (Series 2011A-1) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 0.140%, 12/3/2020 | 4,800,000 | |
16,420,000 | Suffolk, VA EDA (Sentara Health Systems Obligation Group), Tender Option Bond Trust Floater Certificates (2020-MIZ9025) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.210%, 12/3/2020 | 16,420,000 | |
TOTAL | 56,820,000 | ||
Washington— 0.1% | |||
1,680,000 | Washington State EDFA (Mesa Dairy, LLC), (Series 2007E) Weekly VRDNs, (Bank of the West, San Francisco, CA LOC), 0.170%, 12/3/2020 | 1,680,000 | |
Wisconsin— 0.1% | |||
1,000,000 | Wausau, WI IDA (Apogee Enterprises, Inc.), (Series 2002) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.220%, 12/3/2020 | 1,000,000 | |
890,000 | West Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.420%, 12/3/2020 | 890,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Wisconsin— continued | |||
$ 3,025,000 | Wisconsin State Public Finance Authority (Birchwood Properties LP), (Series 2016) Weekly VRDNs, (FHLB of Des Moines LOC), 0.330%, 12/3/2020 | $3,025,000 | |
TOTAL | 4,915,000 | ||
Wyoming— 0.1% | |||
3,900,000 | Sweetwater County, WY PCRB (Pacificorp), (Series A) Weekly VRDNs, 0.170%, 12/2/2020 | 3,900,000 | |
TOTAL INVESTMENT IN SECURITIES—102.9% (AT AMORTIZED COST)2 | 4,245,529,173 | ||
OTHER ASSETS AND LIABILITIES - NET—(2.9)%3 | (120,126,112) | ||
TOTAL NET ASSETS—100% | $4,125,403,061 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
AMT | —Alternative Minimum Tax | |
BANs | —Bond Anticipation Notes | |
CCD | —Community College District | |
CDA | —Community Development Authority | |
CP | —Commercial Paper | |
CPX | —Commercial Paper Extendible | |
CSD | —Central School District | |
EDA | —Economic Development Authority | |
EDC | —Economic Development Commission | |
EDFA | —Economic Development Finance Authority | |
EDRB | —Economic Development Revenue Bond | |
FHLB | —Federal Home Loan Bank | |
FHLMC | —Federal Home Loan Mortgage Corporation | |
FNMA | —Federal National Mortgage Association | |
GTD | —Guaranteed | |
HFA | —Housing Finance Authority | |
IDA | —Industrial Development Authority | |
IDB | —Industrial Development Bond | |
IDR | —Industrial Development Revenue | |
IDRB | —Industrial Development Revenue Bond | |
IDRBs | —Industrial Development Revenue Bonds | |
IFA | —Industrial Finance Authority | |
INS | —Insured | |
LIQ | —Liquidity Agreement | |
LOC | —Letter of Credit | |
MFH | —Multi-Family Housing | |
PCFA | —Pollution Control Finance Authority | |
PCRB | —Pollution Control Revenue Bond | |
PCRBs | —Pollution Control Revenue Bonds | |
PUTTERs | —Puttable Tax-Exempt Receipts | |
SIFMA | —Securities Industry and Financial Markets Association | |
TANs | —Tax Anticipation Notes | |
TOBs | —Tender Option Bonds | |
UT | —Unlimited Tax | |
VMTP | —Variable Municipal Term Preferred | |
VRDNs | —Variable Rate Demand Notes | |
VRDPs | —Variable Rate Demand Preferreds | |
VRENs | —Variable Rate Extendible Notes |
Six Months Ended (unaudited) 11/30/2020 | Year Ended 5/31/2020 | Period Ended 5/31/20191 | Year Ended July 31, | Period Ended 7/31/20154 | |||
20182 | 20173 | 2016 | |||||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income | 0.0005 | 0.009 | 0.0106 | 0.007 | 0.002 | 0.0005 | 0.0005 |
Net realized gain | — | 0.0005 | 0.0005 | 0.0005 | 0.001 | 0.0005 | 0.0005 |
Total From Investment Operations | 0.0005 | 0.009 | 0.010 | 0.007 | 0.003 | 0.0005 | 0.0005 |
Less Distributions: | |||||||
Distributions from net investment income | (0.000)5 | (0.009) | (0.010) | (0.007) | (0.002) | (0.000)5 | (0.000)5 |
Distributions from net realized gain | — | (0.000)5 | (0.000)5 | (0.000)5 | (0.001) | (0.000)5 | — |
Total Distributions | (0.000)5 | (0.009) | (0.010) | (0.007) | (0.003) | (0.000)5 | (0.000)5 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return7 | 0.01% | 0.91% | 0.99% | 0.77% | 0.29% | 0.06% | 0.00%8 |
Ratios to Average Net Assets: | |||||||
Net expenses9 | 0.42%10 | 0.56% | 0.56%10 | 0.55% | 0.61% | 0.28%11 | 0.15%10 |
Net investment income | 0.01%10 | 0.90% | 1.20%10 | 0.81% | 0.23% | 0.01% | 0.01%10 |
Expense waiver/ reimbursement12 | 0.23%10 | 0.09% | 0.09%10 | 0.10% | 0.11% | 0.53% | 0.66%10 |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $799,595 | $818,565 | $636,808 | $48,952 | $013 | $013 | $013 |
1 | The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten- month period from August 1, 2018 to May 31, 2019. |
2 | Effective September 28, 2017, Trust Shares were re-designated as Automated Shares. |
3 | Certain ratios included above in Ratios to Average Net Assets and per share amounts may be inflated or deflated as compared to the fee structure for each respective share class as a result of daily systematic allocations being rounded to the nearest penny for fund level income, expense and realized/unrealized gain/loss amounts. Such differences are immaterial. |
4 | Reflects operations for the period from June 2, 2015 (date of initial public investment) to July 31, 2015. |
5 | Represents less than $0.001. |
6 | Per share numbers have been calculated using the average shares method. |
7 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
8 | Represents less than 0.01%. |
9 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
10 | Computed on an annualized basis. |
11 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended July 31, 2016, was 0.28% after taking into account this expense reduction. |
12 | 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. |
13 | Represents less than $1,000. |
Six Months Ended (unaudited) 11/30/2020 | Year Ended 5/31/2020 | Period Ended 5/31/20191 | Year Ended July 31, | Period Ended 7/31/20152 | |||
2018 | 2017 | 2016 | |||||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.000 | $1.000 | $1.00 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income | 0.0003 | 0.007 | 0.0084 | 0.005 | 0.001 | 0.0003 | 0.0003 |
Net realized gain | — | 0.0003 | 0.0003 | 0.0003 | 0.001 | 0.0003 | 0.0003 |
Total From Investment Operations | 0.0003 | 0.007 | 0.0084 | 0.005 | 0.002 | 0.0003 | 0.0003 |
Less Distributions: | |||||||
Distributions from net investment income | (0.000)3 | (0.007) | (0.008) | (0.005) | (0.001) | (0.000)3 | (0.000)3 |
Distributions from net realized gain | — | (0.000)3 | (0.000)3 | (0.000)3 | (0.001) | (0.000)3 | (0.000)3 |
Total Distributions | (0.000)3 | (0.007) | (0.008) | (0.005) | (0.002) | (0.000)3 | (0.000)3 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return5 | 0.01%6 | 0.71% | 0.79% | 0.54% | 0.17% | 0.06% | 0.00%6 |
Ratios to Average Net Assets: | |||||||
Net expenses7 | 0.42%8 | 0.78% | 0.78%8 | 0.78% | 0.76% | 0.53%9 | 0.15%8 |
Net investment income | 0.01%8 | 0.77% | 0.95%8 | 0.46% | 0.11% | 0.01% | 0.01%8 |
Expense waiver/ reimbursement10 | 0.48%8 | 0.12% | 0.12%8 | 0.13% | 0.16% | 0.38% | 0.76%8 |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $12,163 | $11,112 | $44,873 | $40,219 | $68,690 | $56,319 | $011 |
1 | The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten- month period from August 1, 2018 to May 31, 2019. |
2 | Reflects operations for the period from June 2, 2015 (date of initial public investment) to July 31, 2015. |
3 | Represents less than $0.001. |
4 | Per share numbers have been calculated using the average shares method. |
5 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
6 | Represents less than 0.01%. |
7 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
8 | Computed on an annualized basis. |
9 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended July 31, 2016, was 0.53% after taking into account this expense reduction. |
10 | 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. |
11 | Represents less than $1,000. |
Six Months Ended (unaudited) 11/30/2020 | Year Ended 5/31/2020 | Period Ended 5/31/20191 | Year Ended July 31, | ||||
2018 | 2017 | 2016 | 2015 | ||||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income | 0.001 | 0.012 | 0.0132 | 0.011 | 0.001 | 0.001 | 0.0003 |
— | 0.001 | 0.0003 | 0.0003 | 0.001 | 0.0003 | 0.0003 | |
Total From Investment Operations | 0.001 | 0.013 | 0.013 | 0.011 | 0.002 | 0.001 | 0.0003 |
Less Distributions: | |||||||
Distributions from net investment income | (0.001) | (0.013) | (0.013) | (0.011) | (0.001) | (0.001) | (0.000)3 |
— | (0.000)3 | (0.000)3 | (0.000)3 | (0.001) | (0.000)3 | (0.000)3 | |
Total Distributions | (0.001) | (0.013) | (0.013) | (0.011) | (0.002) | (0.001) | (0.000)3 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 0.11% | 1.27% | 1.27% | 1.12% | 0.72% | 0.17% | 0.01% |
Ratios to Average Net Assets: | |||||||
Net expenses5 | 0.21%6 | 0.21% | 0.21%6 | 0.21% | 0.21% | 0.17%7 | 0.14% |
0.21%6 | 1.24% | 1.52%6 | 1.10% | 0.64% | 0.11% | 0.01% | |
reimbursement8 | 0.09%6 | 0.09% | 0.09%6 | 0.10% | 0.11% | 0.14% | 0.16% |
Supplemental Data: | |||||||
$2,158,344 | $1,510,434 | $1,713,390 | $1,163,568 | $667,169 | $1,003,993 | $1,037,940 |
1 | The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten- month period from August 1, 2018 to May 31, 2019. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Represents less than $0.001. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | Computed on an annualized basis. |
7 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended July 31, 2016, was 0.17% after taking into account this expense reduction. |
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. |
Six Months Ended (unaudited) 11/30/2020 | Year Ended 5/31/2020 | Period Ended 5/31/20191 | Year Ended July 31, | ||||
2018 | 2017 | 2016 | 2015 | ||||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income | 0.0002 | 0.010 | 0.0113 | 0.008 | 0.004 | 0.0002 | 0.0002 |
Net realized gain | — | 0.0002 | 0.0002 | 0.0002 | 0.001 | 0.0002 | 0.0002 |
Total From Investment Operations | 0.0002 | 0.010 | 0.011 | 0.008 | 0.005 | 0.0002 | 0.0002 |
Less Distributions: | |||||||
Distributions from net investment income | (0.000)2 | (0.010) | (0.011) | (0.008) | (0.004) | (0.000)2 | (0.000)2 |
Distributions from net realized gain | — | (0.000)2 | (0.000)2 | (0.000)2 | (0.001) | (0.000)2 | (0.000)2 |
Total Distributions | (0.000)2 | (0.010) | (0.011) | (0.008) | (0.005) | (0.000)2 | (0.000)2 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 0.02% | 1.01% | 1.06% | 0.87% | 0.47% | 0.08% | 0.01% |
Ratios to Average Net Assets: | |||||||
Net expenses5 | 0.40%6 | 0.46% | 0.46%6 | 0.46% | 0.46% | 0.25%7 | 0.14% |
Net investment income | 0.03%6 | 0.98% | 1.26%6 | 0.84% | 0.39% | 0.03% | 0.01% |
Expense waiver/ reimbursement8 | 0.15%6 | 0.09% | 0.09%6 | 0.10% | 0.11% | 0.31% | 0.40% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $438,071 | $515,994 | $410,580 | $449,099 | $369,709 | $584,893 | $726,226 |
1 | The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten- month period from August 1, 2018 to May 31, 2019. |
2 | Represents less than $0.001. |
3 | Per share numbers have been calculated using the average shares method. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | Computed on an annualized basis. |
7 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended July 31, 2016, was 0.25% after taking into account this expense reduction. |
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. |
Six Months Ended (unaudited) 11/30/2020 | Year Ended 5/31/2020 | Period Ended 5/31/20191 | Year Ended July 31, | Period Ended 7/31/20152 | |||
2018 | 2017 | 2016 | |||||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income | 0.0003 | 0.006 | 0.0074 | 0.004 | 0.0003 | 0.0003 | 0.0003 |
Net realized gain | — | 0.0003 | 0.0003 | 0.0003 | 0.001 | 0.0003 | 0.0003 |
Total From Investment Operations | 0.0003 | 0.006 | 0.007 | 0.004 | 0.001 | 0.0003 | 0.0003 |
Less Distributions: | |||||||
Distributions from net investment income | (0.000)3 | (0.006) | (0.007) | (0.004) | (0.000)3 | (0.000)3 | (0.000)3 |
Distributions from net realized gain | — | (0.000)3 | (0.000)3 | (0.000)3 | (0.001) | (0.000)3 | — |
Total Distributions | 0.0003 | (0.006) | (0.007) | (0.004) | (0.001) | (0.000)3 | (0.000)3 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return5 | 0.01% | 0.60% | 0.69% | 0.43% | 0.11% | 0.06% | 0.00%6 |
Ratios to Average Net Assets: | |||||||
Net expenses7 | 0.42%8 | 0.88% | 0.91%8 | 0.90% | 0.82% | 0.33%9 | 0.15%8 |
Net investment income | 0.01%8 | 0.60% | 0.83%8 | 0.35% | 0.04% | 0.01% | 0.01%8 |
Expense waiver/ reimbursement10 | 0.57%8 | 0.11% | 0.09%8 | 0.10% | 0.19% | 0.68% | 0.86%8 |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $44,164 | $44,704 | $50,506 | $49,804 | $88,884 | $118,980 | $15,750 |
1 | The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten- month period from August 1, 2018 to May 31, 2019. |
2 | Reflects operations for the period from June 2, 2015 (date of initial public investment) to July 31, 2015. |
3 | Represents less than $0.001. |
4 | Per share numbers have been calculated using the average shares method. |
5 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
6 | Represents less than 0.01%. |
7 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
8 | Computed on an annualized basis. |
9 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended July 31, 2016, was 0.33% after taking into account this expense reduction. |
10 | 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. |
Six Months Ended (unaudited) 11/30/2020 | Year Ended 5/31/2020 | Period Ended 5/31/20191 | Year Ended July 31, | Period Ended 7/31/20152 | |||
2018 | 2017 | 2016 | |||||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income | 0.0003 | 0.005 | 0.0064 | 0.003 | 0.0003 | 0.0003 | 0.0003 |
Net realized gain | — | 0.0003 | 0.0003 | 0.0003 | 0.001 | 0.0003 | 0.0003 |
Total From Investment Operations | 0.0003 | 0.005 | 0.006 | 0.003 | 0.001 | 0.0003 | 0.0003 |
Less Distributions: | |||||||
Distributions from net investment income | (0.000)3 | (0.005) | (0.006) | (0.003) | (0.000)3 | (0.000)3 | (0.000)3 |
Distributions from net realized gain | — | (0.000)3 | (0.000)3 | (0.000)3 | (0.001) | (0.000)3 | — |
Total Distributions | (0.000)3 | (0.005) | (0.006) | (0.003) | (0.001) | (0.000)3 | (0.000)3 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return5 | 0.01% | 0.49% | 0.59% | 0.31% | 0.07% | 0.06% | 0.00%6 |
Ratios to Average Net Assets: | |||||||
Net expenses7 | 0.42%8 | 0.99% | 1.02%8 | 1.02% | 0.83% | 0.30%9 | 0.15%8 |
Net investment income | 0.01%8 | 0.49% | 0.71%8 | 0.30% | 0.01% | 0.01% | 0.01%8 |
Expense waiver/ reimbursement10 | 0.84%8 | 0.27% | 0.24%8 | 0.24% | 0.45% | 0.96% | 1.11%8 |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $282,689 | $240,445 | $281,674 | $328,142 | $118,975 | $210,967 | $94,515 |
1 | The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten- month period from August 1, 2018 to May 31, 2019. |
2 | Reflects operations for the period from June 2, 2015 (date of initial public investment) to July 31, 2015. |
3 | Represents less than $0.001. |
4 | Per share numbers have been calculated using the average shares method. |
5 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
6 | Represents less than 0.01%. |
7 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
8 | Computed on an annualized basis. |
9 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended July 31, 2016, was 0.30% after taking into account this expense reduction. |
10 | 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. |
Six Months Ended (unaudited) 11/30/2020 | Year Ended 5/31/2020 | Period Ended 5/31/20191 | Year Ended July 31, | ||||
2018 | 2017 | 2016 | 2015 | ||||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income | 0.001 | 0.012 | 0.0122 | 0.010 | 0.006 | 0.001 | 0.0003 |
Net realized gain | — | 0.0003 | 0.0003 | 0.0003 | 0.001 | 0.0003 | 0.0003 |
Total From Investment Operations | 0.001 | 0.012 | 0.012 | 0.010 | 0.007 | 0.001 | 0.0003 |
Less Distributions: | |||||||
Distributions from net investment income | (0.001) | (0.012) | (0.012) | (0.010) | (0.006) | (0.001) | (0.000)3 |
Distributions from net realized gain | — | (0.000)3 | (0.000)3 | (0.000)3 | (0.001) | (0.000)3 | (0.000)3 |
Total Distributions | (0.001) | (0.012) | (0.012) | (0.010) | (0.007) | (0.001) | (0.000)3 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 0.06% | 1.16% | 1.19% | 1.02% | 0.62% | 0.13% | 0.01% |
Ratios to Average Net Assets: | |||||||
Net expenses5 | 0.31%6 | 0.31% | 0.31%6 | 0.31% | 0.31% | 0.18%7 | 0.14% |
Net investment income | 0.12%6 | 1.16% | 1.41%6 | 1.01% | 0.57% | 0.05% | 0.01% |
Expense waiver/ reimbursement8 | 0.09%6 | 0.09% | 0.09%6 | 0.10% | 0.11% | 0.23% | 0.26% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $390,377 | $359,491 | $409,796 | $635,782 | $255,216 | $153,275 | $450,631 |
1 | The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten- month period from August 1, 2018 to May 31, 2019. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Represents less than $0.001. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | Computed on an annualized basis. |
7 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended July 31, 2016, was 0.18% after taking into account this expense reduction. |
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. |
Assets: | |
Investment in securities, at amortized cost and fair value | $4,245,529,173 |
Cash | 108,956 |
Income receivable | 5,344,516 |
Receivable for shares sold | 3,024,342 |
Total Assets | 4,254,006,987 |
Liabilities: | |
Payable for investments purchased | 121,134,282 |
Payable for shares redeemed | 7,043,529 |
Income distribution payable | 28,856 |
Payable for investment adviser fee (Note 4) | 12,906 |
Payable for administrative fee (Note 4) | 8,824 |
Payable for distribution services fee (Note 4) | 10,255 |
Payable for other service fees (Notes 2 and 4) | 109,551 |
Accrued expenses (Note 4) | 255,723 |
Total Liabilities | 128,603,926 |
Net assets for 4,125,382,257 shares outstanding | $4,125,403,061 |
Net Assets Consist of: | |
Paid-in capital | $4,125,361,946 |
Total distributable earnings (loss) | 41,115 |
Total Net Assets | $4,125,403,061 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Automated Shares: | |
$799,594,838 ÷ 799,590,811 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Shares: | |
$12,162,927 ÷ 12,162,864 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Wealth Shares: | |
$2,158,343,975 ÷ 2,158,333,121 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$438,071,303 ÷ 438,069,072 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash II Shares: | |
$44,163,842 ÷ 44,163,620 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash Series Shares: | |
$282,689,070 ÷ 282,687,620 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Capital Shares: | |
$390,377,106 ÷ 390,375,149 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |
Interest | $8,240,639 |
Expenses: | |
Investment adviser fee (Note 4) | 3,903,165 |
Administrative fee (Note 4) | 1,521,767 |
Custodian fees | 59,145 |
Transfer agent fees (Note 2) | 591,911 |
Directors’/Trustees’ fees (Note 4) | 7,774 |
Auditing fees | 12,810 |
Legal fees | 16,905 |
Portfolio accounting fees | 131,390 |
Distribution services fee (Note 4) | 885,448 |
Other service fees (Notes 2 and 4) | 2,177,698 |
Share registration costs | 164,590 |
Printing and postage | 28,397 |
Miscellaneous (Note 4) | 11,714 |
TOTAL EXPENSES | 9,512,714 |
Waivers and Reimbursements: | |
Waiver of investment adviser fee (Note 4) | (1,694,286) |
Waivers/reimbursements of other operating expenses (Notes 2 and 4) | (1,851,727) |
TOTAL WAIVERS AND REIMBURSEMENTS | (3,546,013) |
Net expenses | 5,966,701 |
Net investment income | 2,273,938 |
Change in net assets resulting from operations | $2,273,938 |
Six Months Ended (unaudited) 11/30/2020 | Year Ended 5/31/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,273,938 | $37,745,198 |
Net realized gain (loss) | — | 25,170 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 2,273,938 | 37,770,368 |
Distributions to Shareholders: | ||
Automated Shares | (41,586) | (6,350,668) |
Investment Shares | (573) | (176,409) |
Wealth Shares | (1,976,735) | (21,420,026) |
Service Shares | (81,598) | (4,201,420) |
Cash II Shares | (2,214) | (282,489) |
Cash Series Shares | (13,224) | (1,365,363) |
Capital Shares | (210,717) | (3,966,558) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (2,326,647) | (37,762,933) |
Share Transactions: | ||
Proceeds from sale of shares | 3,515,531,203 | 6,290,338,723 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,992,053 | 33,641,585 |
Cost of shares redeemed | (2,892,812,502) | (6,370,870,305) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 624,710,754 | (46,889,997) |
Change in net assets | 624,658,045 | (46,882,562) |
Net Assets: | ||
Beginning of period | 3,500,745,016 | 3,547,627,578 |
End of period | $4,125,403,061 | $3,500,745,016 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Automated Shares | $410,789 | $— |
Investment Shares | 5,538 | — |
Wealth Shares | 15,071 | — |
Service Shares | 3,700 | — |
Cash II Shares | 20,031 | — |
Cash Series Shares | 133,865 | (39,226) |
Capital Shares | 2,917 | (3) |
TOTAL | $591,911 | $(39,229) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Automated Shares | $1,010,114 | $(6,683) | $(577,010) |
Investment Shares | 14,326 | (610) | (13,537) |
Service Shares | 582,278 | (6,942) | (144,047) |
Cash II Shares | 55,481 | (603) | (54,878) |
Cash Series Shares | 330,255 | (2,879) | (327,376) |
Capital Shares | 185,244 | — | — |
TOTAL | $2,177,698 | $(17,717) | $(1,116,848) |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Automated Shares: | Shares | Amount | Shares | Amount |
Shares sold | 199,504,560 | $199,504,560 | 623,344 | $623,344 |
Shares issued to shareholders in payment of distributions declared | 41,586 | 41,586 | 6,345 | 6,345 |
Shares redeemed | (218,502,634) | (218,502,634) | (447,938) | (447,938) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | (18,956,488) | $(18,956,488) | 181,751 | $181,751 |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Investment Shares: | Shares | Amount | Shares | Amount |
Shares sold | 8,897,646 | $8,897,646 | 62,570 | $62,570 |
Shares issued to shareholders in payment of distributions declared | 573 | 573 | 162 | 162 |
Shares redeemed | (7,847,440) | (7,847,440) | (96,491) | (96,491) |
NET CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS | 1,050,779 | $1,050,779 | (33,759) | $(33,759) |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,350,038,046 | $2,350,038,046 | 3,376,792 | $3,376,792 |
Shares issued to shareholders in payment of distributions declared | 1,649,314 | 1,649,314 | 18,132 | 18,132 |
Shares redeemed | (1,703,756,582) | (1,703,756,582) | (3,597,880) | (3,597,880) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 647,930,778 | $647,930,778 | (202,956) | $(202,956) |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 413,524,053 | $413,524,053 | 1,087,931 | $1,087,931 |
Shares issued to shareholders in payment of distributions declared | 75,429 | 75,429 | 3,596 | 3,596 |
Shares redeemed | (491,513,936) | (491,513,936) | (986,116) | (986,116) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (77,914,454) | $(77,914,454) | 105,411 | $105,411 |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 13,295,920 | $13,295,920 | 37,029 | $37,029 |
Shares issued to shareholders in payment of distributions declared | 2,207 | 2,207 | 278 | 278 |
Shares redeemed | (13,837,650) | (13,837,650) | (43,110) | (43,110) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | (539,523) | $(539,523) | (5,803) | $(5,803) |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 306,420,179 | $306,420,179 | 515,735 | $515,735 |
Shares issued to shareholders in payment of distributions declared | 13,128 | 13,128 | 1,353 | 1,353 |
Shares redeemed | (264,185,236) | (264,185,236) | (558,317) | (558,317) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | 42,248,071 | $42,248,071 | (41,229) | $(41,229) |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 223,850,799 | $223,850,799 | 586,938 | $586,938 |
Shares issued to shareholders in payment of distributions declared | 209,816 | 209,816 | 3,775 | 3,775 |
Shares redeemed | (193,169,024) | (193,169,024) | (641,018) | (641,018) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 30,891,591 | $30,891,591 | (50,305) | $(50,305) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 624,710,754 | $624,710,754 | (46,890) | $(46,890) |
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 | |
Investment Shares | 0.25% |
Cash II Shares | 0.35% |
Cash Series Shares | 0.60% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Investment Shares | $14,326 | $(8,332) |
Cash II Shares | 77,816 | (51,902) |
Cash Series Shares | 793,306 | (617,699) |
TOTAL | $885,448 | $(677,933) |
Beginning Account Value 6/1/2020 | Ending Account Value 11/30/2020 | Expenses Paid During Period1 | |
Actual: | |||
Automated Shares | $1,000 | $1,000.10 | $22.11 |
Investment Shares | $1,000 | $1,000.10 | $32.11 |
Wealth Shares | $1,000 | $1,001.10 | $1.05 |
Service Shares | $1,000 | $1,000.20 | $42.01 |
Cash II Shares | $1,000 | $1,000.10 | $52.11 |
Cash Series Shares | $1,000 | $1,000.10 | $62.11 |
Capital Shares | $1,000 | $1,000.60 | $1.55 |
Hypothetical (assuming a 5% return before expenses): | |||
Automated Shares | $1,000 | $1,022.96 | $22.13 |
Investment Shares | $1,000 | $1,022.96 | $32.13 |
Wealth Shares | $1,000 | $1,024.02 | $1.07 |
Service Shares | $1,000 | $1,023.06 | $42.03 |
Cash II Shares | $1,000 | $1,022.96 | $52.13 |
Cash Series Shares | $1,000 | $1,022.96 | $62.13 |
Capital Shares | $1,000 | $1,023.51 | $1.57 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Automated Shares | 0.42% |
Investment Shares | 0.42% |
Wealth Shares | 0.21% |
Service Shares | 0.40% |
Cash II Shares | 0.42% |
Cash Series Shares | 0.42% |
Capital Shares | 0.31% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Automated Shares current Fee Limit of 0.56% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half- year period) would be $2.81 and $2.84, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Investment Shares current Fee Limit of 0.78% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half- year period) would be $3.91 and $3.96, respectively. |
4 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Service Shares current Fee Limit of 0.46% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half- year period) would be $2.31 and $2.33, respectively. |
5 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Cash II Shares current Fee Limit of 0.91% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half- year period) would be $4.56 and $4.61, respectively. |
6 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Cash Series Shares current Fee Limit of 1.02% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half- year period) would be $5.11 and $5.17, respectively. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 608919635
CUSIP 60934N658
CUSIP 60934N641
CUSIP 608919668
CUSIP 608919650
CUSIP 60934N633
Share Class | Ticker | Wealth | MOFXX |
Federated Hermes Municipal Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 75.3% |
Municipal Notes | 22.0% |
Commercial Paper | 5.6% |
Other Assets and Liabilities—Net2 | (2.9)% |
TOTAL | 100% |
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. |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 66.8% |
8-30 Days | 4.9% |
31-90 Days | 15.5% |
91-180 Days | 4.6% |
181 Days or more | 11.1% |
Other Assets and Liabilities—Net2 | (2.9)% |
Total | 100% |
1 | 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. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— 102.9% | ||
Alabama— 3.0% | |||
$ 3,470,000 | Alabama HFA MFH (Summit South Mall Apartments Ltd.), (2007 Series C) Weekly VRDNs, (FNMA LOC), 0.210%, 12/3/2020 | $3,470,000 | |
1,120,000 | Autauga County, AL IDA (Marshall Prattville, LLC), (Series 2008) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.170%, 12/3/2020 | 1,120,000 | |
40,440,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1997) Daily VRDNs, 0.150%, 12/1/2020 | 40,440,000 | |
15,000,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1997) Weekly VRDNs, 0.270%, 12/2/2020 | 15,000,000 | |
5,100,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 0.150%, 12/1/2020 | 5,100,000 | |
5,450,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 0.130%, 12/1/2020 | 5,450,000 | |
11,610,000 | Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2007) Weekly VRDNs, (Comerica Bank LOC), 0.190%, 12/3/2020 | 11,610,000 | |
10,000,000 | Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2011) Weekly VRDNs, (Comerica Bank LOC), 0.160%, 12/3/2020 | 10,000,000 | |
2,695,000 | Mobile, AL IDB (Alabama Power Co.), (Series 2001-B) Daily VRDNs, 0.150%, 12/1/2020 | 2,695,000 | |
25,550,000 | Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly VRDNs, 0.210%, 12/2/2020 | 25,550,000 | |
2,600,000 | Walker County, AL Economic IDA (Alabama Power Co.), (Series 2007) Daily VRDNs, 0.150%, 12/1/2020 | 2,600,000 | |
1,150,000 | Wilsonville, AL IDB (Alabama Power Co.), (Series 2008) Daily VRDNs, 0.150%, 12/1/2020 | 1,150,000 | |
TOTAL | 124,185,000 | ||
Arizona— 0.3% | |||
5,610,000 | Maricopa County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.300%, 12/3/2020 | 5,610,000 | |
6,750,000 | Pinal County, AZ IDA (Milky Way Dairy LLC), (Series 2002) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.190%, 12/3/2020 | 6,750,000 | |
TOTAL | 12,360,000 | ||
Arkansas— 0.3% | |||
1,800,000 | Blytheville, AR (Nucor Corp.), (Series 2002) Weekly VRDNs, 0.190%, 12/2/2020 | 1,800,000 | |
3,830,000 | Lowell, AR IDRB (Arkansas Democrat-Gazette, Inc.), (Series 2006) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.230%, 12/2/2020 | 3,830,000 | |
5,800,000 | Lowell, AR IDRB (Little Rock Newspapers, Inc.), (Series 1996) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.230%, 12/2/2020 | 5,800,000 | |
TOTAL | 11,430,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— 10.0% | |||
$ 4,910,000 | California Enterprise Development Authority (J. Harris Industrial Water Treatment, Inc.), (Series 2015) Weekly VRDNs, (City National Bank LOC), 0.190%, 12/3/2020 | $4,910,000 | |
4,800,000 | California Enterprise Development Authority (Regional Properties, Inc.), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (FHLB of San Francisco LOC), 0.130%, 12/3/2020 | 4,800,000 | |
20,000,000 | California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.230%, 12/3/2020 | 20,000,000 | |
2,050,000 | California Infrastructure & Economic Development Bank (Bonny Doon Winery, Inc.), (Series 2000A) Weekly VRDNs, (Comerica Bank LOC), 0.270%, 12/3/2020 | 2,050,000 | |
37,500,000 | California Infrastructure & Economic Development Bank (DesertXpress Enterprises, LLC), (Series 2020A: Brightline West Passenger Rail) TOBs, (GTD by United States Treasury), 0.450%, Mandatory Tender 7/1/2021 | 37,500,000 | |
2,000,000 | California PCFA (C.A. and E.J. Vanderham Family Trust), (Series 2003) Weekly VRDNs, (CoBank, ACB LOC), 0.150%, 12/3/2020 | 2,000,000 | |
3,000,000 | California PCFA (P & D Dairy and Poso Creek Family Dairy, LLC), (Series 2003) Weekly VRDNs, (Bank of the West, San Francisco, CA LOC), 0.170%, 12/3/2020 | 3,000,000 | |
30,000,000 | California PCFA (Sierra Pacific Industries), (Series 2014) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.200%, 12/2/2020 | 30,000,000 | |
2,940,000 | California PCFA (T & W Farms), (Series 2002) Weekly VRDNs, (Bank of America N.A. LOC), 0.170%, 12/3/2020 | 2,940,000 | |
1,100,000 | California State Department of Water Resources, (Series 2), CP, 0.190%, Mandatory Tender 1/13/2021 | 1,100,000 | |
20,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 0.260%, Mandatory Tender 5/12/2021 | 20,000,000 | |
6,230,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 0.260%, Mandatory Tender 5/4/2021 | 6,230,000 | |
2,590,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.260%, Mandatory Tender 5/4/2021 | 2,590,000 | |
7,500,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 0.240%, Mandatory Tender 3/3/2021 | 7,500,000 | |
12,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 0.260%, Mandatory Tender 5/11/2021 | 12,000,000 | |
16,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 0.240%, Mandatory Tender 2/4/2021 | 16,000,000 | |
2,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), CP, 0.210%, Mandatory Tender 1/13/2021 | 2,000,000 | |
10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-2), CP, 0.250%, Mandatory Tender 1/6/2021 | 10,000,000 | |
7,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series B-5), CP, 0.210%, Mandatory Tender 1/13/2021 | 7,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 28,945,000 | California Statewide Communities Development Authority (Kaiser Permanente), Tender Option Bond Trust Receipts (Series 2015-ZF0199) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.130%, 12/3/2020 | $28,945,000 | |
33,950,000 | California Statewide Communities Development Authority MFH (ERP Operating LP), (Series 2013B) Weekly VRDNs, 0.290%, 12/2/2020 | 33,950,000 | |
2,700,000 | Hillsborough, CA Water and Sewer Systems, (Series 2000A) Weekly VRDNs, (Bank of the West, San Francisco, CA LIQ), 0.140%, 12/3/2020 | 2,700,000 | |
3,300,000 | Hillsborough, CA Water and Sewer Systems, (Series 2003A) Weekly VRDNs, (Bank of the West, San Francisco, CA LIQ), 0.140%, 12/3/2020 | 3,300,000 | |
1,910,000 | Hillsborough, CA Water and Sewer Systems, (Series 2006A) Weekly VRDNs, (Bank of the West, San Francisco, CA LIQ), 0.140%, 12/3/2020 | 1,910,000 | |
35,000,000 | Los Angeles, CA Community Redevelopment Agency (DWF V Hollywood & Vine, LP), Tender Option Bond Trust Floater Certificates (2020-MIZ9038) Weekly VRDNs, (GTD by FHLMC)/(Mizuho Bank Ltd. LIQ), 0.260%, 12/3/2020 | 35,000,000 | |
55,615,000 | Los Angeles, CA Community Redevelopment Agency (DWF V Wilshire Vermont, LP), Tender Option Bond Trust Floater Certificates (2020- MIZ9040) Weekly VRDNs, (GTD by FHLMC)/(Mizuho Bank Ltd. LIQ), 0.260%, 12/3/2020 | 55,615,000 | |
14,000,000 | Metropolitan Water District of Southern California, (Series 2017 C) SIFMA Index Mode TOBs, 0.360%, Mandatory Tender 6/21/2021 | 14,000,000 | |
2,000,000 | Metropolitan Water District of Southern California, (Series 2017 D) SIFMA Index Mode TOBs, 0.360%, Mandatory Tender 6/21/2021 | 2,000,000 | |
5,500,000 | Nuveen California Dividend Advantage Municipal Fund, (NAC Series 4) Weekly VRDPs, (Royal Bank of Canada LIQ), 0.180%, 12/3/2020 | 5,500,000 | |
2,000,000 | Nuveen California Dividend Advantage Municipal Fund, (NAC Series 7) Weekly VRDPs, (Royal Bank of Canada LIQ), 0.180%, 12/3/2020 | 2,000,000 | |
34,000,000 | Nuveen California Quality Municipal Income Fund, PUTTERs 3a-7 (Series 5038) (VRDP Series 5) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.280%, 12/1/2020 | 34,000,000 | |
TOTAL | 410,540,000 | ||
Colorado— 0.4% | |||
3,300,000 | Colorado Agricultural Development Authority (Monte Vista Dairy, LLC), (Series 2006) Weekly VRDNs, (CoBank, ACB LOC), 0.170%, 12/3/2020 | 3,300,000 | |
4,615,000 | Colorado HFA (Acme Manufacturing Company, Inc.), (Series 2016A) Weekly VRDNs, (UMB Bank, N.A. LOC), 0.300%, 12/3/2020 | 4,615,000 | |
1,460,000 | Colorado HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.260%, 12/3/2020 | 1,460,000 | |
1,500,000 | Colorado HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs, (UMB Bank, N.A. LOC), 0.350%, 12/3/2020 | 1,500,000 | |
3,000,000 | Denver, CO City & County Airport Authority, RBC Muni Products (Series G-114) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.360%, Optional Tender 12/1/2020 | 3,000,000 | |
2,185,000 | Denver, CO City & County Airport Authority, Tender Option Bond Trust Receipts (Series 2018-ZF0689) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.190%, 12/3/2020 | 2,185,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Colorado— continued | |||
$ 1,835,000 | Denver, CO City & County Airport Authority, Tender Option Bond Trust Receipts (Series 2018-ZF0691) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.190%, 12/3/2020 | $1,835,000 | |
TOTAL | 17,895,000 | ||
Connecticut— 0.7% | |||
5,000,000 | Connecticut State HFA, Tender Option Bond Trust Receipts (2016- XF0492) Weekly VRDNs, (Bank of America N.A. LIQ), 0.200%, 12/3/2020 | 5,000,000 | |
8,000,000 | Connecticut State Special Transportation Fund, RBC Muni Products (Series G-110) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.290%, Optional Tender 4/1/2021 | 8,000,000 | |
10,890,000 | Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.260%, 12/3/2020 | 10,890,000 | |
2,600,000 | Manchester, CT BANs, 2.000%, 2/18/2021 | 2,598,595 | |
3,975,000 | Southington, CT BANs, 2.500%, 1/27/2021 | 3,978,961 | |
TOTAL | 30,467,556 | ||
Florida— 5.0% | |||
20,745,000 | Broward County, FL (Florida Power & Light Co.), (Series 2015) Daily VRDNs, 0.160%, 12/1/2020 | 20,745,000 | |
3,610,000 | Broward County, FL (Florida Power & Light Co.), (Series 2018A) Daily VRDNs, 0.150%, 12/1/2020 | 3,610,000 | |
6,000,000 | Broward County, FL Port Facilities, RBC Municipal Products Trust (Series G-115) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.360%, Optional Tender 3/1/2021 | 6,000,000 | |
3,050,000 | Escambia County, FL Solid Waste Disposal (Gulf Power Co.) Daily VRDNs, 0.150%, 12/1/2020 | 3,050,000 | |
10,000,000 | Florida Development Finance Corp. (Virgin Trains USA Passenger Rail) TOBs, (GTD by United States Treasury), 0.550%, Mandatory Tender 1/28/2021 | 10,000,000 | |
9,000,000 | Greater Orlando, FL Aviation Authority, (RBC Muni Products Series G- 25) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.360%, Optional Tender 4/1/2021 | 9,000,000 | |
5,000,000 | Hillsborough County, FL Solid Waste & Resource Recovery, RBC Muni Products (Series G-41) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Optional Tender 3/1/2021 | 5,000,000 | |
8,500,000 | Jacksonville, FL EDC (JEA, FL Electric System), (Series 2000-A), CP, (U.S. Bank, N.A. LIQ), 0.200%, Mandatory Tender 12/2/2020 | 8,500,000 | |
21,395,000 | JEA, FL Electric System, (Series Three 2008A) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.130%, 12/2/2020 | 21,395,000 | |
18,765,000 | JEA, FL Water & Sewer System, (2008 Series B: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.120%, 12/2/2020 | 18,765,000 | |
600,000 | Lee County, FL IDA (Florida Power & Light Co.), (Series 2016A) Daily VRDNs, 0.160%, 12/1/2020 | 600,000 | |
25,000,000 | Liberty County, FL (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 0.190%, 12/3/2020 | 25,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Florida— continued | |||
$ 34,745,000 | Orange County, FL School Board, Stage Trust 3a-7 (Series 2020-001) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.260%, 12/3/2020 | $34,745,000 | |
37,500,000 | St. Lucie County, FL Solid Waste Disposal (Florida Power & Light Co.), (Series 2003) Daily VRDNs, 0.150%, 12/1/2020 | 37,500,000 | |
TOTAL | 203,910,000 | ||
Georgia— 3.7% | |||
6,000,000 | Appling County, GA Development Authority (Georgia Power Co.), (1st Series 1997) Daily VRDNs, 0.170%, 12/1/2020 | 6,000,000 | |
2,890,000 | Appling County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 0.170%, 12/1/2020 | 2,890,000 | |
22,240,000 | Burke County, GA Development Authority (Georgia Power Co.), (1st Series 2009) Daily VRDNs, 0.150%, 12/1/2020 | 22,240,000 | |
800,000 | Burke County, GA Development Authority (Georgia Power Co.), (2018 1st Series) Daily VRDNs, 0.180%, 12/1/2020 | 800,000 | |
32,725,000 | Burke County, GA Development Authority (Georgia Power Co.), (Third Series 2012) Daily VRDNs, 0.160%, 12/1/2020 | 32,725,000 | |
6,580,000 | Floyd County, GA Development Authority PCRB (Georgia Power Co.), (First Series 1996) Daily VRDNs, 0.170%, 12/1/2020 | 6,580,000 | |
2,200,000 | Heard County, GA Development Authority (Georgia Power Co.), (First Series 2007) Daily VRDNs, 0.160%, 12/1/2020 | 2,200,000 | |
3,500,000 | Monroe County, GA Development Authority (Gulf Power Co.), (Series 2019) Daily VRDNs, 0.160%, 12/1/2020 | 3,500,000 | |
1,240,000 | Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), (First Series 1997) Daily VRDNs, 0.170%, 12/1/2020 | 1,240,000 | |
3,065,000 | Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), (First Series 2008) Daily VRDNs, 0.170%, 12/1/2020 | 3,065,000 | |
69,800,000 | Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 0.260%, 12/2/2020 | 69,800,000 | |
TOTAL | 151,040,000 | ||
Hawaii— 0.2% | |||
6,975,000 | Hawaii State Department of Budget & Finance (Queen’s Health Systems), (2015 Series C) VRENs, 0.560%, 12/3/2020 | 6,975,000 | |
Illinois— 0.8% | |||
4,680,000 | Chicago, IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2018-XM0686) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.190%, 12/3/2020 | 4,680,000 | |
1,000,000 | Illinois Development Finance Authority IDB (Apogee Enterprises, Inc.), (Series 2001) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.220%, 12/3/2020 | 1,000,000 | |
4,700,000 | Illinois Finance Authority - Solid Waste (Kuusakoski US LLC), (Series 2013) Weekly VRDNs, (Nordea Bank Abp LOC), 0.190%, 12/3/2020 | 4,700,000 | |
17,540,000 | Illinois Finance Authority (McKinley Foundation), (Series 2007A) Weekly VRDNs, (KeyBank, N.A. LOC), 0.210%, 12/3/2020 | 17,540,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Illinois— continued | |||
$ 6,075,000 | Illinois Finance Authority (Saint Xavier University), (Series 2006) Weekly VRDNs, (Huntington National Bank LOC), 0.190%, 12/3/2020 | $6,075,000 | |
135,000 | Woodridge, DuPage, Will and Cook Counties, IL (Home Run Inn Frozen Foods Corp.), (Series 2005) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.170%, 12/3/2020 | 135,000 | |
TOTAL | 34,130,000 | ||
Indiana— 1.4% | |||
12,835,000 | Bartholomew Consolidated School Corp., IN TANs, 4.000%, 12/31/2020 | 12,860,377 | |
4,750,000 | Bloomington, IN EDRB (SY Henderson Court Investors, LP), (Series 2008: Henderson Court Apartments) Weekly VRDNs, (FHLMC LOC), 0.210%, 12/3/2020 | 4,750,000 | |
39,450,000 | Indiana Development Finance Authority (Duke Energy Indiana, Inc.), (Series 2003A) Weekly VRDNs, 0.250%, 12/2/2020 | 39,450,000 | |
600,000 | Indiana Development Finance Authority (South Central Community Mental Health Centers, Inc.), D/B/A Center for Behavioral Health (Series 2002) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.260%, 12/3/2020 | 600,000 | |
TOTAL | 57,660,377 | ||
Iowa— 0.2% | |||
3,745,000 | Iowa Finance Authority (Cone Ent.), (Series 2007) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.160%, 12/3/2020 | 3,745,000 | |
5,300,000 | Iowa Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly VRDNs, (AgriBank FCB LOC), 0.170%, 12/3/2020 | 5,300,000 | |
TOTAL | 9,045,000 | ||
Kansas— 0.5% | |||
5,000,000 | Burlington, KS (Kansas City Power And Light Co.), (Series 2007A) Weekly VRDNs, 0.250%, 12/2/2020 | 5,000,000 | |
16,000,000 | Burlington, KS (Kansas City Power And Light Co.), (Series 2007B) Weekly VRDNs, 0.250%, 12/2/2020 | 16,000,000 | |
TOTAL | 21,000,000 | ||
Kentucky— 0.7% | |||
1,785,000 | Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.170%, 12/4/2020 | 1,785,000 | |
6,500,000 | Kentucky State Property & Buildings Commission, RBC Muni Products (Series G-116) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Optional Tender 5/3/2021 | 6,500,000 | |
1,100,000 | Louisville & Jefferson County, KY Regional Airport Authority (UPS Worldwide Forwarding, Inc.), (1999 Series B) Daily VRDNs, (GTD by United Parcel Service, Inc.), 0.180%, 12/1/2020 | 1,100,000 | |
15,400,000 | Louisville, KY Regional Airport Authority (BT-OH LLC), (Series 2006A) Daily VRDNs, (GTD by United Parcel Service, Inc.), 0.140%, 12/1/2020 | 15,400,000 | |
4,800,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2020A-1) Daily VRDNs, 0.180%, 12/1/2020 | 4,800,000 | |
TOTAL | 29,585,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Louisiana— 3.8% | |||
$ 15,600,000 | Ascension Parish, LA (BASF Corp.), (Series 1995) Weekly VRDNs, 0.250%, 12/2/2020 | $15,600,000 | |
7,000,000 | Ascension Parish, LA (BASF Corp.), (Series 1997) Weekly VRDNs, 0.250%, 12/2/2020 | 7,000,000 | |
14,000,000 | Ascension Parish, LA (BASF Corp.), (Series 1998) Weekly VRDNs, 0.250%, 12/2/2020 | 14,000,000 | |
3,000,000 | Calcasieu Parish, LA Public Trust Authority (WPT Corp.), (Series 1997) Weekly VRDNs, (Bank of America N.A. LOC), 0.160%, 12/2/2020 | 3,000,000 | |
14,200,000 | East Baton Rouge Parish, LA IDB (Georgia-Pacific LLC), Sold Waste Disposal Revenue Bonds (Series 2004) Weekly VRDNs, 0.190%, 12/2/2020 | 14,200,000 | |
4,630,000 | Louisiana HFA (Emerald Point Apartments Partners, Ltd.), (Series 2007) Weekly VRDNs, (FNMA LOC), 0.210%, 12/3/2020 | 4,630,000 | |
3,000,000 | Louisiana Local Government Environmental Facilities CDA (BASF Corp.), (Series 2000A) Weekly VRDNs, (GTD by BASF SE), 0.280%, 12/2/2020 | 3,000,000 | |
1,000,000 | Port of New Orleans, LA (New Orleans Steamboat Co.), (Series 2000) Weekly VRDNs, (FHLB of Dallas LOC), 0.260%, 12/3/2020 | 1,000,000 | |
21,260,000 | Shreveport, LA, Water & Sewer, Tender Option Bond Trust Certificates (Series 2019-ZF2818) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.190%, 12/3/2020 | 21,260,000 | |
49,640,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (GTD by Nucor Corp.), 0.180%, 12/2/2020 | 49,640,000 | |
22,200,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (GTD by Nucor Corp.), 0.200%, 12/2/2020 | 22,200,000 | |
TOTAL | 155,530,000 | ||
Maine— 0.5% | |||
22,260,000 | Old Town, ME (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 0.230%, 12/2/2020 | 22,260,000 | |
Maryland— 0.1% | |||
5,000,000 | Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Mandatory Tender 1/4/2021 | 5,000,000 | |
Massachusetts— 2.4% | |||
46,540,000 | Agency Enhanced Affordable Housing Trust 2019-BAML0010, BAML 3a-7 Non CE Weekly VRDNs, (Bank of America N.A. LIQ)/(GTD by FHLMC), 0.210%, 12/3/2020 | 46,540,000 | |
5,043,000 | Holbrook, MA BANs, 1.750%, 3/17/2021 | 5,056,357 | |
10,000,000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), 0.250%, Mandatory Tender 1/27/2021 | 10,000,000 | |
8,300,000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2007), CP, (GTD by Massachusetts Electric Co.), 0.300%, Mandatory Tender 12/16/2020 | 8,300,000 | |
2,005,000 | Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 0.220%, Mandatory Tender 1/27/2021 | 2,005,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Massachusetts— continued | |||
$ 25,543,000 | Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 0.220%, Mandatory Tender 2/3/2021 | $25,543,000 | |
TOTAL | 97,444,357 | ||
Michigan— 0.6% | |||
5,800,000 | Grand Rapids, MI IDR (Clipper Belt Lacer Co.), (Series 2007) Weekly VRDNs, (Bank of America N.A. LOC), 0.180%, 12/3/2020 | 5,800,000 | |
7,180,000 | Michigan Finance Authority Local Government Loan Program (McLaren Health Care Corp.), (Series 2015D) TOBs, 0.610%, Mandatory Tender 8/9/2021 | 7,180,000 | |
6,385,000 | Michigan State Housing Development Authority, (Series 2007E) Weekly VRDNs, (Royal Bank of Canada LOC), 0.140%, 12/2/2020 | 6,385,000 | |
1,800,000 | Michigan State Strategic Fund (Universal Forest Products Eastern Division, Inc.), Series 2002 Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.100%, 12/3/2020 | 1,800,000 | |
5,250,000 | Michigan Strategic Fund (Greenville Venture Partners LLC), (Series 2018) Weekly VRDNs, (CoBank, ACB LOC), 0.170%, 12/3/2020 | 5,250,000 | |
TOTAL | 26,415,000 | ||
Minnesota— 0.1% | |||
1,000,000 | Faribault, MN IDA (Apogee Enterprises, Inc.), (Series 2001) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.220%, 12/3/2020 | 1,000,000 | |
1,965,000 | St. Louis Park, MN (Urban Park Apartments), (Series 2010A) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.240%, 12/4/2020 | 1,965,000 | |
975,000 | St. Louis Park, MN (Urban Park Apartments), (Series 2010B) Weekly VRDNs, (FHLB of Des Moines LOC), 0.340%, 12/4/2020 | 975,000 | |
1,525,000 | St. Paul, MN Port Authority (National Checking Co.), IDRB’s (Series 1998A) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.310%, 12/3/2020 | 1,525,000 | |
TOTAL | 5,465,000 | ||
Mississippi— 0.6% | |||
4,670,000 | Mississippi Business Finance Corp. (Gulf Power Co.), (1st Series 2019) Daily VRDNs, 0.150%, 12/1/2020 | 4,670,000 | |
20,100,000 | Perry County, MS (Georgia-Pacific LLC), (Series 2002) Weekly VRDNs, 0.230%, 12/3/2020 | 20,100,000 | |
TOTAL | 24,770,000 | ||
Missouri— 0.4% | |||
15,000,000 | Kansas City, MO IDA (Kansas City, MO Airport Revenue), Tender Option Bond Trust Receipts (Series 2020-XL-150) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.190%, 12/3/2020 | 15,000,000 | |
Multi-State— 23.4% | |||
111,995,000 | Agency Enhanced Affordable Housing Trust 2012-60, (Series 2012-60) TOBs, (GTD by FHLMC), 1.149%, Mandatory Tender 2/23/2021 | 112,028,962 | |
59,525,000 | Agency Enhanced Affordable Housing Trust 2019-BAML0008, BAML 3a-7 Non CE Weekly VRDNs, (Bank of America N.A. LIQ)/(GTD by FHLMC), 0.310%, 12/3/2020 | 59,525,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Multi-State— continued | |||
$ 15,000,000 | Blackrock MuniYield Investment Fund, (594 Series W-7 VRDP Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ), 0.210%, 12/3/2020 | $15,000,000 | |
52,000,000 | BlackRock MuniYield Quality Fund III, Inc., (3,564 Series W-7 VRDP Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ), 0.210%, 12/3/2020 | 52,000,000 | |
178,500,000 | Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.330%, 12/1/2020 | 178,500,000 | |
86,800,000 | Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.330%, 12/1/2020 | 86,800,000 | |
71,000,000 | Nuveen AMT-Free Quality Municipal Income Fund, (Series C) Weekly VRDPs, (Societe Generale, Paris LIQ), 0.180%, 12/3/2020 | 71,000,000 | |
28,600,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.180%, 12/3/2020 | 28,600,000 | |
75,000,000 | Nuveen Municipal Credit Income Fund, PUTTERs 3a-7 (Series 5039) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.330%, 12/1/2020 | 75,000,000 | |
37,000,000 | Nuveen Municipal Credit Opportunities Fund, (Series A) Weekly VRDPs, (Sumitomo Mitsui Banking Corp. LIQ), 0.240%, 12/3/2020 | 37,000,000 | |
102,275,000 | Nuveen Municipal Credit Opportunities Fund, PUTTERs 3a-7 (Series 5033) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.330%, 12/1/2020 | 102,275,000 | |
40,800,000 | Nuveen Quality Municipal Income Fund, (Series 1) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.210%, 12/3/2020 | 40,800,000 | |
62,000,000 | Nuveen Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.210%, 12/3/2020 | 62,000,000 | |
45,000,000 | Nuveen Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.210%, 12/3/2020 | 45,000,000 | |
TOTAL | 965,528,962 | ||
Nebraska— 0.2% | |||
7,500,000 | Stanton County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs, 0.210%, 12/2/2020 | 7,500,000 | |
1,875,000 | Stanton County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs, 0.210%, 12/2/2020 | 1,875,000 | |
TOTAL | 9,375,000 | ||
Nevada— 1.0% | |||
32,900,000 | Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008 C-2) Weekly VRDNs, (State Street Bank and Trust Co. LOC), 0.130%, 12/2/2020 | 32,900,000 | |
1,515,000 | Director of the State of Nevada Department of Business and Industry (575 Mill Street LLC), IDRBs (Series 1998A) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.280%, 12/3/2020 | 1,515,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Nevada— continued | |||
$ 7,500,000 | Director of the State of Nevada Department of Business and Industry (DesertXpress Enterprises, LLC), (Series 2020A: Brightline West Passenger Rail) TOBs, (GTD by United States Treasury), 0.500%, Mandatory Tender 7/1/2021 | $7,500,000 | |
TOTAL | 41,915,000 | ||
New Jersey— 12.0% | |||
4,230,759 | Allendale, NJ BANs, 2.500%, 4/23/2021 | 4,242,975 | |
4,080,000 | Alpha Borough, NJ BANs, 1.500%, 11/16/2021 | 4,118,132 | |
2,200,000 | Atlantic Highlands, NJ BANs, 1.500%, 3/3/2021 | 2,201,918 | |
1,114,865 | Avon By The Sea, NJ BANs, 1.500%, 2/24/2021 | 1,115,530 | |
1,930,000 | Boonton Township, NJ BANs, 1.000%, 9/3/2021 | 1,938,567 | |
3,089,863 | Boonton, NJ BANs, 1.000%, 6/25/2021 | 3,100,325 | |
5,513,000 | Burlington, NJ, (Series A) BANs, 2.000%, 5/27/2021 | 5,546,228 | |
7,057,250 | Butler Borough, NJ BANs, 1.000%, 9/10/2021 | 7,089,917 | |
12,676,000 | Carteret, NJ BANs, 1.000%, 6/4/2021 | 12,708,122 | |
8,350,000 | Cresskill Borough, NJ BANs, 1.000%, 10/15/2021 | 8,391,976 | |
2,474,750 | Demarest, NJ BANs, 1.000%, 6/25/2021 | 2,483,127 | |
5,877,650 | Deptford Township, NJ, (Series A) BANs, 1.250%, 7/15/2021 | 5,901,152 | |
1,513,051 | East Greenwich Township, NJ BANs, 2.000%, 12/10/2020 | 1,513,301 | |
16,323,831 | Fairfield Township, NJ BANs, 0.900%, 2/19/2021 | 16,345,109 | |
5,964,000 | Fairview, NJ BANs, 1.000%, 8/27/2021 | 5,990,224 | |
3,105,105 | Franklin Township (Gloucester County), NJ BANs, 1.250%, 7/16/2021 | 3,117,001 | |
1,545,161 | Franklin Township, Warren County, NJ BANs, 1.500%, 2/2/2021 | 1,545,737 | |
20,940,000 | Garden State Preservation Trust, NJ (New Jersey State), Tender Option Bond Trust Receipts (2016-ZF0416) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.310%, 12/3/2020 | 20,940,000 | |
14,188,000 | Garfield, NJ BANs, 1.250%, 8/6/2021 | 14,259,919 | |
3,905,000 | Garwood, NJ BANs, 1.000%, 11/5/2021 | 3,923,039 | |
5,972,767 | Gloucester City, NJ BANs, 1.500%, 11/23/2021 | 6,029,706 | |
10,285,000 | Hamilton Township, NJ, (Series B) BANs, 1.750%, 2/17/2021 | 10,299,032 | |
6,065,000 | Hasbrouck Heights, NJ Board of Education BANs, 1.250%, 7/9/2021 | 6,088,607 | |
9,264,000 | Highland Park, NJ BANs, 2.500%, 4/8/2021 | 9,281,526 | |
2,190,000 | Hillsdale Borough, NJ BANs, 1.500%, 12/4/2020 | 2,190,035 | |
4,511,540 | Hopatcong, NJ BANs, 1.250%, 7/23/2021 | 4,530,224 | |
3,428,150 | Lawrence Township, NJ BANs, 1.250%, 7/9/2021 | 3,441,498 | |
5,231,000 | Leonia, NJ BANs, 1.000%, 8/20/2021 | 5,253,403 | |
6,277,000 | Logan Township, NJ BANs, 1.000%, 10/20/2021 | 6,307,940 | |
9,000,000 | Lyndhurst Township, NJ BANs, 1.000%, 9/8/2021 | 9,041,339 | |
2,250,000 | Lyndhurst Township, NJ BANs, 1.250%, 3/12/2021 | 2,251,538 | |
4,060,000 | Lyndhurst Township, NJ BANs, 1.500%, 2/5/2021 | 4,062,672 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New Jersey— continued | |||
$ 8,500,000 | Lyndhurst Township, NJ BANs, 2.000%, 5/6/2021 | $8,514,280 | |
13,963,000 | Marlboro Township, NJ BANs, 1.750%, 5/14/2021 | 14,006,415 | |
2,428,000 | Milltown, NJ, (Series 2019A) BANs, 1.500%, 12/17/2020 | 2,428,177 | |
7,225,000 | New Jersey Economic Development Authority (Yeshiva of North Jersey), (Series 2018) Weekly VRDNs, (Valley National Bank LOC), 0.410%, 12/3/2020 | 7,225,000 | |
3,040,000 | New Jersey EDA (Baptist Home Society of New Jersey) Weekly VRDNs, (Valley National Bank LOC), 0.410%, 12/3/2020 | 3,040,000 | |
3,805,000 | New Jersey EDA (Geriatric Services Housing Corp., Inc. - (CNJJHA Assisted Living)), (Series 2001) Weekly VRDNs, (Valley National Bank LOC), 0.290%, 12/2/2020 | 3,805,000 | |
11,255,000 | New Jersey EDA (Jewish Community Center on the Palisades), (Series 2016) Weekly VRDNs, (Valley National Bank LOC), 0.410%, 12/3/2020 | 11,255,000 | |
1,365,000 | New Jersey EDA (Temple Emanuel of the Pascack Valley), (Series 2001/2019) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.360%, 12/4/2020 | 1,365,000 | |
2,675,000 | New Jersey Health Care Facilities Financing Authority (Christian Health Care Center), (Series 2009) Weekly VRDNs, (Valley National Bank LOC), 0.210%, 12/3/2020 | 2,675,000 | |
4,595,000 | New Jersey Health Care Facilities Financing Authority (Christian Health Care Center), (Series A-2) Weekly VRDNs, (Valley National Bank LOC), 0.430%, 12/3/2020 | 4,595,000 | |
15,385,000 | New Jersey State Economic Development Authority (Jewish Community Housing Corporation of Metropolitan New Jersey), (Series 2010) Weekly VRDNs, (Valley National Bank LOC), 0.230%, 12/3/2020 | 15,385,000 | |
44,110,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Clipper Tax-Exempt Certificates Trust (Series 2009-70) TOBs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.280%, Optional Tender 12/17/2020 | 44,110,000 | |
5,105,000 | North Haledon, NJ BANs, 1.500%, 4/29/2021 | 5,128,794 | |
2,710,000 | Ocean Township, NJ (Ocean County) BANs, 1.000%, 9/9/2021 | 2,721,253 | |
2,051,554 | Oceanport, NJ BANs, 1.250%, 2/25/2021 | 2,054,664 | |
4,615,500 | Palmyra Borough, NJ, (2019 Series A) BANs, 1.500%, 12/15/2020 | 4,615,831 | |
8,916,000 | Passaic, NJ BANs, 1.000%, 8/26/2021 | 8,953,774 | |
1,686,600 | Paulsboro, NJ BANs, 1.500%, 1/28/2021 | 1,687,259 | |
3,241,000 | Pitman, NJ, (2019 Series A) BANs, 1.500%, 12/17/2020 | 3,241,266 | |
5,600,000 | Point Pleasant, NJ BANs, 1.000%, 10/15/2021 | 5,628,639 | |
12,776,500 | Ramsey, NJ BANs, 1.250%, 6/4/2021 | 12,808,578 | |
7,641,300 | Ramsey, NJ BANs, 2.000%, 1/8/2021 | 7,647,411 | |
5,784,131 | Raritan, NJ, (Series A) BANs, 1.250%, 7/8/2021 | 5,806,550 | |
9,837,739 | Rockaway Borough, NJ BANs, 1.000%, 1/22/2021 | 9,845,412 | |
4,699,654 | Roselle, NJ, (Series A) BANs, 1.500%, 7/23/2021 | 4,726,603 | |
3,680,450 | Roxbury Township, NJ BANs, 1.750%, 3/5/2021 | 3,687,959 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New Jersey— continued | |||
$ 6,396,440 | Sea Bright, NJ BANs, 1.500%, 12/3/2020 | $6,396,495 | |
3,647,500 | South Hackensack, NJ BANs, 1.500%, 12/18/2020 | 3,647,833 | |
4,984,075 | South Plainfield, NJ BANs, 1.000%, 8/20/2021 | 5,005,433 | |
2,735,895 | Southampton Township, NJ BANs, 1.250%, 7/8/2021 | 2,746,166 | |
11,785,000 | Stafford Township, NJ, (Series A) BANs, 2.500%, 4/28/2021 | 11,817,829 | |
4,571,787 | Union Beach, NJ BANs, 1.000%, 10/29/2021 | 4,592,470 | |
8,210,727 | Vernon Township, NJ BANs, 1.000%, 3/19/2021 | 8,225,356 | |
7,693,000 | Voorhees Township, NJ BANs, 1.000%, 8/18/2021 | 7,724,596 | |
6,652,000 | Wallington, NJ BANs, 1.000%, 8/20/2021 | 6,680,488 | |
5,168,000 | Washington Township (Morris County), NJ BANs, 1.000%, 8/25/2021 | 5,190,555 | |
1,259,500 | Washington Township, NJ (Warren County) BANs, 1.000%, 8/27/2021 | 1,264,577 | |
3,857,000 | Watchung Hills, NJ Regional School District BANs, 1.500%, 12/2/2020 | 3,857,021 | |
2,080,000 | West Orange Township, NJ BANs, 1.500%, 12/18/2020 | 2,080,181 | |
2,777,775 | Westwood, NJ BANs, 1.500%, 12/18/2020 | 2,778,016 | |
6,628,000 | Woodbury, NJ BANs, 1.500%, 12/2/2021 | 6,693,750 | |
4,070,000 | Woodbury, NJ, (2019 Series A) BANs, 1.500%, 12/4/2020 | 4,070,056 | |
7,440,000 | Woodland Park, NJ BANs, 1.250%, 5/28/2021 | 7,461,611 | |
9,800,000 | Wood-Ridge Borough, NJ BANs, 1.000%, 9/10/2021 | 9,845,334 | |
3,325,000 | Woolwich, NJ, (Series B) BANs, 1.000%, 6/3/2021 | 3,333,313 | |
TOTAL | 495,618,764 | ||
New York— 9.2% | |||
5,325,000 | Avon, NY CSD BANs, 2.000%, 6/25/2021 | 5,357,155 | |
4,750,000 | Ballston Spa, NY CSD BANs, 1.500%, 6/25/2021 | 4,769,945 | |
10,075,000 | Berlin, NY CSD BANs, 2.000%, 6/30/2021 | 10,161,815 | |
17,123,792 | Brasher Falls, NY CSD BANs, 1.250%, 7/14/2021 | 17,191,982 | |
4,000,000 | Center Moriches, NY Union Free School District TANs, 1.500%, 6/25/2021 | 4,023,193 | |
14,870,000 | Cheektowaga-Maryvale, NY Union Free School District BANs, 1.500%, 6/29/2021 | 14,946,461 | |
5,750,000 | Dansville, NY CSD BANs, 1.250%, 6/25/2021 | 5,777,468 | |
8,000,000 | Delaware County, NY BANs, 1.500%, 9/1/2021 | 8,065,159 | |
13,000,000 | Falconer, NY CSD BANs, 1.500%, 6/10/2021 | 13,067,669 | |
9,133,000 | Hamilton, NY CSD, (Series B) BANs, 1.250%, 7/9/2021 | 9,168,561 | |
5,590,000 | Hempstead (town), NY IDA MFH (Hempstead Village Housing Associates LP), (Series 2006) Weekly VRDNs, (FNMA LOC), 0.180%, 12/3/2020 | 5,590,000 | |
7,500,000 | Herricks, NY Union Free School District TANs, 1.500%, 6/18/2021 | 7,544,893 | |
4,229,182 | Homer, NY CSD BANs, 1.000%, 11/5/2021 | 4,248,704 | |
5,000,000 | Jamesville-Dewitt, NY Cent School District BANs, 1.000%, 7/16/2021 | 5,017,372 | |
5,857,462 | Kingston, NY BANs, 1.500%, 8/24/2021 | 5,905,061 | |
6,000,000 | Malverne, NY Union Free School District TANs, 1.000%, 6/25/2021 | 6,018,566 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 4,590,000 | McGraw, NY CSD BANs, 2.000%, 7/20/2021 | $4,632,741 | |
1,670,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2020-XM0835) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.210%, 12/3/2020 | 1,670,000 | |
3,900,000 | New Rochelle, NY IDA (180 Union Avenue Owner LP), (Series 2006: West End Phase I Facility) Weekly VRDNs, (Citibank N.A., New York LOC), 0.200%, 12/3/2020 | 3,900,000 �� | |
5,675,000 | New York City Housing Development Corp. (Reverend Ruben Diaz Gardens Apartments), (Series 2006A) Weekly VRDNs, (FHLMC LOC), 0.150%, 12/2/2020 | 5,675,000 | |
5,210,000 | New York City Housing Development Corp. (Sutter Avenue Associates LLC), (2006 Series A: Granville Payne Apartments) Weekly VRDNs, (Citibank N.A., New York LOC), 0.150%, 12/2/2020 | 5,210,000 | |
33,370,000 | New York City, NY Transitional Finance Authority, Stage Trust 3a-7 (Series 2020-002) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.260%, 12/3/2020 | 33,370,000 | |
15,000,000 | New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.310%, 12/3/2020 | 15,000,000 | |
5,540,000 | New York State Dormitory Authority (Montefiore Medical Center), Tender Option Bond Trust Receipts (Series 2020-XM0922) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.170%, 12/3/2020 | 5,540,000 | |
16,020,000 | New York State Dormitory Authority (St. John’s University), Clipper Tax-Exempt Certificates Trust (2009-45) TOBs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.280%, Optional Tender 12/10/2020 | 16,020,000 | |
12,500,000 | New York State Dormitory Authority State Personal Income Tax Revenue, (Series B), 5.000%, 3/31/2021 | 12,682,675 | |
11,900,000 | New York State Energy Research & Development Authority (Consolidated Edison Co.), (Subseries 2004C-3) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 0.120%, 12/2/2020 | 11,900,000 | |
20,000,000 | New York State Energy Research & Development Authority (Consolidated Edison Co.), (Subseries C-2) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 0.140%, 12/2/2020 | 20,000,000 | |
9,880,000 | New York State Energy Research & Development Authority (National Grid Generation LLC), (1997 Series A) Weekly VRDNs, (NatWest Markets PLC LOC), 0.160%, 12/2/2020 | 9,880,000 | |
4,000,000 | New York State HFA (160 Madison Ave, LLC), (Series 2014A) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 0.120%, 12/1/2020 | 4,000,000 | |
12,255,000 | New York State HFA (29 Flatbush Associates, LLC), (Series 2010A: 29 Flatbush Avenue) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 0.120%, 12/2/2020 | 12,255,000 | |
20,455,000 | New York State HFA (8 East 102nd Street Housing), (Series 2010A) Weekly VRDNs, (TD Bank, N.A. LOC), 0.130%, 12/2/2020 | 20,455,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 10,000,000 | New York Transportation Development Corporation (LaGuardia Gateway Partners, LLC), Tender Option Bond Trust Receipts (Series 2016-XM0403) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 0.610%, 12/3/2020 | $10,000,000 | |
10,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Citibank N.A., New York LIQ), 0.160%, 12/3/2020 | 10,000,000 | |
8,500,000 | Owego-Apalachin, NY CSD BANs, 1.250%, 7/22/2021 | 8,546,035 | |
2,059,000 | Owego-Apalachin, NY CSD, (Series A) BANs, 1.250%, 8/20/2021 | 2,071,208 | |
6,000,000 | Oyster Bay-East Norwich, NY CSD TANs, 1.500%, 6/25/2021 | 6,035,470 | |
9,000,000 | Schoharie County, NY BANs, 1.500%, 6/18/2021 | 9,046,321 | |
6,000,000 | Spencerport, NY CSD BANs, 1.500%, 6/24/2021 | 6,030,100 | |
7,275,000 | Whitehall, NY CSD BANs, 2.000%, 6/28/2021 | 7,336,231 | |
5,500,000 | Whitesboro, NY CSD BANs, 1.000%, 6/25/2021 | 5,518,608 | |
1,742,590 | Whitesboro, NY CSD BANs, 1.000%, 9/10/2021 | 1,750,386 | |
3,808,027 | Whitesboro, NY CSD BANs, 2.000%, 6/25/2021 | 3,830,378 | |
TOTAL | 379,209,157 | ||
North Carolina— 0.6% | |||
25,100,000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 0.190%, 12/2/2020 | 25,100,000 | |
1,200,000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000B) Weekly VRDNs, 0.190%, 12/2/2020 | 1,200,000 | |
TOTAL | 26,300,000 | ||
Ohio— 1.1% | |||
30,470,000 | Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.260%, 12/3/2020 | 30,470,000 | |
8,100,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Barclays Golden Blue (Series 2020-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.260%, 12/3/2020 | 8,100,000 | |
7,000,000 | Toledo-Lucas County, OH Port Authority (Van Deurzen Dairy LLC), (Series 2006) Weekly VRDNs, (AgriBank FCB LOC), 0.160%, 12/3/2020 | 7,000,000 | |
TOTAL | 45,570,000 | ||
Oregon— 0.5% | |||
10,000,000 | Port of Morrow, OR (Threemile Canyon Farms LLC), (Series 2001A) Weekly VRDNs, (Cooperative Rabobank UA LOC), 0.170%, 12/3/2020 | 10,000,000 | |
10,000,000 | Port of Morrow, OR (Threemile Canyon Farms LLC), (Series 2001C) Weekly VRDNs, (Cooperative Rabobank UA LOC), 0.170%, 12/3/2020 | 10,000,000 | |
TOTAL | 20,000,000 | ||
Pennsylvania— 1.6% | |||
8,600,000 | Beaver County, PA IDA (BASF Corp.), (Series 1997) Weekly VRDNs, (GTD by BASF SE), 0.250%, 12/2/2020 | 8,600,000 | |
26,500,000 | Blackrock MuniYield Pennsylvania Quality Fund, (663 Series W-7 VRDP Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ), 0.200%, 12/3/2020 | 26,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Pennsylvania— continued | |||
$ 4,710,000 | Emmaus, PA General Authority, (Series 1996) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 0.120%, 12/2/2020 | $4,710,000 | |
13,900,000 | Montgomery County, PA IDA (Lonza, Inc.), (Series 2000) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 0.170%, 12/3/2020 | 13,900,000 | |
5,825,000 | Pennsylvania State Turnpike Commission, RBC Muni Products (Series G-43) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Optional Tender 12/1/2020 | 5,825,000 | |
4,000,000 | Philadelphia, PA Airport System, (Series C-1) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.150%, 12/2/2020 | 4,000,000 | |
2,070,000 | Philadelphia, PA Airport System, Tender Option Bond Trust Receipts (Series 2017-XG0159) Weekly VRDNs, (Bank of America N.A. LIQ)/ (Bank of America N.A. LOC), 0.210%, 12/3/2020 | 2,070,000 | |
2,000,000 | Philadelphia, PA Authority for Industrial Development (Susquehanna Net Zero Housing, L.P.), Tender Option Bond Trust Floater Certificates (2020-MIZ9051) VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 0.460%, 12/3/2020 | 2,000,000 | |
TOTAL | 67,605,000 | ||
South Carolina— 1.2% | |||
21,500,000 | Berkeley County, SC IDB (Nucor Corp.) Weekly VRDNs, 0.210%, 12/2/2020 | 21,500,000 | |
10,100,000 | Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, 0.210%, 12/2/2020 | 10,100,000 | |
5,500,000 | South Carolina Public Service Company (Santee Cooper), (Series A), CP, (Barclays Bank PLC LOC), 0.200%, Mandatory Tender 1/6/2021 | 5,500,000 | |
3,700,000 | South Carolina Public Service Company (Santee Cooper), (Series A), CP, (Barclays Bank PLC LOC), 0.200%, Mandatory Tender 12/9/2020 | 3,700,000 | |
2,815,000 | South Carolina State Public Service Authority (Santee Cooper) (Santee Cooper), CDI Net Liquidity (Series 2020-XL0154) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.260%, 12/3/2020 | 2,815,000 | |
4,900,000 | South Carolina State Public Service Authority (Santee Cooper) (Santee Cooper), CDI Net Liquidity (Series 2020-YX1157) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.260%, 12/3/2020 | 4,900,000 | |
TOTAL | 48,515,000 | ||
South Dakota— 0.1% | |||
3,000,000 | South Dakota Value Added Finance Authority (Prairie Gold Dairy LLC), (Series 2004) Weekly VRDNs, (CoBank, ACB LOC), 0.170%, 12/3/2020 | 3,000,000 | |
Tennessee— 1.8% | |||
25,620,000 | Memphis-Shelby County, TN Industrial Development Board-PCRB (Nucor Steel Memphis, Inc.), (Series 2007) Weekly VRDNs, (GTD by Nucor Corp.), 0.210%, 12/2/2020 | 25,620,000 | |
25,000,000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 0.350%, Mandatory Tender 1/8/2021 | 25,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Tennessee— continued | |||
$ 25,000,000 | Metropolitan Government Nashville & Davidson County, TN, (Series B-1), CP, (JPMorgan Chase Bank, N.A. LOC), 0.220%, Mandatory Tender 1/7/2021 | $25,000,000 | |
TOTAL | 75,620,000 | ||
Texas— 10.6% | |||
5,000,000 | Alamo, TX CCD, RBC Muni Products (Series G-111) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Optional Tender 5/3/2021 | 5,000,000 | |
17,000,000 | Brazos River Harbor, TX Navigation District of Brazoria County (BASF Corp.), (Series 1996) Weekly VRDNs, 0.250%, 12/2/2020 | 17,000,000 | |
25,000,000 | Brazos River Harbor, TX Navigation District of Brazoria County (BASF Corp.), (Series 1997) Weekly VRDNs, 0.250%, 12/2/2020 | 25,000,000 | |
25,000,000 | Brazos River Harbor, TX Navigation District of Brazoria County (BASF Corp.), (Series 2001) Weekly VRDNs, (GTD by BASF SE), 0.280%, 12/2/2020 | 25,000,000 | |
25,000,000 | Brazos River Harbor, TX Navigation District of Brazoria County (BASF Corp.), (Series 2002) Weekly VRDNs, (GTD by BASF SE), 0.280%, 12/2/2020 | 25,000,000 | |
28,500,000 | Calhoun County, TX Navigation District Environmental Facilities (Formosa Plastic Corp.), (Series 2006) Weekly VRDNs, (Bank of America N.A. LOC), 0.130%, 12/3/2020 | 28,500,000 | |
19,805,000 | Calhoun, TX Port Authority (Formosa Plastic Corp.), (Series 2012) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.130%, 12/3/2020 | 19,805,000 | |
2,100,000 | Dallam County, TX Industrial Development Corp. (Consolidated Dairy Management LLC), (Series 2007) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.170%, 12/3/2020 | 2,100,000 | |
620,000 | Dallas-Fort Worth, TX International Airport Facility Improvement Corp. (United Parcel Service, Inc.), (Series 2002) Daily VRDNs, (GTD by United Parcel Service, Inc.), 0.160%, 12/1/2020 | 620,000 | |
12,000,000 | Gulf Coast, TX Waste Disposal Authority (American Acryl LP), (Series 2003) Weekly VRDNs, (MUFG Bank Ltd. LOC), 0.160%, 12/3/2020 | 12,000,000 | |
10,000,000 | Houston, TX Combined Utility System, (Series B-4), CP, (PNC Bank, N.A. LOC), 0.200%, Mandatory Tender 1/13/2021 | 10,000,000 | |
4,000,000 | Jewett, TX Economic Development Corporation (Nucor Corp.), (Series 2003) Weekly VRDNs, 0.210%, 12/2/2020 | 4,000,000 | |
9,000,000 | North Texas Tollway Authority, RBC Municipal Products Trust (Series 2019 G-112) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Optional Tender 1/4/2021 | 9,000,000 | |
85,800,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Weekly VRDNs, 0.260%, 12/2/2020 | 85,800,000 | |
12,500,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2003) Weekly VRDNs, 0.300%, 12/2/2020 | 12,500,000 | |
13,200,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2005) Weekly VRDNs, 0.300%, 12/2/2020 | 13,200,000 | |
42,000,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2006) Weekly VRDNs, 0.300%, 12/2/2020 | 42,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Texas— continued | |||
$ 35,000,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Weekly VRDNs, 0.300%, 12/2/2020 | $35,000,000 | |
1,100,000 | Port of Port Arthur Navigation District of Jefferson County, TX (BASF Corp.), (Series 1998) Weekly VRDNs, (GTD by BASF SE), 0.250%, 12/2/2020 | 1,100,000 | |
15,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (BASF Corp.), (Series 2000A), CP, (GTD by BASF SE), 0.330%, Mandatory Tender 12/1/2020 | 15,000,000 | |
25,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals USA, Inc.), (Series 2010) Weekly VRDNs, 0.150%, 12/2/2020 | 25,000,000 | |
15,000,000 | Texas State Department of Housing & Community Affairs (Onion Creek Housing Partners Ltd.), (Series 2007) Weekly VRDNs, (FNMA LOC), 0.210%, 12/3/2020 | 15,000,000 | |
10,000,000 | Texas State Public Finance Authority (Texas State), (Series 2016B), CP, 0.230%, Mandatory Tender 1/6/2021 | 10,000,000 | |
TOTAL | 437,625,000 | ||
Utah— 2.2% | |||
89,675,000 | Riverton, UT Hospital Revenue Authority (IHC Health Services, Inc.), Stage Trust (Series 2012-33C) VRENs, (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 0.280%, 12/3/2020 | 89,675,000 | |
550,000 | Salt Lake County, UT Training Facilities (Community Foundation For The Disabled, Inc.), (Series 2000) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.260%, 12/3/2020 | 550,000 | |
TOTAL | 90,225,000 | ||
Virginia— 1.4% | |||
35,600,000 | Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), Barclays Golden Blue (Series 2020-010) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.260%, 12/3/2020 | 35,600,000 | |
4,800,000 | Metropolitan Washington, DC Airports Authority, (Series 2011A-1) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 0.140%, 12/3/2020 | 4,800,000 | |
16,420,000 | Suffolk, VA EDA (Sentara Health Systems Obligation Group), Tender Option Bond Trust Floater Certificates (2020-MIZ9025) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.210%, 12/3/2020 | 16,420,000 | |
TOTAL | 56,820,000 | ||
Washington— 0.1% | |||
1,680,000 | Washington State EDFA (Mesa Dairy, LLC), (Series 2007E) Weekly VRDNs, (Bank of the West, San Francisco, CA LOC), 0.170%, 12/3/2020 | 1,680,000 | |
Wisconsin— 0.1% | |||
1,000,000 | Wausau, WI IDA (Apogee Enterprises, Inc.), (Series 2002) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.220%, 12/3/2020 | 1,000,000 | |
890,000 | West Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.420%, 12/3/2020 | 890,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Wisconsin— continued | |||
$ 3,025,000 | Wisconsin State Public Finance Authority (Birchwood Properties LP), (Series 2016) Weekly VRDNs, (FHLB of Des Moines LOC), 0.330%, 12/3/2020 | $3,025,000 | |
TOTAL | 4,915,000 | ||
Wyoming— 0.1% | |||
3,900,000 | Sweetwater County, WY PCRB (Pacificorp), (Series A) Weekly VRDNs, 0.170%, 12/2/2020 | 3,900,000 | |
TOTAL INVESTMENT IN SECURITIES—102.9% (AT AMORTIZED COST)2 | 4,245,529,173 | ||
OTHER ASSETS AND LIABILITIES - NET—(2.9)%3 | (120,126,112) | ||
TOTAL NET ASSETS—100% | $4,125,403,061 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
AMT | —Alternative Minimum Tax | |
BANs | —Bond Anticipation Notes | |
CCD | —Community College District | |
CDA | —Community Development Authority | |
CP | —Commercial Paper | |
CPX | —Commercial Paper Extendible | |
CSD | —Central School District | |
EDA | —Economic Development Authority | |
EDC | —Economic Development Commission | |
EDFA | —Economic Development Finance Authority | |
EDRB | —Economic Development Revenue Bond | |
FHLB | —Federal Home Loan Bank | |
FHLMC | —Federal Home Loan Mortgage Corporation | |
FNMA | —Federal National Mortgage Association | |
GTD | —Guaranteed | |
HFA | —Housing Finance Authority | |
IDA | —Industrial Development Authority | |
IDB | —Industrial Development Bond | |
IDR | —Industrial Development Revenue | |
IDRB | —Industrial Development Revenue Bond | |
IDRBs | —Industrial Development Revenue Bonds | |
IFA | —Industrial Finance Authority | |
INS | —Insured | |
LIQ | —Liquidity Agreement | |
LOC | —Letter of Credit | |
MFH | —Multi-Family Housing | |
PCFA | —Pollution Control Finance Authority | |
PCRB | —Pollution Control Revenue Bond | |
PCRBs | —Pollution Control Revenue Bonds | |
PUTTERs | —Puttable Tax-Exempt Receipts | |
SIFMA | —Securities Industry and Financial Markets Association | |
TANs | —Tax Anticipation Notes | |
TOBs | —Tender Option Bonds | |
UT | —Unlimited Tax | |
VMTP | —Variable Municipal Term Preferred | |
VRDNs | —Variable Rate Demand Notes | |
VRDPs | —Variable Rate Demand Preferreds | |
VRENs | —Variable Rate Extendible Notes |
Six Months Ended (unaudited) 11/30/2020 | Year Ended 5/31/2020 | Period Ended 5/31/20191 | Year Ended July 31, | ||||
2018 | 2017 | 2016 | 2015 | ||||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income | 0.001 | 0.012 | 0.0132 | 0.011 | 0.001 | 0.001 | 0.0003 |
— | 0.001 | 0.0003 | 0.0003 | 0.001 | 0.0003 | 0.0003 | |
Total From Investment Operations | 0.001 | 0.013 | 0.013 | 0.011 | 0.002 | 0.001 | 0.0003 |
Less Distributions: | |||||||
Distributions from net investment income | (0.001) | (0.013) | (0.013) | (0.011) | (0.001) | (0.001) | (0.000)3 |
— | (0.000)3 | (0.000)3 | (0.000)3 | (0.001) | (0.000)3 | (0.000)3 | |
Total Distributions | (0.001) | (0.013) | (0.013) | (0.011) | (0.002) | (0.001) | (0.000)3 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 0.11% | 1.27% | 1.27% | 1.12% | 0.72% | 0.17% | 0.01% |
Ratios to Average Net Assets: | |||||||
Net expenses5 | 0.21%6 | 0.21% | 0.21%6 | 0.21% | 0.21% | 0.17%7 | 0.14% |
0.21%6 | 1.24% | 1.52%6 | 1.10% | 0.64% | 0.11% | 0.01% | |
reimbursement8 | 0.09%6 | 0.09% | 0.09%6 | 0.10% | 0.11% | 0.14% | 0.16% |
Supplemental Data: | |||||||
$2,158,344 | $1,510,434 | $1,713,390 | $1,163,568 | $667,169 | $1,003,993 | $1,037,940 |
1 | The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten- month period from August 1, 2018 to May 31, 2019. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Represents less than $0.001. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | Computed on an annualized basis. |
7 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended July 31, 2016, was 0.17% after taking into account this expense reduction. |
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. |
Assets: | |
Investment in securities, at amortized cost and fair value | $4,245,529,173 |
Cash | 108,956 |
Income receivable | 5,344,516 |
Receivable for shares sold | 3,024,342 |
Total Assets | 4,254,006,987 |
Liabilities: | |
Payable for investments purchased | 121,134,282 |
Payable for shares redeemed | 7,043,529 |
Income distribution payable | 28,856 |
Payable for investment adviser fee (Note 4) | 12,906 |
Payable for administrative fee (Note 4) | 8,824 |
Payable for distribution services fee (Note 4) | 10,255 |
Payable for other service fees (Notes 2 and 4) | 109,551 |
Accrued expenses (Note 4) | 255,723 |
Total Liabilities | 128,603,926 |
Net assets for 4,125,382,257 shares outstanding | $4,125,403,061 |
Net Assets Consist of: | |
Paid-in capital | $4,125,361,946 |
Total distributable earnings (loss) | 41,115 |
Total Net Assets | $4,125,403,061 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Automated Shares: | |
$799,594,838 ÷ 799,590,811 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Shares: | |
$12,162,927 ÷ 12,162,864 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Wealth Shares: | |
$2,158,343,975 ÷ 2,158,333,121 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$438,071,303 ÷ 438,069,072 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash II Shares: | |
$44,163,842 ÷ 44,163,620 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash Series Shares: | |
$282,689,070 ÷ 282,687,620 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Capital Shares: | |
$390,377,106 ÷ 390,375,149 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |
Interest | $8,240,639 |
Expenses: | |
Investment adviser fee (Note 4) | 3,903,165 |
Administrative fee (Note 4) | 1,521,767 |
Custodian fees | 59,145 |
Transfer agent fees (Note 2) | 591,911 |
Directors’/Trustees’ fees (Note 4) | 7,774 |
Auditing fees | 12,810 |
Legal fees | 16,905 |
Portfolio accounting fees | 131,390 |
Distribution services fee (Note 4) | 885,448 |
Other service fees (Notes 2 and 4) | 2,177,698 |
Share registration costs | 164,590 |
Printing and postage | 28,397 |
Miscellaneous (Note 4) | 11,714 |
TOTAL EXPENSES | 9,512,714 |
Waivers and Reimbursements: | |
Waiver of investment adviser fee (Note 4) | (1,694,286) |
Waivers/reimbursements of other operating expenses (Notes 2 and 4) | (1,851,727) |
TOTAL WAIVERS AND REIMBURSEMENTS | (3,546,013) |
Net expenses | 5,966,701 |
Net investment income | 2,273,938 |
Change in net assets resulting from operations | $2,273,938 |
Six Months Ended (unaudited) 11/30/2020 | Year Ended 5/31/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,273,938 | $37,745,198 |
Net realized gain (loss) | — | 25,170 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 2,273,938 | 37,770,368 |
Distributions to Shareholders: | ||
Automated Shares | (41,586) | (6,350,668) |
Investment Shares | (573) | (176,409) |
Wealth Shares | (1,976,735) | (21,420,026) |
Service Shares | (81,598) | (4,201,420) |
Cash II Shares | (2,214) | (282,489) |
Cash Series Shares | (13,224) | (1,365,363) |
Capital Shares | (210,717) | (3,966,558) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (2,326,647) | (37,762,933) |
Share Transactions: | ||
Proceeds from sale of shares | 3,515,531,203 | 6,290,338,723 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,992,053 | 33,641,585 |
Cost of shares redeemed | (2,892,812,502) | (6,370,870,305) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 624,710,754 | (46,889,997) |
Change in net assets | 624,658,045 | (46,882,562) |
Net Assets: | ||
Beginning of period | 3,500,745,016 | 3,547,627,578 |
End of period | $4,125,403,061 | $3,500,745,016 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Automated Shares | $410,789 | $— |
Investment Shares | 5,538 | — |
Wealth Shares | 15,071 | — |
Service Shares | 3,700 | — |
Cash II Shares | 20,031 | — |
Cash Series Shares | 133,865 | (39,226) |
Capital Shares | 2,917 | (3) |
TOTAL | $591,911 | $(39,229) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Automated Shares | $1,010,114 | $(6,683) | $(577,010) |
Investment Shares | 14,326 | (610) | (13,537) |
Service Shares | 582,278 | (6,942) | (144,047) |
Cash II Shares | 55,481 | (603) | (54,878) |
Cash Series Shares | 330,255 | (2,879) | (327,376) |
Capital Shares | 185,244 | — | — |
TOTAL | $2,177,698 | $(17,717) | $(1,116,848) |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Automated Shares: | Shares | Amount | Shares | Amount |
Shares sold | 199,504,560 | $199,504,560 | 623,344 | $623,344 |
Shares issued to shareholders in payment of distributions declared | 41,586 | 41,586 | 6,345 | 6,345 |
Shares redeemed | (218,502,634) | (218,502,634) | (447,938) | (447,938) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | (18,956,488) | $(18,956,488) | 181,751 | $181,751 |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Investment Shares: | Shares | Amount | Shares | Amount |
Shares sold | 8,897,646 | $8,897,646 | 62,570 | $62,570 |
Shares issued to shareholders in payment of distributions declared | 573 | 573 | 162 | 162 |
Shares redeemed | (7,847,440) | (7,847,440) | (96,491) | (96,491) |
NET CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS | 1,050,779 | $1,050,779 | (33,759) | $(33,759) |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,350,038,046 | $2,350,038,046 | 3,376,792 | $3,376,792 |
Shares issued to shareholders in payment of distributions declared | 1,649,314 | 1,649,314 | 18,132 | 18,132 |
Shares redeemed | (1,703,756,582) | (1,703,756,582) | (3,597,880) | (3,597,880) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 647,930,778 | $647,930,778 | (202,956) | $(202,956) |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 413,524,053 | $413,524,053 | 1,087,931 | $1,087,931 |
Shares issued to shareholders in payment of distributions declared | 75,429 | 75,429 | 3,596 | 3,596 |
Shares redeemed | (491,513,936) | (491,513,936) | (986,116) | (986,116) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (77,914,454) | $(77,914,454) | 105,411 | $105,411 |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 13,295,920 | $13,295,920 | 37,029 | $37,029 |
Shares issued to shareholders in payment of distributions declared | 2,207 | 2,207 | 278 | 278 |
Shares redeemed | (13,837,650) | (13,837,650) | (43,110) | (43,110) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | (539,523) | $(539,523) | (5,803) | $(5,803) |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 306,420,179 | $306,420,179 | 515,735 | $515,735 |
Shares issued to shareholders in payment of distributions declared | 13,128 | 13,128 | 1,353 | 1,353 |
Shares redeemed | (264,185,236) | (264,185,236) | (558,317) | (558,317) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | 42,248,071 | $42,248,071 | (41,229) | $(41,229) |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 223,850,799 | $223,850,799 | 586,938 | $586,938 |
Shares issued to shareholders in payment of distributions declared | 209,816 | 209,816 | 3,775 | 3,775 |
Shares redeemed | (193,169,024) | (193,169,024) | (641,018) | (641,018) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 30,891,591 | $30,891,591 | (50,305) | $(50,305) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 624,710,754 | $624,710,754 | (46,890) | $(46,890) |
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 | |
Investment Shares | 0.25% |
Cash II Shares | 0.35% |
Cash Series Shares | 0.60% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Investment Shares | $14,326 | $(8,332) |
Cash II Shares | 77,816 | (51,902) |
Cash Series Shares | 793,306 | (617,699) |
TOTAL | $885,448 | $(677,933) |
Beginning Account Value 6/1/2020 | Ending Account Value 11/30/2020 | Expenses Paid During Period1 | |
Actual | $1,000.00 | $1,001.10 | $1.05 |
Hypothetical (assuming a 5% return before expenses) | $1,000.00 | $1,024.02 | $1.07 |
1 | Expenses are equal to the Fund’s Wealth Shares annualized net expense ratio of 0.21%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half-year period). |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Share Class | Ticker | Wealth | TBIXX | Advisor | TBVXX | Service | TBSXX |
Federated Hermes Tax-Free Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 67.9% |
Municipal Notes | 18.6% |
Commercial Paper | 16.7% |
Other Assets and Liabilities—Net2 | (3.2)% |
TOTAL | 100% |
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. |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 54.7% |
8-30 Days | 4.2% |
31-90 Days | 27.2% |
91-180 Days | 9.8% |
181 Days or more | 7.3% |
Other Assets and Liabilities—Net2 | (3.2)% |
Total | 100% |
1 | 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. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— 103.2% | ||
Alabama— 5.8% | |||
$ 16,350,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 0.130%, 12/1/2020 | $16,350,000 | |
11,000,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily VRDNs, 0.130%, 12/1/2020 | 11,000,000 | |
40,000,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-D) Weekly VRDNs, 0.210%, 12/2/2020 | 40,000,000 | |
7,000,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 0.130%, 12/1/2020 | 7,000,000 | |
5,000,000 | Huntsville, AL Health Care Authority, (Series 2020-XG0301) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.150%, 12/3/2020 | 5,000,000 | |
20,000,000 | Mobile County, AL IDA Gulf Opportunity Zone (SSAB Alabama, Inc.), (Series 2011) Weekly VRDNs, (Nordea Bank Abp LOC), 0.150%, 12/3/2020 | 20,000,000 | |
11,680,000 | Mobile, AL IDB (Alabama Power Co.), (First Series 2009: Barry Plant) Daily VRDNs, 0.130%, 12/1/2020 | 11,680,000 | |
44,300,000 | Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly VRDNs, 0.210%, 12/2/2020 | 44,300,000 | |
33,810,000 | West Jefferson, AL IDB PCRB (Alabama Power Co.), (Series 1998) Weekly VRDNs, 0.190%, 12/2/2020 | 33,810,000 | |
TOTAL | 189,140,000 | ||
California— 8.7% | |||
9,900,000 | California Enterprise Development Authority (Regional Properties, Inc.), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (FHLB of San Francisco LOC), 0.130%, 12/3/2020 | 9,900,000 | |
40,000,000 | California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.230%, 12/3/2020 | 40,000,000 | |
28,000,000 | California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006E), CP, 0.220%, Mandatory Tender 3/10/2021 | 28,000,000 | |
4,930,000 | California State, (Series A-1), CP, (Wells Fargo Bank, N.A. LOC), 0.190%, Mandatory Tender 1/13/2021 | 4,930,000 | |
13,535,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 0.260%, Mandatory Tender 4/6/2021 | 13,535,000 | |
11,015,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 0.240%, Mandatory Tender 2/2/2021 | 11,015,000 | |
7,310,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.240%, Mandatory Tender 2/2/2021 | 7,310,000 | |
7,450,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.260%, Mandatory Tender 4/7/2021 | 7,450,000 | |
6,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.190%, Mandatory Tender 1/13/2021 | 6,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 9,500,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 0.240%, Mandatory Tender 3/3/2021 | $9,500,000 | |
28,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 0.240%, Mandatory Tender 2/10/2021 | 28,000,000 | |
13,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), CP, 0.240%, Mandatory Tender 3/3/2021 | 13,000,000 | |
10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009 B-6), CP, 0.220%, Mandatory Tender 1/12/2021 | 10,000,000 | |
15,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-2), CP, 0.250%, Mandatory Tender 1/6/2021 | 15,000,000 | |
5,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009D), CP, 0.280%, Mandatory Tender 12/8/2020 | 5,000,000 | |
5,705,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series B-5), CP, 0.240%, Mandatory Tender 3/9/2021 | 5,705,000 | |
11,380,000 | East Bay Municipal Utility District, CA Water System, (Series 2008 A-3) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.080%, 12/2/2020 | 11,380,000 | |
20,000,000 | Metropolitan Water District of Southern California, (Series 2017 E) SIFMA Index Mode TOBs, 0.360%, Mandatory Tender 6/21/2021 | 20,000,000 | |
24,769,000 | San Diego County, CA Water Authority, Extendible Commercial Paper Notes (Series 1), CPX, 0.150%, Mandatory Tender 12/1/2020 | 24,769,000 | |
12,000,000 | Victorville, CA Joint Powers Financing Authority (Victorville, CA), (Series 2007A: Cogeneration Facility) Weekly VRDNs, (BNP Paribas SA LOC), 0.140%, 12/3/2020 | 12,000,000 | |
TOTAL | 282,494,000 | ||
Colorado— 0.5% | |||
17,570,000 | Colorado Health Facilities Authority (Children’s Hospital Colorado Obligated Group), PUTTERs (Series 5008) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.160%, 12/1/2020 | 17,570,000 | |
Connecticut— 1.2% | |||
28,405,000 | Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.260%, 12/3/2020 | 28,405,000 | |
7,000,000 | East Granby, CT BANs, 1.250%, 7/15/2021 | 7,030,162 | |
4,385,000 | Stafford, CT BANs, 1.500%, 2/4/2021 | 4,387,921 | |
TOTAL | 39,823,083 | ||
Florida— 14.8% | |||
6,435,000 | Clearwater, FL Water and Sewer Authority, Solar Eclipse (Series 2017-0014) Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.110%, 12/1/2020 | 6,435,000 | |
41,905,000 | Collier County, FL Health Facilities Authority (Cleveland Clinic), (Series 2003C-1), CP, 0.200%, Mandatory Tender 2/3/2021 | 41,905,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Florida— continued | |||
$ 17,000,000 | Escambia County, FL Solid Waste Disposal (Gulf Power Co.) Daily VRDNs, 0.150%, 12/1/2020 | $17,000,000 | |
16,000,000 | Escambia County, FL Solid Waste Disposal (Gulf Power Co.), (First Series 2009) Daily VRDNs, 0.120%, 12/1/2020 | 16,000,000 | |
20,000,000 | Florida HFA (Woodlands Apartments), (Series 1985-SS) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 0.140%, 12/2/2020 | 20,000,000 | |
31,565,000 | Hillsborough County, FL IDA (Baycare Health System), (Series 2020B) Daily VRDNs, (TD Bank, N.A. LOC), 0.090%, 12/1/2020 | 31,565,000 | |
24,760,000 | Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1994), CP, 0.210%, Mandatory Tender 1/12/2021 | 24,760,000 | |
20,300,000 | Jacksonville, FL PCR (Florida Power & Light Co.), Pollution Control Revenue Refunding Bonds (Series 1992), CP, 0.210%, Mandatory Tender 1/12/2021 | 20,300,000 | |
16,625,000 | JEA, FL Electric System, (Series Three 2008B-2: Senior Revenue Bonds) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.130%, 12/2/2020 | 16,625,000 | |
30,905,000 | JEA, FL Electric System, (Series Three 2008B-3) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.130%, 12/2/2020 | 30,905,000 | |
65,000,000 | Orange County, FL School Board, Stage Trust 3a-7 (Series 2020-001) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.260%, 12/3/2020 | 65,000,000 | |
16,500,000 | Polk County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs, 0.410%, 12/3/2020 | 16,500,000 | |
116,060,000 | St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 0.140%, 12/1/2020 | 116,060,000 | |
7,000,000 | Tampa-Hillsborough County, FL Expressway Authority, RBC Muni Products (Series G-113) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Optional Tender 1/4/2021 | 7,000,000 | |
49,900,000 | Volusia County, FL Hospital Authority (Halifax Hospital Medical Center, FL), PUTTERs 3a-7 (Series 5032) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.160%, 12/1/2020 | 49,900,000 | |
TOTAL | 479,955,000 | ||
Georgia— 1.6% | |||
2,606,000 | Atlanta, GA Water & Wastewater, (Series 2018), CP, (Wells Fargo Bank, N.A. LOC), 0.220%, Mandatory Tender 2/18/2021 | 2,606,000 | |
13,652,000 | Atlanta, GA Water & Wastewater, (Series 2018), CP, (Wells Fargo Bank, N.A. LOC), 0.220%, Mandatory Tender 2/22/2021 | 13,652,000 | |
1,680,000 | Brookhaven Development Authority, GA (Children’s Healthcare of Atlanta, Inc.), Tender Option Bond Trust Receipts (Series 2019-XG0224) Weekly VRDNs, (Bank of America N.A. LIQ), 0.160%, 12/3/2020 | 1,680,000 | |
4,000,000 | Fulton County, GA, Solar Eclipse (Series 2017-0007) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.140%, 12/3/2020 | 4,000,000 | |
6,500,000 | Georgia State HFA, Tender Option Bond Trust Certificates (Series 2018-ZF2614) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.140%, 12/3/2020 | 6,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Georgia— continued | |||
$ 4,000,000 | Georgia State HFA, Tender Option Bond Trust Receipts (Series 2018-ZF0653) Weekly VRDNs, (Bank of America N.A. LIQ), 0.150%, 12/3/2020 | $4,000,000 | |
12,525,000 | Monroe County, GA Development Authority Pollution Control (Oglethorpe Power Corp.), (Series 2010A) Weekly VRDNs, (Truist Bank LOC), 0.190%, 12/2/2020 | 12,525,000 | |
1,300,000 | Paulding County, GA Hospital Authority (Wellstar Health System, Inc.), (Series 2012B) Weekly VRDNs, (Bank of America N.A. LOC), 0.130%, 12/3/2020 | 1,300,000 | |
5,450,000 | Roswell, GA Housing Authority (Belcourt Ltd.), MFH Refunding Revenue Bonds (Series 1988A) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 0.140%, 12/2/2020 | 5,450,000 | |
TOTAL | 51,713,000 | ||
Hawaii— 0.2% | |||
7,940,000 | Hawaii State Department of Budget & Finance (Queen’s Health Systems), (2015 Series B) VRENs, 0.560%, 12/3/2020 | 7,940,000 | |
Idaho— 0.2% | |||
5,000,000 | Idaho Health Facilities Authority (Trinity Healthcare Credit Group), (Series 2013ID) TOBs, 0.220%, Mandatory Tender 2/1/2021 | 5,000,000 | |
Illinois— 1.9% | |||
600,000 | Chicago, IL MFH Revenue (Churchview Manor Senior Apartments), (Series 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.310%, 12/3/2020 | 600,000 | |
16,000,000 | Chicago, IL Sales Tax, Tender Option Bond Trust Receipt (Series 2019-XF0779) Weekly VRDNs, (Build America Mutual Assurance INS)/(Toronto Dominion Bank LIQ), 0.160%, 12/3/2020 | 16,000,000 | |
10,975,000 | Macon County, IL School District #61 (Decatur), Tender Option Bond Trust Certificates (Series 2020-XM0855) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.190%, 12/3/2020 | 10,975,000 | |
33,750,000 | Sales Tax Securitization Corp., IL, Tender Option Bond Trust Certificates (Series 2018-XM0714) Weekly VRDNs, (Build America Mutual Assurance INS)/(Morgan Stanley Bank, N.A. LIQ), 0.190%, 12/3/2020 | 33,750,000 | |
TOTAL | 61,325,000 | ||
Iowa— 0.2% | |||
5,010,000 | Iowa Finance Authority - Health Facilities (UnityPoint Health), (Series 2013B-1) Daily VRDNs, (TD Bank, N.A. LOC), 0.090%, 12/1/2020 | 5,010,000 | |
Kentucky— 0.9% | |||
16,245,000 | Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.170%, 12/4/2020 | 16,245,000 | |
5,105,000 | Kentucky Bond Development Corp. (Kentucky Wired Infrastructure Company, Inc.), Tender Option Bond Trust Certificates (Series 2020-XX1124) Weekly VRDNs, (Barclays Bank PLC LIQ)/ (Barclays Bank PLC LOC), 0.150%, 12/3/2020 | 5,105,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Kentucky— continued | |||
$ 7,500,000 | Kentucky State Property & Buildings Commission, RBC Muni Products (Series G-116) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Optional Tender 5/3/2021 | $7,500,000 | |
TOTAL | 28,850,000 | ||
Louisiana— 3.0% | |||
60,000,000 | Ascension Parish, LA IDB (BASF Corp.), (Series 2009) Weekly VRDNs, (GTD by BASF SE), 0.260%, 12/2/2020 | 60,000,000 | |
965,000 | Louisiana Local Government Environmental Facilities CDA (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs, (FHLB of Dallas LOC), 0.210%, 12/2/2020 | 965,000 | |
27,500,000 | Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2008B) Weekly VRDNs, 0.100%, 12/2/2020 | 27,500,000 | |
4,650,000 | Louisiana Public Facilities Authority Hospital Revenue (Ochsner Clinic Foundation), (Series 2020-XF1202) Weekly VRDNs, (Toronto Dominion Bank LIQ)/(Toronto Dominion Bank LOC), 0.150%, 12/3/2020 | 4,650,000 | |
4,335,000 | Louisiana State, RBC Muni Products (Series 2018 G-22) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.140%, 12/3/2020 | 4,335,000 | |
TOTAL | 97,450,000 | ||
Maryland— 1.2% | |||
7,500,000 | Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Mandatory Tender 1/4/2021 | 7,500,000 | |
580,000 | Howard County, MD Revenue Bonds (Bluffs at Clarys Forest Apartments), (Series 1995) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.170%, 12/1/2020 | 580,000 | |
1,050,000 | Maryland State Health & Higher Educational Facilities Authority (University of Maryland Medical System Corporation), (Series 2008D) Daily VRDNs, (TD Bank, N.A. LOC), 0.090%, 12/1/2020 | 1,050,000 | |
29,080,000 | Montgomery County, MD (Trinity Healthcare Credit Group), (Series 2013MD) TOBs, 0.260%, Mandatory Tender 3/1/2021 | 29,080,000 | |
TOTAL | 38,210,000 | ||
Massachusetts— 1.3% | |||
1,170,000 | Commonwealth of Massachusetts, (Series 2000A) Weekly VRDNs, (Citibank N.A., New York LIQ), 0.110%, 12/3/2020 | 1,170,000 | |
9,000,000 | Commonwealth of Massachusetts, Clipper Tax-Exempt Certificates Trust (Series 2009-69) TOBs, (State Street Bank and Trust Co. LIQ), 0.270%, Optional Tender 1/21/2021 | 9,000,000 | |
4,939,121 | Hanover, MA BANs, 2.000%, 2/25/2021 | 4,951,148 | |
4,914,298 | Ipswich, MA BANs, 1.750%, 5/21/2021 | 4,926,800 | |
1,945,000 | Massachusetts Bay Transportation Authority General Transportation System, (2000 Series A-1) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.110%, 12/2/2020 | 1,945,000 | |
5,205,000 | Massachusetts Bay Transportation Authority Sales Tax Revenue, Clipper Tax-Exempt Certificates Trust (Series 2009-47) TOBs, (State Street Bank and Trust Co. LIQ), 0.260%, Optional Tender 3/4/2021 | 5,205,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Massachusetts— continued | |||
$ 750,000 | Massachusetts Development Finance Agency (Mass General Brigham), Tender Option Bond Trust Receipts (2016-XM0137) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.150%, 12/3/2020 | $750,000 | |
850,000 | Massachusetts School Building Authority, Tender Option Bond Trust Certificates (2016-XX1008) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.140%, 12/3/2020 | 850,000 | |
4,045,000 | Rowley, MA BANs, 1.750%, 12/18/2020 | 4,046,022 | |
10,000,000 | Somerville, MA, (Series A) BANs, 2.000%, 6/4/2021 | 10,080,760 | |
TOTAL | 42,924,730 | ||
Michigan— 4.7% | |||
72,000,000 | Eastern Michigan University (Board of Regents of), Golden Blue (3a-7) 2018-009 Weekly VRDNs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC)/(Build America Mutual Assurance INS), 0.150%, 12/3/2020 | 72,000,000 | |
5,000,000 | Eastern Michigan University (Board of Regents of), Tender Option Bond Trust Certificates (Series 2018-ZF2620) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.190%, 12/3/2020 | 5,000,000 | |
4,000,000 | Jackson County, MI Public Schools, Tender Option Bond Trust Receipts (Series 2018-XF2650) Weekly VRDNs, (Bank of America N.A. LIQ)/ (Michigan School Bond Qualification and Loan Program COL), 0.210%, 12/3/2020 | 4,000,000 | |
3,500,000 | Michigan State Building Authority, (Series III) VRENs, 0.230%, 12/1/2020 | 3,500,000 | |
2,670,000 | Michigan State Finance Authority Revenue (McLaren Health Care Corp.), Tender Option Bond Trust Receipts (Series 2019-ZF0784) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.210%, 12/3/2020 | 2,670,000 | |
3,335,000 | Michigan State Finance Authority Revenue (McLaren Health Care Corp.), Tender Option Bond Trust Receipts (Series 2019-ZF0790) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.210%, 12/3/2020 | 3,335,000 | |
18,155,000 | Michigan State Finance Authority Revenue (Trinity Healthcare Credit Group), (Series 2013MI-1) TOBs, 0.260%, Mandatory Tender 3/1/2021 | 18,155,000 | |
3,065,000 | Michigan Strategic Fund (Washtenaw Christian Academy), (Series 2008) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.170%, 12/4/2020 | 3,065,000 | |
1,380,000 | St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2002) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.210%, 12/3/2020 | 1,380,000 | |
22,300,000 | St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2003) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.210%, 12/3/2020 | 22,300,000 | |
11,685,000 | St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2006) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.210%, 12/3/2020 | 11,685,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Michigan— continued | |||
$ 4,000,000 | Trenton, MI Public Schools, Tender Option Bond Trust Receipts (Series 2018-XF2651) Weekly VRDNs, (Bank of America N.A. LIQ)/(GTD by Michigan School Bond Qualification and Loan Program), 0.210%, 12/3/2020 | $4,000,000 | |
TOTAL | 151,090,000 | ||
Mississippi— 0.3% | |||
8,150,000 | Perry County, MS (Georgia-Pacific LLC), (Series 2002) Weekly VRDNs, 0.230%, 12/3/2020 | 8,150,000 | |
Missouri— 0.5% | |||
7,500,000 | Missouri State Health and Educational Facilities Authority Health Facilities (Mercy Health Systems), (Series 2020-XG0300) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.150%, 12/3/2020 | 7,500,000 | |
10,000,000 | Missouri State HEFA (Stowers Institute for Medical Research), RBC Muni Products (Series 2018 C-16) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.180%, 12/3/2020 | 10,000,000 | |
TOTAL | 17,500,000 | ||
Multi-State— 11.8% | |||
156,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly VRDPs, (Citibank N.A., New York LIQ), 0.180%, 12/3/2020 | 156,000,000 | |
6,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 5) Weekly VRDPs, (Societe Generale, Paris LIQ), 0.160%, 12/3/2020 | 6,000,000 | |
115,400,000 | Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, (Series 2) Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 0.180%, 12/3/2020 | 115,400,000 | |
105,800,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.180%, 12/3/2020 | 105,800,000 | |
TOTAL | 383,200,000 | ||
Nevada— 0.2% | |||
5,275,000 | Nevada System of Higher Education, Tender Option Bond Trust Certificates (2020-XF2858) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.180%, 12/3/2020 | 5,275,000 | |
New Jersey— 7.3% | |||
4,238,500 | Bernardsville, NJ BANs, 2.500%, 4/23/2021 | 4,251,552 | |
7,067,345 | Clinton Township, NJ BANs, 1.750%, 3/18/2021 | 7,085,411 | |
9,700,000 | Cranford Township, NJ BANs, 1.750%, 5/14/2021 | 9,721,502 | |
8,030,000 | Edison Township, NJ BANs, 1.000%, 1/13/2021 | 8,036,133 | |
2,505,000 | Englewood Cliffs, NJ BANs, 1.000%, 11/12/2021 | 2,516,089 | |
2,289,725 | Essex Fells, NJ BANs, 1.500%, 12/15/2020 | 2,289,897 | |
1,795,000 | Hardyston Township, NJ BANs, 1.000%, 8/27/2021 | 1,802,633 | |
2,615,000 | Kenilworth, NJ BANs, 1.750%, 3/5/2021 | 2,620,335 | |
3,360,850 | Kinnelon, NJ BANs, 1.750%, 3/5/2021 | 3,366,753 | |
7,170,000 | Lawrence Township, NJ BANs, 1.000%, 6/11/2021 | 7,184,973 | |
9,500,000 | Lyndhurst Township, NJ BANs, 2.000%, 5/6/2021 | 9,515,960 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New Jersey— continued | |||
$ 6,478,000 | Middlesex County, NJ BANs, 2.000%, 6/3/2021 | $6,530,033 | |
9,462,100 | Morris Plains, NJ BANs, 1.250%, 6/25/2021 | 9,493,928 | |
10,310,000 | New Jersey Economic Development Authority (New Jersey State), Tender Option Bond Trust Receipts (2019-XG0261) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.150%, 12/3/2020 | 10,310,000 | |
17,050,000 | New Jersey Economic Development Authority (New Jersey State), Tender Option Bond Trust Receipts (Series 2019-XG0260) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.150%, 12/3/2020 | 17,050,000 | |
50,000,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Clipper Tax-Exempt Certificates Trust (Series 2009-70) TOBs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.280%, Optional Tender 12/17/2020 | 50,000,000 | |
7,500,000 | New Jersey Turnpike Authority, RBC Muni Products (Series G-119) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.260%, Optional Tender 1/4/2021 | 7,500,000 | |
31,369,000 | North Bergen Township, NJ BANs, 1.500%, 4/28/2021 | 31,431,879 | |
10,627,300 | North Plainfield, NJ, (Series A) BANs, 1.750%, 12/9/2020 | 10,628,309 | |
10,585,000 | Pennsauken Township, NJ, (Series A) BANs, 1.250%, 6/10/2021 | 10,619,658 | |
10,599,000 | Plainfield, NJ BANs, 1.000%, 8/18/2021 | 10,628,980 | |
4,650,000 | Spotswood, NJ, (Series A) BANs, 1.750%, 12/16/2020 | 4,650,846 | |
2,370,250 | Tabernacle Township, NJ, (2019 Series A) BANs, 1.500%, 12/18/2020 | 2,370,457 | |
6,443,400 | Vernon Township, NJ BANs, 1.000%, 3/19/2021 | 6,447,175 | |
TOTAL | 236,052,503 | ||
New York— 10.4% | |||
18,195,000 | Batavia, NY City School District BANs, 1.000%, 6/15/2021 | 18,199,161 | |
6,498,588 | Dundee, NY CSD BANs, 1.500%, 6/25/2021 | 6,520,374 | |
15,783,934 | Fallsburg, NY CSD BANs, 1.000%, 6/25/2021 | 15,786,336 | |
10,635,000 | Germantown, NY CSD BANs, 1.500%, 6/25/2021 | 10,670,653 | |
7,119,500 | Hamburg Village, NY BANs, 1.500%, 7/22/2021 | 7,129,918 | |
3,000,000 | Kent, NY BANs, 1.250%, 7/30/2021 | 3,013,192 | |
10,000,000 | Lake Placid, NY CSD BANs, 1.750%, 6/25/2021 | 10,061,631 | |
3,530,000 | Lewiston-Porter, NY CSD BANs, 1.250%, 6/16/2021 | 3,541,348 | |
6,990,000 | Mechanicville, NY City School District BANs, 1.000%, 6/18/2021 | 6,991,328 | |
5,490,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2018-XM0697) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.180%, 12/3/2020 | 5,490,000 | |
12,600,000 | New Windsor, NY BANs, 1.250%, 6/25/2021 | 12,645,939 | |
6,710,000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2014 AA- 6 Bonds) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 0.120%, 12/1/2020 | 6,710,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 7,900,000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2015 Subseries BB-2) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 0.100%, 12/1/2020 | $7,900,000 | |
2,625,000 | New York City, NY Municipal Water Finance Authority, (Series 2014AA-8) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 0.100%, 12/1/2020 | 2,625,000 | |
4,755,000 | New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2009 Series BB-2) Daily VRDNs, (Landesbank Hessen- Thuringen LIQ), 0.120%, 12/1/2020 | 4,755,000 | |
305,000 | New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series DD-1) Daily VRDNs, (TD Bank, N.A. LIQ), 0.090%, 12/1/2020 | 305,000 | |
22,100,000 | New York City, NY Transitional Finance Authority, Fiscal 2014 (Subseries D-3) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 0.110%, 12/1/2020 | 22,100,000 | |
58,500,000 | New York City, NY Transitional Finance Authority, Stage Trust 3a-7 (Series 2020-002) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.260%, 12/3/2020 | 58,500,000 | |
5,700,000 | New York City, NY, (Fiscal 2012 Series G-6) Daily VRDNs, (Mizuho Bank Ltd. LOC), 0.100%, 12/1/2020 | 5,700,000 | |
10,000,000 | New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.310%, 12/3/2020 | 10,000,000 | |
37,500,000 | New York State Dormitory Authority State Personal Income Tax Revenue, (Series B), 5.000%, 3/31/2021 | 38,048,024 | |
10,000,000 | New York State Power Authority, (Series 2), CP, (JPMorgan Chase Bank, N.A. LIQ)/(State Street Bank and Trust Co. LIQ)/(TD Bank, N.A. LIQ)/(Wells Fargo Bank, N.A. LIQ), 0.280%, Mandatory Tender 12/2/2020 | 10,000,000 | |
50,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Citibank N.A., New York LIQ), 0.160%, 12/3/2020 | 50,000,000 | |
3,662,000 | Salina, NY BANs, 1.250%, 6/11/2021 | 3,674,444 | |
6,000,000 | Springs, NY UFSD TANs, 1.500%, 6/25/2021 | 6,036,913 | |
3,900,000 | Webutuck, NY CSD BANs, 1.250%, 6/24/2021 | 3,911,960 | |
6,230,000 | Wilson, NY CSD BANs, 1.250%, 6/22/2021 | 6,253,045 | |
TOTAL | 336,569,266 | ||
North Carolina— 0.2% | |||
5,080,000 | Clark Township, NJ BANs, 1.000%, 12/2/2021 | 5,105,197 | |
Ohio— 4.0% | |||
3,275,000 | Avon, OH, Water System Improvement Revenue Bonds BANs, 2.000%, 1/28/2021 | 3,279,616 | |
1,000,000 | Broadview Heights City, OH BANs, 2.500%, 4/29/2021 | 1,003,208 | |
33,000,000 | Erie County, OH Hospital Facilities (Firelands Regional Medical Center), (2019-BAML5019) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.160%, 12/3/2020 | 33,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Ohio— continued | |||
$ 220,000 | Franklin County, OH Hospital Facility Authority (U.S. Health Corp. of Columbus), Series A Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 0.110%, 12/3/2020 | $220,000 | |
9,700,000 | Franklin County, OH Mortgage Revenue (Trinity Healthcare Credit Group), (Series 2013OH) TOBs, 0.220%, Mandatory Tender 2/1/2021 | 9,700,000 | |
2,000,000 | Grove City, OH BANs, 2.000%, 3/3/2021 | 2,004,484 | |
15,000,000 | Lakewood, OH BANs, 2.000%, 3/24/2021 | 15,055,274 | |
7,780,000 | Lorain County, OH, (Series C) BANs, 2.000%, 5/7/2021 | 7,803,124 | |
2,270,000 | Marysville, OH BANs, 2.000%, 3/25/2021 | 2,277,728 | |
23,640,000 | Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.260%, 12/3/2020 | 23,640,000 | |
1,050,000 | North Olmsted, OH BANs, 2.000%, 3/10/2021 | 1,052,535 | |
3,000,000 | North Ridgeville, OH BANs, 2.000%, 3/11/2021 | 3,007,722 | |
14,800,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Barclays Golden Blue (Series 2020-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.260%, 12/3/2020 | 14,800,000 | |
10,000,000 | Ohio University, (RBC Muni Products Series G-27) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Optional Tender 12/1/2020 | 10,000,000 | |
1,385,000 | Olmsted Falls, OH BANs, (GTD by Ohio State), 1.000%, 6/10/2021 | 1,389,037 | |
1,600,000 | Strongsville, OH BANs, 2.000%, 6/10/2021 | 1,608,959 | |
TOTAL | 129,841,687 | ||
Oklahoma— 0.1% | |||
3,410,000 | Oklahoma Development Finance Authority (OU Medicine), Tender Option Bond Trust Receipts (Series 2018-XG0210) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.160%, 12/3/2020 | 3,410,000 | |
Pennsylvania— 4.0% | |||
4,100,000 | Allegheny County, PA HDA (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.160%, 12/3/2020 | 4,100,000 | |
9,960,000 | Allegheny County, PA HDA (UPMC Health System), Tender Option Bond Trust Receipts (Series 2019-XM0758) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.270%, 12/3/2020 | 9,960,000 | |
1,475,000 | Beaver County, PA IDA (Concordia Lutheran Obligated Group), (Series 2018A) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.120%, 12/3/2020 | 1,475,000 | |
4,490,000 | Berks County, PA IDA (Tower Health), Tender Option Bond Trust Certificates (Series 2018-XL0061) Weekly VRDNs, (Citibank N.A., New York LIQ)/(Citibank N.A., New York LOC), 0.170%, 12/3/2020 | 4,490,000 | |
1,370,000 | Butler County, PA Hospital Authority (Concordia Lutheran Obligated Group), (Series A of 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.120%, 12/3/2020 | 1,370,000 | |
1,150,000 | Butler County, PA Hospital Authority (Concordia Lutheran Obligated Group), (Series A of 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.120%, 12/3/2020 | 1,150,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Pennsylvania— continued | |||
$ 500,000 | Lancaster County, PA Hospital Authority (Masonic Villages), (Series D of 2008) Daily VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.100%, 12/1/2020 | $500,000 | |
4,000,000 | Montgomery County, PA Redevelopment Authority, Revenue Bonds Weekly VRDNs, (FNMA LOC), 0.120%, 12/3/2020 | 4,000,000 | |
3,500,000 | Northampton County, PA General Purpose Authority (Lafayette College), (Series of 2006) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.110%, 12/3/2020 | 3,500,000 | |
6,430,000 | Pennsylvania HFA (Foxwood Manor Apartments), (Series 2008-O) Weekly VRDNs, (FHLMC LOC), 0.110%, 12/3/2020 | 6,430,000 | |
20,000,000 | Pennsylvania State Turnpike Commission, PUTTERs (Series 5024) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.160%, 12/1/2020 | 20,000,000 | |
19,895,000 | Pennsylvania State Turnpike Commission, PUTTERs (Series 5025) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.160%, 12/1/2020 | 19,895,000 | |
8,975,000 | Pennsylvania State Turnpike Commission, Tender Option Bond Trust Certificates (Series 2020-XM0861) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.190%, 12/3/2020 | 8,975,000 | |
2,000,000 | Pennsylvania State University, Tender Option Bond Trust Receipts (Series 2020-XM0827) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.150%, 12/3/2020 | 2,000,000 | |
1,525,000 | Philadelphia, PA Authority for Industrial Development (Susquehanna Net Zero Housing, L.P.), Tender Option Bond Trust Floater Certificates (2020-MIZ9051) VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 0.460%, 12/3/2020 | 1,525,000 | |
4,700,000 | Philadelphia, PA School District, Tender Option Bond Trust Receipts (Series 2020-XF0881) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 0.160%, 12/3/2020 | 4,700,000 | |
22,850,000 | Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019C) Weekly VRDNs, (Bank of America N.A. LIQ), 0.150%, 12/3/2020 | 22,850,000 | |
11,000,000 | State Public School Building Authority, PA (Philadelphia, PA School District), Tender Option Bond Trust Certificates (2016-XG0085) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Credit Suisse AG LIQ), 0.230%, 12/3/2020 | 11,000,000 | |
1,825,000 | Washington County, PA Hospital Authority (Washington Hospital, PA), (Series 2007B) Weekly VRDNs, (PNC Bank, N.A. LOC), 0.130%, 12/3/2020 | 1,825,000 | |
TOTAL | 129,745,000 | ||
South Carolina— 1.5% | |||
16,500,000 | County Square Redevelopment Corporation (Greenville County, SC), (Series 2020) BANs, 2.000%, 3/24/2021 | 16,565,896 | |
18,000,000 | South Carolina Jobs-EDA (Palmetto Health Alliance), (Series 2019-BAML5004) Weekly VRDNs, (Bank of America N.A. LIQ)/ (Bank of America N.A. LOC), 0.160%, 12/3/2020 | 18,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
South Carolina— continued | |||
$ 12,670,000 | South Carolina Transportation Infrastructure Bank, Tender Option Bond Trust Receipts (Series G-109) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Optional Tender 4/1/2021 | $12,670,000 | |
TOTAL | 47,235,896 | ||
Tennessee— 3.0% | |||
5,000,000 | Metropolitan Government Nashville & Davidson County, TN HEFA (Meharry Medical College), (Series 2009) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.170%, 12/4/2020 | 5,000,000 | |
25,000,000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 0.350%, Mandatory Tender 1/8/2021 | 25,000,000 | |
50,000,000 | Metropolitan Government Nashville & Davidson County, TN, (Series B-1), CP, (JPMorgan Chase Bank, N.A. LOC), 0.220%, Mandatory Tender 1/7/2021 | 50,000,000 | |
8,305,000 | Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs, (Truist Bank LOC), 0.190%, 12/3/2020 | 8,305,000 | |
10,000,000 | Shelby County, TN Health Education & Housing Facilities Board (Methodist Le Bonheur Healthcare), (Series 2008A) Daily VRDNs, (Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ), 0.100%, 12/1/2020 | 10,000,000 | |
TOTAL | 98,305,000 | ||
Texas— 5.9% | |||
8,545,000 | Austin, TX Electric Utility System, Solar Eclipse (Series 2017-0008) Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.110%, 12/1/2020 | 8,545,000 | |
10,000,000 | Houston, TX Combined Utility System, (Series B-4), CP, (PNC Bank, N.A. LOC), 0.200%, Mandatory Tender 1/13/2021 | 10,000,000 | |
7,400,000 | Houston, TX, RBC Muni Products (Series 2018 G-21) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.140%, 12/3/2020 | 7,400,000 | |
7,500,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002B) Weekly VRDNs, 0.240%, 12/2/2020 | 7,500,000 | |
25,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals USA, Inc.), (Series 2010) Weekly VRDNs, 0.150%, 12/2/2020 | 25,000,000 | |
41,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals USA, Inc.), Exempt Facilities Revenue Bonds (Series 2009) Weekly VRDNs, 0.150%, 12/2/2020 | 41,000,000 | |
24,000,000 | San Antonio, TX Electric & Gas System, (2012 Series A), CP, 0.200%, Mandatory Tender 1/5/2021 | 24,000,000 | |
30,000,000 | San Antonio, TX Electric & Gas System, (2012 Series A), CP, 0.220%, Mandatory Tender 1/28/2021 | 30,000,000 | |
10,000,000 | San Antonio, TX Electric & Gas System, (2012 Series A), CP, 0.270%, Mandatory Tender 1/5/2021 | 10,000,000 | |
8,600,000 | San Antonio, TX Electric & Gas System, (2012 Series B), CP, (State Street Bank and Trust Co. LIQ)/(Wells Fargo Bank, N.A. LIQ), 0.190%, Mandatory Tender 1/5/2021 | 8,600,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Texas— continued | |||
$ 4,000,000 | South Texas CCD, (RBC Muni Products G-35) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.140%, 12/3/2020 | $4,000,000 | |
15,000,000 | Texas State Public Finance Authority (Texas State), (Series 2016B), CP, 0.230%, Mandatory Tender 1/6/2021 | 15,000,000 | |
1,090,000 | Texas State, Veterans Bonds, Series 2018 Weekly VRDNs, (FHLB of Dallas LIQ), 0.130%, 12/2/2020 | 1,090,000 | |
100,000 | Texas State, Veterans Bonds, Series 2020 Weekly VRDNs, (FHLB of Dallas LIQ), 0.100%, 12/2/2020 | 100,000 | |
TOTAL | 192,235,000 | ||
Utah— 3.4% | |||
110,320,000 | Riverton, UT Hospital Revenue Authority (IHC Health Services, Inc.), Stage Trust (Series 2012-33C) VRENs, (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 0.280%, 12/3/2020 | 110,320,000 | |
Virginia— 2.1% | |||
3,200,000 | Fairfax County, VA EDA (Mount Vernon Ladies’ Association of the Union), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 0.150%, 12/2/2020 | 3,200,000 | |
1,250,000 | Hampton Roads, VA Transportation Accountability Commission, (Series 2018-ZM0629) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.140%, 12/3/2020 | 1,250,000 | |
3,000,000 | Hampton Roads, VA Transportation Accountability Commission, (Series 2020-ZF0997) Weekly VRDNs, (Bank of America N.A. LIQ), 0.150%, 12/3/2020 | 3,000,000 | |
35,645,000 | Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), Barclays Golden Blue (Series 2020-010) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.260%, 12/3/2020 | 35,645,000 | |
15,315,000 | Suffolk, VA EDA (Sentara Health Systems Obligation Group), Tender Option Bond Trust Floater Certificates (2020-MIZ9025) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.210%, 12/3/2020 | 15,315,000 | |
6,030,000 | Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipts (Series 2020-XF0926) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.260%, 12/3/2020 | 6,030,000 | |
3,000,000 | Virginia State Public Building Authority Public Facilities (Virginia State), RBC Muni Products (Series G-40) TOBs, (Royal Bank of Canada LIQ)/ (Royal Bank of Canada LOC), 0.310%, Optional Tender 2/1/2021 | 3,000,000 | |
TOTAL | 67,440,000 | ||
West Virginia— 0.1% | |||
1,475,000 | Morgantown, WV Combined Utility System (Morgantown Utility Board, Inc.), Tender Option Bond Trust Receipts (Series 2018-ZF0672) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.160%, 12/3/2020 | 1,475,000 | |
Wisconsin— 2.2% | |||
5,000,000 | Milwaukee County, WI Metropolitan Sewer District, Solar Eclipse 2017-0036 Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.110%, 12/1/2020 | 5,000,000 | |
29,410,000 | Wisconsin State, (Series 13-A), CP, 0.200%, Mandatory Tender 2/4/2021 | 29,410,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Wisconsin— continued | |||
$ 37,469,000 | Wisconsin State, (Series 16-A), CP, 0.200%, Mandatory Tender 2/4/2021 | $37,469,000 | |
TOTAL | 71,879,000 | ||
TOTAL INVESTMENT IN SECURITIES—103.2% (AT AMORTIZED COST)2 | 3,342,233,362 | ||
OTHER ASSETS AND LIABILITIES - NET—(3.2)%3 | (102,427,692) | ||
TOTAL NET ASSETS—100% | $3,239,805,670 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
AMT | —Alternative Minimum Tax | |
BANs | —Bond Anticipation Notes | |
CCD | —Community College District | |
CDA | —Community Development Authority | |
COL | —Collateralized | |
CP | —Commercial Paper | |
CPX | —Commercial Paper Extendible | |
CSD | —Central School District | |
EDA | —Economic Development Authority | |
FHLB | —Federal Home Loan Bank | |
FHLMC | —Federal Home Loan Mortgage Corporation | |
FNMA | —Federal National Mortgage Association | |
GTD | —Guaranteed | |
HDA | —Hospital Development Authority | |
HEFA | —Health and Education Facilities Authority | |
HFA | —Housing Finance Authority | |
IDA | —Industrial Development Authority | |
IDB | —Industrial Development Bond | |
INS | —Insured | |
LIQ | —Liquidity Agreement | |
LOC | —Letter of Credit | |
MFH | —Multi-Family Housing | |
PCR | —Pollution Control Revenue | |
PCRB | —Pollution Control Revenue Bond | |
PCRBs | —Pollution Control Revenue Bonds | |
PUTTERs | —Puttable Tax-Exempt Receipts | |
SIFMA | —Securities Industry and Financial Markets Association | |
TANs | —Tax Anticipation Notes | |
TOBs | —Tender Option Bonds | |
UFSD | —Union Free School District | |
UT | —Unlimited Tax | |
VRDNs | —Variable Rate Demand Notes | |
VRDPs | —Variable Rate Demand Preferreds | |
VRENs | —Variable Rate Extendible Notes |
Six Months Ended (unaudited) 11/30/2020 | Year Ended 5/31/2020 | Period Ended 5/31/20191 | Year Ended July 31, | ||||
2018 | 2017 | 2016 | 2015 | ||||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income | 0.001 | 0.012 | 0.012 | 0.010 | 0.006 | 0.0002 | 0.0002 |
Net realized gain | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.002 | 0.0002 | 0.0002 |
Total From Investment Operations | 0.001 | 0.012 | 0.012 | 0.010 | 0.008 | 0.0002 | 0.0002 |
Less Distributions: | |||||||
Distributions from net investment income | (0.001) | (0.012) | (0.012) | (0.010) | (0.006) | (0.000)2 | (0.000)2 |
Distributions from net realized gain | — | (0.000)2 | (0.000)2 | (0.000)2 | (0.002) | (0.000)2 | (0.000)2 |
Total Distributions | (0.001) | (0.012) | (0.012) | (0.010) | (0.008) | (0.000)2 | (0.000)2 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.05% | 1.19% | 1.22% | 1.03% | 0.77% | 0.11% | 0.02% |
Ratios to Average Net Assets: | |||||||
Net expenses4 | 0.21%5 | 0.21% | 0.21%5 | 0.21% | 0.21% | 0.13%6 | 0.08%6 |
Net investment income | 0.10%5 | 1.14% | 1.46%5 | 1.03% | 0.57% | 0.08% | 0.01% |
Expense waiver/ reimbursement7 | 0.08%5 | 0.08% | 0.09%5 | 0.09% | 0.09% | 0.17% | 0.21% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $3,017,591 | $4,131,257 | $3,403,098 | $3,054,475 | $2,270,120 | $4,088,135 | $5,295,667 |
1 | The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten- month period from August 1, 2018 to May 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 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios were 0.13% and 0.08% for the years ended July 31, 2016 and 2015, respectively, after taking into account these expense reductions. |
7 | 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. |
Six Months Ended (unaudited) 11/30/2020 | Year Ended 5/31/2020 | Period Ended 5/31/20191, 2 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||
Net investment income | 0.001 | 0.012 | 0.006 |
Net realized gain | 0.0003 | 0.0003 | (0.000)3 |
Total From Investment Operations | 0.001 | 0.012 | 0.006 |
Less Distributions: | |||
Distributions from net investment income | (0.001) | (0.012) | (0.006) |
Distributions from net realized gain | — | (0.000)3 | — |
Total Distributions | (0.001) | (0.012) | (0.006) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 |
Total Return4 | 0.05% | 1.19% | 0.55% |
Ratios to Average Net Assets: | |||
Net expenses5 | 0.21%6 | 0.21% | 0.22%6 |
Net investment income | 0.10%6 | 1.06% | 1.61%6 |
Expense waiver/reimbursement7 | 0.08%6 | 0.09% | 0.09%6 |
Supplemental Data: | |||
Net assets, end of period (000 omitted) | $35,216 | $42,186 | $5,3688 |
1 | Reflects operations for the period from January 18, 2019 (date of initial investment) to May 31, 2019. Certain ratios included above in Ratios to Average Net Assets and per share amounts may be inflated or deflated as compared to the fee structure for each respective share class as a result of daily systematic allocations being rounded to the nearest penny for fund level income, expense and realized gain/loss amounts. Such differences are immaterial. |
2 | The Fund changed its fiscal year end from July 31 to May 31. |
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 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
8 | Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the 10-month period from August 1, 2018 to May 31, 2019. |
Six Months Ended (unaudited) 11/30/2020 | Year Ended 5/31/2020 | Period Ended 5/31/20191 | Year Ended July 31, | ||||
2018 | 2017 | 2016 | 2015 | ||||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income (loss) | 0.0002 | 0.009 | 0.010 | 0.008 | 0.003 | 0.0002 | 0.0002 |
Net realized gain | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.002 | 0.0002 | 0.0002 |
Total From Investment Operations | 0.0002 | 0.009 | 0.010 | 0.008 | 0.005 | 0.0002 | 0.0002 |
Less Distributions: | |||||||
Distributions from net investment income | (0.000)2 | (0.009) | (0.010) | (0.008) | (0.003) | (0.000)2 | (0.000)2 |
Distributions from net realized gain | — | (0.000)2 | (0.000)2 | (0.000)2 | (0.002) | (0.000)2 | (0.000)2 |
Total Distributions | (0.000)2 | (0.009) | (0.010) | (0.008) | (0.005) | (0.000)2 | (0.000)2 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.01% | 0.93% | 1.01% | 0.78% | 0.52% | 0.03% | 0.02% |
Ratios to Average Net Assets: | |||||||
Net expenses4 | 0.31%5 | 0.46% | 0.46%5 | 0.46% | 0.46% | 0.20%6 | 0.08%6 |
Net investment income | 0.01%5 | 0.90% | 1.20%5 | 0.75% | 0.31% | 0.01% | 0.01% |
Expense waiver/ reimbursement7 | 0.24%5 | 0.08% | 0.09%5 | 0.09% | 0.09% | 0.34% | 0.46% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $186,999 | $217,345 | $213,406 | $297,390 | $228,340 | $584,889 | $1,179,326 |
1 | The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten- month period from August 1, 2018 to May 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 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios were 0.20% and 0.08% for the years ended July 31, 2016 and 2015, respectively, after taking into account these expense reductions. |
7 | 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 amortized cost and fair value | $3,342,233,362 |
Cash | 10,011,745 |
Income receivable | 4,786,932 |
Receivable for shares sold | 2,690,799 |
Total Assets | 3,359,722,838 |
Liabilities: | |
Payable for investments purchased | 117,455,342 |
Payable for shares redeemed | 2,252,552 |
Income distribution payable | 33,901 |
Payable for investment adviser fee (Note 4) | 10,001 |
Payable for administrative fee (Note 4) | 6,922 |
Accrued expenses (Note 4) | 158,450 |
Total Liabilities | 119,917,168 |
Net assets for 3,239,610,346 shares outstanding | $3,239,805,670 |
Net Assets Consist of: | |
Paid-in capital | $3,239,590,863 |
Total distributable earnings (loss) | 214,807 |
Total Net Assets | $3,239,805,670 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Wealth Shares: | |
$3,017,590,686 ÷ 3,017,408,766 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Advisor Shares: | |
$35,215,699 ÷ 35,213,571 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$186,999,285 ÷ 186,988,009 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |
Interest | $5,998,805 |
Expenses: | |
Investment adviser fee (Note 4) | 3,765,888 |
Administrative fee (Note 4) | 1,468,190 |
Custodian fees | 59,647 |
Transfer agent fees | 16,483 |
Directors’/Trustees’ fees (Note 4) | 8,963 |
Auditing fees | 12,810 |
Legal fees | 21,383 |
Portfolio accounting fees | 112,696 |
Other service fees (Notes 2 and 4) | 236,992 |
Share registration costs | 109,726 |
Printing and postage | 19,506 |
Miscellaneous (Note 4) | 30,918 |
TOTAL EXPENSES | 5,863,202 |
Waivers and Reimbursement: | |
Waiver of investment adviser fee (Note 4) | (1,579,763) |
Waivers/reimbursement of other operating expenses (Notes 2 and 4) | (150,131) |
TOTAL WAIVERS AND REIMBURSEMENT | (1,729,894) |
Net expenses | 4,133,308 |
Net investment income | 1,865,497 |
Net realized gain on investments | 35,515 |
Change in net assets resulting from operations | $1,901,012 |
Six Months Ended (unaudited) 11/30/2020 | Year Ended 5/31/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,865,497 | $43,690,951 |
Net realized gain (loss) | 35,515 | 195,988 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 1,901,012 | 43,886,939 |
Distributions to Shareholders: | ||
Wealth Shares | (1,845,648) | (41,635,532) |
Advisor Shares | (21,596) | (220,725) |
Service Shares | (9,517) | (1,979,395) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (1,876,761) | (43,835,652) |
Share Transactions: | ||
Proceeds from sale of shares | 2,300,649,039 | 7,422,033,123 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,329,542 | 31,491,557 |
Cost of shares redeemed | (3,452,985,414) | (6,684,659,479) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (1,151,006,833) | 768,865,201 |
Change in net assets | (1,150,982,582) | 768,916,488 |
Net Assets: | ||
Beginning of period | 4,390,788,252 | 3,621,871,764 |
End of period | $3,239,805,670 | $4,390,788,252 |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $236,992 | $(21,038) | $(129,093) |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,128,579,162 | $2,128,579,162 | 6,907,490 | $6,907,490 |
Shares issued to shareholders in payment of distributions declared | 1,302,233 | 1,302,233 | 30,085 | 30,085 |
Shares redeemed | (3,243,568,832) | (3,243,568,832) | (6,209,464) | (6,209,464) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | (1,113,687,437) | $(1,113,687,437) | 728,111 | $728,111 |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Advisor Shares: | Shares | Amount | Shares | Amount |
Shares sold | 21,488,614 | $21,488,614 | 70,846 | $70,846 |
Shares issued to shareholders in payment of distributions declared | 21,575 | 21,575 | 221 | 221 |
Shares redeemed | (28,480,713) | (28,480,713) | (34,251) | (34,251) |
NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS | (6,970,524) | $(6,970,524) | 36,816 | $36,816 |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 150,581,263 | $150,581,263 | 443,697 | $443,697 |
Shares issued to shareholders in payment of distributions declared | 5,734 | 5,734 | 1,186 | 1,186 |
Shares redeemed | (180,935,869) | (180,935,869) | (440,945) | (440,945) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (30,348,872) | $(30,348,872) | 3,938 | $3,938 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (1,151,006,833) | $(1,151,006,833) | 768,865 | $768,865 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Beginning Account Value 6/1/2020 | Ending Account Value 11/30/2020 | Expenses Paid During Period1 | |
Actual: | |||
Wealth Shares | $1,000 | $1,000.50 | $1.05 |
Advisor Shares | $1,000 | $1,000.50 | $1.05 |
Service Shares | $1,000 | $1,000.10 | $21.55 |
Hypothetical (assuming a 5% return before expenses): | |||
Wealth Shares | $1,000 | $1,024.02 | $1.07 |
Advisor Shares | $1,000 | $1,024.02 | $1.07 |
Service Shares | $1,000 | $1,023.51 | $21.57 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Wealth Shares | 0.21% |
Advisor Shares | 0.21% |
Service Shares | 0.31% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Service Shares current Fee Limit of 0.46% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half- year period) would be $2.31 and $2.33, respectively. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 608919411
CUSIP 60934N880
Share Class | Ticker | Wealth | TBIXX |
Federated Hermes Tax-Free Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 67.9% |
Municipal Notes | 18.6% |
Commercial Paper | 16.7% |
Other Assets and Liabilities—Net2 | (3.2)% |
TOTAL | 100% |
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. |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 54.7% |
8-30 Days | 4.2% |
31-90 Days | 27.2% |
91-180 Days | 9.8% |
181 Days or more | 7.3% |
Other Assets and Liabilities—Net2 | (3.2)% |
Total | 100% |
1 | 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. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— 103.2% | ||
Alabama— 5.8% | |||
$ 16,350,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 0.130%, 12/1/2020 | $16,350,000 | |
11,000,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily VRDNs, 0.130%, 12/1/2020 | 11,000,000 | |
40,000,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-D) Weekly VRDNs, 0.210%, 12/2/2020 | 40,000,000 | |
7,000,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 0.130%, 12/1/2020 | 7,000,000 | |
5,000,000 | Huntsville, AL Health Care Authority, (Series 2020-XG0301) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.150%, 12/3/2020 | 5,000,000 | |
20,000,000 | Mobile County, AL IDA Gulf Opportunity Zone (SSAB Alabama, Inc.), (Series 2011) Weekly VRDNs, (Nordea Bank Abp LOC), 0.150%, 12/3/2020 | 20,000,000 | |
11,680,000 | Mobile, AL IDB (Alabama Power Co.), (First Series 2009: Barry Plant) Daily VRDNs, 0.130%, 12/1/2020 | 11,680,000 | |
44,300,000 | Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly VRDNs, 0.210%, 12/2/2020 | 44,300,000 | |
33,810,000 | West Jefferson, AL IDB PCRB (Alabama Power Co.), (Series 1998) Weekly VRDNs, 0.190%, 12/2/2020 | 33,810,000 | |
TOTAL | 189,140,000 | ||
California— 8.7% | |||
9,900,000 | California Enterprise Development Authority (Regional Properties, Inc.), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (FHLB of San Francisco LOC), 0.130%, 12/3/2020 | 9,900,000 | |
40,000,000 | California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.230%, 12/3/2020 | 40,000,000 | |
28,000,000 | California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006E), CP, 0.220%, Mandatory Tender 3/10/2021 | 28,000,000 | |
4,930,000 | California State, (Series A-1), CP, (Wells Fargo Bank, N.A. LOC), 0.190%, Mandatory Tender 1/13/2021 | 4,930,000 | |
13,535,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 0.260%, Mandatory Tender 4/6/2021 | 13,535,000 | |
11,015,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 0.240%, Mandatory Tender 2/2/2021 | 11,015,000 | |
7,310,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.240%, Mandatory Tender 2/2/2021 | 7,310,000 | |
7,450,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.260%, Mandatory Tender 4/7/2021 | 7,450,000 | |
6,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.190%, Mandatory Tender 1/13/2021 | 6,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 9,500,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 0.240%, Mandatory Tender 3/3/2021 | $9,500,000 | |
28,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 0.240%, Mandatory Tender 2/10/2021 | 28,000,000 | |
13,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), CP, 0.240%, Mandatory Tender 3/3/2021 | 13,000,000 | |
10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009 B-6), CP, 0.220%, Mandatory Tender 1/12/2021 | 10,000,000 | |
15,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-2), CP, 0.250%, Mandatory Tender 1/6/2021 | 15,000,000 | |
5,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009D), CP, 0.280%, Mandatory Tender 12/8/2020 | 5,000,000 | |
5,705,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series B-5), CP, 0.240%, Mandatory Tender 3/9/2021 | 5,705,000 | |
11,380,000 | East Bay Municipal Utility District, CA Water System, (Series 2008 A-3) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.080%, 12/2/2020 | 11,380,000 | |
20,000,000 | Metropolitan Water District of Southern California, (Series 2017 E) SIFMA Index Mode TOBs, 0.360%, Mandatory Tender 6/21/2021 | 20,000,000 | |
24,769,000 | San Diego County, CA Water Authority, Extendible Commercial Paper Notes (Series 1), CPX, 0.150%, Mandatory Tender 12/1/2020 | 24,769,000 | |
12,000,000 | Victorville, CA Joint Powers Financing Authority (Victorville, CA), (Series 2007A: Cogeneration Facility) Weekly VRDNs, (BNP Paribas SA LOC), 0.140%, 12/3/2020 | 12,000,000 | |
TOTAL | 282,494,000 | ||
Colorado— 0.5% | |||
17,570,000 | Colorado Health Facilities Authority (Children’s Hospital Colorado Obligated Group), PUTTERs (Series 5008) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.160%, 12/1/2020 | 17,570,000 | |
Connecticut— 1.2% | |||
28,405,000 | Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.260%, 12/3/2020 | 28,405,000 | |
7,000,000 | East Granby, CT BANs, 1.250%, 7/15/2021 | 7,030,162 | |
4,385,000 | Stafford, CT BANs, 1.500%, 2/4/2021 | 4,387,921 | |
TOTAL | 39,823,083 | ||
Florida— 14.8% | |||
6,435,000 | Clearwater, FL Water and Sewer Authority, Solar Eclipse (Series 2017-0014) Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.110%, 12/1/2020 | 6,435,000 | |
41,905,000 | Collier County, FL Health Facilities Authority (Cleveland Clinic), (Series 2003C-1), CP, 0.200%, Mandatory Tender 2/3/2021 | 41,905,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Florida— continued | |||
$ 17,000,000 | Escambia County, FL Solid Waste Disposal (Gulf Power Co.) Daily VRDNs, 0.150%, 12/1/2020 | $17,000,000 | |
16,000,000 | Escambia County, FL Solid Waste Disposal (Gulf Power Co.), (First Series 2009) Daily VRDNs, 0.120%, 12/1/2020 | 16,000,000 | |
20,000,000 | Florida HFA (Woodlands Apartments), (Series 1985-SS) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 0.140%, 12/2/2020 | 20,000,000 | |
31,565,000 | Hillsborough County, FL IDA (Baycare Health System), (Series 2020B) Daily VRDNs, (TD Bank, N.A. LOC), 0.090%, 12/1/2020 | 31,565,000 | |
24,760,000 | Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1994), CP, 0.210%, Mandatory Tender 1/12/2021 | 24,760,000 | |
20,300,000 | Jacksonville, FL PCR (Florida Power & Light Co.), Pollution Control Revenue Refunding Bonds (Series 1992), CP, 0.210%, Mandatory Tender 1/12/2021 | 20,300,000 | |
16,625,000 | JEA, FL Electric System, (Series Three 2008B-2: Senior Revenue Bonds) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.130%, 12/2/2020 | 16,625,000 | |
30,905,000 | JEA, FL Electric System, (Series Three 2008B-3) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.130%, 12/2/2020 | 30,905,000 | |
65,000,000 | Orange County, FL School Board, Stage Trust 3a-7 (Series 2020-001) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.260%, 12/3/2020 | 65,000,000 | |
16,500,000 | Polk County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs, 0.410%, 12/3/2020 | 16,500,000 | |
116,060,000 | St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 0.140%, 12/1/2020 | 116,060,000 | |
7,000,000 | Tampa-Hillsborough County, FL Expressway Authority, RBC Muni Products (Series G-113) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Optional Tender 1/4/2021 | 7,000,000 | |
49,900,000 | Volusia County, FL Hospital Authority (Halifax Hospital Medical Center, FL), PUTTERs 3a-7 (Series 5032) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.160%, 12/1/2020 | 49,900,000 | |
TOTAL | 479,955,000 | ||
Georgia— 1.6% | |||
2,606,000 | Atlanta, GA Water & Wastewater, (Series 2018), CP, (Wells Fargo Bank, N.A. LOC), 0.220%, Mandatory Tender 2/18/2021 | 2,606,000 | |
13,652,000 | Atlanta, GA Water & Wastewater, (Series 2018), CP, (Wells Fargo Bank, N.A. LOC), 0.220%, Mandatory Tender 2/22/2021 | 13,652,000 | |
1,680,000 | Brookhaven Development Authority, GA (Children’s Healthcare of Atlanta, Inc.), Tender Option Bond Trust Receipts (Series 2019-XG0224) Weekly VRDNs, (Bank of America N.A. LIQ), 0.160%, 12/3/2020 | 1,680,000 | |
4,000,000 | Fulton County, GA, Solar Eclipse (Series 2017-0007) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.140%, 12/3/2020 | 4,000,000 | |
6,500,000 | Georgia State HFA, Tender Option Bond Trust Certificates (Series 2018-ZF2614) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.140%, 12/3/2020 | 6,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Georgia— continued | |||
$ 4,000,000 | Georgia State HFA, Tender Option Bond Trust Receipts (Series 2018-ZF0653) Weekly VRDNs, (Bank of America N.A. LIQ), 0.150%, 12/3/2020 | $4,000,000 | |
12,525,000 | Monroe County, GA Development Authority Pollution Control (Oglethorpe Power Corp.), (Series 2010A) Weekly VRDNs, (Truist Bank LOC), 0.190%, 12/2/2020 | 12,525,000 | |
1,300,000 | Paulding County, GA Hospital Authority (Wellstar Health System, Inc.), (Series 2012B) Weekly VRDNs, (Bank of America N.A. LOC), 0.130%, 12/3/2020 | 1,300,000 | |
5,450,000 | Roswell, GA Housing Authority (Belcourt Ltd.), MFH Refunding Revenue Bonds (Series 1988A) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 0.140%, 12/2/2020 | 5,450,000 | |
TOTAL | 51,713,000 | ||
Hawaii— 0.2% | |||
7,940,000 | Hawaii State Department of Budget & Finance (Queen’s Health Systems), (2015 Series B) VRENs, 0.560%, 12/3/2020 | 7,940,000 | |
Idaho— 0.2% | |||
5,000,000 | Idaho Health Facilities Authority (Trinity Healthcare Credit Group), (Series 2013ID) TOBs, 0.220%, Mandatory Tender 2/1/2021 | 5,000,000 | |
Illinois— 1.9% | |||
600,000 | Chicago, IL MFH Revenue (Churchview Manor Senior Apartments), (Series 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.310%, 12/3/2020 | 600,000 | |
16,000,000 | Chicago, IL Sales Tax, Tender Option Bond Trust Receipt (Series 2019-XF0779) Weekly VRDNs, (Build America Mutual Assurance INS)/(Toronto Dominion Bank LIQ), 0.160%, 12/3/2020 | 16,000,000 | |
10,975,000 | Macon County, IL School District #61 (Decatur), Tender Option Bond Trust Certificates (Series 2020-XM0855) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.190%, 12/3/2020 | 10,975,000 | |
33,750,000 | Sales Tax Securitization Corp., IL, Tender Option Bond Trust Certificates (Series 2018-XM0714) Weekly VRDNs, (Build America Mutual Assurance INS)/(Morgan Stanley Bank, N.A. LIQ), 0.190%, 12/3/2020 | 33,750,000 | |
TOTAL | 61,325,000 | ||
Iowa— 0.2% | |||
5,010,000 | Iowa Finance Authority - Health Facilities (UnityPoint Health), (Series 2013B-1) Daily VRDNs, (TD Bank, N.A. LOC), 0.090%, 12/1/2020 | 5,010,000 | |
Kentucky— 0.9% | |||
16,245,000 | Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.170%, 12/4/2020 | 16,245,000 | |
5,105,000 | Kentucky Bond Development Corp. (Kentucky Wired Infrastructure Company, Inc.), Tender Option Bond Trust Certificates (Series 2020-XX1124) Weekly VRDNs, (Barclays Bank PLC LIQ)/ (Barclays Bank PLC LOC), 0.150%, 12/3/2020 | 5,105,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Kentucky— continued | |||
$ 7,500,000 | Kentucky State Property & Buildings Commission, RBC Muni Products (Series G-116) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Optional Tender 5/3/2021 | $7,500,000 | |
TOTAL | 28,850,000 | ||
Louisiana— 3.0% | |||
60,000,000 | Ascension Parish, LA IDB (BASF Corp.), (Series 2009) Weekly VRDNs, (GTD by BASF SE), 0.260%, 12/2/2020 | 60,000,000 | |
965,000 | Louisiana Local Government Environmental Facilities CDA (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs, (FHLB of Dallas LOC), 0.210%, 12/2/2020 | 965,000 | |
27,500,000 | Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2008B) Weekly VRDNs, 0.100%, 12/2/2020 | 27,500,000 | |
4,650,000 | Louisiana Public Facilities Authority Hospital Revenue (Ochsner Clinic Foundation), (Series 2020-XF1202) Weekly VRDNs, (Toronto Dominion Bank LIQ)/(Toronto Dominion Bank LOC), 0.150%, 12/3/2020 | 4,650,000 | |
4,335,000 | Louisiana State, RBC Muni Products (Series 2018 G-22) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.140%, 12/3/2020 | 4,335,000 | |
TOTAL | 97,450,000 | ||
Maryland— 1.2% | |||
7,500,000 | Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Mandatory Tender 1/4/2021 | 7,500,000 | |
580,000 | Howard County, MD Revenue Bonds (Bluffs at Clarys Forest Apartments), (Series 1995) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.170%, 12/1/2020 | 580,000 | |
1,050,000 | Maryland State Health & Higher Educational Facilities Authority (University of Maryland Medical System Corporation), (Series 2008D) Daily VRDNs, (TD Bank, N.A. LOC), 0.090%, 12/1/2020 | 1,050,000 | |
29,080,000 | Montgomery County, MD (Trinity Healthcare Credit Group), (Series 2013MD) TOBs, 0.260%, Mandatory Tender 3/1/2021 | 29,080,000 | |
TOTAL | 38,210,000 | ||
Massachusetts— 1.3% | |||
1,170,000 | Commonwealth of Massachusetts, (Series 2000A) Weekly VRDNs, (Citibank N.A., New York LIQ), 0.110%, 12/3/2020 | 1,170,000 | |
9,000,000 | Commonwealth of Massachusetts, Clipper Tax-Exempt Certificates Trust (Series 2009-69) TOBs, (State Street Bank and Trust Co. LIQ), 0.270%, Optional Tender 1/21/2021 | 9,000,000 | |
4,939,121 | Hanover, MA BANs, 2.000%, 2/25/2021 | 4,951,148 | |
4,914,298 | Ipswich, MA BANs, 1.750%, 5/21/2021 | 4,926,800 | |
1,945,000 | Massachusetts Bay Transportation Authority General Transportation System, (2000 Series A-1) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.110%, 12/2/2020 | 1,945,000 | |
5,205,000 | Massachusetts Bay Transportation Authority Sales Tax Revenue, Clipper Tax-Exempt Certificates Trust (Series 2009-47) TOBs, (State Street Bank and Trust Co. LIQ), 0.260%, Optional Tender 3/4/2021 | 5,205,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Massachusetts— continued | |||
$ 750,000 | Massachusetts Development Finance Agency (Mass General Brigham), Tender Option Bond Trust Receipts (2016-XM0137) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.150%, 12/3/2020 | $750,000 | |
850,000 | Massachusetts School Building Authority, Tender Option Bond Trust Certificates (2016-XX1008) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.140%, 12/3/2020 | 850,000 | |
4,045,000 | Rowley, MA BANs, 1.750%, 12/18/2020 | 4,046,022 | |
10,000,000 | Somerville, MA, (Series A) BANs, 2.000%, 6/4/2021 | 10,080,760 | |
TOTAL | 42,924,730 | ||
Michigan— 4.7% | |||
72,000,000 | Eastern Michigan University (Board of Regents of), Golden Blue (3a-7) 2018-009 Weekly VRDNs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC)/(Build America Mutual Assurance INS), 0.150%, 12/3/2020 | 72,000,000 | |
5,000,000 | Eastern Michigan University (Board of Regents of), Tender Option Bond Trust Certificates (Series 2018-ZF2620) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.190%, 12/3/2020 | 5,000,000 | |
4,000,000 | Jackson County, MI Public Schools, Tender Option Bond Trust Receipts (Series 2018-XF2650) Weekly VRDNs, (Bank of America N.A. LIQ)/ (Michigan School Bond Qualification and Loan Program COL), 0.210%, 12/3/2020 | 4,000,000 | |
3,500,000 | Michigan State Building Authority, (Series III) VRENs, 0.230%, 12/1/2020 | 3,500,000 | |
2,670,000 | Michigan State Finance Authority Revenue (McLaren Health Care Corp.), Tender Option Bond Trust Receipts (Series 2019-ZF0784) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.210%, 12/3/2020 | 2,670,000 | |
3,335,000 | Michigan State Finance Authority Revenue (McLaren Health Care Corp.), Tender Option Bond Trust Receipts (Series 2019-ZF0790) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.210%, 12/3/2020 | 3,335,000 | |
18,155,000 | Michigan State Finance Authority Revenue (Trinity Healthcare Credit Group), (Series 2013MI-1) TOBs, 0.260%, Mandatory Tender 3/1/2021 | 18,155,000 | |
3,065,000 | Michigan Strategic Fund (Washtenaw Christian Academy), (Series 2008) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.170%, 12/4/2020 | 3,065,000 | |
1,380,000 | St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2002) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.210%, 12/3/2020 | 1,380,000 | |
22,300,000 | St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2003) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.210%, 12/3/2020 | 22,300,000 | |
11,685,000 | St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2006) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.210%, 12/3/2020 | 11,685,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Michigan— continued | |||
$ 4,000,000 | Trenton, MI Public Schools, Tender Option Bond Trust Receipts (Series 2018-XF2651) Weekly VRDNs, (Bank of America N.A. LIQ)/(GTD by Michigan School Bond Qualification and Loan Program), 0.210%, 12/3/2020 | $4,000,000 | |
TOTAL | 151,090,000 | ||
Mississippi— 0.3% | |||
8,150,000 | Perry County, MS (Georgia-Pacific LLC), (Series 2002) Weekly VRDNs, 0.230%, 12/3/2020 | 8,150,000 | |
Missouri— 0.5% | |||
7,500,000 | Missouri State Health and Educational Facilities Authority Health Facilities (Mercy Health Systems), (Series 2020-XG0300) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.150%, 12/3/2020 | 7,500,000 | |
10,000,000 | Missouri State HEFA (Stowers Institute for Medical Research), RBC Muni Products (Series 2018 C-16) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.180%, 12/3/2020 | 10,000,000 | |
TOTAL | 17,500,000 | ||
Multi-State— 11.8% | |||
156,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly VRDPs, (Citibank N.A., New York LIQ), 0.180%, 12/3/2020 | 156,000,000 | |
6,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 5) Weekly VRDPs, (Societe Generale, Paris LIQ), 0.160%, 12/3/2020 | 6,000,000 | |
115,400,000 | Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, (Series 2) Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 0.180%, 12/3/2020 | 115,400,000 | |
105,800,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.180%, 12/3/2020 | 105,800,000 | |
TOTAL | 383,200,000 | ||
Nevada— 0.2% | |||
5,275,000 | Nevada System of Higher Education, Tender Option Bond Trust Certificates (2020-XF2858) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.180%, 12/3/2020 | 5,275,000 | |
New Jersey— 7.3% | |||
4,238,500 | Bernardsville, NJ BANs, 2.500%, 4/23/2021 | 4,251,552 | |
7,067,345 | Clinton Township, NJ BANs, 1.750%, 3/18/2021 | 7,085,411 | |
9,700,000 | Cranford Township, NJ BANs, 1.750%, 5/14/2021 | 9,721,502 | |
8,030,000 | Edison Township, NJ BANs, 1.000%, 1/13/2021 | 8,036,133 | |
2,505,000 | Englewood Cliffs, NJ BANs, 1.000%, 11/12/2021 | 2,516,089 | |
2,289,725 | Essex Fells, NJ BANs, 1.500%, 12/15/2020 | 2,289,897 | |
1,795,000 | Hardyston Township, NJ BANs, 1.000%, 8/27/2021 | 1,802,633 | |
2,615,000 | Kenilworth, NJ BANs, 1.750%, 3/5/2021 | 2,620,335 | |
3,360,850 | Kinnelon, NJ BANs, 1.750%, 3/5/2021 | 3,366,753 | |
7,170,000 | Lawrence Township, NJ BANs, 1.000%, 6/11/2021 | 7,184,973 | |
9,500,000 | Lyndhurst Township, NJ BANs, 2.000%, 5/6/2021 | 9,515,960 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New Jersey— continued | |||
$ 6,478,000 | Middlesex County, NJ BANs, 2.000%, 6/3/2021 | $6,530,033 | |
9,462,100 | Morris Plains, NJ BANs, 1.250%, 6/25/2021 | 9,493,928 | |
10,310,000 | New Jersey Economic Development Authority (New Jersey State), Tender Option Bond Trust Receipts (2019-XG0261) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.150%, 12/3/2020 | 10,310,000 | |
17,050,000 | New Jersey Economic Development Authority (New Jersey State), Tender Option Bond Trust Receipts (Series 2019-XG0260) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.150%, 12/3/2020 | 17,050,000 | |
50,000,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Clipper Tax-Exempt Certificates Trust (Series 2009-70) TOBs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.280%, Optional Tender 12/17/2020 | 50,000,000 | |
7,500,000 | New Jersey Turnpike Authority, RBC Muni Products (Series G-119) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.260%, Optional Tender 1/4/2021 | 7,500,000 | |
31,369,000 | North Bergen Township, NJ BANs, 1.500%, 4/28/2021 | 31,431,879 | |
10,627,300 | North Plainfield, NJ, (Series A) BANs, 1.750%, 12/9/2020 | 10,628,309 | |
10,585,000 | Pennsauken Township, NJ, (Series A) BANs, 1.250%, 6/10/2021 | 10,619,658 | |
10,599,000 | Plainfield, NJ BANs, 1.000%, 8/18/2021 | 10,628,980 | |
4,650,000 | Spotswood, NJ, (Series A) BANs, 1.750%, 12/16/2020 | 4,650,846 | |
2,370,250 | Tabernacle Township, NJ, (2019 Series A) BANs, 1.500%, 12/18/2020 | 2,370,457 | |
6,443,400 | Vernon Township, NJ BANs, 1.000%, 3/19/2021 | 6,447,175 | |
TOTAL | 236,052,503 | ||
New York— 10.4% | |||
18,195,000 | Batavia, NY City School District BANs, 1.000%, 6/15/2021 | 18,199,161 | |
6,498,588 | Dundee, NY CSD BANs, 1.500%, 6/25/2021 | 6,520,374 | |
15,783,934 | Fallsburg, NY CSD BANs, 1.000%, 6/25/2021 | 15,786,336 | |
10,635,000 | Germantown, NY CSD BANs, 1.500%, 6/25/2021 | 10,670,653 | |
7,119,500 | Hamburg Village, NY BANs, 1.500%, 7/22/2021 | 7,129,918 | |
3,000,000 | Kent, NY BANs, 1.250%, 7/30/2021 | 3,013,192 | |
10,000,000 | Lake Placid, NY CSD BANs, 1.750%, 6/25/2021 | 10,061,631 | |
3,530,000 | Lewiston-Porter, NY CSD BANs, 1.250%, 6/16/2021 | 3,541,348 | |
6,990,000 | Mechanicville, NY City School District BANs, 1.000%, 6/18/2021 | 6,991,328 | |
5,490,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2018-XM0697) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.180%, 12/3/2020 | 5,490,000 | |
12,600,000 | New Windsor, NY BANs, 1.250%, 6/25/2021 | 12,645,939 | |
6,710,000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2014 AA- 6 Bonds) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 0.120%, 12/1/2020 | 6,710,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 7,900,000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2015 Subseries BB-2) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 0.100%, 12/1/2020 | $7,900,000 | |
2,625,000 | New York City, NY Municipal Water Finance Authority, (Series 2014AA-8) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 0.100%, 12/1/2020 | 2,625,000 | |
4,755,000 | New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2009 Series BB-2) Daily VRDNs, (Landesbank Hessen- Thuringen LIQ), 0.120%, 12/1/2020 | 4,755,000 | |
305,000 | New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series DD-1) Daily VRDNs, (TD Bank, N.A. LIQ), 0.090%, 12/1/2020 | 305,000 | |
22,100,000 | New York City, NY Transitional Finance Authority, Fiscal 2014 (Subseries D-3) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 0.110%, 12/1/2020 | 22,100,000 | |
58,500,000 | New York City, NY Transitional Finance Authority, Stage Trust 3a-7 (Series 2020-002) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.260%, 12/3/2020 | 58,500,000 | |
5,700,000 | New York City, NY, (Fiscal 2012 Series G-6) Daily VRDNs, (Mizuho Bank Ltd. LOC), 0.100%, 12/1/2020 | 5,700,000 | |
10,000,000 | New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.310%, 12/3/2020 | 10,000,000 | |
37,500,000 | New York State Dormitory Authority State Personal Income Tax Revenue, (Series B), 5.000%, 3/31/2021 | 38,048,024 | |
10,000,000 | New York State Power Authority, (Series 2), CP, (JPMorgan Chase Bank, N.A. LIQ)/(State Street Bank and Trust Co. LIQ)/(TD Bank, N.A. LIQ)/(Wells Fargo Bank, N.A. LIQ), 0.280%, Mandatory Tender 12/2/2020 | 10,000,000 | |
50,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Citibank N.A., New York LIQ), 0.160%, 12/3/2020 | 50,000,000 | |
3,662,000 | Salina, NY BANs, 1.250%, 6/11/2021 | 3,674,444 | |
6,000,000 | Springs, NY UFSD TANs, 1.500%, 6/25/2021 | 6,036,913 | |
3,900,000 | Webutuck, NY CSD BANs, 1.250%, 6/24/2021 | 3,911,960 | |
6,230,000 | Wilson, NY CSD BANs, 1.250%, 6/22/2021 | 6,253,045 | |
TOTAL | 336,569,266 | ||
North Carolina— 0.2% | |||
5,080,000 | Clark Township, NJ BANs, 1.000%, 12/2/2021 | 5,105,197 | |
Ohio— 4.0% | |||
3,275,000 | Avon, OH, Water System Improvement Revenue Bonds BANs, 2.000%, 1/28/2021 | 3,279,616 | |
1,000,000 | Broadview Heights City, OH BANs, 2.500%, 4/29/2021 | 1,003,208 | |
33,000,000 | Erie County, OH Hospital Facilities (Firelands Regional Medical Center), (2019-BAML5019) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.160%, 12/3/2020 | 33,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Ohio— continued | |||
$ 220,000 | Franklin County, OH Hospital Facility Authority (U.S. Health Corp. of Columbus), Series A Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 0.110%, 12/3/2020 | $220,000 | |
9,700,000 | Franklin County, OH Mortgage Revenue (Trinity Healthcare Credit Group), (Series 2013OH) TOBs, 0.220%, Mandatory Tender 2/1/2021 | 9,700,000 | |
2,000,000 | Grove City, OH BANs, 2.000%, 3/3/2021 | 2,004,484 | |
15,000,000 | Lakewood, OH BANs, 2.000%, 3/24/2021 | 15,055,274 | |
7,780,000 | Lorain County, OH, (Series C) BANs, 2.000%, 5/7/2021 | 7,803,124 | |
2,270,000 | Marysville, OH BANs, 2.000%, 3/25/2021 | 2,277,728 | |
23,640,000 | Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.260%, 12/3/2020 | 23,640,000 | |
1,050,000 | North Olmsted, OH BANs, 2.000%, 3/10/2021 | 1,052,535 | |
3,000,000 | North Ridgeville, OH BANs, 2.000%, 3/11/2021 | 3,007,722 | |
14,800,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Barclays Golden Blue (Series 2020-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.260%, 12/3/2020 | 14,800,000 | |
10,000,000 | Ohio University, (RBC Muni Products Series G-27) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Optional Tender 12/1/2020 | 10,000,000 | |
1,385,000 | Olmsted Falls, OH BANs, (GTD by Ohio State), 1.000%, 6/10/2021 | 1,389,037 | |
1,600,000 | Strongsville, OH BANs, 2.000%, 6/10/2021 | 1,608,959 | |
TOTAL | 129,841,687 | ||
Oklahoma— 0.1% | |||
3,410,000 | Oklahoma Development Finance Authority (OU Medicine), Tender Option Bond Trust Receipts (Series 2018-XG0210) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.160%, 12/3/2020 | 3,410,000 | |
Pennsylvania— 4.0% | |||
4,100,000 | Allegheny County, PA HDA (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.160%, 12/3/2020 | 4,100,000 | |
9,960,000 | Allegheny County, PA HDA (UPMC Health System), Tender Option Bond Trust Receipts (Series 2019-XM0758) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.270%, 12/3/2020 | 9,960,000 | |
1,475,000 | Beaver County, PA IDA (Concordia Lutheran Obligated Group), (Series 2018A) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.120%, 12/3/2020 | 1,475,000 | |
4,490,000 | Berks County, PA IDA (Tower Health), Tender Option Bond Trust Certificates (Series 2018-XL0061) Weekly VRDNs, (Citibank N.A., New York LIQ)/(Citibank N.A., New York LOC), 0.170%, 12/3/2020 | 4,490,000 | |
1,370,000 | Butler County, PA Hospital Authority (Concordia Lutheran Obligated Group), (Series A of 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.120%, 12/3/2020 | 1,370,000 | |
1,150,000 | Butler County, PA Hospital Authority (Concordia Lutheran Obligated Group), (Series A of 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.120%, 12/3/2020 | 1,150,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Pennsylvania— continued | |||
$ 500,000 | Lancaster County, PA Hospital Authority (Masonic Villages), (Series D of 2008) Daily VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.100%, 12/1/2020 | $500,000 | |
4,000,000 | Montgomery County, PA Redevelopment Authority, Revenue Bonds Weekly VRDNs, (FNMA LOC), 0.120%, 12/3/2020 | 4,000,000 | |
3,500,000 | Northampton County, PA General Purpose Authority (Lafayette College), (Series of 2006) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.110%, 12/3/2020 | 3,500,000 | |
6,430,000 | Pennsylvania HFA (Foxwood Manor Apartments), (Series 2008-O) Weekly VRDNs, (FHLMC LOC), 0.110%, 12/3/2020 | 6,430,000 | |
20,000,000 | Pennsylvania State Turnpike Commission, PUTTERs (Series 5024) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.160%, 12/1/2020 | 20,000,000 | |
19,895,000 | Pennsylvania State Turnpike Commission, PUTTERs (Series 5025) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.160%, 12/1/2020 | 19,895,000 | |
8,975,000 | Pennsylvania State Turnpike Commission, Tender Option Bond Trust Certificates (Series 2020-XM0861) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.190%, 12/3/2020 | 8,975,000 | |
2,000,000 | Pennsylvania State University, Tender Option Bond Trust Receipts (Series 2020-XM0827) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.150%, 12/3/2020 | 2,000,000 | |
1,525,000 | Philadelphia, PA Authority for Industrial Development (Susquehanna Net Zero Housing, L.P.), Tender Option Bond Trust Floater Certificates (2020-MIZ9051) VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 0.460%, 12/3/2020 | 1,525,000 | |
4,700,000 | Philadelphia, PA School District, Tender Option Bond Trust Receipts (Series 2020-XF0881) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 0.160%, 12/3/2020 | 4,700,000 | |
22,850,000 | Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019C) Weekly VRDNs, (Bank of America N.A. LIQ), 0.150%, 12/3/2020 | 22,850,000 | |
11,000,000 | State Public School Building Authority, PA (Philadelphia, PA School District), Tender Option Bond Trust Certificates (2016-XG0085) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Credit Suisse AG LIQ), 0.230%, 12/3/2020 | 11,000,000 | |
1,825,000 | Washington County, PA Hospital Authority (Washington Hospital, PA), (Series 2007B) Weekly VRDNs, (PNC Bank, N.A. LOC), 0.130%, 12/3/2020 | 1,825,000 | |
TOTAL | 129,745,000 | ||
South Carolina— 1.5% | |||
16,500,000 | County Square Redevelopment Corporation (Greenville County, SC), (Series 2020) BANs, 2.000%, 3/24/2021 | 16,565,896 | |
18,000,000 | South Carolina Jobs-EDA (Palmetto Health Alliance), (Series 2019-BAML5004) Weekly VRDNs, (Bank of America N.A. LIQ)/ (Bank of America N.A. LOC), 0.160%, 12/3/2020 | 18,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
South Carolina— continued | |||
$ 12,670,000 | South Carolina Transportation Infrastructure Bank, Tender Option Bond Trust Receipts (Series G-109) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.310%, Optional Tender 4/1/2021 | $12,670,000 | |
TOTAL | 47,235,896 | ||
Tennessee— 3.0% | |||
5,000,000 | Metropolitan Government Nashville & Davidson County, TN HEFA (Meharry Medical College), (Series 2009) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.170%, 12/4/2020 | 5,000,000 | |
25,000,000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 0.350%, Mandatory Tender 1/8/2021 | 25,000,000 | |
50,000,000 | Metropolitan Government Nashville & Davidson County, TN, (Series B-1), CP, (JPMorgan Chase Bank, N.A. LOC), 0.220%, Mandatory Tender 1/7/2021 | 50,000,000 | |
8,305,000 | Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs, (Truist Bank LOC), 0.190%, 12/3/2020 | 8,305,000 | |
10,000,000 | Shelby County, TN Health Education & Housing Facilities Board (Methodist Le Bonheur Healthcare), (Series 2008A) Daily VRDNs, (Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ), 0.100%, 12/1/2020 | 10,000,000 | |
TOTAL | 98,305,000 | ||
Texas— 5.9% | |||
8,545,000 | Austin, TX Electric Utility System, Solar Eclipse (Series 2017-0008) Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.110%, 12/1/2020 | 8,545,000 | |
10,000,000 | Houston, TX Combined Utility System, (Series B-4), CP, (PNC Bank, N.A. LOC), 0.200%, Mandatory Tender 1/13/2021 | 10,000,000 | |
7,400,000 | Houston, TX, RBC Muni Products (Series 2018 G-21) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.140%, 12/3/2020 | 7,400,000 | |
7,500,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002B) Weekly VRDNs, 0.240%, 12/2/2020 | 7,500,000 | |
25,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals USA, Inc.), (Series 2010) Weekly VRDNs, 0.150%, 12/2/2020 | 25,000,000 | |
41,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals USA, Inc.), Exempt Facilities Revenue Bonds (Series 2009) Weekly VRDNs, 0.150%, 12/2/2020 | 41,000,000 | |
24,000,000 | San Antonio, TX Electric & Gas System, (2012 Series A), CP, 0.200%, Mandatory Tender 1/5/2021 | 24,000,000 | |
30,000,000 | San Antonio, TX Electric & Gas System, (2012 Series A), CP, 0.220%, Mandatory Tender 1/28/2021 | 30,000,000 | |
10,000,000 | San Antonio, TX Electric & Gas System, (2012 Series A), CP, 0.270%, Mandatory Tender 1/5/2021 | 10,000,000 | |
8,600,000 | San Antonio, TX Electric & Gas System, (2012 Series B), CP, (State Street Bank and Trust Co. LIQ)/(Wells Fargo Bank, N.A. LIQ), 0.190%, Mandatory Tender 1/5/2021 | 8,600,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Texas— continued | |||
$ 4,000,000 | South Texas CCD, (RBC Muni Products G-35) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.140%, 12/3/2020 | $4,000,000 | |
15,000,000 | Texas State Public Finance Authority (Texas State), (Series 2016B), CP, 0.230%, Mandatory Tender 1/6/2021 | 15,000,000 | |
1,090,000 | Texas State, Veterans Bonds, Series 2018 Weekly VRDNs, (FHLB of Dallas LIQ), 0.130%, 12/2/2020 | 1,090,000 | |
100,000 | Texas State, Veterans Bonds, Series 2020 Weekly VRDNs, (FHLB of Dallas LIQ), 0.100%, 12/2/2020 | 100,000 | |
TOTAL | 192,235,000 | ||
Utah— 3.4% | |||
110,320,000 | Riverton, UT Hospital Revenue Authority (IHC Health Services, Inc.), Stage Trust (Series 2012-33C) VRENs, (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 0.280%, 12/3/2020 | 110,320,000 | |
Virginia— 2.1% | |||
3,200,000 | Fairfax County, VA EDA (Mount Vernon Ladies’ Association of the Union), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 0.150%, 12/2/2020 | 3,200,000 | |
1,250,000 | Hampton Roads, VA Transportation Accountability Commission, (Series 2018-ZM0629) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.140%, 12/3/2020 | 1,250,000 | |
3,000,000 | Hampton Roads, VA Transportation Accountability Commission, (Series 2020-ZF0997) Weekly VRDNs, (Bank of America N.A. LIQ), 0.150%, 12/3/2020 | 3,000,000 | |
35,645,000 | Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), Barclays Golden Blue (Series 2020-010) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.260%, 12/3/2020 | 35,645,000 | |
15,315,000 | Suffolk, VA EDA (Sentara Health Systems Obligation Group), Tender Option Bond Trust Floater Certificates (2020-MIZ9025) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.210%, 12/3/2020 | 15,315,000 | |
6,030,000 | Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipts (Series 2020-XF0926) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.260%, 12/3/2020 | 6,030,000 | |
3,000,000 | Virginia State Public Building Authority Public Facilities (Virginia State), RBC Muni Products (Series G-40) TOBs, (Royal Bank of Canada LIQ)/ (Royal Bank of Canada LOC), 0.310%, Optional Tender 2/1/2021 | 3,000,000 | |
TOTAL | 67,440,000 | ||
West Virginia— 0.1% | |||
1,475,000 | Morgantown, WV Combined Utility System (Morgantown Utility Board, Inc.), Tender Option Bond Trust Receipts (Series 2018-ZF0672) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.160%, 12/3/2020 | 1,475,000 | |
Wisconsin— 2.2% | |||
5,000,000 | Milwaukee County, WI Metropolitan Sewer District, Solar Eclipse 2017-0036 Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.110%, 12/1/2020 | 5,000,000 | |
29,410,000 | Wisconsin State, (Series 13-A), CP, 0.200%, Mandatory Tender 2/4/2021 | 29,410,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Wisconsin— continued | |||
$ 37,469,000 | Wisconsin State, (Series 16-A), CP, 0.200%, Mandatory Tender 2/4/2021 | $37,469,000 | |
TOTAL | 71,879,000 | ||
TOTAL INVESTMENT IN SECURITIES—103.2% (AT AMORTIZED COST)2 | 3,342,233,362 | ||
OTHER ASSETS AND LIABILITIES - NET—(3.2)%3 | (102,427,692) | ||
TOTAL NET ASSETS—100% | $3,239,805,670 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
AMT | —Alternative Minimum Tax | |
BANs | —Bond Anticipation Notes | |
CCD | —Community College District | |
CDA | —Community Development Authority | |
COL | —Collateralized | |
CP | —Commercial Paper | |
CPX | —Commercial Paper Extendible | |
CSD | —Central School District | |
EDA | —Economic Development Authority | |
FHLB | —Federal Home Loan Bank | |
FHLMC | —Federal Home Loan Mortgage Corporation | |
FNMA | —Federal National Mortgage Association | |
GTD | —Guaranteed | |
HDA | —Hospital Development Authority | |
HEFA | —Health and Education Facilities Authority | |
HFA | —Housing Finance Authority | |
IDA | —Industrial Development Authority | |
IDB | —Industrial Development Bond | |
INS | —Insured | |
LIQ | —Liquidity Agreement | |
LOC | —Letter of Credit | |
MFH | —Multi-Family Housing | |
PCR | —Pollution Control Revenue | |
PCRB | —Pollution Control Revenue Bond | |
PCRBs | —Pollution Control Revenue Bonds | |
PUTTERs | —Puttable Tax-Exempt Receipts | |
SIFMA | —Securities Industry and Financial Markets Association | |
TANs | —Tax Anticipation Notes | |
TOBs | —Tender Option Bonds | |
UFSD | —Union Free School District | |
UT | —Unlimited Tax | |
VRDNs | —Variable Rate Demand Notes | |
VRDPs | —Variable Rate Demand Preferreds | |
VRENs | —Variable Rate Extendible Notes |
Six Months Ended (unaudited) 11/30/2020 | Year Ended 5/31/2020 | Period Ended 5/31/20191 | Year Ended July 31, | ||||
2018 | 2017 | 2016 | 2015 | ||||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income | 0.001 | 0.012 | 0.012 | 0.010 | 0.006 | 0.0002 | 0.0002 |
Net realized gain | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.002 | 0.0002 | 0.0002 |
Total From Investment Operations | 0.001 | 0.012 | 0.012 | 0.010 | 0.008 | 0.0002 | 0.0002 |
Less Distributions: | |||||||
Distributions from net investment income | (0.001) | (0.012) | (0.012) | (0.010) | (0.006) | (0.000)2 | (0.000)2 |
Distributions from net realized gain | — | (0.000)2 | (0.000)2 | (0.000)2 | (0.002) | (0.000)2 | (0.000)2 |
Total Distributions | (0.001) | (0.012) | (0.012) | (0.010) | (0.008) | (0.000)2 | (0.000)2 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.05% | 1.19% | 1.22% | 1.03% | 0.77% | 0.11% | 0.02% |
Ratios to Average Net Assets: | |||||||
Net expenses4 | 0.21%5 | 0.21% | 0.21%5 | 0.21% | 0.21% | 0.13%6 | 0.08%6 |
Net investment income | 0.10%5 | 1.14% | 1.46%5 | 1.03% | 0.57% | 0.08% | 0.01% |
Expense waiver/ reimbursement7 | 0.08%5 | 0.08% | 0.09%5 | 0.09% | 0.09% | 0.17% | 0.21% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $3,017,591 | $4,131,257 | $3,403,098 | $3,054,475 | $2,270,120 | $4,088,135 | $5,295,667 |
1 | The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten- month period from August 1, 2018 to May 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 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios were 0.13% and 0.08% for the years ended July 31, 2016 and 2015, respectively, after taking into account these expense reductions. |
7 | 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 amortized cost and fair value | $3,342,233,362 |
Cash | 10,011,745 |
Income receivable | 4,786,932 |
Receivable for shares sold | 2,690,799 |
Total Assets | 3,359,722,838 |
Liabilities: | |
Payable for investments purchased | 117,455,342 |
Payable for shares redeemed | 2,252,552 |
Income distribution payable | 33,901 |
Payable for investment adviser fee (Note 4) | 10,001 |
Payable for administrative fee (Note 4) | 6,922 |
Accrued expenses (Note 4) | 158,450 |
Total Liabilities | 119,917,168 |
Net assets for 3,239,610,346 shares outstanding | $3,239,805,670 |
Net Assets Consist of: | |
Paid-in capital | $3,239,590,863 |
Total distributable earnings (loss) | 214,807 |
Total Net Assets | $3,239,805,670 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Wealth Shares: | |
$3,017,590,686 ÷ 3,017,408,766 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Advisor Shares: | |
$35,215,699 ÷ 35,213,571 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$186,999,285 ÷ 186,988,009 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |
Interest | $5,998,805 |
Expenses: | |
Investment adviser fee (Note 4) | 3,765,888 |
Administrative fee (Note 4) | 1,468,190 |
Custodian fees | 59,647 |
Transfer agent fees | 16,483 |
Directors’/Trustees’ fees (Note 4) | 8,963 |
Auditing fees | 12,810 |
Legal fees | 21,383 |
Portfolio accounting fees | 112,696 |
Other service fees (Notes 2 and 4) | 236,992 |
Share registration costs | 109,726 |
Printing and postage | 19,506 |
Miscellaneous (Note 4) | 30,918 |
TOTAL EXPENSES | 5,863,202 |
Waivers and Reimbursement: | |
Waiver of investment adviser fee (Note 4) | (1,579,763) |
Waivers/reimbursement of other operating expenses (Notes 2 and 4) | (150,131) |
TOTAL WAIVERS AND REIMBURSEMENT | (1,729,894) |
Net expenses | 4,133,308 |
Net investment income | 1,865,497 |
Net realized gain on investments | 35,515 |
Change in net assets resulting from operations | $1,901,012 |
Six Months Ended (unaudited) 11/30/2020 | Year Ended 5/31/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,865,497 | $43,690,951 |
Net realized gain (loss) | 35,515 | 195,988 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 1,901,012 | 43,886,939 |
Distributions to Shareholders: | ||
Wealth Shares | (1,845,648) | (41,635,532) |
Advisor Shares | (21,596) | (220,725) |
Service Shares | (9,517) | (1,979,395) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (1,876,761) | (43,835,652) |
Share Transactions: | ||
Proceeds from sale of shares | 2,300,649,039 | 7,422,033,123 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,329,542 | 31,491,557 |
Cost of shares redeemed | (3,452,985,414) | (6,684,659,479) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (1,151,006,833) | 768,865,201 |
Change in net assets | (1,150,982,582) | 768,916,488 |
Net Assets: | ||
Beginning of period | 4,390,788,252 | 3,621,871,764 |
End of period | $3,239,805,670 | $4,390,788,252 |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $236,992 | $(21,038) | $(129,093) |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,128,579,162 | $2,128,579,162 | 6,907,490 | $6,907,490 |
Shares issued to shareholders in payment of distributions declared | 1,302,233 | 1,302,233 | 30,085 | 30,085 |
Shares redeemed | (3,243,568,832) | (3,243,568,832) | (6,209,464) | (6,209,464) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | (1,113,687,437) | $(1,113,687,437) | 728,111 | $728,111 |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Advisor Shares: | Shares | Amount | Shares | Amount |
Shares sold | 21,488,614 | $21,488,614 | 70,846 | $70,846 |
Shares issued to shareholders in payment of distributions declared | 21,575 | 21,575 | 221 | 221 |
Shares redeemed | (28,480,713) | (28,480,713) | (34,251) | (34,251) |
NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS | (6,970,524) | $(6,970,524) | 36,816 | $36,816 |
Six Months Ended 11/30/2020 | Year Ended 5/31/2020 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 150,581,263 | $150,581,263 | 443,697 | $443,697 |
Shares issued to shareholders in payment of distributions declared | 5,734 | 5,734 | 1,186 | 1,186 |
Shares redeemed | (180,935,869) | (180,935,869) | (440,945) | (440,945) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (30,348,872) | $(30,348,872) | 3,938 | $3,938 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (1,151,006,833) | $(1,151,006,833) | 768,865 | $768,865 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Beginning Account Value 6/1/2020 | Ending Account Value 11/30/2020 | Expenses Paid During Period1 | |
Actual | $1,000.00 | $1,000.50 | $1.05 |
Hypothetical (assuming a 5% return before expenses) | $1,000.00 | $1,024.02 | $1.07 |
1 | Expenses are equal to the Fund’s Wealth Shares annualized net expense ratio of 0.21%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half-year period). |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes Money Market Obligations Trust
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date January 25, 2021
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 January 25, 2021
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date January 25, 2021