United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-5950
(Investment Company Act File Number)
Federated Hermes Money Market Obligations Trust
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 05/31/21
Date of Reporting Period: 05/31/21
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 | 71.2% |
Municipal Notes | 21.9% |
Commercial Paper | 7.7% |
Other Assets and Liabilities—Net2 | (0.8)% |
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 | 62.5% |
8-30 Days | 3.5% |
31-90 Days | 22.9% |
91-180 Days | 6.8% |
181 Days or more | 5.1% |
Other Assets and Liabilities—Net2 | (0.8)% |
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— 100.8% | ||
Alabama— 2.1% | |||
$ 1,000,000 | Autauga County, AL IDA (Marshall Prattville, LLC), (Series 2008) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.130%, 6/3/2021 | $1,000,000 | |
15,000,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1997) Weekly VRDNs, 0.210%, 6/2/2021 | 15,000,000 | |
10,480,000 | Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2007) Weekly VRDNs, (Comerica Bank LOC), 0.160%, 6/3/2021 | 10,480,000 | |
10,000,000 | Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2011) Weekly VRDNs, (Comerica Bank LOC), 0.130%, 6/3/2021 | 10,000,000 | |
25,550,000 | Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly VRDNs, 0.170%, 6/2/2021 | 25,550,000 | |
TOTAL | 62,030,000 | ||
Arizona— 0.4% | |||
5,610,000 | Maricopa County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.240%, 6/3/2021 | 5,610,000 | |
6,750,000 | Pinal County, AZ IDA (Milky Way Dairy LLC), (Series 2002) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.130%, 6/3/2021 | 6,750,000 | |
TOTAL | 12,360,000 | ||
Arkansas— 0.4% | |||
1,800,000 | Blytheville, AR (Nucor Corp.), (Series 2002) Weekly VRDNs, 0.130%, 6/2/2021 | 1,800,000 | |
3,830,000 | Lowell, AR IDRB (Arkansas Democrat-Gazette, Inc.), (Series 2006) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.170%, 6/2/2021 | 3,830,000 | |
5,800,000 | Lowell, AR IDRB (Little Rock Newspapers, Inc.), (Series 1996) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.170%, 6/2/2021 | 5,800,000 | |
TOTAL | 11,430,000 | ||
California— 13.3% | |||
4,910,000 | California Enterprise Development Authority (J. Harris Industrial Water Treatment, Inc.), (Series 2015) Weekly VRDNs, (City National Bank LOC), 0.130%, 6/3/2021 | 4,910,000 | |
1,000,000 | California Enterprise Development Authority (Regional Properties, Inc.), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (FHLB of San Francisco LOC), 0.080%, 6/3/2021 | 1,000,000 | |
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), 0.170%, 6/3/2021 | 20,000,000 | |
26,705,000 | California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006E), CP, 0.150%, Mandatory Tender 9/9/2021 | 26,705,000 | |
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), 0.130%, 6/3/2021 | 2,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 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), 0.130%, 6/3/2021 | $3,000,000 | |
30,000,000 | California PCFA (Sierra Pacific Industries), (Series 2014) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.180%, 6/2/2021 | 30,000,000 | |
2,940,000 | California PCFA (T & W Farms), (Series 2002) Weekly VRDNs, (Bank of America N.A. LOC), 0.130%, 6/3/2021 | 2,940,000 | |
7,600,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 0.170%, Mandatory Tender 8/3/2021 | 7,600,000 | |
9,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.180%, Mandatory Tender 8/11/2021 | 9,000,000 | |
17,190,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 0.170%, Mandatory Tender 12/7/2021 | 17,190,000 | |
9,200,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), CP, 0.180%, Mandatory Tender 8/11/2021 | 9,200,000 | |
15,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-2), CP, 0.180%, Mandatory Tender 7/13/2021 | 15,000,000 | |
7,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series B-5), CP, 0.180%, Mandatory Tender 8/11/2021 | 7,000,000 | |
11,245,000 | California Statewide Communities Development Authority (Kaiser Permanente), Tender Option Bond Trust Receipts (Series 2015-ZF0199) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 6/3/2021 | 11,245,000 | |
34,600,000 | California Statewide Communities Development Authority MFH (ERP Operating LP), (Series 2013B) Weekly VRDNs, 0.220%, 6/2/2021 | 34,600,000 | |
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), 0.160%, 6/3/2021 | 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), 0.160%, 6/3/2021 | 55,615,000 | |
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), 0.200%, 6/1/2021 | 34,000,000 | |
31,130,000 | San Francisco, CA City and County (Transbay Block 8 Tower Apartments Obligated Group), Mizuho 3a-7 (2021-MIZ9063) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 6/3/2021 | 31,130,000 | |
TOTAL | 394,635,000 | ||
Colorado— 0.6% | |||
3,300,000 | Colorado Agricultural Development Authority (Monte Vista Dairy, LLC), (Series 2006) Weekly VRDNs, (CoBank, ACB LOC), 0.130%, 6/3/2021 | 3,300,000 | |
4,615,000 | Colorado HFA (Acme Manufacturing Company, Inc.), (Series 2016A) Weekly VRDNs, (UMB Bank, N.A. LOC), 0.240%, 6/3/2021 | 4,615,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Colorado— continued | |||
$ 1,370,000 | Colorado HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.200%, 6/3/2021 | $1,370,000 | |
1,435,000 | Colorado HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs, (UMB Bank, N.A. LOC), 0.290%, 6/3/2021 | 1,435,000 | |
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), 0.300%, Optional Tender 6/1/2021 | 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), 0.130%, 6/3/2021 | 2,185,000 | |
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), 0.130%, 6/3/2021 | 1,835,000 | |
TOTAL | 17,740,000 | ||
Connecticut— 0.6% | |||
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), 0.230%, Optional Tender 10/1/2021 | 8,000,000 | |
10,890,000 | Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.200%, 6/3/2021 | 10,890,000 | |
TOTAL | 18,890,000 | ||
Florida— 0.9% | |||
5,300,000 | Broward County, FL (Florida Power & Light Co.), (Series 2018B) Daily VRDNs, 0.070%, 6/1/2021 | 5,300,000 | |
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), 0.300%, Optional Tender 9/1/2021 | 6,000,000 | |
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), 0.300%, Optional Tender 10/1/2021 | 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), 0.250%, Optional Tender 9/1/2021 | 5,000,000 | |
TOTAL | 25,300,000 | ||
Georgia— 3.0% | |||
1,000,000 | Atlanta, GA Airport General Revenue, Tender Option Bond Receipts (Series 2019-XF0815) Weekly VRDNs, (Bank of America N.A. LIQ), 0.130%, 6/3/2021 | 1,000,000 | |
6,100,000 | Burke County, GA Development Authority (Georgia Power Co.), (Third Series 2012) Daily VRDNs, 0.080%, 6/1/2021 | 6,100,000 | |
10,000,000 | Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs, (FHLMC LOC), 0.150%, 6/3/2021 | 10,000,000 | |
480,000 | Fitzgerald & Ben Hill County, GA Development Authority (Agri-Products, Inc.), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.130%, 6/3/2021 | 480,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Georgia— continued | |||
$ 2,360,000 | Savannah, GA EDA (Consolidated Utilities, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 0.170%, 6/3/2021 | $2,360,000 | |
68,000,000 | Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 0.180%, 6/2/2021 | 68,000,000 | |
2,315,000 | Wayne County, GA, IDA (Sierra International Machinery LLC), (Series 2011) Weekly VRDNs, (Truist Bank LOC), 0.170%, 6/3/2021 | 2,315,000 | |
TOTAL | 90,255,000 | ||
Hawaii— 0.2% | |||
6,975,000 | Hawaii State Department of Budget & Finance (Queen’s Health Systems), (2015 Series C) VRENs, 0.500%, 6/3/2021 | 6,975,000 | |
Illinois— 0.3% | |||
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), 0.130%, 6/3/2021 | 4,680,000 | |
1,000,000 | Illinois Development Finance Authority IDB (Apogee Enterprises, Inc.), (Series 2001) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.170%, 6/3/2021 | 1,000,000 | |
4,700,000 | Illinois Finance Authority - Solid Waste (Kuusakoski US LLC), (Series 2013) Weekly VRDNs, (Nordea Bank Abp LOC), 0.100%, 6/3/2021 | 4,700,000 | |
TOTAL | 10,380,000 | ||
Indiana— 0.9% | |||
4,750,000 | Bloomington, IN EDRB (SY Henderson Court Investors, LP), (Series 2008: Henderson Court Apartments) Weekly VRDNs, (FHLMC LOC), 0.150%, 6/3/2021 | 4,750,000 | |
400,000 | 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), 0.200%, 6/3/2021 | 400,000 | |
21,370,000 | Indiana State Finance Authority (Indiana State), Stage Trust (Series 2020-004) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 6/3/2021 | 21,370,000 | |
TOTAL | 26,520,000 | ||
Iowa— 0.2% | |||
5,300,000 | Iowa Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly VRDNs, (AgriBank FCB LOC), 0.130%, 6/3/2021 | 5,300,000 | |
Kansas— 0.7% | |||
5,000,000 | Burlington, KS (Kansas City Power And Light Co.), (Series 2007A) Weekly VRDNs, 0.160%, 6/2/2021 | 5,000,000 | |
16,000,000 | Burlington, KS (Kansas City Power And Light Co.), (Series 2007B) Weekly VRDNs, 0.160%, 6/2/2021 | 16,000,000 | |
TOTAL | 21,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Kentucky— 0.4% | |||
$ 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), 0.250%, Optional Tender 11/1/2021 | $6,500,000 | |
4,800,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2020A-1) Daily VRDNs, 0.100%, 6/1/2021 | 4,800,000 | |
TOTAL | 11,300,000 | ||
Louisiana— 2.5% | |||
3,790,000 | Louisiana State Housing Corporation (Peace Lake Louisiana Tower Community L.P.), Tender Option Bond Trust Floater Certificates (Series 2020-MIZ9053) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.350%, 6/3/2021 | 3,790,000 | |
49,640,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (GTD by Nucor Corp.), 0.130%, 6/2/2021 | 49,640,000 | |
22,200,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (GTD by Nucor Corp.), 0.130%, 6/2/2021 | 22,200,000 | |
TOTAL | 75,630,000 | ||
Maine— 0.7% | |||
22,260,000 | Old Town, ME (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 0.130%, 6/2/2021 | 22,260,000 | |
Maryland— 0.2% | |||
5,000,000 | Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 7/1/2021 | 5,000,000 | |
Massachusetts— 3.3% | |||
10,000,000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), 0.180%, Mandatory Tender 6/3/2021 | 10,000,000 | |
28,000,000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), 0.180%, Mandatory Tender 7/12/2021 | 28,000,000 | |
30,490,000 | Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 0.159%, Mandatory Tender 7/12/2021 | 30,490,000 | |
2,005,000 | Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 0.170%, Mandatory Tender 6/4/2021 | 2,005,000 | |
��27,043,000 | Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 0.180%, Mandatory Tender 7/16/2021 | 27,043,000 | |
TOTAL | 97,538,000 | ||
Michigan— 0.2% | |||
1,800,000 | Michigan State Strategic Fund (Universal Forest Products Eastern Division, Inc.), Series 2002 Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.150%, 6/3/2021 | 1,800,000 | |
5,250,000 | Michigan Strategic Fund (Greenville Venture Partners LLC), (Series 2018) Weekly VRDNs, (CoBank, ACB LOC), 0.130%, 6/3/2021 | 5,250,000 | |
TOTAL | 7,050,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Minnesota— 0.1% | |||
$ 1,000,000 | Faribault, MN IDA (Apogee Enterprises, Inc.), (Series 2001) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.170%, 6/3/2021 | $1,000,000 | |
1,525,000 | St. Paul, MN Port Authority (National Checking Co.), IDRB’s (Series 1998A) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.250%, 6/3/2021 | 1,525,000 | |
TOTAL | 2,525,000 | ||
Mississippi— 0.7% | |||
20,100,000 | Perry County, MS (Georgia-Pacific LLC), (Series 2002) Weekly VRDNs, 0.160%, 6/3/2021 | 20,100,000 | |
Missouri— 0.5% | |||
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), 0.130%, 6/3/2021 | 15,000,000 | |
Montana— 0.0% | |||
1,105,000 | Montana State Board of Housing (HRDC IX Affordable Housing Solutions LP), Mizuho 3a-7 (2021-MIZ9062) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 6/3/2021 | 1,105,000 | |
Multi-State— 23.1% | |||
52,000,000 | BlackRock MuniYield Quality Fund III, Inc., (3,564 Series W-7 VRDP Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ), 0.140%, 6/3/2021 | 52,000,000 | |
178,500,000 | Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.230%, 6/1/2021 | 178,500,000 | |
89,200,000 | Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.230%, 6/1/2021 | 89,200,000 | |
75,000,000 | Nuveen Municipal Credit Income Fund, PUTTERs 3a-7 (Series 5039) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.230%, 6/1/2021 | 75,000,000 | |
37,700,000 | Nuveen Municipal Credit Opportunities Fund, (Series A) Weekly VRDPs, (Sumitomo Mitsui Banking Corp. LIQ), 0.160%, 6/3/2021 | 37,700,000 | |
102,275,000 | Nuveen Municipal Credit Opportunities Fund, PUTTERs 3a-7 (Series 5033) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.230%, 6/1/2021 | 102,275,000 | |
40,800,000 | Nuveen Quality Municipal Income Fund, (Series 1) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.140%, 6/3/2021 | 40,800,000 | |
62,000,000 | Nuveen Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.140%, 6/3/2021 | 62,000,000 | |
47,400,000 | Nuveen Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.140%, 6/3/2021 | 47,400,000 | |
TOTAL | 684,875,000 | ||
Nebraska— 0.3% | |||
7,500,000 | Stanton County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs, 0.150%, 6/2/2021 | 7,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Nebraska— continued | |||
$ 1,875,000 | Stanton County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs, 0.150%, 6/2/2021 | $1,875,000 | |
TOTAL | 9,375,000 | ||
Nevada— 0.3% | |||
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), 0.220%, 6/3/2021 | 1,515,000 | |
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 | 9,015,000 | ||
New Jersey— 13.2% | |||
4,080,000 | Alpha Borough, NJ BANs, 1.500%, 11/16/2021 | 4,098,303 | |
1,900,000 | Atlantic Highlands, NJ BANs, 1.000%, 3/1/2022 | 1,909,619 | |
1,930,000 | Boonton Township, NJ BANs, 1.000%, 9/3/2021 | 1,932,918 | |
3,089,863 | Boonton, NJ BANs, 1.000%, 6/25/2021 | 3,091,082 | |
7,057,250 | Butler Borough, NJ BANs, 1.000%, 9/10/2021 | 7,068,908 | |
12,676,000 | Carteret, NJ BANs, 1.000%, 6/4/2021 | 12,676,521 | |
8,350,000 | Cresskill Borough, NJ BANs, 1.000%, 10/15/2021 | 8,367,952 | |
2,474,750 | Demarest, NJ BANs, 1.000%, 6/25/2021 | 2,475,726 | |
5,877,650 | Deptford Township, NJ, (Series A) BANs, 1.250%, 7/15/2021 | 5,882,225 | |
2,801,580 | Ewing Township, NJ BANs, 1.000%, 3/30/2022 | 2,817,737 | |
5,964,000 | Fairview, NJ BANs, 1.000%, 8/27/2021 | 5,972,481 | |
3,105,105 | Franklin Township (Gloucester County), NJ BANs, 1.250%, 7/16/2021 | 3,107,463 | |
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), 0.230%, 6/3/2021 | 20,940,000 | |
14,188,000 | Garfield, NJ BANs, 1.250%, 8/6/2021 | 14,207,140 | |
3,905,000 | Garwood, NJ BANs, 1.000%, 11/5/2021 | 3,913,354 | |
5,972,767 | Gloucester City, NJ BANs, 1.500%, 11/23/2021 | 6,000,678 | |
3,897,000 | Greenwich Township, NJ, (Series A) BANs, 1.000%, 4/27/2022 | 3,921,554 | |
6,065,000 | Hasbrouck Heights, NJ Board of Education BANs, 1.250%, 7/9/2021 | 6,069,078 | |
9,000,000 | Highland Park, NJ BANs, 1.000%, 10/22/2021 | 9,025,196 | |
6,000,000 | Hillsborough Township, NJ BANs, 1.500%, 2/17/2022 | 6,050,943 | |
4,511,540 | Hopatcong, NJ BANs, 1.250%, 7/23/2021 | 4,515,692 | |
6,114,000 | Keyport Borough, NJ BANs, 1.000%, 3/8/2022 | 6,146,291 | |
3,428,150 | Lawrence Township, NJ BANs, 1.250%, 7/9/2021 | 3,430,456 | |
5,231,000 | Leonia, NJ BANs, 1.000%, 8/20/2021 | 5,237,841 | |
8,946,000 | Little Falls Township, NJ BANs, 1.000%, 8/6/2021 | 8,955,675 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New Jersey— continued | |||
$ 6,277,000 | Logan Township, NJ BANs, 1.000%, 10/20/2021 | $6,290,506 | |
9,000,000 | Lyndhurst Township, NJ BANs, 1.000%, 9/8/2021 | 9,014,564 | |
9,700,000 | Margate, NJ BANs, 1.000%, 12/16/2021 | 9,731,394 | |
7,040,000 | New Jersey Economic Development Authority (Yeshiva of North Jersey), (Series 2018) Weekly VRDNs, (Valley National Bank LOC), 0.350%, 6/3/2021 | 7,040,000 | |
2,940,000 | New Jersey EDA (Baptist Home Society of New Jersey) Weekly VRDNs, (Valley National Bank LOC), 0.350%, 6/3/2021 | 2,940,000 | |
3,805,000 | New Jersey EDA (Geriatric Services Housing Corp., Inc. - (CNJJHA Assisted Living)), (Series 2001) Weekly VRDNs, (Valley National Bank LOC), 0.240%, 6/2/2021 | 3,805,000 | |
11,255,000 | New Jersey EDA (Jewish Community Center on the Palisades), (Series 2016) Weekly VRDNs, (Valley National Bank LOC), 0.350%, 6/3/2021 | 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), 0.300%, 6/3/2021 | 1,365,000 | |
4,380,000 | New Jersey Health Care Facilities Financing Authority (Christian Health Care Center), (Series A-2) Weekly VRDNs, (Valley National Bank LOC), 0.300%, 6/3/2021 | 4,380,000 | |
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), 0.170%, 6/3/2021 | 15,385,000 | |
2,710,000 | Ocean Township, NJ (Ocean County) BANs, 1.000%, 9/9/2021 | 2,713,991 | |
8,916,000 | Passaic, NJ BANs, 1.000%, 8/26/2021 | 8,928,121 | |
4,129,000 | Phillipsburg, NJ BANs, 1.000%, 5/26/2022 | 4,157,302 | |
3,241,000 | Pitman, NJ BANs, 2.000%, 12/15/2021 | 3,268,872 | |
5,600,000 | Point Pleasant, NJ BANs, 1.000%, 10/15/2021 | 5,612,248 | |
12,776,500 | Ramsey, NJ BANs, 1.250%, 6/4/2021 | 12,777,020 | |
5,784,131 | Raritan, NJ, (Series A) BANs, 1.250%, 7/8/2021 | 5,787,919 | |
2,500,000 | Ridgefield Park, NJ BANs, 1.250%, 4/8/2022 | 2,519,950 | |
4,699,654 | Roselle, NJ, (Series A) BANs, 1.500%, 7/23/2021 | 4,705,643 | |
3,500,000 | Somers Point, NJ BANs, 1.000%, 12/21/2021 | 3,510,853 | |
6,660,000 | Somerville Borough, NJ BANs, 0.750%, 2/3/2022 | 6,682,461 | |
1,466,250 | South Hackensack, NJ BANs, 1.000%, 2/17/2022 | 1,474,197 | |
4,984,075 | South Plainfield, NJ BANs, 1.000%, 8/20/2021 | 4,990,597 | |
3,685,000 | South River, NJ, (Series B) BANs, 1.500%, 12/17/2021 | 3,706,999 | |
2,791,925 | South Toms River, NJ BANs, 1.000%, 5/20/2022 | 2,810,475 | |
2,735,895 | Southampton Township, NJ BANs, 1.250%, 7/8/2021 | 2,737,630 | |
4,174,727 | Stanhope, NJ BANs, 1.000%, 5/19/2022 | 4,202,788 | |
2,370,250 | Tabernacle Township, NJ, (Series A) BANs, 1.000%, 12/16/2021 | 2,376,000 | |
4,571,787 | Union Beach, NJ BANs, 1.000%, 10/29/2021 | 4,581,132 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New Jersey— continued | |||
$ 3,489,183 | Union Beach, NJ BANs, 1.000%, 2/18/2022 | $3,508,421 | |
7,693,000 | Voorhees Township, NJ BANs, 1.000%, 8/18/2021 | 7,702,479 | |
6,652,000 | Wallington, NJ BANs, 1.000%, 8/20/2021 | 6,660,699 | |
5,168,000 | Washington Township (Morris County), NJ BANs, 1.000%, 8/25/2021 | 5,175,181 | |
1,259,500 | Washington Township, NJ (Warren County) BANs, 1.000%, 8/27/2021 | 1,261,142 | |
23,857,041 | West Caldwell Township, NJ BANs, 1.000%, 12/10/2021 | 23,936,981 | |
6,628,000 | Woodbury, NJ BANs, 1.500%, 12/2/2021 | 6,661,236 | |
7,525,000 | Woodland Park, NJ BANs, 1.500%, 5/27/2022 | 7,613,787 | |
9,800,000 | Wood-Ridge Borough, NJ BANs, 1.000%, 9/10/2021 | 9,816,179 | |
3,325,000 | Woolwich, NJ, (Series B) BANs, 1.000%, 6/3/2021 | 3,325,091 | |
TOTAL | 392,226,691 | ||
New York— 10.1% | |||
5,325,000 | Avon, NY CSD BANs, 2.000%, 6/25/2021 | 5,328,746 | |
4,750,000 | Ballston Spa, NY CSD BANs, 1.500%, 6/25/2021 | 4,752,324 | |
10,075,000 | Berlin, NY CSD BANs, 2.000%, 6/30/2021 | 10,086,932 | |
17,123,792 | Brasher Falls, NY CSD BANs, 1.250%, 7/14/2021 | 17,136,824 | |
4,000,000 | Center Moriches, NY Union Free School District TANs, 1.500%, 6/25/2021 | 4,002,702 | |
14,870,000 | Cheektowaga-Maryvale, NY Union Free School District BANs, 1.500%, 6/29/2021 | 14,880,195 | |
5,750,000 | Dansville, NY CSD BANs, 1.250%, 6/25/2021 | 5,753,200 | |
8,000,000 | Delaware County, NY BANs, 1.500%, 9/1/2021 | 8,021,878 | |
13,000,000 | Falconer, NY CSD BANs, 1.500%, 6/10/2021 | 13,003,189 | |
9,133,000 | Hamilton, NY CSD, (Series B) BANs, 1.250%, 7/9/2021 | 9,139,143 | |
5,590,000 | Hempstead (town), NY IDA MFH (Hempstead Village Housing Associates LP), (Series 2006) Weekly VRDNs, (FNMA LOC), 0.120%, 6/3/2021 | 5,590,000 | |
7,500,000 | Herricks, NY Union Free School District TANs, 1.500%, 6/18/2021 | 7,503,835 | |
4,229,182 | Homer, NY CSD BANs, 1.000%, 11/5/2021 | 4,238,223 | |
5,000,000 | Jamesville-Dewitt, NY Cent School District BANs, 1.000%, 7/16/2021 | 5,003,444 | |
2,859,566 | Keene, NY CSD BANs, 1.250%, 11/19/2021 | 2,872,175 | |
5,857,462 | Kingston, NY BANs, 1.500%, 8/24/2021 | 5,872,493 | |
19,306,330 | Little Falls, NY City School District BANs, 1.500%, 2/4/2022 | 19,469,777 | |
6,000,000 | Malverne, NY Union Free School District TANs, 1.000%, 6/25/2021 | 6,002,163 | |
4,590,000 | McGraw, NY CSD BANs, 2.000%, 7/20/2021 | 4,599,066 | |
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), 0.150%, 6/3/2021 | 1,670,000 | |
3,790,000 | New Rochelle, NY IDA (180 Union Avenue Owner LP), (Series 2006: West End Phase I Facility) Weekly VRDNs, (Citibank N.A., New York LOC), 0.140%, 6/3/2021 | 3,790,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 33,370,000 | New York City, NY Transitional Finance Authority, Stage Trust 3a-7 (Series 2020-002) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 6/3/2021 | $33,370,000 | |
15,000,000 | New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.250%, 6/3/2021 | 15,000,000 | |
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), 0.220%, Optional Tender 6/24/2021 | 16,020,000 | |
9,880,000 | New York State Energy Research & Development Authority (National Grid Generation LLC), (1997 Series A) Weekly VRDNs, (NatWest Markets PLC LOC), 0.100%, 6/2/2021 | 9,880,000 | |
6,100,000 | New York State Power Authority, (Series 2), CP, (JPMorgan Chase Bank, N.A. LIQ)/(State Street Bank and Trust Co. LIQ)/(TD Bank, N.A. LIQ)/(Wells Fargo Bank, N.A. LIQ), 0.200%, Mandatory Tender 6/8/2021 | 6,100,000 | |
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), 0.540%, 6/3/2021 | 10,000,000 | |
8,500,000 | Owego-Apalachin, NY CSD BANs, 1.250%, 7/22/2021 | 8,510,076 | |
2,059,000 | Owego-Apalachin, NY CSD, (Series A) BANs, 1.250%, 8/20/2021 | 2,062,728 | |
6,000,000 | Oyster Bay-East Norwich, NY CSD TANs, 1.500%, 6/25/2021 | 6,004,133 | |
9,000,000 | Schoharie County, NY BANs, 1.500%, 6/18/2021 | 9,003,957 | |
6,000,000 | Spencerport, NY CSD BANs, 1.500%, 6/24/2021 | 6,003,377 | |
7,275,000 | Whitehall, NY CSD BANs, 2.000%, 6/28/2021 | 7,282,910 | |
5,500,000 | Whitesboro, NY CSD BANs, 1.000%, 6/25/2021 | 5,502,168 | |
1,742,590 | Whitesboro, NY CSD BANs, 1.000%, 9/10/2021 | 1,745,372 | |
3,808,027 | Whitesboro, NY CSD BANs, 2.000%, 6/25/2021 | 3,810,631 | |
TOTAL | 299,011,661 | ||
North Carolina— 1.0% | |||
25,100,000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 0.130%, 6/2/2021 | 25,100,000 | |
1,200,000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000B) Weekly VRDNs, 0.130%, 6/2/2021 | 1,200,000 | |
3,000,000 | Yancey County, NC Industrial Facilities & PCFA (Altec Industries, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 0.170%, 6/3/2021 | 3,000,000 | |
TOTAL | 29,300,000 | ||
Ohio— 1.6% | |||
30,470,000 | Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.200%, 6/3/2021 | 30,470,000 | |
2,000,000 | Ohio HFA MFH (Windmiller Pointe Apartments LP), (Series 2020-MIZ0950) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 0.350%, 6/3/2021 | 2,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Ohio— continued | |||
$ 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), 0.200%, 6/3/2021 | $8,100,000 | |
7,000,000 | Toledo-Lucas County, OH Port Authority (Van Deurzen Dairy LLC), (Series 2006) Weekly VRDNs, (AgriBank FCB LOC), 0.130%, 6/3/2021 | 7,000,000 | |
TOTAL | 47,570,000 | ||
Pennsylvania— 2.0% | |||
26,500,000 | Blackrock MuniYield Pennsylvania Quality Fund, (663 Series W-7 VRDP Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ), 0.130%, 6/3/2021 | 26,500,000 | |
1,100,000 | East Hempfield Township, PA IDA (BGT Realty), (Series of 2005) Weekly VRDNs, (Fulton Bank, N.A. LOC), 0.500%, 6/3/2021 | 1,100,000 | |
16,000,000 | Montgomery County, PA IDA (Lonza, Inc.), (Series 2000) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 0.110%, 6/3/2021 | 16,000,000 | |
9,325,000 | Pennsylvania State Turnpike Commission, RBC Muni Products (Series G-43) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 6/1/2021 | 9,325,000 | |
4,070,000 | 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), 0.140%, 6/3/2021 | 4,070,000 | |
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), 0.350%, 6/3/2021 | 2,000,000 | |
TOTAL | 58,995,000 | ||
South Carolina— 1.3% | |||
21,500,000 | Berkeley County, SC IDB (Nucor Corp.) Weekly VRDNs, 0.150%, 6/2/2021 | 21,500,000 | |
10,100,000 | Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, 0.150%, 6/2/2021 | 10,100,000 | |
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), 0.170%, 6/3/2021 | 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), 0.170%, 6/3/2021 | 4,900,000 | |
TOTAL | 39,315,000 | ||
South Dakota— 0.1% | |||
3,000,000 | South Dakota Value Added Finance Authority (Prairie Gold Dairy LLC), (Series 2004) Weekly VRDNs, (CoBank, ACB LOC), 0.130%, 6/3/2021 | 3,000,000 | |
Tennessee— 0.9% | |||
25,620,000 | Memphis-Shelby County, TN Industrial Development Board - PCRB (Nucor Steel Memphis, Inc.), (Series 2007) Weekly VRDNs, (GTD by Nucor Corp.), 0.150%, 6/2/2021 | 25,620,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Texas— 9.7% | |||
$ 5,000,000 | Alamo, TX CCD, RBC Muni Products (Series G-111) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 11/1/2021 | $5,000,000 | |
29,000,000 | Calhoun, TX Port Authority (BP PLC), (Series 1998) Weekly VRDNs, 0.150%, 6/2/2021 | 29,000,000 | |
2,100,000 | Dallam County, TX Industrial Development Corp. (Consolidated Dairy Management LLC), (Series 2007) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.130%, 6/3/2021 | 2,100,000 | |
34,000,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP, 0.180%, Mandatory Tender 10/1/2021 | 34,000,000 | |
4,000,000 | Jewett, TX Economic Development Corporation (Nucor Corp.), (Series 2003) Weekly VRDNs, 0.150%, 6/2/2021 | 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), 0.250%, Optional Tender 7/1/2021 | 9,000,000 | |
85,800,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Weekly VRDNs, 0.130%, 6/2/2021 | 85,800,000 | |
12,500,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2003) Weekly VRDNs, 0.170%, 6/2/2021 | 12,500,000 | |
13,200,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2005) Weekly VRDNs, 0.170%, 6/2/2021 | 13,200,000 | |
42,000,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2006) Weekly VRDNs, 0.170%, 6/2/2021 | 42,000,000 | |
35,000,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Weekly VRDNs, 0.170%, 6/2/2021 | 35,000,000 | |
15,000,000 | Texas State Department of Housing & Community Affairs (Onion Creek Housing Partners Ltd.), (Series 2007) Weekly VRDNs, (FNMA LOC), 0.150%, 6/3/2021 | 15,000,000 | |
TOTAL | 286,600,000 | ||
Utah— 3.0% | |||
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), 0.170%, 6/3/2021 | 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), 0.200%, 6/3/2021 | 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), 0.200%, 6/3/2021 | 35,600,000 | |
2,055,000 | Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipts (Series 2020-ZF0916) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.150%, 6/3/2021 | 2,055,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Virginia— continued | |||
$ 3,145,000 | Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipts (Series 2020-ZF0928) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.150%, 6/3/2021 | $3,145,000 | |
TOTAL | 40,800,000 | ||
Washington— 0.1% | |||
1,680,000 | Washington State EDFA (Mesa Dairy, LLC), (Series 2007E) Weekly VRDNs, (Bank of the West, San Francisco, CA LOC), 0.140%, 6/3/2021 | 1,680,000 | |
Wisconsin— 0.5% | |||
6,000,000 | Public Finance Authority, WI (Bradford Preparatory School), Tender Option Bond Trust Receipts (2020-XF2887) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 6/3/2021 | 6,000,000 | |
1,200,000 | Public Finance Authority, WI (Carolina Charter Academy, Inc.), Tender Option Bond Trust Receipts (Series 2021-XF2931) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.250%, 6/3/2021 | 1,200,000 | |
1,650,000 | Public Finance Authority, WI (DCA Lexington Properties, LLC), Tender Option Bond Trust Receipts (Series 2021-XF2933) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.250%, 6/3/2021 | 1,650,000 | |
1,000,000 | Wausau, WI IDA (Apogee Enterprises, Inc.), (Series 2002) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.170%, 6/3/2021 | 1,000,000 | |
890,000 | West Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.360%, 6/3/2021 | 890,000 | |
2,830,000 | Wisconsin State Public Finance Authority (Birchwood Properties LP), (Series 2016) Weekly VRDNs, (FHLB of Des Moines LOC), 0.270%, 6/3/2021 | 2,830,000 | |
TOTAL | 13,570,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.8% (AT AMORTIZED COST)2 | 2,991,501,352 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.8)%3 | (22,738,135) | ||
TOTAL NET ASSETS—100% | $2,968,763,217 |
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: | ||
BANs | —Bond Anticipation Notes | |
CCD | —Community College District | |
CP | —Commercial Paper | |
CSD | —Central School District | |
EDA | —Economic Development Authority | |
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 | |
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 | |
TANs | —Tax Anticipation Notes | |
TOBs | —Tender Option Bonds | |
VMTP | —Variable Municipal Term Preferred | |
VRDNs | —Variable Rate Demand Notes | |
VRDP | —Variable Rate Demand Preferred | |
VRDPs | —Variable Rate Demand Preferreds | |
VRENs | —Variable Rate Extendible Notes |
Year Ended May 31, | Period Ended 5/31/20191 | Year Ended July 31, | ||||
2021 | 2020 | 20182 | 20173 | 2016 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0004 | 0.009 | 0.0105 | 0.007 | 0.002 | 0.0004 |
Net realized gain (loss) | 0.0004 | 0.0004 | 0.0004 | 0.0004 | 0.001 | 0.0004 |
Total From Investment Operations | 0.0004 | 0.009 | 0.010 | 0.007 | 0.003 | 0.0004 |
Less Distributions: | ||||||
Distributions from net investment income | (0.000)4 | (0.009) | (0.010) | (0.007) | (0.002) | (0.000)4 |
Distributions from net realized gain | (0.000)4 | (0.000)4 | (0.000)4 | (0.000)4 | (0.001) | (0.000)4 |
Total Distributions | (0.000)4 | (0.009) | (0.010) | (0.007) | (0.003) | (0.000)4 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return6 | 0.01% | 0.91% | 0.99% | 0.77% | 0.29% | 0.06% |
Ratios to Average Net Assets: | ||||||
Net expenses7 | 0.33% | 0.56% | 0.56%8 | 0.55% | 0.61% | 0.28%9 |
Net investment income | 0.01% | 0.90% | 1.20%8 | 0.81% | 0.23% | 0.01% |
Expense waiver/reimbursement10 | 0.32% | 0.09% | 0.09%8 | 0.10% | 0.11% | 0.53% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $683,243 | $818,565 | $636,808 | $48,952 | $011 | $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 | 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 | Represents less than $0.001. |
5 | Per share numbers have been calculated using the average shares method. |
6 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
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 0.28% 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. |
Year Ended May 31, | Period Ended 5/31/20191 | Year Ended July 31, | ||||
2021 | 2020 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0002 | 0.007 | 0.0083 | 0.005 | 0.001 | 0.0002 |
Net realized gain (loss) | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.001 | 0.0002 |
Total From Investment Operations | 0.0002 | 0.007 | 0.008 | 0.005 | 0.002 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.000)2 | (0.007) | (0.008) | (0.005) | (0.001) | (0.000)2 |
Distributions from net realized gain | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.001) | (0.000)2 |
Total Distributions | (0.000)2 | (0.007) | (0.008) | (0.005) | (0.002) | (0.000)2 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 0.01% | 0.71% | 0.79% | 0.54% | 0.17% | 0.06% |
Ratios to Average Net Assets: | ||||||
Net expenses5 | 0.35% | 0.78% | 0.78%6 | 0.78% | 0.76% | 0.53%7 |
Net investment income | 0.01% | 0.77% | 0.95%6 | 0.46% | 0.11% | 0.01% |
Expense waiver/reimbursement8 | 0.54% | 0.12% | 0.12%6 | 0.13% | 0.16% | 0.38% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $4,756 | $11,112 | $44,873 | $40,219 | $68,690 | $56,319 |
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 0.53% 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. |
Year Ended May 31, | Period Ended 5/31/20191 | Year Ended July 31, | ||||
2021 | 2020 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.001 | 0.012 | 0.0132 | 0.011 | 0.001 | 0.001 |
Net realized gain (loss) | 0.0003 | 0.001 | 0.0003 | 0.0003 | 0.001 | 0.0003 |
Total From Investment Operations | 0.001 | 0.013 | 0.013 | 0.011 | 0.002 | 0.001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.001) | (0.013) | (0.013) | (0.011) | (0.001) | (0.001) |
Distributions from net realized gain | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.001) | (0.000)3 |
Total Distributions | (0.001) | (0.013) | (0.013) | (0.011) | (0.002) | (0.001) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 0.13% | 1.27% | 1.27% | 1.12% | 0.72% | 0.17% |
Ratios to Average Net Assets: | ||||||
Net expenses5 | 0.21% | 0.21% | 0.21%6 | 0.21% | 0.21% | 0.17%7 |
Net investment income | 0.12% | 1.24% | 1.52%6 | 1.10% | 0.64% | 0.11% |
Expense waiver/reimbursement8 | 0.09% | 0.09% | 0.09%6 | 0.10% | 0.11% | 0.14% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,372,803 | $1,510,434 | $1,713,390 | $1,163,568 | $667,169 | $1,003,993 |
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. |
Year Ended May 31, | Period Ended 5/31/20191 | Year Ended July 31, | ||||
2021 | 2020 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0002 | 0.010 | 0.0113 | 0.008 | 0.004 | 0.0002 |
Net realized gain (loss) | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.001 | 0.0002 |
Total From Investment Operations | 0.0002 | 0.010 | 0.011 | 0.008 | 0.005 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.000)2 | (0.010) | (0.011) | (0.008) | (0.004) | (0.000)2 |
Distributions from net realized gain | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.001) | (0.000)2 |
Total Distributions | (0.000)2 | (0.010) | (0.011) | (0.008) | (0.005) | (0.000)2 |
Net Asset Value, End of Period | $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% |
Ratios to Average Net Assets: | ||||||
Net expenses5 | 0.34% | 0.46% | 0.46%6 | 0.46% | 0.46% | 0.25%7 |
Net investment income | 0.02% | 0.98% | 1.26%6 | 0.84% | 0.39% | 0.03% |
Expense waiver/reimbursement8 | 0.20% | 0.09% | 0.09%6 | 0.10% | 0.11% | 0.31% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $255,785 | $515,994 | $410,580 | $449,099 | $369,709 | $584,893 |
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. |
Year Ended May 31, | Period Ended 5/31/20191 | Year Ended July 31, | ||||
2021 | 2020 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0002 | 0.006 | 0.0073 | 0.004 | 0.0002 | 0.0002 |
Net realized gain (loss) | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.001 | 0.0002 |
Total From Investment Operations | 0.0002 | 0.006 | 0.007 | 0.004 | 0.001 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.000)2 | (0.006) | (0.007) | (0.004) | (0.000)2 | (0.000)2 |
Distributions from net realized gain | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.001) | (0.000)2 |
Total Distributions | (0.000)2 | (0.006) | (0.007) | (0.004) | (0.001) | (0.000)2 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 0.01% | 0.60% | 0.69% | 0.43% | 0.11% | 0.06% |
Ratios to Average Net Assets: | ||||||
Net expenses5 | 0.31% | 0.88% | 0.91%6 | 0.90% | 0.82% | 0.33%7 |
Net investment income | 0.01% | 0.60% | 0.83%6 | 0.35% | 0.04% | 0.01% |
Expense waiver/reimbursement8 | 0.69% | 0.11% | 0.09%6 | 0.10% | 0.19% | 0.68% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $74,123 | $44,704 | $50,506 | $49,804 | $88,884 | $118,980 |
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 0.33% 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. |
Year Ended May 31, | Period Ended 5/31/20191 | Year Ended July 31, | ||||
2021 | 2020 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0002 | 0.005 | 0.0063 | 0.003 | 0.0002 | 0.0002 |
Net realized gain (loss) | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.001 | 0.0002 |
Total From Investment Operations | 0.0002 | 0.005 | 0.006 | 0.003 | 0.001 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.000)2 | (0.005) | (0.006) | (0.003) | (0.000)2 | (0.000)2 |
Distributions from net realized gain | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.001) | (0.000)2 |
Total Distributions | (0.000)2 | (0.005) | (0.006) | (0.003) | (0.001) | (0.000)2 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 0.01% | 0.49% | 0.59% | 0.31% | 0.07% | 0.06% |
Ratios to Average Net Assets: | ||||||
Net expenses5 | 0.32% | 0.99% | 1.02%6 | 1.02% | 0.83% | 0.30%7 |
Net investment income | 0.01% | 0.49% | 0.71%6 | 0.30% | 0.01% | 0.01% |
Expense waiver/reimbursement8 | 0.93% | 0.27% | 0.24%6 | 0.24% | 0.45% | 0.96% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $288,115 | $240,445 | $281,674 | $328,142 | $118,975 | $210,967 |
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 0.30% 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. |
Year Ended May 31, | Period Ended 5/31/20191 | Year Ended July 31, | ||||
2021 | 2020 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.001 | 0.012 | 0.0122 | 0.010 | 0.006 | 0.001 |
Net realized gain (loss) | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.001 | 0.0003 |
Total From Investment Operations | 0.001 | 0.012 | 0.012 | 0.010 | 0.007 | 0.001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.001) | (0.012) | (0.012) | (0.010) | (0.006) | (0.001) |
Distributions from net realized gain | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.001) | (0.000)3 |
Total Distributions | (0.001) | (0.012) | (0.012) | (0.010) | (0.007) | (0.001) |
Net Asset Value, End of Period | $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% |
Ratios to Average Net Assets: | ||||||
Net expenses5 | 0.28% | 0.31% | 0.31%6 | 0.31% | 0.31% | 0.18%7 |
Net investment income | 0.06% | 1.16% | 1.41%6 | 1.01% | 0.57% | 0.05% |
Expense waiver/reimbursement8 | 0.12% | 0.09% | 0.09%6 | 0.10% | 0.11% | 0.23% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $289,938 | $359,491 | $409,796 | $635,782 | $255,216 | $153,275 |
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 | $2,991,501,352 |
Cash | 1,083,991 |
Income receivable | 5,022,055 |
Receivable for shares sold | 46,475 |
Total Assets | 2,997,653,873 |
Liabilities: | |
Payable for investments purchased | 26,192,206 |
Payable for shares redeemed | 2,253,254 |
Income distribution payable | 4,036 |
Payable for investment adviser fee (Note 5) | 35,703 |
Payable for administrative fee (Note 5) | 25,460 |
Payable for other service fees (Notes 2 and 5) | 27,081 |
Accrued expenses (Note 5) | 352,916 |
Total Liabilities | 28,890,656 |
Net assets for 2,968,695,991 shares outstanding | $2,968,763,217 |
Net Assets Consist of: | |
Paid-in capital | $2,968,675,680 |
Total distributable earnings (loss) | 87,537 |
Total Net Assets | $2,968,763,217 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Automated Shares: | |
$683,243,045 ÷ 683,227,585 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Shares: | |
$4,756,213 ÷ 4,756,106 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Wealth Shares: | |
$1,372,803,413 ÷ 1,372,772,306 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$255,784,787 ÷ 255,778,993 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash II Shares: | |
$74,123,132 ÷ 74,121,454 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash Series Shares: | |
$288,114,549 ÷ 288,108,029 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Capital Shares: | |
$289,938,078 ÷ 289,931,518 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |
Interest | $12,735,125 |
Expenses: | |
Investment adviser fee (Note 5) | 7,485,087 |
Administrative fee (Note 5) | 2,924,768 |
Custodian fees | 115,230 |
Transfer agent fees (Note 2) | 1,194,797 |
Directors’/Trustees’ fees (Note 5) | 17,835 |
Auditing fees | 23,959 |
Legal fees | 47,318 |
Portfolio accounting fees | 260,871 |
Distribution services fee (Note 5) | 1,918,652 |
Other service fees (Notes 2 and 5) | 4,079,994 |
Share registration costs | 282,983 |
Printing and postage | 63,866 |
Miscellaneous (Note 5) | 24,376 |
TOTAL EXPENSES | 18,439,736 |
Waivers and Reimbursements: | |
Waiver of investment adviser fee (Note 5) | (3,268,184) |
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (5,116,911) |
TOTAL WAIVERS AND REIMBURSEMENTS | (8,385,095) |
Net expenses | 10,054,641 |
Net investment income | 2,680,484 |
Net realized gain on investments | 87,172 |
Change in net assets resulting from operations | $2,767,656 |
Year Ended May 31 | 2021 | 2020 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,680,484 | $37,745,198 |
Net realized gain (loss) | 87,172 | 25,170 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 2,767,656 | 37,770,368 |
Distributions to Shareholders: | ||
Automated Shares | (82,942) | (6,350,668) |
Investment Shares | (976) | (176,409) |
Wealth Shares | (2,328,392) | (21,420,026) |
Service Shares | (97,518) | (4,201,420) |
Cash II Shares | (6,463) | (282,489) |
Cash Series Shares | (29,175) | (1,365,363) |
Capital Shares | (228,477) | (3,966,558) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (2,773,943) | (37,762,933) |
Share Transactions: | ||
Proceeds from sale of shares | 5,768,486,888 | 6,290,338,723 |
Net asset value of shares issued to shareholders in payment of distributions declared | 2,386,409 | 33,641,585 |
Cost of shares redeemed | (6,302,848,809) | (6,370,870,305) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (531,975,512) | (46,889,997) |
Change in net assets | (531,981,799) | (46,882,562) |
Net Assets: | ||
Beginning of period | 3,500,745,016 | 3,547,627,578 |
End of period | $2,968,763,217 | $3,500,745,016 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | Transfer Agent Fees Waived by Unaffiliated Third Parties | |
Automated Shares | $799,219 | $— | $(278,178) |
Investment Shares | 8,912 | — | (2,142) |
Wealth Shares | 32,452 | — | — |
Service Shares | 6,377 | — | — |
Cash II Shares | 57,348 | — | (26,353) |
Cash Series Shares | 284,480 | (83,565) | (64,637) |
Capital Shares | 6,009 | (6) | — |
TOTAL | $1,194,797 | $(83,571) | $(371,310) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Automated Shares | $1,959,955 | $(4,075) | $(1,529,460) |
Investment Shares | 23,028 | (610) | (22,238) |
Service Shares | 897,325 | (6,073) | (419,432) |
Cash II Shares | 153,600 | (603) | (152,997) |
Cash Series Shares | 698,843 | (2,879) | (695,964) |
Capital Shares | 347,243 | (22,826) | (93,826) |
TOTAL | $4,079,994 | $(37,066) | $(2,913,917) |
Year Ended 5/31/2021 | Year Ended 5/31/2020 | |||
Automated Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 420,871 | $420,871 | 623,344 | $623,344 |
Shares issued to shareholders in payment of distributions declared | 83 | 83 | 6,345 | 6,345 |
Shares redeemed | (556,273) | (556,273) | (447,938) | (447,938) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | (135,319) | $(135,319) | 181,751 | $181,751 |
Year Ended 5/31/2021 | Year Ended 5/31/2020 | |||
Investment Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 17,902 | $17,902 | 62,570 | $62,570 |
Shares issued to shareholders in payment of distributions declared | 1 | 1 | 162 | 162 |
Shares redeemed | (24,259) | (24,259) | (96,491) | (96,491) |
NET CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS | (6,356) | $(6,356) | (33,759) | $(33,759) |
Year Ended 5/31/2021 | Year Ended 5/31/2020 | |||
Wealth Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 3,727,752 | $3,727,752 | 3,376,792 | $3,376,792 |
Shares issued to shareholders in payment of distributions declared | 1,950 | 1,950 | 18,132 | 18,132 |
Shares redeemed | (3,867,332) | (3,867,332) | (3,597,880) | (3,597,880) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | (137,630) | $(137,630) | (202,956) | $(202,956) |
Year Ended 5/31/2021 | Year Ended 5/31/2020 | |||
Service Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 597,196 | $597,196 | 1,087,931 | $1,087,931 |
Shares issued to shareholders in payment of distributions declared | 89 | 89 | 3,596 | 3,596 |
Shares redeemed | (857,490) | (857,490) | (986,116) | (986,116) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (260,205) | $(260,205) | 105,411 | $105,411 |
Year Ended 5/31/2021 | Year Ended 5/31/2020 | |||
Cash II Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 84,333 | $84,333 | 37,029 | $37,029 |
Shares issued to shareholders in payment of distributions declared | 6 | 6 | 278 | 278 |
Shares redeemed | (54,921) | (54,921) | (43,110) | (43,110) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | 29,418 | $29,418 | (5,803) | $(5,803) |
Year Ended 5/31/2021 | Year Ended 5/31/2020 | |||
Cash Series Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 551,188 | $551,188 | 515,735 | $515,735 |
Shares issued to shareholders in payment of distributions declared | 29 | 29 | 1,353 | 1,353 |
Shares redeemed | (503,548) | (503,548) | (558,317) | (558,317) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | 47,669 | $47,669 | (41,229) | $(41,229) |
Year Ended 5/31/2021 | Year Ended 5/31/2020 | |||
Capital Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 369,245 | $369,245 | 586,938 | $586,938 |
Shares issued to shareholders in payment of distributions declared | 227 | 227 | 3,775 | 3,775 |
Shares redeemed | (439,025) | (439,025) | (641,018) | (641,018) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (69,553) | $(69,553) | (50,305) | $(50,305) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (531,976) | $(531,976) | (46,890) | $(46,890) |
2021 | 2020 | |
Tax-exempt income | $2,757,452 | $37,668,532 |
Ordinary income1 | $15,822 | $84,795 |
Long-term capital gains | $669 | $9,606 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed tax-exempt income | $412 |
Undistributed ordinary income1 | $87,125 |
1 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
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 | $23,071 | $(17,079) |
Cash II Shares | 215,492 | (189,577) |
Cash Series Shares | 1,680,089 | (1,504,391) |
TOTAL | $1,918,652 | $(1,711,047) |
July 23, 2021
Beginning Account Value 12/1/2020 | Ending Account Value 5/31/2021 | Expenses Paid During Period1 | |
Actual: | |||
Automated Shares | $1,000 | $1,000.10 | $21.20 |
Investment Shares | $1,000 | $1,000.10 | $31.25 |
Wealth Shares | $1,000 | $1,000.20 | $1.05 |
Service Shares | $1,000 | $1,000.10 | $41.20 |
Cash II Shares | $1,000 | $1,000.10 | $51.20 |
Cash Series Shares | $1,000 | $1,000.10 | $61.20 |
Capital Shares | $1,000 | $1,000.10 | $71.20 |
Hypothetical (assuming a 5% return before expenses): | |||
Automated Shares | $1,000 | $1,023.73 | $21.21 |
Investment Shares | $1,000 | $1,023.68 | $31.26 |
Wealth Shares | $1,000 | $1,023.88 | $1.06 |
Service Shares | $1,000 | $1,023.73 | $41.21 |
Cash II Shares | $1,000 | $1,023.73 | $51.21 |
Cash Series Shares | $1,000 | $1,023.73 | $61.21 |
Capital Shares | $1,000 | $1,023.73 | $71.21 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Automated Shares | 0.24% |
Investment Shares | 0.25% |
Wealth Shares | 0.21% |
Service Shares | 0.24% |
Cash II Shares | 0.24% |
Cash Series Shares | 0.24% |
Capital Shares | 0.24% |
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 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.79 and $2.83, 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 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $3.89 and $3.94, 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 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.29 and $2.32, 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 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $4.54 and $4.59, 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 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.09 and $5.15, respectively. |
7 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Capital Shares current Fee Limit of 0.31% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.55 and $1.56, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor Emerita of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; Director and Chair, North Catholic High School, Inc.; and Director and Vice Chair, Our Campaign for the Church Alive!, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 Chief Investment Officer Officer since: May 2004 Portfolio Manager since: November 1996 | Principal Occupations: Mary Jo Ochson has been the Fund’s Portfolio Manager since November 1996. Ms. Ochson was named Chief Investment Officer of Federated’s tax-exempt fixed-income products in 2004 and Chief Investment Officer of Federated’s Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Funds Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
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 | 71.2% |
Municipal Notes | 21.9% |
Commercial Paper | 7.7% |
Other Assets and Liabilities—Net2 | (0.8)% |
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 | 62.5% |
8-30 Days | 3.5% |
31-90 Days | 22.9% |
91-180 Days | 6.8% |
181 Days or more | 5.1% |
Other Assets and Liabilities—Net2 | (0.8)% |
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— 100.8% | ||
Alabama— 2.1% | |||
$ 1,000,000 | Autauga County, AL IDA (Marshall Prattville, LLC), (Series 2008) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.130%, 6/3/2021 | $1,000,000 | |
15,000,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1997) Weekly VRDNs, 0.210%, 6/2/2021 | 15,000,000 | |
10,480,000 | Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2007) Weekly VRDNs, (Comerica Bank LOC), 0.160%, 6/3/2021 | 10,480,000 | |
10,000,000 | Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2011) Weekly VRDNs, (Comerica Bank LOC), 0.130%, 6/3/2021 | 10,000,000 | |
25,550,000 | Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly VRDNs, 0.170%, 6/2/2021 | 25,550,000 | |
TOTAL | 62,030,000 | ||
Arizona— 0.4% | |||
5,610,000 | Maricopa County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.240%, 6/3/2021 | 5,610,000 | |
6,750,000 | Pinal County, AZ IDA (Milky Way Dairy LLC), (Series 2002) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.130%, 6/3/2021 | 6,750,000 | |
TOTAL | 12,360,000 | ||
Arkansas— 0.4% | |||
1,800,000 | Blytheville, AR (Nucor Corp.), (Series 2002) Weekly VRDNs, 0.130%, 6/2/2021 | 1,800,000 | |
3,830,000 | Lowell, AR IDRB (Arkansas Democrat-Gazette, Inc.), (Series 2006) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.170%, 6/2/2021 | 3,830,000 | |
5,800,000 | Lowell, AR IDRB (Little Rock Newspapers, Inc.), (Series 1996) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.170%, 6/2/2021 | 5,800,000 | |
TOTAL | 11,430,000 | ||
California— 13.3% | |||
4,910,000 | California Enterprise Development Authority (J. Harris Industrial Water Treatment, Inc.), (Series 2015) Weekly VRDNs, (City National Bank LOC), 0.130%, 6/3/2021 | 4,910,000 | |
1,000,000 | California Enterprise Development Authority (Regional Properties, Inc.), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (FHLB of San Francisco LOC), 0.080%, 6/3/2021 | 1,000,000 | |
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), 0.170%, 6/3/2021 | 20,000,000 | |
26,705,000 | California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006E), CP, 0.150%, Mandatory Tender 9/9/2021 | 26,705,000 | |
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), 0.130%, 6/3/2021 | 2,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 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), 0.130%, 6/3/2021 | $3,000,000 | |
30,000,000 | California PCFA (Sierra Pacific Industries), (Series 2014) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.180%, 6/2/2021 | 30,000,000 | |
2,940,000 | California PCFA (T & W Farms), (Series 2002) Weekly VRDNs, (Bank of America N.A. LOC), 0.130%, 6/3/2021 | 2,940,000 | |
7,600,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 0.170%, Mandatory Tender 8/3/2021 | 7,600,000 | |
9,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.180%, Mandatory Tender 8/11/2021 | 9,000,000 | |
17,190,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 0.170%, Mandatory Tender 12/7/2021 | 17,190,000 | |
9,200,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), CP, 0.180%, Mandatory Tender 8/11/2021 | 9,200,000 | |
15,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-2), CP, 0.180%, Mandatory Tender 7/13/2021 | 15,000,000 | |
7,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series B-5), CP, 0.180%, Mandatory Tender 8/11/2021 | 7,000,000 | |
11,245,000 | California Statewide Communities Development Authority (Kaiser Permanente), Tender Option Bond Trust Receipts (Series 2015-ZF0199) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 6/3/2021 | 11,245,000 | |
34,600,000 | California Statewide Communities Development Authority MFH (ERP Operating LP), (Series 2013B) Weekly VRDNs, 0.220%, 6/2/2021 | 34,600,000 | |
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), 0.160%, 6/3/2021 | 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), 0.160%, 6/3/2021 | 55,615,000 | |
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), 0.200%, 6/1/2021 | 34,000,000 | |
31,130,000 | San Francisco, CA City and County (Transbay Block 8 Tower Apartments Obligated Group), Mizuho 3a-7 (2021-MIZ9063) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 6/3/2021 | 31,130,000 | |
TOTAL | 394,635,000 | ||
Colorado— 0.6% | |||
3,300,000 | Colorado Agricultural Development Authority (Monte Vista Dairy, LLC), (Series 2006) Weekly VRDNs, (CoBank, ACB LOC), 0.130%, 6/3/2021 | 3,300,000 | |
4,615,000 | Colorado HFA (Acme Manufacturing Company, Inc.), (Series 2016A) Weekly VRDNs, (UMB Bank, N.A. LOC), 0.240%, 6/3/2021 | 4,615,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Colorado— continued | |||
$ 1,370,000 | Colorado HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.200%, 6/3/2021 | $1,370,000 | |
1,435,000 | Colorado HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs, (UMB Bank, N.A. LOC), 0.290%, 6/3/2021 | 1,435,000 | |
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), 0.300%, Optional Tender 6/1/2021 | 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), 0.130%, 6/3/2021 | 2,185,000 | |
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), 0.130%, 6/3/2021 | 1,835,000 | |
TOTAL | 17,740,000 | ||
Connecticut— 0.6% | |||
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), 0.230%, Optional Tender 10/1/2021 | 8,000,000 | |
10,890,000 | Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.200%, 6/3/2021 | 10,890,000 | |
TOTAL | 18,890,000 | ||
Florida— 0.9% | |||
5,300,000 | Broward County, FL (Florida Power & Light Co.), (Series 2018B) Daily VRDNs, 0.070%, 6/1/2021 | 5,300,000 | |
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), 0.300%, Optional Tender 9/1/2021 | 6,000,000 | |
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), 0.300%, Optional Tender 10/1/2021 | 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), 0.250%, Optional Tender 9/1/2021 | 5,000,000 | |
TOTAL | 25,300,000 | ||
Georgia— 3.0% | |||
1,000,000 | Atlanta, GA Airport General Revenue, Tender Option Bond Receipts (Series 2019-XF0815) Weekly VRDNs, (Bank of America N.A. LIQ), 0.130%, 6/3/2021 | 1,000,000 | |
6,100,000 | Burke County, GA Development Authority (Georgia Power Co.), (Third Series 2012) Daily VRDNs, 0.080%, 6/1/2021 | 6,100,000 | |
10,000,000 | Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs, (FHLMC LOC), 0.150%, 6/3/2021 | 10,000,000 | |
480,000 | Fitzgerald & Ben Hill County, GA Development Authority (Agri-Products, Inc.), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.130%, 6/3/2021 | 480,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Georgia— continued | |||
$ 2,360,000 | Savannah, GA EDA (Consolidated Utilities, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 0.170%, 6/3/2021 | $2,360,000 | |
68,000,000 | Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 0.180%, 6/2/2021 | 68,000,000 | |
2,315,000 | Wayne County, GA, IDA (Sierra International Machinery LLC), (Series 2011) Weekly VRDNs, (Truist Bank LOC), 0.170%, 6/3/2021 | 2,315,000 | |
TOTAL | 90,255,000 | ||
Hawaii— 0.2% | |||
6,975,000 | Hawaii State Department of Budget & Finance (Queen’s Health Systems), (2015 Series C) VRENs, 0.500%, 6/3/2021 | 6,975,000 | |
Illinois— 0.3% | |||
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), 0.130%, 6/3/2021 | 4,680,000 | |
1,000,000 | Illinois Development Finance Authority IDB (Apogee Enterprises, Inc.), (Series 2001) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.170%, 6/3/2021 | 1,000,000 | |
4,700,000 | Illinois Finance Authority - Solid Waste (Kuusakoski US LLC), (Series 2013) Weekly VRDNs, (Nordea Bank Abp LOC), 0.100%, 6/3/2021 | 4,700,000 | |
TOTAL | 10,380,000 | ||
Indiana— 0.9% | |||
4,750,000 | Bloomington, IN EDRB (SY Henderson Court Investors, LP), (Series 2008: Henderson Court Apartments) Weekly VRDNs, (FHLMC LOC), 0.150%, 6/3/2021 | 4,750,000 | |
400,000 | 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), 0.200%, 6/3/2021 | 400,000 | |
21,370,000 | Indiana State Finance Authority (Indiana State), Stage Trust (Series 2020-004) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 6/3/2021 | 21,370,000 | |
TOTAL | 26,520,000 | ||
Iowa— 0.2% | |||
5,300,000 | Iowa Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly VRDNs, (AgriBank FCB LOC), 0.130%, 6/3/2021 | 5,300,000 | |
Kansas— 0.7% | |||
5,000,000 | Burlington, KS (Kansas City Power And Light Co.), (Series 2007A) Weekly VRDNs, 0.160%, 6/2/2021 | 5,000,000 | |
16,000,000 | Burlington, KS (Kansas City Power And Light Co.), (Series 2007B) Weekly VRDNs, 0.160%, 6/2/2021 | 16,000,000 | |
TOTAL | 21,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Kentucky— 0.4% | |||
$ 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), 0.250%, Optional Tender 11/1/2021 | $6,500,000 | |
4,800,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2020A-1) Daily VRDNs, 0.100%, 6/1/2021 | 4,800,000 | |
TOTAL | 11,300,000 | ||
Louisiana— 2.5% | |||
3,790,000 | Louisiana State Housing Corporation (Peace Lake Louisiana Tower Community L.P.), Tender Option Bond Trust Floater Certificates (Series 2020-MIZ9053) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.350%, 6/3/2021 | 3,790,000 | |
49,640,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (GTD by Nucor Corp.), 0.130%, 6/2/2021 | 49,640,000 | |
22,200,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (GTD by Nucor Corp.), 0.130%, 6/2/2021 | 22,200,000 | |
TOTAL | 75,630,000 | ||
Maine— 0.7% | |||
22,260,000 | Old Town, ME (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 0.130%, 6/2/2021 | 22,260,000 | |
Maryland— 0.2% | |||
5,000,000 | Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 7/1/2021 | 5,000,000 | |
Massachusetts— 3.3% | |||
10,000,000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), 0.180%, Mandatory Tender 6/3/2021 | 10,000,000 | |
28,000,000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), 0.180%, Mandatory Tender 7/12/2021 | 28,000,000 | |
30,490,000 | Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 0.159%, Mandatory Tender 7/12/2021 | 30,490,000 | |
2,005,000 | Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 0.170%, Mandatory Tender 6/4/2021 | 2,005,000 | |
27,043,000 | Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 0.180%, Mandatory Tender 7/16/2021 | 27,043,000 | |
TOTAL | 97,538,000 | ||
Michigan— 0.2% | |||
1,800,000 | Michigan State Strategic Fund (Universal Forest Products Eastern Division, Inc.), Series 2002 Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.150%, 6/3/2021 | 1,800,000 | |
5,250,000 | Michigan Strategic Fund (Greenville Venture Partners LLC), (Series 2018) Weekly VRDNs, (CoBank, ACB LOC), 0.130%, 6/3/2021 | 5,250,000 | |
TOTAL | 7,050,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Minnesota— 0.1% | |||
$ 1,000,000 | Faribault, MN IDA (Apogee Enterprises, Inc.), (Series 2001) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.170%, 6/3/2021 | $1,000,000 | |
1,525,000 | St. Paul, MN Port Authority (National Checking Co.), IDRB’s (Series 1998A) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.250%, 6/3/2021 | 1,525,000 | |
TOTAL | 2,525,000 | ||
Mississippi— 0.7% | |||
20,100,000 | Perry County, MS (Georgia-Pacific LLC), (Series 2002) Weekly VRDNs, 0.160%, 6/3/2021 | 20,100,000 | |
Missouri— 0.5% | |||
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), 0.130%, 6/3/2021 | 15,000,000 | |
Montana— 0.0% | |||
1,105,000 | Montana State Board of Housing (HRDC IX Affordable Housing Solutions LP), Mizuho 3a-7 (2021-MIZ9062) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 6/3/2021 | 1,105,000 | |
Multi-State— 23.1% | |||
52,000,000 | BlackRock MuniYield Quality Fund III, Inc., (3,564 Series W-7 VRDP Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ), 0.140%, 6/3/2021 | 52,000,000 | |
178,500,000 | Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.230%, 6/1/2021 | 178,500,000 | |
89,200,000 | Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.230%, 6/1/2021 | 89,200,000 | |
75,000,000 | Nuveen Municipal Credit Income Fund, PUTTERs 3a-7 (Series 5039) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.230%, 6/1/2021 | 75,000,000 | |
37,700,000 | Nuveen Municipal Credit Opportunities Fund, (Series A) Weekly VRDPs, (Sumitomo Mitsui Banking Corp. LIQ), 0.160%, 6/3/2021 | 37,700,000 | |
102,275,000 | Nuveen Municipal Credit Opportunities Fund, PUTTERs 3a-7 (Series 5033) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.230%, 6/1/2021 | 102,275,000 | |
40,800,000 | Nuveen Quality Municipal Income Fund, (Series 1) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.140%, 6/3/2021 | 40,800,000 | |
62,000,000 | Nuveen Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.140%, 6/3/2021 | 62,000,000 | |
47,400,000 | Nuveen Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.140%, 6/3/2021 | 47,400,000 | |
TOTAL | 684,875,000 | ||
Nebraska— 0.3% | |||
7,500,000 | Stanton County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs, 0.150%, 6/2/2021 | 7,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Nebraska— continued | |||
$ 1,875,000 | Stanton County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs, 0.150%, 6/2/2021 | $1,875,000 ��� | |
TOTAL | 9,375,000 | ||
Nevada— 0.3% | |||
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), 0.220%, 6/3/2021 | 1,515,000 | |
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 | 9,015,000 | ||
New Jersey— 13.2% | |||
4,080,000 | Alpha Borough, NJ BANs, 1.500%, 11/16/2021 | 4,098,303 | |
1,900,000 | Atlantic Highlands, NJ BANs, 1.000%, 3/1/2022 | 1,909,619 | |
1,930,000 | Boonton Township, NJ BANs, 1.000%, 9/3/2021 | 1,932,918 | |
3,089,863 | Boonton, NJ BANs, 1.000%, 6/25/2021 | 3,091,082 | |
7,057,250 | Butler Borough, NJ BANs, 1.000%, 9/10/2021 | 7,068,908 | |
12,676,000 | Carteret, NJ BANs, 1.000%, 6/4/2021 | 12,676,521 | |
8,350,000 | Cresskill Borough, NJ BANs, 1.000%, 10/15/2021 | 8,367,952 | |
2,474,750 | Demarest, NJ BANs, 1.000%, 6/25/2021 | 2,475,726 | |
5,877,650 | Deptford Township, NJ, (Series A) BANs, 1.250%, 7/15/2021 | 5,882,225 | |
2,801,580 | Ewing Township, NJ BANs, 1.000%, 3/30/2022 | 2,817,737 | |
5,964,000 | Fairview, NJ BANs, 1.000%, 8/27/2021 | 5,972,481 | |
3,105,105 | Franklin Township (Gloucester County), NJ BANs, 1.250%, 7/16/2021 | 3,107,463 | |
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), 0.230%, 6/3/2021 | 20,940,000 | |
14,188,000 | Garfield, NJ BANs, 1.250%, 8/6/2021 | 14,207,140 | |
3,905,000 | Garwood, NJ BANs, 1.000%, 11/5/2021 | 3,913,354 | |
5,972,767 | Gloucester City, NJ BANs, 1.500%, 11/23/2021 | 6,000,678 | |
3,897,000 | Greenwich Township, NJ, (Series A) BANs, 1.000%, 4/27/2022 | 3,921,554 | |
6,065,000 | Hasbrouck Heights, NJ Board of Education BANs, 1.250%, 7/9/2021 | 6,069,078 | |
9,000,000 | Highland Park, NJ BANs, 1.000%, 10/22/2021 | 9,025,196 | |
6,000,000 | Hillsborough Township, NJ BANs, 1.500%, 2/17/2022 | 6,050,943 | |
4,511,540 | Hopatcong, NJ BANs, 1.250%, 7/23/2021 | 4,515,692 | |
6,114,000 | Keyport Borough, NJ BANs, 1.000%, 3/8/2022 | 6,146,291 | |
3,428,150 | Lawrence Township, NJ BANs, 1.250%, 7/9/2021 | 3,430,456 | |
5,231,000 | Leonia, NJ BANs, 1.000%, 8/20/2021 | 5,237,841 | |
8,946,000 | Little Falls Township, NJ BANs, 1.000%, 8/6/2021 | 8,955,675 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New Jersey— continued | |||
$ 6,277,000 | Logan Township, NJ BANs, 1.000%, 10/20/2021 | $6,290,506 | |
9,000,000 | Lyndhurst Township, NJ BANs, 1.000%, 9/8/2021 | 9,014,564 | |
9,700,000 | Margate, NJ BANs, 1.000%, 12/16/2021 | 9,731,394 | |
7,040,000 | New Jersey Economic Development Authority (Yeshiva of North Jersey), (Series 2018) Weekly VRDNs, (Valley National Bank LOC), 0.350%, 6/3/2021 | 7,040,000 | |
2,940,000 | New Jersey EDA (Baptist Home Society of New Jersey) Weekly VRDNs, (Valley National Bank LOC), 0.350%, 6/3/2021 | 2,940,000 | |
3,805,000 | New Jersey EDA (Geriatric Services Housing Corp., Inc. - (CNJJHA Assisted Living)), (Series 2001) Weekly VRDNs, (Valley National Bank LOC), 0.240%, 6/2/2021 | 3,805,000 | |
11,255,000 | New Jersey EDA (Jewish Community Center on the Palisades), (Series 2016) Weekly VRDNs, (Valley National Bank LOC), 0.350%, 6/3/2021 | 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), 0.300%, 6/3/2021 | 1,365,000 | |
4,380,000 | New Jersey Health Care Facilities Financing Authority (Christian Health Care Center), (Series A-2) Weekly VRDNs, (Valley National Bank LOC), 0.300%, 6/3/2021 | 4,380,000 | |
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), 0.170%, 6/3/2021 | 15,385,000 | |
2,710,000 | Ocean Township, NJ (Ocean County) BANs, 1.000%, 9/9/2021 | 2,713,991 | |
8,916,000 | Passaic, NJ BANs, 1.000%, 8/26/2021 | 8,928,121 | |
4,129,000 | Phillipsburg, NJ BANs, 1.000%, 5/26/2022 | 4,157,302 | |
3,241,000 | Pitman, NJ BANs, 2.000%, 12/15/2021 | 3,268,872 | |
5,600,000 | Point Pleasant, NJ BANs, 1.000%, 10/15/2021 | 5,612,248 | |
12,776,500 | Ramsey, NJ BANs, 1.250%, 6/4/2021 | 12,777,020 | |
5,784,131 | Raritan, NJ, (Series A) BANs, 1.250%, 7/8/2021 | 5,787,919 | |
2,500,000 | Ridgefield Park, NJ BANs, 1.250%, 4/8/2022 | 2,519,950 | |
4,699,654 | Roselle, NJ, (Series A) BANs, 1.500%, 7/23/2021 | 4,705,643 | |
3,500,000 | Somers Point, NJ BANs, 1.000%, 12/21/2021 | 3,510,853 | |
6,660,000 | Somerville Borough, NJ BANs, 0.750%, 2/3/2022 | 6,682,461 | |
1,466,250 | South Hackensack, NJ BANs, 1.000%, 2/17/2022 | 1,474,197 | |
4,984,075 | South Plainfield, NJ BANs, 1.000%, 8/20/2021 | 4,990,597 | |
3,685,000 | South River, NJ, (Series B) BANs, 1.500%, 12/17/2021 | 3,706,999 | |
2,791,925 | South Toms River, NJ BANs, 1.000%, 5/20/2022 | 2,810,475 | |
2,735,895 | Southampton Township, NJ BANs, 1.250%, 7/8/2021 | 2,737,630 | |
4,174,727 | Stanhope, NJ BANs, 1.000%, 5/19/2022 | 4,202,788 | |
2,370,250 | Tabernacle Township, NJ, (Series A) BANs, 1.000%, 12/16/2021 | 2,376,000 | |
4,571,787 | Union Beach, NJ BANs, 1.000%, 10/29/2021 | 4,581,132 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New Jersey— continued | |||
$ 3,489,183 | Union Beach, NJ BANs, 1.000%, 2/18/2022 | $3,508,421 | |
7,693,000 | Voorhees Township, NJ BANs, 1.000%, 8/18/2021 | 7,702,479 | |
6,652,000 | Wallington, NJ BANs, 1.000%, 8/20/2021 | 6,660,699 | |
5,168,000 | Washington Township (Morris County), NJ BANs, 1.000%, 8/25/2021 | 5,175,181 | |
1,259,500 | Washington Township, NJ (Warren County) BANs, 1.000%, 8/27/2021 | 1,261,142 | |
23,857,041 | West Caldwell Township, NJ BANs, 1.000%, 12/10/2021 | 23,936,981 | |
6,628,000 | Woodbury, NJ BANs, 1.500%, 12/2/2021 | 6,661,236 | |
7,525,000 | Woodland Park, NJ BANs, 1.500%, 5/27/2022 | 7,613,787 | |
9,800,000 | Wood-Ridge Borough, NJ BANs, 1.000%, 9/10/2021 | 9,816,179 | |
3,325,000 | Woolwich, NJ, (Series B) BANs, 1.000%, 6/3/2021 | 3,325,091 | |
TOTAL | 392,226,691 | ||
New York— 10.1% | |||
5,325,000 | Avon, NY CSD BANs, 2.000%, 6/25/2021 | 5,328,746 | |
4,750,000 | Ballston Spa, NY CSD BANs, 1.500%, 6/25/2021 | 4,752,324 | |
10,075,000 | Berlin, NY CSD BANs, 2.000%, 6/30/2021 | 10,086,932 | |
17,123,792 | Brasher Falls, NY CSD BANs, 1.250%, 7/14/2021 | 17,136,824 | |
4,000,000 | Center Moriches, NY Union Free School District TANs, 1.500%, 6/25/2021 | 4,002,702 | |
14,870,000 | Cheektowaga-Maryvale, NY Union Free School District BANs, 1.500%, 6/29/2021 | 14,880,195 | |
5,750,000 | Dansville, NY CSD BANs, 1.250%, 6/25/2021 | 5,753,200 | |
8,000,000 | Delaware County, NY BANs, 1.500%, 9/1/2021 | 8,021,878 | |
13,000,000 | Falconer, NY CSD BANs, 1.500%, 6/10/2021 | 13,003,189 | |
9,133,000 | Hamilton, NY CSD, (Series B) BANs, 1.250%, 7/9/2021 | 9,139,143 | |
5,590,000 | Hempstead (town), NY IDA MFH (Hempstead Village Housing Associates LP), (Series 2006) Weekly VRDNs, (FNMA LOC), 0.120%, 6/3/2021 | 5,590,000 | |
7,500,000 | Herricks, NY Union Free School District TANs, 1.500%, 6/18/2021 | 7,503,835 | |
4,229,182 | Homer, NY CSD BANs, 1.000%, 11/5/2021 | 4,238,223 | |
5,000,000 | Jamesville-Dewitt, NY Cent School District BANs, 1.000%, 7/16/2021 | 5,003,444 | |
2,859,566 | Keene, NY CSD BANs, 1.250%, 11/19/2021 | 2,872,175 | |
5,857,462 | Kingston, NY BANs, 1.500%, 8/24/2021 | 5,872,493 | |
19,306,330 | Little Falls, NY City School District BANs, 1.500%, 2/4/2022 | 19,469,777 | |
6,000,000 | Malverne, NY Union Free School District TANs, 1.000%, 6/25/2021 | 6,002,163 | |
4,590,000 | McGraw, NY CSD BANs, 2.000%, 7/20/2021 | 4,599,066 | |
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), 0.150%, 6/3/2021 | 1,670,000 | |
3,790,000 | New Rochelle, NY IDA (180 Union Avenue Owner LP), (Series 2006: West End Phase I Facility) Weekly VRDNs, (Citibank N.A., New York LOC), 0.140%, 6/3/2021 | 3,790,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 33,370,000 | New York City, NY Transitional Finance Authority, Stage Trust 3a-7 (Series 2020-002) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 6/3/2021 | $33,370,000 | |
15,000,000 | New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.250%, 6/3/2021 | 15,000,000 | |
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), 0.220%, Optional Tender 6/24/2021 | 16,020,000 | |
9,880,000 | New York State Energy Research & Development Authority (National Grid Generation LLC), (1997 Series A) Weekly VRDNs, (NatWest Markets PLC LOC), 0.100%, 6/2/2021 | 9,880,000 | |
6,100,000 | New York State Power Authority, (Series 2), CP, (JPMorgan Chase Bank, N.A. LIQ)/(State Street Bank and Trust Co. LIQ)/(TD Bank, N.A. LIQ)/(Wells Fargo Bank, N.A. LIQ), 0.200%, Mandatory Tender 6/8/2021 | 6,100,000 | |
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), 0.540%, 6/3/2021 | 10,000,000 | |
8,500,000 | Owego-Apalachin, NY CSD BANs, 1.250%, 7/22/2021 | 8,510,076 | |
2,059,000 | Owego-Apalachin, NY CSD, (Series A) BANs, 1.250%, 8/20/2021 | 2,062,728 | |
6,000,000 | Oyster Bay-East Norwich, NY CSD TANs, 1.500%, 6/25/2021 | 6,004,133 | |
9,000,000 | Schoharie County, NY BANs, 1.500%, 6/18/2021 | 9,003,957 | |
6,000,000 | Spencerport, NY CSD BANs, 1.500%, 6/24/2021 | 6,003,377 | |
7,275,000 | Whitehall, NY CSD BANs, 2.000%, 6/28/2021 | 7,282,910 | |
5,500,000 | Whitesboro, NY CSD BANs, 1.000%, 6/25/2021 | 5,502,168 | |
1,742,590 | Whitesboro, NY CSD BANs, 1.000%, 9/10/2021 | 1,745,372 | |
3,808,027 | Whitesboro, NY CSD BANs, 2.000%, 6/25/2021 | 3,810,631 | |
TOTAL | 299,011,661 | ||
North Carolina— 1.0% | |||
25,100,000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 0.130%, 6/2/2021 | 25,100,000 | |
1,200,000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000B) Weekly VRDNs, 0.130%, 6/2/2021 | 1,200,000 | |
3,000,000 | Yancey County, NC Industrial Facilities & PCFA (Altec Industries, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 0.170%, 6/3/2021 | 3,000,000 | |
TOTAL | 29,300,000 | ||
Ohio— 1.6% | |||
30,470,000 | Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.200%, 6/3/2021 | 30,470,000 | |
2,000,000 | Ohio HFA MFH (Windmiller Pointe Apartments LP), (Series 2020-MIZ0950) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 0.350%, 6/3/2021 | 2,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Ohio— continued | |||
$ 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), 0.200%, 6/3/2021 | $8,100,000 | |
7,000,000 | Toledo-Lucas County, OH Port Authority (Van Deurzen Dairy LLC), (Series 2006) Weekly VRDNs, (AgriBank FCB LOC), 0.130%, 6/3/2021 | 7,000,000 | |
TOTAL | 47,570,000 | ||
Pennsylvania— 2.0% | |||
26,500,000 | Blackrock MuniYield Pennsylvania Quality Fund, (663 Series W-7 VRDP Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ), 0.130%, 6/3/2021 | 26,500,000 | |
1,100,000 | East Hempfield Township, PA IDA (BGT Realty), (Series of 2005) Weekly VRDNs, (Fulton Bank, N.A. LOC), 0.500%, 6/3/2021 | 1,100,000 | |
16,000,000 | Montgomery County, PA IDA (Lonza, Inc.), (Series 2000) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 0.110%, 6/3/2021 | 16,000,000 | |
9,325,000 | Pennsylvania State Turnpike Commission, RBC Muni Products (Series G-43) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 6/1/2021 | 9,325,000 | |
4,070,000 | 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), 0.140%, 6/3/2021 | 4,070,000 | |
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), 0.350%, 6/3/2021 | 2,000,000 | |
TOTAL | 58,995,000 | ||
South Carolina— 1.3% | |||
21,500,000 | Berkeley County, SC IDB (Nucor Corp.) Weekly VRDNs, 0.150%, 6/2/2021 | 21,500,000 | |
10,100,000 | Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, 0.150%, 6/2/2021 | 10,100,000 | |
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), 0.170%, 6/3/2021 | 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), 0.170%, 6/3/2021 | 4,900,000 | |
TOTAL | 39,315,000 | ||
South Dakota— 0.1% | |||
3,000,000 | South Dakota Value Added Finance Authority (Prairie Gold Dairy LLC), (Series 2004) Weekly VRDNs, (CoBank, ACB LOC), 0.130%, 6/3/2021 | 3,000,000 | |
Tennessee— 0.9% | |||
25,620,000 | Memphis-Shelby County, TN Industrial Development Board - PCRB (Nucor Steel Memphis, Inc.), (Series 2007) Weekly VRDNs, (GTD by Nucor Corp.), 0.150%, 6/2/2021 | 25,620,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Texas— 9.7% | |||
$ 5,000,000 | Alamo, TX CCD, RBC Muni Products (Series G-111) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 11/1/2021 | $5,000,000 | |
29,000,000 | Calhoun, TX Port Authority (BP PLC), (Series 1998) Weekly VRDNs, 0.150%, 6/2/2021 | 29,000,000 | |
2,100,000 | Dallam County, TX Industrial Development Corp. (Consolidated Dairy Management LLC), (Series 2007) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.130%, 6/3/2021 | 2,100,000 | |
34,000,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP, 0.180%, Mandatory Tender 10/1/2021 | 34,000,000 | |
4,000,000 | Jewett, TX Economic Development Corporation (Nucor Corp.), (Series 2003) Weekly VRDNs, 0.150%, 6/2/2021 | 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), 0.250%, Optional Tender 7/1/2021 | 9,000,000 | |
85,800,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Weekly VRDNs, 0.130%, 6/2/2021 | 85,800,000 | |
12,500,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2003) Weekly VRDNs, 0.170%, 6/2/2021 | 12,500,000 | |
13,200,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2005) Weekly VRDNs, 0.170%, 6/2/2021 | 13,200,000 | |
42,000,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2006) Weekly VRDNs, 0.170%, 6/2/2021 | 42,000,000 | |
35,000,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Weekly VRDNs, 0.170%, 6/2/2021 | 35,000,000 | |
15,000,000 | Texas State Department of Housing & Community Affairs (Onion Creek Housing Partners Ltd.), (Series 2007) Weekly VRDNs, (FNMA LOC), 0.150%, 6/3/2021 | 15,000,000 | |
TOTAL | 286,600,000 | ||
Utah— 3.0% | |||
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), 0.170%, 6/3/2021 | 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), 0.200%, 6/3/2021 | 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), 0.200%, 6/3/2021 | 35,600,000 | |
2,055,000 | Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipts (Series 2020-ZF0916) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.150%, 6/3/2021 | 2,055,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Virginia— continued | |||
$ 3,145,000 | Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipts (Series 2020-ZF0928) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.150%, 6/3/2021 | $3,145,000 | |
TOTAL | 40,800,000 | ||
Washington— 0.1% | |||
1,680,000 | Washington State EDFA (Mesa Dairy, LLC), (Series 2007E) Weekly VRDNs, (Bank of the West, San Francisco, CA LOC), 0.140%, 6/3/2021 | 1,680,000 | |
Wisconsin— 0.5% | |||
6,000,000 | Public Finance Authority, WI (Bradford Preparatory School), Tender Option Bond Trust Receipts (2020-XF2887) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 6/3/2021 | 6,000,000 | |
1,200,000 | Public Finance Authority, WI (Carolina Charter Academy, Inc.), Tender Option Bond Trust Receipts (Series 2021-XF2931) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.250%, 6/3/2021 | 1,200,000 | |
1,650,000 | Public Finance Authority, WI (DCA Lexington Properties, LLC), Tender Option Bond Trust Receipts (Series 2021-XF2933) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.250%, 6/3/2021 | 1,650,000 | |
1,000,000 | Wausau, WI IDA (Apogee Enterprises, Inc.), (Series 2002) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.170%, 6/3/2021 | 1,000,000 | |
890,000 | West Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.360%, 6/3/2021 | 890,000 | |
2,830,000 | Wisconsin State Public Finance Authority (Birchwood Properties LP), (Series 2016) Weekly VRDNs, (FHLB of Des Moines LOC), 0.270%, 6/3/2021 | 2,830,000 | |
TOTAL | 13,570,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.8% (AT AMORTIZED COST)2 | 2,991,501,352 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.8)%3 | (22,738,135) | ||
TOTAL NET ASSETS—100% | $2,968,763,217 |
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: | ||
BANs | —Bond Anticipation Notes | |
CCD | —Community College District | |
CP | —Commercial Paper | |
CSD | —Central School District | |
EDA | —Economic Development Authority | |
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 | |
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 | |
TANs | —Tax Anticipation Notes | |
TOBs | —Tender Option Bonds | |
VMTP | —Variable Municipal Term Preferred | |
VRDNs | —Variable Rate Demand Notes | |
VRDP | —Variable Rate Demand Preferred | |
VRDPs | —Variable Rate Demand Preferreds | |
VRENs | —Variable Rate Extendible Notes |
Year Ended May 31, | Period Ended 5/31/20191 | Year Ended July 31, | ||||
2021 | 2020 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.001 | 0.012 | 0.0132 | 0.011 | 0.001 | 0.001 |
Net realized gain (loss) | 0.0003 | 0.001 | 0.0003 | 0.0003 | 0.001 | 0.0003 |
Total From Investment Operations | 0.001 | 0.013 | 0.013 | 0.011 | 0.002 | 0.001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.001) | (0.013) | (0.013) | (0.011) | (0.001) | (0.001) |
Distributions from net realized gain | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.001) | (0.000)3 |
Total Distributions | (0.001) | (0.013) | (0.013) | (0.011) | (0.002) | (0.001) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 0.13% | 1.27% | 1.27% | 1.12% | 0.72% | 0.17% |
Ratios to Average Net Assets: | ||||||
Net expenses5 | 0.21% | 0.21% | 0.21%6 | 0.21% | 0.21% | 0.17%7 |
Net investment income | 0.12% | 1.24% | 1.52%6 | 1.10% | 0.64% | 0.11% |
Expense waiver/reimbursement8 | 0.09% | 0.09% | 0.09%6 | 0.10% | 0.11% | 0.14% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,372,803 | $1,510,434 | $1,713,390 | $1,163,568 | $667,169 | $1,003,993 |
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 | $2,991,501,352 |
Cash | 1,083,991 |
Income receivable | 5,022,055 |
Receivable for shares sold | 46,475 |
Total Assets | 2,997,653,873 |
Liabilities: | |
Payable for investments purchased | 26,192,206 |
Payable for shares redeemed | 2,253,254 |
Income distribution payable | 4,036 |
Payable for investment adviser fee (Note 5) | 35,703 |
Payable for administrative fee (Note 5) | 25,460 |
Payable for other service fees (Notes 2 and 5) | 27,081 |
Accrued expenses (Note 5) | 352,916 |
Total Liabilities | 28,890,656 |
Net assets for 2,968,695,991 shares outstanding | $2,968,763,217 |
Net Assets Consist of: | |
Paid-in capital | $2,968,675,680 |
Total distributable earnings (loss) | 87,537 |
Total Net Assets | $2,968,763,217 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Automated Shares: | |
$683,243,045 ÷ 683,227,585 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Shares: | |
$4,756,213 ÷ 4,756,106 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Wealth Shares: | |
$1,372,803,413 ÷ 1,372,772,306 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$255,784,787 ÷ 255,778,993 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash II Shares: | |
$74,123,132 ÷ 74,121,454 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash Series Shares: | |
$288,114,549 ÷ 288,108,029 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Capital Shares: | |
$289,938,078 ÷ 289,931,518 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |
Interest | $12,735,125 |
Expenses: | |
Investment adviser fee (Note 5) | 7,485,087 |
Administrative fee (Note 5) | 2,924,768 |
Custodian fees | 115,230 |
Transfer agent fees (Note 2) | 1,194,797 |
Directors’/Trustees’ fees (Note 5) | 17,835 |
Auditing fees | 23,959 |
Legal fees | 47,318 |
Portfolio accounting fees | 260,871 |
Distribution services fee (Note 5) | 1,918,652 |
Other service fees (Notes 2 and 5) | 4,079,994 |
Share registration costs | 282,983 |
Printing and postage | 63,866 |
Miscellaneous (Note 5) | 24,376 |
TOTAL EXPENSES | 18,439,736 |
Waivers and Reimbursements: | |
Waiver of investment adviser fee (Note 5) | (3,268,184) |
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (5,116,911) |
TOTAL WAIVERS AND REIMBURSEMENTS | (8,385,095) |
Net expenses | 10,054,641 |
Net investment income | 2,680,484 |
Net realized gain on investments | 87,172 |
Change in net assets resulting from operations | $2,767,656 |
Year Ended May 31 | 2021 | 2020 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,680,484 | $37,745,198 |
Net realized gain (loss) | 87,172 | 25,170 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 2,767,656 | 37,770,368 |
Distributions to Shareholders: | ||
Automated Shares | (82,942) | (6,350,668) |
Investment Shares | (976) | (176,409) |
Wealth Shares | (2,328,392) | (21,420,026) |
Service Shares | (97,518) | (4,201,420) |
Cash II Shares | (6,463) | (282,489) |
Cash Series Shares | (29,175) | (1,365,363) |
Capital Shares | (228,477) | (3,966,558) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (2,773,943) | (37,762,933) |
Share Transactions: | ||
Proceeds from sale of shares | 5,768,486,888 | 6,290,338,723 |
Net asset value of shares issued to shareholders in payment of distributions declared | 2,386,409 | 33,641,585 |
Cost of shares redeemed | (6,302,848,809) | (6,370,870,305) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (531,975,512) | (46,889,997) |
Change in net assets | (531,981,799) | (46,882,562) |
Net Assets: | ||
Beginning of period | 3,500,745,016 | 3,547,627,578 |
End of period | $2,968,763,217 | $3,500,745,016 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | Transfer Agent Fees Waived by Unaffiliated Third Parties | |
Automated Shares | $799,219 | $— | $(278,178) |
Investment Shares | 8,912 | — | (2,142) |
Wealth Shares | 32,452 | — | — |
Service Shares | 6,377 | — | — |
Cash II Shares | 57,348 | — | (26,353) |
Cash Series Shares | 284,480 | (83,565) | (64,637) |
Capital Shares | 6,009 | (6) | — |
TOTAL | $1,194,797 | $(83,571) | $(371,310) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Automated Shares | $1,959,955 | $(4,075) | $(1,529,460) |
Investment Shares | 23,028 | (610) | (22,238) |
Service Shares | 897,325 | (6,073) | (419,432) |
Cash II Shares | 153,600 | (603) | (152,997) |
Cash Series Shares | 698,843 | (2,879) | (695,964) |
Capital Shares | 347,243 | (22,826) | (93,826) |
TOTAL | $4,079,994 | $(37,066) | $(2,913,917) |
Year Ended 5/31/2021 | Year Ended 5/31/2020 | |||
Automated Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 420,871 | $420,871 | 623,344 | $623,344 |
Shares issued to shareholders in payment of distributions declared | 83 | 83 | 6,345 | 6,345 |
Shares redeemed | (556,273) | (556,273) | (447,938) | (447,938) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | (135,319) | $(135,319) | 181,751 | $181,751 |
Year Ended 5/31/2021 | Year Ended 5/31/2020 | |||
Investment Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 17,902 | $17,902 | 62,570 | $62,570 |
Shares issued to shareholders in payment of distributions declared | 1 | 1 | 162 | 162 |
Shares redeemed | (24,259) | (24,259) | (96,491) | (96,491) |
NET CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS | (6,356) | $(6,356) | (33,759) | $(33,759) |
Year Ended 5/31/2021 | Year Ended 5/31/2020 | |||
Wealth Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 3,727,752 | $3,727,752 | 3,376,792 | $3,376,792 |
Shares issued to shareholders in payment of distributions declared | 1,950 | 1,950 | 18,132 | 18,132 |
Shares redeemed | (3,867,332) | (3,867,332) | (3,597,880) | (3,597,880) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | (137,630) | $(137,630) | (202,956) | $(202,956) |
Year Ended 5/31/2021 | Year Ended 5/31/2020 | |||
Service Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 597,196 | $597,196 | 1,087,931 | $1,087,931 |
Shares issued to shareholders in payment of distributions declared | 89 | 89 | 3,596 | 3,596 |
Shares redeemed | (857,490) | (857,490) | (986,116) | (986,116) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (260,205) | $(260,205) | 105,411 | $105,411 |
Year Ended 5/31/2021 | Year Ended 5/31/2020 | |||
Cash II Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 84,333 | $84,333 | 37,029 | $37,029 |
Shares issued to shareholders in payment of distributions declared | 6 | 6 | 278 | 278 |
Shares redeemed | (54,921) | (54,921) | (43,110) | (43,110) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | 29,418 | $29,418 | (5,803) | $(5,803) |
Year Ended 5/31/2021 | Year Ended 5/31/2020 | |||
Cash Series Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 551,188 | $551,188 | 515,735 | $515,735 |
Shares issued to shareholders in payment of distributions declared | 29 | 29 | 1,353 | 1,353 |
Shares redeemed | (503,548) | (503,548) | (558,317) | (558,317) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | 47,669 | $47,669 | (41,229) | $(41,229) |
Year Ended 5/31/2021 | Year Ended 5/31/2020 | |||
Capital Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 369,245 | $369,245 | 586,938 | $586,938 |
Shares issued to shareholders in payment of distributions declared | 227 | 227 | 3,775 | 3,775 |
Shares redeemed | (439,025) | (439,025) | (641,018) | (641,018) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (69,553) | $(69,553) | (50,305) | $(50,305) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (531,976) | $(531,976) | (46,890) | $(46,890) |
2021 | 2020 | |
Tax-exempt income | $2,757,452 | $37,668,532 |
Ordinary income1 | $15,822 | $84,795 |
Long-term capital gains | $669 | $9,606 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed tax-exempt income | $412 |
Undistributed ordinary income1 | $87,125 |
1 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
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 | $23,071 | $(17,079) |
Cash II Shares | 215,492 | (189,577) |
Cash Series Shares | 1,680,089 | (1,504,391) |
TOTAL | $1,918,652 | $(1,711,047) |
July 23, 2021
Beginning Account Value 12/1/2020 | Ending Account Value 5/31/2021 | Expenses Paid During Period1 | |
Actual | $1,000.00 | $1,000.20 | $1.05 |
Hypothetical (assuming a 5% return before expenses) | $1,000.00 | $1,023.88 | $1.06 |
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 182/365 (to reflect the one-half-year period). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor Emerita of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; Director and Chair, North Catholic High School, Inc.; and Director and Vice Chair, Our Campaign for the Church Alive!, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 Chief Investment Officer Officer since: May 2004 Portfolio Manager since: November 1996 | Principal Occupations: Mary Jo Ochson has been the Fund’s Portfolio Manager since November 1996. Ms. Ochson was named Chief Investment Officer of Federated’s tax-exempt fixed-income products in 2004 and Chief Investment Officer of Federated’s Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund’sAdviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
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 | 73.5% |
Municipal Notes | 15.0% |
Commercial Paper | 11.5% |
Other Assets and Liabilities—Net2,3 | 0.0% |
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. |
3 | Represents less than 0.1%. |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 62.9% |
8-30 Days | 7.1% |
31-90 Days | 21.5% |
91-180 Days | 3.3% |
181 Days or more | 5.2% |
Other Assets and Liabilities—Net2,3 | 0.0% |
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. |
3 | Represents less than 0.1%. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— 100.0% | ||
Alabama— 5.0% | |||
$ 40,000,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-D) Weekly VRDNs, 0.170%, 6/2/2021 | $40,000,000 | |
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), 0.090%, 6/3/2021 | 5,000,000 | |
10,180,000 | Mobile, AL IDB (Alabama Power Co.), (First Series 2009: Barry Plant) Daily VRDNs, 0.040%, 6/1/2021 | 10,180,000 | |
44,300,000 | Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly VRDNs, 0.170%, 6/2/2021 | 44,300,000 | |
33,810,000 | West Jefferson, AL IDB PCRB (Alabama Power Co.), (Series 1998) Weekly VRDNs, 0.130%, 6/1/2021 | 33,810,000 | |
TOTAL | 133,290,000 | ||
California— 8.6% | |||
18,700,000 | California Enterprise Development Authority (Regional Properties, Inc.), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (FHLB of San Francisco LOC), 0.080%, 6/3/2021 | 18,700,000 | |
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), 0.170%, 6/3/2021 | 40,000,000 | |
28,320,000 | California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006E), CP, 0.150%, Mandatory Tender 11/4/2021 | 28,320,000 | |
11,015,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 0.150%, Mandatory Tender 9/2/2021 | 11,015,000 | |
7,310,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.150%, Mandatory Tender 9/2/2021 | 7,310,000 | |
17,450,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.160%, Mandatory Tender 10/13/2021 | 17,450,000 | |
12,395,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.180%, Mandatory Tender 8/11/2021 | 12,395,000 | |
20,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 0.170%, Mandatory Tender 12/7/2021 | 20,000,000 | |
8,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 0.160%, Mandatory Tender 8/12/2021 | 8,000,000 | |
17,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 0.160%, Mandatory Tender 8/4/2021 | 17,000,000 | |
10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009 B-6), CP, 0.170%, Mandatory Tender 8/3/2021 | 10,000,000 | |
5,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009D), CP, 0.220%, Mandatory Tender 6/8/2021 | 5,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 4,500,000 | Lucia Mar, CA USD, Tender Option Bond Trust Receipts (Series 2018-XG0181) Weekly VRDNs, (Bank of America N.A. LIQ), 0.080%, 6/3/2021 | $4,500,000 | |
5,000,000 | San Diego County, CA Water Authority, Commercial Paper Notes (Series 10), CP, 0.140%, Mandatory Tender 7/6/2021 | 5,000,000 | |
13,400,000 | San Francisco, CA City and County (Transbay Block 8 Tower Apartments Obligated Group), Mizuho 3a-7 (2021-MIZ9063) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 6/3/2021 | 13,400,000 | |
10,300,000 | University of California (The Regents of), Tender Option Bond Trust Certificates (Series 2018-ZF2670) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.080%, 6/3/2021 | 10,300,000 | |
TOTAL | 228,390,000 | ||
Colorado— 0.7% | |||
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), 0.040%, 6/3/2021 | 17,570,000 | |
1,300,000 | Colorado HFA (Steele San Juan, LLC), Mizuho 3a-7 (Series 2021-MIZ9068) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 6/3/2021 | 1,300,000 | |
TOTAL | 18,870,000 | ||
Connecticut— 1.3% | |||
28,405,000 | Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.200%, 6/3/2021 | 28,405,000 | |
7,000,000 | East Granby, CT BANs, 1.250%, 7/15/2021 | 7,005,872 | |
TOTAL | 35,410,872 | ||
Florida— 11.2% | |||
6,420,000 | Clearwater, FL Water and Sewer Authority, Solar Eclipse (Series 2017-0014) Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.040%, 6/1/2021 | 6,420,000 | |
5,800,000 | Escambia County, FL (Gulf Power Co.), (Series 1997) Daily VRDNs, 0.050%, 6/1/2021 | 5,800,000 | |
30,100,000 | Escambia County, FL Solid Waste Disposal (Gulf Power Co.) Daily VRDNs, 0.040%, 6/1/2021 | 30,100,000 | |
23,000,000 | Escambia County, FL Solid Waste Disposal (Gulf Power Co.), (First Series 2009) Daily VRDNs, 0.050%, 6/1/2021 | 23,000,000 | |
6,450,000 | Hillsborough County, FL IDA (Baycare Health System), (Series 2020B) Daily VRDNs, (TD Bank, N.A. LOC), 0.020%, 6/1/2021 | 6,450,000 | |
24,760,000 | Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1994), CP, 0.110%, Mandatory Tender 6/3/2021 | 24,760,000 | |
20,300,000 | Jacksonville, FL PCR (Florida Power & Light Co.), Pollution Control Revenue Refunding Bonds (Series 1992), CP, 0.110%, Mandatory Tender 6/3/2021 | 20,300,000 | |
21,840,000 | JEA, FL Electric System, (Series Three 2008B-2: Senior Revenue Bonds) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.080%, 6/2/2021 | 21,840,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Florida— continued | |||
$ 3,145,000 | JEA, FL Water & Sewer System, (2008 Series A-2: Subordinate Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 6/3/2021 | $3,145,000 | |
3,500,000 | Orange County, FL, Health Facilities Authority (Lakeside Behavioral Healthcare, Inc.), (Series 2008) Weekly VRDNs, (Truist Bank LOC), 0.080%, 6/2/2021 | 3,500,000 | |
16,500,000 | Polk County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs, 0.350%, 6/3/2021 | 16,500,000 | |
85,000,000 | St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 0.040%, 6/1/2021 | 85,000,000 | |
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), 0.250%, Optional Tender 7/1/2021 | 7,000,000 | |
45,100,000 | 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), 0.040%, 6/1/2021 | 45,100,000 | |
TOTAL | 298,915,000 | ||
Georgia— 1.0% | |||
2,460,000 | 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), 0.100%, 6/3/2021 | 2,460,000 | |
1,450,000 | Georgia State HFA, Tender Option Bond Trust Receipts (2020-ZF0783) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.100%, 6/3/2021 | 1,450,000 | |
7,340,000 | Georgia State HFA, Tender Option Bond Trust Receipts (Series 2018-ZF0653) Weekly VRDNs, (Bank of America N.A. LIQ), 0.090%, 6/3/2021 | 7,340,000 | |
14,050,000 | Monroe County, GA Development Authority Pollution Control (Oglethorpe Power Corp.), (Series 2010A) Weekly VRDNs, (Truist Bank LOC), 0.130%, 6/2/2021 | 14,050,000 | |
2,100,000 | Savannah, GA EDA (Calvary Day School), (Series 2006) Weekly VRDNs, (Truist Bank LOC), 0.100%, 6/2/2021 | 2,100,000 | |
TOTAL | 27,400,000 | ||
Hawaii— 1.2% | |||
7,940,000 | Hawaii State Department of Budget & Finance (Queen’s Health Systems), (2015 Series B) VRENs, 0.500%, 6/3/2021 | 7,940,000 | |
25,000,000 | Honolulu, HI City & County, (Issue B), CP, (Sumitomo Mitsui Banking Corp. LOC), 0.160%, Mandatory Tender 7/7/2021 | 25,000,000 | |
TOTAL | 32,940,000 | ||
Illinois— 2.3% | |||
600,000 | Chicago, IL MFH Revenue (Churchview Manor Senior Apartments), (Series 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.270%, 6/3/2021 | 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), 0.100%, 6/3/2021 | 16,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Illinois— continued | |||
$ 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), 0.130%, 6/3/2021 | $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), 0.130%, 6/3/2021 | 33,750,000 | |
TOTAL | 61,325,000 | ||
Indiana— 1.1% | |||
12,690,000 | Indiana Development Finance Authority (Archer-Daniels-Midland Co.), (Series 2012) Weekly VRDNs, 0.080%, 6/2/2021 | 12,690,000 | |
17,040,000 | Indiana State Finance Authority (Indiana State), Stage Trust (Series 2020-004) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 6/3/2021 | 17,040,000 | |
TOTAL | 29,730,000 | ||
Kentucky— 1.2% | |||
18,030,000 | Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.100%, 6/4/2021 | 18,030,000 | |
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), 0.090%, 6/3/2021 | 5,105,000 | |
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), 0.250%, Optional Tender 11/1/2021 | 7,500,000 | |
TOTAL | 30,635,000 | ||
Louisiana— 1.3% | |||
910,000 | Louisiana Local Government Environmental Facilities CDA (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs, (FHLB of Dallas LOC), 0.170%, 6/2/2021 | 910,000 | |
10,000,000 | Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2008B) Weekly VRDNs, 0.030%, 6/2/2021 | 10,000,000 | |
3,100,000 | Louisiana State Housing Corporation (Peace Lake Louisiana Tower Community L.P.), Tender Option Bond Trust Floater Certificates (Series 2020-MIZ9053) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.350%, 6/3/2021 | 3,100,000 | |
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), 0.130%, 6/3/2021 | 21,260,000 | |
TOTAL | 35,270,000 | ||
Maryland— 1.1% | |||
7,500,000 | Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 7/1/2021 | 7,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Maryland— continued | |||
$ 21,000,000 | Montgomery County, MD (Trinity Healthcare Credit Group), (Series 2013MD) TOBs, 0.100%, Mandatory Tender 6/1/2021 | $21,000,000 | |
TOTAL | 28,500,000 | ||
Massachusetts— 0.8% | |||
5,600,000 | Commonwealth of Massachusetts, Clipper Tax-Exempt Certificates Trust (Series 2009-69) TOBs, (State Street Bank and Trust Co. LIQ), 0.230%, Optional Tender 6/17/2021 | 5,600,000 | |
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), 0.200%, Optional Tender 6/10/2021 | 5,205,000 | |
795,000 | Massachusetts State Health & Educational Facility (Massachusetts Institute of Technology), Tender Option Bond Trust Receipts (2016-XM0232) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 6/3/2021 | 795,000 | |
10,000,000 | Somerville, MA, (Series A) BANs, 2.000%, 6/4/2021 | 10,001,310 | |
TOTAL | 21,601,310 | ||
Michigan— 2.5% | |||
10,000,000 | 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), 0.090%, 6/3/2021 | 10,000,000 | |
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), 0.130%, 6/3/2021 | 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), 0.150%, 6/3/2021 | 4,000,000 | |
4,000,000 | Michigan Finance Authority 2nd Lien Distributable State Aid (Wayne County, MI), (Series 2021-XM0934) Weekly VRDNs, (GTD by Michigan State)/(Royal Bank of Canada LIQ), 0.110%, 6/3/2021 | 4,000,000 | |
3,500,000 | Michigan State Building Authority, (Series III) VRENs, 0.100%, 6/1/2021 | 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), 0.120%, 6/3/2021 | 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), 0.120%, 6/3/2021 | 3,335,000 | |
13,500,000 | Michigan State Finance Authority Revenue (Trinity Healthcare Credit Group), (Series 2013MI-1) TOBs, 0.100%, Mandatory Tender 6/1/2021 | 13,500,000 | |
3,035,000 | Michigan Strategic Fund (Washtenaw Christian Academy), (Series 2008) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.100%, 6/4/2021 | 3,035,000 | |
1,285,000 | 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), 0.080%, 6/3/2021 | 1,285,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Michigan— continued | |||
$ 11,320,000 | 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), 0.080%, 6/3/2021 | $11,320,000 | |
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), 0.150%, 6/3/2021 | 4,000,000 | |
TOTAL | 65,645,000 | ||
Mississippi— 0.5% | |||
4,670,000 | Mississippi Business Finance Corp. (Gulf Power Co.), (1st Series 2019) Daily VRDNs, 0.050%, 6/1/2021 | 4,670,000 | |
1,178,000 | Mississippi Home Corp. (Jackson Manor Preservation LP), Tender Option Bond Trust Receipts (Series 2021-XF2936) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.250%, 6/3/2021 | 1,178,000 | |
8,150,000 | Perry County, MS (Georgia-Pacific LLC), (Series 2002) Weekly VRDNs, 0.160%, 6/3/2021 | 8,150,000 | |
TOTAL | 13,998,000 | ||
Missouri— 0.8% | |||
2,500,000 | Lees Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.350%, 6/3/2021 | 2,500,000 | |
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), 0.090%, 6/3/2021 | 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), 0.110%, 6/3/2021 | 10,000,000 | |
TOTAL | 20,000,000 | ||
Montana— 0.1% | |||
3,800,000 | Montana State Board of Housing (HRDC IX Affordable Housing Solutions LP), Mizuho 3a-7 (2021-MIZ9061) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 6/3/2021 | 3,800,000 | |
Multi-State— 13.1% | |||
132,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly VRDPs, (Societe Generale, Paris LIQ), 0.110%, 6/3/2021 | 132,000,000 | |
115,400,000 | Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, (Series 2) Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 0.110%, 6/3/2021 | 115,400,000 | |
100,000,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.110%, 6/3/2021 | 100,000,000 | |
TOTAL | 347,400,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Nevada— 0.1% | |||
$ 3,775,000 | Nevada System of Higher Education, Tender Option Bond Trust Certificates (2020-XF2858) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.100%, 6/3/2021 | $3,775,000 | |
New Jersey— 6.9% | |||
4,980,000 | Berkeley Heights Towship, NJ BANs, 1.000%, 7/9/2021 | 4,983,374 | |
5,879,800 | Caldwell Borough, NJ BANs, 1.500%, 4/1/2022 | 5,938,370 | |
2,505,000 | Englewood Cliffs, NJ BANs, 1.000%, 11/12/2021 | 2,510,256 | |
6,235,779 | Englewood Cliffs, NJ BANs, 1.000%, 2/18/2022 | 6,271,507 | |
1,795,000 | Hardyston Township, NJ BANs, 1.000%, 8/27/2021 | 1,797,469 | |
10,490,000 | Hazlet Township, NJ BANs, 0.750%, 8/12/2021 | 10,500,666 | |
1,515,900 | Hillside Township, NJ BANs, 1.000%, 5/27/2022 | 1,526,171 | |
3,000,000 | Ho-Ho-Kus, NJ BANs, 1.250%, 5/6/2022 | 3,027,222 | |
3,770,000 | Kenilworth, NJ BANs, 1.000%, 3/4/2022 | 3,790,155 | |
7,170,000 | Lawrence Township, NJ BANs, 1.000%, 6/11/2021 | 7,170,780 | |
9,409,000 | Long Branch, NJ BANs, 0.750%, 2/2/2022 | 9,440,603 | |
6,478,000 | Middlesex County, NJ BANs, 2.000%, 6/3/2021 | 6,478,566 | |
9,462,100 | Morris Plains, NJ BANs, 1.250%, 6/25/2021 | 9,465,808 | |
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), 0.090%, 6/3/2021 | 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), 0.090%, 6/3/2021 | 17,050,000 | |
30,670,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Clipper Tax-Exempt Certificates Trust (Series 2009-70) Weekly VRDNs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.090%, 6/3/2021 | 30,670,000 | |
7,500,000 | New Jersey Turnpike Authority, RBC Muni Products (Series G-119) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.200%, Optional Tender 7/1/2021 | 7,500,000 | |
14,520,000 | Pennsauken Township, NJ, (Series A) BANs, 1.000%, 6/8/2022 | 14,628,319 | |
10,585,000 | Pennsauken Township, NJ, (Series A) BANs, 1.250%, 6/10/2021 | 10,586,633 | |
10,599,000 | Plainfield, NJ BANs, 1.000%, 8/18/2021 | 10,607,994 | |
4,687,000 | South Orange ViIlage Township, NJ BANs, 1.000%, 12/17/2021 | 4,701,233 | |
5,006,000 | Spotswood, NJ BANs, 1.250%, 12/15/2021 | 5,028,182 | |
TOTAL | 183,983,308 | ||
New York— 11.2% | |||
18,195,000 | Batavia, NY City School District BANs, 1.000%, 6/15/2021 | 18,195,000 | |
5,800,000 | Cooperstown, NY BANs, 1.000%, 1/27/2022 | 5,826,582 | |
6,498,588 | Dundee, NY CSD BANs, 1.500%, 6/25/2021 | 6,501,126 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 3,545,000 | Erie County, NY IDA (Our Lady of Victory Renaissance Corporation), (Series 2007A) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), 0.080%, 6/3/2021 | $3,545,000 | |
15,783,934 | Fallsburg, NY CSD BANs, 1.000%, 6/25/2021 | 15,783,934 | |
10,635,000 | Germantown, NY CSD BANs, 1.500%, 6/25/2021 | 10,639,154 | |
7,119,500 | Hamburg Village, NY BANs, 1.500%, 7/22/2021 | 7,119,500 | |
2,500,000 | Holland Patent, NY CSD BANs, 0.750%, 6/25/2021 | 2,500,850 | |
3,000,000 | Kent, NY BANs, 1.250%, 7/30/2021 | 3,003,230 | |
10,000,000 | Lake Placid, NY CSD BANs, 1.750%, 6/25/2021 | 10,007,180 | |
3,530,000 | Lewiston-Porter, NY CSD BANs, 1.250%, 6/16/2021 | 3,530,864 | |
6,990,000 | Mechanicville, NY City School District BANs, 1.000%, 6/18/2021 | 6,990,000 | |
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), 0.110%, 6/3/2021 | 5,490,000 | |
12,600,000 | New Windsor, NY BANs, 1.250%, 6/25/2021 | 12,605,352 | |
8,200,000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2014 AA-3 Bonds) Daily VRDNs, (TD Bank, N.A. LIQ), 0.020%, 6/1/2021 | 8,200,000 | |
1,000,000 | New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series DD-1) Daily VRDNs, (TD Bank, N.A. LIQ), 0.020%, 6/1/2021 | 1,000,000 | |
58,500,000 | New York City, NY Transitional Finance Authority, Stage Trust 3a-7 (Series 2020-002) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 6/3/2021 | 58,500,000 | |
10,000,000 | New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.250%, 6/3/2021 | 10,000,000 | |
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), 0.110%, 6/3/2021 | 5,540,000 | |
1,350,000 | New York State HFA (326 Riverdale Owners LLC), (Series 2008A: 330 Riverdale Avenue Apartments) Weekly VRDNs, (Bank of America N.A. LOC), 0.040%, 6/2/2021 | 1,350,000 | |
2,535,000 | New York State HFA (600 West 42nd Street), (2009 Series A) Weekly VRDNs, (FNMA LOC), 0.050%, 6/2/2021 | 2,535,000 | |
7,000,000 | 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), 0.200%, Mandatory Tender 6/8/2021 | 7,000,000 | |
50,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Royal Bank of Canada LIQ), 0.100%, 6/3/2021 | 50,000,000 | |
6,735,000 | Otsego County, NY BANs, 1.250%, 3/18/2022 | 6,786,210 | |
4,000,000 | Penfield, NY CSD BANs, 1.000%, 6/29/2021 | 4,002,338 | |
3,662,000 | Salina, NY BANs, 1.250%, 6/11/2021 | 3,662,648 | |
6,000,000 | Springs, NY UFSD TANs, 1.500%, 6/25/2021 | 6,004,301 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 6,093,684 | Union, NY BANs, 0.750%, 2/25/2022 | $6,118,294 | |
4,770,000 | Washington County, NY BANs, 1.000%, 3/25/2022 | 4,799,421 | |
3,900,000 | Webutuck, NY CSD BANs, 1.250%, 6/24/2021 | 3,901,342 | |
6,230,000 | Wilson, NY CSD BANs, 1.250%, 6/22/2021 | 6,232,384 | |
TOTAL | 297,369,710 | ||
North Carolina— 1.7% | |||
3,850,000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), (Series 2007E) Daily VRDNs, (TD Bank, N.A. LOC), 0.020%, 6/1/2021 | 3,850,000 | |
5,080,000 | Clark Township, NJ BANs, 1.000%, 12/2/2021 | 5,092,737 | |
37,375,000 | Person County, NC Industrial Facilities & PCFA (Certainteed Gypsum, Inc.), (Series 2010) Weekly VRDNs, (Credit Industriel et Commercial LOC), 0.080%, 6/3/2021 | 37,375,000 | |
TOTAL | 46,317,737 | ||
Ohio— 3.5% | |||
1,650,000 | Avon, OH, Water System Improvement Revenue Bonds BANs, 1.000%, 1/27/2022 | 1,658,116 | |
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), 0.100%, 6/3/2021 | 33,000,000 | |
23,640,000 | Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.200%, 6/3/2021 | 23,640,000 | |
1,940,000 | Ohio HFA MFH (Windmiller Pointe Apartments LP), (Series 2020-MIZ0950) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 0.350%, 6/3/2021 | 1,940,000 | |
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), 0.200%, 6/3/2021 | 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), 0.250%, Optional Tender 6/1/2021 | 10,000,000 | |
1,385,000 | Olmsted Falls, OH BANs, (GTD by Ohio State), 1.000%, 6/10/2021 | 1,385,190 | |
1,600,000 | Strongsville, OH BANs, 2.000%, 6/10/2021 | 1,600,422 | |
4,500,000 | Tipp City, OH BANs, 0.750%, 2/9/2022 | 4,516,796 | |
TOTAL | 92,540,524 | ||
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), 0.100%, 6/3/2021 | 3,410,000 | |
Pennsylvania— 3.5% | |||
6,400,000 | Allegheny County, PA HDA (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.100%, 6/3/2021 | 6,400,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Pennsylvania— continued | |||
$ 11,460,000 | 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), 0.120%, 6/3/2021 | $11,460,000 | |
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), 0.100%, 6/3/2021 | 4,490,000 | |
2,400,000 | Chester County, PA HEFA (Tel Hai Obligated Group Project), (Series of 2009) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.100%, 6/3/2021 | 2,400,000 | |
1,665,000 | Pennsylvania Economic Development Financing Authority (UPMC Health System), Tender Option Bond Trust Receipts (2015-ZM0088) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.200%, 6/3/2021 | 1,665,000 | |
4,750,000 | Pennsylvania State Turnpike Commission, (Series 2017-ZM0535) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Citibank N.A., New York LIQ), 0.100%, 6/3/2021 | 4,750,000 | |
20,000,000 | Pennsylvania State Turnpike Commission, PUTTERs (Series 5024) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.040%, 6/1/2021 | 20,000,000 | |
10,000,000 | Pennsylvania State Turnpike Commission, PUTTERs (Series 5025) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.040%, 6/1/2021 | 10,000,000 | |
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), 0.130%, 6/3/2021 | 8,975,000 | |
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), 0.350%, 6/3/2021 | 1,525,000 | |
6,865,000 | Philadelphia, PA School District, Tender Option Bond Trust Receipts (Series 2020-XF0881) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 0.090%, 6/3/2021 | 6,865,000 | |
14,000,000 | 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), 0.130%, 6/3/2021 | 14,000,000 | |
TOTAL | 92,530,000 | ||
South Carolina— 1.4% | |||
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), 0.100%, 6/3/2021 | 18,000,000 | |
5,500,000 | South Carolina Public Service Company (Santee Cooper), (Series A), CP, (Barclays Bank PLC LOC), 0.130%, Mandatory Tender 6/2/2021 | 5,500,000 | |
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), 0.250%, Optional Tender 10/1/2021 | 12,670,000 | |
TOTAL | 36,170,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Tennessee— 1.2% | |||
$ 2,900,000 | Blount County, TN Public Building Authority (Knox County, TN), (Series C-3-A) Weekly VRDNs, (Truist Bank LIQ), 0.130%, 6/3/2021 | $2,900,000 | |
4,100,000 | Metropolitan Government Nashville & Davidson County, TN HEFA (Meharry Medical College), (Series 2009) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.100%, 6/4/2021 | 4,100,000 | |
15,000,000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 0.140%, Mandatory Tender 8/11/2021 | 15,000,000 | |
8,305,000 | Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs, (Truist Bank LOC), 0.130%, 6/3/2021 | 8,305,000 | |
165,000 | Shelby County, TN Health Education & Housing Facilities Board (Methodist Le Bonheur Healthcare), (Series 2008B) Daily VRDNs, (Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ), 0.020%, 6/1/2021 | 165,000 | |
TOTAL | 30,470,000 | ||
Texas— 6.2% | |||
30,166,000 | Dallas, TX, (Series A), CP, 0.120%, Mandatory Tender 7/20/2021 | 30,166,000 | |
10,000,000 | Dallas, TX, (Series A), CP, 0.130%, Mandatory Tender 6/23/2021 | 10,000,000 | |
20,000,000 | Houston, TX Combined Utility System, (Series B-4), CP, (PNC Bank, N.A. LOC), 0.130%, Mandatory Tender 6/24/2021 | 20,000,000 | |
7,500,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002B) Weekly VRDNs, 0.100%, 6/2/2021 | 7,500,000 | |
50,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals USA, Inc.), (Series 2010) Weekly VRDNs, (GTD by Total SE), 0.100%, 6/2/2021 | 50,000,000 | |
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, (GTD by Total SE), 0.100%, 6/2/2021 | 41,000,000 | |
4,000,000 | South Texas CCD, (RBC Muni Products G-35) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.080%, 6/3/2021 | 4,000,000 | |
2,000,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Care System), (Series 2011C) Daily VRDNs, (TD Bank, N.A. LOC), 0.020%, 6/1/2021 | 2,000,000 | |
TOTAL | 164,666,000 | ||
Utah— 4.2% | |||
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), 0.170%, 6/3/2021 | 110,320,000 | |
Virginia— 4.9% | |||
4,770,000 | Alexandria, VA, Solar Eclipse (2017-0044) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.100%, 6/3/2021 | 4,770,000 | |
2,255,000 | Fairfax County, VA EDA (Young Men’s Christian Association of Metropolitan Washington), (Series 2001) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.100%, 6/4/2021 | 2,255,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Virginia— continued | |||
$ 3,500,000 | Hampton Roads, VA Transportation Accountability Commission, (Series 2020-ZF0997) Weekly VRDNs, (Bank of America N.A. LIQ), 0.090%, 6/3/2021 | $3,500,000 | |
250,000 | Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003A) Weekly VRDNs, 0.030%, 6/2/2021 | 250,000 | |
5,200,000 | Loudoun County, VA, Solar Eclipse (Series 2017-0038) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.100%, 6/3/2021 | 5,200,000 | |
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), 0.200%, 6/3/2021 | 35,645,000 | |
6,210,000 | Metropolitan Washington, DC Airports Authority (Dulles Metrorail and Capital Improvement Project), Tender Option Bond Trust Certificates (Series 2019-ZM0795) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 6/3/2021 | 6,210,000 | |
2,535,000 | Metropolitan Washington, DC Airports Authority (Dulles Metrorail and Capital Improvement Project), Tender Option Bond Trust Certificates (Series 2019-ZM0796) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 6/3/2021 | 2,535,000 | |
5,330,000 | Roanoke, VA EDA (Carilion Health System Obligated Group), Tender Option Bond Trust Receipts (Series 2020-XF0955) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.100%, 6/3/2021 | 5,330,000 | |
43,245,000 | 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), 0.130%, 6/3/2021 | 43,245,000 | |
2,000,000 | University of Virginia (The Rectors and Visitors of), Solar Eclipse (Series 2017-0017) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.100%, 6/3/2021 | 2,000,000 | |
8,585,000 | 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), 0.150%, 6/3/2021 | 8,585,000 | |
4,500,000 | Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipts (Series 2020-ZF0927) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.150%, 6/3/2021 | 4,500,000 | |
6,640,000 | Virginia State Public Building Authority Public Facilities (Virginia State), RBC Muni Products (Series G-40) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 8/2/2021 | 6,640,000 | |
TOTAL | 130,665,000 | ||
Washington— 0.2% | |||
6,000,000 | University of Washington, (Series A), CP, 0.150%, Mandatory Tender 7/7/2021 | 6,000,000 | |
West Virginia— 0.3% | |||
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), 0.100%, 6/3/2021 | 1,475,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
West Virginia— continued | |||
$ 6,000,000 | West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 0.130%, 6/3/2021 | $6,000,000 | |
TOTAL | 7,475,000 | ||
Wisconsin— 0.8% | |||
5,000,000 | Milwaukee County, WI Metropolitan Sewer District, Solar Eclipse 2017-0036 Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.040%, 6/1/2021 | 5,000,000 | |
5,730,000 | Public Finance Authority, WI (Bradford Preparatory School), Tender Option Bond Trust Receipts (2020-XF2887) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 6/3/2021 | 5,730,000 | |
1,030,000 | Public Finance Authority, WI (Carolina Charter Academy, Inc.), Tender Option Bond Trust Receipts (Series 2021-XF2931) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.250%, 6/3/2021 | 1,030,000 | |
9,331,000 | Wisconsin Center District, Tender Option Bond Trust Receipts (Series 2020-XF1208) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.120%, 6/3/2021 | 9,331,000 | |
TOTAL | 21,091,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.0% (AT AMORTIZED COST)2 | 2,659,903,461 | ||
OTHER ASSETS AND LIABILITIES - NET—0.0%3 | 219,321 | ||
TOTAL NET ASSETS—100% | $2,660,122,782 |
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: | ||
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 | |
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 | |
PCFA | —Pollution Control Finance Authority | |
PCR | —Pollution Control Revenue | |
PCRB | —Pollution Control Revenue Bond | |
PCRBs | —Pollution Control Revenue Bonds | |
PUTTERs | —Puttable Tax-Exempt Receipts | |
TANs | —Tax Anticipation Notes | |
TOBs | —Tender Option Bonds | |
UFSD | —Union Free School District | |
USD | —Unified School District | |
VRDNs | —Variable Rate Demand Notes | |
VRDPs | —Variable Rate Demand Preferreds | |
VRENs | —Variable Rate Extendible Notes |
Year Ended May 31, | Period Ended 5/31/20191 | Year Ended July 31, | ||||
2021 | 2020 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.001 | 0.012 | 0.012 | 0.010 | 0.006 | 0.0002 |
Net realized gain (loss) | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.002 | 0.0002 |
Total From Investment Operations | 0.001 | 0.012 | 0.012 | 0.010 | 0.008 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.001) | (0.012) | (0.012) | (0.010) | (0.006) | (0.000)2 |
Distributions from net realized gain | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.002) | (0.000)2 |
Total Distributions | (0.001) | (0.012) | (0.012) | (0.010) | (0.008) | (0.000)2 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.06% | 1.19% | 1.22% | 1.03% | 0.77% | 0.11% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.21% | 0.21% | 0.21%5 | 0.21% | 0.21% | 0.13%6 |
Net investment income | 0.06% | 1.14% | 1.46%5 | 1.03% | 0.57% | 0.08% |
Expense waiver/ reimbursement7 | 0.09% | 0.08% | 0.09%5 | 0.09% | 0.09% | 0.17% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,415,796 | $4,131,257 | $3,403,098 | $3,054,475 | $2,270,120 | $4,088,135 |
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 ratio was 0.13% for the year ended July 31, 2016, 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. |
Year Ended May 31, | Period Ended 5/31/20191, 2 | ||
2021 | 2020 | ||
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 (loss) | 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 | (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 | 0.06% | 1.19% | 0.55% |
Ratios to Average Net Assets: | |||
Net expenses5 | 0.21% | 0.21% | 0.22%6 |
Net investment income | 0.07% | 1.06% | 1.61%6 |
Expense waiver/reimbursement7 | 0.09% | 0.09% | 0.09%6 |
Supplemental Data: | |||
Net assets, end of period (000 omitted) | $18,161 | $42,186 | $5,368 |
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. |
Year Ended May 31, | Period Ended 5/31/20191 | Year Ended July 31, | ||||
2021 | 2020 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0002 | 0.009 | 0.010 | 0.008 | 0.003 | 0.0002 |
Net realized gain (loss) | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.002 | 0.0002 |
Total From Investment Operations | 0.0002 | 0.009 | 0.010 | 0.008 | 0.005 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.000)2 | (0.009) | (0.010) | (0.008) | (0.003) | (0.000)2 |
Distributions from net realized gain | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.002) | (0.000)2 |
Total Distributions | (0.000)2 | (0.009) | (0.010) | (0.008) | (0.005) | (0.000)2 |
Net Asset Value, End of Period | $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% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.26% | 0.46% | 0.46%5 | 0.46% | 0.46% | 0.20%6 |
Net investment income | 0.01% | 0.90% | 1.20%5 | 0.75% | 0.31% | 0.01% |
Expense waiver/reimbursement7 | 0.29% | 0.08% | 0.09%5 | 0.09% | 0.09% | 0.34% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $226,166 | $217,345 | $213,406 | $297,390 | $228,340 | $584,889 |
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 ratio was 0.20% for the year ended July 31, 2016, 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 | $2,659,903,461 |
Cash | 380,252 |
Income receivable | 3,027,870 |
Receivable for investments sold | 13,017,778 |
Receivable for shares sold | 792,081 |
Total Assets | 2,677,121,442 |
Liabilities: | |
Payable for investments purchased | 14,628,319 |
Payable for shares redeemed | 2,127,486 |
Income distribution payable | 6,735 |
Payable for investment adviser fee (Note 5) | 20,369 |
Payable for administrative fee (Note 5) | 22,810 |
Accrued expenses (Note 5) | 192,941 |
Total Liabilities | 16,998,660 |
Net assets for 2,659,897,591 shares outstanding | $2,660,122,782 |
Net Assets Consist of: | |
Paid-in capital | $2,659,878,108 |
Total distributable earnings (loss) | 244,674 |
Total Net Assets | $2,660,122,782 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Wealth Shares: | |
$2,415,796,011 ÷ 2,415,591,501 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Advisor Shares: | |
$18,161,172 ÷ 18,159,634 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$226,165,599 ÷ 226,146,456 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |
Interest | $9,210,988 |
Expenses: | |
Investment adviser fee (Note 5) | 6,733,283 |
Administrative fee (Note 5) | 2,629,899 |
Custodian fees | 107,251 |
Transfer agent fees | 29,399 |
Directors’/Trustees’ fees (Note 5) | 17,387 |
Auditing fees | 23,960 |
Legal fees | 60,978 |
Portfolio accounting fees | 223,261 |
Other service fees (Notes 2 and 5) | 486,836 |
Share registration costs | 109,944 |
Printing and postage | 42,507 |
Miscellaneous (Note 5) | 66,970 |
TOTAL EXPENSES | 10,531,675 |
Waivers and Reimbursement: | |
Waiver of investment adviser fee (Note 5) | (2,985,487) |
Waivers/reimbursement of other operating expenses (Notes 2 and 5) | (392,494) |
TOTAL WAIVERS AND REIMBURSEMENT | (3,377,981) |
Net expenses | 7,153,694 |
Net investment income | 2,057,294 |
Net realized gain on investments | 201,562 |
Change in net assets resulting from operations | $2,258,856 |
Year Ended May 31 | 2021 | 2020 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,057,294 | $43,690,951 |
Net realized gain (loss) | 201,562 | 195,988 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 2,258,856 | 43,886,939 |
Distributions to Shareholders: | ||
Wealth Shares | (2,157,193) | (41,635,532) |
Advisor Shares | (24,678) | (220,725) |
Service Shares | (22,867) | (1,979,395) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (2,204,738) | (43,835,652) |
Share Transactions: | ||
Proceeds from sale of shares | 3,970,745,002 | 7,422,033,123 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,557,805 | 31,491,557 |
Cost of shares redeemed | (5,703,022,395) | (6,684,659,479) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (1,730,719,588) | 768,865,201 |
Change in net assets | (1,730,665,470) | 768,916,488 |
Net Assets: | ||
Beginning of period | 4,390,788,252 | 3,621,871,764 |
End of period | $2,660,122,782 | $4,390,788,252 |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $486,836 | $(56,152) | $(336,342) |
Year Ended 5/31/2021 | Year Ended 5/31/2020 | |||
Wealth Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 3,567,284 | $3,567,284 | 6,907,490 | $6,907,490 |
Shares issued to shareholders in payment of distributions declared | 1,520 | 1,520 | 30,085 | 30,085 |
Shares redeemed | (5,284,309) | (5,284,309) | (6,209,464) | (6,209,464) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | (1,715,505) | $(1,715,505) | 728,111 | $728,111 |
Year Ended 5/31/2021 | Year Ended 5/31/2020 | |||
Advisor Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 25,701 | $25,701 | 70,846 | $70,846 |
Shares issued to shareholders in payment of distributions declared | 25 | 25 | 221 | 221 |
Shares redeemed | (49,750) | (49,750) | (34,251) | (34,251) |
NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS | (24,024) | $(24,024) | 36,816 | $36,816 |
Year Ended 5/31/2021 | Year Ended 5/31/2020 | |||
Service Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 377,759 | $377,759 | 443,697 | $443,697 |
Shares issued to shareholders in payment of distributions declared | 13 | 13 | 1,186 | 1,186 |
Shares redeemed | (368,963) | (368,963) | (440,945) | (440,945) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 8,809 | $8,809 | 3,938 | $3,938 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (1,730,720) | $(1,730,720) | 768,865 | $768,865 |
2021 | 2020 | |
Tax-exempt income | $2,147,124 | $43,515,158 |
Ordinary income1 | $14,565 | $118,017 |
Long-term capital gains | $43,049 | $202,477 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed tax-exempt income | $78,651 |
Undistributed ordinary income1 | $163,829 |
Undistributed long-term capital gains | $2,194 |
1 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
July 23, 2021
Beginning Account Value 12/1/2020 | Ending Account Value 5/31/2021 | Expenses Paid During Period1 | |
Actual: | |||
Wealth Shares | $1,000 | $1,000.10 | $1.05 |
Advisor Shares | $1,000 | $1,000.10 | $1.05 |
Service Shares | $1,000 | $1,000.10 | $21.05 |
Hypothetical (assuming a 5% return before expenses): | |||
Wealth Shares | $1,000 | $1,023.88 | $1.06 |
Advisor Shares | $1,000 | $1,023.88 | $1.06 |
Service Shares | $1,000 | $1,023.88 | $21.06 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/365 (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 | 0.21% |
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 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.29 and $2.32, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor Emerita of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; Director and Chair, North Catholic High School, Inc.; and Director and Vice Chair, Our Campaign for the Church Alive!, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004 Portfolio Manager since: December 1989 | Principal Occupations: Mary Jo Ochson has been the Fund’s Portfolio Manager since December 1989. Ms. Ochson was named Chief Investment Officer of Federated’s tax-exempt fixed-income products in 2004 and Chief Investment Officer of Federated’s Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund’s Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
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 Money Market Obligations Trust
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 73.5% |
Municipal Notes | 15.0% |
Commercial Paper | 11.5% |
Other Assets and Liabilities—Net2,3 | 0.0% |
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. |
3 | Represents less than 0.1%. |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 62.9% |
8-30 Days | 7.1% |
31-90 Days | 21.5% |
91-180 Days | 3.3% |
181 Days or more | 5.2% |
Other Assets and Liabilities—Net2,3 | 0.0% |
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. |
3 | Represents less than 0.1%. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— 100.0% | ||
Alabama— 5.0% | |||
$ 40,000,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-D) Weekly VRDNs, 0.170%, 6/2/2021 | $40,000,000 | |
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), 0.090%, 6/3/2021 | 5,000,000 | |
10,180,000 | Mobile, AL IDB (Alabama Power Co.), (First Series 2009: Barry Plant) Daily VRDNs, 0.040%, 6/1/2021 | 10,180,000 | |
44,300,000 | Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly VRDNs, 0.170%, 6/2/2021 | 44,300,000 | |
33,810,000 | West Jefferson, AL IDB PCRB (Alabama Power Co.), (Series 1998) Weekly VRDNs, 0.130%, 6/1/2021 | 33,810,000 | |
TOTAL | 133,290,000 | ||
California— 8.6% | |||
18,700,000 | California Enterprise Development Authority (Regional Properties, Inc.), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (FHLB of San Francisco LOC), 0.080%, 6/3/2021 | 18,700,000 | |
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), 0.170%, 6/3/2021 | 40,000,000 | |
28,320,000 | California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006E), CP, 0.150%, Mandatory Tender 11/4/2021 | 28,320,000 | |
11,015,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 0.150%, Mandatory Tender 9/2/2021 | 11,015,000 | |
7,310,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.150%, Mandatory Tender 9/2/2021 | 7,310,000 | |
17,450,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.160%, Mandatory Tender 10/13/2021 | 17,450,000 | |
12,395,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.180%, Mandatory Tender 8/11/2021 | 12,395,000 | |
20,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 0.170%, Mandatory Tender 12/7/2021 | 20,000,000 | |
8,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 0.160%, Mandatory Tender 8/12/2021 | 8,000,000 | |
17,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 0.160%, Mandatory Tender 8/4/2021 | 17,000,000 | |
10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009 B-6), CP, 0.170%, Mandatory Tender 8/3/2021 | 10,000,000 | |
5,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009D), CP, 0.220%, Mandatory Tender 6/8/2021 | 5,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 4,500,000 | Lucia Mar, CA USD, Tender Option Bond Trust Receipts (Series 2018-XG0181) Weekly VRDNs, (Bank of America N.A. LIQ), 0.080%, 6/3/2021 | $4,500,000 | |
5,000,000 | San Diego County, CA Water Authority, Commercial Paper Notes (Series 10), CP, 0.140%, Mandatory Tender 7/6/2021 | 5,000,000 | |
13,400,000 | San Francisco, CA City and County (Transbay Block 8 Tower Apartments Obligated Group), Mizuho 3a-7 (2021-MIZ9063) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 6/3/2021 | 13,400,000 | |
10,300,000 | University of California (The Regents of), Tender Option Bond Trust Certificates (Series 2018-ZF2670) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.080%, 6/3/2021 | 10,300,000 | |
TOTAL | 228,390,000 | ||
Colorado— 0.7% | |||
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), 0.040%, 6/3/2021 | 17,570,000 | |
1,300,000 | Colorado HFA (Steele San Juan, LLC), Mizuho 3a-7 (Series 2021-MIZ9068) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 6/3/2021 | 1,300,000 | |
TOTAL | 18,870,000 | ||
Connecticut— 1.3% | |||
28,405,000 | Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.200%, 6/3/2021 | 28,405,000 | |
7,000,000 | East Granby, CT BANs, 1.250%, 7/15/2021 | 7,005,872 | |
TOTAL | 35,410,872 | ||
Florida— 11.2% | |||
6,420,000 | Clearwater, FL Water and Sewer Authority, Solar Eclipse (Series 2017-0014) Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.040%, 6/1/2021 | 6,420,000 | |
5,800,000 | Escambia County, FL (Gulf Power Co.), (Series 1997) Daily VRDNs, 0.050%, 6/1/2021 | 5,800,000 | |
30,100,000 | Escambia County, FL Solid Waste Disposal (Gulf Power Co.) Daily VRDNs, 0.040%, 6/1/2021 | 30,100,000 | |
23,000,000 | Escambia County, FL Solid Waste Disposal (Gulf Power Co.), (First Series 2009) Daily VRDNs, 0.050%, 6/1/2021 | 23,000,000 | |
6,450,000 | Hillsborough County, FL IDA (Baycare Health System), (Series 2020B) Daily VRDNs, (TD Bank, N.A. LOC), 0.020%, 6/1/2021 | 6,450,000 | |
24,760,000 | Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1994), CP, 0.110%, Mandatory Tender 6/3/2021 | 24,760,000 | |
20,300,000 | Jacksonville, FL PCR (Florida Power & Light Co.), Pollution Control Revenue Refunding Bonds (Series 1992), CP, 0.110%, Mandatory Tender 6/3/2021 | 20,300,000 | |
21,840,000 | JEA, FL Electric System, (Series Three 2008B-2: Senior Revenue Bonds) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.080%, 6/2/2021 | 21,840,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Florida— continued | |||
$ 3,145,000 | JEA, FL Water & Sewer System, (2008 Series A-2: Subordinate Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 6/3/2021 | $3,145,000 | |
3,500,000 | Orange County, FL, Health Facilities Authority (Lakeside Behavioral Healthcare, Inc.), (Series 2008) Weekly VRDNs, (Truist Bank LOC), 0.080%, 6/2/2021 | 3,500,000 | |
16,500,000 | Polk County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs, 0.350%, 6/3/2021 | 16,500,000 | |
85,000,000 | St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 0.040%, 6/1/2021 | 85,000,000 | |
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), 0.250%, Optional Tender 7/1/2021 | 7,000,000 | |
45,100,000 | 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), 0.040%, 6/1/2021 | 45,100,000 | |
TOTAL | 298,915,000 | ||
Georgia— 1.0% | |||
2,460,000 | 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), 0.100%, 6/3/2021 | 2,460,000 | |
1,450,000 | Georgia State HFA, Tender Option Bond Trust Receipts (2020-ZF0783) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.100%, 6/3/2021 | 1,450,000 | |
7,340,000 | Georgia State HFA, Tender Option Bond Trust Receipts (Series 2018-ZF0653) Weekly VRDNs, (Bank of America N.A. LIQ), 0.090%, 6/3/2021 | 7,340,000 | |
14,050,000 | Monroe County, GA Development Authority Pollution Control (Oglethorpe Power Corp.), (Series 2010A) Weekly VRDNs, (Truist Bank LOC), 0.130%, 6/2/2021 | 14,050,000 | |
2,100,000 | Savannah, GA EDA (Calvary Day School), (Series 2006) Weekly VRDNs, (Truist Bank LOC), 0.100%, 6/2/2021 | 2,100,000 | |
TOTAL | 27,400,000 | ||
Hawaii— 1.2% | |||
7,940,000 | Hawaii State Department of Budget & Finance (Queen’s Health Systems), (2015 Series B) VRENs, 0.500%, 6/3/2021 | 7,940,000 | |
25,000,000 | Honolulu, HI City & County, (Issue B), CP, (Sumitomo Mitsui Banking Corp. LOC), 0.160%, Mandatory Tender 7/7/2021 | 25,000,000 | |
TOTAL | 32,940,000 | ||
Illinois— 2.3% | |||
600,000 | Chicago, IL MFH Revenue (Churchview Manor Senior Apartments), (Series 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.270%, 6/3/2021 | 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), 0.100%, 6/3/2021 | 16,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Illinois— continued | |||
$ 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), 0.130%, 6/3/2021 | $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), 0.130%, 6/3/2021 | 33,750,000 | |
TOTAL | 61,325,000 | ||
Indiana— 1.1% | |||
12,690,000 | Indiana Development Finance Authority (Archer-Daniels-Midland Co.), (Series 2012) Weekly VRDNs, 0.080%, 6/2/2021 | 12,690,000 | |
17,040,000 | Indiana State Finance Authority (Indiana State), Stage Trust (Series 2020-004) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 6/3/2021 | 17,040,000 | |
TOTAL | 29,730,000 | ||
Kentucky— 1.2% | |||
18,030,000 | Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.100%, 6/4/2021 | 18,030,000 | |
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), 0.090%, 6/3/2021 | 5,105,000 | |
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), 0.250%, Optional Tender 11/1/2021 | 7,500,000 | |
TOTAL | 30,635,000 | ||
Louisiana— 1.3% | |||
910,000 | Louisiana Local Government Environmental Facilities CDA (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs, (FHLB of Dallas LOC), 0.170%, 6/2/2021 | 910,000 | |
10,000,000 | Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2008B) Weekly VRDNs, 0.030%, 6/2/2021 | 10,000,000 | |
3,100,000 | Louisiana State Housing Corporation (Peace Lake Louisiana Tower Community L.P.), Tender Option Bond Trust Floater Certificates (Series 2020-MIZ9053) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.350%, 6/3/2021 | 3,100,000 | |
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), 0.130%, 6/3/2021 | 21,260,000 | |
TOTAL | 35,270,000 | ||
Maryland— 1.1% | |||
7,500,000 | Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 7/1/2021 | 7,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Maryland— continued | |||
$ 21,000,000 | Montgomery County, MD (Trinity Healthcare Credit Group), (Series 2013MD) TOBs, 0.100%, Mandatory Tender 6/1/2021 | $21,000,000 | |
TOTAL | 28,500,000 | ||
Massachusetts— 0.8% | |||
5,600,000 | Commonwealth of Massachusetts, Clipper Tax-Exempt Certificates Trust (Series 2009-69) TOBs, (State Street Bank and Trust Co. LIQ), 0.230%, Optional Tender 6/17/2021 | 5,600,000 | |
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), 0.200%, Optional Tender 6/10/2021 | 5,205,000 | |
795,000 | Massachusetts State Health & Educational Facility (Massachusetts Institute of Technology), Tender Option Bond Trust Receipts (2016-XM0232) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 6/3/2021 | 795,000 | |
10,000,000 | Somerville, MA, (Series A) BANs, 2.000%, 6/4/2021 | 10,001,310 | |
TOTAL | 21,601,310 | ||
Michigan— 2.5% | |||
10,000,000 | 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), 0.090%, 6/3/2021 | 10,000,000 | |
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), 0.130%, 6/3/2021 | 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), 0.150%, 6/3/2021 | 4,000,000 | |
4,000,000 | Michigan Finance Authority 2nd Lien Distributable State Aid (Wayne County, MI), (Series 2021-XM0934) Weekly VRDNs, (GTD by Michigan State)/(Royal Bank of Canada LIQ), 0.110%, 6/3/2021 | 4,000,000 | |
3,500,000 | Michigan State Building Authority, (Series III) VRENs, 0.100%, 6/1/2021 | 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), 0.120%, 6/3/2021 | 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), 0.120%, 6/3/2021 | 3,335,000 | |
13,500,000 | Michigan State Finance Authority Revenue (Trinity Healthcare Credit Group), (Series 2013MI-1) TOBs, 0.100%, Mandatory Tender 6/1/2021 | 13,500,000 | |
3,035,000 | Michigan Strategic Fund (Washtenaw Christian Academy), (Series 2008) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.100%, 6/4/2021 | 3,035,000 | |
1,285,000 | 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), 0.080%, 6/3/2021 | 1,285,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Michigan— continued | |||
$ 11,320,000 | 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), 0.080%, 6/3/2021 | $11,320,000 | |
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), 0.150%, 6/3/2021 | 4,000,000 | |
TOTAL | 65,645,000 | ||
Mississippi— 0.5% | |||
4,670,000 | Mississippi Business Finance Corp. (Gulf Power Co.), (1st Series 2019) Daily VRDNs, 0.050%, 6/1/2021 | 4,670,000 | |
1,178,000 | Mississippi Home Corp. (Jackson Manor Preservation LP), Tender Option Bond Trust Receipts (Series 2021-XF2936) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.250%, 6/3/2021 | 1,178,000 | |
8,150,000 | Perry County, MS (Georgia-Pacific LLC), (Series 2002) Weekly VRDNs, 0.160%, 6/3/2021 | 8,150,000 | |
TOTAL | 13,998,000 | ||
Missouri— 0.8% | |||
2,500,000 | Lees Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.350%, 6/3/2021 | 2,500,000 | |
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), 0.090%, 6/3/2021 | 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), 0.110%, 6/3/2021 | 10,000,000 | |
TOTAL | 20,000,000 | ||
Montana— 0.1% | |||
3,800,000 | Montana State Board of Housing (HRDC IX Affordable Housing Solutions LP), Mizuho 3a-7 (2021-MIZ9061) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 6/3/2021 | 3,800,000 | |
Multi-State— 13.1% | |||
132,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly VRDPs, (Societe Generale, Paris LIQ), 0.110%, 6/3/2021 | 132,000,000 | |
115,400,000 | Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, (Series 2) Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 0.110%, 6/3/2021 | 115,400,000 | |
100,000,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.110%, 6/3/2021 | 100,000,000 | |
TOTAL | 347,400,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Nevada— 0.1% | |||
$ 3,775,000 | Nevada System of Higher Education, Tender Option Bond Trust Certificates (2020-XF2858) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.100%, 6/3/2021 | $3,775,000 | |
New Jersey— 6.9% | |||
4,980,000 | Berkeley Heights Towship, NJ BANs, 1.000%, 7/9/2021 | 4,983,374 | |
5,879,800 | Caldwell Borough, NJ BANs, 1.500%, 4/1/2022 | 5,938,370 | |
2,505,000 | Englewood Cliffs, NJ BANs, 1.000%, 11/12/2021 | 2,510,256 | |
6,235,779 | Englewood Cliffs, NJ BANs, 1.000%, 2/18/2022 | 6,271,507 | |
1,795,000 | Hardyston Township, NJ BANs, 1.000%, 8/27/2021 | 1,797,469 | |
10,490,000 | Hazlet Township, NJ BANs, 0.750%, 8/12/2021 | 10,500,666 | |
1,515,900 | Hillside Township, NJ BANs, 1.000%, 5/27/2022 | 1,526,171 | |
3,000,000 | Ho-Ho-Kus, NJ BANs, 1.250%, 5/6/2022 | 3,027,222 | |
3,770,000 | Kenilworth, NJ BANs, 1.000%, 3/4/2022 | 3,790,155 | |
7,170,000 | Lawrence Township, NJ BANs, 1.000%, 6/11/2021 | 7,170,780 | |
9,409,000 | Long Branch, NJ BANs, 0.750%, 2/2/2022 | 9,440,603 | |
6,478,000 | Middlesex County, NJ BANs, 2.000%, 6/3/2021 | 6,478,566 | |
9,462,100 | Morris Plains, NJ BANs, 1.250%, 6/25/2021 | 9,465,808 | |
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), 0.090%, 6/3/2021 | 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), 0.090%, 6/3/2021 | 17,050,000 | |
30,670,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Clipper Tax-Exempt Certificates Trust (Series 2009-70) Weekly VRDNs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.090%, 6/3/2021 | 30,670,000 | |
7,500,000 | New Jersey Turnpike Authority, RBC Muni Products (Series G-119) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.200%, Optional Tender 7/1/2021 | 7,500,000 | |
14,520,000 | Pennsauken Township, NJ, (Series A) BANs, 1.000%, 6/8/2022 | 14,628,319 | |
10,585,000 | Pennsauken Township, NJ, (Series A) BANs, 1.250%, 6/10/2021 | 10,586,633 | |
10,599,000 | Plainfield, NJ BANs, 1.000%, 8/18/2021 | 10,607,994 | |
4,687,000 | South Orange ViIlage Township, NJ BANs, 1.000%, 12/17/2021 | 4,701,233 | |
5,006,000 | Spotswood, NJ BANs, 1.250%, 12/15/2021 | 5,028,182 | |
TOTAL | 183,983,308 | ||
New York— 11.2% | |||
18,195,000 | Batavia, NY City School District BANs, 1.000%, 6/15/2021 | 18,195,000 | |
5,800,000 | Cooperstown, NY BANs, 1.000%, 1/27/2022 | 5,826,582 | |
6,498,588 | Dundee, NY CSD BANs, 1.500%, 6/25/2021 | 6,501,126 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 3,545,000 | Erie County, NY IDA (Our Lady of Victory Renaissance Corporation), (Series 2007A) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), 0.080%, 6/3/2021 | $3,545,000 | |
15,783,934 | Fallsburg, NY CSD BANs, 1.000%, 6/25/2021 | 15,783,934 | |
10,635,000 | Germantown, NY CSD BANs, 1.500%, 6/25/2021 | 10,639,154 | |
7,119,500 | Hamburg Village, NY BANs, 1.500%, 7/22/2021 | 7,119,500 | |
2,500,000 | Holland Patent, NY CSD BANs, 0.750%, 6/25/2021 | 2,500,850 | |
3,000,000 | Kent, NY BANs, 1.250%, 7/30/2021 | 3,003,230 | |
10,000,000 | Lake Placid, NY CSD BANs, 1.750%, 6/25/2021 | 10,007,180 | |
3,530,000 | Lewiston-Porter, NY CSD BANs, 1.250%, 6/16/2021 | 3,530,864 | |
6,990,000 | Mechanicville, NY City School District BANs, 1.000%, 6/18/2021 | 6,990,000 | |
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), 0.110%, 6/3/2021 | 5,490,000 | |
12,600,000 | New Windsor, NY BANs, 1.250%, 6/25/2021 | 12,605,352 | |
8,200,000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2014 AA-3 Bonds) Daily VRDNs, (TD Bank, N.A. LIQ), 0.020%, 6/1/2021 | 8,200,000 | |
1,000,000 | New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series DD-1) Daily VRDNs, (TD Bank, N.A. LIQ), 0.020%, 6/1/2021 | 1,000,000 | |
58,500,000 | New York City, NY Transitional Finance Authority, Stage Trust 3a-7 (Series 2020-002) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 6/3/2021 | 58,500,000 | |
10,000,000 | New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.250%, 6/3/2021 | 10,000,000 | |
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), 0.110%, 6/3/2021 | 5,540,000 | |
1,350,000 | New York State HFA (326 Riverdale Owners LLC), (Series 2008A: 330 Riverdale Avenue Apartments) Weekly VRDNs, (Bank of America N.A. LOC), 0.040%, 6/2/2021 | 1,350,000 | |
2,535,000 | New York State HFA (600 West 42nd Street), (2009 Series A) Weekly VRDNs, (FNMA LOC), 0.050%, 6/2/2021 | 2,535,000 | |
7,000,000 | 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), 0.200%, Mandatory Tender 6/8/2021 | 7,000,000 | |
50,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Royal Bank of Canada LIQ), 0.100%, 6/3/2021 | 50,000,000 | |
6,735,000 | Otsego County, NY BANs, 1.250%, 3/18/2022 | 6,786,210 | |
4,000,000 | Penfield, NY CSD BANs, 1.000%, 6/29/2021 | 4,002,338 | |
3,662,000 | Salina, NY BANs, 1.250%, 6/11/2021 | 3,662,648 | |
6,000,000 | Springs, NY UFSD TANs, 1.500%, 6/25/2021 | 6,004,301 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 6,093,684 | Union, NY BANs, 0.750%, 2/25/2022 | $6,118,294 | |
4,770,000 | Washington County, NY BANs, 1.000%, 3/25/2022 | 4,799,421 | |
3,900,000 | Webutuck, NY CSD BANs, 1.250%, 6/24/2021 | 3,901,342 | |
6,230,000 | Wilson, NY CSD BANs, 1.250%, 6/22/2021 | 6,232,384 | |
TOTAL | 297,369,710 | ||
North Carolina— 1.7% | |||
3,850,000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), (Series 2007E) Daily VRDNs, (TD Bank, N.A. LOC), 0.020%, 6/1/2021 | 3,850,000 | |
5,080,000 | Clark Township, NJ BANs, 1.000%, 12/2/2021 | 5,092,737 | |
37,375,000 | Person County, NC Industrial Facilities & PCFA (Certainteed Gypsum, Inc.), (Series 2010) Weekly VRDNs, (Credit Industriel et Commercial LOC), 0.080%, 6/3/2021 | 37,375,000 | |
TOTAL | 46,317,737 | ||
Ohio— 3.5% | |||
1,650,000 | Avon, OH, Water System Improvement Revenue Bonds BANs, 1.000%, 1/27/2022 | 1,658,116 | |
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), 0.100%, 6/3/2021 | 33,000,000 | |
23,640,000 | Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.200%, 6/3/2021 | 23,640,000 | |
1,940,000 | Ohio HFA MFH (Windmiller Pointe Apartments LP), (Series 2020-MIZ0950) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 0.350%, 6/3/2021 | 1,940,000 | |
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), 0.200%, 6/3/2021 | 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), 0.250%, Optional Tender 6/1/2021 | 10,000,000 | |
1,385,000 | Olmsted Falls, OH BANs, (GTD by Ohio State), 1.000%, 6/10/2021 | 1,385,190 | |
1,600,000 | Strongsville, OH BANs, 2.000%, 6/10/2021 | 1,600,422 | |
4,500,000 | Tipp City, OH BANs, 0.750%, 2/9/2022 | 4,516,796 | |
TOTAL | 92,540,524 | ||
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), 0.100%, 6/3/2021 | 3,410,000 | |
Pennsylvania— 3.5% | |||
6,400,000 | Allegheny County, PA HDA (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.100%, 6/3/2021 | 6,400,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Pennsylvania— continued | |||
$ 11,460,000 | 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), 0.120%, 6/3/2021 | $11,460,000 | |
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), 0.100%, 6/3/2021 | 4,490,000 | |
2,400,000 | Chester County, PA HEFA (Tel Hai Obligated Group Project), (Series of 2009) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.100%, 6/3/2021 | 2,400,000 | |
1,665,000 | Pennsylvania Economic Development Financing Authority (UPMC Health System), Tender Option Bond Trust Receipts (2015-ZM0088) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.200%, 6/3/2021 | 1,665,000 | |
4,750,000 | Pennsylvania State Turnpike Commission, (Series 2017-ZM0535) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Citibank N.A., New York LIQ), 0.100%, 6/3/2021 | 4,750,000 | |
20,000,000 | Pennsylvania State Turnpike Commission, PUTTERs (Series 5024) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.040%, 6/1/2021 | 20,000,000 | |
10,000,000 | Pennsylvania State Turnpike Commission, PUTTERs (Series 5025) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.040%, 6/1/2021 | 10,000,000 | |
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), 0.130%, 6/3/2021 | 8,975,000 | |
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), 0.350%, 6/3/2021 | 1,525,000 | |
6,865,000 | Philadelphia, PA School District, Tender Option Bond Trust Receipts (Series 2020-XF0881) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 0.090%, 6/3/2021 | 6,865,000 | |
14,000,000 | 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), 0.130%, 6/3/2021 | 14,000,000 | |
TOTAL | 92,530,000 | ||
South Carolina— 1.4% | |||
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), 0.100%, 6/3/2021 | 18,000,000 | |
5,500,000 | South Carolina Public Service Company (Santee Cooper), (Series A), CP, (Barclays Bank PLC LOC), 0.130%, Mandatory Tender 6/2/2021 | 5,500,000 | |
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), 0.250%, Optional Tender 10/1/2021 | 12,670,000 | |
TOTAL | 36,170,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Tennessee— 1.2% | |||
$ 2,900,000 | Blount County, TN Public Building Authority (Knox County, TN), (Series C-3-A) Weekly VRDNs, (Truist Bank LIQ), 0.130%, 6/3/2021 | $2,900,000 | |
4,100,000 | Metropolitan Government Nashville & Davidson County, TN HEFA (Meharry Medical College), (Series 2009) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.100%, 6/4/2021 | 4,100,000 | |
15,000,000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 0.140%, Mandatory Tender 8/11/2021 | 15,000,000 | |
8,305,000 | Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs, (Truist Bank LOC), 0.130%, 6/3/2021 | 8,305,000 | |
165,000 | Shelby County, TN Health Education & Housing Facilities Board (Methodist Le Bonheur Healthcare), (Series 2008B) Daily VRDNs, (Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ), 0.020%, 6/1/2021 | 165,000 | |
TOTAL | 30,470,000 | ||
Texas— 6.2% | |||
30,166,000 | Dallas, TX, (Series A), CP, 0.120%, Mandatory Tender 7/20/2021 | 30,166,000 | |
10,000,000 | Dallas, TX, (Series A), CP, 0.130%, Mandatory Tender 6/23/2021 | 10,000,000 | |
20,000,000 | Houston, TX Combined Utility System, (Series B-4), CP, (PNC Bank, N.A. LOC), 0.130%, Mandatory Tender 6/24/2021 | 20,000,000 | |
7,500,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002B) Weekly VRDNs, 0.100%, 6/2/2021 | 7,500,000 | |
50,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals USA, Inc.), (Series 2010) Weekly VRDNs, (GTD by Total SE), 0.100%, 6/2/2021 | 50,000,000 | |
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, (GTD by Total SE), 0.100%, 6/2/2021 | 41,000,000 | |
4,000,000 | South Texas CCD, (RBC Muni Products G-35) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.080%, 6/3/2021 | 4,000,000 | |
2,000,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Care System), (Series 2011C) Daily VRDNs, (TD Bank, N.A. LOC), 0.020%, 6/1/2021 | 2,000,000 | |
TOTAL | 164,666,000 | ||
Utah— 4.2% | |||
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), 0.170%, 6/3/2021 | 110,320,000 | |
Virginia— 4.9% | |||
4,770,000 | Alexandria, VA, Solar Eclipse (2017-0044) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.100%, 6/3/2021 | 4,770,000 | |
2,255,000 | Fairfax County, VA EDA (Young Men’s Christian Association of Metropolitan Washington), (Series 2001) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.100%, 6/4/2021 | 2,255,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Virginia— continued | |||
$ 3,500,000 | Hampton Roads, VA Transportation Accountability Commission, (Series 2020-ZF0997) Weekly VRDNs, (Bank of America N.A. LIQ), 0.090%, 6/3/2021 | $3,500,000 | |
250,000 | Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003A) Weekly VRDNs, 0.030%, 6/2/2021 | 250,000 | |
5,200,000 | Loudoun County, VA, Solar Eclipse (Series 2017-0038) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.100%, 6/3/2021 | 5,200,000 | |
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), 0.200%, 6/3/2021 | 35,645,000 | |
6,210,000 | Metropolitan Washington, DC Airports Authority (Dulles Metrorail and Capital Improvement Project), Tender Option Bond Trust Certificates (Series 2019-ZM0795) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 6/3/2021 | 6,210,000 | |
2,535,000 | Metropolitan Washington, DC Airports Authority (Dulles Metrorail and Capital Improvement Project), Tender Option Bond Trust Certificates (Series 2019-ZM0796) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 6/3/2021 | 2,535,000 | |
5,330,000 | Roanoke, VA EDA (Carilion Health System Obligated Group), Tender Option Bond Trust Receipts (Series 2020-XF0955) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.100%, 6/3/2021 | 5,330,000 | |
43,245,000 | 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), 0.130%, 6/3/2021 | 43,245,000 | |
2,000,000 | University of Virginia (The Rectors and Visitors of), Solar Eclipse (Series 2017-0017) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.100%, 6/3/2021 | 2,000,000 | |
8,585,000 | 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), 0.150%, 6/3/2021 | 8,585,000 | |
4,500,000 | Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipts (Series 2020-ZF0927) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.150%, 6/3/2021 | 4,500,000 | |
6,640,000 | Virginia State Public Building Authority Public Facilities (Virginia State), RBC Muni Products (Series G-40) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 8/2/2021 | 6,640,000 | |
TOTAL | 130,665,000 | ||
Washington— 0.2% | |||
6,000,000 | University of Washington, (Series A), CP, 0.150%, Mandatory Tender 7/7/2021 | 6,000,000 | |
West Virginia— 0.3% | |||
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), 0.100%, 6/3/2021 | 1,475,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
West Virginia— continued | |||
$ 6,000,000 | West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 0.130%, 6/3/2021 | $6,000,000 | |
TOTAL | 7,475,000 | ||
Wisconsin— 0.8% | |||
5,000,000 | Milwaukee County, WI Metropolitan Sewer District, Solar Eclipse 2017-0036 Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.040%, 6/1/2021 | 5,000,000 | |
5,730,000 | Public Finance Authority, WI (Bradford Preparatory School), Tender Option Bond Trust Receipts (2020-XF2887) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 6/3/2021 | 5,730,000 | |
1,030,000 | Public Finance Authority, WI (Carolina Charter Academy, Inc.), Tender Option Bond Trust Receipts (Series 2021-XF2931) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.250%, 6/3/2021 | 1,030,000 | |
9,331,000 | Wisconsin Center District, Tender Option Bond Trust Receipts (Series 2020-XF1208) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.120%, 6/3/2021 | 9,331,000 | |
TOTAL | 21,091,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.0% (AT AMORTIZED COST)2 | 2,659,903,461 | ||
OTHER ASSETS AND LIABILITIES - NET—0.0%3 | 219,321 | ||
TOTAL NET ASSETS—100% | $2,660,122,782 |
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: | ||
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 | |
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 | |
PCFA | —Pollution Control Finance Authority | |
PCR | —Pollution Control Revenue | |
PCRB | —Pollution Control Revenue Bond | |
PCRBs | —Pollution Control Revenue Bonds | |
PUTTERs | —Puttable Tax-Exempt Receipts | |
TANs | —Tax Anticipation Notes | |
TOBs | —Tender Option Bonds | |
UFSD | —Union Free School District | |
USD | —Unified School District | |
VRDNs | —Variable Rate Demand Notes | |
VRDPs | —Variable Rate Demand Preferreds | |
VRENs | —Variable Rate Extendible Notes |
Year Ended May 31, | Period Ended 5/31/20191 | Year Ended July 31, | ||||
2021 | 2020 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.001 | 0.012 | 0.012 | 0.010 | 0.006 | 0.0002 |
Net realized gain (loss) | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.002 | 0.0002 |
Total From Investment Operations | 0.001 | 0.012 | 0.012 | 0.010 | 0.008 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.001) | (0.012) | (0.012) | (0.010) | (0.006) | (0.000)2 |
Distributions from net realized gain | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.002) | (0.000)2 |
Total Distributions | (0.001) | (0.012) | (0.012) | (0.010) | (0.008) | (0.000)2 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.06% | 1.19% | 1.22% | 1.03% | 0.77% | 0.11% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.21% | 0.21% | 0.21%5 | 0.21% | 0.21% | 0.13%6 |
Net investment income | 0.06% | 1.14% | 1.46%5 | 1.03% | 0.57% | 0.08% |
Expense waiver/ reimbursement7 | 0.09% | 0.08% | 0.09%5 | 0.09% | 0.09% | 0.17% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,415,796 | $4,131,257 | $3,403,098 | $3,054,475 | $2,270,120 | $4,088,135 |
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 ratio was 0.13% for the year ended July 31, 2016, 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 | $2,659,903,461 |
Cash | 380,252 |
Income receivable | 3,027,870 |
Receivable for investments sold | 13,017,778 |
Receivable for shares sold | 792,081 |
Total Assets | 2,677,121,442 |
Liabilities: | |
Payable for investments purchased | 14,628,319 |
Payable for shares redeemed | 2,127,486 |
Income distribution payable | 6,735 |
Payable for investment adviser fee (Note 5) | 20,369 |
Payable for administrative fee (Note 5) | 22,810 |
Accrued expenses (Note 5) | 192,941 |
Total Liabilities | 16,998,660 |
Net assets for 2,659,897,591 shares outstanding | $2,660,122,782 |
Net Assets Consist of: | |
Paid-in capital | $2,659,878,108 |
Total distributable earnings (loss) | 244,674 |
Total Net Assets | $2,660,122,782 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Wealth Shares: | |
$2,415,796,011 ÷ 2,415,591,501 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Advisor Shares: | |
$18,161,172 ÷ 18,159,634 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$226,165,599 ÷ 226,146,456 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |
Interest | $9,210,988 |
Expenses: | |
Investment adviser fee (Note 5) | 6,733,283 |
Administrative fee (Note 5) | 2,629,899 |
Custodian fees | 107,251 |
Transfer agent fees | 29,399 |
Directors’/Trustees’ fees (Note 5) | 17,387 |
Auditing fees | 23,960 |
Legal fees | 60,978 |
Portfolio accounting fees | 223,261 |
Other service fees (Notes 2 and 5) | 486,836 |
Share registration costs | 109,944 |
Printing and postage | 42,507 |
Miscellaneous (Note 5) | 66,970 |
TOTAL EXPENSES | 10,531,675 |
Waivers and Reimbursement: | |
Waiver of investment adviser fee (Note 5) | (2,985,487) |
Waivers/reimbursement of other operating expenses (Notes 2 and 5) | (392,494) |
TOTAL WAIVERS AND REIMBURSEMENT | (3,377,981) |
Net expenses | 7,153,694 |
Net investment income | 2,057,294 |
Net realized gain on investments | 201,562 |
Change in net assets resulting from operations | $2,258,856 |
Year Ended May 31 | 2021 | 2020 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,057,294 | $43,690,951 |
Net realized gain (loss) | 201,562 | 195,988 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 2,258,856 | 43,886,939 |
Distributions to Shareholders: | ||
Wealth Shares | (2,157,193) | (41,635,532) |
Advisor Shares | (24,678) | (220,725) |
Service Shares | (22,867) | (1,979,395) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (2,204,738) | (43,835,652) |
Share Transactions: | ||
Proceeds from sale of shares | 3,970,745,002 | 7,422,033,123 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,557,805 | 31,491,557 |
Cost of shares redeemed | (5,703,022,395) | (6,684,659,479) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (1,730,719,588) | 768,865,201 |
Change in net assets | (1,730,665,470) | 768,916,488 |
Net Assets: | ||
Beginning of period | 4,390,788,252 | 3,621,871,764 |
End of period | $2,660,122,782 | $4,390,788,252 |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $486,836 | $(56,152) | $(336,342) |
Year Ended 5/31/2021 | Year Ended 5/31/2020 | |||
Wealth Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 3,567,284 | $3,567,284 | 6,907,490 | $6,907,490 |
Shares issued to shareholders in payment of distributions declared | 1,520 | 1,520 | 30,085 | 30,085 |
Shares redeemed | (5,284,309) | (5,284,309) | (6,209,464) | (6,209,464) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | (1,715,505) | $(1,715,505) | 728,111 | $728,111 |
Year Ended 5/31/2021 | Year Ended 5/31/2020 | |||
Advisor Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 25,701 | $25,701 | 70,846 | $70,846 |
Shares issued to shareholders in payment of distributions declared | 25 | 25 | 221 | 221 |
Shares redeemed | (49,750) | (49,750) | (34,251) | (34,251) |
NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS | (24,024) | $(24,024) | 36,816 | $36,816 |
Year Ended 5/31/2021 | Year Ended 5/31/2020 | |||
Service Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 377,759 | $377,759 | 443,697 | $443,697 |
Shares issued to shareholders in payment of distributions declared | 13 | 13 | 1,186 | 1,186 |
Shares redeemed | (368,963) | (368,963) | (440,945) | (440,945) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 8,809 | $8,809 | 3,938 | $3,938 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (1,730,720) | $(1,730,720) | 768,865 | $768,865 |
2021 | 2020 | |
Tax-exempt income | $2,147,124 | $43,515,158 |
Ordinary income1 | $14,565 | $118,017 |
Long-term capital gains | $43,049 | $202,477 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed tax-exempt income | $78,651 |
Undistributed ordinary income1 | $163,829 |
Undistributed long-term capital gains | $2,194 |
1 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
July 23, 2021
Beginning Account Value 12/1/2020 | Ending Account Value 5/31/2021 | Expenses Paid During Period1 | |
Actual | $1,000.00 | $1,000.10 | $1.05 |
Hypothetical (assuming a 5% return before expenses) | $1,000.00 | $1,023.88 | $1.06 |
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 182/365 (to reflect the one-half-year period). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor Emerita of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; Director and Chair, North Catholic High School, Inc.; and Director and Vice Chair, Our Campaign for the Church Alive!, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004 Portfolio Manager since: December 1989 | Principal Occupations: Mary Jo Ochson has been the Fund’s Portfolio Manager since December 1989. Ms. Ochson was named Chief Investment Officer of Federated’s tax-exempt fixed-income products in 2004 and Chief Investment Officer of Federated’s Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund’s Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Item 2. | Code of Ethics |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: G. Thomas Hough and Thomas M. O'Neill.
Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 – $438,360
Fiscal year ended 2020 - $454,980
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 - $0
Fiscal year ended 2020 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $8,935 respectively. Fiscal year ended 2020- Audit consent fees for N-14 merger document.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 - $0
Fiscal year ended 2020 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 - $0
Fiscal year ended 2020 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate to management its responsibilities to pre-approve services performed by the independent auditor.
The Audit Committee has delegated pre-approval authority to its chairman (the “Chairman”) for services that do not exceed a specified dollar threshold. The Chairman or Chief Audit Executive will report any such pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain audit services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the RIC’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of permissible services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | With respect to such services rendered to the Funds, the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the audit client to its accountant during the fiscal year in which the services are provided; and, |
(2) | With respect to such services rendered to the Fund’s investment adviser ( the “Adviser”)and any entity controlling, controlled by to under common control with the Adviser such as affiliated non-U.S. and U.S. funds not under the Audit Committee’s purview and which do not fall within a category of service which has been determined by the Audit Committee not to have a direct impact on the operations or financial reporting of the RIC, the aggregate amount of all services provided constitutes no more than five percent of the total amount of revenues paid to the RIC’s auditor by the RIC, its Adviser and any entity controlling, controlled by, or under common control with the Adviser during the fiscal year in which the services are provided; and |
(3) | Such services were not recognized by the issuer or RIC at the time of the engagement to be non-audit services; and |
(4) | Such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services, and would not impair the independence of the auditor.
The Securities and Exchange Commission’s (the “SEC”) rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Accounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2021 – 0%
Fiscal year ended 2020 - 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2021 – 0%
Fiscal year ended 2020 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2021 – 0%
Fiscal year ended 2020 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s Adviser, and certain entities controlling, controlled by or under common control with the Adviser: |
Fiscal year ended 2021 - $62,345
Fiscal year ended 2020 - $231,361
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s Adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
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 July 23, 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 July 23, 2021
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date July 23, 2021