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: 05/31/23
Date of Reporting Period: 05/31/23
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 | 79.7% |
Municipal Notes | 16.2% |
Commercial Paper | 3.1% |
Other Assets and Liabilities—Net2 | 1.0% |
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. |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 63.1% |
8-30 Days | 1.7% |
31-90 Days | 27.7% |
91-180 Days | 4.3% |
181 Days or more | 2.2% |
Other Assets and Liabilities—Net2 | 1.0% |
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. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— 99.0% | ||
Alabama— 1.3% | |||
$ 5,365,000 | Cooperative District of Fort Spanish, AL, Tender Option Bond Trust Receipts (Series 2021-XF2958) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | $ 5,365,000 | |
33,700,000 | Mobile, AL IDB (Alabama Power Co.), PCR Bonds (Series 2007B) Weekly VRDNs, 3.500%, 6/7/2023 | 33,700,000 | |
TOTAL | 39,065,000 | ||
Arizona— 0.3% | |||
2,335,000 | Arizona State IDA (Colorado Military Academy Building Corp.), Tender Option Bond Trust Receipts (Series 2021-XF2941) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 2,335,000 | |
5,610,000 | Maricopa County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 3.530%, 6/1/2023 | 5,610,000 | |
TOTAL | 7,945,000 | ||
California— 13.8% | |||
18,875,000 | California Health Facilities Financing Authority (CommonSpirit Health), Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.610%, 6/1/2023 | 18,875,000 | |
2,356,000 | California HFA (Hope on Broadway LP), Tender Option Bond Trust Receipts (Series 2022-XF3018) Weekly VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.810%, 6/1/2023 | 2,356,000 | |
9,000,000 | California HFA (Residency at Empire I LP), Tender Option Bond Trust Receipts (Series 2022-XF3077) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 9,000,000 | |
17,120,000 | California HFA, Tender Option Bond Trust Certificates (Series 2023-XF3087) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 17,120,000 | |
470,000 | California HFA, Tender Option Bond Trust Floater Certificates (Series 2022-XF3059) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 470,000 | |
4,500,000 | California Municipal Finance Authority (Brawley Pacific Associates III), Tender Option Bond Trust Receipts (Series 2022-XF3027) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 4,500,000 | |
2,000,000 | California PCFA (C.A. and E.J. Vanderham Family Trust), (Series 2003) Weekly VRDNs, (CoBank, ACB LOC), 3.580%, 6/1/2023 | 2,000,000 | |
3,000,000 | California PCFA (P & D Dairy and Poso Creek Family Dairy, LLC), (Series 2003) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 3.580%, 6/1/2023 | 3,000,000 | |
2,940,000 | California PCFA (T & W Farms), (Series 2002) Weekly VRDNs, (Bank of America N.A. LOC), 3.580%, 6/1/2023 | 2,940,000 | |
11,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 3.200%, Mandatory Tender 6/6/2023 | 11,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 7,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 2.800%, Mandatory Tender 6/14/2023 | $ 7,000,000 | |
12,500,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-4), CP, 3.200%, Mandatory Tender 8/9/2023 | 12,500,000 | |
1,242,000 | Los Angeles, CA (Hope on Broadway LP), Tender Option Bond Trust Receipts (2022-XF3019) Weekly VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.810%, 6/1/2023 | 1,242,000 | |
27,000,000 | Los Angeles, CA Community Redevelopment Agency (DWF V Hollywood & Vine, LP), Mizuho 3a-7 (Series 2022-MIZ9089) Daily VRDNs, (GTD by FHLMC)/(Mizuho Bank Ltd. LIQ), 4.450%, 6/1/2023 | 27,000,000 | |
3,500,000 | Los Angeles, CA Community Redevelopment Agency (DWF V Wilshire Vermont, LP), Mizuho 3a-7 (Series 2022-MIZ9090) Daily VRDNs, (GTD by FHLMC)/(Mizuho Bank Ltd. LIQ), 4.650%, 6/1/2023 | 3,500,000 | |
7,000,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), (Subseries B-2), CP, (Barclays Bank PLC LOC), 3.850%, Mandatory Tender 8/7/2023 | 7,000,000 | |
75,000,000 | Nuveen California Quality Municipal Income Fund, RIB Floater Trust (Series 2022-FR-RI-005) (Series 2 Preferred Shares) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.760%, 6/1/2023 | 75,000,000 | |
5,076,000 | Pimco California Municipal Income Fund III, Tender Option Bond Trust Receipts (Series UA-7003) Weekly VRDNs, (UBS AG LIQ), 3.610%, 6/7/2023 | 5,076,000 | |
9,200,000 | Pimco California Municipal Income Fund, Tender Option Bond Trust Receipts (Series UA-7005) Weekly VRDNs, (UBS AG LIQ), 3.610%, 6/6/2023 | 9,200,000 | |
66,500,000 | River Islands, CA Public Financing Authority (River Islands, CA Public Financing Authority Community Facilities District No. 2015-1), Tender Option Bond Trust Floater Certificates (Series 2022-MIZ9110) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 66,500,000 | |
2,770,000 | Sacramento County, CA HDA (Shiloh Arms Partners LP), Mizuho 3a-7 (2022-MIZ9093) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 2,770,000 | |
64,500,000 | San Francisco, CA City and County (1500 Mission Urban Housing LP), Mizuho 3a-7 (Series 2022-MIZ9115) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 64,500,000 | |
73,560,000 | San Francisco, CA City and County (Transbay Block 8 Tower Apartments Obligated Group), Mizuho 3a-7 (2021-MIZ9063) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 73,560,000 | |
TOTAL | 426,109,000 | ||
Colorado— 0.3% | |||
4,615,000 | Colorado HFA (Acme Manufacturing Company, Inc.), (Series 2016A) Weekly VRDNs, (UMB Bank, N.A. LOC), 3.760%, 6/1/2023 | 4,615,000 | |
1,175,000 | Colorado HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 3.650%, 6/1/2023 | 1,175,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Colorado— continued | |||
$ 1,160,000 | Colorado HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs, (UMB Bank, N.A. LOC), 3.800%, 6/1/2023 | $ 1,160,000 | |
1,575,000 | Denver, CO City & County Airport Authority, RBC Muni Products (Series G-114) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.660%, Optional Tender 6/1/2023 | 1,575,000 | |
TOTAL | 8,525,000 | ||
Connecticut— 0.1% | |||
4,400,000 | Connecticut State Special Transportation Fund, RBC Muni Products (Series G-110) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.590%, Optional Tender 10/2/2023 | 4,400,000 | |
Florida— 4.7% | |||
3,400,000 | Broward County, FL (Florida Power & Light Co.), (Series 2018A) Daily VRDNs, 4.000%, 6/1/2023 | 3,400,000 | |
2,480,000 | Capital Trust Agency, FL (Milestones Community School, Inc.), Tender Option Bond Trust Receipts (2022-XF2965) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 2,480,000 | |
4,280,000 | Florida Development Finance Corp. (Navigator Academy of Leadership, Inc.), Tender Option Bond Trust Receipts (2021-XF2945) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 4,280,000 | |
4,700,000 | Greater Orlando, FL Aviation Authority, (RBC Muni Products Series G-25) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.660%, Mandatory Tender 10/2/2023 | 4,700,000 | |
2,655,000 | Hillsborough County, FL Solid Waste & Resource Recovery, RBC Muni Products (Series G-41) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Optional Tender 9/1/2023 | 2,655,000 | |
20,500,000 | Liberty County, FL (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 3.500%, 6/1/2023 | 20,500,000 | |
11,830,000 | Miami-Dade County, FL (County of Miami-Dade Seaport Department), Tender Option Bond Trust Certificates (2022-XF2988) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 3.550%, 6/1/2023 | 11,830,000 | |
7,490,000 | Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 (2021-MIZ9072) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 7,490,000 | |
8,000,000 | Miami-Dade County, FL HFA (Superior Manor Phase II LLC), Mizuho 3a-7 (2022-MIZ9087) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 8,000,000 | |
6,000,000 | Miami-Dade County, FL HFA (The Village Miami Phase II LLC), MIZUHO 3a-7 (Series 2023-MIZ9137) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 6,000,000 | |
42,920,000 | Palm Beach County, FL Health Facilities Authority (Morselife Obligated Group), (Series 2023-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.710%, 6/1/2023 | 42,920,000 | |
29,700,000 | St. Lucie County, FL Solid Waste Disposal (Florida Power & Light Co.), (Series 2003) Daily VRDNs, 4.000%, 6/1/2023 | 29,700,000 | |
TOTAL | 143,955,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Georgia— 7.0% | |||
$ 3,500,000 | Appling County, GA Development Authority (Georgia Power Co.), (1st Series 1997) Daily VRDNs, 4.230%, 6/1/2023 | $ 3,500,000 | |
9,750,000 | Atlanta, GA, Urban Residential Finance Authority (Columbia at Sylvan Hills Apartments), (Series 2006) Weekly VRDNs, (FNMA LOC), 3.550%, 6/1/2023 | 9,750,000 | |
43,825,000 | Bartow County, GA Development Authority (Georgia Power Co.), (Second Series 2022) Daily VRDNs, 4.200%, 6/1/2023 | 43,825,000 | |
550,000 | Burke County, GA Development Authority (Georgia Power Co.), (2018 1st Series) Daily VRDNs, 4.250%, 6/1/2023 | 550,000 | |
16,900,000 | Burke County, GA Development Authority (Georgia Power Co.), (Series 2008) Daily VRDNs, 4.230%, 6/1/2023 | 16,900,000 | |
8,880,000 | Columbia County, GA Development Authority (Schools for Arts-Infused Learning, Inc.), Tender Option Bond Trust Receipts (2022-XF2966) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 8,880,000 | |
8,715,000 | Columbus, GA Development Authority (Avalon Apartments LP), (Series 2008) Weekly VRDNs, (FNMA LOC), 3.550%, 6/1/2023 | 8,715,000 | |
10,000,000 | Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs, (FHLMC LOC), 3.550%, 6/1/2023 | 10,000,000 | |
13,870,000 | Effingham County, GA Development Authority (Georgia Power Co.), (Series 2003) Daily VRDNs, 4.240%, 6/1/2023 | 13,870,000 | |
360,000 | Fitzgerald & Ben Hill County, GA Development Authority (Agri-Products, Inc.), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A. LOC), 3.580%, 6/1/2023 | 360,000 | |
4,680,000 | Floyd County, GA Development Authority PCRB (Georgia Power Co.), (First Series 1996) Daily VRDNs, 4.230%, 6/1/2023 | 4,680,000 | |
2,000,000 | Heard County, GA Development Authority (Georgia Power Co.), (First Series 1996) Daily VRDNs, 4.240%, 6/1/2023 | 2,000,000 | |
2,525,000 | Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2019) Daily VRDNs, 4.150%, 6/1/2023 | 2,525,000 | |
6,000,000 | Monroe County, GA Development Authority (Florida Power & Light Co.), PCRBs (First Series 2002) Daily VRDNs, 4.080%, 6/1/2023 | 6,000,000 | |
9,300,000 | Monroe County, GA Development Authority (Georgia Power Co.), PCRBs (First Series 1997) Daily VRDNs, 4.230%, 6/1/2023 | 9,300,000 | |
1,775,000 | Savannah, GA EDA (Consolidated Utilities, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 3.630%, 6/1/2023 | 1,775,000 | |
72,250,000 | Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 3.560%, 6/7/2023 | 72,250,000 | |
1,595,000 | Wayne County, GA, IDA (Sierra International Machinery LLC), (Series 2011) Weekly VRDNs, (Truist Bank LOC), 3.630%, 6/1/2023 | 1,595,000 | |
TOTAL | 216,475,000 | ||
Hawaii— 0.2% | |||
6,110,000 | Hawaii State Department of Budget & Finance (Queen’s Health Systems), (2015 Series C) VRENs, 3.860%, 6/1/2023 | 6,110,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Idaho— 0.6% | |||
$ 17,860,000 | American Falls, ID Reservoir District (Idaho Power Co.), (Series 2000) Weekly VRDNs, 3.600%, 6/7/2023 | $ 17,860,000 | |
Illinois— 1.3% | |||
24,320,000 | Chicago, IL O’Hare International Airport, Tender Option Bond Trust Certificates (Series 2022-XM1078) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.730%, 6/1/2023 | 24,320,000 | |
4,600,000 | Chicago, IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2022-XF1424) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.730%, 6/1/2023 | 4,600,000 | |
11,475,518 | Metropolitan Pier & Exposition Authority, IL, Tender Option Bond Trust Receipts (2021-MS0001) TOBs, (Morgan Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 3.710%, Optional Tender 8/3/2023 | 11,475,518 | |
TOTAL | 40,395,518 | ||
Indiana— 1.6% | |||
6,000,000 | Bloomington, IN EDRB (SY Henderson Court Investors, LP), (Series 2008: Henderson Court Apartments) Weekly VRDNs, (FHLMC LOC), 3.550%, 6/1/2023 | 6,000,000 | |
14,250,000 | Indiana Development Finance Authority (Duke Energy Indiana, Inc.), (Series 2003B) Weekly VRDNs, 3.700%, 6/7/2023 | 14,250,000 | |
17,000,000 | Indiana State Finance Authority Environmental (Fulcrum Centerpoint, LLC), (Series 2022) TOBs, (GTD by United States Treasury), 4.500%, Mandatory Tender 11/15/2023 | 17,000,000 | |
12,900,000 | Indianapolis, IN MFH (Pedcor Investments-2006-LXXXVIII LP), (Series 2007A: Forest Ridge Apartments) Weekly VRDNs, (Citizens Bank, N.A. LOC), 4.200%, 6/1/2023 | 12,900,000 | |
TOTAL | 50,150,000 | ||
Iowa— 0.2% | |||
5,300,000 | Iowa Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly VRDNs, (AgriBank FCB LOC), 3.580%, 6/1/2023 | 5,300,000 | |
Kansas— 1.0% | |||
10,000,000 | Burlington, KS (Evergy Metro, Inc.), (Series 2007A) Weekly VRDNs, 3.560%, 6/7/2023 | 10,000,000 | |
21,000,000 | Burlington, KS (Evergy Metro, Inc.), (Series 2007B) Weekly VRDNs, 3.560%, 6/7/2023 | 21,000,000 | |
TOTAL | 31,000,000 | ||
Kentucky— 3.7% | |||
29,400,000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), (Series A) Weekly VRDNs, 3.500%, 6/2/2023 | 29,400,000 | |
38,000,000 | Louisville & Jefferson County, KY Regional Airport Authority (UPS Worldwide Forwarding, Inc.), (1999 Series A) Daily VRDNs, (GTD by United Parcel Service, Inc.), 4.220%, 6/1/2023 | 38,000,000 | |
16,900,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021A-1) Daily VRDNs, 4.950%, 6/1/2023 | 16,900,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Kentucky— continued | |||
$ 31,270,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021B-1) Daily VRDNs, 4.950%, 6/1/2023 | $ 31,270,000 | |
TOTAL | 115,570,000 | ||
Louisiana— 3.2% | |||
10,885,000 | Calcasieu Parish, LA Public Trust Authority (WPT Corp.), (Series 1997) Weekly VRDNs, (Bank of America N.A. LOC), 3.350%, 6/7/2023 | 10,885,000 | |
14,200,000 | East Baton Rouge Parish, LA IDB (Georgia-Pacific LLC), Solid Waste Disposal Revenue Bonds (Series 2004) Weekly VRDNs, 3.650%, 6/7/2023 | 14,200,000 | |
34,500,000 | Louisiana Local Government Environmental Facilities CDA (American Biocarbon, CT LLC) TOBs, (GTD by United States Treasury), 3.850%, Mandatory Tender 8/1/2023 | 34,489,224 | |
4,500,000 | Louisiana Public Facilities Authority (Loyola University New Orleans), Barclays 3a-7 Credit Enhanced (Series 2023-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/1/2023 | 4,500,000 | |
6,975,000 | Louisiana State Housing Corporation (Peace Lake Louisiana Tower Community, LP), Tender Option Bond Trust Floater Certificates (Series 2020-MIZ9053) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 6,975,000 | |
1,200,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (Nucor Corp. GTD), 3.890%, 6/7/2023 | 1,200,000 | |
27,400,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 3.900%, 6/7/2023 | 27,400,000 | |
TOTAL | 99,649,224 | ||
Maine— 0.7% | |||
22,260,000 | Old Town, ME (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 3.670%, 6/7/2023 | 22,260,000 | |
Maryland— 1.8% | |||
5,020,000 | Baltimore County, MD (Oak Crest Village, Inc.), 3a-7 Credit Enhanced Trust (Series 2022-032) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.710%, 6/1/2023 | 5,020,000 | |
2,640,000 | Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Mandatory Tender 7/3/2023 | 2,640,000 | |
22,000,000 | Maryland Health and Higher Educational Facilities Authority (Integrace Obligated Group), 3a-7 Credit Enhanced Trust (Series 2022-024) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.710%, 6/1/2023 | 22,000,000 | |
26,500,000 | Montgomery County, MD (Trinity Healthcare Credit Group), (Series 2013MD) TOBs, 3.500%, Mandatory Tender 6/1/2023 | 26,500,000 | |
TOTAL | 56,160,000 | ||
Massachusetts— 1.2% | |||
27,000,000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), 3.400%, Mandatory Tender 6/12/2023 | 27,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Massachusetts— continued | |||
$ 10,000,000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), 3.400%, Mandatory Tender 6/12/2023 | $ 10,000,000 | |
TOTAL | 37,000,000 | ||
Michigan— 0.2% | |||
5,250,000 | Michigan Strategic Fund (Greenville Venture Partners LLC), (Series 2018) Weekly VRDNs, (CoBank, ACB LOC), 3.580%, 6/1/2023 | 5,250,000 | |
Minnesota— 0.8% | |||
25,600,000 | Roseville, MN, Tender Option Bond Trust Receipts (Series 2022-XF3034) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 25,600,000 | |
Mississippi— 0.6% | |||
13,000,000 | Mississippi Business Finance Corp. (Florida Power & Light Co.), (Series 2019) Weekly VRDNs, 4.960%, 6/7/2023 | 13,000,000 | |
5,865,000 | Mississippi Home Corp, Mizuho 3a-7 (Series 2022-XF3022) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 5,865,000 | |
TOTAL | 18,865,000 | ||
Missouri— 0.5% | |||
6,310,000 | Kansas City, MO Planned Industrial Expansion Authority (EPD3 Ridgeview LP), Mizuho 3a-7 (2022-MIZ9086) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 6,310,000 | |
2,500,000 | Lees Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 2,500,000 | |
6,000,000 | Missouri State Health and Educational Facilities Authority Health Facilities (SSM Healthcare), (Series G-121) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Mandatory Tender 6/1/2023 | 6,000,000 | |
TOTAL | 14,810,000 | ||
Montana— 0.2% | |||
3,510,000 | Montana State Board of Housing (HRDC IX Affordable Housing Solutions LP), Mizuho 3a-7 (2021-MIZ9061) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 3,510,000 | |
3,320,000 | Montana State Board of Housing (HRDC IX Affordable Housing Solutions LP), Mizuho 3a-7 (2021-MIZ9062) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 3,320,000 | |
TOTAL | 6,830,000 | ||
Multi-State— 10.4% | |||
137,600,000 | Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 4.700%, 6/1/2023 | 137,600,000 | |
142,000,000 | Nuveen Municipal Credit Income Fund, PUTTERs 3a-7 (Series 5039) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 4.700%, 6/1/2023 | 142,000,000 | |
17,766,000 | PIMCO Municipal Income Fund II, Tender Option Bond Trust Receipts (Series UA-7001) Weekly VRDNs, (UBS AG LIQ), 3.660%, 6/1/2023 | 17,766,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Multi-State— continued | |||
$ 17,825,000 | PIMCO Municipal Income Fund II, Tender Option Bond Trust Receipts (Series UA-7004) Weekly VRDNs, (UBS AG LIQ), 3.660%, 6/6/2023 | $ 17,825,000 | |
7,521,000 | PIMCO Municipal Income Fund III, Tender Option Bond Trust Receipts (Series UA-7006) Weekly VRDNs, (UBS AG LIQ), 3.660%, 6/6/2023 | 7,521,000 | |
TOTAL | 322,712,000 | ||
Nebraska— 0.3% | |||
7,500,000 | Stanton County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs, 4.000%, 6/7/2023 | 7,500,000 | |
1,875,000 | Stanton County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs, 4.000%, 6/7/2023 | 1,875,000 | |
TOTAL | 9,375,000 | ||
Nevada— 0.8% | |||
2,050,000 | Clark County, NV Airport System, (Series B), 5.000%, 7/1/2023 | 2,052,074 | |
1,275,000 | 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 LOC), 3.620%, 6/1/2023 | 1,275,000 | |
20,000,000 | Director of the State of Nevada Department of Business and Industry (DesertXpress Enterprises, LLC), (Brightline West Passenger Rail Project, Series 2020A) TOBs, (GTD by United States Treasury), 3.700%, Mandatory Tender 1/31/2024 | 20,000,000 | |
TOTAL | 23,327,074 | ||
New Jersey— 6.5% | |||
7,552,000 | Beach Haven, NJ BANs, 4.250%, 5/2/2024 | 7,588,707 | |
3,705,869 | Bridgewater-Raritan, NJ Regional School District BANs, 4.250%, 9/13/2023 | 3,711,542 | |
6,641,725 | Butler Borough, NJ BANs, 3.750%, 9/8/2023 | 6,656,605 | |
5,807,835 | Clementon, NJ, (Series A) BANs, 4.250%, 9/28/2023 | 5,825,246 | |
5,915,500 | Delran Township, NJ BANs, 4.250%, 9/5/2023 | 5,923,800 | |
14,770,000 | Freehold Borough, NJ BANs, 4.000%, 8/3/2023 | 14,797,227 | |
4,000,000 | Garwood, NJ BANs, 5.000%, 8/3/2023 | 4,006,244 | |
5,373,950 | Hammonton, NJ BANs, 5.000%, 10/26/2023 | 5,387,427 | |
2,436,000 | Haworth Borough, NJ BANs, 4.500%, 7/14/2023 | 2,437,486 | |
7,505,061 | Highlands, NJ BANs, 4.250%, 7/7/2023 | 7,513,315 | |
2,561,000 | Hillsdale Borough, NJ BANs, 4.500%, 8/24/2023 | 2,564,734 | |
7,500,000 | Lakewood Township, NJ BANs, 4.250%, 10/24/2023 | 7,518,871 | |
3,050,800 | Lopatcong, NJ BANs, 4.500%, 10/6/2023 | 3,056,980 | |
6,845,000 | Middle Township, NJ BANs, 3.750%, 9/7/2023 | 6,859,813 | |
5,968,000 | Mountainside, NJ BANs, 5.000%, 7/20/2023 | 5,975,010 | |
13,600,000 | New Brunswick, NJ BANs, 3.750%, 9/18/2023 | 13,633,517 | |
1,285,000 | New Jersey EDA (Temple Emanuel of the Pascack Valley), (Series 2001/2019) Weekly VRDNs, (U.S. Bank, N.A. LOC), 3.660%, 6/2/2023 | 1,285,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New Jersey— continued | |||
$ 5,000,000 | North Hunterdon-Vorhees, NJ Regional High School District BANs, 4.250%, 7/21/2023 | $ 5,003,021 | |
12,160,000 | Park Ridge Borough, NJ BANs, 4.000%, 4/26/2024 | 12,212,916 | |
11,815,000 | Ramsey, NJ BANs, 4.250%, 3/1/2024 | 11,849,264 | |
3,496,000 | Rochelle Park Township, NJ BANs, 4.500%, 8/9/2023 | 3,499,406 | |
3,242,800 | Roxbury Township, NJ BANs, 4.500%, 3/1/2024 | 3,257,983 | |
4,041,000 | Saddle River, NJ BANs, 5.500%, 6/7/2023 | 4,041,972 | |
7,463,300 | South Plainfield, NJ BANs, 4.000%, 8/16/2023 | 7,470,923 | |
5,665,000 | Springfield Township, NJ (Union County) BANs, 4.250%, 5/1/2024 | 5,697,511 | |
3,544,300 | Springfield Township, NJ BANs, 4.250%, 9/7/2023 | 3,549,198 | |
25,000,000 | Stone Harbor, NJ BANs, 5.000%, 10/13/2023 | 25,065,988 | |
6,346,649 | Union Beach, NJ BANs, 5.000%, 7/25/2023 | 6,355,784 | |
1,985,155 | West Wildwood, NJ BANs, 4.500%, 2/27/2024 | 1,991,765 | |
3,807,000 | Winslow Township, NJ BANs, 3.750%, 9/14/2023 | 3,816,038 | |
3,000,000 | Wyckoff Township, NJ BANs, 4.500%, 9/19/2023 | 3,004,823 | |
TOTAL | 201,558,116 | ||
New York— 6.4% | |||
3,846,510 | Alden Village, NY BANs, 3.750%, 9/7/2023 | 3,854,526 | |
29,350,000 | Erie County, NY IDA (Ellicott Park Townhomes Community Partners LP), Mizuho 3a-7 (Series 2023-MIZ9134) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.810%, 6/1/2023 | 29,350,000 | |
2,000,000 | Hannibal, NY CSD BANs, 4.250%, 6/28/2023 | 2,001,722 | |
5,590,000 | Hempstead (town), NY IDA Multi-Family Housing (Hempstead Village Housing Associates LP), (Series 2006) Weekly VRDNs, (FNMA LOC), 3.520%, 6/1/2023 | 5,590,000 | |
4,245,977 | Lowville, NY, (Series A) BANs, 3.250%, 8/24/2023 | 4,247,799 | |
8,000,000 | Massena, NY CSD BANs, 4.000%, 6/29/2023 | 8,005,953 | |
3,545,000 | New Rochelle, NY IDA (180 Union Avenue Owner LP), (Series 2006: West End Phase I Facility) Weekly VRDNs, (Citibank N.A., New York LOC), 3.590%, 6/1/2023 | 3,545,000 | |
15,000,000 | New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 3.560%, 6/1/2023 | 15,000,000 | |
24,880,000 | New York State Energy Research & Development Authority (National Grid Generation LLC), (1997 Series A) Weekly VRDNs, (NatWest Markets PLC LOC), 3.600%, 6/7/2023 | 24,880,000 | |
3,250,000 | New York State Environmental Facilities Corp. (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2012) TOBs, 3.875%, Mandatory Tender 8/1/2023 | 3,250,000 | |
72,800,000 | New York State HFA (42nd and 10th Street Associates LLC), 3a-7 High Grade Trust (Series 2022-007) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.810%, 6/1/2023 | 72,800,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 10,000,000 | New York Transportation Development Corporation (LaGuardia Gateway Partners, LLC), Tender Option Bond Trust Receipts (Series 2016-XM0403) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 3.790%, 6/1/2023 | $ 10,000,000 | |
6,700,000 | Penn-Yan, NY CSD BANs, 4.250%, 6/28/2023 | 6,705,769 | |
7,222,000 | PIMCO New York Municipal Income Fund III, Tender Option Bond Trust Receipts (Series UA-7007) Weekly VRDNs, (UBS AG LIQ), 3.610%, 6/6/2023 | 7,222,000 | |
1,554,371 | Walton, NY CSD BANs, 4.000%, 6/28/2023 | 1,555,374 | |
TOTAL | 198,008,143 | ||
North Carolina— 0.3% | |||
7,000,000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 4.000%, 6/7/2023 | 7,000,000 | |
3,000,000 | Yancey County, NC Industrial Facilities & PCFA (Altec Industries, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 3.630%, 6/1/2023 | 3,000,000 | |
TOTAL | 10,000,000 | ||
Ohio— 2.3% | |||
25,000,000 | Hamilton County, OH (Block 3 Community Urban Redevelopment Corporation), (Series 2004) Weekly VRDNs, (Citizens Bank, N.A. LOC), 3.610%, 6/1/2023 | 25,000,000 | |
30,470,000 | Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/1/2023 | 30,470,000 | |
8,100,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Barclays Golden Blue (Series 2020-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/1/2023 | 8,100,000 | |
7,000,000 | Toledo-Lucas County, OH Port Authority (Van Deurzen Dairy LLC), (Series 2006) Weekly VRDNs, (AgriBank FCB LOC), 3.580%, 6/1/2023 | 7,000,000 | |
TOTAL | 70,570,000 | ||
Oklahoma— 3.2% | |||
18,200,000 | Garfield County, OK Industrial Authority Pollution Control (Oklahoma Gas and Electric Co.), (Series 1995-A) Weekly VRDNs, 3.750%, 6/7/2023 | 18,200,000 | |
30,950,000 | Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (1995 Series A) Weekly VRDNs, 3.650%, 6/7/2023 | 30,950,000 | |
49,655,000 | Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (Series 1997A) Weekly VRDNs, 3.750%, 6/7/2023 | 49,655,000 | |
TOTAL | 98,805,000 | ||
Pennsylvania— 1.2% | |||
5,030,000 | Lehigh County, PA General Purpose Authority (Lehigh Valley Health Network Obligated Group), BAML 3a-7 (Series 2023-BAML5039) VRENs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.660%, 6/1/2023 | 5,030,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Pennsylvania— continued | |||
$ 30,375,000 | Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Department of Transportation), (Series 2022-XM1084) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 3.610%, 6/1/2023 | $ 30,375,000 | |
962,858 | Philadelphia, PA Authority for Industrial Development (Susquehanna Net Zero Housing, LP), Tender Option Bond Trust Floater Certificates (2020-MIZ9051) VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.810%, 6/1/2023 | 962,858 | |
TOTAL | 36,367,858 | ||
South Carolina— 1.3% | |||
21,500,000 | Berkeley County, SC IDB (Nucor Corp.) Weekly VRDNs, 4.000%, 6/7/2023 | 21,500,000 | |
10,100,000 | Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, 4.000%, 6/7/2023 | 10,100,000 | |
8,888,000 | South Carolina Jobs-EDA (BTH Spartanburg I LLC), Tender Option Bond Trust Receipts (Series 2022-XF3074) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 8,888,000 | |
TOTAL | 40,488,000 | ||
South Dakota— 0.1% | |||
3,000,000 | South Dakota Value Added Finance Authority (Prairie Gold Dairy LLC), (Series 2004) Weekly VRDNs, (CoBank, ACB LOC), 3.580%, 6/1/2023 | 3,000,000 | |
Tennessee— 2.2% | |||
5,500,000 | Covington, TN IDB (Charms Co.), (Series 1992) Weekly VRDNs, (Bank of America N.A. LOC), 3.350%, 6/7/2023 | 5,500,000 | |
16,000,000 | Lewisburg, TN IDB (Waste Management, Inc.), (Series 2012) TOBs, 3.875%, Mandatory Tender 8/1/2023 | 16,000,000 | |
25,620,000 | Memphis-Shelby County, TN Industrial Development Board - PCRB (Nucor Steel Memphis, Inc.), (Series 2007) Weekly VRDNs, (GTD by Nucor Corp.), 4.000%, 6/7/2023 | 25,620,000 | |
21,400,000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 3.500%, Mandatory Tender 8/17/2023 | 21,400,000 | |
TOTAL | 68,520,000 | ||
Texas— 13.4% | |||
8,465,000 | El Paso, TX Housing Finance Corp., Mizuho 3a-7 (2022-MIZ9104) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 8,465,000 | |
3,600,000 | El Paso, TX Water & Sewer Revenue, RBC Muni Products (G-124) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Optional Tender 9/1/2023 | 3,600,000 | |
4,000,000 | Jewett, TX Economic Development Corporation (Nucor Corp.), (Series 2003) Weekly VRDNs, 4.000%, 6/7/2023 | 4,000,000 | |
18,500,000 | Mission, TX Economic Development Corp. (Waste Management, Inc.), (Series 2020A) TOBs, (GTD by Waste Management Holdings, Inc.), 3.950%, Mandatory Tender 6/1/2023 | 18,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Texas— continued | |||
$ 20,000,000 | Mission, TX Economic Development Corp. (Waste Management, Inc.), (Series 2020B) TOBs, (GTD by Waste Management Holdings, Inc.), 3.950%, Mandatory Tender 6/1/2023 | $ 20,000,000 | |
4,700,000 | North Texas Tollway Authority, RBC Municipal Products Trust (Series 2019 G-112) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Mandatory Tender 7/3/2023 | 4,700,000 | |
3,000,000 | Northeast TX Housing Finance Corp, Mizuho 3a-7 (Series 2022-MIZ9116) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 3,000,000 | |
71,425,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Daily VRDNs, 4.450%, 6/1/2023 | 71,425,000 | |
19,500,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2003) Daily VRDNs, 4.350%, 6/1/2023 | 19,500,000 | |
25,000,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2005) Daily VRDNs, 4.350%, 6/1/2023 | 25,000,000 | |
41,300,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2006) Daily VRDNs, 4.350%, 6/1/2023 | 41,300,000 | |
3,900,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Daily VRDNs, 4.350%, 6/1/2023 | 3,900,000 | |
22,450,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010A) Daily VRDNs, 4.350%, 6/1/2023 | 22,450,000 | |
12,250,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010B) Daily VRDNs, 4.350%, 6/1/2023 | 12,250,000 | |
35,600,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, 4.360%, 6/1/2023 | 35,600,000 | |
500,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs, 3.800%, 6/7/2023 | 500,000 | |
83,900,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs, 3.830%, 6/7/2023 | 83,900,000 | |
15,000,000 | Texas State Department of Housing & Community Affairs (Onion Creek Housing Partners Ltd.), (Series 2007) Weekly VRDNs, (FNMA LOC), 3.550%, 6/1/2023 | 15,000,000 | |
20,000,000 | Travis County, TX Housing Finance Corp. (Roers Austin Apartments Owner II LP), MIZUHO 3a-7 (Series 2023-MIZ9127) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.440%, 6/1/2023 | 20,000,000 | |
TOTAL | 413,090,000 | ||
Virginia— 0.1% | |||
1,610,000 | Emporia, VA Industrial Development Board (Toll VA III LP), (Series 1999) Weekly VRDNs, (Truist Bank LOC), 3.530%, 6/1/2023 | 1,610,000 | |
Washington— 0.1% | |||
2,860,000 | Central Puget Sound, WA Regional Transit Authority, RBC Muni Products (G-123) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Optional Tender 11/1/2023 | 2,860,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Washington— continued | |||
$ 1,260,000 | Washington State Economic Development Finance Authority (Mesa Dairy, LLC), (Series 2007E) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 3.580%, 6/1/2023 | $ 1,260,000 | |
TOTAL | 4,120,000 | ||
West Virginia— 2.0% | |||
60,365,000 | West Virginia State Hospital Finance Authority (Charleston Area Medical Center, Inc.), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 3.850%, 6/7/2023 | 60,365,000 | |
Wisconsin— 3.1% | |||
15,883,000 | Public Finance Authority, WI (Agape Meadowcreek, Inc.), Tender Option Bond Trust Floater Certificates (Series 2022-XF3026) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 15,883,000 | |
1,415,000 | Public Finance Authority, WI (Carolina Charter Academy, Inc.), Tender Option Bond Trust Receipts (Series 2021-XF2931) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 1,415,000 | |
5,945,000 | Public Finance Authority, WI (DCA Lexington Properties, LLC), Tender Option Bond Trust Receipts (Series 2021-XF2933) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 5,945,000 | |
685,000 | West Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly VRDNs, (U.S. Bank, N.A. LOC), 3.720%, 6/1/2023 | 685,000 | |
2,095,000 | Wisconsin State Public Finance Authority (Birchwood Properties LP), (Series 2016) Weekly VRDNs, (FHLB of Des Moines LOC), 3.630%, 6/1/2023 | 2,095,000 | |
17,000,000 | Wisconsin State Public Finance Authority (Waste Management, Inc.), (Series 2017 A-1) TOBs, (GTD by Waste Management Holdings, Inc.), 3.750%, Mandatory Tender 6/1/2023 | 17,000,000 | |
33,535,000 | Wisconsin State Public Finance Authority (Waste Management, Inc.), (Series A-2) TOBs, (GTD by Waste Management Holdings, Inc.), 3.875%, Mandatory Tender 8/1/2023 | 33,535,000 | |
20,000,000 | Wisconsin State Public Finance Authority (Waste Management, Inc.), (Series A-3) TOBs, (GTD by Waste Management Holdings, Inc.), 3.875%, Mandatory Tender 8/1/2023 | 20,000,000 | |
TOTAL | 96,558,000 | ||
TOTAL INVESTMENT IN SECURITIES—99.0% (AT AMORTIZED COST)2 | 3,057,757,933 | ||
OTHER ASSETS AND LIABILITIES - NET—1.0%3 | 29,832,430 | ||
TOTAL NET ASSETS—100% | $3,087,590,363 |
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 of investments 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 | |
CDA | —Community Development Authority | |
CP | —Commercial Paper | |
CPX | —Commercial Paper Extendible | |
CSD | —Central School District | |
EDA | —Economic Development Authority | |
EDRB | —Economic Development Revenue Bond | |
FHLB | —Federal Home Loan Bank | |
FHLMC | —Federal Home Loan Mortgage Corporation | |
FNMA | —Federal National Mortgage Association | |
GTD | —Guaranteed | |
HDA | —Hospital Development Authority | |
HFA | —Housing Finance Authority | |
IDA | —Industrial Development Authority | |
IDB | —Industrial Development Bond | |
IDRBs | —Industrial Development Revenue Bonds | |
INS | —Insured | |
LIQ | —Liquidity Agreement | |
LOC | —Letter of Credit | |
MFH | —Multi-Family Housing | |
PCFA | —Pollution Control Financing Authority | |
PCR | —Pollution Control Revenue | |
PCRB | —Pollution Control Revenue Bond | |
PCRBs | —Pollution Control Revenue Bonds | |
PLC | —Public Limited Company | |
PUTTERs | —Puttable Tax-Exempt Receipts | |
TOBs | —Tender Option Bonds | |
VMTP | —Variable Municipal Term Preferred | |
VRDNs | —Variable Rate Demand Notes | |
VRENs | —Variable Rate Extendible Notes |
Year Ended May 31, | Period Ended 5/31/20191 | Year Ended 7/31/20182 | ||||
2023 | 2022 | 2021 | 2020 | |||
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 | 0.020 | 0.0003 | 0.0003 | 0.009 | 0.0104 | 0.007 |
Net realized gain (loss) | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 |
Total From Investment Operations | 0.020 | 0.0003 | 0.0003 | 0.009 | 0.010 | 0.007 |
Less Distributions: | ||||||
Distributions from net investment income | (0.020) | (0.000)3 | (0.000)3 | (0.009) | (0.010) | (0.007) |
Distributions from net realized gain | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 |
Total Distributions | (0.020) | (0.000)3 | (0.000)3 | (0.009) | (0.010) | (0.007) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return5 | 1.99% | 0.04% | 0.01% | 0.91% | 0.99% | 0.77% |
Ratios to Average Net Assets: | ||||||
Net expenses6 | 0.56% | 0.27% | 0.33% | 0.56% | 0.56%7 | 0.55% |
Net investment income | 0.51% | 0.03% | 0.01% | 0.90% | 1.20%7 | 0.81% |
Expense waiver/reimbursement8 | 0.08% | 0.38% | 0.32% | 0.09% | 0.09%7 | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $14,098 | $700,243 | $683,243 | $818,565 | $636,808 | $48,952 |
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 | Represents less than $0.001. |
4 | Per share number has been calculated using the average shares method. |
5 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
6 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
7 | Computed on an annualized basis. |
8 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended May 31, | Period Ended 5/31/20191 | Year Ended 7/31/2018 | ||||
2023 | 2022 | 2021 | 2020 | |||
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 | 0.017 | 0.0002 | 0.0002 | 0.007 | 0.0083 | 0.005 |
Net realized gain (loss) | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.0002 |
Total From Investment Operations | 0.017 | 0.0002 | 0.0002 | 0.007 | 0.008 | 0.005 |
Less Distributions: | ||||||
Distributions from net investment income | (0.017) | (0.000)2 | (0.000)2 | (0.007) | (0.008) | (0.005) |
Distributions from net realized gain | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 |
Total Distributions | (0.017) | (0.000)2 | (0.000)2 | (0.007) | (0.008) | (0.005) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 1.76% | 0.02% | 0.01% | 0.71% | 0.79% | 0.54% |
Ratios to Average Net Assets: | ||||||
Net expenses5 | 0.78% | 0.27% | 0.35% | 0.78% | 0.78%6 | 0.78% |
Net investment income | 1.93% | 0.01% | 0.01% | 0.77% | 0.95%6 | 0.46% |
Expense waiver/reimbursement7 | 0.12% | 0.63% | 0.54% | 0.12% | 0.12%6 | 0.13% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,342 | $2,874 | $4,756 | $11,112 | $44,873 | $40,219 |
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 number has 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 | 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 7/31/2018 | ||||
2023 | 2022 | 2021 | 2020 | |||
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 | 0.023 | 0.001 | 0.001 | 0.012 | 0.0132 | 0.011 |
Net realized gain (loss) | 0.0003 | 0.0003 | 0.0003 | 0.001 | 0.0003 | 0.0003 |
Total From Investment Operations | 0.023 | 0.001 | 0.001 | 0.013 | 0.013 | 0.011 |
Less Distributions: | ||||||
Distributions from net investment income | (0.023) | (0.001) | (0.001) | (0.013) | (0.013) | (0.011) |
Distributions from net realized gain | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 |
Total Distributions | (0.023) | (0.001) | (0.001) | (0.013) | (0.013) | (0.011) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 2.34% | 0.12% | 0.13% | 1.27% | 1.27% | 1.12% |
Ratios to Average Net Assets: | ||||||
Net expenses5 | 0.21% | 0.19% | 0.21% | 0.21% | 0.21%6 | 0.21% |
Net investment income | 2.38% | 0.13% | 0.12% | 1.24% | 1.52%6 | 1.10% |
Expense waiver/reimbursement7 | 0.09% | 0.11% | 0.09% | 0.09% | 0.09%6 | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,371,755 | $1,772,201 | $1,372,803 | $1,510,434 | $1,713,390 | $1,163,568 |
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 number has 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 | 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 7/31/2018 | ||||
2023 | 2022 | 2021 | 2020 | |||
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 | 0.021 | 0.001 | 0.0002 | 0.010 | 0.0113 | 0.008 |
Net realized gain (loss) | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.0002 |
Total From Investment Operations | 0.021 | 0.001 | 0.0002 | 0.010 | 0.011 | 0.008 |
Less Distributions: | ||||||
Distributions from net investment income | (0.021) | (0.001) | (0.000)2 | (0.010) | (0.011) | (0.008) |
Distributions from net realized gain | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 |
Total Distributions | (0.021) | (0.001) | (0.000)2 | (0.010) | (0.011) | (0.008) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 2.09% | 0.05% | 0.02% | 1.01% | 1.06% | 0.87% |
Ratios to Average Net Assets: | ||||||
Net expenses5 | 0.46% | 0.25% | 0.34% | 0.46% | 0.46%6 | 0.46% |
Net investment income | 2.03% | 0.05% | 0.02% | 0.98% | 1.26%6 | 0.84% |
Expense waiver/reimbursement7 | 0.09% | 0.30% | 0.20% | 0.09% | 0.09%6 | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $213,084 | $232,943 | $255,785 | $515,994 | $410,580 | $449,099 |
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 number has 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 | 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 7/31/2018 | ||||
2023 | 2022 | 2021 | 2020 | |||
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 | 0.016 | 0.0002 | 0.0002 | 0.006 | 0.0073 | 0.004 |
Net realized gain (loss) | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.0002 |
Total From Investment Operations | 0.016 | 0.0002 | 0.0002 | 0.006 | 0.007 | 0.004 |
Less Distributions: | ||||||
Distributions from net investment income | (0.016) | (0.000)2 | (0.000)2 | (0.006) | (0.007) | (0.004) |
Distributions from net realized gain | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 |
Total Distributions | (0.016) | (0.000)2 | (0.000)2 | (0.006) | (0.007) | (0.004) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 1.64% | 0.01% | 0.01% | 0.60% | 0.69% | 0.43% |
Ratios to Average Net Assets: | ||||||
Net expenses5 | 0.90% | 0.29% | 0.31% | 0.88% | 0.91%6 | 0.90% |
Net investment income | 1.59% | 0.01% | 0.01% | 0.60% | 0.83%6 | 0.35% |
Expense waiver/reimbursement7 | 0.09% | 0.71% | 0.69% | 0.11% | 0.09%6 | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $58,942 | $71,843 | $74,123 | $44,704 | $50,506 | $49,804 |
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 number has 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 | 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 7/31/2018 | ||||
2023 | 2022 | 2021 | 2020 | |||
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 | 0.015 | 0.0002 | 0.0002 | 0.005 | 0.0063 | 0.003 |
Net realized gain (loss) | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.0002 |
Total From Investment Operations | 0.015 | 0.0002 | 0.0002 | 0.005 | 0.006 | 0.003 |
Less Distributions: | ||||||
Distributions from net investment income | (0.015) | (0.000)2 | (0.000)2 | (0.005) | (0.006) | (0.003) |
Distributions from net realized gain | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 |
Total Distributions | (0.015) | (0.000)2 | (0.000)2 | (0.005) | (0.006) | (0.003) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 1.53% | 0.01% | 0.01% | 0.49% | 0.59% | 0.31% |
Ratios to Average Net Assets: | ||||||
Net expenses5 | 1.01% | 0.29% | 0.32% | 0.99% | 1.02%6 | 1.02% |
Net investment income | 1.48% | 0.01% | 0.01% | 0.49% | 0.71%6 | 0.30% |
Expense waiver/reimbursement7 | 0.24% | 0.97% | 0.93% | 0.27% | 0.24%6 | 0.24% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $196,830 | $237,579 | $288,115 | $240,445 | $281,674 | $328,142 |
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 number has 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 | 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 7/31/2018 | ||||
2023 | 2022 | 2021 | 2020 | |||
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 | 0.022 | 0.001 | 0.001 | 0.012 | 0.0122 | 0.010 |
Net realized gain (loss) | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 |
Total From Investment Operations | 0.022 | 0.001 | 0.001 | 0.012 | 0.012 | 0.010 |
Less Distributions: | ||||||
Distributions from net investment income | (0.022) | (0.001) | (0.001) | (0.012) | (0.012) | (0.010) |
Distributions from net realized gain | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 |
Total Distributions | (0.022) | (0.001) | (0.001) | (0.012) | (0.012) | (0.010) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 2.24% | 0.09% | 0.06% | 1.16% | 1.19% | 1.02% |
Ratios to Average Net Assets: | ||||||
Net expenses5 | 0.31% | 0.21% | 0.28% | 0.31% | 0.31%6 | 0.31% |
Net investment income | 2.26% | 0.07% | 0.06% | 1.16% | 1.41%6 | 1.01% |
Expense waiver/reimbursement7 | 0.09% | 0.19% | 0.12% | 0.09% | 0.09%6 | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $231,540 | $195,389 | $289,938 | $359,491 | $409,796 | $635,782 |
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 number has 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 | 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. |
May 31, 2023
Assets: | |
Investment in securities, at amortized cost and fair value | $3,057,757,933 |
Cash | 2,209,744 |
Income receivable | 17,905,896 |
Receivable for investments sold | 26,000,000 |
Receivable for shares sold | 6,989,472 |
Total Assets | 3,110,863,045 |
Liabilities: | |
Payable for investments purchased | 11,849,264 |
Payable for shares redeemed | 10,447,592 |
Income distribution payable | 563,331 |
Payable for investment adviser fee (Note 5) | 8,843 |
Payable for administrative fee (Note 5) | 6,580 |
Payable for distribution services fee (Note 5) | 102,455 |
Payable for other service fees (Notes 2 and 5) | 133,840 |
Accrued expenses (Note 5) | 160,777 |
Total Liabilities | 23,272,682 |
Net assets for 3,087,608,575 shares outstanding | $3,087,590,363 |
Net Assets Consist of: | |
Paid-in capital | $3,087,588,264 |
Total distributable earnings (loss) | 2,099 |
Total Net Assets | $3,087,590,363 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Automated Shares: | |
$14,097,636 ÷ 14,097,719 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Shares: | |
$1,342,344 ÷ 1,342,352 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Wealth Shares: | |
$2,371,754,670 ÷ 2,371,768,621 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$213,083,882 ÷ 213,085,138 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash II Shares: | |
$58,942,417 ÷ 58,942,765 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash Series Shares: | |
$196,829,551 ÷ 196,830,710 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Capital Shares: | |
$231,539,863 ÷ 231,541,270 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Year Ended May 31, 2023
Investment Income: | |
Interest | $74,294,454 |
Expenses: | |
Investment adviser fee (Note 5) | 5,867,439 |
Administrative fee (Note 5) | 2,298,777 |
Custodian fees | 93,404 |
Transfer agent fees (Note 2) | 432,853 |
Directors’/Trustees’ fees (Note 5) | 16,705 |
Auditing fees | 23,960 |
Legal fees | 4,972 |
Portfolio accounting fees | 242,311 |
Distribution services fee (Note 5) | 1,554,601 |
Other service fees (Notes 2 and 5) | 1,703,746 |
Share registration costs | 255,242 |
Printing and postage | 44,228 |
Miscellaneous (Note 5) | 19,356 |
TOTAL EXPENSES | 12,557,594 |
Waivers and Reimbursements: | |
Waiver of investment adviser fee (Note 5) | (2,623,427) |
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (341,028) |
TOTAL WAIVERS AND REIMBURSEMENTS | (2,964,455) |
Net expenses | 9,593,139 |
Net investment income | 64,701,315 |
Net realized gain on investments | 955 |
Change in net assets resulting from operations | $64,702,270 |
Year Ended May 31 | 2023 | 2022 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $64,701,315 | $2,176,337 |
Net realized gain (loss) | 955 | 69,113 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 64,702,270 | 2,245,450 |
Distributions to Shareholders: | ||
Automated Shares | (440,831) | (242,884) |
Investment Shares | (68,482) | (720) |
Wealth Shares | (50,565,796) | (1,667,616) |
Service Shares | (4,594,001) | (127,174) |
Cash II Shares | (1,087,067) | (9,913) |
Cash Series Shares | (3,221,215) | (37,090) |
Capital Shares | (4,793,228) | (177,141) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (64,770,620) | (2,262,538) |
Share Transactions: | ||
Proceeds from sale of shares | 7,058,692,521 | 3,952,421,143 |
Net asset value of shares issued to shareholders in payment of distributions declared | 59,807,000 | 2,064,912 |
Cost of shares redeemed | (7,243,912,415) | (3,710,160,577) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (125,412,894) | 244,325,478 |
Change in net assets | (125,481,244) | 244,308,390 |
Net Assets: | ||
Beginning of period | 3,213,071,607 | 2,968,763,217 |
End of period | $3,087,590,363 | $3,213,071,607 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Automated Shares | $87,025 | $— |
Investment Shares | 3,551 | — |
Wealth Shares | 45,298 | — |
Service Shares | 4,706 | — |
Cash II Shares | 65,538 | — |
Cash Series Shares | 222,214 | (65,314) |
Capital Shares | 4,521 | (4) |
TOTAL | $432,853 | $(65,318) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Automated Shares | $214,116 | $— | $— |
Investment Shares | 8,865 | — | (1) |
Service Shares | 553,447 | — | — |
Cash II Shares | 170,988 | (504) | (2,373) |
Cash Series Shares | 544,281 | (5,041) | (27,207) |
Capital Shares | 212,049 | — | — |
TOTAL | $1,703,746 | $(5,545) | $(29,581) |
Year Ended 5/31/2023 | Year Ended 5/31/2022 | |||
Automated Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 49,145 | $49,145 | 371,576 | $371,576 |
Shares issued to shareholders in payment of distributions declared | 439 | 439 | 243 | 243 |
Shares redeemed | (735,718) | (735,718) | (354,815) | (354,815) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | (686,134) | $(686,134) | 17,004 | $17,004 |
Year Ended 5/31/2023 | Year Ended 5/31/2022 | |||
Investment Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 15,656 | $15,656 | 6,695 | $6,695 |
Shares issued to shareholders in payment of distributions declared | 68 | 68 | 1 | 1 |
Shares redeemed | (17,255) | (17,255) | (8,579) | (8,579) |
NET CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS | (1,531) | $(1,531) | (1,883) | $(1,883) |
Year Ended 5/31/2023 | Year Ended 5/31/2022 | |||
Wealth Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 5,433,953 | $5,433,953 | 2,302,899 | $2,302,899 |
Shares issued to shareholders in payment of distributions declared | 46,800 | 46,800 | 1,492 | 1,492 |
Shares redeemed | (4,881,158) | (4,881,158) | (1,904,990) | (1,904,990) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 599,595 | $599,595 | 399,401 | $399,401 |
Year Ended 5/31/2023 | Year Ended 5/31/2022 | |||
Service Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 591,162 | $591,162 | 583,932 | $583,932 |
Shares issued to shareholders in payment of distributions declared | 3,547 | 3,547 | 106 | 106 |
Shares redeemed | (614,563) | (614,563) | (606,878) | (606,878) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (19,854) | $(19,854) | (22,840) | $(22,840) |
Year Ended 5/31/2023 | Year Ended 5/31/2022 | |||
Cash II Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 47,329 | $47,329 | 30,387 | $30,387 |
Shares issued to shareholders in payment of distributions declared | 1,076 | 1,076 | 10 | 10 |
Shares redeemed | (61,304) | (61,304) | (32,676) | (32,676) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | (12,899) | $(12,899) | (2,279) | $(2,279) |
Year Ended 5/31/2023 | Year Ended 5/31/2022 | |||
Cash Series Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 484,712 | $484,712 | 483,411 | $483,411 |
Shares issued to shareholders in payment of distributions declared | 3,171 | 3,171 | 37 | 37 |
Shares redeemed | (528,628) | (528,628) | (533,981) | (533,981) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | (40,745) | $(40,745) | (50,533) | $(50,533) |
Year Ended 5/31/2023 | Year Ended 5/31/2022 | |||
Capital Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 436,735 | $436,735 | 173,522 | $173,522 |
Shares issued to shareholders in payment of distributions declared | 4,706 | 4,706 | 177 | 177 |
Shares redeemed | (405,286) | (405,286) | (268,244) | (268,244) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 36,155 | $36,155 | (94,545) | $(94,545) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (125,413) | $(125,413) | 244,325 | $244,325 |
2023 | 2022 | |
Tax-exempt income | $64,580,563 | $2,175,386 |
Ordinary income1 | $120,971 | $87,125 |
Long-term capital gains | $69,086 | $27 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed tax-exempt income | $1,167 |
Undistributed ordinary income1 | $932 |
TOTAL | $2,099 |
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 | $8,865 | $(1,064) |
Cash II Shares | 239,463 | — |
Cash Series Shares | 1,306,273 | (239,520) |
TOTAL | $1,554,601 | $(240,584) |
July 21, 2023
Beginning Account Value 12/1/2022 | Ending Account Value 5/31/2023 | Expenses Paid During Period1 | |
Actual: | |||
Automated Shares | $1,000 | $1,013.80 | $2.81 |
Investment Shares | $1,000 | $1,012.60 | $3.91 |
Wealth Shares | $1,000 | $1,015.50 | $1.06 |
Service Shares | $1,000 | $1,014.30 | $2.31 |
Cash II Shares | $1,000 | $1,012.00 | $4.51 |
Cash Series Shares | $1,000 | $1,011.40 | $5.12 |
Capital Shares | $1,000 | $1,015.00 | $1.56 |
Hypothetical (assuming a 5% return before expenses): | |||
Automated Shares | $1,000 | $1,022.14 | $2.82 |
Investment Shares | $1,000 | $1,021.04 | $3.93 |
Wealth Shares | $1,000 | $1,023.88 | $1.06 |
Service Shares | $1,000 | $1,022.64 | $2.32 |
Cash II Shares | $1,000 | $1,020.44 | $4.53 |
Cash Series Shares | $1,000 | $1,019.85 | $5.14 |
Capital Shares | $1,000 | $1,023.39 | $1.56 |
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 | 0.56% |
Investment Shares | 0.78% |
Wealth Shares | 0.21% |
Service Shares | 0.46% |
Cash II Shares | 0.90% |
Cash Series Shares | 1.02% |
Capital Shares | 0.31% |
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: 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.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, 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 (natural gas). 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 Associate General Secretary of the Diocese of Pittsburgh, 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 (natural gas). 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.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director and Vice Chair, Saint Francis University. |
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. 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); Director, Midway Pacific (lumber); and Director, The Golisano Children’s Museum of Naples, Florida. |
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; formerly, Senior Vice President for Legal Affairs, General Counsel and Secretary of Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary of Board of Directors and 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. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy 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 |
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; 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). |
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. |
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. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
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 | 79.7% |
Municipal Notes | 16.2% |
Commercial Paper | 3.1% |
Other Assets and Liabilities—Net2 | 1.0% |
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. |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 63.1% |
8-30 Days | 1.7% |
31-90 Days | 27.7% |
91-180 Days | 4.3% |
181 Days or more | 2.2% |
Other Assets and Liabilities—Net2 | 1.0% |
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. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— 99.0% | ||
Alabama— 1.3% | |||
$ 5,365,000 | Cooperative District of Fort Spanish, AL, Tender Option Bond Trust Receipts (Series 2021-XF2958) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | $ 5,365,000 | |
33,700,000 | Mobile, AL IDB (Alabama Power Co.), PCR Bonds (Series 2007B) Weekly VRDNs, 3.500%, 6/7/2023 | 33,700,000 | |
TOTAL | 39,065,000 | ||
Arizona— 0.3% | |||
2,335,000 | Arizona State IDA (Colorado Military Academy Building Corp.), Tender Option Bond Trust Receipts (Series 2021-XF2941) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 2,335,000 | |
5,610,000 | Maricopa County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 3.530%, 6/1/2023 | 5,610,000 | |
TOTAL | 7,945,000 | ||
California— 13.8% | |||
18,875,000 | California Health Facilities Financing Authority (CommonSpirit Health), Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.610%, 6/1/2023 | 18,875,000 | |
2,356,000 | California HFA (Hope on Broadway LP), Tender Option Bond Trust Receipts (Series 2022-XF3018) Weekly VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.810%, 6/1/2023 | 2,356,000 | |
9,000,000 | California HFA (Residency at Empire I LP), Tender Option Bond Trust Receipts (Series 2022-XF3077) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 9,000,000 | |
17,120,000 | California HFA, Tender Option Bond Trust Certificates (Series 2023-XF3087) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 17,120,000 | |
470,000 | California HFA, Tender Option Bond Trust Floater Certificates (Series 2022-XF3059) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 470,000 | |
4,500,000 | California Municipal Finance Authority (Brawley Pacific Associates III), Tender Option Bond Trust Receipts (Series 2022-XF3027) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 4,500,000 | |
2,000,000 | California PCFA (C.A. and E.J. Vanderham Family Trust), (Series 2003) Weekly VRDNs, (CoBank, ACB LOC), 3.580%, 6/1/2023 | 2,000,000 | |
3,000,000 | California PCFA (P & D Dairy and Poso Creek Family Dairy, LLC), (Series 2003) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 3.580%, 6/1/2023 | 3,000,000 | |
2,940,000 | California PCFA (T & W Farms), (Series 2002) Weekly VRDNs, (Bank of America N.A. LOC), 3.580%, 6/1/2023 | 2,940,000 | |
11,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 3.200%, Mandatory Tender 6/6/2023 | 11,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 7,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 2.800%, Mandatory Tender 6/14/2023 | $ 7,000,000 | |
12,500,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-4), CP, 3.200%, Mandatory Tender 8/9/2023 | 12,500,000 | |
1,242,000 | Los Angeles, CA (Hope on Broadway LP), Tender Option Bond Trust Receipts (2022-XF3019) Weekly VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.810%, 6/1/2023 | 1,242,000 | |
27,000,000 | Los Angeles, CA Community Redevelopment Agency (DWF V Hollywood & Vine, LP), Mizuho 3a-7 (Series 2022-MIZ9089) Daily VRDNs, (GTD by FHLMC)/(Mizuho Bank Ltd. LIQ), 4.450%, 6/1/2023 | 27,000,000 | |
3,500,000 | Los Angeles, CA Community Redevelopment Agency (DWF V Wilshire Vermont, LP), Mizuho 3a-7 (Series 2022-MIZ9090) Daily VRDNs, (GTD by FHLMC)/(Mizuho Bank Ltd. LIQ), 4.650%, 6/1/2023 | 3,500,000 | |
7,000,000 | Los Angeles, CA Department of Airports (Los Angeles International Airport), (Subseries B-2), CP, (Barclays Bank PLC LOC), 3.850%, Mandatory Tender 8/7/2023 | 7,000,000 | |
75,000,000 | Nuveen California Quality Municipal Income Fund, RIB Floater Trust (Series 2022-FR-RI-005) (Series 2 Preferred Shares) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.760%, 6/1/2023 | 75,000,000 | |
5,076,000 | Pimco California Municipal Income Fund III, Tender Option Bond Trust Receipts (Series UA-7003) Weekly VRDNs, (UBS AG LIQ), 3.610%, 6/7/2023 | 5,076,000 | |
9,200,000 | Pimco California Municipal Income Fund, Tender Option Bond Trust Receipts (Series UA-7005) Weekly VRDNs, (UBS AG LIQ), 3.610%, 6/6/2023 | 9,200,000 | |
66,500,000 | River Islands, CA Public Financing Authority (River Islands, CA Public Financing Authority Community Facilities District No. 2015-1), Tender Option Bond Trust Floater Certificates (Series 2022-MIZ9110) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 66,500,000 | |
2,770,000 | Sacramento County, CA HDA (Shiloh Arms Partners LP), Mizuho 3a-7 (2022-MIZ9093) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 2,770,000 | |
64,500,000 | San Francisco, CA City and County (1500 Mission Urban Housing LP), Mizuho 3a-7 (Series 2022-MIZ9115) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 64,500,000 | |
73,560,000 | San Francisco, CA City and County (Transbay Block 8 Tower Apartments Obligated Group), Mizuho 3a-7 (2021-MIZ9063) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 73,560,000 | |
TOTAL | 426,109,000 | ||
Colorado— 0.3% | |||
4,615,000 | Colorado HFA (Acme Manufacturing Company, Inc.), (Series 2016A) Weekly VRDNs, (UMB Bank, N.A. LOC), 3.760%, 6/1/2023 | 4,615,000 | |
1,175,000 | Colorado HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 3.650%, 6/1/2023 | 1,175,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Colorado— continued | |||
$ 1,160,000 | Colorado HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs, (UMB Bank, N.A. LOC), 3.800%, 6/1/2023 | $ 1,160,000 | |
1,575,000 | Denver, CO City & County Airport Authority, RBC Muni Products (Series G-114) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.660%, Optional Tender 6/1/2023 | 1,575,000 | |
TOTAL | 8,525,000 | ||
Connecticut— 0.1% | |||
4,400,000 | Connecticut State Special Transportation Fund, RBC Muni Products (Series G-110) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.590%, Optional Tender 10/2/2023 | 4,400,000 | |
Florida— 4.7% | |||
3,400,000 | Broward County, FL (Florida Power & Light Co.), (Series 2018A) Daily VRDNs, 4.000%, 6/1/2023 | 3,400,000 | |
2,480,000 | Capital Trust Agency, FL (Milestones Community School, Inc.), Tender Option Bond Trust Receipts (2022-XF2965) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 2,480,000 | |
4,280,000 | Florida Development Finance Corp. (Navigator Academy of Leadership, Inc.), Tender Option Bond Trust Receipts (2021-XF2945) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 4,280,000 | |
4,700,000 | Greater Orlando, FL Aviation Authority, (RBC Muni Products Series G-25) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.660%, Mandatory Tender 10/2/2023 | 4,700,000 | |
2,655,000 | Hillsborough County, FL Solid Waste & Resource Recovery, RBC Muni Products (Series G-41) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Optional Tender 9/1/2023 | 2,655,000 | |
20,500,000 | Liberty County, FL (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 3.500%, 6/1/2023 | 20,500,000 | |
11,830,000 | Miami-Dade County, FL (County of Miami-Dade Seaport Department), Tender Option Bond Trust Certificates (2022-XF2988) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 3.550%, 6/1/2023 | 11,830,000 | |
7,490,000 | Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 (2021-MIZ9072) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 7,490,000 | |
8,000,000 | Miami-Dade County, FL HFA (Superior Manor Phase II LLC), Mizuho 3a-7 (2022-MIZ9087) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 8,000,000 | |
6,000,000 | Miami-Dade County, FL HFA (The Village Miami Phase II LLC), MIZUHO 3a-7 (Series 2023-MIZ9137) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 6,000,000 | |
42,920,000 | Palm Beach County, FL Health Facilities Authority (Morselife Obligated Group), (Series 2023-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.710%, 6/1/2023 | 42,920,000 | |
29,700,000 | St. Lucie County, FL Solid Waste Disposal (Florida Power & Light Co.), (Series 2003) Daily VRDNs, 4.000%, 6/1/2023 | 29,700,000 | |
TOTAL | 143,955,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Georgia— 7.0% | |||
$ 3,500,000 | Appling County, GA Development Authority (Georgia Power Co.), (1st Series 1997) Daily VRDNs, 4.230%, 6/1/2023 | $ 3,500,000 | |
9,750,000 | Atlanta, GA, Urban Residential Finance Authority (Columbia at Sylvan Hills Apartments), (Series 2006) Weekly VRDNs, (FNMA LOC), 3.550%, 6/1/2023 | 9,750,000 | |
43,825,000 | Bartow County, GA Development Authority (Georgia Power Co.), (Second Series 2022) Daily VRDNs, 4.200%, 6/1/2023 | 43,825,000 | |
550,000 | Burke County, GA Development Authority (Georgia Power Co.), (2018 1st Series) Daily VRDNs, 4.250%, 6/1/2023 | 550,000 | |
16,900,000 | Burke County, GA Development Authority (Georgia Power Co.), (Series 2008) Daily VRDNs, 4.230%, 6/1/2023 | 16,900,000 | |
8,880,000 | Columbia County, GA Development Authority (Schools for Arts-Infused Learning, Inc.), Tender Option Bond Trust Receipts (2022-XF2966) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 8,880,000 | |
8,715,000 | Columbus, GA Development Authority (Avalon Apartments LP), (Series 2008) Weekly VRDNs, (FNMA LOC), 3.550%, 6/1/2023 | 8,715,000 | |
10,000,000 | Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs, (FHLMC LOC), 3.550%, 6/1/2023 | 10,000,000 | |
13,870,000 | Effingham County, GA Development Authority (Georgia Power Co.), (Series 2003) Daily VRDNs, 4.240%, 6/1/2023 | 13,870,000 | |
360,000 | Fitzgerald & Ben Hill County, GA Development Authority (Agri-Products, Inc.), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A. LOC), 3.580%, 6/1/2023 | 360,000 | |
4,680,000 | Floyd County, GA Development Authority PCRB (Georgia Power Co.), (First Series 1996) Daily VRDNs, 4.230%, 6/1/2023 | 4,680,000 | |
2,000,000 | Heard County, GA Development Authority (Georgia Power Co.), (First Series 1996) Daily VRDNs, 4.240%, 6/1/2023 | 2,000,000 | |
2,525,000 | Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2019) Daily VRDNs, 4.150%, 6/1/2023 | 2,525,000 | |
6,000,000 | Monroe County, GA Development Authority (Florida Power & Light Co.), PCRBs (First Series 2002) Daily VRDNs, 4.080%, 6/1/2023 | 6,000,000 | |
9,300,000 | Monroe County, GA Development Authority (Georgia Power Co.), PCRBs (First Series 1997) Daily VRDNs, 4.230%, 6/1/2023 | 9,300,000 | |
1,775,000 | Savannah, GA EDA (Consolidated Utilities, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 3.630%, 6/1/2023 | 1,775,000 | |
72,250,000 | Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 3.560%, 6/7/2023 | 72,250,000 | |
1,595,000 | Wayne County, GA, IDA (Sierra International Machinery LLC), (Series 2011) Weekly VRDNs, (Truist Bank LOC), 3.630%, 6/1/2023 | 1,595,000 | |
TOTAL | 216,475,000 | ||
Hawaii— 0.2% | |||
6,110,000 | Hawaii State Department of Budget & Finance (Queen’s Health Systems), (2015 Series C) VRENs, 3.860%, 6/1/2023 | 6,110,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Idaho— 0.6% | |||
$ 17,860,000 | American Falls, ID Reservoir District (Idaho Power Co.), (Series 2000) Weekly VRDNs, 3.600%, 6/7/2023 | $ 17,860,000 | |
Illinois— 1.3% | |||
24,320,000 | Chicago, IL O’Hare International Airport, Tender Option Bond Trust Certificates (Series 2022-XM1078) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.730%, 6/1/2023 | 24,320,000 | |
4,600,000 | Chicago, IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2022-XF1424) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.730%, 6/1/2023 | 4,600,000 | |
11,475,518 | Metropolitan Pier & Exposition Authority, IL, Tender Option Bond Trust Receipts (2021-MS0001) TOBs, (Morgan Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 3.710%, Optional Tender 8/3/2023 | 11,475,518 | |
TOTAL | 40,395,518 | ||
Indiana— 1.6% | |||
6,000,000 | Bloomington, IN EDRB (SY Henderson Court Investors, LP), (Series 2008: Henderson Court Apartments) Weekly VRDNs, (FHLMC LOC), 3.550%, 6/1/2023 | 6,000,000 | |
14,250,000 | Indiana Development Finance Authority (Duke Energy Indiana, Inc.), (Series 2003B) Weekly VRDNs, 3.700%, 6/7/2023 | 14,250,000 | |
17,000,000 | Indiana State Finance Authority Environmental (Fulcrum Centerpoint, LLC), (Series 2022) TOBs, (GTD by United States Treasury), 4.500%, Mandatory Tender 11/15/2023 | 17,000,000 | |
12,900,000 | Indianapolis, IN MFH (Pedcor Investments-2006-LXXXVIII LP), (Series 2007A: Forest Ridge Apartments) Weekly VRDNs, (Citizens Bank, N.A. LOC), 4.200%, 6/1/2023 | 12,900,000 | |
TOTAL | 50,150,000 | ||
Iowa— 0.2% | |||
5,300,000 | Iowa Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly VRDNs, (AgriBank FCB LOC), 3.580%, 6/1/2023 | 5,300,000 | |
Kansas— 1.0% | |||
10,000,000 | Burlington, KS (Evergy Metro, Inc.), (Series 2007A) Weekly VRDNs, 3.560%, 6/7/2023 | 10,000,000 | |
21,000,000 | Burlington, KS (Evergy Metro, Inc.), (Series 2007B) Weekly VRDNs, 3.560%, 6/7/2023 | 21,000,000 | |
TOTAL | 31,000,000 | ||
Kentucky— 3.7% | |||
29,400,000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), (Series A) Weekly VRDNs, 3.500%, 6/2/2023 | 29,400,000 | |
38,000,000 | Louisville & Jefferson County, KY Regional Airport Authority (UPS Worldwide Forwarding, Inc.), (1999 Series A) Daily VRDNs, (GTD by United Parcel Service, Inc.), 4.220%, 6/1/2023 | 38,000,000 | |
16,900,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021A-1) Daily VRDNs, 4.950%, 6/1/2023 | 16,900,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Kentucky— continued | |||
$ 31,270,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021B-1) Daily VRDNs, 4.950%, 6/1/2023 | $ 31,270,000 | |
TOTAL | 115,570,000 | ||
Louisiana— 3.2% | |||
10,885,000 | Calcasieu Parish, LA Public Trust Authority (WPT Corp.), (Series 1997) Weekly VRDNs, (Bank of America N.A. LOC), 3.350%, 6/7/2023 | 10,885,000 | |
14,200,000 | East Baton Rouge Parish, LA IDB (Georgia-Pacific LLC), Solid Waste Disposal Revenue Bonds (Series 2004) Weekly VRDNs, 3.650%, 6/7/2023 | 14,200,000 | |
34,500,000 | Louisiana Local Government Environmental Facilities CDA (American Biocarbon, CT LLC) TOBs, (GTD by United States Treasury), 3.850%, Mandatory Tender 8/1/2023 | 34,489,224 | |
4,500,000 | Louisiana Public Facilities Authority (Loyola University New Orleans), Barclays 3a-7 Credit Enhanced (Series 2023-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/1/2023 | 4,500,000 | |
6,975,000 | Louisiana State Housing Corporation (Peace Lake Louisiana Tower Community, LP), Tender Option Bond Trust Floater Certificates (Series 2020-MIZ9053) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 6,975,000 | |
1,200,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (Nucor Corp. GTD), 3.890%, 6/7/2023 | 1,200,000 | |
27,400,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 3.900%, 6/7/2023 | 27,400,000 | |
TOTAL | 99,649,224 | ||
Maine— 0.7% | |||
22,260,000 | Old Town, ME (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 3.670%, 6/7/2023 | 22,260,000 | |
Maryland— 1.8% | |||
5,020,000 | Baltimore County, MD (Oak Crest Village, Inc.), 3a-7 Credit Enhanced Trust (Series 2022-032) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.710%, 6/1/2023 | 5,020,000 | |
2,640,000 | Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Mandatory Tender 7/3/2023 | 2,640,000 | |
22,000,000 | Maryland Health and Higher Educational Facilities Authority (Integrace Obligated Group), 3a-7 Credit Enhanced Trust (Series 2022-024) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.710%, 6/1/2023 | 22,000,000 | |
26,500,000 | Montgomery County, MD (Trinity Healthcare Credit Group), (Series 2013MD) TOBs, 3.500%, Mandatory Tender 6/1/2023 | 26,500,000 | |
TOTAL | 56,160,000 | ||
Massachusetts— 1.2% | |||
27,000,000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), 3.400%, Mandatory Tender 6/12/2023 | 27,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Massachusetts— continued | |||
$ 10,000,000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), 3.400%, Mandatory Tender 6/12/2023 | $ 10,000,000 | |
TOTAL | 37,000,000 | ||
Michigan— 0.2% | |||
5,250,000 | Michigan Strategic Fund (Greenville Venture Partners LLC), (Series 2018) Weekly VRDNs, (CoBank, ACB LOC), 3.580%, 6/1/2023 | 5,250,000 | |
Minnesota— 0.8% | |||
25,600,000 | Roseville, MN, Tender Option Bond Trust Receipts (Series 2022-XF3034) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 25,600,000 | |
Mississippi— 0.6% | |||
13,000,000 | Mississippi Business Finance Corp. (Florida Power & Light Co.), (Series 2019) Weekly VRDNs, 4.960%, 6/7/2023 | 13,000,000 | |
5,865,000 | Mississippi Home Corp, Mizuho 3a-7 (Series 2022-XF3022) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 5,865,000 | |
TOTAL | 18,865,000 | ||
Missouri— 0.5% | |||
6,310,000 | Kansas City, MO Planned Industrial Expansion Authority (EPD3 Ridgeview LP), Mizuho 3a-7 (2022-MIZ9086) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 6,310,000 | |
2,500,000 | Lees Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 2,500,000 | |
6,000,000 | Missouri State Health and Educational Facilities Authority Health Facilities (SSM Healthcare), (Series G-121) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Mandatory Tender 6/1/2023 | 6,000,000 | |
TOTAL | 14,810,000 | ||
Montana— 0.2% | |||
3,510,000 | Montana State Board of Housing (HRDC IX Affordable Housing Solutions LP), Mizuho 3a-7 (2021-MIZ9061) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 3,510,000 | |
3,320,000 | Montana State Board of Housing (HRDC IX Affordable Housing Solutions LP), Mizuho 3a-7 (2021-MIZ9062) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 3,320,000 | |
TOTAL | 6,830,000 | ||
Multi-State— 10.4% | |||
137,600,000 | Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 4.700%, 6/1/2023 | 137,600,000 | |
142,000,000 | Nuveen Municipal Credit Income Fund, PUTTERs 3a-7 (Series 5039) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 4.700%, 6/1/2023 | 142,000,000 | |
17,766,000 | PIMCO Municipal Income Fund II, Tender Option Bond Trust Receipts (Series UA-7001) Weekly VRDNs, (UBS AG LIQ), 3.660%, 6/1/2023 | 17,766,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Multi-State— continued | |||
$ 17,825,000 | PIMCO Municipal Income Fund II, Tender Option Bond Trust Receipts (Series UA-7004) Weekly VRDNs, (UBS AG LIQ), 3.660%, 6/6/2023 | $ 17,825,000 | |
7,521,000 | PIMCO Municipal Income Fund III, Tender Option Bond Trust Receipts (Series UA-7006) Weekly VRDNs, (UBS AG LIQ), 3.660%, 6/6/2023 | 7,521,000 | |
TOTAL | 322,712,000 | ||
Nebraska— 0.3% | |||
7,500,000 | Stanton County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs, 4.000%, 6/7/2023 | 7,500,000 | |
1,875,000 | Stanton County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs, 4.000%, 6/7/2023 | 1,875,000 | |
TOTAL | 9,375,000 | ||
Nevada— 0.8% | |||
2,050,000 | Clark County, NV Airport System, (Series B), 5.000%, 7/1/2023 | 2,052,074 | |
1,275,000 | 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 LOC), 3.620%, 6/1/2023 | 1,275,000 | |
20,000,000 | Director of the State of Nevada Department of Business and Industry (DesertXpress Enterprises, LLC), (Brightline West Passenger Rail Project, Series 2020A) TOBs, (GTD by United States Treasury), 3.700%, Mandatory Tender 1/31/2024 | 20,000,000 | |
TOTAL | 23,327,074 | ||
New Jersey— 6.5% | |||
7,552,000 | Beach Haven, NJ BANs, 4.250%, 5/2/2024 | 7,588,707 | |
3,705,869 | Bridgewater-Raritan, NJ Regional School District BANs, 4.250%, 9/13/2023 | 3,711,542 | |
6,641,725 | Butler Borough, NJ BANs, 3.750%, 9/8/2023 | 6,656,605 | |
5,807,835 | Clementon, NJ, (Series A) BANs, 4.250%, 9/28/2023 | 5,825,246 | |
5,915,500 | Delran Township, NJ BANs, 4.250%, 9/5/2023 | 5,923,800 | |
14,770,000 | Freehold Borough, NJ BANs, 4.000%, 8/3/2023 | 14,797,227 | |
4,000,000 | Garwood, NJ BANs, 5.000%, 8/3/2023 | 4,006,244 | |
5,373,950 | Hammonton, NJ BANs, 5.000%, 10/26/2023 | 5,387,427 | |
2,436,000 | Haworth Borough, NJ BANs, 4.500%, 7/14/2023 | 2,437,486 | |
7,505,061 | Highlands, NJ BANs, 4.250%, 7/7/2023 | 7,513,315 | |
2,561,000 | Hillsdale Borough, NJ BANs, 4.500%, 8/24/2023 | 2,564,734 | |
7,500,000 | Lakewood Township, NJ BANs, 4.250%, 10/24/2023 | 7,518,871 | |
3,050,800 | Lopatcong, NJ BANs, 4.500%, 10/6/2023 | 3,056,980 | |
6,845,000 | Middle Township, NJ BANs, 3.750%, 9/7/2023 | 6,859,813 | |
5,968,000 | Mountainside, NJ BANs, 5.000%, 7/20/2023 | 5,975,010 | |
13,600,000 | New Brunswick, NJ BANs, 3.750%, 9/18/2023 | 13,633,517 | |
1,285,000 | New Jersey EDA (Temple Emanuel of the Pascack Valley), (Series 2001/2019) Weekly VRDNs, (U.S. Bank, N.A. LOC), 3.660%, 6/2/2023 | 1,285,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New Jersey— continued | |||
$ 5,000,000 | North Hunterdon-Vorhees, NJ Regional High School District BANs, 4.250%, 7/21/2023 | $ 5,003,021 | |
12,160,000 | Park Ridge Borough, NJ BANs, 4.000%, 4/26/2024 | 12,212,916 | |
11,815,000 | Ramsey, NJ BANs, 4.250%, 3/1/2024 | 11,849,264 | |
3,496,000 | Rochelle Park Township, NJ BANs, 4.500%, 8/9/2023 | 3,499,406 | |
3,242,800 | Roxbury Township, NJ BANs, 4.500%, 3/1/2024 | 3,257,983 | |
4,041,000 | Saddle River, NJ BANs, 5.500%, 6/7/2023 | 4,041,972 | |
7,463,300 | South Plainfield, NJ BANs, 4.000%, 8/16/2023 | 7,470,923 | |
5,665,000 | Springfield Township, NJ (Union County) BANs, 4.250%, 5/1/2024 | 5,697,511 | |
3,544,300 | Springfield Township, NJ BANs, 4.250%, 9/7/2023 | 3,549,198 | |
25,000,000 | Stone Harbor, NJ BANs, 5.000%, 10/13/2023 | 25,065,988 | |
6,346,649 | Union Beach, NJ BANs, 5.000%, 7/25/2023 | 6,355,784 | |
1,985,155 | West Wildwood, NJ BANs, 4.500%, 2/27/2024 | 1,991,765 | |
3,807,000 | Winslow Township, NJ BANs, 3.750%, 9/14/2023 | 3,816,038 | |
3,000,000 | Wyckoff Township, NJ BANs, 4.500%, 9/19/2023 | 3,004,823 | |
TOTAL | 201,558,116 | ||
New York— 6.4% | |||
3,846,510 | Alden Village, NY BANs, 3.750%, 9/7/2023 | 3,854,526 | |
29,350,000 | Erie County, NY IDA (Ellicott Park Townhomes Community Partners LP), Mizuho 3a-7 (Series 2023-MIZ9134) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.810%, 6/1/2023 | 29,350,000 | |
2,000,000 | Hannibal, NY CSD BANs, 4.250%, 6/28/2023 | 2,001,722 | |
5,590,000 | Hempstead (town), NY IDA Multi-Family Housing (Hempstead Village Housing Associates LP), (Series 2006) Weekly VRDNs, (FNMA LOC), 3.520%, 6/1/2023 | 5,590,000 | |
4,245,977 | Lowville, NY, (Series A) BANs, 3.250%, 8/24/2023 | 4,247,799 | |
8,000,000 | Massena, NY CSD BANs, 4.000%, 6/29/2023 | 8,005,953 | |
3,545,000 | New Rochelle, NY IDA (180 Union Avenue Owner LP), (Series 2006: West End Phase I Facility) Weekly VRDNs, (Citibank N.A., New York LOC), 3.590%, 6/1/2023 | 3,545,000 | |
15,000,000 | New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 3.560%, 6/1/2023 | 15,000,000 | |
24,880,000 | New York State Energy Research & Development Authority (National Grid Generation LLC), (1997 Series A) Weekly VRDNs, (NatWest Markets PLC LOC), 3.600%, 6/7/2023 | 24,880,000 | |
3,250,000 | New York State Environmental Facilities Corp. (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2012) TOBs, 3.875%, Mandatory Tender 8/1/2023 | 3,250,000 | |
72,800,000 | New York State HFA (42nd and 10th Street Associates LLC), 3a-7 High Grade Trust (Series 2022-007) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.810%, 6/1/2023 | 72,800,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 10,000,000 | New York Transportation Development Corporation (LaGuardia Gateway Partners, LLC), Tender Option Bond Trust Receipts (Series 2016-XM0403) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 3.790%, 6/1/2023 | $ 10,000,000 | |
6,700,000 | Penn-Yan, NY CSD BANs, 4.250%, 6/28/2023 | 6,705,769 | |
7,222,000 | PIMCO New York Municipal Income Fund III, Tender Option Bond Trust Receipts (Series UA-7007) Weekly VRDNs, (UBS AG LIQ), 3.610%, 6/6/2023 | 7,222,000 | |
1,554,371 | Walton, NY CSD BANs, 4.000%, 6/28/2023 | 1,555,374 | |
TOTAL | 198,008,143 | ||
North Carolina— 0.3% | |||
7,000,000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 4.000%, 6/7/2023 | 7,000,000 | |
3,000,000 | Yancey County, NC Industrial Facilities & PCFA (Altec Industries, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 3.630%, 6/1/2023 | 3,000,000 | |
TOTAL | 10,000,000 | ||
Ohio— 2.3% | |||
25,000,000 | Hamilton County, OH (Block 3 Community Urban Redevelopment Corporation), (Series 2004) Weekly VRDNs, (Citizens Bank, N.A. LOC), 3.610%, 6/1/2023 | 25,000,000 | |
30,470,000 | Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/1/2023 | 30,470,000 | |
8,100,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Barclays Golden Blue (Series 2020-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/1/2023 | 8,100,000 | |
7,000,000 | Toledo-Lucas County, OH Port Authority (Van Deurzen Dairy LLC), (Series 2006) Weekly VRDNs, (AgriBank FCB LOC), 3.580%, 6/1/2023 | 7,000,000 | |
TOTAL | 70,570,000 | ||
Oklahoma— 3.2% | |||
18,200,000 | Garfield County, OK Industrial Authority Pollution Control (Oklahoma Gas and Electric Co.), (Series 1995-A) Weekly VRDNs, 3.750%, 6/7/2023 | 18,200,000 | |
30,950,000 | Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (1995 Series A) Weekly VRDNs, 3.650%, 6/7/2023 | 30,950,000 | |
49,655,000 | Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (Series 1997A) Weekly VRDNs, 3.750%, 6/7/2023 | 49,655,000 | |
TOTAL | 98,805,000 | ||
Pennsylvania— 1.2% | |||
5,030,000 | Lehigh County, PA General Purpose Authority (Lehigh Valley Health Network Obligated Group), BAML 3a-7 (Series 2023-BAML5039) VRENs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.660%, 6/1/2023 | 5,030,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Pennsylvania— continued | |||
$ 30,375,000 | Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Department of Transportation), (Series 2022-XM1084) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 3.610%, 6/1/2023 | $ 30,375,000 | |
962,858 | Philadelphia, PA Authority for Industrial Development (Susquehanna Net Zero Housing, LP), Tender Option Bond Trust Floater Certificates (2020-MIZ9051) VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.810%, 6/1/2023 | 962,858 | |
TOTAL | 36,367,858 | ||
South Carolina— 1.3% | |||
21,500,000 | Berkeley County, SC IDB (Nucor Corp.) Weekly VRDNs, 4.000%, 6/7/2023 | 21,500,000 | |
10,100,000 | Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, 4.000%, 6/7/2023 | 10,100,000 | |
8,888,000 | South Carolina Jobs-EDA (BTH Spartanburg I LLC), Tender Option Bond Trust Receipts (Series 2022-XF3074) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 8,888,000 | |
TOTAL | 40,488,000 | ||
South Dakota— 0.1% | |||
3,000,000 | South Dakota Value Added Finance Authority (Prairie Gold Dairy LLC), (Series 2004) Weekly VRDNs, (CoBank, ACB LOC), 3.580%, 6/1/2023 | 3,000,000 | |
Tennessee— 2.2% | |||
5,500,000 | Covington, TN IDB (Charms Co.), (Series 1992) Weekly VRDNs, (Bank of America N.A. LOC), 3.350%, 6/7/2023 | 5,500,000 | |
16,000,000 | Lewisburg, TN IDB (Waste Management, Inc.), (Series 2012) TOBs, 3.875%, Mandatory Tender 8/1/2023 | 16,000,000 | |
25,620,000 | Memphis-Shelby County, TN Industrial Development Board - PCRB (Nucor Steel Memphis, Inc.), (Series 2007) Weekly VRDNs, (GTD by Nucor Corp.), 4.000%, 6/7/2023 | 25,620,000 | |
21,400,000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 3.500%, Mandatory Tender 8/17/2023 | 21,400,000 | |
TOTAL | 68,520,000 | ||
Texas— 13.4% | |||
8,465,000 | El Paso, TX Housing Finance Corp., Mizuho 3a-7 (2022-MIZ9104) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 8,465,000 | |
3,600,000 | El Paso, TX Water & Sewer Revenue, RBC Muni Products (G-124) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Optional Tender 9/1/2023 | 3,600,000 | |
4,000,000 | Jewett, TX Economic Development Corporation (Nucor Corp.), (Series 2003) Weekly VRDNs, 4.000%, 6/7/2023 | 4,000,000 | |
18,500,000 | Mission, TX Economic Development Corp. (Waste Management, Inc.), (Series 2020A) TOBs, (GTD by Waste Management Holdings, Inc.), 3.950%, Mandatory Tender 6/1/2023 | 18,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Texas— continued | |||
$ 20,000,000 | Mission, TX Economic Development Corp. (Waste Management, Inc.), (Series 2020B) TOBs, (GTD by Waste Management Holdings, Inc.), 3.950%, Mandatory Tender 6/1/2023 | $ 20,000,000 | |
4,700,000 | North Texas Tollway Authority, RBC Municipal Products Trust (Series 2019 G-112) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Mandatory Tender 7/3/2023 | 4,700,000 | |
3,000,000 | Northeast TX Housing Finance Corp, Mizuho 3a-7 (Series 2022-MIZ9116) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 3,000,000 | |
71,425,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Daily VRDNs, 4.450%, 6/1/2023 | 71,425,000 | |
19,500,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2003) Daily VRDNs, 4.350%, 6/1/2023 | 19,500,000 | |
25,000,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2005) Daily VRDNs, 4.350%, 6/1/2023 | 25,000,000 | |
41,300,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2006) Daily VRDNs, 4.350%, 6/1/2023 | 41,300,000 | |
3,900,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Daily VRDNs, 4.350%, 6/1/2023 | 3,900,000 | |
22,450,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010A) Daily VRDNs, 4.350%, 6/1/2023 | 22,450,000 | |
12,250,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010B) Daily VRDNs, 4.350%, 6/1/2023 | 12,250,000 | |
35,600,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, 4.360%, 6/1/2023 | 35,600,000 | |
500,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs, 3.800%, 6/7/2023 | 500,000 | |
83,900,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs, 3.830%, 6/7/2023 | 83,900,000 | |
15,000,000 | Texas State Department of Housing & Community Affairs (Onion Creek Housing Partners Ltd.), (Series 2007) Weekly VRDNs, (FNMA LOC), 3.550%, 6/1/2023 | 15,000,000 | |
20,000,000 | Travis County, TX Housing Finance Corp. (Roers Austin Apartments Owner II LP), MIZUHO 3a-7 (Series 2023-MIZ9127) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.440%, 6/1/2023 | 20,000,000 | |
TOTAL | 413,090,000 | ||
Virginia— 0.1% | |||
1,610,000 | Emporia, VA Industrial Development Board (Toll VA III LP), (Series 1999) Weekly VRDNs, (Truist Bank LOC), 3.530%, 6/1/2023 | 1,610,000 | |
Washington— 0.1% | |||
2,860,000 | Central Puget Sound, WA Regional Transit Authority, RBC Muni Products (G-123) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Optional Tender 11/1/2023 | 2,860,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Washington— continued | |||
$ 1,260,000 | Washington State Economic Development Finance Authority (Mesa Dairy, LLC), (Series 2007E) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 3.580%, 6/1/2023 | $ 1,260,000 | |
TOTAL | 4,120,000 | ||
West Virginia— 2.0% | |||
60,365,000 | West Virginia State Hospital Finance Authority (Charleston Area Medical Center, Inc.), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 3.850%, 6/7/2023 | 60,365,000 | |
Wisconsin— 3.1% | |||
15,883,000 | Public Finance Authority, WI (Agape Meadowcreek, Inc.), Tender Option Bond Trust Floater Certificates (Series 2022-XF3026) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 15,883,000 | |
1,415,000 | Public Finance Authority, WI (Carolina Charter Academy, Inc.), Tender Option Bond Trust Receipts (Series 2021-XF2931) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 1,415,000 | |
5,945,000 | Public Finance Authority, WI (DCA Lexington Properties, LLC), Tender Option Bond Trust Receipts (Series 2021-XF2933) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 5,945,000 | |
685,000 | West Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly VRDNs, (U.S. Bank, N.A. LOC), 3.720%, 6/1/2023 | 685,000 | |
2,095,000 | Wisconsin State Public Finance Authority (Birchwood Properties LP), (Series 2016) Weekly VRDNs, (FHLB of Des Moines LOC), 3.630%, 6/1/2023 | 2,095,000 | |
17,000,000 | Wisconsin State Public Finance Authority (Waste Management, Inc.), (Series 2017 A-1) TOBs, (GTD by Waste Management Holdings, Inc.), 3.750%, Mandatory Tender 6/1/2023 | 17,000,000 | |
33,535,000 | Wisconsin State Public Finance Authority (Waste Management, Inc.), (Series A-2) TOBs, (GTD by Waste Management Holdings, Inc.), 3.875%, Mandatory Tender 8/1/2023 | 33,535,000 | |
20,000,000 | Wisconsin State Public Finance Authority (Waste Management, Inc.), (Series A-3) TOBs, (GTD by Waste Management Holdings, Inc.), 3.875%, Mandatory Tender 8/1/2023 | 20,000,000 | |
TOTAL | 96,558,000 | ||
TOTAL INVESTMENT IN SECURITIES—99.0% (AT AMORTIZED COST)2 | 3,057,757,933 | ||
OTHER ASSETS AND LIABILITIES - NET—1.0%3 | 29,832,430 | ||
TOTAL NET ASSETS—100% | $3,087,590,363 |
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 of investments 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 | |
CDA | —Community Development Authority | |
CP | —Commercial Paper | |
CPX | —Commercial Paper Extendible | |
CSD | —Central School District | |
EDA | —Economic Development Authority | |
EDRB | —Economic Development Revenue Bond | |
FHLB | —Federal Home Loan Bank | |
FHLMC | —Federal Home Loan Mortgage Corporation | |
FNMA | —Federal National Mortgage Association | |
GTD | —Guaranteed | |
HDA | —Hospital Development Authority | |
HFA | —Housing Finance Authority | |
IDA | —Industrial Development Authority | |
IDB | —Industrial Development Bond | |
IDRBs | —Industrial Development Revenue Bonds | |
INS | —Insured | |
LIQ | —Liquidity Agreement | |
LOC | —Letter of Credit | |
MFH | —Multi-Family Housing | |
PCFA | —Pollution Control Financing Authority | |
PCR | —Pollution Control Revenue | |
PCRB | —Pollution Control Revenue Bond | |
PCRBs | —Pollution Control Revenue Bonds | |
PLC | —Public Limited Company | |
PUTTERs | —Puttable Tax-Exempt Receipts | |
TOBs | —Tender Option Bonds | |
VMTP | —Variable Municipal Term Preferred | |
VRDNs | —Variable Rate Demand Notes | |
VRENs | —Variable Rate Extendible Notes |
Year Ended May 31, | Period Ended 5/31/20191 | Year Ended 7/31/2018 | ||||
2023 | 2022 | 2021 | 2020 | |||
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 | 0.023 | 0.001 | 0.001 | 0.012 | 0.0132 | 0.011 |
Net realized gain (loss) | 0.0003 | 0.0003 | 0.0003 | 0.001 | 0.0003 | 0.0003 |
Total From Investment Operations | 0.023 | 0.001 | 0.001 | 0.013 | 0.013 | 0.011 |
Less Distributions: | ||||||
Distributions from net investment income | (0.023) | (0.001) | (0.001) | (0.013) | (0.013) | (0.011) |
Distributions from net realized gain | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 |
Total Distributions | (0.023) | (0.001) | (0.001) | (0.013) | (0.013) | (0.011) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 2.34% | 0.12% | 0.13% | 1.27% | 1.27% | 1.12% |
Ratios to Average Net Assets: | ||||||
Net expenses5 | 0.21% | 0.19% | 0.21% | 0.21% | 0.21%6 | 0.21% |
Net investment income | 2.38% | 0.13% | 0.12% | 1.24% | 1.52%6 | 1.10% |
Expense waiver/reimbursement7 | 0.09% | 0.11% | 0.09% | 0.09% | 0.09%6 | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,371,755 | $1,772,201 | $1,372,803 | $1,510,434 | $1,713,390 | $1,163,568 |
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 number has 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 | 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. |
May 31, 2023
Assets: | |
Investment in securities, at amortized cost and fair value | $3,057,757,933 |
Cash | 2,209,744 |
Income receivable | 17,905,896 |
Receivable for investments sold | 26,000,000 |
Receivable for shares sold | 6,989,472 |
Total Assets | 3,110,863,045 |
Liabilities: | |
Payable for investments purchased | 11,849,264 |
Payable for shares redeemed | 10,447,592 |
Income distribution payable | 563,331 |
Payable for investment adviser fee (Note 5) | 8,843 |
Payable for administrative fee (Note 5) | 6,580 |
Payable for distribution services fee (Note 5) | 102,455 |
Payable for other service fees (Notes 2 and 5) | 133,840 |
Accrued expenses (Note 5) | 160,777 |
Total Liabilities | 23,272,682 |
Net assets for 3,087,608,575 shares outstanding | $3,087,590,363 |
Net Assets Consist of: | |
Paid-in capital | $3,087,588,264 |
Total distributable earnings (loss) | 2,099 |
Total Net Assets | $3,087,590,363 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Automated Shares: | |
$14,097,636 ÷ 14,097,719 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Shares: | |
$1,342,344 ÷ 1,342,352 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Wealth Shares: | |
$2,371,754,670 ÷ 2,371,768,621 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$213,083,882 ÷ 213,085,138 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash II Shares: | |
$58,942,417 ÷ 58,942,765 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash Series Shares: | |
$196,829,551 ÷ 196,830,710 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Capital Shares: | |
$231,539,863 ÷ 231,541,270 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Year Ended May 31, 2023
Investment Income: | |
Interest | $74,294,454 |
Expenses: | |
Investment adviser fee (Note 5) | 5,867,439 |
Administrative fee (Note 5) | 2,298,777 |
Custodian fees | 93,404 |
Transfer agent fees (Note 2) | 432,853 |
Directors’/Trustees’ fees (Note 5) | 16,705 |
Auditing fees | 23,960 |
Legal fees | 4,972 |
Portfolio accounting fees | 242,311 |
Distribution services fee (Note 5) | 1,554,601 |
Other service fees (Notes 2 and 5) | 1,703,746 |
Share registration costs | 255,242 |
Printing and postage | 44,228 |
Miscellaneous (Note 5) | 19,356 |
TOTAL EXPENSES | 12,557,594 |
Waivers and Reimbursements: | |
Waiver of investment adviser fee (Note 5) | (2,623,427) |
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (341,028) |
TOTAL WAIVERS AND REIMBURSEMENTS | (2,964,455) |
Net expenses | 9,593,139 |
Net investment income | 64,701,315 |
Net realized gain on investments | 955 |
Change in net assets resulting from operations | $64,702,270 |
Year Ended May 31 | 2023 | 2022 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $64,701,315 | $2,176,337 |
Net realized gain (loss) | 955 | 69,113 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 64,702,270 | 2,245,450 |
Distributions to Shareholders: | ||
Automated Shares | (440,831) | (242,884) |
Investment Shares | (68,482) | (720) |
Wealth Shares | (50,565,796) | (1,667,616) |
Service Shares | (4,594,001) | (127,174) |
Cash II Shares | (1,087,067) | (9,913) |
Cash Series Shares | (3,221,215) | (37,090) |
Capital Shares | (4,793,228) | (177,141) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (64,770,620) | (2,262,538) |
Share Transactions: | ||
Proceeds from sale of shares | 7,058,692,521 | 3,952,421,143 |
Net asset value of shares issued to shareholders in payment of distributions declared | 59,807,000 | 2,064,912 |
Cost of shares redeemed | (7,243,912,415) | (3,710,160,577) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (125,412,894) | 244,325,478 |
Change in net assets | (125,481,244) | 244,308,390 |
Net Assets: | ||
Beginning of period | 3,213,071,607 | 2,968,763,217 |
End of period | $3,087,590,363 | $3,213,071,607 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Automated Shares | $87,025 | $— |
Investment Shares | 3,551 | — |
Wealth Shares | 45,298 | — |
Service Shares | 4,706 | — |
Cash II Shares | 65,538 | — |
Cash Series Shares | 222,214 | (65,314) |
Capital Shares | 4,521 | (4) |
TOTAL | $432,853 | $(65,318) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Automated Shares | $214,116 | $— | $— |
Investment Shares | 8,865 | — | (1) |
Service Shares | 553,447 | — | — |
Cash II Shares | 170,988 | (504) | (2,373) |
Cash Series Shares | 544,281 | (5,041) | (27,207) |
Capital Shares | 212,049 | — | — |
TOTAL | $1,703,746 | $(5,545) | $(29,581) |
Year Ended 5/31/2023 | Year Ended 5/31/2022 | |||
Automated Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 49,145 | $49,145 | 371,576 | $371,576 |
Shares issued to shareholders in payment of distributions declared | 439 | 439 | 243 | 243 |
Shares redeemed | (735,718) | (735,718) | (354,815) | (354,815) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | (686,134) | $(686,134) | 17,004 | $17,004 |
Year Ended 5/31/2023 | Year Ended 5/31/2022 | |||
Investment Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 15,656 | $15,656 | 6,695 | $6,695 |
Shares issued to shareholders in payment of distributions declared | 68 | 68 | 1 | 1 |
Shares redeemed | (17,255) | (17,255) | (8,579) | (8,579) |
NET CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS | (1,531) | $(1,531) | (1,883) | $(1,883) |
Year Ended 5/31/2023 | Year Ended 5/31/2022 | |||
Wealth Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 5,433,953 | $5,433,953 | 2,302,899 | $2,302,899 |
Shares issued to shareholders in payment of distributions declared | 46,800 | 46,800 | 1,492 | 1,492 |
Shares redeemed | (4,881,158) | (4,881,158) | (1,904,990) | (1,904,990) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 599,595 | $599,595 | 399,401 | $399,401 |
Year Ended 5/31/2023 | Year Ended 5/31/2022 | |||
Service Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 591,162 | $591,162 | 583,932 | $583,932 |
Shares issued to shareholders in payment of distributions declared | 3,547 | 3,547 | 106 | 106 |
Shares redeemed | (614,563) | (614,563) | (606,878) | (606,878) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (19,854) | $(19,854) | (22,840) | $(22,840) |
Year Ended 5/31/2023 | Year Ended 5/31/2022 | |||
Cash II Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 47,329 | $47,329 | 30,387 | $30,387 |
Shares issued to shareholders in payment of distributions declared | 1,076 | 1,076 | 10 | 10 |
Shares redeemed | (61,304) | (61,304) | (32,676) | (32,676) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | (12,899) | $(12,899) | (2,279) | $(2,279) |
Year Ended 5/31/2023 | Year Ended 5/31/2022 | |||
Cash Series Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 484,712 | $484,712 | 483,411 | $483,411 |
Shares issued to shareholders in payment of distributions declared | 3,171 | 3,171 | 37 | 37 |
Shares redeemed | (528,628) | (528,628) | (533,981) | (533,981) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | (40,745) | $(40,745) | (50,533) | $(50,533) |
Year Ended 5/31/2023 | Year Ended 5/31/2022 | |||
Capital Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 436,735 | $436,735 | 173,522 | $173,522 |
Shares issued to shareholders in payment of distributions declared | 4,706 | 4,706 | 177 | 177 |
Shares redeemed | (405,286) | (405,286) | (268,244) | (268,244) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 36,155 | $36,155 | (94,545) | $(94,545) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (125,413) | $(125,413) | 244,325 | $244,325 |
2023 | 2022 | |
Tax-exempt income | $64,580,563 | $2,175,386 |
Ordinary income1 | $120,971 | $87,125 |
Long-term capital gains | $69,086 | $27 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed tax-exempt income | $1,167 |
Undistributed ordinary income1 | $932 |
TOTAL | $2,099 |
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 | $8,865 | $(1,064) |
Cash II Shares | 239,463 | — |
Cash Series Shares | 1,306,273 | (239,520) |
TOTAL | $1,554,601 | $(240,584) |
July 21, 2023
Beginning Account Value 12/1/2022 | Ending Account Value 5/31/2023 | Expenses Paid During Period1 | |
Actual | $1,000.00 | $1,015.50 | $1.06 |
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: 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.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, 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 (natural gas). 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 Associate General Secretary of the Diocese of Pittsburgh, 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 (natural gas). 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.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director and Vice Chair, Saint Francis University. |
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. 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); Director, Midway Pacific (lumber); and Director, The Golisano Children’s Museum of Naples, Florida. |
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; formerly, Senior Vice President for Legal Affairs, General Counsel and Secretary of Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary of Board of Directors and 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. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy 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 |
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; 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). |
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. |
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. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
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 | 79.3% |
Municipal Notes | 12.3% |
Commercial Paper | 8.6% |
Other Assets and Liabilities—Net2 | (0.2)% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of the principal types of securities in which the Fund invests. |
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 | 67.0% |
8-30 Days | 3.7% |
31-90 Days | 20.2% |
91-180 Days | 5.7% |
181 Days or more | 3.6% |
Other Assets and Liabilities—Net2 | (0.2)% |
Total | 100% |
1 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— 100.2% | ||
Alabama— 5.8% | |||
$ 3,100,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 4.000%, 6/1/2023 | $ 3,100,000 | |
10,400,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily VRDNs, 4.000%, 6/1/2023 | 10,400,000 | |
50,000,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-D) Weekly VRDNs, 3.500%, 6/7/2023 | 50,000,000 | |
4,950,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 4.050%, 6/1/2023 | 4,950,000 | |
3,100,000 | Eutaw, AL Industrial Development Board PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 4.000%, 6/1/2023 | 3,100,000 | |
29,405,000 | Huntsville, AL Health Care Authority, (Series 2023-BAML5040) VRENs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.660%, 6/1/2023 | 29,405,000 | |
1,425,000 | Mobile, AL IDB (Alabama Power Co.), (First Series 2009: Barry Plant) Daily VRDNs, 4.000%, 6/1/2023 | 1,425,000 | |
46,300,000 | Mobile, AL IDB (Alabama Power Co.), PCR Bonds (Series 2007B) Weekly VRDNs, 3.500%, 6/7/2023 | 46,300,000 | |
33,810,000 | West Jefferson, AL IDB PCRB (Alabama Power Co.), (Series 1998) Weekly VRDNs, 3.530%, 6/1/2023 | 33,810,000 | |
TOTAL | 182,490,000 | ||
California— 8.1% | |||
37,755,000 | California Health Facilities Financing Authority (CommonSpirit Health), Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.610%, 6/1/2023 | 37,755,000 | |
3,000,000 | California HFA (Residency at Empire I LP), Tender Option Bond Trust Receipts (Series 2022-XF3077) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 3,000,000 | |
3,610,000 | California HFA, Mizuho 3a-7 (Series 2022-MIZ9097) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 3,610,000 | |
8,815,000 | California School Finance Authority (CPMS Higher Ground, LLC), Tender Option Bond Trust Receipts (2020-XF2893) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 8,815,000 | |
11,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 3.200%, Mandatory Tender 6/6/2023 | 11,000,000 | |
9,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 2.800%, Mandatory Tender 6/14/2023 | 9,000,000 | |
11,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 2.800%, Mandatory Tender 6/14/2023 | 11,000,000 | |
9,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 3.000%, Mandatory Tender 7/6/2023 | 9,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 28,180,000 | California Statewide Communities Development Authority Multi-Family Housing (Uptown Newport Building Owner, LP), (2021 Series A: One Uptown Newport Apartments) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 3.540%, 6/1/2023 | $ 28,180,000 | |
9,545,000 | Pimco California Municipal Income Fund, Tender Option Bond Trust Receipts (Series UA-7005) Weekly VRDNs, (UBS AG LIQ), 3.610%, 6/6/2023 | 9,545,000 | |
21,185,000 | River Islands, CA Public Financing Authority (River Islands, CA Public Financing Authority-Community Facilities District No. 2015-1), Tender Option Bond Trust Floater Certificates (Series 2022-MIZ9110) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 21,185,000 | |
62,200,000 | San Francisco, CA City and County (1500 Mission Urban Housing LP), Mizuho 3A-7 (Series 2022-MIZ9115) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 62,200,000 | |
13,400,000 | San Francisco, CA City and County (Transbay Block 8 Tower Apartments Obligated Group), Mizuho 3a-7 (2021-MIZ9063) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 13,400,000 | |
28,625,000 | Sweetwater, CA Union High School District, Tender Option Bond Trust (Series 2022-XF1394) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.530%, 6/1/2023 | 28,625,000 | |
TOTAL | 256,315,000 | ||
Colorado— 0.9% | |||
2,275,250 | Colorado HFA (Steele San Juan, LLC), Mizuho 3a-7 (Series 2021-MIZ9068) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 2,275,250 | |
25,772,000 | Colorado HFA, (Series 2022-XF3035) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 25,772,000 | |
TOTAL | 28,047,250 | ||
Connecticut— 0.1% | |||
3,150,000 | Shelton, CT Housing Authority (Crosby Commons), (Series 1998) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 3.640%, 6/1/2023 | 3,150,000 | |
Florida— 11.1% | |||
3,715,000 | Broward County, FL Tourist Development Tax Special Revenue, (Series 2023-XL0429) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 3.520%, 6/1/2023 | 3,715,000 | |
5,980,000 | Capital Trust Agency, FL (Milestones Community School, Inc.), Tender Option Bond Trust Receipts (2022-XF2965) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 5,980,000 | |
1,700,000 | Clearwater, FL Water and Sewer Authority, Solar Eclipse (Series 2017-0014) Daily VRDNs, (U.S. Bank, N.A. LIQ), 4.000%, 6/1/2023 | 1,700,000 | |
27,400,000 | Escambia County, FL Solid Waste Disposal (Florida Power & Light Co.), (First Series 2009) Daily VRDNs, 4.000%, 6/1/2023 | 27,400,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Florida— continued | |||
$ 4,230,000 | Florida Development Finance Corp. (Navigator Academy of Leadership, Inc.), Tender Option Bond Trust Receipts (2021-XF2945) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | $ 4,230,000 | |
5,925,000 | Hillsborough County, FL IDA (Baycare Health System), (Series 2020B) Daily VRDNs, (TD Bank, N.A. LOC), 3.900%, 6/1/2023 | 5,925,000 | |
30,960,000 | Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1994), CP, 3.200%, Mandatory Tender 6/28/2023 | 30,960,000 | |
25,000,000 | JEA, FL Electric System, (Series 2008C-3), CP, (Royal Bank of Canada LIQ), 3.100%, Mandatory Tender 6/7/2023 | 25,000,000 | |
34,045,000 | JEA, FL Electric System, (Series Three 2008A) Weekly VRDNs, (Royal Bank of Canada LIQ), 3.520%, 6/7/2023 | 34,045,000 | |
1,000,000 | JEA, FL Water & Sewer System, (2008 Series B-1: Subordinate Revenue Bonds) Weekly VRDNs, (State Street Bank and Trust Co. LIQ), 3.900%, 6/7/2023 | 1,000,000 | |
14,500,000 | Martin County, FL (Florida Power & Light Co.), (Series 2022) Weekly VRDNs, 3.520%, 6/1/2023 | 14,500,000 | |
14,475,000 | Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 (2021-MIZ9072) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 14,475,000 | |
1,400,000 | Miami-Dade County, FL HFA (Superior Manor Phase II LLC), Mizuho 3a-7 (2022-MIZ9087) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 1,400,000 | |
24,875,000 | Miami-Dade County, FL HFA (The Village Miami Phase II LLC), MIZUHO 3A-7 (Series 2023-MIZ9137) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 24,875,000 | |
3,160,000 | Miami-Dade County, FL Seaport Department, Tender Option Bond Trust Certificates (Series 2022-ZL0343) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 3.560%, 6/1/2023 | 3,160,000 | |
52,950,000 | Palm Beach County, FL Health Facilities Authority (Morselife Obligated Group), (Series 2023-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.710%, 6/1/2023 | 52,950,000 | |
16,500,000 | Polk County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs, 3.710%, 6/1/2023 | 16,500,000 | |
73,160,000 | St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 4.000%, 6/1/2023 | 73,160,000 | |
3,700,000 | Tampa-Hillsborough County, FL Expressway Authority, RBC Muni Products (Series G-113) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Mandatory Tender 7/3/2023 | 3,700,000 | |
6,440,000 | Tolomato Community Development District, FL, (Series 2022-XL0297) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 3.530%, 6/1/2023 | 6,440,000 | |
TOTAL | 351,115,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Georgia— 1.1% | |||
$ 805,000 | 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), 3.440%, 6/1/2023 | $ 805,000 | |
21,875,000 | Fulton County, GA Development Authority (Heritage Station Family LLC), Tender Option Bond Trust Receipts (2022-XF2984) Weekly VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.810%, 6/1/2023 | 21,875,000 | |
12,165,000 | Municipal Electric Authority of Georgia, (Series 2022-XG0417) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 3.520%, 6/1/2023 | 12,165,000 | |
TOTAL | 34,845,000 | ||
Idaho— 0.3% | |||
10,000,000 | Idaho Health Facilities Authority (Trinity Healthcare Credit Group), (Series 2013ID) TOBs, 3.250%, Mandatory Tender 8/1/2023 | 10,000,000 | |
Illinois— 3.6% | |||
600,000 | Chicago, IL Multi-Family Housing Revenue (Churchview Manor Senior Apartments), (Series 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 3.130%, 6/1/2023 | 600,000 | |
10,200,000 | Chicago, IL Park District, (Series 2015-XF2111) Weekly VRDNs, (Build America Mutual Assurance INS)/(Citibank N.A., New York LIQ), 3.510%, 6/1/2023 | 10,200,000 | |
6,135,000 | Chicago, IL Transit Authority, (Series 2022-XL0425) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 3.530%, 6/1/2023 | 6,135,000 | |
7,500,000 | Chicago, IL Water Revenue, (Series 2023-XM1112) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 3.490%, 6/1/2023 | 7,500,000 | |
8,780,000 | 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), 3.490%, 6/1/2023 | 8,780,000 | |
10,069,482 | Metropolitan Pier & Exposition Authority, IL, Tender Option Bond Trust Receipts (2021-MS0001) TOBs, (Morgan Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 3.710%, Optional Tender 8/3/2023 | 10,069,482 | |
41,250,000 | 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), 3.490%, 6/1/2023 | 41,250,000 | |
30,010,000 | Sales Tax Securitization Corp., IL, Tender Option Bond Trust Certificates (Series 2022-XL0294) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Build America Mutual Assurance INS), 3.510%, 6/1/2023 | 30,010,000 | |
TOTAL | 114,544,482 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Indiana— 1.1% | |||
$ 12,140,000 | Indiana State Finance Authority Environmental (Ispat Inland, Inc.), (Series 2005) Weekly VRDNs, (Cooperatieve Rabobank UA LOC), 3.900%, 6/7/2023 | $ 12,140,000 | |
19,475,000 | Indiana State Finance Authority Hospital Revenue (Parkview Health System Obligated Group), (Series 2009B) Daily VRDNs, (Wells Fargo Bank, N.A. LOC), 3.850%, 6/1/2023 | 19,475,000 | |
4,450,000 | Indiana State Finance Authority Hospital Revenue (Parkview Health System Obligated Group), (Series 2009D) Daily VRDNs, (Wells Fargo Bank, N.A. LOC), 3.850%, 6/1/2023 | 4,450,000 | |
TOTAL | 36,065,000 | ||
Kansas— 0.4% | |||
12,400,000 | Wyandotte County, KS Unified School District 500, Tender Option Bond Trust Receipts (Series 2016-ZM0464) Weekly VRDNs, (Royal Bank of Canada LIQ)/(United States Treasury PRF), 3.500%, 6/1/2023 | 12,400,000 | |
Kentucky— 0.5% | |||
16,465,000 | Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 3.590%, 6/2/2023 | 16,465,000 | |
Louisiana— 3.3% | |||
910,000 | Louisiana Local Government Environmental Facilities Community Development Authority (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs, (Federal Home Loan Bank of Dallas LOC), 3.460%, 6/7/2023 | 910,000 | |
4,940,000 | Louisiana Public Facilities Authority (Loyola University New Orleans), Barclays 3a-7 Credit Enhanced (Series 2023-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/1/2023 | 4,940,000 | |
42,250,000 | Louisiana State Gas & Fuels Second Lien, (Series 2023 A-1) Daily VRDNs, (TD Bank, N.A. LOC), 3.900%, 6/1/2023 | 42,250,000 | |
3,100,000 | Louisiana State Housing Corporation (Peace Lake Louisiana Tower Community, LP), Tender Option Bond Trust Floater Certificates (Series 2020-MIZ9053) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 3,100,000 | |
53,225,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 3.900%, 6/7/2023 | 53,225,000 | |
TOTAL | 104,425,000 | ||
Maryland— 1.8% | |||
3,960,000 | Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Mandatory Tender 7/3/2023 | 3,960,000 | |
1,300,000 | Maryland State Health & Higher Educational Facilities Authority (University of Maryland Medical System Corporation), (Series 2008D) Daily VRDNs, (TD Bank, N.A. LOC), 3.900%, 6/1/2023 | 1,300,000 | |
3,800,000 | Maryland State Stadium Authority (Baltimore City Public School Construction Financing Fund), RBC Muni Products (Series 2023 G-122) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Mandatory Tender 11/1/2023 | 3,800,000 | |
30,000,000 | Montgomery County, MD (Trinity Healthcare Credit Group), (Series 2013MD) TOBs, 3.500%, Mandatory Tender 9/1/2023 | 30,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Maryland— continued | |||
$ 17,000,000 | Montgomery County, MD, (2010 Series B), CP, 3.300%, Mandatory Tender 7/18/2023 | $ 17,000,000 | |
TOTAL | 56,060,000 | ||
Massachusetts— 0.5% | |||
14,800,000 | Peabody Massachusetts BANs, 5.250%, 7/14/2023 | 14,825,797 | |
Michigan— 1.9% | |||
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), 3.510%, 6/1/2023 | 4,000,000 | |
14,700,000 | Michigan State Building Authority, (Series III) VRENs, 3.490%, 6/1/2023 | 14,700,000 | |
16,000,000 | Michigan State Finance Authority (Trinity Healthcare Credit Group), (Series 2013MI-1) TOBs, 3.280%, Mandatory Tender 6/1/2023 | 16,000,000 | |
20,000,000 | Michigan State Finance Authority (Trinity Healthcare Credit Group), (Series 2013MI-1) TOBs, 3.500%, Mandatory Tender 9/1/2023 | 20,000,000 | |
2,840,000 | Michigan Strategic Fund (Washtenaw Christian Academy), (Series 2008) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 3.590%, 6/2/2023 | 2,840,000 | |
4,000,000 | Trenton, MI Public Schools, Tender Option Bond Trust Receipts (Series 2018-XF2651) Weekly VRDNs, (Bank of America N.A. LIQ)/(Michigan School Bond Qualification and Loan Program GTD), 3.510%, 6/1/2023 | 4,000,000 | |
TOTAL | 61,540,000 | ||
Minnesota— 0.2% | |||
7,000,000 | Dakota County, MN Community Development Agency, (Series 2022-XF3050) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 7,000,000 | |
Mississippi— 1.7% | |||
9,500,000 | Mississippi Business Finance Corp. (Florida Power & Light Co.), (1st Series 2019) Weekly VRDNs, 4.810%, 6/7/2023 | 9,500,000 | |
2,400,000 | Mississippi Business Finance Corp. (Tri-State Truck Center, Inc.), (Series 2008) Weekly VRDNs, (Regions Bank LOC), 3.560%, 6/1/2023 | 2,400,000 | |
10,000,000 | Mississippi Hospital Equipment & Facilities Authority (Baptist Memorial Healthcare), Tender Option Bond Trust Receipts (Series 2023-BAML5026) Daily VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 4.140%, 6/1/2023 | 10,000,000 | |
30,600,000 | Perry County, MS (Leaf River Cellulose LLC), (Series 2021) Weekly VRDNs, (Georgia-Pacific LLC GTD), 3.660%, 6/1/2023 | 30,600,000 | |
TOTAL | 52,500,000 | ||
Missouri— 0.5% | |||
1,100,000 | Kansas City, MO Planned Industrial Expansion Authority (EPD3 Ridgeview LP), Mizuho 3a-7 (2022-MIZ9086) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 1,100,000 | |
2,500,000 | Lees Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 2,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Missouri— continued | |||
$ 2,220,000 | Missouri State Health and Educational Facilities Authority Health Facilities (SSM Healthcare), (Series G-121) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Mandatory Tender 6/1/2023 | $ 2,220,000 | |
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), 3.460%, 6/1/2023 | 10,000,000 | |
TOTAL | 15,820,000 | ||
Montana— 0.3% | |||
7,815,000 | Montana State Board of Housing (HRDC IX Affordable Housing Solutions LP), Mizuho 3a-7 (2021-MIZ9061) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 7,815,000 | |
Multi-State— 9.4% | |||
116,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) MuniFund Preferred Shares Weekly VRDPs, (Societe Generale, Paris LIQ), 3.470%, 6/1/2023 | 116,000,000 | |
88,400,000 | Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, (Series 2) MuniFund Preferred Shares Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 3.470%, 6/1/2023 | 88,400,000 | |
25,000,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) MuniFund Preferred Shares Weekly VRDPs, (Barclays Bank PLC LIQ), 3.460%, 6/1/2023 | 25,000,000 | |
25,850,000 | PIMCO Municipal Income Fund II, Tender Option Bond Trust Receipts (Series UA-7001) Weekly VRDNs, (UBS AG LIQ), 3.660%, 6/1/2023 | 25,850,000 | |
23,000,000 | PIMCO Municipal Income Fund II, Tender Option Bond Trust Receipts (Series UA-7004) Weekly VRDNs, (UBS AG LIQ), 3.660%, 6/6/2023 | 23,000,000 | |
8,050,000 | PIMCO Municipal Income Fund III, Tender Option Bond Trust Receipts (Series UA-7006) Weekly VRDNs, (UBS AG LIQ), 3.660%, 6/6/2023 | 8,050,000 | |
11,546,000 | PIMCO Municipal Income Fund, (Series UA-7010) Weekly VRDNs, (UBS AG LIQ), 3.660%, 6/6/2023 | 11,546,000 | |
TOTAL | 297,846,000 | ||
Nebraska— 0.7% | |||
21,600,000 | Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 3.460%, 6/1/2023 | 21,600,000 | |
New Jersey— 3.7% | |||
7,360,000 | Bogota, NJ BANs, 4.000%, 4/12/2024 | 7,385,750 | |
4,303,451 | Cranbury Township, NJ BANs, 3.750%, 8/31/2023 | 4,313,596 | |
4,500,000 | Cranford Township, NJ BANs, 4.500%, 8/22/2023 | 4,507,699 | |
5,595,821 | Englewood Cliffs, NJ BANs, 4.250%, 8/9/2023 | 5,606,317 | |
2,688,415 | Englewood Cliffs, NJ BANs, 4.500%, 8/9/2023 | 2,691,034 | |
8,741,304 | Fanwood, NJ BANs, 4.250%, 3/1/2024 | 8,769,976 | |
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), 3.530%, 6/1/2023 | 20,940,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New Jersey— continued | |||
$ 9,892,000 | Glen Rock, NJ BANs, 4.750%, 7/20/2023 | $ 9,903,637 | |
8,050,000 | Hackensack, NJ BANs, 3.750%, 8/30/2023 | 8,069,366 | |
4,242,000 | Ho-Ho-Kus, NJ BANs, 4.250%, 5/3/2024 | 4,262,304 | |
2,367,700 | Laurel Springs, NJ, (Series A) BANs, 3.750%, 9/13/2023 | 2,372,611 | |
4,000,000 | New Jersey Turnpike Authority, RBC Muni Products (Series G-119) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.590%, Mandatory Tender 7/3/2023 | 4,000,000 | |
7,835,000 | North Caldwell, NJ BANs, 4.500%, 7/13/2023 | 7,840,710 | |
5,759,000 | Ocean Township, NJ (Ocean County) BANs, 3.750%, 9/6/2023 | 5,772,382 | |
2,045,000 | Riverside Township, NJ BANs, 4.750%, 8/16/2023 | 2,047,480 | |
9,900,000 | Scotch Plains Township, NJ BANs, 4.000%, 1/19/2024 | 9,936,631 | |
9,500,000 | Upper Saddle River, NJ BANs, 4.250%, 3/22/2024 | 9,544,994 | |
TOTAL | 117,964,487 | ||
New Mexico— 0.2% | |||
6,705,000 | New Mexico State Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), Barclays 3a-7 Credit Enhanced (Series 2022-034) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.710%, 6/1/2023 | 6,705,000 | |
New York— 12.4% | |||
3,000,000 | Albany, NY IDA (Renaissance Corporation of Albany), (Series 2004) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 3.640%, 6/1/2023 | 3,000,000 | |
11,600,000 | Amherst, NY BANs, 4.500%, 11/3/2023 | 11,630,624 | |
1,930,000 | Battery Park, NY City Authority, RBC Muni Products (Series 2019-E-137) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.440%, 6/1/2023 | 1,930,000 | |
9,200,000 | East Irondequoit, NY Central School District BANs, 4.250%, 6/28/2023 | 9,208,391 | |
8,340,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2022-XX1236) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 3.530%, 6/1/2023 | 8,340,000 | |
10,800,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Subseries 2012A-2) Weekly VRDNs, (Bank of Montreal LOC), 3.600%, 6/1/2023 | 10,800,000 | |
10,490,000 | 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), 3.460%, 6/1/2023 | 10,490,000 | |
11,390,000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2014 AA-3 Bonds) Daily VRDNs, (TD Bank, N.A. LIQ), 3.850%, 6/1/2023 | 11,390,000 | |
5,300,000 | New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series DD-1) Daily VRDNs, (TD Bank, N.A. LIQ), 3.850%, 6/1/2023 | 5,300,000 | |
10,270,000 | New York City, NY Transitional Finance Authority, (Series 2014B-3) Daily VRDNs, (Barclays Bank PLC LIQ), 4.000%, 6/1/2023 | 10,270,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 13,800,000 | New York City, NY, (Fiscal 2006 Series I-4) Daily VRDNs, (TD Bank, N.A. LOC), 3.850%, 6/1/2023 | $ 13,800,000 | |
8,000,000 | New York City, NY, (Fiscal 2022 Subseries D-3) Daily VRDNs, (State Street Bank and Trust Co. LIQ), 3.950%, 6/1/2023 | 8,000,000 | |
10,000,000 | New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 3.560%, 6/1/2023 | 10,000,000 | |
3,220,000 | New York State Dormitory Authority (Blythedale Children’s Hospital), (Series 2009) Weekly VRDNs, (TD Bank, N.A. LOC), 3.480%, 6/1/2023 | 3,220,000 | |
3,000,000 | New York State Dormitory Authority (Northwell Healthcare, Inc.), Tender Option Bond Trust Certificates (Series 2022-XL0272) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 3.530%, 6/1/2023 | 3,000,000 | |
83,795,000 | New York State HFA (42nd and 10th Street Associates LLC), (Series 2022-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.710%, 6/1/2023 | 83,795,000 | |
2,500,000 | New York State Power Authority (New York State Power Authority Transmission Project), (Series 2022-XF1300) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 3.530%, 6/1/2023 | 2,500,000 | |
5,475,000 | New York State Power Authority (New York State Power Authority Transmission Project), (Series 2022-YX1184) Weekly VRDNs, (Assured Guaranty Municipal Corp. GTD)/(Barclays Bank PLC LIQ), 3.490%, 6/1/2023 | 5,475,000 | |
7,300,000 | 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), 3.250%, Mandatory Tender 6/7/2023 | 7,300,000 | |
5,850,000 | New York State Thruway Authority, Tender Option Bond Certificates (Series 2022-XL0312) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 3.560%, 6/1/2023 | 5,850,000 | |
40,900,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Royal Bank of Canada LIQ), 3.460%, 6/1/2023 | 40,900,000 | |
11,000,000 | Penn-Yan, NY Central School District BANs, 4.250%, 6/28/2023 | 11,009,471 | |
2,028,000 | PIMCO New York Municipal Income Fund II, Tender Option Bond Trust Receipts (Series UA-7008) Weekly VRDNs, (UBS AG LOC), 5.340%, 6/5/2023 | 2,028,000 | |
8,050,000 | PIMCO New York Municipal Income Fund III, Tender Option Bond Trust Receipts (Series UA-7007) Weekly VRDNs, (UBS AG LIQ), 3.610%, 6/6/2023 | 8,050,000 | |
18,000,000 | Riverhead, NY Central School District, (Series B) TANs, 4.000%, 6/28/2023 | 18,018,312 | |
30,000,000 | Syosset, NY CSD TANs, 4.000%, 6/28/2023 | 30,030,531 | |
10,200,000 | Triborough Bridge & Tunnel Authority, NY, (Series B-2A) Weekly VRDNs, (State Street Bank and Trust Co. LOC), 3.850%, 6/7/2023 | 10,200,000 | |
14,900,000 | Triborough Bridge & Tunnel Authority, NY, (Series B-2B) Weekly VRDNs, (State Street Bank and Trust Co. LOC), 3.600%, 6/1/2023 | 14,900,000 | |
10,350,000 | Troy, NY Enlarged CSD BANs, 4.000%, 6/8/2023 | 10,353,692 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 20,000,000 | Troy, NY Enlarged CSD BANs, 5.000%, 6/7/2024 | $ 20,221,400 | |
TOTAL | 391,010,421 | ||
North Carolina— 0.7% | |||
2,000,000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), (Series 2018G) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 4.000%, 6/1/2023 | 2,000,000 | |
21,120,000 | University of North Carolina at Chapel Hill (University of North Carolina Hospitals), (Series 2001A) Daily VRDNs, (TD Bank, N.A. LIQ), 3.900%, 6/1/2023 | 21,120,000 | |
TOTAL | 23,120,000 | ||
Ohio— 3.9% | |||
4,000,000 | Cleveland, OH, Tender Option Bond Trust Receipts (Series 2018-XF2657) Weekly VRDNs, (Bank of America N.A. LIQ), 3.550%, 6/1/2023 | 4,000,000 | |
800,000 | Franklin County, OH Hospital Facility Authority (Nationwide Children’s Hospital), (Series 2008B) Weekly VRDNs, 3.200%, 6/1/2023 | 800,000 | |
10,000,000 | Franklin County, OH Mortgage Revenue (Trinity Healthcare Credit Group), (Series 2013OH) TOBs, 3.250%, Mandatory Tender 8/1/2023 | 10,000,000 | |
10,040,000 | Hamilton County, OH (Block 3 Community Urban Redevelopment Corporation), (Series 2004) Weekly VRDNs, (Citizens Bank, N.A. LOC), 3.610%, 6/1/2023 | 10,040,000 | |
2,190,000 | Licking County, OH, Airport Facilities Improvement BANs Series 2022) BANs, 4.000%, 8/29/2023 | 2,195,906 | |
4,450,000 | Lorain County, OH BANs, 4.125%, 5/2/2024 | 4,467,894 | |
23,640,000 | Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/1/2023 | 23,640,000 | |
6,500,000 | Montgomery, OH BANs, 4.500%, 6/12/2024 | 6,537,375 | |
2,090,000 | Newark, OH, (Series A) BANs, 4.500%, 3/22/2024 | 2,098,911 | |
25,500,000 | Ohio State (Capital Facilities Lease-Appropriation -Adult Correction Building Fund), (Series 2016C) Weekly VRDNs, (Ohio State LIQ), 3.750%, 6/7/2023 | 25,500,000 | |
5,150,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series B-5), CP, 3.400%, Mandatory Tender 9/6/2023 | 5,150,000 | |
4,285,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc., Obligated Group), (Series C-18) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.450%, 6/1/2023 | 4,285,000 | |
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), 3.660%, 6/1/2023 | 14,800,000 | |
5,265,000 | Ohio University, (RBC Muni Products Series G-27) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Mandatory Tender 6/1/2023 | 5,265,000 | |
4,800,000 | Strongsville, OH BANs, 4.500%, 6/7/2024 | 4,837,008 | |
TOTAL | 123,617,094 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Oklahoma— 0.3% | |||
$ 10,235,000 | 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), 3.460%, 6/1/2023 | $ 10,235,000 | |
Pennsylvania— 3.8% | |||
6,400,000 | Allegheny County, PA Hospital Development Authority (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 3.570%, 6/1/2023 | 6,400,000 | |
2,065,000 | Chester County, PA HEFA (Tel Hai Obligated Group Project), (Series of 2009) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 3.640%, 6/1/2023 | 2,065,000 | |
6,000,000 | Lehigh County, PA General Purpose Authority (Lehigh Valley Health Network Obligated Group), BAML 3A-7 (Series 2023-BAML5039) VRENs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.660%, 6/1/2023 | 6,000,000 | |
11,995,000 | Pennsylvania State Higher Education Facilities Authority (Foundation for Indiana University of Pennsylvania), RBC Muni Products (E-75) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Mandatory Tender 7/3/2023 | 11,995,000 | |
12,605,000 | Pennsylvania State Turnpike Commission, (Series 2022-ZL0364) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.560%, 6/1/2023 | 12,605,000 | |
7,180,000 | 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), 3.490%, 6/1/2023 | 7,180,000 | |
734,179 | Philadelphia, PA Authority for Industrial Development (Susquehanna Net Zero Housing, LP), Tender Option Bond Trust Floater Certificates (2020-MIZ9051) VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.810%, 6/1/2023 | 734,179 | |
39,845,000 | Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 3.490%, 6/1/2023 | 39,845,000 | |
15,200,000 | Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019C) Daily VRDNs, (Bank of America N.A. LIQ), 4.000%, 6/1/2023 | 15,200,000 | |
5,100,000 | Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019E) Daily VRDNs, (U.S. Bank, N.A. LIQ), 3.940%, 6/1/2023 | 5,100,000 | |
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)/(Morgan Stanley Bank, N.A. LIQ), 3.490%, 6/1/2023 | 14,000,000 | |
TOTAL | 121,124,179 | ||
South Carolina— 0.4% | |||
7,130,000 | South Carolina State Public Service Authority, Tender Option Bond Trust Certificates (Series 2022-XL0313) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 3.530%, 6/1/2023 | 7,130,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
South Carolina— continued | |||
$ 6,670,000 | South Carolina Transportation Infrastructure Bank, Tender Option Bond Trust Receipts (Series G-109) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Mandatory Tender 10/2/2023 | $ 6,670,000 | |
TOTAL | 13,800,000 | ||
Tennessee— 6.2% | |||
2,300,000 | Blount County, TN Public Building Authority (Knox County, TN), (Series C-3-A) Weekly VRDNs, (Truist Bank LIQ), 3.480%, 6/1/2023 | 2,300,000 | |
6,900,000 | Blount County, TN Public Building Authority (Knox County, TN), (Series D-3-A) Daily VRDNs, (Bank of America N.A. LIQ), 3.940%, 6/1/2023 | 6,900,000 | |
3,000,000 | Memphis, TN Health, Educational and Housing Facility Board (Memphis Towers Apartments Project), (Series 2020) TOBs, (United States Treasury GTD), 3.400%, Mandatory Tender 12/1/2023 | 3,000,000 | |
14,000,000 | Metropolitan Government Nashville & Davidson County, TN (Metropolitan Government Nashville & Davidson County, TN Water & Sewer), (Series 2022A), CP, (TD Bank, N.A. LOC), 3.250%, Mandatory Tender 8/16/2023 | 14,000,000 | |
2,150,000 | Metropolitan Government Nashville & Davidson County, TN HEFA (Meharry Medical College), (Series 2009) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 3.590%, 6/2/2023 | 2,150,000 | |
23,000,000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 3.500%, Mandatory Tender 8/17/2023 | 23,000,000 | |
7,500,000 | Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs, (Truist Bank LOC), 3.480%, 6/1/2023 | 7,500,000 | |
71,145,000 | Shelby County, TN Health Education & Housing Facilities Board (Methodist Le Bonheur Healthcare), (Series 2008A) Daily VRDNs, (Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ), 3.950%, 6/1/2023 | 71,145,000 | |
23,300,000 | 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), 3.940%, 6/1/2023 | 23,300,000 | |
42,000,000 | Sullivan County, TN Health Educational & Housing Facilities Board (Wellmont Health System), BAML 3A-7(Series 2023-BAML5024) Daily VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 4.140%, 6/1/2023 | 42,000,000 | |
TOTAL | 195,295,000 | ||
Texas— 11.2% | |||
3,060,000 | El Paso, TX Housing Finance Corp., Mizuho 3A-7 (2022-MIZ9104) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 3,060,000 | |
3,800,000 | El Paso, TX Water & Sewer Revenue, RBC Muni Products (G-124) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Optional Tender 9/1/2023 | 3,800,000 | |
25,000,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP, 4.050%, Mandatory Tender 6/1/2023 | 25,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Texas— continued | |||
$ 30,000,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Texas Children’s Hospital), (Series 2015-3) Weekly VRDNs, (TD Bank, N.A. LOC), 3.900%, 6/7/2023 | $ 30,000,000 | |
12,700,000 | Harris County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2020B) Daily VRDNs, 4.000%, 6/1/2023 | 12,700,000 | |
1,490,000 | Houston, TX Combined Utility System, (Series 2018 C) Weekly VRDNs, (Barclays Bank PLC LOC), 3.450%, 6/1/2023 | 1,490,000 | |
4,615,000 | North Fort Bend, TX Water Authority, Tender Option Bond Trust Certificates (Series 2022-XL0422) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 3.520%, 6/1/2023 | 4,615,000 | |
3,650,000 | Northeast TX Housing Finance Corp, Mizuho 3A-7 (Series 2022-MIZ9116) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 3,650,000 | |
25,000,000 | Port Arthur Navigation District, TX IDC (TOTAL Petrochemicals & Refining USA, Inc.), (Series 2010A) Weekly VRDNs, (TotalEnergies SE GTD), 3.480%, 6/7/2023 | 25,000,000 | |
7,600,000 | Port Arthur Navigation District, TX IDC (TOTAL Petrochemicals & Refining USA, Inc.), (Series 2012B) Weekly VRDNs, (TotalEnergies SE GTD), 3.480%, 6/7/2023 | 7,600,000 | |
11,700,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002B) Daily VRDNs, 4.250%, 6/1/2023 | 11,700,000 | |
25,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals & Refining USA, Inc.), (Series 2010) Weekly VRDNs, (TotalEnergies SE GTD), 3.480%, 6/7/2023 | 25,000,000 | |
41,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals & Refining USA, Inc.), Exempt Facilities Revenue Bonds (Series 2009) Weekly VRDNs, (TotalEnergies SE GTD), 3.480%, 6/7/2023 | 41,000,000 | |
20,000,000 | San Antonio, TX Electric & Gas System, (2012 Series A), CP, 3.200%, Mandatory Tender 8/10/2023 | 20,000,000 | |
55,000,000 | San Antonio, TX Electric & Gas System, (2012 Series A), CP, 3.200%, Mandatory Tender 8/10/2023 | 55,000,000 | |
10,000,000 | San Antonio, TX Electric & Gas System, (2012 Series B), CP, (State Street Bank and Trust Co. LIQ), 3.400%, Mandatory Tender 9/12/2023 | 10,000,000 | |
9,275,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Care System), (Series 2011C) Daily VRDNs, (TD Bank, N.A. LOC), 3.900%, 6/1/2023 | 9,275,000 | |
8,570,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), (Series 2008A) Daily VRDNs, (TD Bank, N.A. LOC), 3.900%, 6/1/2023 | 8,570,000 | |
10,000,000 | Texas State Affordable Housing Corp., Tender Option Bond Trust Receipts (Series 2022-XF3033) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 10,000,000 | |
9,635,000 | Texas State, Veterans Bonds (Series 2016) Weekly VRDNs, (TD Bank, N.A. LIQ), 4.050%, 6/7/2023 | 9,635,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Texas— continued | |||
$ 25,000,000 | Texas State, Veterans Bonds (Series 2023) Weekly VRDNs, (State Street Bank and Trust Co. LIQ), 4.070%, 6/1/2023 | $ 25,000,000 | |
11,750,000 | Travis County, TX Housing Finance Corp. (Roers Austin Apartments Owner II LP), MIZUHO 3A-7 (Series 2023-MIZ9127) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.440%, 6/1/2023 | 11,750,000 | |
TOTAL | 353,845,000 | ||
Virginia— 0.6% | |||
1,700,000 | Fairfax County, VA EDA (Young Men’s Christian Association of Metropolitan Washington), (Series 2001) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 3.640%, 6/2/2023 | 1,700,000 | |
655,000 | Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), (Series 2017C) Weekly VRDNs, (Truist Bank LOC), 3.480%, 6/1/2023 | 655,000 | |
5,000,000 | Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series C-19) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.450%, 6/1/2023 | 5,000,000 | |
6,000,000 | Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series C-20) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.450%, 6/1/2023 | 6,000,000 | |
2,000,000 | University of Virginia (The Rectors and Visitors of), Solar Eclipse (Series 2017-0017) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 3.460%, 6/1/2023 | 2,000,000 | |
3,555,000 | 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), 3.610%, Optional Tender 8/1/2023 | 3,555,000 | |
TOTAL | 18,910,000 | ||
Washington— 0.1% | |||
3,000,000 | Central Puget Sound, WA Regional Transit Authority, RBC Muni Products (G-123) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Optional Tender 11/1/2023 | 3,000,000 | |
West Virginia— 1.2% | |||
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), 3.460%, 6/1/2023 | 1,475,000 | |
5,815,000 | West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 3.480%, 6/1/2023 | 5,815,000 | |
30,000,000 | West Virginia State Hospital Finance Authority (Charleston Area Medical Center, Inc.), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 3.850%, 6/7/2023 | 30,000,000 | |
TOTAL | 37,290,000 | ||
Wisconsin— 2.2% | |||
16,538,000 | Public Finance Authority, WI (Agape Meadowcreek, Inc.), Tender Option Bond Trust Floater Certificates (Series 2022-XF3026) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 16,538,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Wisconsin— continued | |||
$ 2,780,000 | Public Finance Authority, WI (Atlantic Housing Foundation, Inc.), Mizuho 3a-7 (2022-MIZ9092) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | $ 2,780,000 | |
21,420,000 | Public Finance Authority, WI (Bradford Preparatory School), (Series 2022-XF2997) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 21,420,000 | |
9,265,000 | Public Finance Authority, WI (Carolina Charter Academy, Inc.), Tender Option Bond Trust Receipts (Series 2021-XF2931) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 9,265,000 | |
18,000,000 | Wisconsin State, (Series A) Weekly VRDNs, 3.500%, 6/1/2023 | 18,000,000 | |
TOTAL | 68,003,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.2% (AT AMORTIZED COST)2 | 3,168,787,710 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.2)%3 | (6,957,746) | ||
TOTAL NET ASSETS—100% | $3,161,829,964 |
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 of investments 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 | |
COL | —Collateralized | |
CP | —Commercial Paper | |
CPX | —Commercial Paper Extendible | |
CSD | —Central School District | |
EDA | —Economic Development Authority | |
GTD | —Guaranteed | |
HEFA | —Health and Education Facilities Authority | |
HFA | —Housing Finance Authority | |
IDA | —Industrial Development Authority | |
IDB | —Industrial Development Bond | |
IDC | —Industrial Development Corporation | |
INS | —Insured | |
LIQ | —Liquidity Agreement | |
LOC | —Letter of Credit | |
PCR | —Pollution Control Revenue | |
PCRB | —Pollution Control Revenue Bond | |
PLC | —Public Limited Company | |
PRF | —Prerefunded | |
TANs | —Tax Anticipation Notes | |
TOBs | —Tender Option Bonds | |
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, 2018 | ||||
2023 | 2022 | 2021 | 2020 | |||
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 | 0.021 | 0.001 | 0.001 | 0.012 | 0.012 | 0.010 |
Net realized gain (loss) | (0.000)2 | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.0002 |
Total From Investment Operations | 0.021 | 0.001 | 0.001 | 0.012 | 0.012 | 0.010 |
Less Distributions: | ||||||
Distributions from net investment income | (0.021) | (0.001) | (0.001) | (0.012) | (0.012) | (0.010) |
Distributions from net realized gain | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 |
Total Distributions | (0.021) | (0.001) | (0.001) | (0.012) | (0.012) | (0.010) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 2.13% | 0.09% | 0.06% | 1.19% | 1.22% | 1.03% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.21% | 0.15% | 0.21% | 0.21% | 0.21%5 | 0.21% |
Net investment income | 2.13% | 0.08% | 0.06% | 1.14% | 1.46%5 | 1.03% |
Expense waiver/ reimbursement6 | 0.09% | 0.15% | 0.09% | 0.08% | 0.09%5 | 0.09% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,681,890 | $2,374,257 | $2,415,796 | $4,131,257 | $3,403,098 | $3,054,475 |
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 | 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 | ||||
2023 | 2022 | 2021 | 2020 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.021 | 0.001 | 0.001 | 0.012 | 0.006 |
Net realized gain (loss) | (0.000)3 | 0.0003 | 0.0003 | 0.0003 | (0.000)3 |
Total From Investment Operations | 0.021 | 0.001 | 0.001 | 0.012 | 0.006 |
Less Distributions: | |||||
Distributions from net investment income | (0.021) | (0.001) | (0.001) | (0.012) | (0.006) |
Distributions from net realized gain | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | — |
Total Distributions | (0.021) | (0.001) | (0.001) | (0.012) | (0.006) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 2.13% | 0.09% | 0.06% | 1.19% | 0.55% |
Ratios to Average Net Assets: | |||||
Net expenses5 | 0.21% | 0.16% | 0.21% | 0.21% | 0.22%6 |
Net investment income | 2.56% | 0.12% | 0.07% | 1.06% | 1.61%6 |
Expense waiver/reimbursement7 | 0.09% | 0.14% | 0.09% | 0.09% | 0.09%6 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $295,962 | $41,546 | $18,161 | $42,186 | $5,368 |
1 | Reflects operations for the period from January 18, 2019 (commencement of operations) 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, 2018 | ||||
2023 | 2022 | 2021 | 2020 | |||
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 | 0.019 | 0.0002 | 0.0002 | 0.009 | 0.010 | 0.008 |
Net realized gain (loss) | (0.000)2 | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.0002 |
Total From Investment Operations | 0.019 | 0.0002 | 0.0002 | 0.009 | 0.010 | 0.008 |
Less Distributions: | ||||||
Distributions from net investment income | (0.019) | (0.000)2 | (0.000)2 | (0.009) | (0.010) | (0.008) |
Distributions from net realized gain | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 |
Total Distributions | (0.019) | (0.000)2 | (0.000)2 | (0.009) | (0.010) | (0.008) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 1.88% | 0.04% | 0.01% | 0.93% | 1.01% | 0.78% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.46% | 0.20% | 0.26% | 0.46% | 0.46%5 | 0.46% |
Net investment income | 1.88% | 0.03% | 0.01% | 0.90% | 1.20%5 | 0.75% |
Expense waiver/reimbursement6 | 0.09% | 0.35% | 0.29% | 0.08% | 0.09%5 | 0.09% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $183,977 | $161,073 | $226,166 | $217,345 | $213,406 | $297,390 |
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 | 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. |
May 31, 2023
Assets: | |
Investment in securities, at amortized cost and fair value | $3,168,787,710 |
Cash | 32,083,721 |
Income receivable | 17,805,930 |
Receivable for investments sold | 77,226,667 |
Receivable for shares sold | 5,994,984 |
Total Assets | 3,301,899,012 |
Liabilities: | |
Payable for investments purchased | 132,070,314 |
Payable for shares redeemed | 5,800,528 |
Income distribution payable | 2,059,139 |
Payable for investment adviser fee (Note 5) | 8,475 |
Payable for administrative fee (Note 5) | 6,734 |
Accrued expenses (Note 5) | 123,858 |
Total Liabilities | 140,069,048 |
Net assets for 3,161,904,100 shares outstanding | $3,161,829,964 |
Net Assets Consist of: | |
Paid-in capital | $3,161,884,617 |
Total distributable earnings (loss) | (54,653) |
Total Net Assets | $3,161,829,964 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Wealth Shares: | |
$2,681,890,302 ÷ 2,681,953,198 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Advisor Shares: | |
$295,962,409 ÷ 295,969,338 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$183,977,253 ÷ 183,981,564 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Year Ended May 31, 2023
Investment Income: | |
Interest | $71,858,651 |
Dividends | 11,376 |
TOTAL INCOME | 71,870,027 |
Expenses: | |
Investment adviser fee (Note 5) | 6,066,714 |
Administrative fee (Note 5) | 2,376,561 |
Custodian fees | 103,057 |
Transfer agent fees | 37,339 |
Directors’/Trustees’ fees (Note 5) | 16,329 |
Auditing fees | 23,960 |
Legal fees | 569 |
Portfolio accounting fees | 203,519 |
Other service fees (Notes 2 and 5) | 412,344 |
Share registration costs | 242,001 |
Printing and postage | 28,075 |
Miscellaneous (Note 5) | 61,714 |
TOTAL EXPENSES | 9,572,182 |
Waiver of investment adviser fee (Note 5) | (2,641,154) |
Net expenses | 6,931,028 |
Net investment income | 64,938,999 |
Net realized loss on investments | (25,652) |
Change in net assets resulting from operations | $64,913,347 |
Year Ended May 31 | 2023 | 2022 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $64,938,999 | $1,993,737 |
Net realized gain (loss) | (25,652) | 42,794 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 64,913,347 | 2,036,531 |
Distributions to Shareholders: | ||
Wealth Shares | (57,547,576) | (2,168,585) |
Advisor Shares | (4,331,480) | (27,583) |
Service Shares | (3,104,586) | (69,395) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (64,983,642) | (2,265,563) |
Share Transactions: | ||
Proceeds from sale of shares | 6,991,142,949 | 3,448,904,393 |
Net asset value of shares issued to shareholders in payment of distributions declared | 46,173,858 | 1,339,475 |
Cost of shares redeemed | (6,452,292,204) | (3,533,261,962) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 585,024,603 | (83,018,094) |
Change in net assets | 584,954,308 | (83,247,126) |
Net Assets: | ||
Beginning of period | 2,576,875,656 | 2,660,122,782 |
End of period | $3,161,829,964 | $2,576,875,656 |
Other Service Fees Incurred | |
Service Shares | $412,344 |
Year Ended 5/31/2023 | Year Ended 5/31/2022 | |||
Wealth Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 5,645,313 | $5,645,313 | 3,133,791 | $3,133,791 |
Shares issued to shareholders in payment of distributions declared | 39,791 | 39,791 | 1,278 | 1,278 |
Shares redeemed | (5,377,412) | (5,377,412) | (3,176,400) | (3,176,400) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 307,692 | $307,692 | (41,331) | $(41,331) |
Year Ended 5/31/2023 | Year Ended 5/31/2022 | |||
Advisor Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 997,358 | $997,358 | 36,197 | $36,197 |
Shares issued to shareholders in payment of distributions declared | 4,331 | 4,331 | 28 | 28 |
Shares redeemed | (747,265) | (747,265) | (12,838) | (12,838) |
NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS | 254,424 | $254,424 | 23,387 | $23,387 |
Year Ended 5/31/2023 | Year Ended 5/31/2022 | |||
Service Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 348,472 | $348,472 | 278,917 | $278,917 |
Shares issued to shareholders in payment of distributions declared | 2,052 | 2,052 | 34 | 34 |
Shares redeemed | (327,615) | (327,615) | (344,024) | (344,024) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 22,909 | $22,909 | (65,073) | $(65,073) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 585,025 | $585,025 | (83,017) | $(83,017) |
2023 | 2022 | |
Tax-exempt income | $64,703,500 | $2,072,356 |
Ordinary income1 | $269,502 | $168,641 |
Long-term capital gains | $10,640 | $24,566 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed tax-exempt income | $(2,193) |
Capital loss deferrals | $(52,460) |
TOTAL | $(54,653) |
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 21, 2023
Beginning Account Value 12/1/2022 | Ending Account Value 5/31/2023 | Expenses Paid During Period1 | |
Actual: | |||
Wealth Shares | $1,000 | $1,014.20 | $1.05 |
Advisor Shares | $1,000 | $1,014.20 | $1.05 |
Service Shares | $1,000 | $1,013.00 | $2.31 |
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 | $1,022.64 | $2.32 |
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 | 0.46% |
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: 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.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, 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 (natural gas). 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 Associate General Secretary of the Diocese of Pittsburgh, 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 (natural gas). 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.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director and Vice Chair, Saint Francis University. |
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. 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); Director, Midway Pacific (lumber); and Director, The Golisano Children’s Museum of Naples, Florida. |
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; formerly, Senior Vice President for Legal Affairs, General Counsel and Secretary of Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary of Board of Directors and 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. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy 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 |
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; 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). |
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. |
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. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
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 Federated Hermes Money Market Obligations Trust
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 79.3% |
Municipal Notes | 12.3% |
Commercial Paper | 8.6% |
Other Assets and Liabilities—Net2 | (0.2)% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of the principal types of securities in which the Fund invests. |
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 | 67.0% |
8-30 Days | 3.7% |
31-90 Days | 20.2% |
91-180 Days | 5.7% |
181 Days or more | 3.6% |
Other Assets and Liabilities—Net2 | (0.2)% |
Total | 100% |
1 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— 100.2% | ||
Alabama— 5.8% | |||
$ 3,100,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 4.000%, 6/1/2023 | $ 3,100,000 | |
10,400,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily VRDNs, 4.000%, 6/1/2023 | 10,400,000 | |
50,000,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-D) Weekly VRDNs, 3.500%, 6/7/2023 | 50,000,000 | |
4,950,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 4.050%, 6/1/2023 | 4,950,000 | |
3,100,000 | Eutaw, AL Industrial Development Board PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 4.000%, 6/1/2023 | 3,100,000 | |
29,405,000 | Huntsville, AL Health Care Authority, (Series 2023-BAML5040) VRENs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.660%, 6/1/2023 | 29,405,000 | |
1,425,000 | Mobile, AL IDB (Alabama Power Co.), (First Series 2009: Barry Plant) Daily VRDNs, 4.000%, 6/1/2023 | 1,425,000 | |
46,300,000 | Mobile, AL IDB (Alabama Power Co.), PCR Bonds (Series 2007B) Weekly VRDNs, 3.500%, 6/7/2023 | 46,300,000 | |
33,810,000 | West Jefferson, AL IDB PCRB (Alabama Power Co.), (Series 1998) Weekly VRDNs, 3.530%, 6/1/2023 | 33,810,000 | |
TOTAL | 182,490,000 | ||
California— 8.1% | |||
37,755,000 | California Health Facilities Financing Authority (CommonSpirit Health), Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.610%, 6/1/2023 | 37,755,000 | |
3,000,000 | California HFA (Residency at Empire I LP), Tender Option Bond Trust Receipts (Series 2022-XF3077) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 3,000,000 | |
3,610,000 | California HFA, Mizuho 3a-7 (Series 2022-MIZ9097) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 3,610,000 | |
8,815,000 | California School Finance Authority (CPMS Higher Ground, LLC), Tender Option Bond Trust Receipts (2020-XF2893) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 8,815,000 | |
11,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 3.200%, Mandatory Tender 6/6/2023 | 11,000,000 | |
9,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 2.800%, Mandatory Tender 6/14/2023 | 9,000,000 | |
11,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 2.800%, Mandatory Tender 6/14/2023 | 11,000,000 | |
9,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 3.000%, Mandatory Tender 7/6/2023 | 9,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 28,180,000 | California Statewide Communities Development Authority Multi-Family Housing (Uptown Newport Building Owner, LP), (2021 Series A: One Uptown Newport Apartments) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 3.540%, 6/1/2023 | $ 28,180,000 | |
9,545,000 | Pimco California Municipal Income Fund, Tender Option Bond Trust Receipts (Series UA-7005) Weekly VRDNs, (UBS AG LIQ), 3.610%, 6/6/2023 | 9,545,000 | |
21,185,000 | River Islands, CA Public Financing Authority (River Islands, CA Public Financing Authority-Community Facilities District No. 2015-1), Tender Option Bond Trust Floater Certificates (Series 2022-MIZ9110) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 21,185,000 | |
62,200,000 | San Francisco, CA City and County (1500 Mission Urban Housing LP), Mizuho 3A-7 (Series 2022-MIZ9115) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 62,200,000 | |
13,400,000 | San Francisco, CA City and County (Transbay Block 8 Tower Apartments Obligated Group), Mizuho 3a-7 (2021-MIZ9063) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 13,400,000 | |
28,625,000 | Sweetwater, CA Union High School District, Tender Option Bond Trust (Series 2022-XF1394) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.530%, 6/1/2023 | 28,625,000 | |
TOTAL | 256,315,000 | ||
Colorado— 0.9% | |||
2,275,250 | Colorado HFA (Steele San Juan, LLC), Mizuho 3a-7 (Series 2021-MIZ9068) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 2,275,250 | |
25,772,000 | Colorado HFA, (Series 2022-XF3035) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 25,772,000 | |
TOTAL | 28,047,250 | ||
Connecticut— 0.1% | |||
3,150,000 | Shelton, CT Housing Authority (Crosby Commons), (Series 1998) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 3.640%, 6/1/2023 | 3,150,000 | |
Florida— 11.1% | |||
3,715,000 | Broward County, FL Tourist Development Tax Special Revenue, (Series 2023-XL0429) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 3.520%, 6/1/2023 | 3,715,000 | |
5,980,000 | Capital Trust Agency, FL (Milestones Community School, Inc.), Tender Option Bond Trust Receipts (2022-XF2965) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 5,980,000 | |
1,700,000 | Clearwater, FL Water and Sewer Authority, Solar Eclipse (Series 2017-0014) Daily VRDNs, (U.S. Bank, N.A. LIQ), 4.000%, 6/1/2023 | 1,700,000 | |
27,400,000 | Escambia County, FL Solid Waste Disposal (Florida Power & Light Co.), (First Series 2009) Daily VRDNs, 4.000%, 6/1/2023 | 27,400,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Florida— continued | |||
$ 4,230,000 | Florida Development Finance Corp. (Navigator Academy of Leadership, Inc.), Tender Option Bond Trust Receipts (2021-XF2945) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | $ 4,230,000 | |
5,925,000 | Hillsborough County, FL IDA (Baycare Health System), (Series 2020B) Daily VRDNs, (TD Bank, N.A. LOC), 3.900%, 6/1/2023 | 5,925,000 | |
30,960,000 | Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1994), CP, 3.200%, Mandatory Tender 6/28/2023 | 30,960,000 | |
25,000,000 | JEA, FL Electric System, (Series 2008C-3), CP, (Royal Bank of Canada LIQ), 3.100%, Mandatory Tender 6/7/2023 | 25,000,000 | |
34,045,000 | JEA, FL Electric System, (Series Three 2008A) Weekly VRDNs, (Royal Bank of Canada LIQ), 3.520%, 6/7/2023 | 34,045,000 | |
1,000,000 | JEA, FL Water & Sewer System, (2008 Series B-1: Subordinate Revenue Bonds) Weekly VRDNs, (State Street Bank and Trust Co. LIQ), 3.900%, 6/7/2023 | 1,000,000 | |
14,500,000 | Martin County, FL (Florida Power & Light Co.), (Series 2022) Weekly VRDNs, 3.520%, 6/1/2023 | 14,500,000 | |
14,475,000 | Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 (2021-MIZ9072) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 14,475,000 | |
1,400,000 | Miami-Dade County, FL HFA (Superior Manor Phase II LLC), Mizuho 3a-7 (2022-MIZ9087) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 1,400,000 | |
24,875,000 | Miami-Dade County, FL HFA (The Village Miami Phase II LLC), MIZUHO 3A-7 (Series 2023-MIZ9137) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 24,875,000 | |
3,160,000 | Miami-Dade County, FL Seaport Department, Tender Option Bond Trust Certificates (Series 2022-ZL0343) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 3.560%, 6/1/2023 | 3,160,000 | |
52,950,000 | Palm Beach County, FL Health Facilities Authority (Morselife Obligated Group), (Series 2023-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.710%, 6/1/2023 | 52,950,000 | |
16,500,000 | Polk County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs, 3.710%, 6/1/2023 | 16,500,000 | |
73,160,000 | St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 4.000%, 6/1/2023 | 73,160,000 | |
3,700,000 | Tampa-Hillsborough County, FL Expressway Authority, RBC Muni Products (Series G-113) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Mandatory Tender 7/3/2023 | 3,700,000 | |
6,440,000 | Tolomato Community Development District, FL, (Series 2022-XL0297) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 3.530%, 6/1/2023 | 6,440,000 | |
TOTAL | 351,115,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Georgia— 1.1% | |||
$ 805,000 | 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), 3.440%, 6/1/2023 | $ 805,000 | |
21,875,000 | Fulton County, GA Development Authority (Heritage Station Family LLC), Tender Option Bond Trust Receipts (2022-XF2984) Weekly VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.810%, 6/1/2023 | 21,875,000 | |
12,165,000 | Municipal Electric Authority of Georgia, (Series 2022-XG0417) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 3.520%, 6/1/2023 | 12,165,000 | |
TOTAL | 34,845,000 | ||
Idaho— 0.3% | |||
10,000,000 | Idaho Health Facilities Authority (Trinity Healthcare Credit Group), (Series 2013ID) TOBs, 3.250%, Mandatory Tender 8/1/2023 | 10,000,000 | |
Illinois— 3.6% | |||
600,000 | Chicago, IL Multi-Family Housing Revenue (Churchview Manor Senior Apartments), (Series 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 3.130%, 6/1/2023 | 600,000 | |
10,200,000 | Chicago, IL Park District, (Series 2015-XF2111) Weekly VRDNs, (Build America Mutual Assurance INS)/(Citibank N.A., New York LIQ), 3.510%, 6/1/2023 | 10,200,000 | |
6,135,000 | Chicago, IL Transit Authority, (Series 2022-XL0425) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 3.530%, 6/1/2023 | 6,135,000 | |
7,500,000 | Chicago, IL Water Revenue, (Series 2023-XM1112) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 3.490%, 6/1/2023 | 7,500,000 | |
8,780,000 | 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), 3.490%, 6/1/2023 | 8,780,000 | |
10,069,482 | Metropolitan Pier & Exposition Authority, IL, Tender Option Bond Trust Receipts (2021-MS0001) TOBs, (Morgan Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 3.710%, Optional Tender 8/3/2023 | 10,069,482 | |
41,250,000 | 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), 3.490%, 6/1/2023 | 41,250,000 | |
30,010,000 | Sales Tax Securitization Corp., IL, Tender Option Bond Trust Certificates (Series 2022-XL0294) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Build America Mutual Assurance INS), 3.510%, 6/1/2023 | 30,010,000 | |
TOTAL | 114,544,482 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Indiana— 1.1% | |||
$ 12,140,000 | Indiana State Finance Authority Environmental (Ispat Inland, Inc.), (Series 2005) Weekly VRDNs, (Cooperatieve Rabobank UA LOC), 3.900%, 6/7/2023 | $ 12,140,000 | |
19,475,000 | Indiana State Finance Authority Hospital Revenue (Parkview Health System Obligated Group), (Series 2009B) Daily VRDNs, (Wells Fargo Bank, N.A. LOC), 3.850%, 6/1/2023 | 19,475,000 | |
4,450,000 | Indiana State Finance Authority Hospital Revenue (Parkview Health System Obligated Group), (Series 2009D) Daily VRDNs, (Wells Fargo Bank, N.A. LOC), 3.850%, 6/1/2023 | 4,450,000 | |
TOTAL | 36,065,000 | ||
Kansas— 0.4% | |||
12,400,000 | Wyandotte County, KS Unified School District 500, Tender Option Bond Trust Receipts (Series 2016-ZM0464) Weekly VRDNs, (Royal Bank of Canada LIQ)/(United States Treasury PRF), 3.500%, 6/1/2023 | 12,400,000 | |
Kentucky— 0.5% | |||
16,465,000 | Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 3.590%, 6/2/2023 | 16,465,000 | |
Louisiana— 3.3% | |||
910,000 | Louisiana Local Government Environmental Facilities Community Development Authority (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs, (Federal Home Loan Bank of Dallas LOC), 3.460%, 6/7/2023 | 910,000 | |
4,940,000 | Louisiana Public Facilities Authority (Loyola University New Orleans), Barclays 3a-7 Credit Enhanced (Series 2023-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/1/2023 | 4,940,000 | |
42,250,000 | Louisiana State Gas & Fuels Second Lien, (Series 2023 A-1) Daily VRDNs, (TD Bank, N.A. LOC), 3.900%, 6/1/2023 | 42,250,000 | |
3,100,000 | Louisiana State Housing Corporation (Peace Lake Louisiana Tower Community, LP), Tender Option Bond Trust Floater Certificates (Series 2020-MIZ9053) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 3,100,000 | |
53,225,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 3.900%, 6/7/2023 | 53,225,000 | |
TOTAL | 104,425,000 | ||
Maryland— 1.8% | |||
3,960,000 | Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Mandatory Tender 7/3/2023 | 3,960,000 | |
1,300,000 | Maryland State Health & Higher Educational Facilities Authority (University of Maryland Medical System Corporation), (Series 2008D) Daily VRDNs, (TD Bank, N.A. LOC), 3.900%, 6/1/2023 | 1,300,000 | |
3,800,000 | Maryland State Stadium Authority (Baltimore City Public School Construction Financing Fund), RBC Muni Products (Series 2023 G-122) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Mandatory Tender 11/1/2023 | 3,800,000 | |
30,000,000 | Montgomery County, MD (Trinity Healthcare Credit Group), (Series 2013MD) TOBs, 3.500%, Mandatory Tender 9/1/2023 | 30,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Maryland— continued | |||
$ 17,000,000 | Montgomery County, MD, (2010 Series B), CP, 3.300%, Mandatory Tender 7/18/2023 | $ 17,000,000 | |
TOTAL | 56,060,000 | ||
Massachusetts— 0.5% | |||
14,800,000 | Peabody Massachusetts BANs, 5.250%, 7/14/2023 | 14,825,797 | |
Michigan— 1.9% | |||
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), 3.510%, 6/1/2023 | 4,000,000 | |
14,700,000 | Michigan State Building Authority, (Series III) VRENs, 3.490%, 6/1/2023 | 14,700,000 | |
16,000,000 | Michigan State Finance Authority (Trinity Healthcare Credit Group), (Series 2013MI-1) TOBs, 3.280%, Mandatory Tender 6/1/2023 | 16,000,000 | |
20,000,000 | Michigan State Finance Authority (Trinity Healthcare Credit Group), (Series 2013MI-1) TOBs, 3.500%, Mandatory Tender 9/1/2023 | 20,000,000 | |
2,840,000 | Michigan Strategic Fund (Washtenaw Christian Academy), (Series 2008) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 3.590%, 6/2/2023 | 2,840,000 | |
4,000,000 | Trenton, MI Public Schools, Tender Option Bond Trust Receipts (Series 2018-XF2651) Weekly VRDNs, (Bank of America N.A. LIQ)/(Michigan School Bond Qualification and Loan Program GTD), 3.510%, 6/1/2023 | 4,000,000 | |
TOTAL | 61,540,000 | ||
Minnesota— 0.2% | |||
7,000,000 | Dakota County, MN Community Development Agency, (Series 2022-XF3050) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 7,000,000 | |
Mississippi— 1.7% | |||
9,500,000 | Mississippi Business Finance Corp. (Florida Power & Light Co.), (1st Series 2019) Weekly VRDNs, 4.810%, 6/7/2023 | 9,500,000 | |
2,400,000 | Mississippi Business Finance Corp. (Tri-State Truck Center, Inc.), (Series 2008) Weekly VRDNs, (Regions Bank LOC), 3.560%, 6/1/2023 | 2,400,000 | |
10,000,000 | Mississippi Hospital Equipment & Facilities Authority (Baptist Memorial Healthcare), Tender Option Bond Trust Receipts (Series 2023-BAML5026) Daily VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 4.140%, 6/1/2023 | 10,000,000 | |
30,600,000 | Perry County, MS (Leaf River Cellulose LLC), (Series 2021) Weekly VRDNs, (Georgia-Pacific LLC GTD), 3.660%, 6/1/2023 | 30,600,000 | |
TOTAL | 52,500,000 | ||
Missouri— 0.5% | |||
1,100,000 | Kansas City, MO Planned Industrial Expansion Authority (EPD3 Ridgeview LP), Mizuho 3a-7 (2022-MIZ9086) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 1,100,000 | |
2,500,000 | Lees Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 2,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Missouri— continued | |||
$ 2,220,000 | Missouri State Health and Educational Facilities Authority Health Facilities (SSM Healthcare), (Series G-121) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Mandatory Tender 6/1/2023 | $ 2,220,000 | |
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), 3.460%, 6/1/2023 | 10,000,000 | |
TOTAL | 15,820,000 | ||
Montana— 0.3% | |||
7,815,000 | Montana State Board of Housing (HRDC IX Affordable Housing Solutions LP), Mizuho 3a-7 (2021-MIZ9061) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 7,815,000 | |
Multi-State— 9.4% | |||
116,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) MuniFund Preferred Shares Weekly VRDPs, (Societe Generale, Paris LIQ), 3.470%, 6/1/2023 | 116,000,000 | |
88,400,000 | Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, (Series 2) MuniFund Preferred Shares Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 3.470%, 6/1/2023 | 88,400,000 | |
25,000,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) MuniFund Preferred Shares Weekly VRDPs, (Barclays Bank PLC LIQ), 3.460%, 6/1/2023 | 25,000,000 | |
25,850,000 | PIMCO Municipal Income Fund II, Tender Option Bond Trust Receipts (Series UA-7001) Weekly VRDNs, (UBS AG LIQ), 3.660%, 6/1/2023 | 25,850,000 | |
23,000,000 | PIMCO Municipal Income Fund II, Tender Option Bond Trust Receipts (Series UA-7004) Weekly VRDNs, (UBS AG LIQ), 3.660%, 6/6/2023 | 23,000,000 | |
8,050,000 | PIMCO Municipal Income Fund III, Tender Option Bond Trust Receipts (Series UA-7006) Weekly VRDNs, (UBS AG LIQ), 3.660%, 6/6/2023 | 8,050,000 | |
11,546,000 | PIMCO Municipal Income Fund, (Series UA-7010) Weekly VRDNs, (UBS AG LIQ), 3.660%, 6/6/2023 | 11,546,000 | |
TOTAL | 297,846,000 | ||
Nebraska— 0.7% | |||
21,600,000 | Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 3.460%, 6/1/2023 | 21,600,000 | |
New Jersey— 3.7% | |||
7,360,000 | Bogota, NJ BANs, 4.000%, 4/12/2024 | 7,385,750 | |
4,303,451 | Cranbury Township, NJ BANs, 3.750%, 8/31/2023 | 4,313,596 | |
4,500,000 | Cranford Township, NJ BANs, 4.500%, 8/22/2023 | 4,507,699 | |
5,595,821 | Englewood Cliffs, NJ BANs, 4.250%, 8/9/2023 | 5,606,317 | |
2,688,415 | Englewood Cliffs, NJ BANs, 4.500%, 8/9/2023 | 2,691,034 | |
8,741,304 | Fanwood, NJ BANs, 4.250%, 3/1/2024 | 8,769,976 | |
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), 3.530%, 6/1/2023 | 20,940,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New Jersey— continued | |||
$ 9,892,000 | Glen Rock, NJ BANs, 4.750%, 7/20/2023 | $ 9,903,637 | |
8,050,000 | Hackensack, NJ BANs, 3.750%, 8/30/2023 | 8,069,366 | |
4,242,000 | Ho-Ho-Kus, NJ BANs, 4.250%, 5/3/2024 | 4,262,304 | |
2,367,700 | Laurel Springs, NJ, (Series A) BANs, 3.750%, 9/13/2023 | 2,372,611 | |
4,000,000 | New Jersey Turnpike Authority, RBC Muni Products (Series G-119) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.590%, Mandatory Tender 7/3/2023 | 4,000,000 | |
7,835,000 | North Caldwell, NJ BANs, 4.500%, 7/13/2023 | 7,840,710 | |
5,759,000 | Ocean Township, NJ (Ocean County) BANs, 3.750%, 9/6/2023 | 5,772,382 | |
2,045,000 | Riverside Township, NJ BANs, 4.750%, 8/16/2023 | 2,047,480 | |
9,900,000 | Scotch Plains Township, NJ BANs, 4.000%, 1/19/2024 | 9,936,631 | |
9,500,000 | Upper Saddle River, NJ BANs, 4.250%, 3/22/2024 | 9,544,994 | |
TOTAL | 117,964,487 | ||
New Mexico— 0.2% | |||
6,705,000 | New Mexico State Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), Barclays 3a-7 Credit Enhanced (Series 2022-034) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.710%, 6/1/2023 | 6,705,000 | |
New York— 12.4% | |||
3,000,000 | Albany, NY IDA (Renaissance Corporation of Albany), (Series 2004) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 3.640%, 6/1/2023 | 3,000,000 | |
11,600,000 | Amherst, NY BANs, 4.500%, 11/3/2023 | 11,630,624 | |
1,930,000 | Battery Park, NY City Authority, RBC Muni Products (Series 2019-E-137) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.440%, 6/1/2023 | 1,930,000 | |
9,200,000 | East Irondequoit, NY Central School District BANs, 4.250%, 6/28/2023 | 9,208,391 | |
8,340,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2022-XX1236) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 3.530%, 6/1/2023 | 8,340,000 | |
10,800,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Subseries 2012A-2) Weekly VRDNs, (Bank of Montreal LOC), 3.600%, 6/1/2023 | 10,800,000 | |
10,490,000 | 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), 3.460%, 6/1/2023 | 10,490,000 | |
11,390,000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2014 AA-3 Bonds) Daily VRDNs, (TD Bank, N.A. LIQ), 3.850%, 6/1/2023 | 11,390,000 | |
5,300,000 | New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series DD-1) Daily VRDNs, (TD Bank, N.A. LIQ), 3.850%, 6/1/2023 | 5,300,000 | |
10,270,000 | New York City, NY Transitional Finance Authority, (Series 2014B-3) Daily VRDNs, (Barclays Bank PLC LIQ), 4.000%, 6/1/2023 | 10,270,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 13,800,000 | New York City, NY, (Fiscal 2006 Series I-4) Daily VRDNs, (TD Bank, N.A. LOC), 3.850%, 6/1/2023 | $ 13,800,000 | |
8,000,000 | New York City, NY, (Fiscal 2022 Subseries D-3) Daily VRDNs, (State Street Bank and Trust Co. LIQ), 3.950%, 6/1/2023 | 8,000,000 | |
10,000,000 | New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 3.560%, 6/1/2023 | 10,000,000 | |
3,220,000 | New York State Dormitory Authority (Blythedale Children’s Hospital), (Series 2009) Weekly VRDNs, (TD Bank, N.A. LOC), 3.480%, 6/1/2023 | 3,220,000 | |
3,000,000 | New York State Dormitory Authority (Northwell Healthcare, Inc.), Tender Option Bond Trust Certificates (Series 2022-XL0272) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 3.530%, 6/1/2023 | 3,000,000 | |
83,795,000 | New York State HFA (42nd and 10th Street Associates LLC), (Series 2022-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.710%, 6/1/2023 | 83,795,000 | |
2,500,000 | New York State Power Authority (New York State Power Authority Transmission Project), (Series 2022-XF1300) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 3.530%, 6/1/2023 | 2,500,000 | |
5,475,000 | New York State Power Authority (New York State Power Authority Transmission Project), (Series 2022-YX1184) Weekly VRDNs, (Assured Guaranty Municipal Corp. GTD)/(Barclays Bank PLC LIQ), 3.490%, 6/1/2023 | 5,475,000 | |
7,300,000 | 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), 3.250%, Mandatory Tender 6/7/2023 | 7,300,000 | |
5,850,000 | New York State Thruway Authority, Tender Option Bond Certificates (Series 2022-XL0312) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 3.560%, 6/1/2023 | 5,850,000 | |
40,900,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Royal Bank of Canada LIQ), 3.460%, 6/1/2023 | 40,900,000 | |
11,000,000 | Penn-Yan, NY Central School District BANs, 4.250%, 6/28/2023 | 11,009,471 | |
2,028,000 | PIMCO New York Municipal Income Fund II, Tender Option Bond Trust Receipts (Series UA-7008) Weekly VRDNs, (UBS AG LOC), 5.340%, 6/5/2023 | 2,028,000 | |
8,050,000 | PIMCO New York Municipal Income Fund III, Tender Option Bond Trust Receipts (Series UA-7007) Weekly VRDNs, (UBS AG LIQ), 3.610%, 6/6/2023 | 8,050,000 | |
18,000,000 | Riverhead, NY Central School District, (Series B) TANs, 4.000%, 6/28/2023 | 18,018,312 | |
30,000,000 | Syosset, NY CSD TANs, 4.000%, 6/28/2023 | 30,030,531 | |
10,200,000 | Triborough Bridge & Tunnel Authority, NY, (Series B-2A) Weekly VRDNs, (State Street Bank and Trust Co. LOC), 3.850%, 6/7/2023 | 10,200,000 | |
14,900,000 | Triborough Bridge & Tunnel Authority, NY, (Series B-2B) Weekly VRDNs, (State Street Bank and Trust Co. LOC), 3.600%, 6/1/2023 | 14,900,000 | |
10,350,000 | Troy, NY Enlarged CSD BANs, 4.000%, 6/8/2023 | 10,353,692 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 20,000,000 | Troy, NY Enlarged CSD BANs, 5.000%, 6/7/2024 | $ 20,221,400 | |
TOTAL | 391,010,421 | ||
North Carolina— 0.7% | |||
2,000,000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), (Series 2018G) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 4.000%, 6/1/2023 | 2,000,000 | |
21,120,000 | University of North Carolina at Chapel Hill (University of North Carolina Hospitals), (Series 2001A) Daily VRDNs, (TD Bank, N.A. LIQ), 3.900%, 6/1/2023 | 21,120,000 | |
TOTAL | 23,120,000 | ||
Ohio— 3.9% | |||
4,000,000 | Cleveland, OH, Tender Option Bond Trust Receipts (Series 2018-XF2657) Weekly VRDNs, (Bank of America N.A. LIQ), 3.550%, 6/1/2023 | 4,000,000 | |
800,000 | Franklin County, OH Hospital Facility Authority (Nationwide Children’s Hospital), (Series 2008B) Weekly VRDNs, 3.200%, 6/1/2023 | 800,000 | |
10,000,000 | Franklin County, OH Mortgage Revenue (Trinity Healthcare Credit Group), (Series 2013OH) TOBs, 3.250%, Mandatory Tender 8/1/2023 | 10,000,000 | |
10,040,000 | Hamilton County, OH (Block 3 Community Urban Redevelopment Corporation), (Series 2004) Weekly VRDNs, (Citizens Bank, N.A. LOC), 3.610%, 6/1/2023 | 10,040,000 | |
2,190,000 | Licking County, OH, Airport Facilities Improvement BANs Series 2022) BANs, 4.000%, 8/29/2023 | 2,195,906 | |
4,450,000 | Lorain County, OH BANs, 4.125%, 5/2/2024 | 4,467,894 | |
23,640,000 | Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/1/2023 | 23,640,000 | |
6,500,000 | Montgomery, OH BANs, 4.500%, 6/12/2024 | 6,537,375 | |
2,090,000 | Newark, OH, (Series A) BANs, 4.500%, 3/22/2024 | 2,098,911 | |
25,500,000 | Ohio State (Capital Facilities Lease-Appropriation -Adult Correction Building Fund), (Series 2016C) Weekly VRDNs, (Ohio State LIQ), 3.750%, 6/7/2023 | 25,500,000 | |
5,150,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series B-5), CP, 3.400%, Mandatory Tender 9/6/2023 | 5,150,000 | |
4,285,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc., Obligated Group), (Series C-18) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.450%, 6/1/2023 | 4,285,000 | |
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), 3.660%, 6/1/2023 | 14,800,000 | |
5,265,000 | Ohio University, (RBC Muni Products Series G-27) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Mandatory Tender 6/1/2023 | 5,265,000 | |
4,800,000 | Strongsville, OH BANs, 4.500%, 6/7/2024 | 4,837,008 | |
TOTAL | 123,617,094 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Oklahoma— 0.3% | |||
$ 10,235,000 | 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), 3.460%, 6/1/2023 | $ 10,235,000 | |
Pennsylvania— 3.8% | |||
6,400,000 | Allegheny County, PA Hospital Development Authority (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 3.570%, 6/1/2023 | 6,400,000 | |
2,065,000 | Chester County, PA HEFA (Tel Hai Obligated Group Project), (Series of 2009) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 3.640%, 6/1/2023 | 2,065,000 | |
6,000,000 | Lehigh County, PA General Purpose Authority (Lehigh Valley Health Network Obligated Group), BAML 3A-7 (Series 2023-BAML5039) VRENs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.660%, 6/1/2023 | 6,000,000 | |
11,995,000 | Pennsylvania State Higher Education Facilities Authority (Foundation for Indiana University of Pennsylvania), RBC Muni Products (E-75) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Mandatory Tender 7/3/2023 | 11,995,000 | |
12,605,000 | Pennsylvania State Turnpike Commission, (Series 2022-ZL0364) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.560%, 6/1/2023 | 12,605,000 | |
7,180,000 | 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), 3.490%, 6/1/2023 | 7,180,000 | |
734,179 | Philadelphia, PA Authority for Industrial Development (Susquehanna Net Zero Housing, LP), Tender Option Bond Trust Floater Certificates (2020-MIZ9051) VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.810%, 6/1/2023 | 734,179 | |
39,845,000 | Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 3.490%, 6/1/2023 | 39,845,000 | |
15,200,000 | Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019C) Daily VRDNs, (Bank of America N.A. LIQ), 4.000%, 6/1/2023 | 15,200,000 | |
5,100,000 | Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019E) Daily VRDNs, (U.S. Bank, N.A. LIQ), 3.940%, 6/1/2023 | 5,100,000 | |
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)/(Morgan Stanley Bank, N.A. LIQ), 3.490%, 6/1/2023 | 14,000,000 | |
TOTAL | 121,124,179 | ||
South Carolina— 0.4% | |||
7,130,000 | South Carolina State Public Service Authority, Tender Option Bond Trust Certificates (Series 2022-XL0313) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 3.530%, 6/1/2023 | 7,130,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
South Carolina— continued | |||
$ 6,670,000 | South Carolina Transportation Infrastructure Bank, Tender Option Bond Trust Receipts (Series G-109) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Mandatory Tender 10/2/2023 | $ 6,670,000 | |
TOTAL | 13,800,000 | ||
Tennessee— 6.2% | |||
2,300,000 | Blount County, TN Public Building Authority (Knox County, TN), (Series C-3-A) Weekly VRDNs, (Truist Bank LIQ), 3.480%, 6/1/2023 | 2,300,000 | |
6,900,000 | Blount County, TN Public Building Authority (Knox County, TN), (Series D-3-A) Daily VRDNs, (Bank of America N.A. LIQ), 3.940%, 6/1/2023 | 6,900,000 | |
3,000,000 | Memphis, TN Health, Educational and Housing Facility Board (Memphis Towers Apartments Project), (Series 2020) TOBs, (United States Treasury GTD), 3.400%, Mandatory Tender 12/1/2023 | 3,000,000 | |
14,000,000 | Metropolitan Government Nashville & Davidson County, TN (Metropolitan Government Nashville & Davidson County, TN Water & Sewer), (Series 2022A), CP, (TD Bank, N.A. LOC), 3.250%, Mandatory Tender 8/16/2023 | 14,000,000 | |
2,150,000 | Metropolitan Government Nashville & Davidson County, TN HEFA (Meharry Medical College), (Series 2009) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 3.590%, 6/2/2023 | 2,150,000 | |
23,000,000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 3.500%, Mandatory Tender 8/17/2023 | 23,000,000 | |
7,500,000 | Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs, (Truist Bank LOC), 3.480%, 6/1/2023 | 7,500,000 | |
71,145,000 | Shelby County, TN Health Education & Housing Facilities Board (Methodist Le Bonheur Healthcare), (Series 2008A) Daily VRDNs, (Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ), 3.950%, 6/1/2023 | 71,145,000 | |
23,300,000 | 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), 3.940%, 6/1/2023 | 23,300,000 | |
42,000,000 | Sullivan County, TN Health Educational & Housing Facilities Board (Wellmont Health System), BAML 3A-7(Series 2023-BAML5024) Daily VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 4.140%, 6/1/2023 | 42,000,000 | |
TOTAL | 195,295,000 | ||
Texas— 11.2% | |||
3,060,000 | El Paso, TX Housing Finance Corp., Mizuho 3A-7 (2022-MIZ9104) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 3,060,000 | |
3,800,000 | El Paso, TX Water & Sewer Revenue, RBC Muni Products (G-124) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Optional Tender 9/1/2023 | 3,800,000 | |
25,000,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP, 4.050%, Mandatory Tender 6/1/2023 | 25,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Texas— continued | |||
$ 30,000,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Texas Children’s Hospital), (Series 2015-3) Weekly VRDNs, (TD Bank, N.A. LOC), 3.900%, 6/7/2023 | $ 30,000,000 | |
12,700,000 | Harris County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2020B) Daily VRDNs, 4.000%, 6/1/2023 | 12,700,000 | |
1,490,000 | Houston, TX Combined Utility System, (Series 2018 C) Weekly VRDNs, (Barclays Bank PLC LOC), 3.450%, 6/1/2023 | 1,490,000 | |
4,615,000 | North Fort Bend, TX Water Authority, Tender Option Bond Trust Certificates (Series 2022-XL0422) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 3.520%, 6/1/2023 | 4,615,000 | |
3,650,000 | Northeast TX Housing Finance Corp, Mizuho 3A-7 (Series 2022-MIZ9116) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 3,650,000 | |
25,000,000 | Port Arthur Navigation District, TX IDC (TOTAL Petrochemicals & Refining USA, Inc.), (Series 2010A) Weekly VRDNs, (TotalEnergies SE GTD), 3.480%, 6/7/2023 | 25,000,000 | |
7,600,000 | Port Arthur Navigation District, TX IDC (TOTAL Petrochemicals & Refining USA, Inc.), (Series 2012B) Weekly VRDNs, (TotalEnergies SE GTD), 3.480%, 6/7/2023 | 7,600,000 | |
11,700,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002B) Daily VRDNs, 4.250%, 6/1/2023 | 11,700,000 | |
25,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals & Refining USA, Inc.), (Series 2010) Weekly VRDNs, (TotalEnergies SE GTD), 3.480%, 6/7/2023 | 25,000,000 | |
41,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals & Refining USA, Inc.), Exempt Facilities Revenue Bonds (Series 2009) Weekly VRDNs, (TotalEnergies SE GTD), 3.480%, 6/7/2023 | 41,000,000 | |
20,000,000 | San Antonio, TX Electric & Gas System, (2012 Series A), CP, 3.200%, Mandatory Tender 8/10/2023 | 20,000,000 | |
55,000,000 | San Antonio, TX Electric & Gas System, (2012 Series A), CP, 3.200%, Mandatory Tender 8/10/2023 | 55,000,000 | |
10,000,000 | San Antonio, TX Electric & Gas System, (2012 Series B), CP, (State Street Bank and Trust Co. LIQ), 3.400%, Mandatory Tender 9/12/2023 | 10,000,000 | |
9,275,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Care System), (Series 2011C) Daily VRDNs, (TD Bank, N.A. LOC), 3.900%, 6/1/2023 | 9,275,000 | |
8,570,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), (Series 2008A) Daily VRDNs, (TD Bank, N.A. LOC), 3.900%, 6/1/2023 | 8,570,000 | |
10,000,000 | Texas State Affordable Housing Corp., Tender Option Bond Trust Receipts (Series 2022-XF3033) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 10,000,000 | |
9,635,000 | Texas State, Veterans Bonds (Series 2016) Weekly VRDNs, (TD Bank, N.A. LIQ), 4.050%, 6/7/2023 | 9,635,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Texas— continued | |||
$ 25,000,000 | Texas State, Veterans Bonds (Series 2023) Weekly VRDNs, (State Street Bank and Trust Co. LIQ), 4.070%, 6/1/2023 | $ 25,000,000 | |
11,750,000 | Travis County, TX Housing Finance Corp. (Roers Austin Apartments Owner II LP), MIZUHO 3A-7 (Series 2023-MIZ9127) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.440%, 6/1/2023 | 11,750,000 | |
TOTAL | 353,845,000 | ||
Virginia— 0.6% | |||
1,700,000 | Fairfax County, VA EDA (Young Men’s Christian Association of Metropolitan Washington), (Series 2001) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 3.640%, 6/2/2023 | 1,700,000 | |
655,000 | Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), (Series 2017C) Weekly VRDNs, (Truist Bank LOC), 3.480%, 6/1/2023 | 655,000 | |
5,000,000 | Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series C-19) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.450%, 6/1/2023 | 5,000,000 | |
6,000,000 | Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series C-20) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.450%, 6/1/2023 | 6,000,000 | |
2,000,000 | University of Virginia (The Rectors and Visitors of), Solar Eclipse (Series 2017-0017) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 3.460%, 6/1/2023 | 2,000,000 | |
3,555,000 | 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), 3.610%, Optional Tender 8/1/2023 | 3,555,000 | |
TOTAL | 18,910,000 | ||
Washington— 0.1% | |||
3,000,000 | Central Puget Sound, WA Regional Transit Authority, RBC Muni Products (G-123) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Optional Tender 11/1/2023 | 3,000,000 | |
West Virginia— 1.2% | |||
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), 3.460%, 6/1/2023 | 1,475,000 | |
5,815,000 | West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 3.480%, 6/1/2023 | 5,815,000 | |
30,000,000 | West Virginia State Hospital Finance Authority (Charleston Area Medical Center, Inc.), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 3.850%, 6/7/2023 | 30,000,000 | |
TOTAL | 37,290,000 | ||
Wisconsin— 2.2% | |||
16,538,000 | Public Finance Authority, WI (Agape Meadowcreek, Inc.), Tender Option Bond Trust Floater Certificates (Series 2022-XF3026) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 16,538,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Wisconsin— continued | |||
$ 2,780,000 | Public Finance Authority, WI (Atlantic Housing Foundation, Inc.), Mizuho 3a-7 (2022-MIZ9092) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | $ 2,780,000 | |
21,420,000 | Public Finance Authority, WI (Bradford Preparatory School), (Series 2022-XF2997) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 21,420,000 | |
9,265,000 | Public Finance Authority, WI (Carolina Charter Academy, Inc.), Tender Option Bond Trust Receipts (Series 2021-XF2931) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023 | 9,265,000 | |
18,000,000 | Wisconsin State, (Series A) Weekly VRDNs, 3.500%, 6/1/2023 | 18,000,000 | |
TOTAL | 68,003,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.2% (AT AMORTIZED COST)2 | 3,168,787,710 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.2)%3 | (6,957,746) | ||
TOTAL NET ASSETS—100% | $3,161,829,964 |
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 of investments 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 | |
COL | —Collateralized | |
CP | —Commercial Paper | |
CPX | —Commercial Paper Extendible | |
CSD | —Central School District | |
EDA | —Economic Development Authority | |
GTD | —Guaranteed | |
HEFA | —Health and Education Facilities Authority | |
HFA | —Housing Finance Authority | |
IDA | —Industrial Development Authority | |
IDB | —Industrial Development Bond | |
IDC | —Industrial Development Corporation | |
INS | —Insured | |
LIQ | —Liquidity Agreement | |
LOC | —Letter of Credit | |
PCR | —Pollution Control Revenue | |
PCRB | —Pollution Control Revenue Bond | |
PLC | —Public Limited Company | |
PRF | —Prerefunded | |
TANs | —Tax Anticipation Notes | |
TOBs | —Tender Option Bonds | |
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, 2018 | ||||
2023 | 2022 | 2021 | 2020 | |||
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 | 0.021 | 0.001 | 0.001 | 0.012 | 0.012 | 0.010 |
Net realized gain (loss) | (0.000)2 | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.0002 |
Total From Investment Operations | 0.021 | 0.001 | 0.001 | 0.012 | 0.012 | 0.010 |
Less Distributions: | ||||||
Distributions from net investment income | (0.021) | (0.001) | (0.001) | (0.012) | (0.012) | (0.010) |
Distributions from net realized gain | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 |
Total Distributions | (0.021) | (0.001) | (0.001) | (0.012) | (0.012) | (0.010) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 2.13% | 0.09% | 0.06% | 1.19% | 1.22% | 1.03% |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 0.21% | 0.15% | 0.21% | 0.21% | 0.21%5 | 0.21% |
Net investment income | 2.13% | 0.08% | 0.06% | 1.14% | 1.46%5 | 1.03% |
Expense waiver/ reimbursement6 | 0.09% | 0.15% | 0.09% | 0.08% | 0.09%5 | 0.09% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,681,890 | $2,374,257 | $2,415,796 | $4,131,257 | $3,403,098 | $3,054,475 |
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 | 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. |
May 31, 2023
Assets: | |
Investment in securities, at amortized cost and fair value | $3,168,787,710 |
Cash | 32,083,721 |
Income receivable | 17,805,930 |
Receivable for investments sold | 77,226,667 |
Receivable for shares sold | 5,994,984 |
Total Assets | 3,301,899,012 |
Liabilities: | |
Payable for investments purchased | 132,070,314 |
Payable for shares redeemed | 5,800,528 |
Income distribution payable | 2,059,139 |
Payable for investment adviser fee (Note 5) | 8,475 |
Payable for administrative fee (Note 5) | 6,734 |
Accrued expenses (Note 5) | 123,858 |
Total Liabilities | 140,069,048 |
Net assets for 3,161,904,100 shares outstanding | $3,161,829,964 |
Net Assets Consist of: | |
Paid-in capital | $3,161,884,617 |
Total distributable earnings (loss) | (54,653) |
Total Net Assets | $3,161,829,964 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Wealth Shares: | |
$2,681,890,302 ÷ 2,681,953,198 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Advisor Shares: | |
$295,962,409 ÷ 295,969,338 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$183,977,253 ÷ 183,981,564 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Year Ended May 31, 2023
Investment Income: | |
Interest | $71,858,651 |
Dividends | 11,376 |
TOTAL INCOME | 71,870,027 |
Expenses: | |
Investment adviser fee (Note 5) | 6,066,714 |
Administrative fee (Note 5) | 2,376,561 |
Custodian fees | 103,057 |
Transfer agent fees | 37,339 |
Directors’/Trustees’ fees (Note 5) | 16,329 |
Auditing fees | 23,960 |
Legal fees | 569 |
Portfolio accounting fees | 203,519 |
Other service fees (Notes 2 and 5) | 412,344 |
Share registration costs | 242,001 |
Printing and postage | 28,075 |
Miscellaneous (Note 5) | 61,714 |
TOTAL EXPENSES | 9,572,182 |
Waiver of investment adviser fee (Note 5) | (2,641,154) |
Net expenses | 6,931,028 |
Net investment income | 64,938,999 |
Net realized loss on investments | (25,652) |
Change in net assets resulting from operations | $64,913,347 |
Year Ended May 31 | 2023 | 2022 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $64,938,999 | $1,993,737 |
Net realized gain (loss) | (25,652) | 42,794 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 64,913,347 | 2,036,531 |
Distributions to Shareholders: | ||
Wealth Shares | (57,547,576) | (2,168,585) |
Advisor Shares | (4,331,480) | (27,583) |
Service Shares | (3,104,586) | (69,395) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (64,983,642) | (2,265,563) |
Share Transactions: | ||
Proceeds from sale of shares | 6,991,142,949 | 3,448,904,393 |
Net asset value of shares issued to shareholders in payment of distributions declared | 46,173,858 | 1,339,475 |
Cost of shares redeemed | (6,452,292,204) | (3,533,261,962) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 585,024,603 | (83,018,094) |
Change in net assets | 584,954,308 | (83,247,126) |
Net Assets: | ||
Beginning of period | 2,576,875,656 | 2,660,122,782 |
End of period | $3,161,829,964 | $2,576,875,656 |
Other Service Fees Incurred | |
Service Shares | $412,344 |
Year Ended 5/31/2023 | Year Ended 5/31/2022 | |||
Wealth Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 5,645,313 | $5,645,313 | 3,133,791 | $3,133,791 |
Shares issued to shareholders in payment of distributions declared | 39,791 | 39,791 | 1,278 | 1,278 |
Shares redeemed | (5,377,412) | (5,377,412) | (3,176,400) | (3,176,400) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 307,692 | $307,692 | (41,331) | $(41,331) |
Year Ended 5/31/2023 | Year Ended 5/31/2022 | |||
Advisor Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 997,358 | $997,358 | 36,197 | $36,197 |
Shares issued to shareholders in payment of distributions declared | 4,331 | 4,331 | 28 | 28 |
Shares redeemed | (747,265) | (747,265) | (12,838) | (12,838) |
NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS | 254,424 | $254,424 | 23,387 | $23,387 |
Year Ended 5/31/2023 | Year Ended 5/31/2022 | |||
Service Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 348,472 | $348,472 | 278,917 | $278,917 |
Shares issued to shareholders in payment of distributions declared | 2,052 | 2,052 | 34 | 34 |
Shares redeemed | (327,615) | (327,615) | (344,024) | (344,024) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 22,909 | $22,909 | (65,073) | $(65,073) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 585,025 | $585,025 | (83,017) | $(83,017) |
2023 | 2022 | |
Tax-exempt income | $64,703,500 | $2,072,356 |
Ordinary income1 | $269,502 | $168,641 |
Long-term capital gains | $10,640 | $24,566 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed tax-exempt income | $(2,193) |
Capital loss deferrals | $(52,460) |
TOTAL | $(54,653) |
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 21, 2023
Beginning Account Value 12/1/2022 | Ending Account Value 5/31/2023 | Expenses Paid During Period1 | |
Actual | $1,000.00 | $1,014.20 | $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: 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.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, 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 (natural gas). 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 Associate General Secretary of the Diocese of Pittsburgh, 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 (natural gas). 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.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director and Vice Chair, Saint Francis University. |
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. 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); Director, Midway Pacific (lumber); and Director, The Golisano Children’s Museum of Naples, Florida. |
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; formerly, Senior Vice President for Legal Affairs, General Counsel and Secretary of Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary of Board of Directors and 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. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy 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 |
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; 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). |
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. |
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. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
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 2023 – $384,255
Fiscal year ended 2022 - $364,480
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2023 - $0
Fiscal year ended 2022 - $4,690
Fiscal year ended 2022- Audit consent fee for N-1A filing.
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.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2023 - $0
Fiscal year ended 2022 - $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 2023 - $0
Fiscal year ended 2022 - $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 2023 – 0%
Fiscal year ended 2022 - 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 2023 – 0%
Fiscal year ended 2022 – 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 2023 – 0%
Fiscal year ended 2022 – 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 2023 - $355,616
Fiscal year ended 2022 - $153,938
(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 period covered by this 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 21, 2023
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 21, 2023
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date July 21, 2023