United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-5950
(Investment Company Act File Number)
Federated Hermes Money Market Obligations Trust
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 5/31/24
Date of Reporting Period: Six months ended 11/30/23
Item 1. | Reports to Stockholders |
![](https://capedge.com/proxy/N-CSRS/0001623632-24-000120/imgd196f21f1.gif)
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
![](https://capedge.com/proxy/N-CSRS/0001623632-24-000120/donahuechrissigsmall.jpg)
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 78.7% |
Municipal Notes | 15.9% |
Commercial Paper | 4.8% |
Other Assets and Liabilities—Net2 | 0.6% |
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 | 64.0% |
8-30 Days | 2.5% |
31-90 Days | 22.1% |
91-180 Days | 3.8% |
181 Days or more | 7.0% |
Other Assets and Liabilities—Net2 | 0.6% |
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— 99.4% | ||
Alabama— 3.4% | |||
$ 9,200,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 3.750%, 12/1/2023 | $ 9,200,000 | |
5,325,000 | Cooperative District of Fort Spanish, AL, Tender Option Bond Trust Receipts (Series 2021-XF2958) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 5,325,000 | |
16,900,000 | Decatur, AL IDB (Nucor Steel Decatur LLC), (Series 2003-A) Weekly VRDNs, (Nucor Corp. GTD), 3.760%, 12/6/2023 | 16,900,000 | |
10,000,000 | Huntsville, AL Health Care Authority, (Series 2023-BAML5040) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.400%, 12/7/2023 | 10,000,000 | |
28,700,000 | Walker County, AL Economic and Industrial Development Authority (Alabama Power Co.), (First Series 2023) Daily VRDNs, 3.650%, 12/1/2023 | 28,700,000 | |
21,105,000 | Walker County, AL Economic and Industrial Development Authority (Alabama Power Co.), (Second Series 2023) Daily VRDNs, 3.600%, 12/1/2023 | 21,105,000 | |
10,400,000 | West Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2008) Daily VRDNs, 3.600%, 12/1/2023 | 10,400,000 | |
35,000,000 | West Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2023) Weekly VRDNs, 3.800%, 12/7/2023 | 35,000,000 | |
5,100,000 | Wilsonville, AL IDB (Alabama Power Co.), (Series 2008) Daily VRDNs, 3.600%, 12/1/2023 | 5,100,000 | |
TOTAL | 141,730,000 | ||
Alaska— 1.5% | |||
61,600,000 | Valdez, AK Marine Terminal (Phillips Transportation Alaska, Inc.), (Series 1994C) Weekly VRDNs, (ConocoPhillips GTD), 3.400%, 12/6/2023 | 61,600,000 | |
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), 3.670%, 12/7/2023 | 2,335,000 | |
5,030,000 | Arizona State IDA (Skyline Education, Inc.), Tender Option Bond Trust Receipts (Series 2020-XF2862) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 5,030,000 | |
5,610,000 | Maricopa County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 3.400%, 12/7/2023 | 5,610,000 | |
1,185,000 | Phoenix, AZ Civic Improvement Corp. - Airport System, Senior Lien, 5.000%, 7/1/2024 | 1,189,661 | |
TOTAL | 14,164,661 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— 14.9% | |||
$23,875,000 | California Health Facilities Financing Authority (CommonSpirit Health), Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.600%, 12/7/2023 | $ 23,875,000 | |
7,100,000 | California Health Facilities Financing Authority (CommonSpirit Health), Mizuho 3a-7 (Series 2022-MIZ9099) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.500%, 12/7/2023 | 7,100,000 | |
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), 3.670%, 12/7/2023 | 2,356,000 | |
10,000,000 | California HFA (Residency at Empire I LP), Tender Option Bond Trust Receipts (Series 2023-XF3077) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 10,000,000 | |
7,600,000 | California HFA Multi-Family (San Regis LLC), BAML 3a-7 (Series 2023-BAML6002) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.430%, 12/7/2023 | 7,600,000 | |
18,880,000 | California HFA, Tender Option Bond Trust Certificates (Series 2023-XF3087) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 18,880,000 | |
13,500,000 | California Municipal Finance Authority (Waste Management, Inc.), (Series 2020) TOBs, (Waste Management Holdings, Inc. GTD), 4.250%, Mandatory Tender 12/1/2023 | 13,500,000 | |
2,000,000 | California PCFA (C.A. and E.J. Vanderham Family Trust), (Series 2003) Weekly VRDNs, (CoBank, ACB LOC), 2.950%, 12/7/2023 | 2,000,000 | |
3,000,000 | California PCFA (P & D Dairy and Poso Creek Family Dairy, LLC), (Series 2003) Weekly VRDNs, (BMO Bank, N.A. LOC), 2.950%, 12/7/2023 | 3,000,000 | |
2,940,000 | California PCFA (T & W Farms), (Series 2002) Weekly VRDNs, (Bank of America N.A. LOC), 2.950%, 12/7/2023 | 2,940,000 | |
10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 3.800%, Mandatory Tender 2/13/2024 | 10,000,000 | |
7,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 3.600%, Mandatory Tender 12/13/2023 | 7,000,000 | |
10,300,000 | California Statewide Communities Development Authority (Kensington Apartments LP), Mizuho 3a-7 (Series 2022-MIZ9113) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 10,300,000 | |
3,200,000 | California Statewide Communities Development Authority (Northwest Gateway Apartments LP), MIZUHO 3a-7 (Series 2023-MIZ9121) Daily VRDNs, (FHLMC GTD)/(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.850%, 12/1/2023 | 3,200,000 | |
6,420,000 | California Statewide Communities Development Authority (TRG - Copeland Creek LP), Mizuho 3a-7 (Series 2023-MIZ9135) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 6,420,000 | |
7,300,000 | California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2017 Series BB: One Uptown Newport Apartments) Weekly VRDNs, (FHLB of Des Moines LOC), 3.340%, 12/7/2023 | 7,300,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$83,650,000 | Los Angeles, CA Community Redevelopment Agency (DWF V Hollywood & Vine, LP), Mizuho 3a-7 (Series 2022-MIZ9089) Daily VRDNs, (FHLMC GTD)/(Mizuho Bank Ltd. LIQ), 3.850%, 12/1/2023 | $ 83,650,000 | |
50,415,000 | Los Angeles, CA Community Redevelopment Agency (DWF V Wilshire Vermont, LP), Mizuho 3a-7 (Series 2022-MIZ9090) Daily VRDNs, (FHLMC GTD)/(Mizuho Bank Ltd. LIQ), 3.850%, 12/1/2023 | 50,415,000 | |
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), 4.000%, 12/7/2023 | 75,000,000 | |
9,200,000 | Pimco California Municipal Income Fund, UBS ARPS TOB Trust (Series UA-7005) Weekly VRDNs, (UBS AG LIQ), 3.800%, 12/5/2023 | 9,200,000 | |
11,086,000 | Pimco California Municipal Income Fund, UBS ARPS TOB Trust (Series UA-7012) Weekly VRDNs, (UBS AG LOC), 3.800%, 12/4/2023 | 11,086,000 | |
10,810,000 | Pimco California Municipal Income Fund, UBS ARPS TOB Trust (Series UA-7019) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.500%, 12/7/2023 | 10,810,000 | |
3,427,000 | Pimco California Municipal Income Fund II, UBS ARPS TOB Trust (Series UA-7017) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.800%, 12/4/2023 | 3,427,000 | |
5,076,000 | Pimco California Municipal Income Fund III, UBS ARPS TOB Trust (Series UA-7003) Weekly VRDNs, (UBS AG LIQ), 3.800%, 12/6/2023 | 5,076,000 | |
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), 3.700%, 12/7/2023 | 2,770,000 | |
6,775,000 | San Francisco, CA City & County Airport Commission, (Series D), 5.000%, 5/1/2024 | 6,794,344 | |
98,455,000 | 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), 4.000%, 12/7/2023 | 98,455,000 | |
28,045,000 | San Francisco, CA City and County (1601 Mariposa Apartments), Mizuho 3a-7 (Series 2022-MIZ9095) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 28,045,000 | |
85,560,000 | 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), 3.700%, 12/7/2023 | 85,560,000 | |
5,320,000 | San Jose, CA (San Jose, CA Airport), Tender Option Bond Trust Certificates (Series 2022-XF2998) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 3.470%, 12/7/2023 | 5,320,000 | |
7,780,000 | Whittier, CA Health Facility Revenue Bonds (Presbyterian Intercommunity Hospital Obligated Group), Golden Blue 3a-7 (Series 2018-030) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.550%, 12/7/2023 | 7,780,000 | |
TOTAL | 618,859,344 | ||
Colorado— 1.7% | |||
24,720,000 | Colorado Health Facilities Authority (CommonSpirit Health), Golden Blue 3a-7 (Series 2022-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.600%, 12/7/2023 | 24,720,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Colorado— continued | |||
$ 2,200,000 | Colorado Health Facilities Authority (National Jewish Medical and Research Center), (Series 2005) Weekly VRDNs, (UMB Bank, N.A. LOC), 3.600%, 12/7/2023 | $ 2,200,000 | |
4,615,000 | Colorado HFA (Acme Manufacturing Co., Inc.), (Series 2016A) Weekly VRDNs, (UMB Bank, N.A. LOC), 3.780%, 12/7/2023 | 4,615,000 | |
1,175,000 | Colorado HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 3.470%, 12/7/2023 | 1,175,000 | |
1,085,000 | Colorado HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs, (UMB Bank, N.A. LOC), 3.820%, 12/7/2023 | 1,085,000 | |
8,250,000 | Denver, CO City & County Department of Aviation, (Series 2018A), 5.000%, 12/1/2023 | 8,250,000 | |
28,115,000 | Denver, CO City & County Department of Aviation, (Series Z), 5.000%, 12/1/2024 | 28,392,970 | |
TOTAL | 70,437,970 | ||
Florida— 4.1% | |||
15,000,000 | Alachua County, FL Health Facilities Authority (Shands Healthcare), (Series 2008A), CP, (Bank of America N.A. LOC), 3.800%, Mandatory Tender 12/11/2023 | 15,000,000 | |
11,000,000 | Broward County, FL (Florida Power & Light Co.), (Series 2018B) Weekly VRDNs, 3.800%, 12/6/2023 | 11,000,000 | |
5,015,000 | Broward County, FL Airport System, (Series A), 5.000%, 10/1/2024 | 5,035,168 | |
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), 3.670%, 12/7/2023 | 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), 3.670%, 12/7/2023 | 4,280,000 | |
1,335,000 | Greater Orlando, FL Aviation Authority, (Series C), 5.000%, 10/1/2024 | 1,341,452 | |
25,000,000 | Liberty County, FL (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 3.470%, 12/7/2023 | 25,000,000 | |
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), 4.230%, 12/7/2023 | 11,830,000 | |
6,665,000 | Miami-Dade County, FL Aviation, Tender Option Bond Trust Receipts (Series 2023-XF1609) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.550%, 12/7/2023 | 6,665,000 | |
6,450,650 | Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 (2021-MIZ9072) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 6,450,650 | |
7,105,000 | Miami-Dade County, FL HFA (Superior Manor Phase II LLC), Mizuho 3a-7 (2022-MIZ9087) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 7,105,000 | |
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), 3.700%, 12/7/2023 | 6,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Florida— continued | |||
$67,275,000 | Palm Beach County, FL Health Facilities Authority (Morselife Obligated Group), Golden Blue 3a-7 (Series 2023-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.650%, 12/7/2023 | $ 67,275,000 | |
1,325,000 | St. Lucie County, FL Solid Waste Disposal (Florida Power & Light Co.), (Series 2003) Daily VRDNs, 3.700%, 12/1/2023 | 1,325,000 | |
TOTAL | 170,787,270 | ||
Georgia— 6.1% | |||
7,500,000 | Appling County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 3.580%, 12/1/2023 | 7,500,000 | |
1,045,000 | Atlanta, GA Airport General Revenue, 5.000%, 7/1/2024 | 1,049,092 | |
9,750,000 | Atlanta, GA, Urban Residential Finance Authority (Columbia at Sylvan Hills Apartments), (Series 2006) Weekly VRDNs, (FNMA LOC), 3.440%, 12/7/2023 | 9,750,000 | |
12,400,000 | Bartow County, GA Development Authority (Georgia Power Co.), (First Series 2022) Daily VRDNs, 3.650%, 12/1/2023 | 12,400,000 | |
55,720,000 | Bartow County, GA Development Authority (Georgia Power Co.), (Second Series 2022) Daily VRDNs, 3.750%, 12/1/2023 | 55,720,000 | |
2,955,000 | Burke County, GA Development Authority (Georgia Power Co.), (Third Series 2012) Daily VRDNs, 3.650%, 12/1/2023 | 2,955,000 | |
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), 3.670%, 12/7/2023 | 8,880,000 | |
8,615,000 | Columbus, GA Development Authority (Avalon Apartments LP), (Series 2008) Weekly VRDNs, (FNMA LOC), 3.440%, 12/7/2023 | 8,615,000 | |
10,000,000 | Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs, (FHLMC LOC), 3.440%, 12/7/2023 | 10,000,000 | |
13,870,000 | Effingham County, GA Development Authority (Georgia Power Co.), (Series 2003) Daily VRDNs, 3.590%, 12/1/2023 | 13,870,000 | |
300,000 | Fitzgerald & Ben Hill County, GA Development Authority (Agri-Products, Inc.), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A. LOC), 3.500%, 12/7/2023 | 300,000 | |
2,200,000 | Heard County, GA Development Authority (Georgia Power Co.), (First Series 1996) Daily VRDNs, 3.590%, 12/1/2023 | 2,200,000 | |
2,000,000 | Heard County, GA Development Authority (Georgia Power Co.), (First Series 1997) Daily VRDNs, 3.750%, 12/1/2023 | 2,000,000 | |
17,940,000 | Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2019) Weekly VRDNs, 3.500%, 12/7/2023 | 17,940,000 | |
25,000,000 | Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2019) Weekly VRDNs, 3.750%, 12/6/2023 | 25,000,000 | |
1,455,000 | Savannah, GA EDA (Consolidated Utilities, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 3.520%, 12/7/2023 | 1,455,000 | |
72,250,000 | Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 3.420%, 12/6/2023 | 72,250,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Georgia— continued | |||
$ 1,595,000 | Wayne County, GA, IDA (Sierra International Machinery LLC), (Series 2011) Weekly VRDNs, (Truist Bank LOC), 3.520%, 12/7/2023 | $ 1,595,000 | |
TOTAL | 253,479,092 | ||
Hawaii— 0.1% | |||
5,685,000 | Hawaii State Department of Budget & Finance (Queen’s Health Systems), (2015 Series C) VRENs, 3.750%, 12/7/2023 | 5,685,000 | |
Idaho— 0.3% | |||
12,360,000 | American Falls, ID Reservoir District (Idaho Power Co.), (Series 2000) Weekly VRDNs, 3.450%, 12/6/2023 | 12,360,000 | |
Illinois— 2.5% | |||
11,490,000 | Chicago, IL Midway Airport, Revenue Refunding Bonds (Series 2014A), 5.000%, 1/1/2024 | 11,500,914 | |
3,230,000 | Chicago, IL O’Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2015A), 5.000%, 1/1/2024 | 3,232,508 | |
6,000,000 | Chicago, IL O’Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2022C), 5.000%, 1/1/2024 | 6,004,168 | |
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), 3.550%, 12/7/2023 | 24,320,000 | |
8,000,000 | Chicago, IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2022-XF1379) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.600%, 12/7/2023 | 8,000,000 | |
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), 3.550%, 12/7/2023 | 4,600,000 | |
9,600,000 | Chicago, IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2022-XL0315) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.600%, 12/7/2023 | 9,600,000 | |
8,000,000 | Chicago, IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2022-XM1042) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.600%, 12/7/2023 | 8,000,000 | |
7,550,000 | Chicago, IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2022-XM1043) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.600%, 12/7/2023 | 7,550,000 | |
15,200,000 | Chicago, IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2022-XM1044) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.600%, 12/7/2023 | 15,200,000 | |
4,275,000 | Chicago, IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2023-XF1457) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.750%, 12/1/2023 | 4,275,000 | |
TOTAL | 102,282,590 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Indiana— 1.4% | |||
$ 5,855,000 | Bloomington, IN EDRB (SY Henderson Court Investors, LP), (Series 2008: Henderson Court Apartments) Weekly VRDNs, (FHLMC LOC), 3.440%, 12/7/2023 | $ 5,855,000 | |
14,250,000 | Indiana Development Finance Authority (Duke Energy Indiana, Inc.), (Series 2003B) Weekly VRDNs, 3.470%, 12/6/2023 | 14,250,000 | |
5,000,000 | Indianapolis, IN Local Public Improvement Bond Bank (Indianapolis, IN Airport Authority), (Series 2014D), 5.000%, 1/1/2024 | 5,001,407 | |
15,225,000 | Indianapolis, IN Local Public Improvement Bond Bank (Indianapolis, IN Airport Authority), (Series 2019D), 5.000%, 1/1/2024 | 15,234,911 | |
2,775,000 | Indianapolis, IN Local Public Improvement Bond Bank (Indianapolis, IN Airport Authority), (Series A-1), 5.000%, 1/1/2024 | 2,775,860 | |
12,900,000 | Indianapolis, IN Multifamily Housing (Pedcor Investments-2006-LXXXVIII LP), (Series 2007A: Forest Ridge Apartments) Weekly VRDNs, (Citizens Bank, N.A. LOC), 3.500%, 12/7/2023 | 12,900,000 | |
TOTAL | 56,017,178 | ||
Iowa— 0.1% | |||
5,300,000 | Iowa Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly VRDNs, (AgriBank FCB LOC), 3.500%, 12/7/2023 | 5,300,000 | |
Kansas— 1.0% | |||
10,000,000 | Burlington, KS (Evergy Metro, Inc.), (Series 2007A) Weekly VRDNs, 3.410%, 12/6/2023 | 10,000,000 | |
21,000,000 | Burlington, KS (Evergy Metro, Inc.), (Series 2007B) Weekly VRDNs, 3.410%, 12/6/2023 | 21,000,000 | |
12,000,000 | Meade County, KS (High Plains Ponderosa Dairy LLC) Weekly VRDNs, (AgriBank FCB LOC), 3.500%, 12/7/2023 | 12,000,000 | |
TOTAL | 43,000,000 | ||
Kentucky— 3.3% | |||
29,900,000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), (Series A) Weekly VRDNs, 3.700%, 12/1/2023 | 29,900,000 | |
30,600,000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), (Series B) Weekly VRDNs, 3.600%, 12/1/2023 | 30,600,000 | |
11,200,000 | Louisville & Jefferson County, KY Regional Airport Authority (UPS Worldwide Forwarding, Inc.), (1999 Series B) Daily VRDNs, (United Parcel Service, Inc. GTD), 3.650%, 12/1/2023 | 11,200,000 | |
7,500,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2020A-1) Daily VRDNs, 4.400%, 12/1/2023 | 7,500,000 | |
19,100,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021A-1) Daily VRDNs, 4.400%, 12/1/2023 | 19,100,000 | |
38,690,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021B-1) Daily VRDNs, 4.300%, 12/1/2023 | 38,690,000 | |
TOTAL | 136,990,000 | ||
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%, 12/6/2023 | 10,885,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Louisiana— continued | |||
$14,200,000 | East Baton Rouge Parish, LA IDB (Georgia-Pacific LLC), Solid Waste Disposal Revenue Bonds (Series 2004) Weekly VRDNs, 3.400%, 12/6/2023 | $ 14,200,000 | |
14,000,000 | Louisiana Local Government Environmental Facilities CDA (American Biocarbon, CT LLC) TOBs, (United States Treasury GTD), 4.000%, Mandatory Tender 3/22/2024 | 14,000,000 | |
33,000,000 | Louisiana Local Government Environmental Facilities CDA (American Biocarbon, CT LLC) TOBs, (United States Treasury GTD), 4.000%, Mandatory Tender 3/22/2024 | 32,999,760 | |
24,240,000 | Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2007) Daily VRDNs, 3.250%, 12/1/2023 | 24,240,000 | |
5,597,308 | Louisiana State Housing Corp. (Peace Lake Louisiana Tower Community, LP), Tender Option Bond Trust Floater Certificates (Series 2020-MIZ9053) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 5,597,308 | |
1,200,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (Nucor Corp. GTD), 3.660%, 12/6/2023 | 1,200,000 | |
27,400,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 3.500%, 12/6/2023 | 27,400,000 | |
TOTAL | 130,522,068 | ||
Maine— 0.5% | |||
22,260,000 | Old Town, ME (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 3.410%, 12/6/2023 | 22,260,000 | |
Maryland— 2.1% | |||
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), 3.650%, 12/7/2023 | 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), 3.500%, Optional Tender 1/2/2024 | 2,640,000 | |
27,000,000 | 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), 3.650%, 12/7/2023 | 27,000,000 | |
8,200,000 | Maryland State Economic Development Corp. (929 N Wolfe Street LLC), Tender Option Bond Trust Receipts (Series 2022-XF3015) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 3.670%, 12/7/2023 | 8,200,000 | |
42,825,000 | Montgomery County, MD, (2010 Series B), CP, 3.750%, Mandatory Tender 12/21/2023 | 42,825,000 | |
TOTAL | 85,685,000 | ||
Massachusetts— 0.9% | |||
10,000,000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), 4.100%, Mandatory Tender 1/2/2024 | 10,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Massachusetts— continued | |||
$27,000,000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (Massachusetts Electric Co. GTD), 3.900%, Mandatory Tender 12/12/2023 | $ 27,000,000 | |
TOTAL | 37,000,000 | ||
Michigan— 0.5% | |||
11,500,000 | Michigan State Building Authority, (Series I) VRENs, 3.410%, 12/1/2023 | 11,500,000 | |
5,250,000 | Michigan Strategic Fund (Greenville Venture Partners LLC), (Series 2018) Weekly VRDNs, (BMO Bank, N.A. LOC), 3.500%, 12/7/2023 | 5,250,000 | |
2,195,000 | Wayne County, MI Airport Authority, (Series B), 5.000%, 12/1/2023 | 2,195,000 | |
TOTAL | 18,945,000 | ||
Minnesota— 0.0% | |||
1,565,000 | Minneapolis-St. Paul, MN Metropolitan Airports Commission, (Series B), 5.000%, 1/1/2024 | 1,566,255 | |
Mississippi— 0.8% | |||
12,500,000 | Mississippi Business Finance Corp. (Florida Power & Light Co.), (Series 2012) Weekly VRDNs, 3.500%, 12/6/2023 | 12,500,000 | |
13,000,000 | Mississippi Business Finance Corp. (Florida Power & Light Co.), (Series 2019) Weekly VRDNs, 3.510%, 12/6/2023 | 13,000,000 | |
4,100,000 | Mississippi Home Corp, Tender Option Bond Trust Receipts (Series 2022-XF3022) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 4,100,000 | |
4,000,000 | Perry County, MS (Leaf River Cellulose LLC), (Series 2021) Weekly VRDNs, (Georgia-Pacific LLC GTD), 3.360%, 12/7/2023 | 4,000,000 | |
TOTAL | 33,600,000 | ||
Missouri— 0.5% | |||
5,501,184 | Kansas City, MO Planned Industrial Expansion Authority (EPD3 Ridgeview LP), Mizuho 3a-7 (2022-MIZ9086) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 5,501,184 | |
2,893,379 | Lees Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 2,893,379 | |
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), 3.500%, Mandatory Tender 12/1/2023 | 6,000,000 | |
4,295,000 | St. Louis County, MO IDA (Hawkins Village Associates LLC), Mizuho 3a-7 (Series 2023-MIZ9153) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 4,295,000 | |
1,310,000 | St. Louis, MO Airport Revenue, (Series B), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2024 | 1,313,641 | |
TOTAL | 20,003,204 | ||
Multi-State— 10.2% | |||
7,500,000 | BNY Mellon Municipal Bond Infrastructure Fund, PUTTERS (3a-7) (Series 5054) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.700%, 12/7/2023 | 7,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Multi-State— continued | |||
$80,900,000 | DWS Municipal Income Trust, Putters 3a-7 (Series 5055) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.700%, 12/7/2023 | $ 80,900,000 | |
30,000,000 | DWS Strategic Municipal Income, Putters (3a-7) (Series 5056) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.700%, 12/7/2023 | 30,000,000 | |
76,100,000 | Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.850%, 12/1/2023 | 76,100,000 | |
78,600,000 | Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.850%, 12/1/2023 | 78,600,000 | |
32,900,000 | Nuveen Municipal Credit Opportunities Fund, PUTTERS 3a-7 (Series 5033) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.850%, 12/1/2023 | 32,900,000 | |
17,435,000 | PIMCO Flexible Municipal Income Fund, Putters (3a-7) (Series 5046) MuniFund Term Preferred Shares Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.850%, 12/1/2023 | 17,435,000 | |
11,546,000 | PIMCO Municipal Income Fund, UBS ARPS TOB Trust (Series UA-7010) Weekly VRDNs, (UBS AG LIQ), 3.850%, 12/5/2023 | 11,546,000 | |
13,064,000 | PIMCO Municipal Income Fund, UBS ARPS TOB Trust (Series UA-7013) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.850%, 12/6/2023 | 13,064,000 | |
17,766,000 | PIMCO Municipal Income Fund II, UBS ARPS TOB Trust (Series UA-7001) Weekly VRDNs, (UBS AG LIQ), 3.550%, 12/7/2023 | 17,766,000 | |
17,825,000 | PIMCO Municipal Income Fund II, UBS ARPS TOB Trust (Series UA-7004) Weekly VRDNs, (UBS AG LIQ), 3.850%, 12/5/2023 | 17,825,000 | |
17,825,000 | PIMCO Municipal Income Fund II, UBS ARPS TOB Trust (Series UA-7020) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.850%, 12/4/2023 | 17,825,000 | |
7,521,000 | PIMCO Municipal Income Fund III, UBS ARPS TOB Trust (Series UA-7006) Weekly VRDNs, (UBS AG LIQ), 3.850%, 12/5/2023 | 7,521,000 | |
12,581,000 | PIMCO Municipal Income Fund III, UBS ARPS TOB Trust (Series UA-7016) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.550%, 12/7/2023 | 12,581,000 | |
TOTAL | 421,563,000 | ||
Nebraska— 0.2% | |||
7,500,000 | Stanton County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs, 3.760%, 12/6/2023 | 7,500,000 | |
1,875,000 | Stanton County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs, 3.760%, 12/6/2023 | 1,875,000 | |
TOTAL | 9,375,000 | ||
Nevada— 0.3% | |||
6,000,000 | Clark County, NV Industrial Development Revenue (Southwest Gas Corp.), (Series 2003A) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 3.400%, 12/6/2023 | 6,000,000 | |
1,155,000 | 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), 3.650%, 12/7/2023 | 1,155,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Nevada— continued | |||
$ 5,330,000 | Director of the State of Nevada Department of Business and Industry (DesertXpress Enterprises, LLC), (Brightline West Passenger Rail Project, Series 2020A) TOBs, (United States Treasury GTD), 3.700%, Mandatory Tender 1/31/2024 | $ 5,330,000 | |
TOTAL | 12,485,000 | ||
New Jersey— 5.3% | |||
2,247,000 | Allamuchy Township, NJ BANs, 4.500%, 9/20/2024 | 2,252,194 | |
1,939,000 | Alpine Borough, NJ BANs, 4.500%, 8/14/2024 | 1,942,908 | |
1,415,000 | Barnegat Light, NJ BANs, 4.500%, 7/31/2024 | 1,417,704 | |
7,552,000 | Beach Haven, NJ BANs, 4.250%, 5/2/2024 | 7,568,714 | |
9,500,000 | Berlin Boro, NJ, (Series A) BANs, 4.500%, 3/27/2024 | 9,514,921 | |
1,889,070 | Clinton, NJ BANs, 4.250%, 7/31/2024 | 1,893,421 | |
2,060,707 | Delanco Township, NJ BANs, 4.500%, 6/28/2024 | 2,065,817 | |
5,840,000 | Delran Township, NJ BANs, 4.500%, 8/29/2024 | 5,865,093 | |
3,200,000 | Demarest, NJ BANs, 4.500%, 6/13/2024 | 3,208,274 | |
1,342,500 | Englishtown, NJ BANs, 4.750%, 8/7/2024 | 1,345,604 | |
9,690,000 | Fairview, NJ BANs, 4.250%, 8/23/2024 | 9,713,722 | |
7,000,000 | Galloway Township, NJ BANs, 4.250%, 4/30/2024 | 7,011,520 | |
5,770,000 | Garwood, NJ BANs, 4.500%, 8/2/2024 | 5,793,044 | |
1,208,050 | Gibbsboro, NJ BANs, 4.250%, 3/27/2024 | 1,209,365 | |
1,989,000 | Haddon Heights, NJ BANs, 4.250%, 4/19/2024 | 1,990,836 | |
2,500,000 | Hamilton Township, NJ BANs, 4.500%, 9/12/2024 | 2,508,550 | |
2,911,000 | Haworth Borough, NJ BANs, 4.500%, 7/12/2024 | 2,920,763 | |
3,000,000 | Hillsdale Borough, NJ BANs, 4.250%, 8/23/2024 | 3,006,712 | |
2,194,000 | Keyport Borough, NJ BANs, 4.750%, 4/17/2024 | 2,196,829 | |
5,600,000 | Leonia, NJ BANs, 4.250%, 3/1/2024 | 5,605,460 | |
2,000,000 | Lindenwold, NJ BANs, 4.500%, 8/29/2024 | 2,005,660 | |
4,585,000 | Longport, NJ BANs, 4.500%, 7/3/2024 | 4,603,145 | |
3,050,800 | Lopatcong, NJ BANs, 4.500%, 7/2/2024 | 3,057,714 | |
3,161,625 | Lumberton Township, NJ BANs, 4.500%, 9/27/2024 | 3,176,617 | |
2,899,000 | Lyndhurst Township, NJ BANs, 4.500%, 2/2/2024 | 2,900,458 | |
5,002,250 | Mantua Township, NJ BANs, 4.500%, 6/19/2024 | 5,015,057 | |
2,474,500 | Mendham Twp, NJ BANs, 4.750%, 5/2/2024 | 2,479,889 | |
1,984,620 | Moonachie, NJ BANs, 4.500%, 7/12/2024 | 1,989,284 | |
1,245,000 | New Jersey EDA (Temple Emanuel of the Pascack Valley), (Series 2001/2019) Weekly VRDNs, (U.S. Bank, N.A. LOC), 3.550%, 12/1/2023 | 1,245,000 | |
5,669,000 | North Arlington, NJ BANs, 4.500%, 8/2/2024 | 5,690,902 | |
12,160,000 | Park Ridge Borough, NJ BANs, 4.000%, 4/26/2024 | 12,183,572 | |
2,570,396 | Pitman, NJ BANs, 4.500%, 5/31/2024 | 2,576,633 | |
11,815,000 | Ramsey, NJ BANs, 4.250%, 3/1/2024 | 11,826,421 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New Jersey— continued | |||
$ 3,892,000 | Readington Township, NJ BANs, 4.500%, 10/2/2024 | $ 3,909,195 | |
3,242,800 | Roxbury Township, NJ BANs, 4.500%, 3/1/2024 | 3,247,843 | |
5,052,000 | Saddle River, NJ BANs, 4.500%, 6/6/2024 | 5,066,962 | |
4,140,000 | Somers Point, NJ BANs, 4.500%, 8/31/2024 | 4,150,516 | |
4,262,845 | Southampton Township, NJ BANs, 4.250%, 3/21/2024 | 4,267,242 | |
5,665,000 | Springfield Township, NJ (Union County) BANs, 4.250%, 5/1/2024 | 5,679,751 | |
29,000,000 | Stone Harbor, NJ BANs, 4.750%, 10/11/2024 | 29,131,644 | |
2,638,000 | Warren Township (Somerset County), NJ BANs, 4.500%, 5/24/2024 | 2,644,697 | |
2,530,795 | Washington Borough, NJ BANs, 4.750%, 10/11/2024 | 2,540,183 | |
5,944,000 | Washington Township (Morris County), NJ BANs, 4.500%, 8/23/2024 | 5,968,926 | |
1,985,155 | West Wildwood, NJ BANs, 4.500%, 2/27/2024 | 1,987,301 | |
1,875,100 | West Wildwood, NJ BANs, 4.500%, 6/13/2024 | 1,877,030 | |
6,221,000 | Woodcliff Lake, NJ BANs, 4.500%, 9/20/2024 | 6,243,549 | |
4,000,000 | Wyckoff Township, NJ BANs, 4.500%, 6/13/2024 | 4,009,946 | |
TOTAL | 218,506,588 | ||
New York— 5.4% | |||
11,445,000 | Alexander, NY CSD BANs, 4.500%, 6/28/2024 | 11,486,044 | |
4,550,000 | Alexandria, NY CSD BANs, 4.750%, 6/28/2024 | 4,573,887 | |
1,000,000 | Cassadaga Valley, NY CSD BANs, 4.500%, 8/1/2024 | 1,003,527 | |
29,289,147 | 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), 3.700%, 12/7/2023 | 29,289,147 | |
5,590,000 | Hempstead (town), NY IDA MFH (Hempstead Village Housing Associates LP), (Series 2006) Weekly VRDNs, (FNMA LOC), 3.410%, 12/7/2023 | 5,590,000 | |
6,350,000 | Herkimer, NY CSD BANs, 4.750%, 6/21/2024 | 6,382,209 | |
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), 3.410%, 12/7/2023 | 3,545,000 | |
24,880,000 | New York State Energy Research & Development Authority (National Grid Generation LLC), (1997 Series A) Weekly VRDNs, (NatWest Markets PLC LOC), 3.450%, 12/6/2023 | 24,880,000 | |
23,400,000 | New York State Environmental Facilities Corp. (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2012) TOBs, 4.875%, Mandatory Tender 2/1/2024 | 23,400,000 | |
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), 4.050%, 12/7/2023 | 72,800,000 | |
7,000,000 | Perry CSD NY BANs, 4.500%, 6/28/2024 | 7,025,102 | |
7,337,000 | PIMCO New York Municipal Income Fund III, UBS ARPS TOB Trust (Series UA-7018) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.500%, 12/7/2023 | 7,337,000 | |
17,050,963 | Saugerties, NY CSD BANs, 4.500%, 6/28/2024 | 17,114,066 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 3,000,000 | Tioga, NY CSD (Series A) BANs, 4.750%, 6/28/2024 | $ 3,014,579 | |
6,891,090 | Walton, NY CSD BANs, 4.500%, 6/27/2024 | 6,917,612 | |
TOTAL | 224,358,173 | ||
North Carolina— 0.6% | |||
17,300,000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 3.960%, 12/6/2023 | 17,300,000 | |
6,700,000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000B) Weekly VRDNs, 3.960%, 12/6/2023 | 6,700,000 | |
3,000,000 | Yancey County, NC Industrial Facilities & PCFA (Altec Industries, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 3.520%, 12/7/2023 | 3,000,000 | |
TOTAL | 27,000,000 | ||
Ohio— 2.6% | |||
1,560,000 | Cleveland, OH Airport System, (Series A), 5.000%, 1/1/2024 | 1,560,490 | |
21,560,000 | Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.600%, 12/7/2023 | 21,560,000 | |
2,000,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2008 B-6), CP, 3.700%, Mandatory Tender 1/18/2024 | 2,000,000 | |
41,200,000 | Ohio State Hospital Revenue (Cleveland Clinic), BAML (3a-7) (Series 2023-BAML5044) Daily VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.400%, 12/1/2023 | 41,200,000 | |
16,100,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Barclays Golden Blue (Series 2020-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.600%, 12/7/2023 | 16,100,000 | |
10,000,000 | Ohio State Water Development Authority, CP, (TD Bank, N.A. LIQ), 3.600%, Mandatory Tender 12/5/2023 | 10,000,000 | |
5,000,000 | Ohio State Water Development Authority, CP, (TD Bank, N.A. LIQ), 3.750%, Mandatory Tender 2/1/2024 | 5,000,000 | |
7,000,000 | Toledo-Lucas County, OH Port Authority (Van Deurzen Dairy LLC), (Series 2006) Weekly VRDNs, (AgriBank FCB LOC), 3.500%, 12/7/2023 | 7,000,000 | |
1,700,000 | Youngstown, OH BANs, (Ohio State GTD), 4.625%, 7/3/2024 | 1,707,642 | |
TOTAL | 106,128,132 | ||
Oklahoma— 2.5% | |||
18,600,000 | Garfield County, OK Industrial Authority Pollution Control (Oklahoma Gas and Electric Co.), (Series 1995-A) Weekly VRDNs, 3.500%, 12/6/2023 | 18,600,000 | |
32,400,000 | Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (1995 Series A) Weekly VRDNs, 3.400%, 12/6/2023 | 32,400,000 | |
51,655,000 | Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (Series 1997A) Weekly VRDNs, 3.500%, 12/6/2023 | 51,655,000 | |
TOTAL | 102,655,000 | ||
Oregon— 0.2% | |||
10,000,000 | Oregon State Department of Transportation, (Series A-1), CP, (Wells Fargo Bank, N.A. LOC), 3.840%, Mandatory Tender 1/10/2024 | 10,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Pennsylvania— 1.3% | |||
$ 4,335,000 | Allegheny County, PA Airport Authority (Pittsburgh International Airport), Tender Option Bond Trust Certificates (Series 2023-ZF3170) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 3.470%, 12/7/2023 | $ 4,335,000 | |
5,030,000 | Lehigh County, PA General Purpose Authority (Lehigh Valley Health Network Obligated Group), BAML 3a-7 (Series 2023-BAML5039) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.380%, 12/7/2023 | 5,030,000 | |
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), 3.500%, 12/7/2023 | 30,375,000 | |
7,000,000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), (Series 2013) TOBs, (Waste Management, Inc. GTD), 4.875%, Mandatory Tender 2/1/2024 | 7,000,000 | |
7,490,000 | Philadelphia, PA Airport System, Revenue Refunding Bonds (Series 2020C), 5.000%, 7/1/2024 | 7,510,817 | |
788,758 | 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), 3.700%, 12/7/2023 | 788,758 | |
TOTAL | 55,039,575 | ||
South Carolina— 1.3% | |||
21,500,000 | Berkeley County, SC IDB (Nucor Corp.) Weekly VRDNs, 3.760%, 12/6/2023 | 21,500,000 | |
10,100,000 | Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, 3.760%, 12/6/2023 | 10,100,000 | |
6,980,000 | South Carolina Jobs-EDA (BTH Greenville I LLC), Tender Option Bond Trust Certificates (Series 2022-XF3075) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 6,980,000 | |
13,388,000 | 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), 3.670%, 12/7/2023 | 13,388,000 | |
TOTAL | 51,968,000 | ||
South Dakota— 0.4% | |||
12,500,000 | South Dakota Economic Development Finance Authority (Riverview, LLP Washington Dairy Project), (Series 2023) Weekly VRDNs, (AgriBank FCB LOC), 3.500%, 12/7/2023 | 12,500,000 | |
3,000,000 | South Dakota Value Added Finance Authority (Prairie Gold Dairy LLC), (Series 2004) Weekly VRDNs, (CoBank, ACB LOC), 3.500%, 12/7/2023 | 3,000,000 | |
TOTAL | 15,500,000 | ||
Tennessee— 1.9% | |||
18,000,000 | Lewisburg, TN IDB (Waste Management, Inc.), (Series 2012) TOBs, 4.875%, Mandatory Tender 2/1/2024 | 18,000,000 | |
7,500,000 | Memphis-Shelby County, TN Airport Authority, (Series 2020B), 5.000%, 7/1/2024 | 7,527,948 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Tennessee— continued | |||
$25,620,000 | Memphis-Shelby County, TN Industrial Development Board - PCRB (Nucor Steel Memphis, Inc.), (Series 2007) Weekly VRDNs, (Nucor Corp. GTD), 3.760%, 12/6/2023 | $ 25,620,000 | |
21,400,000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 4.000%, Mandatory Tender 1/3/2024 | 21,400,000 | |
7,000,000 | Metropolitan Government Nashville & Davidson County, TN, (Series 2021 B-1), CP, 3.680%, Mandatory Tender 12/28/2023 | 7,000,000 | |
TOTAL | 79,547,948 | ||
Texas— 13.6% | |||
8,465,000 | El Paso, TX Housing Finance Corp., Mizuho 3a-7 (2022-MIZ9104) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 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), 3.500%, Optional Tender 3/1/2024 | 3,600,000 | |
10,000,000 | Garland, TX Water & Sewer System, (Series 2015), CP, (Sumitomo Mitsui Banking Corp. LOC), 3.949%, Mandatory Tender 1/22/2024 | 10,000,000 | |
3,000,000 | Houston, TX Airport System, (Series C), 5.000%, 7/1/2024 | 3,006,608 | |
4,000,000 | Jewett, TX Economic Development Corp. (Nucor Corp.), (Series 2003) Weekly VRDNs, 3.760%, 12/6/2023 | 4,000,000 | |
3,445,000 | Love Field Airport Modernization Corp., TX, General Airport Revenue Bonds (Series 2015), 5.000%, 11/1/2024 | 3,458,691 | |
22,900,000 | Mission, TX Economic Development Corp. (Waste Management, Inc.), (Series 2020A) TOBs, (Waste Management Holdings, Inc. GTD), 4.250%, Mandatory Tender 12/1/2023 | 22,900,000 | |
22,000,000 | Mission, TX Economic Development Corp. (Waste Management, Inc.), (Series 2020B) TOBs, (Waste Management Holdings, Inc. GTD), 4.250%, Mandatory Tender 12/1/2023 | 22,000,000 | |
3,000,000 | Northeast TX Housing Finance Corp, Mizuho 3a-7 (Series 2022-MIZ9116) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 3,000,000 | |
22,500,000 | Port Arthur Navigation District, TX IDC (Air Products & Chemicals, Inc.), (Series 2002) Weekly VRDNs, 3.450%, 12/6/2023 | 22,500,000 | |
97,000,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Daily VRDNs, 4.000%, 12/1/2023 | 97,000,000 | |
19,500,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2003) Daily VRDNs, 3.800%, 12/1/2023 | 19,500,000 | |
25,000,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2005) Daily VRDNs, 3.800%, 12/1/2023 | 25,000,000 | |
32,300,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2006) Daily VRDNs, 3.800%, 12/1/2023 | 32,300,000 | |
24,400,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Daily VRDNs, 3.800%, 12/1/2023 | 24,400,000 | |
29,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010A) Daily VRDNs, 4.000%, 12/1/2023 | 29,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Texas— continued | |||
$42,700,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, 4.000%, 12/1/2023 | $ 42,700,000 | |
49,050,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs, 4.000%, 12/6/2023 | 49,050,000 | |
85,400,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs, 4.010%, 12/6/2023 | 85,400,000 | |
20,000,000 | San Antonio, TX Electric & Gas System, (2012 Series A), CP, 3.700%, Mandatory Tender 1/26/2024 | 20,000,000 | |
15,000,000 | Texas State Department of Housing & Community Affairs (Onion Creek Housing Partners Ltd.), (Series 2007) Weekly VRDNs, (FNMA LOC), 3.440%, 12/7/2023 | 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), 4.000%, 12/7/2023 | 20,000,000 | |
TOTAL | 562,280,299 | ||
Utah— 0.1% | |||
1,265,000 | Salt Lake City, UT Airport Revenue, (Series A), 5.000%, 7/1/2024 | 1,267,786 | |
1,000,000 | Salt Lake City, UT Airport Revenue, (Series A), 5.000%, 7/1/2024 | 1,005,662 | |
TOTAL | 2,273,448 | ||
Virginia— 0.5% | |||
5,745,000 | Chesapeake, VA Redevelopment and Housing Authority (Great Bridge Apartments LLC), BAML (3a-7) (Series 2023-BAML6014) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.480%, 12/7/2023 | 5,745,000 | |
15,000,000 | Virginia Small Business Financing Authority (Pure Salmon Virginia LLC), (Series 2022) TOBs, (United States Treasury COL), 5.000%, Mandatory Tender 11/15/2024 | 15,000,000 | |
TOTAL | 20,745,000 | ||
Washington— 0.6% | |||
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), 3.500%, Optional Tender 5/1/2024 | 2,860,000 | |
5,450,000 | Port of Seattle, WA Revenue, (Series 2018B), 5.000%, 5/1/2024 | 5,466,488 | |
11,000,000 | Port of Seattle, WA Revenue, 5.000%, 5/1/2024 | 11,033,279 | |
3,035,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2024 | 3,046,295 | |
1,050,000 | Washington State Economic Development Finance Authority (Mesa Dairy, LLC), (Series 2007E) Weekly VRDNs, (BMO Bank, N.A. LOC), 3.500%, 12/7/2023 | 1,050,000 | |
TOTAL | 23,456,062 | ||
West Virginia— 1.4% | |||
58,920,000 | West Virginia State Hospital Finance Authority (Charleston Area Medical Center, Inc.), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 3.570%, 12/6/2023 | 58,920,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Wisconsin— 1.8% | |||
$ 1,260,000 | Maple, WI School District TRANs, 5.250%, 10/17/2024 | $ 1,266,334 | |
16,181,000 | 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), 3.670%, 12/7/2023 | 16,181,000 | |
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), 3.670%, 12/7/2023 | 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), 3.670%, 12/7/2023 | 5,945,000 | |
570,000 | West Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly VRDNs, (U.S. Bank, N.A. LOC), 3.610%, 12/7/2023 | 570,000 | |
1,930,000 | Wisconsin State Public Finance Authority (Birchwood Properties LP), (Series 2016) Weekly VRDNs, (FHLB of Des Moines LOC), 3.520%, 12/7/2023 | 1,930,000 | |
16,000,000 | Wisconsin State Public Finance Authority (Waste Management, Inc.), (Series A-2) TOBs, (Waste Management Holdings, Inc. GTD), 4.875%, Mandatory Tender 2/1/2024 | 16,000,000 | |
29,500,000 | Wisconsin State Public Finance Authority (Waste Management, Inc.), (Series A-3) TOBs, (Waste Management Holdings, Inc. GTD), 4.875%, Mandatory Tender 2/1/2024 | 29,500,000 | |
TOTAL | 72,807,334 | ||
TOTAL INVESTMENT IN SECURITIES—99.4% (AT AMORTIZED COST)2 | 4,116,883,191 | ||
OTHER ASSETS AND LIABILITIES - NET—0.6%3 | 23,252,663 | ||
TOTAL NET ASSETS—100% | $4,140,135,854 |
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 | |
COL | —Collateralized | |
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 | |
IDC | —Industrial Development Corporation | |
IDRBs | —Industrial Development Revenue Bonds | |
INS | —Insured | |
LIQ | —Liquidity Agreement | |
LLP | —Limited Liability Partnership | |
LOC | —Letter of Credit | |
MFH | —Multi-Family Housing | |
PCFA | —Pollution Control Financing Authority | |
PCRB | —Pollution Control Revenue Bond | |
PLC | —Public Limited Company | |
PUTTERs | —Puttable Tax-Exempt Receipts | |
TOBs | —Tender Option Bonds | |
TRANs | —Tax and Revenue Anticipation Notes | |
UT | —Unlimited Tax | |
VMTP | —Variable Municipal Term Preferred | |
VRDNs | —Variable Rate Demand Notes | |
VRENs | —Variable Rate Extendible Notes |
Six Months Ended (unaudited) 11/30/2023 | 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 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income3 | 0.017 | 0.020 | 0.0004 | 0.0004 | 0.009 | 0.010 | 0.007 |
Net realized gain (loss) | 0.0004 | 0.0004 | 0.0004 | 0.0004 | 0.0004 | 0.0004 | 0.0004 |
Total From Investment Operations | 0.017 | 0.020 | 0.0004 | 0.0004 | 0.009 | 0.010 | 0.007 |
Less Distributions: | |||||||
Distributions from net investment income | (0.017) | (0.020) | (0.000)4 | (0.000)4 | (0.010) | (0.007) | |
Distributions from net realized gain | (0.000)4 | (0.000)4 | (0.000)4 | (0.000)4 | (0.000)4 | (0.000)4 | (0.000)4 |
Total Distributions | (0.017) | (0.020) | (0.000)4 | (0.000)4 | (0.009) | (0.010) | (0.007) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return5 | 1.71% | 1.99% | 0.04% | 0.01% | 0.91% | 0.99% | 0.77% |
Ratios to Average Net Assets: | |||||||
Net expenses6 | 0.50%7 | 0.56% | 0.27% | 0.33% | 0.56% | 0.56%7 | 0.55% |
Net investment income | 3.40%7 | 0.51% | 0.03% | 0.01% | 0.90% | 1.20%7 | 0.81% |
Expense waiver/ reimbursement8 | 0.09%7 | 0.08% | 0.38% | 0.32% | 0.09% | 0.09%7 | 0.10% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $17,647 | $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 | Per share numbers have been calculated using the average shares method. |
4 | Represents less than $0.001. |
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. |
Six Months Ended (unaudited) 11/30/2023 | 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 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income2 | 0.016 | 0.017 | 0.0003 | 0.0003 | 0.007 | 0.008 | 0.005 |
Net realized gain (loss) | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 |
Total From Investment Operations | 0.016 | 0.017 | 0.0003 | 0.0003 | 0.007 | 0.008 | 0.005 |
Less Distributions: | |||||||
Distributions from net investment income | (0.016) | (0.017) | (0.000)3 | (0.000)3 | (0.007) | (0.008) | (0.005) |
Distributions from net realized gain | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 |
Total Distributions | (0.016) | (0.017) | (0.000)3 | (0.000)3 | (0.007) | (0.008) | (0.005) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 1.57% | 1.76% | 0.02% | 0.01% | 0.71% | 0.79% | 0.54% |
Ratios to Average Net Assets: | |||||||
Net expenses5 | 0.77%6 | 0.78% | 0.27% | 0.35% | 0.78% | 0.78%6 | 0.78% |
Net investment income | 3.15%6 | 1.93% | 0.01% | 0.01% | 0.77% | 0.95%6 | 0.46% |
Expense waiver/reimbursement7 | 0.12%6 | 0.12% | 0.63% | 0.54% | 0.12% | 0.12%6 | 0.13% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $1,918 | $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 | Per share numbers have been calculated using the average shares method. |
3 | Represents less than $0.001. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 11/30/2023 | 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 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income2 | 0.018 | 0.023 | 0.001 | 0.001 | 0.012 | 0.013 | 0.011 |
Net realized gain (loss) | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.001 | 0.0003 | 0.0003 |
Total From Investment Operations | 0.018 | 0.023 | 0.001 | 0.001 | 0.013 | 0.013 | 0.011 |
Less Distributions: | |||||||
Distributions from net investment income | (0.018) | (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 | (0.000)3 |
Total Distributions | (0.018) | (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 | $1.00 |
Total Return4 | 1.86% | 2.34% | 0.12% | 0.13% | 1.27% | 1.27% | 1.12% |
Ratios to Average Net Assets: | |||||||
Net expenses5 | 0.21%6 | 0.21% | 0.19% | 0.21% | 0.21% | 0.21%6 | 0.21% |
Net investment income | 3.69%6 | 2.38% | 0.13% | 0.12% | 1.24% | 1.52%6 | 1.10% |
Expense waiver/ reimbursement7 | 0.09%6 | 0.09% | 0.11% | 0.09% | 0.09% | 0.09%6 | 0.10% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $3,414,638 | $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 numbers have been calculated using the average shares method. |
3 | Represents less than $0.001. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 11/30/2023 | 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 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income2 | 0.017 | 0.021 | 0.001 | 0.0003 | 0.010 | 0.011 | 0.008 |
Net realized gain (loss) | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 |
Total From Investment Operations | 0.017 | 0.021 | 0.001 | 0.0003 | 0.010 | 0.011 | 0.008 |
Less Distributions: | |||||||
Distributions from net investment income | (0.017) | (0.000)3 | (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 | (0.000)3 |
Total Distributions | (0.017) | (0.021) | (0.001) | (0.000)3 | (0.010) | (0.011) | (0.008) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 1.73% | 2.09% | 0.05% | 0.02% | 1.01% | 1.06% | 0.87% |
Ratios to Average Net Assets: | |||||||
Net expenses5 | 0.46%6 | 0.46% | 0.25% | 0.34% | 0.46% | 0.46%6 | 0.46% |
Net investment income | 3.43%6 | 2.03% | 0.05% | 0.02% | 0.98% | 1.26%6 | 0.84% |
Expense waiver/ reimbursement7 | 0.09%6 | 0.09% | 0.30% | 0.20% | 0.09% | 0.09%6 | 0.10% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $183,458 | $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 | Per share numbers have been calculated using the average shares method. |
3 | Represents less than $0.001. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 11/30/2023 | 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 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income2 | 0.015 | 0.016 | 0.0003 | 0.0003 | 0.006 | 0.007 | 0.004 |
Net realized gain (loss) | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 |
Total From Investment Operations | 0.015 | 0.016 | 0.0003 | 0.0003 | 0.006 | 0.007 | 0.004 |
Less Distributions: | |||||||
Distributions from net investment income | (0.015) | (0.016) | (0.000)3 | (0.000)3 | (0.006) | (0.007) | (0.004) |
Distributions from net realized gain | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 |
Total Distributions | (0.015) | (0.016) | (0.000)3 | (0.000)3 | (0.006) | (0.007) | (0.004) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 1.51% | 1.64% | 0.01% | 0.01% | 0.60% | 0.69% | 0.43% |
Ratios to Average Net Assets: | |||||||
Net expenses5 | 0.91%6 | 0.90% | 0.29% | 0.31% | 0.88% | 0.91%6 | 0.90% |
Net investment income | 2.99%6 | 1.59% | 0.01% | 0.01% | 0.60% | 0.83%6 | 0.35% |
Expense waiver/reimbursement7 | 0.09%6 | 0.09% | 0.71% | 0.69% | 0.11% | 0.09%6 | 0.10% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $56,047 | $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 | Per share numbers have been calculated using the average shares method. |
3 | Represents less than $0.001. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 11/30/2023 | 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 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income2 | 0.014 | 0.015 | 0.0003 | 0.0003 | 0.005 | 0.006 | 0.003 |
Net realized gain (loss) | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 |
Total From Investment Operations | 0.014 | 0.015 | 0.0003 | 0.0003 | 0.005 | 0.006 | 0.003 |
Less Distributions: | |||||||
Distributions from net investment income | (0.014) | (0.000)3 | (0.000)3 | (0.006) | |||
Distributions from net realized gain | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 |
Total Distributions | (0.014) | (0.015) | (0.000)3 | (0.000)3 | (0.005) | (0.006) | (0.003) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 1.45% | 1.53% | 0.01% | 0.01% | 0.49% | 0.59% | 0.31% |
Ratios to Average Net Assets: | |||||||
Net expenses5 | 1.02%6 | 1.01% | 0.29% | 0.32% | 0.99% | 1.02%6 | 1.02% |
Net investment income | 2.87%6 | 1.48% | 0.01% | 0.01% | 0.49% | 0.71%6 | 0.30% |
Expense waiver/ reimbursement7 | 0.23%6 | 0.24% | 0.97% | 0.93% | 0.27% | 0.24%6 | 0.24% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $167,460 | $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 | Per share numbers have been calculated using the average shares method. |
3 | Represents less than $0.001. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 11/30/2023 | 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 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income2 | 0.018 | 0.022 | 0.001 | 0.001 | 0.012 | 0.012 | 0.010 |
Net realized gain (loss) | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 |
Total From Investment Operations | 0.018 | 0.022 | 0.001 | 0.001 | 0.012 | 0.012 | 0.010 |
Less Distributions: | |||||||
Distributions from net investment income | (0.018) | (0.012) | |||||
Distributions from net realized gain | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 | (0.000)3 |
Total Distributions | (0.018) | (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 | $1.00 |
Total Return4 | 1.81% | 2.24% | 0.09% | 0.06% | 1.16% | 1.19% | 1.02% |
Ratios to Average Net Assets: | |||||||
Net expenses5 | 0.31%6 | 0.31% | 0.21% | 0.28% | 0.31% | 0.31%6 | 0.31% |
Net investment income | 3.59%6 | 2.26% | 0.07% | 0.06% | 1.16% | 1.41%6 | 1.01% |
Expense waiver/ reimbursement7 | 0.09%6 | 0.09% | 0.19% | 0.12% | 0.09% | 0.09%6 | 0.10% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $298,968 | $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 numbers have been calculated using the average shares method. |
3 | Represents less than $0.001. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Assets: | |
Investment in securities, at amortized cost and fair value | $4,116,883,191 |
Cash | 433,147 |
Income receivable | 22,509,476 |
Receivable for investments sold | 11,576,115 |
Receivable for shares sold | 13,797,064 |
Total Assets | 4,165,198,993 |
Liabilities: | |
Payable for investments purchased | 19,675,754 |
Payable for shares redeemed | 3,989,275 |
Income distribution payable | 1,024,650 |
Payable for investment adviser fee (Note 4) | 13,146 |
Payable for administrative fee (Note 4) | 8,757 |
Payable for distribution services fee (Note 4) | 89,431 |
Payable for other service fees (Notes 2 and 4) | 124,595 |
Accrued expenses (Note 4) | 137,531 |
Total Liabilities | 25,063,139 |
Net assets for 4,140,146,667 shares outstanding | $4,140,135,854 |
Net Assets Consist of: | |
Paid-in capital | $4,140,126,357 |
Total distributable earnings (loss) | 9,497 |
Total Net Assets | $4,140,135,854 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Automated Shares: | |
$17,646,598 ÷ 17,646,644 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Shares: | |
$1,917,622 ÷ 1,917,627 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Wealth Shares: | |
$3,414,637,755 ÷ 3,414,646,683 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$183,457,967 ÷ 183,458,447 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash II Shares: | |
$56,047,289 ÷ 56,047,435 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash Series Shares: | |
$167,460,423 ÷ 167,460,861 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Capital Shares: | |
$298,968,200 ÷ 298,968,970 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |
Interest | $68,235,613 |
Expenses: | |
Investment adviser fee (Note 4) | 3,492,871 |
Administrative fee (Note 4) | 1,361,163 |
Custodian fees | 51,255 |
Transfer agent fees (Note 2) | 167,861 |
Directors’/Trustees’ fees (Note 4) | 7,594 |
Auditing fees | 14,090 |
Legal fees | 5,796 |
Portfolio accounting fees | 125,688 |
Distribution services fee (Note 4) | 680,164 |
Other service fees (Notes 2 and 4) | 719,660 |
Share registration costs | 127,439 |
Printing and postage | 22,801 |
Miscellaneous (Note 4) | 9,695 |
TOTAL EXPENSES | 6,786,077 |
Waivers and Reimbursement: | |
Waiver of investment adviser fee (Note 4) | (1,505,029) |
Waiver/reimbursement of other operating expenses (Notes 2 and 4) | (134,737) |
TOTAL WAIVERS AND REIMBURSEMENT | (1,639,766) |
Net expenses | 5,146,311 |
Net investment income | 63,089,302 |
Net realized gain on investments | 10,700 |
Change in net assets resulting from operations | $63,100,002 |
Six Months Ended (unaudited) 11/30/2023 | Year Ended 5/31/2023 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $63,089,302 | $64,701,315 |
Net realized gain (loss) | 10,700 | 955 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 63,100,002 | 64,702,270 |
Distributions to Shareholders: | ||
Automated Shares | (229,201) | (440,831) |
Investment Shares | (33,185) | (68,482) |
Wealth Shares | (51,038,974) | (50,565,796) |
Service Shares | (3,627,839) | (4,594,001) |
Cash II Shares | (865,761) | (1,087,067) |
Cash Series Shares | (2,755,119) | (3,221,215) |
Capital Shares | (4,542,525) | (4,793,228) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (63,092,604) | (64,770,620) |
Share Transactions: | ||
Proceeds from sale of shares | 3,619,012,439 | 7,058,692,521 |
Net asset value of shares issued to shareholders in payment of distributions declared | 58,455,324 | 59,807,000 |
Cost of shares redeemed | (2,624,929,670) | (7,243,912,415) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 1,052,538,093 | (125,412,894) |
Change in net assets | 1,052,545,491 | (125,481,244) |
Net Assets: | ||
Beginning of period | 3,087,590,363 | 3,213,071,607 |
End of period | $4,140,135,854 | $3,087,590,363 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Automated Shares | $4,162 | $— |
Investment Shares | 917 | — |
Wealth Shares | 31,372 | — |
Service Shares | 2,424 | — |
Cash II Shares | 27,881 | — |
Cash Series Shares | 98,218 | (28,804) |
Capital Shares | 2,887 | (2) |
TOTAL | $167,861 | $(28,806) |
Other Service Fees Incurred | |
Automated Shares | $15,035 |
Investment Shares | 2,629 |
Service Shares | 262,969 |
Cash II Shares | 72,463 |
Cash Series Shares | 240,036 |
Capital Shares | 126,528 |
TOTAL | $719,660 |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Automated Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 17,029 | $17,029 | 49,145 | $49,145 |
Shares issued to shareholders in payment of distributions declared | 227 | 227 | 439 | 439 |
Shares redeemed | (13,707) | (13,707) | (735,718) | (735,718) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | 3,549 | $3,549 | (686,134) | $(686,134) |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Investment Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 11,421 | $11,421 | 15,656 | $15,656 |
Shares issued to shareholders in payment of distributions declared | 33 | 33 | 68 | 68 |
Shares redeemed | (10,879) | (10,879) | (17,255) | (17,255) |
NET CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS | 575 | $575 | (1,531) | $(1,531) |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Wealth Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 2,925,630 | $2,925,630 | 5,433,953 | $5,433,953 |
Shares issued to shareholders in payment of distributions declared | 47,377 | 47,377 | 46,800 | 46,800 |
Shares redeemed | (1,930,129) | (1,930,129) | (4,881,158) | (4,881,158) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 1,042,878 | $1,042,878 | 599,595 | $599,595 |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Service Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 231,154 | $231,154 | 591,162 | $591,162 |
Shares issued to shareholders in payment of distributions declared | 2,761 | 2,761 | 3,547 | 3,547 |
Shares redeemed | (263,541) | (263,541) | (614,563) | (614,563) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (29,626) | $(29,626) | (19,854) | $(19,854) |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Cash II Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 18,748 | $18,748 | 47,329 | $47,329 |
Shares issued to shareholders in payment of distributions declared | 858 | 858 | 1,076 | 1,076 |
Shares redeemed | (22,502) | (22,502) | (61,304) | (61,304) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | (2,896) | $(2,896) | (12,899) | $(12,899) |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Cash Series Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 168,512 | $168,512 | 484,712 | $484,712 |
Shares issued to shareholders in payment of distributions declared | 2,738 | 2,738 | 3,171 | 3,171 |
Shares redeemed | (200,620) | (200,620) | (528,628) | (528,628) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | (29,370) | $(29,370) | (40,745) | $(40,745) |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Capital Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 246,518 | $246,518 | 436,735 | $436,735 |
Shares issued to shareholders in payment of distributions declared | 4,461 | 4,461 | 4,706 | 4,706 |
Shares redeemed | (183,551) | (183,551) | (405,286) | (405,286) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 67,428 | $67,428 | 36,155 | $36,155 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,052,538 | $1,052,538 | (125,413) | $(125,413) |
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 | $2,628 | $(315) |
Cash II Shares | 101,449 | — |
Cash Series Shares | 576,087 | (105,616) |
TOTAL | $680,164 | $(105,931) |
Beginning Account Value 6/1/2023 | Ending Account Value 11/30/2023 | Expenses Paid During Period1 | |
Actual: | |||
Automated Shares | $1,000 | $1,017.10 | $2.522 |
Investment Shares | $1,000 | $1,015.70 | $3.88 |
Wealth Shares | $1,000 | $1,018.60 | $1.06 |
Service Shares | $1,000 | $1,017.30 | $2.32 |
Cash II Shares | $1,000 | $1,015.10 | $4.58 |
Cash Series Shares | $1,000 | $1,014.50 | $5.14 |
Capital Shares | $1,000 | $1,018.10 | $1.56 |
Hypothetical (assuming a 5% return before expenses): | |||
Automated Shares | $1,000 | $1,022.50 | $2.532 |
Investment Shares | $1,000 | $1,021.15 | $3.89 |
Wealth Shares | $1,000 | $1,023.95 | $1.06 |
Service Shares | $1,000 | $1,022.70 | $2.33 |
Cash II Shares | $1,000 | $1,020.45 | $4.60 |
Cash Series Shares | $1,000 | $1,019.90 | $5.15 |
Capital Shares | $1,000 | $1,023.45 | $1.57 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Automated Shares | 0.50% |
Investment Shares | 0.77% |
Wealth Shares | 0.21% |
Service Shares | 0.46% |
Cash II Shares | 0.91% |
Cash Series Shares | 1.02% |
Capital Shares | 0.31% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Automated Shares current Fee Limit of 0.56% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 183/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.82 and $2.83, respectively. |
![](https://capedge.com/proxy/N-CSRS/0001623632-24-000120/edelivery.jpg)
![](https://capedge.com/proxy/N-CSRS/0001623632-24-000120/fhilogok11p.jpg)
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
![](https://capedge.com/proxy/N-CSRS/0001623632-24-000120/imga9bcfc591.gif)
Share Class | Ticker | Wealth | MOFXX |
Federated Hermes Municipal Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
![](https://capedge.com/proxy/N-CSRS/0001623632-24-000120/donahuechrissigsmall.jpg)
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 78.7% |
Municipal Notes | 15.9% |
Commercial Paper | 4.8% |
Other Assets and Liabilities—Net2 | 0.6% |
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 | 64.0% |
8-30 Days | 2.5% |
31-90 Days | 22.1% |
91-180 Days | 3.8% |
181 Days or more | 7.0% |
Other Assets and Liabilities—Net2 | 0.6% |
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— 99.4% | ||
Alabama— 3.4% | |||
$ 9,200,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 3.750%, 12/1/2023 | $ 9,200,000 | |
5,325,000 | Cooperative District of Fort Spanish, AL, Tender Option Bond Trust Receipts (Series 2021-XF2958) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 5,325,000 | |
16,900,000 | Decatur, AL IDB (Nucor Steel Decatur LLC), (Series 2003-A) Weekly VRDNs, (Nucor Corp. GTD), 3.760%, 12/6/2023 | 16,900,000 | |
10,000,000 | Huntsville, AL Health Care Authority, (Series 2023-BAML5040) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.400%, 12/7/2023 | 10,000,000 | |
28,700,000 | Walker County, AL Economic and Industrial Development Authority (Alabama Power Co.), (First Series 2023) Daily VRDNs, 3.650%, 12/1/2023 | 28,700,000 | |
21,105,000 | Walker County, AL Economic and Industrial Development Authority (Alabama Power Co.), (Second Series 2023) Daily VRDNs, 3.600%, 12/1/2023 | 21,105,000 | |
10,400,000 | West Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2008) Daily VRDNs, 3.600%, 12/1/2023 | 10,400,000 | |
35,000,000 | West Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2023) Weekly VRDNs, 3.800%, 12/7/2023 | 35,000,000 | |
5,100,000 | Wilsonville, AL IDB (Alabama Power Co.), (Series 2008) Daily VRDNs, 3.600%, 12/1/2023 | 5,100,000 | |
TOTAL | 141,730,000 | ||
Alaska— 1.5% | |||
61,600,000 | Valdez, AK Marine Terminal (Phillips Transportation Alaska, Inc.), (Series 1994C) Weekly VRDNs, (ConocoPhillips GTD), 3.400%, 12/6/2023 | 61,600,000 | |
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), 3.670%, 12/7/2023 | 2,335,000 | |
5,030,000 | Arizona State IDA (Skyline Education, Inc.), Tender Option Bond Trust Receipts (Series 2020-XF2862) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 5,030,000 | |
5,610,000 | Maricopa County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 3.400%, 12/7/2023 | 5,610,000 | |
1,185,000 | Phoenix, AZ Civic Improvement Corp. - Airport System, Senior Lien, 5.000%, 7/1/2024 | 1,189,661 | |
TOTAL | 14,164,661 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— 14.9% | |||
$23,875,000 | California Health Facilities Financing Authority (CommonSpirit Health), Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.600%, 12/7/2023 | $ 23,875,000 | |
7,100,000 | California Health Facilities Financing Authority (CommonSpirit Health), Mizuho 3a-7 (Series 2022-MIZ9099) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.500%, 12/7/2023 | 7,100,000 | |
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), 3.670%, 12/7/2023 | 2,356,000 | |
10,000,000 | California HFA (Residency at Empire I LP), Tender Option Bond Trust Receipts (Series 2023-XF3077) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 10,000,000 | |
7,600,000 | California HFA Multi-Family (San Regis LLC), BAML 3a-7 (Series 2023-BAML6002) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.430%, 12/7/2023 | 7,600,000 | |
18,880,000 | California HFA, Tender Option Bond Trust Certificates (Series 2023-XF3087) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 18,880,000 | |
13,500,000 | California Municipal Finance Authority (Waste Management, Inc.), (Series 2020) TOBs, (Waste Management Holdings, Inc. GTD), 4.250%, Mandatory Tender 12/1/2023 | 13,500,000 | |
2,000,000 | California PCFA (C.A. and E.J. Vanderham Family Trust), (Series 2003) Weekly VRDNs, (CoBank, ACB LOC), 2.950%, 12/7/2023 | 2,000,000 | |
3,000,000 | California PCFA (P & D Dairy and Poso Creek Family Dairy, LLC), (Series 2003) Weekly VRDNs, (BMO Bank, N.A. LOC), 2.950%, 12/7/2023 | 3,000,000 | |
2,940,000 | California PCFA (T & W Farms), (Series 2002) Weekly VRDNs, (Bank of America N.A. LOC), 2.950%, 12/7/2023 | 2,940,000 | |
10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 3.800%, Mandatory Tender 2/13/2024 | 10,000,000 | |
7,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 3.600%, Mandatory Tender 12/13/2023 | 7,000,000 | |
10,300,000 | California Statewide Communities Development Authority (Kensington Apartments LP), Mizuho 3a-7 (Series 2022-MIZ9113) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 10,300,000 | |
3,200,000 | California Statewide Communities Development Authority (Northwest Gateway Apartments LP), MIZUHO 3a-7 (Series 2023-MIZ9121) Daily VRDNs, (FHLMC GTD)/(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.850%, 12/1/2023 | 3,200,000 | |
6,420,000 | California Statewide Communities Development Authority (TRG - Copeland Creek LP), Mizuho 3a-7 (Series 2023-MIZ9135) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 6,420,000 | |
7,300,000 | California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2017 Series BB: One Uptown Newport Apartments) Weekly VRDNs, (FHLB of Des Moines LOC), 3.340%, 12/7/2023 | 7,300,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$83,650,000 | Los Angeles, CA Community Redevelopment Agency (DWF V Hollywood & Vine, LP), Mizuho 3a-7 (Series 2022-MIZ9089) Daily VRDNs, (FHLMC GTD)/(Mizuho Bank Ltd. LIQ), 3.850%, 12/1/2023 | $ 83,650,000 | |
50,415,000 | Los Angeles, CA Community Redevelopment Agency (DWF V Wilshire Vermont, LP), Mizuho 3a-7 (Series 2022-MIZ9090) Daily VRDNs, (FHLMC GTD)/(Mizuho Bank Ltd. LIQ), 3.850%, 12/1/2023 | 50,415,000 | |
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), 4.000%, 12/7/2023 | 75,000,000 | |
9,200,000 | Pimco California Municipal Income Fund, UBS ARPS TOB Trust (Series UA-7005) Weekly VRDNs, (UBS AG LIQ), 3.800%, 12/5/2023 | 9,200,000 | |
11,086,000 | Pimco California Municipal Income Fund, UBS ARPS TOB Trust (Series UA-7012) Weekly VRDNs, (UBS AG LOC), 3.800%, 12/4/2023 | 11,086,000 | |
10,810,000 | Pimco California Municipal Income Fund, UBS ARPS TOB Trust (Series UA-7019) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.500%, 12/7/2023 | 10,810,000 | |
3,427,000 | Pimco California Municipal Income Fund II, UBS ARPS TOB Trust (Series UA-7017) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.800%, 12/4/2023 | 3,427,000 | |
5,076,000 | Pimco California Municipal Income Fund III, UBS ARPS TOB Trust (Series UA-7003) Weekly VRDNs, (UBS AG LIQ), 3.800%, 12/6/2023 | 5,076,000 | |
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), 3.700%, 12/7/2023 | 2,770,000 | |
6,775,000 | San Francisco, CA City & County Airport Commission, (Series D), 5.000%, 5/1/2024 | 6,794,344 | |
98,455,000 | 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), 4.000%, 12/7/2023 | 98,455,000 | |
28,045,000 | San Francisco, CA City and County (1601 Mariposa Apartments), Mizuho 3a-7 (Series 2022-MIZ9095) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 28,045,000 | |
85,560,000 | 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), 3.700%, 12/7/2023 | 85,560,000 | |
5,320,000 | San Jose, CA (San Jose, CA Airport), Tender Option Bond Trust Certificates (Series 2022-XF2998) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 3.470%, 12/7/2023 | 5,320,000 | |
7,780,000 | Whittier, CA Health Facility Revenue Bonds (Presbyterian Intercommunity Hospital Obligated Group), Golden Blue 3a-7 (Series 2018-030) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.550%, 12/7/2023 | 7,780,000 | |
TOTAL | 618,859,344 | ||
Colorado— 1.7% | |||
24,720,000 | Colorado Health Facilities Authority (CommonSpirit Health), Golden Blue 3a-7 (Series 2022-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.600%, 12/7/2023 | 24,720,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Colorado— continued | |||
$ 2,200,000 | Colorado Health Facilities Authority (National Jewish Medical and Research Center), (Series 2005) Weekly VRDNs, (UMB Bank, N.A. LOC), 3.600%, 12/7/2023 | $ 2,200,000 | |
4,615,000 | Colorado HFA (Acme Manufacturing Co., Inc.), (Series 2016A) Weekly VRDNs, (UMB Bank, N.A. LOC), 3.780%, 12/7/2023 | 4,615,000 | |
1,175,000 | Colorado HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 3.470%, 12/7/2023 | 1,175,000 | |
1,085,000 | Colorado HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs, (UMB Bank, N.A. LOC), 3.820%, 12/7/2023 | 1,085,000 | |
8,250,000 | Denver, CO City & County Department of Aviation, (Series 2018A), 5.000%, 12/1/2023 | 8,250,000 | |
28,115,000 | Denver, CO City & County Department of Aviation, (Series Z), 5.000%, 12/1/2024 | 28,392,970 | |
TOTAL | 70,437,970 | ||
Florida— 4.1% | |||
15,000,000 | Alachua County, FL Health Facilities Authority (Shands Healthcare), (Series 2008A), CP, (Bank of America N.A. LOC), 3.800%, Mandatory Tender 12/11/2023 | 15,000,000 | |
11,000,000 | Broward County, FL (Florida Power & Light Co.), (Series 2018B) Weekly VRDNs, 3.800%, 12/6/2023 | 11,000,000 | |
5,015,000 | Broward County, FL Airport System, (Series A), 5.000%, 10/1/2024 | 5,035,168 | |
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), 3.670%, 12/7/2023 | 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), 3.670%, 12/7/2023 | 4,280,000 | |
1,335,000 | Greater Orlando, FL Aviation Authority, (Series C), 5.000%, 10/1/2024 | 1,341,452 | |
25,000,000 | Liberty County, FL (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 3.470%, 12/7/2023 | 25,000,000 | |
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), 4.230%, 12/7/2023 | 11,830,000 | |
6,665,000 | Miami-Dade County, FL Aviation, Tender Option Bond Trust Receipts (Series 2023-XF1609) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.550%, 12/7/2023 | 6,665,000 | |
6,450,650 | Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 (2021-MIZ9072) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 6,450,650 | |
7,105,000 | Miami-Dade County, FL HFA (Superior Manor Phase II LLC), Mizuho 3a-7 (2022-MIZ9087) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 7,105,000 | |
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), 3.700%, 12/7/2023 | 6,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Florida— continued | |||
$67,275,000 | Palm Beach County, FL Health Facilities Authority (Morselife Obligated Group), Golden Blue 3a-7 (Series 2023-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.650%, 12/7/2023 | $ 67,275,000 | |
1,325,000 | St. Lucie County, FL Solid Waste Disposal (Florida Power & Light Co.), (Series 2003) Daily VRDNs, 3.700%, 12/1/2023 | 1,325,000 | |
TOTAL | 170,787,270 | ||
Georgia— 6.1% | |||
7,500,000 | Appling County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 3.580%, 12/1/2023 | 7,500,000 | |
1,045,000 | Atlanta, GA Airport General Revenue, 5.000%, 7/1/2024 | 1,049,092 | |
9,750,000 | Atlanta, GA, Urban Residential Finance Authority (Columbia at Sylvan Hills Apartments), (Series 2006) Weekly VRDNs, (FNMA LOC), 3.440%, 12/7/2023 | 9,750,000 | |
12,400,000 | Bartow County, GA Development Authority (Georgia Power Co.), (First Series 2022) Daily VRDNs, 3.650%, 12/1/2023 | 12,400,000 | |
55,720,000 | Bartow County, GA Development Authority (Georgia Power Co.), (Second Series 2022) Daily VRDNs, 3.750%, 12/1/2023 | 55,720,000 | |
2,955,000 | Burke County, GA Development Authority (Georgia Power Co.), (Third Series 2012) Daily VRDNs, 3.650%, 12/1/2023 | 2,955,000 | |
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), 3.670%, 12/7/2023 | 8,880,000 | |
8,615,000 | Columbus, GA Development Authority (Avalon Apartments LP), (Series 2008) Weekly VRDNs, (FNMA LOC), 3.440%, 12/7/2023 | 8,615,000 | |
10,000,000 | Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs, (FHLMC LOC), 3.440%, 12/7/2023 | 10,000,000 | |
13,870,000 | Effingham County, GA Development Authority (Georgia Power Co.), (Series 2003) Daily VRDNs, 3.590%, 12/1/2023 | 13,870,000 | |
300,000 | Fitzgerald & Ben Hill County, GA Development Authority (Agri-Products, Inc.), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A. LOC), 3.500%, 12/7/2023 | 300,000 | |
2,200,000 | Heard County, GA Development Authority (Georgia Power Co.), (First Series 1996) Daily VRDNs, 3.590%, 12/1/2023 | 2,200,000 | |
2,000,000 | Heard County, GA Development Authority (Georgia Power Co.), (First Series 1997) Daily VRDNs, 3.750%, 12/1/2023 | 2,000,000 | |
17,940,000 | Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2019) Weekly VRDNs, 3.500%, 12/7/2023 | 17,940,000 | |
25,000,000 | Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2019) Weekly VRDNs, 3.750%, 12/6/2023 | 25,000,000 | |
1,455,000 | Savannah, GA EDA (Consolidated Utilities, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 3.520%, 12/7/2023 | 1,455,000 | |
72,250,000 | Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 3.420%, 12/6/2023 | 72,250,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Georgia— continued | |||
$ 1,595,000 | Wayne County, GA, IDA (Sierra International Machinery LLC), (Series 2011) Weekly VRDNs, (Truist Bank LOC), 3.520%, 12/7/2023 | $ 1,595,000 | |
TOTAL | 253,479,092 | ||
Hawaii— 0.1% | |||
5,685,000 | Hawaii State Department of Budget & Finance (Queen’s Health Systems), (2015 Series C) VRENs, 3.750%, 12/7/2023 | 5,685,000 | |
Idaho— 0.3% | |||
12,360,000 | American Falls, ID Reservoir District (Idaho Power Co.), (Series 2000) Weekly VRDNs, 3.450%, 12/6/2023 | 12,360,000 | |
Illinois— 2.5% | |||
11,490,000 | Chicago, IL Midway Airport, Revenue Refunding Bonds (Series 2014A), 5.000%, 1/1/2024 | 11,500,914 | |
3,230,000 | Chicago, IL O’Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2015A), 5.000%, 1/1/2024 | 3,232,508 | |
6,000,000 | Chicago, IL O’Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2022C), 5.000%, 1/1/2024 | 6,004,168 | |
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), 3.550%, 12/7/2023 | 24,320,000 | |
8,000,000 | Chicago, IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2022-XF1379) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.600%, 12/7/2023 | 8,000,000 | |
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), 3.550%, 12/7/2023 | 4,600,000 | |
9,600,000 | Chicago, IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2022-XL0315) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.600%, 12/7/2023 | 9,600,000 | |
8,000,000 | Chicago, IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2022-XM1042) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.600%, 12/7/2023 | 8,000,000 | |
7,550,000 | Chicago, IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2022-XM1043) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.600%, 12/7/2023 | 7,550,000 | |
15,200,000 | Chicago, IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2022-XM1044) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.600%, 12/7/2023 | 15,200,000 | |
4,275,000 | Chicago, IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2023-XF1457) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.750%, 12/1/2023 | 4,275,000 | |
TOTAL | 102,282,590 |
Principal Amount | Value | ||
��� | 1 | SHORT-TERM MUNICIPALS— continued | |
Indiana— 1.4% | |||
$ 5,855,000 | Bloomington, IN EDRB (SY Henderson Court Investors, LP), (Series 2008: Henderson Court Apartments) Weekly VRDNs, (FHLMC LOC), 3.440%, 12/7/2023 | $ 5,855,000 | |
14,250,000 | Indiana Development Finance Authority (Duke Energy Indiana, Inc.), (Series 2003B) Weekly VRDNs, 3.470%, 12/6/2023 | 14,250,000 | |
5,000,000 | Indianapolis, IN Local Public Improvement Bond Bank (Indianapolis, IN Airport Authority), (Series 2014D), 5.000%, 1/1/2024 | 5,001,407 | |
15,225,000 | Indianapolis, IN Local Public Improvement Bond Bank (Indianapolis, IN Airport Authority), (Series 2019D), 5.000%, 1/1/2024 | 15,234,911 | |
2,775,000 | Indianapolis, IN Local Public Improvement Bond Bank (Indianapolis, IN Airport Authority), (Series A-1), 5.000%, 1/1/2024 | 2,775,860 | |
12,900,000 | Indianapolis, IN Multifamily Housing (Pedcor Investments-2006-LXXXVIII LP), (Series 2007A: Forest Ridge Apartments) Weekly VRDNs, (Citizens Bank, N.A. LOC), 3.500%, 12/7/2023 | 12,900,000 | |
TOTAL | 56,017,178 | ||
Iowa— 0.1% | |||
5,300,000 | Iowa Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly VRDNs, (AgriBank FCB LOC), 3.500%, 12/7/2023 | 5,300,000 | |
Kansas— 1.0% | |||
10,000,000 | Burlington, KS (Evergy Metro, Inc.), (Series 2007A) Weekly VRDNs, 3.410%, 12/6/2023 | 10,000,000 | |
21,000,000 | Burlington, KS (Evergy Metro, Inc.), (Series 2007B) Weekly VRDNs, 3.410%, 12/6/2023 | 21,000,000 | |
12,000,000 | Meade County, KS (High Plains Ponderosa Dairy LLC) Weekly VRDNs, (AgriBank FCB LOC), 3.500%, 12/7/2023 | 12,000,000 | |
TOTAL | 43,000,000 | ||
Kentucky— 3.3% | |||
29,900,000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), (Series A) Weekly VRDNs, 3.700%, 12/1/2023 | 29,900,000 | |
30,600,000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), (Series B) Weekly VRDNs, 3.600%, 12/1/2023 | 30,600,000 | |
11,200,000 | Louisville & Jefferson County, KY Regional Airport Authority (UPS Worldwide Forwarding, Inc.), (1999 Series B) Daily VRDNs, (United Parcel Service, Inc. GTD), 3.650%, 12/1/2023 | 11,200,000 | |
7,500,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2020A-1) Daily VRDNs, 4.400%, 12/1/2023 | 7,500,000 | |
19,100,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021A-1) Daily VRDNs, 4.400%, 12/1/2023 | 19,100,000 | |
38,690,000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021B-1) Daily VRDNs, 4.300%, 12/1/2023 | 38,690,000 | |
TOTAL | 136,990,000 | ||
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%, 12/6/2023 | 10,885,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Louisiana— continued | |||
$14,200,000 | East Baton Rouge Parish, LA IDB (Georgia-Pacific LLC), Solid Waste Disposal Revenue Bonds (Series 2004) Weekly VRDNs, 3.400%, 12/6/2023 | $ 14,200,000 | |
14,000,000 | Louisiana Local Government Environmental Facilities CDA (American Biocarbon, CT LLC) TOBs, (United States Treasury GTD), 4.000%, Mandatory Tender 3/22/2024 | 14,000,000 | |
33,000,000 | Louisiana Local Government Environmental Facilities CDA (American Biocarbon, CT LLC) TOBs, (United States Treasury GTD), 4.000%, Mandatory Tender 3/22/2024 | 32,999,760 | |
24,240,000 | Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2007) Daily VRDNs, 3.250%, 12/1/2023 | 24,240,000 | |
5,597,308 | Louisiana State Housing Corp. (Peace Lake Louisiana Tower Community, LP), Tender Option Bond Trust Floater Certificates (Series 2020-MIZ9053) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 5,597,308 | |
1,200,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (Nucor Corp. GTD), 3.660%, 12/6/2023 | 1,200,000 | |
27,400,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 3.500%, 12/6/2023 | 27,400,000 | |
TOTAL | 130,522,068 | ||
Maine— 0.5% | |||
22,260,000 | Old Town, ME (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 3.410%, 12/6/2023 | 22,260,000 | |
Maryland— 2.1% | |||
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), 3.650%, 12/7/2023 | 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), 3.500%, Optional Tender 1/2/2024 | 2,640,000 | |
27,000,000 | 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), 3.650%, 12/7/2023 | 27,000,000 | |
8,200,000 | Maryland State Economic Development Corp. (929 N Wolfe Street LLC), Tender Option Bond Trust Receipts (Series 2022-XF3015) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 3.670%, 12/7/2023 | 8,200,000 | |
42,825,000 | Montgomery County, MD, (2010 Series B), CP, 3.750%, Mandatory Tender 12/21/2023 | 42,825,000 | |
TOTAL | 85,685,000 | ||
Massachusetts— 0.9% | |||
10,000,000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), 4.100%, Mandatory Tender 1/2/2024 | 10,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Massachusetts— continued | |||
$27,000,000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (Massachusetts Electric Co. GTD), 3.900%, Mandatory Tender 12/12/2023 | $ 27,000,000 | |
TOTAL | 37,000,000 | ||
Michigan— 0.5% | |||
11,500,000 | Michigan State Building Authority, (Series I) VRENs, 3.410%, 12/1/2023 | 11,500,000 | |
5,250,000 | Michigan Strategic Fund (Greenville Venture Partners LLC), (Series 2018) Weekly VRDNs, (BMO Bank, N.A. LOC), 3.500%, 12/7/2023 | 5,250,000 | |
2,195,000 | Wayne County, MI Airport Authority, (Series B), 5.000%, 12/1/2023 | 2,195,000 | |
TOTAL | 18,945,000 | ||
Minnesota— 0.0% | |||
1,565,000 | Minneapolis-St. Paul, MN Metropolitan Airports Commission, (Series B), 5.000%, 1/1/2024 | 1,566,255 | |
Mississippi— 0.8% | |||
12,500,000 | Mississippi Business Finance Corp. (Florida Power & Light Co.), (Series 2012) Weekly VRDNs, 3.500%, 12/6/2023 | 12,500,000 | |
13,000,000 | Mississippi Business Finance Corp. (Florida Power & Light Co.), (Series 2019) Weekly VRDNs, 3.510%, 12/6/2023 | 13,000,000 | |
4,100,000 | Mississippi Home Corp, Tender Option Bond Trust Receipts (Series 2022-XF3022) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 4,100,000 | |
4,000,000 | Perry County, MS (Leaf River Cellulose LLC), (Series 2021) Weekly VRDNs, (Georgia-Pacific LLC GTD), 3.360%, 12/7/2023 | 4,000,000 | |
TOTAL | 33,600,000 | ||
Missouri— 0.5% | |||
5,501,184 | Kansas City, MO Planned Industrial Expansion Authority (EPD3 Ridgeview LP), Mizuho 3a-7 (2022-MIZ9086) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 5,501,184 | |
2,893,379 | Lees Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 2,893,379 | |
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), 3.500%, Mandatory Tender 12/1/2023 | 6,000,000 | |
4,295,000 | St. Louis County, MO IDA (Hawkins Village Associates LLC), Mizuho 3a-7 (Series 2023-MIZ9153) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 4,295,000 | |
1,310,000 | St. Louis, MO Airport Revenue, (Series B), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2024 | 1,313,641 | |
TOTAL | 20,003,204 | ||
Multi-State— 10.2% | |||
7,500,000 | BNY Mellon Municipal Bond Infrastructure Fund, PUTTERS (3a-7) (Series 5054) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.700%, 12/7/2023 | 7,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Multi-State— continued | |||
$80,900,000 | DWS Municipal Income Trust, Putters 3a-7 (Series 5055) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.700%, 12/7/2023 | $ 80,900,000 | |
30,000,000 | DWS Strategic Municipal Income, Putters (3a-7) (Series 5056) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.700%, 12/7/2023 | 30,000,000 | |
76,100,000 | Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.850%, 12/1/2023 | 76,100,000 | |
78,600,000 | Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.850%, 12/1/2023 | 78,600,000 | |
32,900,000 | Nuveen Municipal Credit Opportunities Fund, PUTTERS 3a-7 (Series 5033) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.850%, 12/1/2023 | 32,900,000 | |
17,435,000 | PIMCO Flexible Municipal Income Fund, Putters (3a-7) (Series 5046) MuniFund Term Preferred Shares Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.850%, 12/1/2023 | 17,435,000 | |
11,546,000 | PIMCO Municipal Income Fund, UBS ARPS TOB Trust (Series UA-7010) Weekly VRDNs, (UBS AG LIQ), 3.850%, 12/5/2023 | 11,546,000 | |
13,064,000 | PIMCO Municipal Income Fund, UBS ARPS TOB Trust (Series UA-7013) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.850%, 12/6/2023 | 13,064,000 | |
17,766,000 | PIMCO Municipal Income Fund II, UBS ARPS TOB Trust (Series UA-7001) Weekly VRDNs, (UBS AG LIQ), 3.550%, 12/7/2023 | 17,766,000 | |
17,825,000 | PIMCO Municipal Income Fund II, UBS ARPS TOB Trust (Series UA-7004) Weekly VRDNs, (UBS AG LIQ), 3.850%, 12/5/2023 | 17,825,000 | |
17,825,000 | PIMCO Municipal Income Fund II, UBS ARPS TOB Trust (Series UA-7020) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.850%, 12/4/2023 | 17,825,000 | |
7,521,000 | PIMCO Municipal Income Fund III, UBS ARPS TOB Trust (Series UA-7006) Weekly VRDNs, (UBS AG LIQ), 3.850%, 12/5/2023 | 7,521,000 | |
12,581,000 | PIMCO Municipal Income Fund III, UBS ARPS TOB Trust (Series UA-7016) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.550%, 12/7/2023 | 12,581,000 | |
TOTAL | 421,563,000 | ||
Nebraska— 0.2% | |||
7,500,000 | Stanton County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs, 3.760%, 12/6/2023 | 7,500,000 | |
1,875,000 | Stanton County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs, 3.760%, 12/6/2023 | 1,875,000 | |
TOTAL | 9,375,000 | ||
Nevada— 0.3% | |||
6,000,000 | Clark County, NV Industrial Development Revenue (Southwest Gas Corp.), (Series 2003A) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 3.400%, 12/6/2023 | 6,000,000 | |
1,155,000 | 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), 3.650%, 12/7/2023 | 1,155,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Nevada— continued | |||
$ 5,330,000 | Director of the State of Nevada Department of Business and Industry (DesertXpress Enterprises, LLC), (Brightline West Passenger Rail Project, Series 2020A) TOBs, (United States Treasury GTD), 3.700%, Mandatory Tender 1/31/2024 | $ 5,330,000 | |
TOTAL | 12,485,000 | ||
New Jersey— 5.3% | |||
2,247,000 | Allamuchy Township, NJ BANs, 4.500%, 9/20/2024 | 2,252,194 | |
1,939,000 | Alpine Borough, NJ BANs, 4.500%, 8/14/2024 | 1,942,908 | |
1,415,000 | Barnegat Light, NJ BANs, 4.500%, 7/31/2024 | 1,417,704 | |
7,552,000 | Beach Haven, NJ BANs, 4.250%, 5/2/2024 | 7,568,714 | |
9,500,000 | Berlin Boro, NJ, (Series A) BANs, 4.500%, 3/27/2024 | 9,514,921 | |
1,889,070 | Clinton, NJ BANs, 4.250%, 7/31/2024 | 1,893,421 | |
2,060,707 | Delanco Township, NJ BANs, 4.500%, 6/28/2024 | 2,065,817 | |
5,840,000 | Delran Township, NJ BANs, 4.500%, 8/29/2024 | 5,865,093 | |
3,200,000 | Demarest, NJ BANs, 4.500%, 6/13/2024 | 3,208,274 | |
1,342,500 | Englishtown, NJ BANs, 4.750%, 8/7/2024 | 1,345,604 | |
9,690,000 | Fairview, NJ BANs, 4.250%, 8/23/2024 | 9,713,722 | |
7,000,000 | Galloway Township, NJ BANs, 4.250%, 4/30/2024 | 7,011,520 | |
5,770,000 | Garwood, NJ BANs, 4.500%, 8/2/2024 | 5,793,044 | |
1,208,050 | Gibbsboro, NJ BANs, 4.250%, 3/27/2024 | 1,209,365 | |
1,989,000 | Haddon Heights, NJ BANs, 4.250%, 4/19/2024 | 1,990,836 | |
2,500,000 | Hamilton Township, NJ BANs, 4.500%, 9/12/2024 | 2,508,550 | |
2,911,000 | Haworth Borough, NJ BANs, 4.500%, 7/12/2024 | 2,920,763 | |
3,000,000 | Hillsdale Borough, NJ BANs, 4.250%, 8/23/2024 | 3,006,712 | |
2,194,000 | Keyport Borough, NJ BANs, 4.750%, 4/17/2024 | 2,196,829 | |
5,600,000 | Leonia, NJ BANs, 4.250%, 3/1/2024 | 5,605,460 | |
2,000,000 | Lindenwold, NJ BANs, 4.500%, 8/29/2024 | 2,005,660 | |
4,585,000 | Longport, NJ BANs, 4.500%, 7/3/2024 | 4,603,145 | |
3,050,800 | Lopatcong, NJ BANs, 4.500%, 7/2/2024 | 3,057,714 | |
3,161,625 | Lumberton Township, NJ BANs, 4.500%, 9/27/2024 | 3,176,617 | |
2,899,000 | Lyndhurst Township, NJ BANs, 4.500%, 2/2/2024 | 2,900,458 | |
5,002,250 | Mantua Township, NJ BANs, 4.500%, 6/19/2024 | 5,015,057 | |
2,474,500 | Mendham Twp, NJ BANs, 4.750%, 5/2/2024 | 2,479,889 | |
1,984,620 | Moonachie, NJ BANs, 4.500%, 7/12/2024 | 1,989,284 | |
1,245,000 | New Jersey EDA (Temple Emanuel of the Pascack Valley), (Series 2001/2019) Weekly VRDNs, (U.S. Bank, N.A. LOC), 3.550%, 12/1/2023 | 1,245,000 | |
5,669,000 | North Arlington, NJ BANs, 4.500%, 8/2/2024 | 5,690,902 | |
12,160,000 | Park Ridge Borough, NJ BANs, 4.000%, 4/26/2024 | 12,183,572 | |
2,570,396 | Pitman, NJ BANs, 4.500%, 5/31/2024 | 2,576,633 | |
11,815,000 | Ramsey, NJ BANs, 4.250%, 3/1/2024 | 11,826,421 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New Jersey— continued | |||
$ 3,892,000 | Readington Township, NJ BANs, 4.500%, 10/2/2024 | $ 3,909,195 | |
3,242,800 | Roxbury Township, NJ BANs, 4.500%, 3/1/2024 | 3,247,843 | |
5,052,000 | Saddle River, NJ BANs, 4.500%, 6/6/2024 | 5,066,962 | |
4,140,000 | Somers Point, NJ BANs, 4.500%, 8/31/2024 | 4,150,516 | |
4,262,845 | Southampton Township, NJ BANs, 4.250%, 3/21/2024 | 4,267,242 | |
5,665,000 | Springfield Township, NJ (Union County) BANs, 4.250%, 5/1/2024 | 5,679,751 | |
29,000,000 | Stone Harbor, NJ BANs, 4.750%, 10/11/2024 | 29,131,644 | |
2,638,000 | Warren Township (Somerset County), NJ BANs, 4.500%, 5/24/2024 | 2,644,697 | |
2,530,795 | Washington Borough, NJ BANs, 4.750%, 10/11/2024 | 2,540,183 | |
5,944,000 | Washington Township (Morris County), NJ BANs, 4.500%, 8/23/2024 | 5,968,926 | |
1,985,155 | West Wildwood, NJ BANs, 4.500%, 2/27/2024 | 1,987,301 | |
1,875,100 | West Wildwood, NJ BANs, 4.500%, 6/13/2024 | 1,877,030 | |
6,221,000 | Woodcliff Lake, NJ BANs, 4.500%, 9/20/2024 | 6,243,549 | |
4,000,000 | Wyckoff Township, NJ BANs, 4.500%, 6/13/2024 | 4,009,946 | |
TOTAL | 218,506,588 | ||
New York— 5.4% | |||
11,445,000 | Alexander, NY CSD BANs, 4.500%, 6/28/2024 | 11,486,044 | |
4,550,000 | Alexandria, NY CSD BANs, 4.750%, 6/28/2024 | 4,573,887 | |
1,000,000 | Cassadaga Valley, NY CSD BANs, 4.500%, 8/1/2024 | 1,003,527 | |
29,289,147 | 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), 3.700%, 12/7/2023 | 29,289,147 | |
5,590,000 | Hempstead (town), NY IDA MFH (Hempstead Village Housing Associates LP), (Series 2006) Weekly VRDNs, (FNMA LOC), 3.410%, 12/7/2023 | 5,590,000 | |
6,350,000 | Herkimer, NY CSD BANs, 4.750%, 6/21/2024 | 6,382,209 | |
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), 3.410%, 12/7/2023 | 3,545,000 | |
24,880,000 | New York State Energy Research & Development Authority (National Grid Generation LLC), (1997 Series A) Weekly VRDNs, (NatWest Markets PLC LOC), 3.450%, 12/6/2023 | 24,880,000 | |
23,400,000 | New York State Environmental Facilities Corp. (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2012) TOBs, 4.875%, Mandatory Tender 2/1/2024 | 23,400,000 | |
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), 4.050%, 12/7/2023 | 72,800,000 | |
7,000,000 | Perry CSD NY BANs, 4.500%, 6/28/2024 | 7,025,102 | |
7,337,000 | PIMCO New York Municipal Income Fund III, UBS ARPS TOB Trust (Series UA-7018) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.500%, 12/7/2023 | 7,337,000 | |
17,050,963 | Saugerties, NY CSD BANs, 4.500%, 6/28/2024 | 17,114,066 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 3,000,000 | Tioga, NY CSD (Series A) BANs, 4.750%, 6/28/2024 | $ 3,014,579 | |
6,891,090 | Walton, NY CSD BANs, 4.500%, 6/27/2024 | 6,917,612 | |
TOTAL | 224,358,173 | ||
North Carolina— 0.6% | |||
17,300,000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 3.960%, 12/6/2023 | 17,300,000 | |
6,700,000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000B) Weekly VRDNs, 3.960%, 12/6/2023 | 6,700,000 | |
3,000,000 | Yancey County, NC Industrial Facilities & PCFA (Altec Industries, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 3.520%, 12/7/2023 | 3,000,000 | |
TOTAL | 27,000,000 | ||
Ohio— 2.6% | |||
1,560,000 | Cleveland, OH Airport System, (Series A), 5.000%, 1/1/2024 | 1,560,490 | |
21,560,000 | Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.600%, 12/7/2023 | 21,560,000 | |
2,000,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2008 B-6), CP, 3.700%, Mandatory Tender 1/18/2024 | 2,000,000 | |
41,200,000 | Ohio State Hospital Revenue (Cleveland Clinic), BAML (3a-7) (Series 2023-BAML5044) Daily VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.400%, 12/1/2023 | 41,200,000 | |
16,100,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Barclays Golden Blue (Series 2020-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.600%, 12/7/2023 | 16,100,000 | |
10,000,000 | Ohio State Water Development Authority, CP, (TD Bank, N.A. LIQ), 3.600%, Mandatory Tender 12/5/2023 | 10,000,000 | |
5,000,000 | Ohio State Water Development Authority, CP, (TD Bank, N.A. LIQ), 3.750%, Mandatory Tender 2/1/2024 | 5,000,000 | |
7,000,000 | Toledo-Lucas County, OH Port Authority (Van Deurzen Dairy LLC), (Series 2006) Weekly VRDNs, (AgriBank FCB LOC), 3.500%, 12/7/2023 | 7,000,000 | |
1,700,000 | Youngstown, OH BANs, (Ohio State GTD), 4.625%, 7/3/2024 | 1,707,642 | |
TOTAL | 106,128,132 | ||
Oklahoma— 2.5% | |||
18,600,000 | Garfield County, OK Industrial Authority Pollution Control (Oklahoma Gas and Electric Co.), (Series 1995-A) Weekly VRDNs, 3.500%, 12/6/2023 | 18,600,000 | |
32,400,000 | Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (1995 Series A) Weekly VRDNs, 3.400%, 12/6/2023 | 32,400,000 | |
51,655,000 | Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (Series 1997A) Weekly VRDNs, 3.500%, 12/6/2023 | 51,655,000 | |
TOTAL | 102,655,000 | ||
Oregon— 0.2% | |||
10,000,000 | Oregon State Department of Transportation, (Series A-1), CP, (Wells Fargo Bank, N.A. LOC), 3.840%, Mandatory Tender 1/10/2024 | 10,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Pennsylvania— 1.3% | |||
$ 4,335,000 | Allegheny County, PA Airport Authority (Pittsburgh International Airport), Tender Option Bond Trust Certificates (Series 2023-ZF3170) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 3.470%, 12/7/2023 | $ 4,335,000 | |
5,030,000 | Lehigh County, PA General Purpose Authority (Lehigh Valley Health Network Obligated Group), BAML 3a-7 (Series 2023-BAML5039) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.380%, 12/7/2023 | 5,030,000 | |
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), 3.500%, 12/7/2023 | 30,375,000 | |
7,000,000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), (Series 2013) TOBs, (Waste Management, Inc. GTD), 4.875%, Mandatory Tender 2/1/2024 | 7,000,000 | |
7,490,000 | Philadelphia, PA Airport System, Revenue Refunding Bonds (Series 2020C), 5.000%, 7/1/2024 | 7,510,817 | |
788,758 | 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), 3.700%, 12/7/2023 | 788,758 | |
TOTAL | 55,039,575 | ||
South Carolina— 1.3% | |||
21,500,000 | Berkeley County, SC IDB (Nucor Corp.) Weekly VRDNs, 3.760%, 12/6/2023 | 21,500,000 | |
10,100,000 | Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, 3.760%, 12/6/2023 | 10,100,000 | |
6,980,000 | South Carolina Jobs-EDA (BTH Greenville I LLC), Tender Option Bond Trust Certificates (Series 2022-XF3075) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 6,980,000 | |
13,388,000 | 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), 3.670%, 12/7/2023 | 13,388,000 | |
TOTAL | 51,968,000 | ||
South Dakota— 0.4% | |||
12,500,000 | South Dakota Economic Development Finance Authority (Riverview, LLP Washington Dairy Project), (Series 2023) Weekly VRDNs, (AgriBank FCB LOC), 3.500%, 12/7/2023 | 12,500,000 | |
3,000,000 | South Dakota Value Added Finance Authority (Prairie Gold Dairy LLC), (Series 2004) Weekly VRDNs, (CoBank, ACB LOC), 3.500%, 12/7/2023 | 3,000,000 | |
TOTAL | 15,500,000 | ||
Tennessee— 1.9% | |||
18,000,000 | Lewisburg, TN IDB (Waste Management, Inc.), (Series 2012) TOBs, 4.875%, Mandatory Tender 2/1/2024 | 18,000,000 | |
7,500,000 | Memphis-Shelby County, TN Airport Authority, (Series 2020B), 5.000%, 7/1/2024 | 7,527,948 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Tennessee— continued | |||
$25,620,000 | Memphis-Shelby County, TN Industrial Development Board - PCRB (Nucor Steel Memphis, Inc.), (Series 2007) Weekly VRDNs, (Nucor Corp. GTD), 3.760%, 12/6/2023 | $ 25,620,000 | |
21,400,000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 4.000%, Mandatory Tender 1/3/2024 | 21,400,000 | |
7,000,000 | Metropolitan Government Nashville & Davidson County, TN, (Series 2021 B-1), CP, 3.680%, Mandatory Tender 12/28/2023 | 7,000,000 | |
TOTAL | 79,547,948 | ||
Texas— 13.6% | |||
8,465,000 | El Paso, TX Housing Finance Corp., Mizuho 3a-7 (2022-MIZ9104) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 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), 3.500%, Optional Tender 3/1/2024 | 3,600,000 | |
10,000,000 | Garland, TX Water & Sewer System, (Series 2015), CP, (Sumitomo Mitsui Banking Corp. LOC), 3.949%, Mandatory Tender 1/22/2024 | 10,000,000 | |
3,000,000 | Houston, TX Airport System, (Series C), 5.000%, 7/1/2024 | 3,006,608 | |
4,000,000 | Jewett, TX Economic Development Corp. (Nucor Corp.), (Series 2003) Weekly VRDNs, 3.760%, 12/6/2023 | 4,000,000 | |
3,445,000 | Love Field Airport Modernization Corp., TX, General Airport Revenue Bonds (Series 2015), 5.000%, 11/1/2024 | 3,458,691 | |
22,900,000 | Mission, TX Economic Development Corp. (Waste Management, Inc.), (Series 2020A) TOBs, (Waste Management Holdings, Inc. GTD), 4.250%, Mandatory Tender 12/1/2023 | 22,900,000 | |
22,000,000 | Mission, TX Economic Development Corp. (Waste Management, Inc.), (Series 2020B) TOBs, (Waste Management Holdings, Inc. GTD), 4.250%, Mandatory Tender 12/1/2023 | 22,000,000 | |
3,000,000 | Northeast TX Housing Finance Corp, Mizuho 3a-7 (Series 2022-MIZ9116) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 3,000,000 | |
22,500,000 | Port Arthur Navigation District, TX IDC (Air Products & Chemicals, Inc.), (Series 2002) Weekly VRDNs, 3.450%, 12/6/2023 | 22,500,000 | |
97,000,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Daily VRDNs, 4.000%, 12/1/2023 | 97,000,000 | |
19,500,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2003) Daily VRDNs, 3.800%, 12/1/2023 | 19,500,000 | |
25,000,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2005) Daily VRDNs, 3.800%, 12/1/2023 | 25,000,000 | |
32,300,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2006) Daily VRDNs, 3.800%, 12/1/2023 | 32,300,000 | |
24,400,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Daily VRDNs, 3.800%, 12/1/2023 | 24,400,000 | |
29,000,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010A) Daily VRDNs, 4.000%, 12/1/2023 | 29,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Texas— continued | |||
$42,700,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, 4.000%, 12/1/2023 | $ 42,700,000 | |
49,050,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs, 4.000%, 12/6/2023 | 49,050,000 | |
85,400,000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs, 4.010%, 12/6/2023 | 85,400,000 | |
20,000,000 | San Antonio, TX Electric & Gas System, (2012 Series A), CP, 3.700%, Mandatory Tender 1/26/2024 | 20,000,000 | |
15,000,000 | Texas State Department of Housing & Community Affairs (Onion Creek Housing Partners Ltd.), (Series 2007) Weekly VRDNs, (FNMA LOC), 3.440%, 12/7/2023 | 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), 4.000%, 12/7/2023 | 20,000,000 | |
TOTAL | 562,280,299 | ||
Utah— 0.1% | |||
1,265,000 | Salt Lake City, UT Airport Revenue, (Series A), 5.000%, 7/1/2024 | 1,267,786 | |
1,000,000 | Salt Lake City, UT Airport Revenue, (Series A), 5.000%, 7/1/2024 | 1,005,662 | |
TOTAL | 2,273,448 | ||
Virginia— 0.5% | |||
5,745,000 | Chesapeake, VA Redevelopment and Housing Authority (Great Bridge Apartments LLC), BAML (3a-7) (Series 2023-BAML6014) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.480%, 12/7/2023 | 5,745,000 | |
15,000,000 | Virginia Small Business Financing Authority (Pure Salmon Virginia LLC), (Series 2022) TOBs, (United States Treasury COL), 5.000%, Mandatory Tender 11/15/2024 | 15,000,000 | |
TOTAL | 20,745,000 | ||
Washington— 0.6% | |||
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), 3.500%, Optional Tender 5/1/2024 | 2,860,000 | |
5,450,000 | Port of Seattle, WA Revenue, (Series 2018B), 5.000%, 5/1/2024 | 5,466,488 | |
11,000,000 | Port of Seattle, WA Revenue, 5.000%, 5/1/2024 | 11,033,279 | |
3,035,000 | Port of Seattle, WA Revenue, Intermediate Lien Revenue Bonds (Series 2019), 5.000%, 4/1/2024 | 3,046,295 | |
1,050,000 | Washington State Economic Development Finance Authority (Mesa Dairy, LLC), (Series 2007E) Weekly VRDNs, (BMO Bank, N.A. LOC), 3.500%, 12/7/2023 | 1,050,000 | |
TOTAL | 23,456,062 | ||
West Virginia— 1.4% | |||
58,920,000 | West Virginia State Hospital Finance Authority (Charleston Area Medical Center, Inc.), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 3.570%, 12/6/2023 | 58,920,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Wisconsin— 1.8% | |||
$ 1,260,000 | Maple, WI School District TRANs, 5.250%, 10/17/2024 | $ 1,266,334 | |
16,181,000 | 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), 3.670%, 12/7/2023 | 16,181,000 | |
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), 3.670%, 12/7/2023 | 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), 3.670%, 12/7/2023 | 5,945,000 | |
570,000 | West Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly VRDNs, (U.S. Bank, N.A. LOC), 3.610%, 12/7/2023 | 570,000 | |
1,930,000 | Wisconsin State Public Finance Authority (Birchwood Properties LP), (Series 2016) Weekly VRDNs, (FHLB of Des Moines LOC), 3.520%, 12/7/2023 | 1,930,000 | |
16,000,000 | Wisconsin State Public Finance Authority (Waste Management, Inc.), (Series A-2) TOBs, (Waste Management Holdings, Inc. GTD), 4.875%, Mandatory Tender 2/1/2024 | 16,000,000 | |
29,500,000 | Wisconsin State Public Finance Authority (Waste Management, Inc.), (Series A-3) TOBs, (Waste Management Holdings, Inc. GTD), 4.875%, Mandatory Tender 2/1/2024 | 29,500,000 | |
TOTAL | 72,807,334 | ||
TOTAL INVESTMENT IN SECURITIES—99.4% (AT AMORTIZED COST)2 | 4,116,883,191 | ||
OTHER ASSETS AND LIABILITIES - NET—0.6%3 | 23,252,663 | ||
TOTAL NET ASSETS—100% | $4,140,135,854 |
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 | |
COL | —Collateralized | |
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 | |
IDC | —Industrial Development Corporation | |
IDRBs | —Industrial Development Revenue Bonds | |
INS | —Insured | |
LIQ | —Liquidity Agreement | |
LLP | —Limited Liability Partnership | |
LOC | —Letter of Credit | |
MFH | —Multi-Family Housing | |
PCFA | —Pollution Control Financing Authority | |
PCRB | —Pollution Control Revenue Bond | |
PLC | —Public Limited Company | |
PUTTERs | —Puttable Tax-Exempt Receipts | |
TOBs | —Tender Option Bonds | |
TRANs | —Tax and Revenue Anticipation Notes | |
UT | —Unlimited Tax | |
VMTP | —Variable Municipal Term Preferred | |
VRDNs | —Variable Rate Demand Notes | |
VRENs | —Variable Rate Extendible Notes |
Six Months Ended (unaudited) 11/30/2023 | 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 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income2 | 0.018 | 0.023 | 0.001 | 0.001 | 0.012 | 0.013 | 0.011 |
Net realized gain (loss) | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.001 | 0.0003 | 0.0003 |
Total From Investment Operations | 0.018 | 0.023 | 0.001 | 0.001 | 0.013 | 0.013 | 0.011 |
Less Distributions: | |||||||
Distributions from net investment income | (0.018) | (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 | (0.000)3 |
Total Distributions | (0.018) | (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 | $1.00 |
Total Return4 | 1.86% | 2.34% | 0.12% | 0.13% | 1.27% | 1.27% | 1.12% |
Ratios to Average Net Assets: | |||||||
Net expenses5 | 0.21%6 | 0.21% | 0.19% | 0.21% | 0.21% | 0.21%6 | 0.21% |
Net investment income | 3.69%6 | 2.38% | 0.13% | 0.12% | 1.24% | 1.52%6 | 1.10% |
Expense waiver/ reimbursement7 | 0.09%6 | 0.09% | 0.11% | 0.09% | 0.09% | 0.09%6 | 0.10% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $3,414,638 | $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 numbers have been calculated using the average shares method. |
3 | Represents less than $0.001. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Assets: | |
Investment in securities, at amortized cost and fair value | $4,116,883,191 |
Cash | 433,147 |
Income receivable | 22,509,476 |
Receivable for investments sold | 11,576,115 |
Receivable for shares sold | 13,797,064 |
Total Assets | 4,165,198,993 |
Liabilities: | |
Payable for investments purchased | 19,675,754 |
Payable for shares redeemed | 3,989,275 |
Income distribution payable | 1,024,650 |
Payable for investment adviser fee (Note 4) | 13,146 |
Payable for administrative fee (Note 4) | 8,757 |
Payable for distribution services fee (Note 4) | 89,431 |
Payable for other service fees (Notes 2 and 4) | 124,595 |
Accrued expenses (Note 4) | 137,531 |
Total Liabilities | 25,063,139 |
Net assets for 4,140,146,667 shares outstanding | $4,140,135,854 |
Net Assets Consist of: | |
Paid-in capital | $4,140,126,357 |
Total distributable earnings (loss) | 9,497 |
Total Net Assets | $4,140,135,854 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Automated Shares: | |
$17,646,598 ÷ 17,646,644 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Shares: | |
$1,917,622 ÷ 1,917,627 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Wealth Shares: | |
$3,414,637,755 ÷ 3,414,646,683 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$183,457,967 ÷ 183,458,447 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash II Shares: | |
$56,047,289 ÷ 56,047,435 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash Series Shares: | |
$167,460,423 ÷ 167,460,861 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Capital Shares: | |
$298,968,200 ÷ 298,968,970 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |
Interest | $68,235,613 |
Expenses: | |
Investment adviser fee (Note 4) | 3,492,871 |
Administrative fee (Note 4) | 1,361,163 |
Custodian fees | 51,255 |
Transfer agent fees (Note 2) | 167,861 |
Directors’/Trustees’ fees (Note 4) | 7,594 |
Auditing fees | 14,090 |
Legal fees | 5,796 |
Portfolio accounting fees | 125,688 |
Distribution services fee (Note 4) | 680,164 |
Other service fees (Notes 2 and 4) | 719,660 |
Share registration costs | 127,439 |
Printing and postage | 22,801 |
Miscellaneous (Note 4) | 9,695 |
TOTAL EXPENSES | 6,786,077 |
Waivers and Reimbursement: | |
Waiver of investment adviser fee (Note 4) | (1,505,029) |
Waiver/reimbursement of other operating expenses (Notes 2 and 4) | (134,737) |
TOTAL WAIVERS AND REIMBURSEMENT | (1,639,766) |
Net expenses | 5,146,311 |
Net investment income | 63,089,302 |
Net realized gain on investments | 10,700 |
Change in net assets resulting from operations | $63,100,002 |
Six Months Ended (unaudited) 11/30/2023 | Year Ended 5/31/2023 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $63,089,302 | $64,701,315 |
Net realized gain (loss) | 10,700 | 955 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 63,100,002 | 64,702,270 |
Distributions to Shareholders: | ||
Automated Shares | (229,201) | (440,831) |
Investment Shares | (33,185) | (68,482) |
Wealth Shares | (51,038,974) | (50,565,796) |
Service Shares | (3,627,839) | (4,594,001) |
Cash II Shares | (865,761) | (1,087,067) |
Cash Series Shares | (2,755,119) | (3,221,215) |
Capital Shares | (4,542,525) | (4,793,228) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (63,092,604) | (64,770,620) |
Share Transactions: | ||
Proceeds from sale of shares | 3,619,012,439 | 7,058,692,521 |
Net asset value of shares issued to shareholders in payment of distributions declared | 58,455,324 | 59,807,000 |
Cost of shares redeemed | (2,624,929,670) | (7,243,912,415) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 1,052,538,093 | (125,412,894) |
Change in net assets | 1,052,545,491 | (125,481,244) |
Net Assets: | ||
Beginning of period | 3,087,590,363 | 3,213,071,607 |
End of period | $4,140,135,854 | $3,087,590,363 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Automated Shares | $4,162 | $— |
Investment Shares | 917 | — |
Wealth Shares | 31,372 | — |
Service Shares | 2,424 | — |
Cash II Shares | 27,881 | — |
Cash Series Shares | 98,218 | (28,804) |
Capital Shares | 2,887 | (2) |
TOTAL | $167,861 | $(28,806) |
Other Service Fees Incurred | |
Automated Shares | $15,035 |
Investment Shares | 2,629 |
Service Shares | 262,969 |
Cash II Shares | 72,463 |
Cash Series Shares | 240,036 |
Capital Shares | 126,528 |
TOTAL | $719,660 |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Automated Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 17,029 | $17,029 | 49,145 | $49,145 |
Shares issued to shareholders in payment of distributions declared | 227 | 227 | 439 | 439 |
Shares redeemed | (13,707) | (13,707) | (735,718) | (735,718) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | 3,549 | $3,549 | (686,134) | $(686,134) |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Investment Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 11,421 | $11,421 | 15,656 | $15,656 |
Shares issued to shareholders in payment of distributions declared | 33 | 33 | 68 | 68 |
Shares redeemed | (10,879) | (10,879) | (17,255) | (17,255) |
NET CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS | 575 | $575 | (1,531) | $(1,531) |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Wealth Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 2,925,630 | $2,925,630 | 5,433,953 | $5,433,953 |
Shares issued to shareholders in payment of distributions declared | 47,377 | 47,377 | 46,800 | 46,800 |
Shares redeemed | (1,930,129) | (1,930,129) | (4,881,158) | (4,881,158) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 1,042,878 | $1,042,878 | 599,595 | $599,595 |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Service Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 231,154 | $231,154 | 591,162 | $591,162 |
Shares issued to shareholders in payment of distributions declared | 2,761 | 2,761 | 3,547 | 3,547 |
Shares redeemed | (263,541) | (263,541) | (614,563) | (614,563) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (29,626) | $(29,626) | (19,854) | $(19,854) |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Cash II Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 18,748 | $18,748 | 47,329 | $47,329 |
Shares issued to shareholders in payment of distributions declared | 858 | 858 | 1,076 | 1,076 |
Shares redeemed | (22,502) | (22,502) | (61,304) | (61,304) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | (2,896) | $(2,896) | (12,899) | $(12,899) |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Cash Series Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 168,512 | $168,512 | 484,712 | $484,712 |
Shares issued to shareholders in payment of distributions declared | 2,738 | 2,738 | 3,171 | 3,171 |
Shares redeemed | (200,620) | (200,620) | (528,628) | (528,628) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | (29,370) | $(29,370) | (40,745) | $(40,745) |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Capital Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 246,518 | $246,518 | 436,735 | $436,735 |
Shares issued to shareholders in payment of distributions declared | 4,461 | 4,461 | 4,706 | 4,706 |
Shares redeemed | (183,551) | (183,551) | (405,286) | (405,286) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 67,428 | $67,428 | 36,155 | $36,155 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,052,538 | $1,052,538 | (125,413) | $(125,413) |
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 | $2,628 | $(315) |
Cash II Shares | 101,449 | — |
Cash Series Shares | 576,087 | (105,616) |
TOTAL | $680,164 | $(105,931) |
Beginning Account Value 6/1/2023 | Ending Account Value 11/30/2023 | Expenses Paid During Period1 | |
Actual | $1,000.00 | $1,018.60 | $1.06 |
Hypothetical (assuming a 5% return before expenses) | $1,000.00 | $1,023.95 | $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 183/366 (to reflect the one-half-year period). |
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Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
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Share Class | Ticker | Wealth | TBIXX | Advisor | TBVXX | Service | TBSXX |
Federated Hermes Tax-Free Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
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Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 78.5% |
Commercial Paper | 12.0% |
Municipal Notes | 9.8% |
Other Assets and Liabilities—Net2 | (0.3)% |
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 | 69.4% |
8-30 Days | 3.3% |
31-90 Days | 18.4% |
91-180 Days | 3.6% |
181 Days or more | 5.6% |
Other Assets and Liabilities—Net2 | (0.3)% |
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— 100.3% | ||
Alabama— 4.2% | |||
$ 38,225,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 3.700%, 12/1/2023 | $ 38,225,000 | |
36,065,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily VRDNs, 3.700%, 12/1/2023 | 36,065,000 | |
36,200,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 3.500%, 12/1/2023 | 36,200,000 | |
8,100,000 | Eutaw, AL Industrial Development Board PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 3.700%, 12/1/2023 | 8,100,000 | |
29,405,000 | Huntsville, AL Health Care Authority, (Series 2023-BAML5040) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.400%, 12/7/2023 | 29,405,000 | |
31,000,000 | Mobile, AL IDB (Alabama Power Co.), (First Series 2009: Barry Plant) Daily VRDNs, 3.700%, 12/1/2023 | 31,000,000 | |
TOTAL | 178,995,000 | ||
Alaska— 0.1% | |||
6,050,000 | Alaska State Housing Finance Corp., (Series 2007A) Weekly VRDNs, (Federal Home Loan Bank of Des Moines LIQ), 3.200%, 12/7/2023 | 6,050,000 | |
Arizona— 1.4% | |||
3,025,000 | Arizona State IDA (Marana Leased Housing Associates I, LLP), Tender Option Bond Trust Certificates (Series 2023-XF3174) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 3,025,000 | |
15,000,000 | Arizona State IDA (Skyline Education, Inc.), Tender Option Bond Trust Receipts (Series 2020-XF2862) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 15,000,000 | |
18,690,000 | Maricopa County, AZ, IDA (CG Lakewood Apartments, LLC), BAML (3A-7)(Series 2023-BAML6008) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.450%, 12/7/2023 | 18,690,000 | |
13,500,000 | Maricopa County, AZ, IDA (ML Casa V LP), BAML (3A-7) (Series 2023-BAML6009) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.450%, 12/7/2023 | 13,500,000 | |
9,225,000 | Maricopa County, AZ, IDA (Tramonto Apartments LLC), BAML(3A-7)(Series 2023-BAML6007) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.450%, 12/7/2023 | 9,225,000 | |
TOTAL | 59,440,000 | ||
Arkansas— 0.5% | |||
20,000,000 | Springdale, AR Sales & Use Revenue, Tender Option Bond Trust Receipts (Series 2023-XF1559) Daily VRDNs, (Build America Mutual Assurance INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.420%, 12/1/2023 | 20,000,000 | |
California— 8.8% | |||
52,755,000 | California Health Facilities Financing Authority (CommonSpirit Health), Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.600%, 12/7/2023 | 52,755,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 4,260,000 | California HFA (Residency at Empire I LP), Tender Option Bond Trust Receipts (Series 2023-XF3077) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | $ 4,260,000 | |
8,000,000 | California HFA Multi-Family (San Regis LLC), BAML 3a-7 (Series 2023-BAML6002) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.430%, 12/7/2023 | 8,000,000 | |
3,610,000 | California HFA, Mizuho 3a-7 (Series 2022-MIZ9097) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 3,610,000 | |
20,000,000 | California Municipal Finance Authority (Canoga Ave LP), BAML (3a-7) (Series 2023-BAML6004) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.430%, 12/7/2023 | 20,000,000 | |
13,500,000 | California Municipal Finance Authority (Montague Parkway Associates LP), MIZUHO 3A-7 (2020-MIZ9041) Daily VRDNs, (Federal Home Loan Mortgage Corp. GTD)/(Mizuho Bank Ltd. LIQ), 3.400%, 12/1/2023 | 13,500,000 | |
10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 3.800%, Mandatory Tender 2/13/2024 | 10,000,000 | |
11,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 3.390%, Mandatory Tender 12/6/2023 | 11,000,000 | |
9,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 3.600%, Mandatory Tender 12/13/2023 | 9,000,000 | |
980,000 | Federal Home Loan Mortgage Corp., PUTTERS (3A-7)(Series 3007DB) Daily VRDNs, (Federal Home Loan Mortgage Corp. GTD)/(JPMorgan Chase Bank, N.A. LIQ), 3.350%, 12/1/2023 | 980,000 | |
27,890,000 | Federal Home Loan Mortgage Corp., PUTTERs 3a-7 (Series 3005) Daily VRDNs, (Federal Home Loan Mortgage Corp. GTD)/(JPMorgan Chase Bank, N.A. LIQ), 3.350%, 12/1/2023 | 27,890,000 | |
13,000,000 | Los Angeles County, CA Housing Authority Multi Family Housing (The Solemint Heights Partnership), MIZUHO 3A-7 (Series 2020-MIZ9039) Daily VRDNs, (Federal Home Loan Mortgage Corp. GTD)/(Mizuho Bank Ltd. LIQ), 3.400%, 12/1/2023 | 13,000,000 | |
9,545,000 | Pimco California Municipal Income Fund, UBS ARPS TOB Trust (Series UA-7005) Weekly VRDNs, (UBS AG LIQ), 3.800%, 12/5/2023 | 9,545,000 | |
4,094,000 | Pimco California Municipal Income Fund, UBS ARPS TOB Trust (Series UA-7012) Weekly VRDNs, (UBS AG LOC), 3.800%, 12/4/2023 | 4,094,000 | |
10,810,000 | Pimco California Municipal Income Fund, UBS ARPS TOB Trust (Series UA-7019) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.500%, 12/7/2023 | 10,810,000 | |
2,900,000 | 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) Daily VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.500%, 12/1/2023 | 2,900,000 | |
23,000,000 | San Diego, CA Housing Authority (Scripps MRU Owner LP), BAML 3A-7(Series 2023-BAML6003) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.430%, 12/7/2023 | 23,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 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), 4.000%, 12/7/2023 | $ 62,200,000 | |
31,600,000 | San Francisco, CA City and County (1601 Mariposa Apartments), Mizuho 3a-7 (Series 2022-MIZ9095) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 31,600,000 | |
26,725,000 | 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), 3.700%, 12/7/2023 | 26,725,000 | |
28,625,000 | Sweetwater, CA Union High School District, Tender Option Bond Trust Receipts (Series 2022-XF1394) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.420%, 12/7/2023 | 28,625,000 | |
TOTAL | 373,494,000 | ||
Connecticut— 0.2% | |||
4,400,000 | Connecticut State Special Transportation Fund, RBC Muni Products (Series G-110) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.330%, 12/7/2023 | 4,400,000 | |
3,150,000 | Shelton, CT Housing Authority (Crosby Commons), (Series 1998) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 3.460%, 12/7/2023 | 3,150,000 | |
TOTAL | 7,550,000 | ||
District of Columbia— 0.3% | |||
11,880,000 | District of Columbia HFA, BAML (3a-7) (Series 2023-BAML6012) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.450%, 12/7/2023 | 11,880,000 | |
Florida— 8.4% | |||
16,240,000 | Alachua County, FL Health Facilities Authority (Shands Healthcare), (Series 2008A), CP, (Bank of America N.A. LOC), 3.800%, Mandatory Tender 12/11/2023 | 16,240,000 | |
15,440,000 | Broward County, FL HFA (Landings at Coconut Creek), BAML 3A-7 (Series 2023-BAML6006) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.450%, 12/7/2023 | 15,440,000 | |
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), 3.410%, 12/7/2023 | 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), 3.670%, 12/7/2023 | 5,980,000 | |
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), 3.670%, 12/7/2023 | 4,230,000 | |
33,000,000 | Highlands County, FL Health Facilities Authority (Advent Health System/Sunbelt Obligated Group), (Series D-2) Weekly VRDNs, 3.200%, 12/7/2023 | 33,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Florida— continued | |||
$ 2,655,000 | Hillsborough County, FL Solid Waste & Resource Recovery, RBC Muni Products (Series G-41) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.330%, 12/7/2023 | $ 2,655,000 | |
30,960,000 | Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1994), CP, 3.950%, Mandatory Tender 2/5/2024 | 30,960,000 | |
25,000,000 | JEA, FL Electric System, (Series 2008C-3), CP, (Royal Bank of Canada LIQ), 3.750%, Mandatory Tender 12/7/2023 | 25,000,000 | |
11,975,000 | JEA, FL Electric System, (Series Three 2008C-1: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.220%, 12/7/2023 | 11,975,000 | |
21,525,000 | JEA, FL Electric System, (Series Three 2008C-2: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.220%, 12/7/2023 | 21,525,000 | |
14,500,000 | Martin County, FL (Florida Power & Light Co.), (Series 2022) Weekly VRDNs, 3.400%, 12/7/2023 | 14,500,000 | |
14,557,964 | Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 (2021-MIZ9072) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 14,557,964 | |
1,245,000 | Miami-Dade County, FL HFA (Superior Manor Phase II LLC), Mizuho 3a-7 (2022-MIZ9087) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 1,245,000 | |
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), 3.700%, 12/7/2023 | 24,875,000 | |
52,440,000 | Palm Beach County, FL Health Facilities Authority (Morselife Obligated Group), GOLDEN BLUE 3A-7(Series 2023-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.650%, 12/7/2023 | 52,440,000 | |
16,500,000 | Polk County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs, 3.600% (SIFMA 7-day +0.300%), 12/7/2023 | 16,500,000 | |
51,160,000 | St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 3.650%, 12/1/2023 | 51,160,000 | |
6,440,000 | Tolomato Community Development District, FL, Tender Option Bond Trust Certificates (Series 2022-XL0297) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 3.420%, 12/7/2023 | 6,440,000 | |
7,500,000 | West Palm Beach, FL, Utility System Variable Rate Revenue Bonds (Series 2008C) Weekly VRDNs, (Assured Guaranty Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.420%, 12/6/2023 | 7,500,000 | |
TOTAL | 359,937,964 | ||
Georgia— 3.3% | |||
46,300,000 | Brookhaven Development Authority, GA (Children’s Healthcare of Atlanta, Inc.), (Series 2019D) Weekly VRDNs, (Truist Bank LIQ), 3.450%, 12/7/2023 | 46,300,000 | |
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), 3.670%, 12/7/2023 | 21,875,000 | |
21,700,000 | Fulton County, GA Development Authority (Sheperd Center, Inc.), (Series 2009) Weekly VRDNs, (Truist Bank LOC), 3.350%, 12/6/2023 | 21,700,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Georgia— continued | |||
$ 14,000,000 | Monroe County, GA Development Authority (Florida Power & Light Co.), Pollution Control Revenue Bonds (First Series 2002) Weekly VRDNs, 3.650%, 12/6/2023 | $ 14,000,000 | |
13,680,000 | Municipal Electric Authority of Georgia, (Series 2022-XG0417) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 3.410%, 12/7/2023 | 13,680,000 | |
21,825,000 | Municipal Electric Authority of Georgia, Tender Option Bond Trust Receipts (Series 2023-XG0462) Daily VRDNs, (Build America Mutual Assurance INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.420%, 12/1/2023 | 21,825,000 | |
TOTAL | 139,380,000 | ||
Idaho— 0.2% | |||
8,000,000 | Idaho Health Facilities Authority (Trinity Healthcare Credit Group), (Series 2013ID) TOBs, 3.250%, Mandatory Tender 2/1/2024 | 8,000,000 | |
Illinois— 4.7% | |||
5,685,000 | Aurora, IL Economic Development Revenue (Aurora University), (Series 2019) Weekly VRDNs, (BMO Bank, N.A. LOC), 3.310%, 12/7/2023 | 5,685,000 | |
600,000 | Chicago, IL Multi-Family Housing Revenue (Churchview Manor Senior Apartments), (Series 2012) Weekly VRDNs, (BMO Bank, N.A. LOC), 3.800%, 12/7/2023 | 600,000 | |
10,200,000 | Chicago, IL Park District, Tender Option Bond Trust Certificate(Series 2015-XF2111) Weekly VRDNs, (Build America Mutual Assurance INS)/(Citibank N.A., New York LIQ), 3.400%, 12/7/2023 | 10,200,000 | |
6,135,000 | Chicago, IL Transit Authority, Tender Option Bond Trust Certificate(Series 2022-XL0425) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 3.420%, 12/7/2023 | 6,135,000 | |
25,790,000 | Chicago, IL Transit Authority, Tender Option Bond Trust Receipts (2015-XF0232) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 3.420%, 12/7/2023 | 25,790,000 | |
4,605,000 | Chicago, IL Wastewater Transmission, Tender Option Bond Trust Certificates (2023-ZL0476) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 3.420%, 12/7/2023 | 4,605,000 | |
7,500,000 | Chicago, IL Water Revenue, (Series 2023-XM1112) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 3.380%, 12/7/2023 | 7,500,000 | |
6,765,000 | Chicago, IL Water Revenue, Tender Option Bond Trust Receipts (2023-XM1118) Daily VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.500%, 12/1/2023 | 6,765,000 | |
68,750,000 | Illinois Finance Authority (Carle Foundation), BAML 3A-7 (Series 2023-BAML5045) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.380%, 12/7/2023 | 68,750,000 | |
9,750,000 | Illinois Finance Authority (UChicago Medicine), (Series 2009D-1) Daily VRDNs, (TD Bank, N.A. LOC), 3.200%, 12/1/2023 | 9,750,000 | |
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), 3.380%, 12/7/2023 | 8,780,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Illinois— continued | |||
$ 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), 3.380%, 12/7/2023 | $ 41,250,000 | |
6,900,000 | Sales Tax Securitization Corp., IL, Tender Option Bond Trust Certificates (Series 2022-XL0294) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Build America Mutual Assurance INS), 3.400%, 12/7/2023 | 6,900,000 | |
TOTAL | 202,710,000 | ||
Indiana— 0.3% | |||
12,140,000 | Indiana State Finance Authority Environmental (Ispat Inland, Inc.), (Series 2005) Weekly VRDNs, (Cooperatieve Rabobank UA LOC), 3.550%, 12/6/2023 | 12,140,000 | |
Kentucky— 0.4% | |||
16,435,000 | Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 3.740%, 12/1/2023 | 16,435,000 | |
Louisiana— 5.6% | |||
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), 3.700%, 12/6/2023 | 910,000 | |
21,550,000 | Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2004) Weekly VRDNs, 3.400%, 12/6/2023 | 21,550,000 | |
39,100,000 | Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2010) Weekly VRDNs, 3.150%, 12/6/2023 | 39,100,000 | |
40,000,000 | Louisiana Public Facilities Authority (Louisiana Children’s Medical Center), (Series 2023-BAML5041) Daily VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.400%, 12/1/2023 | 40,000,000 | |
5,387,692 | 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), 3.700%, 12/7/2023 | 5,387,692 | |
40,000,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (Nucor Corp. GTD), 3.660%, 12/6/2023 | 40,000,000 | |
93,255,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 3.500%, 12/6/2023 | 93,255,000 | |
TOTAL | 240,202,692 | ||
Maryland— 3.4% | |||
3,960,000 | Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.500%, Optional Tender 1/2/2024 | 3,960,000 | |
4,190,000 | 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), 3.650%, 12/7/2023 | 4,190,000 | |
27,000,000 | Maryland State Economic Development Corp. (929 N Wolfe Street LLC), Tender Option Bond Trust Receipts (Series 2022-XF3015) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 3.670%, 12/7/2023 | 27,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Maryland— continued | |||
$ 10,800,000 | Maryland State Health & Higher Educational Facilities Authority, (Series 1985A) Weekly VRDNs, (TD Bank, N.A. LOC), 3.370%, 12/6/2023 | $ 10,800,000 | |
3,800,000 | Maryland State Stadium Authority (Baltimore City Public School Construction Financing Fund), RBC Muni Products (Series 2023 G-122) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.330%, 12/7/2023 | 3,800,000 | |
52,410,000 | Montgomery County, MD (Trinity Healthcare Credit Group), (Series 2013MD) TOBs, 3.810%, Mandatory Tender 12/1/2023 | 52,410,000 | |
45,000,000 | Montgomery County, MD, (2010 Series B), CP, 3.750%, Mandatory Tender 12/21/2023 | 45,000,000 | |
TOTAL | 147,160,000 | ||
Massachusetts— 0.3% | |||
13,200,000 | Massachusetts Development Finance Agency (Residences at Fifty West Broadway LLC), BAML 3A-7 (Series 2023-BAML6005) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.450%, 12/7/2023 | 13,200,000 | |
Michigan— 2.0% | |||
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), 3.400%, 12/7/2023 | 4,000,000 | |
23,400,000 | Michigan State Building Authority, (Series I) VRENs, 3.410%, 12/1/2023 | 23,400,000 | |
21,200,000 | Michigan State Building Authority, (Series III) VRENs, 3.410%, 12/1/2023 | 21,200,000 | |
31,060,000 | Michigan State Finance Authority (Trinity Healthcare Credit Group), (Series 2013MI-1) TOBs, 3.810%, Mandatory Tender 12/1/2023 | 31,060,000 | |
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), 3.400%, 12/7/2023 | 4,000,000 | |
TOTAL | 83,660,000 | ||
Minnesota— 1.0% | |||
3,900,000 | Bloomington, MN (Bristol Village Apartments), BAML 3A-7 (Series 2023-BAML6016) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.420%, 12/7/2023 | 3,900,000 | |
24,627,273 | Dakota County, MN Community Development Agency, (Series 2022-XF3050) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 24,627,273 | |
15,000,000 | Rochester, MN Health Care Facility Authority (Mayo Clinic), (Series 2014), CP, 3.800%, Mandatory Tender 1/9/2024 | 15,000,000 | |
TOTAL | 43,527,273 | ||
Mississippi— 1.2% | |||
9,500,000 | Mississippi Business Finance Corp. (Florida Power & Light Co.), (1st Series 2019) Weekly VRDNs, 3.400%, 12/6/2023 | 9,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Mississippi— continued | |||
$ 2,280,000 | Mississippi Business Finance Corp. (Tri-State Truck Center, Inc.), (Series 2008) Weekly VRDNs, (Regions Bank LOC), 3.450%, 12/7/2023 | $ 2,280,000 | |
8,565,000 | Mississippi Hospital Equipment & Facilities Authority (Baptist Memorial Healthcare), BAML 3A-7 (Series 2023-BAML5026) Daily VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.400%, 12/1/2023 | 8,565,000 | |
30,600,000 | Perry County, MS (Leaf River Cellulose LLC), (Series 2021) Weekly VRDNs, (Georgia-Pacific LLC GTD), 3.360%, 12/7/2023 | 30,600,000 | |
TOTAL | 50,945,000 | ||
Missouri— 0.8% | |||
7,000,000 | Kansas City, MO IDA (Paige Point Townhomes), MIZUHO 3A-7 (Series 2023-MIZ9154) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 7,000,000 | |
959,002 | Kansas City, MO Planned Industrial Expansion Authority (EPD3 Ridgeview LP), Mizuho 3a-7 (2022-MIZ9086) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 959,002 | |
3,306,621 | Lees Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 3,306,621 | |
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), 3.500%, Mandatory Tender 12/1/2023 | 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), 3.350%, 12/7/2023 | 10,000,000 | |
10,000,000 | St. Louis County, MO IDA (Hawkins Village Associates LLC), Mizuho 3A-7 (Series 2023-MIZ9153) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 10,000,000 | |
TOTAL | 33,485,623 | ||
Multi-State— 9.9% | |||
116,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) MuniFund Preferred Shares Weekly VRDPs, (Societe Generale, Paris LIQ), 3.360%, 12/7/2023 | 116,000,000 | |
79,200,000 | Nuveen AMT-Free Quality Municipal Income Fund, (Series C) Weekly VRDPs, (Societe Generale, Paris LIQ), 3.360%, 12/7/2023 | 79,200,000 | |
88,400,000 | Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, (Series 2) MuniFund Preferred Shares Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 3.360%, 12/7/2023 | 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), 3.350%, 12/7/2023 | 25,000,000 | |
11,546,000 | PIMCO Municipal Income Fund, UBS ARPS TOB Trust(Series UA-7010) Weekly VRDNs, (UBS AG LIQ), 3.850%, 12/5/2023 | 11,546,000 | |
12,650,000 | PIMCO Municipal Income Fund, UBS ARPS TOB Trust (Series UA-7013) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.850%, 12/6/2023 | 12,650,000 | |
25,850,000 | PIMCO Municipal Income Fund II, UBS ARPS TOB Trust (Series UA-7001) Weekly VRDNs, (UBS AG LIQ), 3.550%, 12/7/2023 | 25,850,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Multi-State— continued | |||
$ 23,000,000 | PIMCO Municipal Income Fund II, UBS ARPS TOB Trust (Series UA-7004) Weekly VRDNs, (UBS AG LIQ), 3.850%, 12/5/2023 | $ 23,000,000 | |
18,400,000 | PIMCO Municipal Income Fund II, UBS ARPS TOB Trust (Series UA-7020) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.850%, 12/4/2023 | 18,400,000 | |
8,050,000 | PIMCO Municipal Income Fund III, UBS ARPS TOB Trust(Series UA-7006) Weekly VRDNs, (UBS AG LIQ), 3.850%, 12/5/2023 | 8,050,000 | |
12,420,000 | PIMCO Municipal Income Fund III, UBS ARPS TOB Trust (Series UA-7016) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.550%, 12/7/2023 | 12,420,000 | |
TOTAL | 420,516,000 | ||
Nebraska— 0.5% | |||
21,600,000 | Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 3.330%, 12/7/2023 | 21,600,000 | |
New Jersey— 3.7% | |||
6,945,000 | Bloomfield Township, NJ BANs, 4.500%, 3/20/2024 | 6,951,130 | |
7,360,000 | Bogota, NJ BANs, 4.000%, 4/12/2024 | 7,370,838 | |
11,805,000 | Clark Township, NJ BANs, 4.250%, 8/16/2024 | 11,841,187 | |
2,285,714 | Colts Neck Township, NJ BANs, 4.250%, 3/15/2024 | 2,288,581 | |
6,692,000 | Essex Fells, NJ BANs, 4.750%, 6/6/2024 | 6,717,070 | |
3,614,000 | Fairfield Township, NJ BANs, 4.500%, 6/11/2024 | 3,623,249 | |
8,741,304 | Fanwood, NJ BANs, 4.250%, 3/1/2024 | 8,750,826 | |
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), 3.420%, 12/7/2023 | 20,940,000 | |
1,619,617 | Harding Township, NJ BANs, 4.500%, 8/16/2024 | 1,625,122 | |
4,840,000 | Hightstown Borough, NJ BANs, 4.250%, 6/27/2024 | 4,848,602 | |
4,242,000 | Ho-Ho-Kus, NJ BANs, 4.250%, 5/3/2024 | 4,251,279 | |
4,000,000 | Holmdel Township, NJ BANs, 4.500%, 9/23/2024 | 4,013,381 | |
3,347,676 | Mountain Lakes, NJ BANs, 4.500%, 10/11/2024 | 3,357,354 | |
4,000,000 | New Jersey Turnpike Authority, RBC Muni Products (Series G-119) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.480%, Optional Tender 1/2/2024 | 4,000,000 | |
7,040,100 | North Plainfield, NJ BANs, 4.750%, 11/27/2024 | 7,090,931 | |
7,149,000 | Norwood, NJ BANs, 4.500%, 7/12/2024 | 7,172,998 | |
3,200,000 | Pequannock Township, NJ BANs, 4.500%, 4/4/2024 | 3,206,358 | |
3,677,877 | Ridgefield, NJ BANs, 4.500%, 7/16/2024 | 3,684,572 | |
3,113,000 | Riverside Township, NJ BANs, 4.250%, 5/10/2024 | 3,117,788 | |
3,973,835 | Runnemede, NJ BANs, 4.500%, 6/20/2024 | 3,986,481 | |
9,900,000 | Scotch Plains Township, NJ BANs, 4.000%, 1/19/2024 | 9,907,737 | |
5,131,000 | Summit, NJ BANs, 4.750%, 7/18/2024 | 5,146,635 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New Jersey— continued | |||
$ 9,500,000 | Upper Saddle River, NJ BANs, 4.250%, 3/22/2024 | $ 9,517,082 | |
8,324,000 | Upper Saddle River, NJ BANs, 4.250%, 3/22/2024 | 8,333,323 | |
5,476,000 | Vernon Township, NJ BANs, 4.250%, 8/23/2024 | 5,484,977 | |
TOTAL | 157,227,501 | ||
New Mexico— 0.1% | |||
6,465,000 | 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), 3.650%, 12/7/2023 | 6,465,000 | |
New York— 6.2% | |||
2,750,000 | Albany, NY IDA (Renaissance Corporation of Albany), (Series 2004) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 3.460%, 12/7/2023 | 2,750,000 | |
4,560,000 | Dundee, NY Central School District BANs, 4.500%, 6/21/2024 | 4,575,825 | |
7,610,000 | Forestville, NY Central School District BANs, 4.500%, 7/10/2024 | 7,637,077 | |
8,340,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2022-XX1236) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 3.420%, 12/7/2023 | 8,340,000 | |
6,705,000 | Monroe Village, NY BANs, 4.500%, 11/20/2024 | 6,739,989 | |
14,000,000 | New Hartford, NY Central School District BANs, 4.500%, 6/28/2024 | 14,047,121 | |
3,445,000 | New Windsor, NY BANs, 4.500%, 6/28/2024 | 3,458,121 | |
10,000,000 | New York City, NY Transitional Finance Authority, (Series 2023-MS0019) TOBs, (Morgan Stanley Bank, N.A. LIQ), 3.450%, Mandatory Tender 1/25/2024 | 10,000,000 | |
4,500,000 | New York City, NY Transitional Finance Authority, Fiscal 2003 (Series A-4) Daily VRDNs, (TD Bank, N.A. LIQ), 3.200%, 12/1/2023 | 4,500,000 | |
6,275,000 | New York City, NY, (Subseries D-4) Daily VRDNs, (TD Bank, N.A. LOC), 3.200%, 12/1/2023 | 6,275,000 | |
3,220,000 | New York State Dormitory Authority (Blythedale Children’s Hospital), (Series 2009) Weekly VRDNs, (TD Bank, N.A. LOC), 3.320%, 12/7/2023 | 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), 3.420%, 12/7/2023 | 3,000,000 | |
83,795,000 | New York State HFA (42nd and 10th Street Associates LLC), 3A-7 HIGH GRADE TRUST (Series 2022-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.650%, 12/7/2023 | 83,795,000 | |
5,850,000 | New York State Thruway Authority, Tender Option Bond Certificates (Series 2022-XL0312) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 3.450%, 12/7/2023 | 5,850,000 | |
15,000,000 | New York State Urban Development Corp. (New York State), MS 3A-7(Series 2023-MS0021) TOBs, (Morgan Stanley Bank, N.A. LIQ), 3.450%, Optional Tender 2/1/2024 | 15,000,000 | |
40,900,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Royal Bank of Canada LIQ), 3.350%, 12/7/2023 | 40,900,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 2,028,000 | PIMCO New York Municipal Income Fund II, UBS ARPS TOB Trust (Series UA-7008) Weekly VRDNs, (UBS AG LOC), 3.800%, 12/4/2023 | $ 2,028,000 | |
8,050,000 | PIMCO New York Municipal Income Fund III, UBS ARPS TOB Trust (Series UA-7007) Weekly VRDNs, (UBS AG LIQ), 3.800%, 12/5/2023 | 8,050,000 | |
7,337,000 | PIMCO New York Municipal Income Fund III, UBS ARPS TOB Trust (Series UA-7018) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.500%, 12/7/2023 | 7,337,000 | |
20,000,000 | Troy, NY Enlarged CSD BANs, 5.000%, 6/7/2024 | 20,114,329 | |
5,171,000 | Webutuck (Northeast), NY Central School District BANs, 4.750%, 6/21/2024 | 5,197,243 | |
TOTAL | 262,814,705 | ||
North Carolina— 0.8% | |||
21,905,000 | University of North Carolina at Chapel Hill (University of North Carolina Hospitals), (Series 2001A) Daily VRDNs, (TD Bank, N.A. LIQ), 3.200%, 12/1/2023 | 21,905,000 | |
13,020,000 | University of North Carolina at Chapel Hill (University of North Carolina Hospitals), (Series 2001B) Daily VRDNs, (TD Bank, N.A. LIQ), 3.200%, 12/1/2023 | 13,020,000 | |
TOTAL | 34,925,000 | ||
Ohio— 6.1% | |||
41,705,000 | Franklin County, OH Hospital Facility Authority (Nationwide Children’s Hospital), (Series 2008B) Weekly VRDNs, 3.100%, 12/7/2023 | 41,705,000 | |
10,000,000 | Franklin County, OH Mortgage Revenue (Trinity Healthcare Credit Group), (Series 2013OH) TOBs, 4.300%, Mandatory Tender 2/1/2024 | 10,000,000 | |
33,180,000 | Hamilton County, OH (Block 3 Community Urban Redevelopment Corporation), (Series 2004) Weekly VRDNs, (Citizens Bank, N.A. LOC), 3.380%, 12/7/2023 | 33,180,000 | |
17,473,000 | Huber Heights, OH BANs, 4.875%, 11/7/2024 | 17,563,053 | |
4,450,000 | Lorain County, OH BANs, 4.125%, 5/2/2024 | 4,458,148 | |
2,000,000 | Lucas County, OH BANs, 4.375%, 10/11/2024 | 2,006,196 | |
15,965,000 | Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.600%, 12/7/2023 | 15,965,000 | |
6,500,000 | Montgomery, OH BANs, 4.500%, 6/12/2024 | 6,519,865 | |
7,155,000 | Newark, OH BANs, 4.625%, 9/21/2024 | 7,186,834 | |
2,090,000 | Newark, OH, (Series A) BANs, 4.500%, 3/22/2024 | 2,093,383 | |
3,400,000 | North Olmsted, OH BANs, 4.750%, 6/26/2024 | 3,415,791 | |
3,895,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2013B-2) Daily VRDNs, (Bank of New York Mellon, N.A. LIQ), 3.200%, 12/1/2023 | 3,895,000 | |
5,150,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series B-5), CP, 3.650%, Mandatory Tender 12/1/2023 | 5,150,000 | |
40,550,000 | Ohio State Hospital Revenue (Cleveland Clinic), BAML (3A-7) (Series 2023-BAML5044) Daily VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.400%, 12/1/2023 | 40,550,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Ohio— continued | |||
$ 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), 3.340%, 12/7/2023 | $ 4,285,000 | |
31,395,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Barclays Golden Blue (Series 2020-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.600%, 12/7/2023 | 31,395,000 | |
12,000,000 | Ohio State University, (Series 2023 D-2) Weekly VRDNs, 3.200%, 12/6/2023 | 12,000,000 | |
15,000,000 | Ohio State Water Development Authority, CP, (TD Bank, N.A. LIQ), 3.600%, Mandatory Tender 12/5/2023 | 15,000,000 | |
4,800,000 | Strongsville, OH BANs, 4.500%, 6/7/2024 | 4,819,111 | |
TOTAL | 261,187,381 | ||
Oregon— 0.6% | |||
10,000,000 | Oregon State Department of Transportation, (Series A-1), CP, (Wells Fargo Bank, N.A. LOC), 3.840%, Mandatory Tender 1/10/2024 | 10,000,000 | |
15,000,000 | Oregon State Department of Transportation, (Series A-2), CP, (Bank of Montreal LOC), 3.700%, Mandatory Tender 1/3/2024 | 15,000,000 | |
TOTAL | 25,000,000 | ||
Pennsylvania— 1.9% | |||
6,400,000 | Allegheny County, PA Hospital Development Authority (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 3.440%, 12/7/2023 | 6,400,000 | |
1,890,000 | Chester County, PA HEFA (Tel Hai Obligated Group Project), (Series of 2009) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 3.400%, 12/7/2023 | 1,890,000 | |
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), 3.500%, Optional Tender 1/2/2024 | 11,995,000 | |
12,605,000 | Pennsylvania State Turnpike Commission, (Series 2022-ZL0364) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.450%, 12/7/2023 | 12,605,000 | |
10,000,000 | Pennsylvania State Turnpike Commission, (Series B of 2023) Weekly VRDNs, (TD Bank, N.A. LOC), 3.250%, 12/7/2023 | 10,000,000 | |
14,000,000 | Pennsylvania State Turnpike Commission, (Series of 2020) Weekly VRDNs, (TD Bank, N.A. LOC), 3.250%, 12/7/2023 | 14,000,000 | |
601,428 | 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), 3.700%, 12/7/2023 | 601,428 | |
9,505,000 | Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 3.260%, 12/7/2023 | 9,505,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Pennsylvania— continued | |||
$ 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), 3.380%, 12/7/2023 | $ 14,000,000 | |
TOTAL | 80,996,428 | ||
South Carolina— 0.4% | |||
2,000,000 | South Carolina Jobs-EDA (BTH Greenville I LLC), Tender Option Bond Trust Certificates (Series 2022-XF3075) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 2,000,000 | |
9,000,000 | 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), 3.420%, 12/7/2023 | 9,000,000 | |
6,670,000 | South Carolina Transportation Infrastructure Bank, Tender Option Bond Trust Receipts (Series G-109) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.330%, 12/7/2023 | 6,670,000 | |
TOTAL | 17,670,000 | ||
Tennessee— 7.8% | |||
14,190,000 | Blount County, TN Public Building Authority (Knox County, TN), (Series C-3-A) Weekly VRDNs, (Truist Bank LIQ), 3.360%, 12/7/2023 | 14,190,000 | |
12,600,000 | Blount County, TN Public Building Authority (Monroe County, TN), (Series E-7-A) Weekly VRDNs, (Truist Bank LOC), 3.360%, 12/6/2023 | 12,600,000 | |
34,000,000 | Johnson City, TN Health & Education Facilities Board (Ballad Health), (Series 2022B) Weekly VRDNs, (Truist Bank LOC), 3.340%, 12/7/2023 | 34,000,000 | |
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 | |
50,000,000 | Metropolitan Government Nashville & Davidson County, TN (Metropolitan Government Nashville & Davidson County, TN Water & Sewer), (Series 2022A), CP, (TD Bank, N.A. LOC), 3.620%, Mandatory Tender 12/18/2023 | 50,000,000 | |
34,000,000 | Metropolitan Government Nashville & Davidson County, TN (Metropolitan Government Nashville & Davidson County, TN Water & Sewer), (Series 2022A), CP, (TD Bank, N.A. LOC), 3.900%, Mandatory Tender 1/11/2024 | 34,000,000 | |
2,150,000 | Metropolitan Government Nashville & Davidson County, TN HEFA (Meharry Medical College), (Series 2009) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 3.740%, 12/1/2023 | 2,150,000 | |
25,000,000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 4.050%, Mandatory Tender 1/16/2024 | 25,000,000 | |
28,600,000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 4.000%, Mandatory Tender 1/3/2024 | 28,600,000 | |
10,000,000 | Metropolitan Government Nashville & Davidson County, TN, (Series 2021 B-1), CP, 3.680%, Mandatory Tender 12/28/2023 | 10,000,000 | |
20,000,000 | Metropolitan Government Nashville & Davidson County, TN, (Series 2021 B-1), CP, 3.900%, Mandatory Tender 2/14/2024 | 20,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Tennessee— continued | |||
$ 14,000,000 | Metropolitan Government Nashville & Davidson County, TN, (Series 2021 B-1), CP, 3.950%, Mandatory Tender 1/23/2024 | $ 14,000,000 | |
7,000,000 | Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs, (Truist Bank LOC), 3.360%, 12/7/2023 | 7,000,000 | |
11,745,000 | 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), 3.350%, 12/1/2023 | 11,745,000 | |
31,500,000 | 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), 3.350%, 12/1/2023 | 31,500,000 | |
36,615,000 | 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), 3.400%, 12/1/2023 | 36,615,000 | |
TOTAL | 334,400,000 | ||
Texas— 11.5% | |||
5,680,000 | Brazos County, TX Housing Finance Corp (Bryan Leased Housing Associates), Tender Option Bond Trust Certificates (Series 2023-XF3129) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 5,680,000 | |
4,500,000 | Capital Area Housing Finance Corp., TX (Madison at Dell Ranch Apartments), BAML 3A-7(Series 2023-BAML6015) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.420%, 12/7/2023 | 4,500,000 | |
7,205,000 | Capital Area Housing Finance Corp., TX (MLVI Martha’s Vineyard Apartments, LLC), (Series 2023-BAML6013) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.430%, 12/7/2023 | 7,205,000 | |
3,060,000 | El Paso, TX Housing Finance Corp., Mizuho 3A-7 (2022-MIZ9104) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 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), 3.500%, Optional Tender 3/1/2024 | 3,800,000 | |
10,000,000 | Garland, TX Water & Sewer System, (Series 2015), CP, (Sumitomo Mitsui Banking Corp. LOC), 3.949%, Mandatory Tender 1/22/2024 | 10,000,000 | |
30,000,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP, 3.200%, Mandatory Tender 12/1/2023 | 30,000,000 | |
39,700,000 | Houston, TX Combined Utility System, (First LienRevenue Bonds, Series 2012A) Weekly VRDNs, (TD Bank, N.A. LIQ), 3.400%, 12/7/2023 | 39,700,000 | |
16,855,000 | Houston, TX Combined Utility System, (Series 2018 C) Weekly VRDNs, (Barclays Bank PLC LOC), 3.390%, 12/7/2023 | 16,855,000 | |
10,000,000 | Houston, TX Higher Education Finance Corp. (Rice University), (Series A), CP, 3.850%, Mandatory Tender 12/18/2023 | 10,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Texas— continued | |||
$ 8,180,000 | Houston, TX Higher Education Finance Corp. (Rice University), (Series A), CP, 3.900%, Mandatory Tender 1/17/2024 | $ 8,180,000 | |
10,000,000 | Houston, TX Higher Education Finance Corp. (Rice University), (Series A), CP, 3.900%, Mandatory Tender 1/17/2024 | 10,000,000 | |
4,900,000 | Houston, TX Higher Education Finance Corp. (Rice University), (Series A), CP, 3.900%, Mandatory Tender 1/18/2024 | 4,900,000 | |
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), 3.410%, 12/7/2023 | 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), 3.700%, 12/7/2023 | 3,650,000 | |
25,000,000 | Port Arthur Navigation District, TX IDC (TOTAL Petrochemicals & Refining USA, Inc.), (Series 2010A) Weekly VRDNs, (TotalEnergies SE GTD), 3.200%, 12/6/2023 | 25,000,000 | |
44,700,000 | Port Arthur Navigation District, TX IDC (TOTAL Petrochemicals & Refining USA, Inc.), (Series 2012) Weekly VRDNs, (TotalEnergies SE GTD), 3.200%, 12/6/2023 | 44,700,000 | |
7,600,000 | Port Arthur Navigation District, TX IDC (TOTAL Petrochemicals & Refining USA, Inc.), (Series 2012B) Weekly VRDNs, (TotalEnergies SE GTD), 3.570%, 12/6/2023 | 7,600,000 | |
11,700,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002B) Daily VRDNs, 3.700%, 12/1/2023 | 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), 3.200%, 12/6/2023 | 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), 3.570%, 12/6/2023 | 41,000,000 | |
20,000,000 | San Antonio, TX Electric & Gas System, (2012 Series A), CP, 3.700%, Mandatory Tender 1/26/2024 | 20,000,000 | |
30,000,000 | San Antonio, TX Electric & Gas System, (2012 Series A), CP, 4.050%, Mandatory Tender 3/27/2024 | 30,000,000 | |
8,750,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Care System), (Series 2011C) Daily VRDNs, (TD Bank, N.A. LOC), 3.200%, 12/1/2023 | 8,750,000 | |
15,570,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), (Series 2008A) Daily VRDNs, (TD Bank, N.A. LOC), 3.200%, 12/1/2023 | 15,570,000 | |
56,000,000 | Texas State, Veterans Bonds (Series 2020) Weekly VRDNs, (Federal Home Loan Bank of Dallas LIQ), 3.250%, 12/6/2023 | 56,000,000 | |
10,390,000 | Texas State, Veterans Bonds (Series 2021) Weekly VRDNs, (Federal Home Loan Bank of Dallas LIQ), 3.350%, 12/6/2023 | 10,390,000 | |
20,000,000 | Texas State, Veterans Bonds (Series 2022) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 3.350%, 12/6/2023 | 20,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Texas— continued | |||
$ 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), 4.000%, 12/7/2023 | $ 11,750,000 | |
TOTAL | 489,605,000 | ||
Virginia— 1.1% | |||
5,500,000 | Albemarle County, VA Economic Development Authority (Sentara Health Systems Obligation Group), (Series 2018B) Daily VRDNs, (TD Bank, N.A. LIQ), 3.200%, 12/1/2023 | 5,500,000 | |
1,155,000 | Fairfax County, VA EDA (Young Men’s Christian Association of Metropolitan Washington), (Series 2001) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 3.760%, 12/1/2023 | 1,155,000 | |
25,000,000 | Harrisonburg, VA Economic Development Authority (Sentara Health Systems Obligation Group), (Series 2023) Weekly VRDNs, (U.S. Bank, N.A. LOC), 3.300%, 12/6/2023 | 25,000,000 | |
655,000 | Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), (Series 2017C) Weekly VRDNs, (Truist Bank LOC), 3.360%, 12/7/2023 | 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), 3.340%, 12/7/2023 | 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), 3.340%, 12/7/2023 | 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), 3.620%, 12/7/2023 | 2,000,000 | |
TOTAL | 45,310,000 | ||
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), 3.500%, Optional Tender 5/1/2024 | 3,000,000 | |
West Virginia— 0.8% | |||
5,815,000 | West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 3.360%, 12/7/2023 | 5,815,000 | |
29,280,000 | West Virginia State Hospital Finance Authority (Charleston Area Medical Center, Inc.), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 3.570%, 12/6/2023 | 29,280,000 | |
TOTAL | 35,095,000 | ||
Wisconsin— 1.7% | |||
1,800,000 | Pardeeville, WI Area School District TRANs, 5.000%, 8/30/2024 | 1,806,454 | |
16,430,000 | 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), 3.670%, 12/7/2023 | 16,430,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Wisconsin— continued | |||
$ 31,305,000 | Public Finance Authority, WI (Bradford Preparatory School), (Series 2022-XF2997) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | $ 31,305,000 | |
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), 3.670%, 12/7/2023 | 9,265,000 | |
1,010,000 | Richland County, WI BANs, 5.500%, 3/1/2024 | 1,012,493 | |
3,450,000 | Wilmot, WI Union High School District TRANs, 4.500%, 10/9/2024 | 3,462,593 | |
9,250,000 | Wood County, WI BANs, 4.500%, 3/14/2024 | 9,259,779 | |
TOTAL | 72,541,319 | ||
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $4,276,545,886) | 4,276,545,886 | ||
MUNICIPAL BONDS— 0.0% | |||
Ohio— 0.0% | |||
1,025,000 | Lorain County, OH, (Series B) BANs, 5.000%, 12/7/2024 (IDENTIFIED COST $1,033,856) | 1,033,856 | |
TOTAL INVESTMENT IN SECURITIES—100.3% (AT AMORTIZED COST)2 | 4,277,579,742 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.3)%3 | (14,545,004) | ||
TOTAL NET ASSETS—100% | $4,263,034,738 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
BANs | —Bond Anticipation Notes | |
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 | |
LLP | —Limited Liability Partnership | |
LOC | —Letter of Credit | |
PCR | —Pollution Control Revenue | |
PCRB | —Pollution Control Revenue Bond | |
PLC | —Public Limited Company | |
PUTTERs | —Puttable Tax-Exempt Receipts | |
SIFMA | —Securities Industry and Financial Markets Association | |
TOBs | —Tender Option Bonds | |
TRANs | —Tax and Revenue Anticipation Notes | |
VRDNs | —Variable Rate Demand Notes | |
VRDPs | —Variable Rate Demand Preferreds | |
VRENs | —Variable Rate Extendible Notes |
Six Months Ended (unaudited) 11/30/2023 | 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 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income2 | 0.017 | 0.021 | 0.001 | 0.001 | 0.012 | 0.012 | 0.010 |
Net realized gain (loss) | 0.000 | (0.000)3 | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 |
Total From Investment Operations | 0.017 | 0.021 | 0.001 | 0.001 | 0.012 | 0.012 | 0.010 |
Less Distributions: | |||||||
Distributions from net investment income | (0.017) | (0.021) | (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 | (0.017) | (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 | $1.00 |
Total Return4 | 1.74% | 2.13% | 0.09% | 0.06% | 1.19% | 1.22% | 1.03% |
Ratios to Average Net Assets: | |||||||
Net expenses5 | 0.21%6 | 0.21% | 0.15% | 0.21% | 0.21% | 0.21%6 | 0.21% |
Net investment income | 3.47%6 | 2.13% | 0.08% | 0.06% | 1.14% | 1.46%6 | 1.03% |
Expense waiver/ reimbursement7 | 0.08%6 | 0.09% | 0.15% | 0.09% | 0.08% | 0.09%6 | 0.09% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $3,688,975 | $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 | Per share numbers have been calculated using the average shares method. |
3 | Represents less than $0.001. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Six Months Ended (unaudited) 11/30/2023 | 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 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income3 | 0.017 | 0.021 | 0.001 | 0.001 | 0.012 | 0.006 |
Net realized gain (loss) | 0.000 | (0.000)4 | 0.0004 | 0.0004 | 0.0004 | (0.000)4 |
Total From Investment Operations | 0.017 | 0.021 | 0.001 | 0.001 | 0.012 | 0.006 |
Less Distributions: | ||||||
Distributions from net investment income | (0.017) | (0.001) | (0.001) | (0.012) | (0.006) | |
Distributions from net realized gain | — | (0.000)4 | (0.000)4 | (0.000)4 | (0.000)4 | — |
Total Distributions | (0.017) | (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 | $1.00 |
Total Return5 | 1.74% | 2.13% | 0.09% | 0.06% | 1.19% | 0.55% |
Ratios to Average Net Assets: | ||||||
Net expenses6 | 0.21%7 | 0.21% | 0.16% | 0.21% | 0.21% | 0.22%7 |
Net investment income | 3.46%7 | 2.56% | 0.12% | 0.07% | 1.06% | 1.61%7 |
Expense waiver/reimbursement8 | 0.08%7 | 0.09% | 0.14% | 0.09% | 0.09% | 0.09%7 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $326,160 | $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 | Per share numbers have been calculated using the average shares method. |
4 | Represents less than $0.001. |
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. |
Six Months Ended (unaudited) 11/30/2023 | 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 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income2 | 0.016 | 0.019 | 0.0003 | 0.0003 | 0.009 | 0.010 | 0.008 |
Net realized gain (loss) | 0.000 | (0.000)3 | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 |
Total From Investment Operations | 0.016 | 0.019 | 0.0003 | 0.0003 | 0.009 | 0.010 | 0.008 |
Less Distributions: | |||||||
Distributions from net investment income | (0.016) | (0.019) | (0.000)3 | (0.000)3 | (0.009) | (0.010) | (0.008) |
Distributions from net realized gain | — | (0.000)3 | (0.000)3 | (0.000)3 | (0.000) | (0.000) | (0.000) |
Total Distributions | (0.016) | (0.019) | (0.000)3 | (0.000)3 | (0.009) | (0.010) | (0.008) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 1.62% | 1.88% | 0.04% | 0.01% | 0.93% | 1.01% | 0.78% |
Ratios to Average Net Assets: | |||||||
Net expenses5 | 0.46%6 | 0.46% | 0.20% | 0.26% | 0.46% | 0.46%6 | 0.46% |
Net investment income | 3.21%6 | 1.88% | 0.03% | 0.01% | 0.90% | 1.20%6 | 0.75% |
Expense waiver/reimbursement7 | 0.08%6 | 0.09% | 0.35% | 0.29% | 0.08% | 0.09%6 | 0.09% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $247,900 | $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 | Per share numbers have been calculated using the average shares method. |
3 | Represents less than $0.001. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Assets: | |
Investment in securities, at amortized cost and fair value | $4,277,579,742 |
Cash | 10,501,109 |
Income receivable | 24,350,619 |
Receivable for investments sold | 10,157,753 |
Receivable for shares sold | 10,062,347 |
Total Assets | 4,332,651,570 |
Liabilities: | |
Payable for investments purchased | 58,829,771 |
Payable for shares redeemed | 8,444,353 |
Income distribution payable | 2,211,324 |
Capital gain distribution payable | 20,989 |
Payable for investment adviser fee (Note 4) | 13,745 |
Payable for administrative fee (Note 4) | 9,038 |
Payable for other service fees (Notes 2 and 4) | 6,607 |
Accrued expenses (Note 4) | 81,005 |
Total Liabilities | 69,616,832 |
Net assets for 4,263,068,278 shares outstanding | $4,263,034,738 |
Net Assets Consist of: | |
Paid-in capital | $4,263,048,794 |
Total distributable earnings (loss) | (14,056) |
Total Net Assets | $4,263,034,738 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Wealth Shares: | |
$3,688,975,195 ÷ 3,689,004,220 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Advisor Shares: | |
$326,159,755 ÷ 326,162,320 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$247,899,788 ÷ 247,901,738 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |
Interest | $65,762,257 |
Expenses: | |
Investment adviser fee (Note 4) | 3,570,115 |
Administrative fee (Note 4) | 1,391,297 |
Custodian fees | 51,981 |
Transfer agent fees | 15,740 |
Directors’/Trustees’ fees (Note 4) | 7,922 |
Auditing fees | 14,094 |
Legal fees | 5,413 |
Portfolio accounting fees | 105,873 |
Other service fees (Notes 2 and 4) | 255,695 |
Share registration costs | 132,266 |
Printing and postage | 16,513 |
Miscellaneous (Note 4) | 31,819 |
TOTAL EXPENSES | 5,598,728 |
Waiver of investment adviser fee (Note 4) | (1,506,945) |
Net expenses | 4,091,783 |
Net investment income | 61,670,474 |
Net realized gain on investments | 43,702 |
Change in net assets resulting from operations | $61,714,176 |
Six Months Ended (unaudited) 11/30/2023 | Year Ended 5/31/2023 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $61,670,474 | $64,938,999 |
Net realized gain (loss) | 43,702 | (25,652) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 61,714,176 | 64,913,347 |
Distributions to Shareholders: | ||
Wealth Shares | (53,246,524) | (57,547,576) |
Advisor Shares | (5,139,359) | (4,331,480) |
Service Shares | (3,287,696) | (3,104,586) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (61,673,579) | (64,983,642) |
Share Transactions: | ||
Proceeds from sale of shares | 3,686,723,330 | 6,991,142,949 |
Net asset value of shares issued to shareholders in payment of distributions declared | 48,635,699 | 46,173,858 |
Cost of shares redeemed | (2,634,194,852) | (6,452,292,204) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 1,101,164,177 | 585,024,603 |
Change in net assets | 1,101,204,774 | 584,954,308 |
Net Assets: | ||
Beginning of period | 3,161,829,964 | 2,576,875,656 |
End of period | $4,263,034,738 | $3,161,829,964 |
Other Service Fees Incurred | |
Service Shares | $255,695 |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Wealth Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 3,216,562 | $3,216,562 | 5,645,313 | $5,645,313 |
Shares issued to shareholders in payment of distributions declared | 40,592 | 40,592 | 39,791 | 39,791 |
Shares redeemed | (2,250,103) | (2,250,103) | (5,377,412) | (5,377,412) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 1,007,051 | $1,007,051 | 307,692 | $307,692 |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Advisor Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 263,507 | $263,507 | 997,358 | $997,358 |
Shares issued to shareholders in payment of distributions declared | 5,139 | 5,139 | 4,331 | 4,331 |
Shares redeemed | (238,453) | (238,453) | (747,265) | (747,265) |
NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS | 30,193 | $30,193 | 254,424 | $254,424 |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Service Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 206,654 | $206,654 | 348,472 | $348,472 |
Shares issued to shareholders in payment of distributions declared | 2,904 | 2,904 | 2,052 | 2,052 |
Shares redeemed | (145,638) | (145,638) | (327,615) | (327,615) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 63,920 | $63,920 | 22,909 | $22,909 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,101,164 | $1,101,164 | 585,025 | $585,025 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Beginning Account Value 6/1/2023 | Ending Account Value 11/30/2023 | Expenses Paid During Period1 | |
Actual: | |||
Wealth Shares | $1,000 | $1,017.40 | $1.06 |
Advisor Shares | $1,000 | $1,017.40 | $1.06 |
Service Shares | $1,000 | $1,016.20 | $2.32 |
Hypothetical (assuming a 5% return before expenses): | |||
Wealth Shares | $1,000 | $1,023.95 | $1.06 |
Advisor Shares | $1,000 | $1,023.95 | $1.06 |
Service Shares | $1,000 | $1,022.70 | $2.33 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183/366 (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% |
![](https://capedge.com/proxy/N-CSRS/0001623632-24-000120/edelivery.jpg)
![](https://capedge.com/proxy/N-CSRS/0001623632-24-000120/fhilogok11p.jpg)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 608919411
CUSIP 60934N880
![](https://capedge.com/proxy/N-CSRS/0001623632-24-000120/img34bff8861.gif)
Share Class | Ticker | Wealth | TBIXX |
Federated Hermes Tax-Free Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
![](https://capedge.com/proxy/N-CSRS/0001623632-24-000120/donahuechrissigsmall.jpg)
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 78.5% |
Commercial Paper | 12.0% |
Municipal Notes | 9.8% |
Other Assets and Liabilities—Net2 | (0.3)% |
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 | 69.4% |
8-30 Days | 3.3% |
31-90 Days | 18.4% |
91-180 Days | 3.6% |
181 Days or more | 5.6% |
Other Assets and Liabilities—Net2 | (0.3)% |
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— 100.3% | |
Alabama— 4.2% | |||
$ 38,225,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 3.700%, 12/1/2023 | $ 38,225,000 | |
36,065,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily VRDNs, 3.700%, 12/1/2023 | 36,065,000 | |
36,200,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 3.500%, 12/1/2023 | 36,200,000 | |
8,100,000 | Eutaw, AL Industrial Development Board PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 3.700%, 12/1/2023 | 8,100,000 | |
29,405,000 | Huntsville, AL Health Care Authority, (Series 2023-BAML5040) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.400%, 12/7/2023 | 29,405,000 | |
31,000,000 | Mobile, AL IDB (Alabama Power Co.), (First Series 2009: Barry Plant) Daily VRDNs, 3.700%, 12/1/2023 | 31,000,000 | |
TOTAL | 178,995,000 | ||
Alaska— 0.1% | |||
6,050,000 | Alaska State Housing Finance Corp., (Series 2007A) Weekly VRDNs, (Federal Home Loan Bank of Des Moines LIQ), 3.200%, 12/7/2023 | 6,050,000 | |
Arizona— 1.4% | |||
3,025,000 | Arizona State IDA (Marana Leased Housing Associates I, LLP), Tender Option Bond Trust Certificates (Series 2023-XF3174) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 3,025,000 | |
15,000,000 | Arizona State IDA (Skyline Education, Inc.), Tender Option Bond Trust Receipts (Series 2020-XF2862) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 15,000,000 | |
18,690,000 | Maricopa County, AZ, IDA (CG Lakewood Apartments, LLC), BAML (3A-7)(Series 2023-BAML6008) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.450%, 12/7/2023 | 18,690,000 | |
13,500,000 | Maricopa County, AZ, IDA (ML Casa V LP), BAML (3A-7) (Series 2023-BAML6009) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.450%, 12/7/2023 | 13,500,000 | |
9,225,000 | Maricopa County, AZ, IDA (Tramonto Apartments LLC), BAML(3A-7)(Series 2023-BAML6007) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.450%, 12/7/2023 | 9,225,000 | |
TOTAL | 59,440,000 | ||
Arkansas— 0.5% | |||
20,000,000 | Springdale, AR Sales & Use Revenue, Tender Option Bond Trust Receipts (Series 2023-XF1559) Daily VRDNs, (Build America Mutual Assurance INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.420%, 12/1/2023 | 20,000,000 | |
California— 8.8% | |||
52,755,000 | California Health Facilities Financing Authority (CommonSpirit Health), Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.600%, 12/7/2023 | 52,755,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 4,260,000 | California HFA (Residency at Empire I LP), Tender Option Bond Trust Receipts (Series 2023-XF3077) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | $ 4,260,000 | |
8,000,000 | California HFA Multi-Family (San Regis LLC), BAML 3a-7 (Series 2023-BAML6002) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.430%, 12/7/2023 | 8,000,000 | |
3,610,000 | California HFA, Mizuho 3a-7 (Series 2022-MIZ9097) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 3,610,000 | |
20,000,000 | California Municipal Finance Authority (Canoga Ave LP), BAML (3a-7) (Series 2023-BAML6004) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.430%, 12/7/2023 | 20,000,000 | |
13,500,000 | California Municipal Finance Authority (Montague Parkway Associates LP), MIZUHO 3A-7 (2020-MIZ9041) Daily VRDNs, (Federal Home Loan Mortgage Corp. GTD)/(Mizuho Bank Ltd. LIQ), 3.400%, 12/1/2023 | 13,500,000 | |
10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 3.800%, Mandatory Tender 2/13/2024 | 10,000,000 | |
11,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 3.390%, Mandatory Tender 12/6/2023 | 11,000,000 | |
9,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 3.600%, Mandatory Tender 12/13/2023 | 9,000,000 | |
980,000 | Federal Home Loan Mortgage Corp., PUTTERS (3A-7)(Series 3007DB) Daily VRDNs, (Federal Home Loan Mortgage Corp. GTD)/(JPMorgan Chase Bank, N.A. LIQ), 3.350%, 12/1/2023 | 980,000 | |
27,890,000 | Federal Home Loan Mortgage Corp., PUTTERs 3a-7 (Series 3005) Daily VRDNs, (Federal Home Loan Mortgage Corp. GTD)/(JPMorgan Chase Bank, N.A. LIQ), 3.350%, 12/1/2023 | 27,890,000 | |
13,000,000 | Los Angeles County, CA Housing Authority Multi Family Housing (The Solemint Heights Partnership), MIZUHO 3A-7 (Series 2020-MIZ9039) Daily VRDNs, (Federal Home Loan Mortgage Corp. GTD)/(Mizuho Bank Ltd. LIQ), 3.400%, 12/1/2023 | 13,000,000 | |
9,545,000 | Pimco California Municipal Income Fund, UBS ARPS TOB Trust (Series UA-7005) Weekly VRDNs, (UBS AG LIQ), 3.800%, 12/5/2023 | 9,545,000 | |
4,094,000 | Pimco California Municipal Income Fund, UBS ARPS TOB Trust (Series UA-7012) Weekly VRDNs, (UBS AG LOC), 3.800%, 12/4/2023 | 4,094,000 | |
10,810,000 | Pimco California Municipal Income Fund, UBS ARPS TOB Trust (Series UA-7019) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.500%, 12/7/2023 | 10,810,000 | |
2,900,000 | 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) Daily VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.500%, 12/1/2023 | 2,900,000 | |
23,000,000 | San Diego, CA Housing Authority (Scripps MRU Owner LP), BAML 3A-7(Series 2023-BAML6003) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.430%, 12/7/2023 | 23,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 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), 4.000%, 12/7/2023 | $ 62,200,000 | |
31,600,000 | San Francisco, CA City and County (1601 Mariposa Apartments), Mizuho 3a-7 (Series 2022-MIZ9095) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 31,600,000 | |
26,725,000 | 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), 3.700%, 12/7/2023 | 26,725,000 | |
28,625,000 | Sweetwater, CA Union High School District, Tender Option Bond Trust Receipts (Series 2022-XF1394) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.420%, 12/7/2023 | 28,625,000 | |
TOTAL | 373,494,000 | ||
Connecticut— 0.2% | |||
4,400,000 | Connecticut State Special Transportation Fund, RBC Muni Products (Series G-110) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.330%, 12/7/2023 | 4,400,000 | |
3,150,000 | Shelton, CT Housing Authority (Crosby Commons), (Series 1998) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 3.460%, 12/7/2023 | 3,150,000 | |
TOTAL | 7,550,000 | ||
District of Columbia— 0.3% | |||
11,880,000 | District of Columbia HFA, BAML (3a-7) (Series 2023-BAML6012) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.450%, 12/7/2023 | 11,880,000 | |
Florida— 8.4% | |||
16,240,000 | Alachua County, FL Health Facilities Authority (Shands Healthcare), (Series 2008A), CP, (Bank of America N.A. LOC), 3.800%, Mandatory Tender 12/11/2023 | 16,240,000 | |
15,440,000 | Broward County, FL HFA (Landings at Coconut Creek), BAML 3A-7 (Series 2023-BAML6006) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.450%, 12/7/2023 | 15,440,000 | |
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), 3.410%, 12/7/2023 | 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), 3.670%, 12/7/2023 | 5,980,000 | |
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), 3.670%, 12/7/2023 | 4,230,000 | |
33,000,000 | Highlands County, FL Health Facilities Authority (Advent Health System/Sunbelt Obligated Group), (Series D-2) Weekly VRDNs, 3.200%, 12/7/2023 | 33,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Florida— continued | |||
$ 2,655,000 | Hillsborough County, FL Solid Waste & Resource Recovery, RBC Muni Products (Series G-41) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.330%, 12/7/2023 | $ 2,655,000 | |
30,960,000 | Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1994), CP, 3.950%, Mandatory Tender 2/5/2024 | 30,960,000 | |
25,000,000 | JEA, FL Electric System, (Series 2008C-3), CP, (Royal Bank of Canada LIQ), 3.750%, Mandatory Tender 12/7/2023 | 25,000,000 | |
11,975,000 | JEA, FL Electric System, (Series Three 2008C-1: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.220%, 12/7/2023 | 11,975,000 | |
21,525,000 | JEA, FL Electric System, (Series Three 2008C-2: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.220%, 12/7/2023 | 21,525,000 | |
14,500,000 | Martin County, FL (Florida Power & Light Co.), (Series 2022) Weekly VRDNs, 3.400%, 12/7/2023 | 14,500,000 | |
14,557,964 | Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 (2021-MIZ9072) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 14,557,964 | |
1,245,000 | Miami-Dade County, FL HFA (Superior Manor Phase II LLC), Mizuho 3a-7 (2022-MIZ9087) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 1,245,000 | |
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), 3.700%, 12/7/2023 | 24,875,000 | |
52,440,000 | Palm Beach County, FL Health Facilities Authority (Morselife Obligated Group), GOLDEN BLUE 3A-7(Series 2023-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.650%, 12/7/2023 | 52,440,000 | |
16,500,000 | Polk County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs, 3.600% (SIFMA 7-day +0.300%), 12/7/2023 | 16,500,000 | |
51,160,000 | St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 3.650%, 12/1/2023 | 51,160,000 | |
6,440,000 | Tolomato Community Development District, FL, Tender Option Bond Trust Certificates (Series 2022-XL0297) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 3.420%, 12/7/2023 | 6,440,000 | |
7,500,000 | West Palm Beach, FL, Utility System Variable Rate Revenue Bonds (Series 2008C) Weekly VRDNs, (Assured Guaranty Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.420%, 12/6/2023 | 7,500,000 | |
TOTAL | 359,937,964 | ||
Georgia— 3.3% | |||
46,300,000 | Brookhaven Development Authority, GA (Children’s Healthcare of Atlanta, Inc.), (Series 2019D) Weekly VRDNs, (Truist Bank LIQ), 3.450%, 12/7/2023 | 46,300,000 | |
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), 3.670%, 12/7/2023 | 21,875,000 | |
21,700,000 | Fulton County, GA Development Authority (Sheperd Center, Inc.), (Series 2009) Weekly VRDNs, (Truist Bank LOC), 3.350%, 12/6/2023 | 21,700,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Georgia— continued | |||
$ 14,000,000 | Monroe County, GA Development Authority (Florida Power & Light Co.), Pollution Control Revenue Bonds (First Series 2002) Weekly VRDNs, 3.650%, 12/6/2023 | $ 14,000,000 | |
13,680,000 | Municipal Electric Authority of Georgia, (Series 2022-XG0417) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 3.410%, 12/7/2023 | 13,680,000 | |
21,825,000 | Municipal Electric Authority of Georgia, Tender Option Bond Trust Receipts (Series 2023-XG0462) Daily VRDNs, (Build America Mutual Assurance INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.420%, 12/1/2023 | 21,825,000 | |
TOTAL | 139,380,000 | ||
Idaho— 0.2% | |||
8,000,000 | Idaho Health Facilities Authority (Trinity Healthcare Credit Group), (Series 2013ID) TOBs, 3.250%, Mandatory Tender 2/1/2024 | 8,000,000 | |
Illinois— 4.7% | |||
5,685,000 | Aurora, IL Economic Development Revenue (Aurora University), (Series 2019) Weekly VRDNs, (BMO Bank, N.A. LOC), 3.310%, 12/7/2023 | 5,685,000 | |
600,000 | Chicago, IL Multi-Family Housing Revenue (Churchview Manor Senior Apartments), (Series 2012) Weekly VRDNs, (BMO Bank, N.A. LOC), 3.800%, 12/7/2023 | 600,000 | |
10,200,000 | Chicago, IL Park District, Tender Option Bond Trust Certificate(Series 2015-XF2111) Weekly VRDNs, (Build America Mutual Assurance INS)/(Citibank N.A., New York LIQ), 3.400%, 12/7/2023 | 10,200,000 | |
6,135,000 | Chicago, IL Transit Authority, Tender Option Bond Trust Certificate(Series 2022-XL0425) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 3.420%, 12/7/2023 | 6,135,000 | |
25,790,000 | Chicago, IL Transit Authority, Tender Option Bond Trust Receipts (2015-XF0232) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 3.420%, 12/7/2023 | 25,790,000 | |
4,605,000 | Chicago, IL Wastewater Transmission, Tender Option Bond Trust Certificates (2023-ZL0476) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 3.420%, 12/7/2023 | 4,605,000 | |
7,500,000 | Chicago, IL Water Revenue, (Series 2023-XM1112) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 3.380%, 12/7/2023 | 7,500,000 | |
6,765,000 | Chicago, IL Water Revenue, Tender Option Bond Trust Receipts (2023-XM1118) Daily VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.500%, 12/1/2023 | 6,765,000 | |
68,750,000 | Illinois Finance Authority (Carle Foundation), BAML 3A-7 (Series 2023-BAML5045) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.380%, 12/7/2023 | 68,750,000 | |
9,750,000 | Illinois Finance Authority (UChicago Medicine), (Series 2009D-1) Daily VRDNs, (TD Bank, N.A. LOC), 3.200%, 12/1/2023 | 9,750,000 | |
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), 3.380%, 12/7/2023 | 8,780,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Illinois— continued | |||
$ 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), 3.380%, 12/7/2023 | $ 41,250,000 | |
6,900,000 | Sales Tax Securitization Corp., IL, Tender Option Bond Trust Certificates (Series 2022-XL0294) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Build America Mutual Assurance INS), 3.400%, 12/7/2023 | 6,900,000 | |
TOTAL | 202,710,000 | ||
Indiana— 0.3% | |||
12,140,000 | Indiana State Finance Authority Environmental (Ispat Inland, Inc.), (Series 2005) Weekly VRDNs, (Cooperatieve Rabobank UA LOC), 3.550%, 12/6/2023 | 12,140,000 | |
Kentucky— 0.4% | |||
16,435,000 | Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 3.740%, 12/1/2023 | 16,435,000 | |
Louisiana— 5.6% | |||
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), 3.700%, 12/6/2023 | 910,000 | |
21,550,000 | Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2004) Weekly VRDNs, 3.400%, 12/6/2023 | 21,550,000 | |
39,100,000 | Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2010) Weekly VRDNs, 3.150%, 12/6/2023 | 39,100,000 | |
40,000,000 | Louisiana Public Facilities Authority (Louisiana Children’s Medical Center), (Series 2023-BAML5041) Daily VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.400%, 12/1/2023 | 40,000,000 | |
5,387,692 | 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), 3.700%, 12/7/2023 | 5,387,692 | |
40,000,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (Nucor Corp. GTD), 3.660%, 12/6/2023 | 40,000,000 | |
93,255,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 3.500%, 12/6/2023 | 93,255,000 | |
TOTAL | 240,202,692 | ||
Maryland— 3.4% | |||
3,960,000 | Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.500%, Optional Tender 1/2/2024 | 3,960,000 | |
4,190,000 | 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), 3.650%, 12/7/2023 | 4,190,000 | |
27,000,000 | Maryland State Economic Development Corp. (929 N Wolfe Street LLC), Tender Option Bond Trust Receipts (Series 2022-XF3015) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 3.670%, 12/7/2023 | 27,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Maryland— continued | |||
$ 10,800,000 | Maryland State Health & Higher Educational Facilities Authority, (Series 1985A) Weekly VRDNs, (TD Bank, N.A. LOC), 3.370%, 12/6/2023 | $ 10,800,000 | |
3,800,000 | Maryland State Stadium Authority (Baltimore City Public School Construction Financing Fund), RBC Muni Products (Series 2023 G-122) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.330%, 12/7/2023 | 3,800,000 | |
52,410,000 | Montgomery County, MD (Trinity Healthcare Credit Group), (Series 2013MD) TOBs, 3.810%, Mandatory Tender 12/1/2023 | 52,410,000 | |
45,000,000 | Montgomery County, MD, (2010 Series B), CP, 3.750%, Mandatory Tender 12/21/2023 | 45,000,000 | |
TOTAL | 147,160,000 | ||
Massachusetts— 0.3% | |||
13,200,000 | Massachusetts Development Finance Agency (Residences at Fifty West Broadway LLC), BAML 3A-7 (Series 2023-BAML6005) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.450%, 12/7/2023 | 13,200,000 | |
Michigan— 2.0% | |||
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), 3.400%, 12/7/2023 | 4,000,000 | |
23,400,000 | Michigan State Building Authority, (Series I) VRENs, 3.410%, 12/1/2023 | 23,400,000 | |
21,200,000 | Michigan State Building Authority, (Series III) VRENs, 3.410%, 12/1/2023 | 21,200,000 | |
31,060,000 | Michigan State Finance Authority (Trinity Healthcare Credit Group), (Series 2013MI-1) TOBs, 3.810%, Mandatory Tender 12/1/2023 | 31,060,000 | |
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), 3.400%, 12/7/2023 | 4,000,000 | |
TOTAL | 83,660,000 | ||
Minnesota— 1.0% | |||
3,900,000 | Bloomington, MN (Bristol Village Apartments), BAML 3A-7 (Series 2023-BAML6016) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.420%, 12/7/2023 | 3,900,000 | |
24,627,273 | Dakota County, MN Community Development Agency, (Series 2022-XF3050) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 24,627,273 | |
15,000,000 | Rochester, MN Health Care Facility Authority (Mayo Clinic), (Series 2014), CP, 3.800%, Mandatory Tender 1/9/2024 | 15,000,000 | |
TOTAL | 43,527,273 | ||
Mississippi— 1.2% | |||
9,500,000 | Mississippi Business Finance Corp. (Florida Power & Light Co.), (1st Series 2019) Weekly VRDNs, 3.400%, 12/6/2023 | 9,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Mississippi— continued | |||
$ 2,280,000 | Mississippi Business Finance Corp. (Tri-State Truck Center, Inc.), (Series 2008) Weekly VRDNs, (Regions Bank LOC), 3.450%, 12/7/2023 | $ 2,280,000 | |
8,565,000 | Mississippi Hospital Equipment & Facilities Authority (Baptist Memorial Healthcare), BAML 3A-7 (Series 2023-BAML5026) Daily VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.400%, 12/1/2023 | 8,565,000 | |
30,600,000 | Perry County, MS (Leaf River Cellulose LLC), (Series 2021) Weekly VRDNs, (Georgia-Pacific LLC GTD), 3.360%, 12/7/2023 | 30,600,000 | |
TOTAL | 50,945,000 | ||
Missouri— 0.8% | |||
7,000,000 | Kansas City, MO IDA (Paige Point Townhomes), MIZUHO 3A-7 (Series 2023-MIZ9154) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 7,000,000 | |
959,002 | Kansas City, MO Planned Industrial Expansion Authority (EPD3 Ridgeview LP), Mizuho 3a-7 (2022-MIZ9086) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 959,002 | |
3,306,621 | Lees Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 3,306,621 | |
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), 3.500%, Mandatory Tender 12/1/2023 | 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), 3.350%, 12/7/2023 | 10,000,000 | |
10,000,000 | St. Louis County, MO IDA (Hawkins Village Associates LLC), Mizuho 3A-7 (Series 2023-MIZ9153) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 10,000,000 | |
TOTAL | 33,485,623 | ||
Multi-State— 9.9% | |||
116,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) MuniFund Preferred Shares Weekly VRDPs, (Societe Generale, Paris LIQ), 3.360%, 12/7/2023 | 116,000,000 | |
79,200,000 | Nuveen AMT-Free Quality Municipal Income Fund, (Series C) Weekly VRDPs, (Societe Generale, Paris LIQ), 3.360%, 12/7/2023 | 79,200,000 | |
88,400,000 | Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, (Series 2) MuniFund Preferred Shares Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 3.360%, 12/7/2023 | 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), 3.350%, 12/7/2023 | 25,000,000 | |
11,546,000 | PIMCO Municipal Income Fund, UBS ARPS TOB Trust(Series UA-7010) Weekly VRDNs, (UBS AG LIQ), 3.850%, 12/5/2023 | 11,546,000 | |
12,650,000 | PIMCO Municipal Income Fund, UBS ARPS TOB Trust (Series UA-7013) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.850%, 12/6/2023 | 12,650,000 | |
25,850,000 | PIMCO Municipal Income Fund II, UBS ARPS TOB Trust (Series UA-7001) Weekly VRDNs, (UBS AG LIQ), 3.550%, 12/7/2023 | 25,850,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Multi-State— continued | |||
$ 23,000,000 | PIMCO Municipal Income Fund II, UBS ARPS TOB Trust (Series UA-7004) Weekly VRDNs, (UBS AG LIQ), 3.850%, 12/5/2023 | $ 23,000,000 | |
18,400,000 | PIMCO Municipal Income Fund II, UBS ARPS TOB Trust (Series UA-7020) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.850%, 12/4/2023 | 18,400,000 | |
8,050,000 | PIMCO Municipal Income Fund III, UBS ARPS TOB Trust(Series UA-7006) Weekly VRDNs, (UBS AG LIQ), 3.850%, 12/5/2023 | 8,050,000 | |
12,420,000 | PIMCO Municipal Income Fund III, UBS ARPS TOB Trust (Series UA-7016) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.550%, 12/7/2023 | 12,420,000 | |
TOTAL | 420,516,000 | ||
Nebraska— 0.5% | |||
21,600,000 | Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 3.330%, 12/7/2023 | 21,600,000 | |
New Jersey— 3.7% | |||
6,945,000 | Bloomfield Township, NJ BANs, 4.500%, 3/20/2024 | 6,951,130 | |
7,360,000 | Bogota, NJ BANs, 4.000%, 4/12/2024 | 7,370,838 | |
11,805,000 | Clark Township, NJ BANs, 4.250%, 8/16/2024 | 11,841,187 | |
2,285,714 | Colts Neck Township, NJ BANs, 4.250%, 3/15/2024 | 2,288,581 | |
6,692,000 | Essex Fells, NJ BANs, 4.750%, 6/6/2024 | 6,717,070 | |
3,614,000 | Fairfield Township, NJ BANs, 4.500%, 6/11/2024 | 3,623,249 | |
8,741,304 | Fanwood, NJ BANs, 4.250%, 3/1/2024 | 8,750,826 | |
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), 3.420%, 12/7/2023 | 20,940,000 | |
1,619,617 | Harding Township, NJ BANs, 4.500%, 8/16/2024 | 1,625,122 | |
4,840,000 | Hightstown Borough, NJ BANs, 4.250%, 6/27/2024 | 4,848,602 | |
4,242,000 | Ho-Ho-Kus, NJ BANs, 4.250%, 5/3/2024 | 4,251,279 | |
4,000,000 | Holmdel Township, NJ BANs, 4.500%, 9/23/2024 | 4,013,381 | |
3,347,676 | Mountain Lakes, NJ BANs, 4.500%, 10/11/2024 | 3,357,354 | |
4,000,000 | New Jersey Turnpike Authority, RBC Muni Products (Series G-119) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.480%, Optional Tender 1/2/2024 | 4,000,000 | |
7,040,100 | North Plainfield, NJ BANs, 4.750%, 11/27/2024 | 7,090,931 | |
7,149,000 | Norwood, NJ BANs, 4.500%, 7/12/2024 | 7,172,998 | |
3,200,000 | Pequannock Township, NJ BANs, 4.500%, 4/4/2024 | 3,206,358 | |
3,677,877 | Ridgefield, NJ BANs, 4.500%, 7/16/2024 | 3,684,572 | |
3,113,000 | Riverside Township, NJ BANs, 4.250%, 5/10/2024 | 3,117,788 | |
3,973,835 | Runnemede, NJ BANs, 4.500%, 6/20/2024 | 3,986,481 | |
9,900,000 | Scotch Plains Township, NJ BANs, 4.000%, 1/19/2024 | 9,907,737 | |
5,131,000 | Summit, NJ BANs, 4.750%, 7/18/2024 | 5,146,635 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New Jersey— continued | |||
$ 9,500,000 | Upper Saddle River, NJ BANs, 4.250%, 3/22/2024 | $ 9,517,082 | |
8,324,000 | Upper Saddle River, NJ BANs, 4.250%, 3/22/2024 | 8,333,323 | |
5,476,000 | Vernon Township, NJ BANs, 4.250%, 8/23/2024 | 5,484,977 | |
TOTAL | 157,227,501 | ||
New Mexico— 0.1% | |||
6,465,000 | 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), 3.650%, 12/7/2023 | 6,465,000 | |
New York— 6.2% | |||
2,750,000 | Albany, NY IDA (Renaissance Corporation of Albany), (Series 2004) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 3.460%, 12/7/2023 | 2,750,000 | |
4,560,000 | Dundee, NY Central School District BANs, 4.500%, 6/21/2024 | 4,575,825 | |
7,610,000 | Forestville, NY Central School District BANs, 4.500%, 7/10/2024 | 7,637,077 | |
8,340,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2022-XX1236) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 3.420%, 12/7/2023 | 8,340,000 | |
6,705,000 | Monroe Village, NY BANs, 4.500%, 11/20/2024 | 6,739,989 | |
14,000,000 | New Hartford, NY Central School District BANs, 4.500%, 6/28/2024 | 14,047,121 | |
3,445,000 | New Windsor, NY BANs, 4.500%, 6/28/2024 | 3,458,121 | |
10,000,000 | New York City, NY Transitional Finance Authority, (Series 2023-MS0019) TOBs, (Morgan Stanley Bank, N.A. LIQ), 3.450%, Mandatory Tender 1/25/2024 | 10,000,000 | |
4,500,000 | New York City, NY Transitional Finance Authority, Fiscal 2003 (Series A-4) Daily VRDNs, (TD Bank, N.A. LIQ), 3.200%, 12/1/2023 | 4,500,000 | |
6,275,000 | New York City, NY, (Subseries D-4) Daily VRDNs, (TD Bank, N.A. LOC), 3.200%, 12/1/2023 | 6,275,000 | |
3,220,000 | New York State Dormitory Authority (Blythedale Children’s Hospital), (Series 2009) Weekly VRDNs, (TD Bank, N.A. LOC), 3.320%, 12/7/2023 | 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), 3.420%, 12/7/2023 | 3,000,000 | |
83,795,000 | New York State HFA (42nd and 10th Street Associates LLC), 3A-7 HIGH GRADE TRUST (Series 2022-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.650%, 12/7/2023 | 83,795,000 | |
5,850,000 | New York State Thruway Authority, Tender Option Bond Certificates (Series 2022-XL0312) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 3.450%, 12/7/2023 | 5,850,000 | |
15,000,000 | New York State Urban Development Corp. (New York State), MS 3A-7(Series 2023-MS0021) TOBs, (Morgan Stanley Bank, N.A. LIQ), 3.450%, Optional Tender 2/1/2024 | 15,000,000 | |
40,900,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Royal Bank of Canada LIQ), 3.350%, 12/7/2023 | 40,900,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 2,028,000 | PIMCO New York Municipal Income Fund II, UBS ARPS TOB Trust (Series UA-7008) Weekly VRDNs, (UBS AG LOC), 3.800%, 12/4/2023 | $ 2,028,000 | |
8,050,000 | PIMCO New York Municipal Income Fund III, UBS ARPS TOB Trust (Series UA-7007) Weekly VRDNs, (UBS AG LIQ), 3.800%, 12/5/2023 | 8,050,000 | |
7,337,000 | PIMCO New York Municipal Income Fund III, UBS ARPS TOB Trust (Series UA-7018) Weekly VRDNs, (UBS AG GTD)/(UBS AG LIQ), 3.500%, 12/7/2023 | 7,337,000 | |
20,000,000 | Troy, NY Enlarged CSD BANs, 5.000%, 6/7/2024 | 20,114,329 | |
5,171,000 | Webutuck (Northeast), NY Central School District BANs, 4.750%, 6/21/2024 | 5,197,243 | |
TOTAL | 262,814,705 | ||
North Carolina— 0.8% | |||
21,905,000 | University of North Carolina at Chapel Hill (University of North Carolina Hospitals), (Series 2001A) Daily VRDNs, (TD Bank, N.A. LIQ), 3.200%, 12/1/2023 | 21,905,000 | |
13,020,000 | University of North Carolina at Chapel Hill (University of North Carolina Hospitals), (Series 2001B) Daily VRDNs, (TD Bank, N.A. LIQ), 3.200%, 12/1/2023 | 13,020,000 | |
TOTAL | 34,925,000 | ||
Ohio— 6.1% | |||
41,705,000 | Franklin County, OH Hospital Facility Authority (Nationwide Children’s Hospital), (Series 2008B) Weekly VRDNs, 3.100%, 12/7/2023 | 41,705,000 | |
10,000,000 | Franklin County, OH Mortgage Revenue (Trinity Healthcare Credit Group), (Series 2013OH) TOBs, 4.300%, Mandatory Tender 2/1/2024 | 10,000,000 | |
33,180,000 | Hamilton County, OH (Block 3 Community Urban Redevelopment Corporation), (Series 2004) Weekly VRDNs, (Citizens Bank, N.A. LOC), 3.380%, 12/7/2023 | 33,180,000 | |
17,473,000 | Huber Heights, OH BANs, 4.875%, 11/7/2024 | 17,563,053 | |
4,450,000 | Lorain County, OH BANs, 4.125%, 5/2/2024 | 4,458,148 | |
2,000,000 | Lucas County, OH BANs, 4.375%, 10/11/2024 | 2,006,196 | |
15,965,000 | Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.600%, 12/7/2023 | 15,965,000 | |
6,500,000 | Montgomery, OH BANs, 4.500%, 6/12/2024 | 6,519,865 | |
7,155,000 | Newark, OH BANs, 4.625%, 9/21/2024 | 7,186,834 | |
2,090,000 | Newark, OH, (Series A) BANs, 4.500%, 3/22/2024 | 2,093,383 | |
3,400,000 | North Olmsted, OH BANs, 4.750%, 6/26/2024 | 3,415,791 | |
3,895,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2013B-2) Daily VRDNs, (Bank of New York Mellon, N.A. LIQ), 3.200%, 12/1/2023 | 3,895,000 | |
5,150,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series B-5), CP, 3.650%, Mandatory Tender 12/1/2023 | 5,150,000 | |
40,550,000 | Ohio State Hospital Revenue (Cleveland Clinic), BAML (3A-7) (Series 2023-BAML5044) Daily VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.400%, 12/1/2023 | 40,550,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Ohio— continued | |||
$ 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), 3.340%, 12/7/2023 | $ 4,285,000 | |
31,395,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Barclays Golden Blue (Series 2020-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.600%, 12/7/2023 | 31,395,000 | |
12,000,000 | Ohio State University, (Series 2023 D-2) Weekly VRDNs, 3.200%, 12/6/2023 | 12,000,000 | |
15,000,000 | Ohio State Water Development Authority, CP, (TD Bank, N.A. LIQ), 3.600%, Mandatory Tender 12/5/2023 | 15,000,000 | |
4,800,000 | Strongsville, OH BANs, 4.500%, 6/7/2024 | 4,819,111 | |
TOTAL | 261,187,381 | ||
Oregon— 0.6% | |||
10,000,000 | Oregon State Department of Transportation, (Series A-1), CP, (Wells Fargo Bank, N.A. LOC), 3.840%, Mandatory Tender 1/10/2024 | 10,000,000 | |
15,000,000 | Oregon State Department of Transportation, (Series A-2), CP, (Bank of Montreal LOC), 3.700%, Mandatory Tender 1/3/2024 | 15,000,000 | |
TOTAL | 25,000,000 | ||
Pennsylvania— 1.9% | |||
6,400,000 | Allegheny County, PA Hospital Development Authority (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 3.440%, 12/7/2023 | 6,400,000 | |
1,890,000 | Chester County, PA HEFA (Tel Hai Obligated Group Project), (Series of 2009) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 3.400%, 12/7/2023 | 1,890,000 | |
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), 3.500%, Optional Tender 1/2/2024 | 11,995,000 | |
12,605,000 | Pennsylvania State Turnpike Commission, (Series 2022-ZL0364) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.450%, 12/7/2023 | 12,605,000 | |
10,000,000 | Pennsylvania State Turnpike Commission, (Series B of 2023) Weekly VRDNs, (TD Bank, N.A. LOC), 3.250%, 12/7/2023 | 10,000,000 | |
14,000,000 | Pennsylvania State Turnpike Commission, (Series of 2020) Weekly VRDNs, (TD Bank, N.A. LOC), 3.250%, 12/7/2023 | 14,000,000 | |
601,428 | 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), 3.700%, 12/7/2023 | 601,428 | |
9,505,000 | Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 3.260%, 12/7/2023 | 9,505,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Pennsylvania— continued | |||
$ 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), 3.380%, 12/7/2023 | $ 14,000,000 | |
TOTAL | 80,996,428 | ||
South Carolina— 0.4% | |||
2,000,000 | South Carolina Jobs-EDA (BTH Greenville I LLC), Tender Option Bond Trust Certificates (Series 2022-XF3075) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 2,000,000 | |
9,000,000 | 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), 3.420%, 12/7/2023 | 9,000,000 | |
6,670,000 | South Carolina Transportation Infrastructure Bank, Tender Option Bond Trust Receipts (Series G-109) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.330%, 12/7/2023 | 6,670,000 | |
TOTAL | 17,670,000 | ||
Tennessee— 7.8% | |||
14,190,000 | Blount County, TN Public Building Authority (Knox County, TN), (Series C-3-A) Weekly VRDNs, (Truist Bank LIQ), 3.360%, 12/7/2023 | 14,190,000 | |
12,600,000 | Blount County, TN Public Building Authority (Monroe County, TN), (Series E-7-A) Weekly VRDNs, (Truist Bank LOC), 3.360%, 12/6/2023 | 12,600,000 | |
34,000,000 | Johnson City, TN Health & Education Facilities Board (Ballad Health), (Series 2022B) Weekly VRDNs, (Truist Bank LOC), 3.340%, 12/7/2023 | 34,000,000 | |
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 | |
50,000,000 | Metropolitan Government Nashville & Davidson County, TN (Metropolitan Government Nashville & Davidson County, TN Water & Sewer), (Series 2022A), CP, (TD Bank, N.A. LOC), 3.620%, Mandatory Tender 12/18/2023 | 50,000,000 | |
34,000,000 | Metropolitan Government Nashville & Davidson County, TN (Metropolitan Government Nashville & Davidson County, TN Water & Sewer), (Series 2022A), CP, (TD Bank, N.A. LOC), 3.900%, Mandatory Tender 1/11/2024 | 34,000,000 | |
2,150,000 | Metropolitan Government Nashville & Davidson County, TN HEFA (Meharry Medical College), (Series 2009) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 3.740%, 12/1/2023 | 2,150,000 | |
25,000,000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 4.050%, Mandatory Tender 1/16/2024 | 25,000,000 | |
28,600,000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 4.000%, Mandatory Tender 1/3/2024 | 28,600,000 | |
10,000,000 | Metropolitan Government Nashville & Davidson County, TN, (Series 2021 B-1), CP, 3.680%, Mandatory Tender 12/28/2023 | 10,000,000 | |
20,000,000 | Metropolitan Government Nashville & Davidson County, TN, (Series 2021 B-1), CP, 3.900%, Mandatory Tender 2/14/2024 | 20,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Tennessee— continued | |||
$ 14,000,000 | Metropolitan Government Nashville & Davidson County, TN, (Series 2021 B-1), CP, 3.950%, Mandatory Tender 1/23/2024 | $ 14,000,000 | |
7,000,000 | Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs, (Truist Bank LOC), 3.360%, 12/7/2023 | 7,000,000 | |
11,745,000 | 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), 3.350%, 12/1/2023 | 11,745,000 | |
31,500,000 | 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), 3.350%, 12/1/2023 | 31,500,000 | |
36,615,000 | 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), 3.400%, 12/1/2023 | 36,615,000 | |
TOTAL | 334,400,000 | ||
Texas— 11.5% | |||
5,680,000 | Brazos County, TX Housing Finance Corp (Bryan Leased Housing Associates), Tender Option Bond Trust Certificates (Series 2023-XF3129) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | 5,680,000 | |
4,500,000 | Capital Area Housing Finance Corp., TX (Madison at Dell Ranch Apartments), BAML 3A-7(Series 2023-BAML6015) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.420%, 12/7/2023 | 4,500,000 | |
7,205,000 | Capital Area Housing Finance Corp., TX (MLVI Martha’s Vineyard Apartments, LLC), (Series 2023-BAML6013) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.430%, 12/7/2023 | 7,205,000 | |
3,060,000 | El Paso, TX Housing Finance Corp., Mizuho 3A-7 (2022-MIZ9104) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.700%, 12/7/2023 | 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), 3.500%, Optional Tender 3/1/2024 | 3,800,000 | |
10,000,000 | Garland, TX Water & Sewer System, (Series 2015), CP, (Sumitomo Mitsui Banking Corp. LOC), 3.949%, Mandatory Tender 1/22/2024 | 10,000,000 | |
30,000,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP, 3.200%, Mandatory Tender 12/1/2023 | 30,000,000 | |
39,700,000 | Houston, TX Combined Utility System, (First LienRevenue Bonds, Series 2012A) Weekly VRDNs, (TD Bank, N.A. LIQ), 3.400%, 12/7/2023 | 39,700,000 | |
16,855,000 | Houston, TX Combined Utility System, (Series 2018 C) Weekly VRDNs, (Barclays Bank PLC LOC), 3.390%, 12/7/2023 | 16,855,000 | |
10,000,000 | Houston, TX Higher Education Finance Corp. (Rice University), (Series A), CP, 3.850%, Mandatory Tender 12/18/2023 | 10,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Texas— continued | |||
$ 8,180,000 | Houston, TX Higher Education Finance Corp. (Rice University), (Series A), CP, 3.900%, Mandatory Tender 1/17/2024 | $ 8,180,000 | |
10,000,000 | Houston, TX Higher Education Finance Corp. (Rice University), (Series A), CP, 3.900%, Mandatory Tender 1/17/2024 | 10,000,000 | |
4,900,000 | Houston, TX Higher Education Finance Corp. (Rice University), (Series A), CP, 3.900%, Mandatory Tender 1/18/2024 | 4,900,000 | |
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), 3.410%, 12/7/2023 | 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), 3.700%, 12/7/2023 | 3,650,000 | |
25,000,000 | Port Arthur Navigation District, TX IDC (TOTAL Petrochemicals & Refining USA, Inc.), (Series 2010A) Weekly VRDNs, (TotalEnergies SE GTD), 3.200%, 12/6/2023 | 25,000,000 | |
44,700,000 | Port Arthur Navigation District, TX IDC (TOTAL Petrochemicals & Refining USA, Inc.), (Series 2012) Weekly VRDNs, (TotalEnergies SE GTD), 3.200%, 12/6/2023 | 44,700,000 | |
7,600,000 | Port Arthur Navigation District, TX IDC (TOTAL Petrochemicals & Refining USA, Inc.), (Series 2012B) Weekly VRDNs, (TotalEnergies SE GTD), 3.570%, 12/6/2023 | 7,600,000 | |
11,700,000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002B) Daily VRDNs, 3.700%, 12/1/2023 | 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), 3.200%, 12/6/2023 | 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), 3.570%, 12/6/2023 | 41,000,000 | |
20,000,000 | San Antonio, TX Electric & Gas System, (2012 Series A), CP, 3.700%, Mandatory Tender 1/26/2024 | 20,000,000 | |
30,000,000 | San Antonio, TX Electric & Gas System, (2012 Series A), CP, 4.050%, Mandatory Tender 3/27/2024 | 30,000,000 | |
8,750,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Care System), (Series 2011C) Daily VRDNs, (TD Bank, N.A. LOC), 3.200%, 12/1/2023 | 8,750,000 | |
15,570,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), (Series 2008A) Daily VRDNs, (TD Bank, N.A. LOC), 3.200%, 12/1/2023 | 15,570,000 | |
56,000,000 | Texas State, Veterans Bonds (Series 2020) Weekly VRDNs, (Federal Home Loan Bank of Dallas LIQ), 3.250%, 12/6/2023 | 56,000,000 | |
10,390,000 | Texas State, Veterans Bonds (Series 2021) Weekly VRDNs, (Federal Home Loan Bank of Dallas LIQ), 3.350%, 12/6/2023 | 10,390,000 | |
20,000,000 | Texas State, Veterans Bonds (Series 2022) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 3.350%, 12/6/2023 | 20,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Texas— continued | |||
$ 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), 4.000%, 12/7/2023 | $ 11,750,000 | |
TOTAL | 489,605,000 | ||
Virginia— 1.1% | |||
5,500,000 | Albemarle County, VA Economic Development Authority (Sentara Health Systems Obligation Group), (Series 2018B) Daily VRDNs, (TD Bank, N.A. LIQ), 3.200%, 12/1/2023 | 5,500,000 | |
1,155,000 | Fairfax County, VA EDA (Young Men’s Christian Association of Metropolitan Washington), (Series 2001) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 3.760%, 12/1/2023 | 1,155,000 | |
25,000,000 | Harrisonburg, VA Economic Development Authority (Sentara Health Systems Obligation Group), (Series 2023) Weekly VRDNs, (U.S. Bank, N.A. LOC), 3.300%, 12/6/2023 | 25,000,000 | |
655,000 | Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), (Series 2017C) Weekly VRDNs, (Truist Bank LOC), 3.360%, 12/7/2023 | 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), 3.340%, 12/7/2023 | 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), 3.340%, 12/7/2023 | 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), 3.620%, 12/7/2023 | 2,000,000 | |
TOTAL | 45,310,000 | ||
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), 3.500%, Optional Tender 5/1/2024 | 3,000,000 | |
West Virginia— 0.8% | |||
5,815,000 | West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 3.360%, 12/7/2023 | 5,815,000 | |
29,280,000 | West Virginia State Hospital Finance Authority (Charleston Area Medical Center, Inc.), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 3.570%, 12/6/2023 | 29,280,000 | |
TOTAL | 35,095,000 | ||
Wisconsin— 1.7% | |||
1,800,000 | Pardeeville, WI Area School District TRANs, 5.000%, 8/30/2024 | 1,806,454 | |
16,430,000 | 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), 3.670%, 12/7/2023 | 16,430,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Wisconsin— continued | |||
$ 31,305,000 | Public Finance Authority, WI (Bradford Preparatory School), (Series 2022-XF2997) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.670%, 12/7/2023 | $ 31,305,000 | |
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), 3.670%, 12/7/2023 | 9,265,000 | |
1,010,000 | Richland County, WI BANs, 5.500%, 3/1/2024 | 1,012,493 | |
3,450,000 | Wilmot, WI Union High School District TRANs, 4.500%, 10/9/2024 | 3,462,593 | |
9,250,000 | Wood County, WI BANs, 4.500%, 3/14/2024 | 9,259,779 | |
TOTAL | 72,541,319 | ||
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $4,276,545,886) | 4,276,545,886 | ||
MUNICIPAL BONDS— 0.0% | |||
Ohio— 0.0% | |||
1,025,000 | Lorain County, OH, (Series B) BANs, 5.000%, 12/7/2024 (IDENTIFIED COST $1,033,856) | 1,033,856 | |
TOTAL INVESTMENT IN SECURITIES—100.3% (AT AMORTIZED COST)2 | 4,277,579,742 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.3)%3 | (14,545,004) | ||
TOTAL NET ASSETS—100% | $4,263,034,738 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
BANs | —Bond Anticipation Notes | |
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 | |
LLP | —Limited Liability Partnership | |
LOC | —Letter of Credit | |
PCR | —Pollution Control Revenue | |
PCRB | —Pollution Control Revenue Bond | |
PLC | —Public Limited Company | |
PUTTERs | —Puttable Tax-Exempt Receipts | |
SIFMA | —Securities Industry and Financial Markets Association | |
TOBs | —Tender Option Bonds | |
TRANs | —Tax and Revenue Anticipation Notes | |
VRDNs | —Variable Rate Demand Notes | |
VRDPs | —Variable Rate Demand Preferreds | |
VRENs | —Variable Rate Extendible Notes |
Six Months Ended (unaudited) 11/30/2023 | 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 | $1.00 |
Income From Investment Operations: | |||||||
Net investment income2 | 0.017 | 0.021 | 0.001 | 0.001 | 0.012 | 0.012 | 0.010 |
Net realized gain (loss) | 0.000 | (0.000)3 | 0.0003 | 0.0003 | 0.0003 | 0.0003 | 0.0003 |
Total From Investment Operations | 0.017 | 0.021 | 0.001 | 0.001 | 0.012 | 0.012 | 0.010 |
Less Distributions: | |||||||
Distributions from net investment income | (0.017) | (0.021) | (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 | (0.017) | (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 | $1.00 |
Total Return4 | 1.74% | 2.13% | 0.09% | 0.06% | 1.19% | 1.22% | 1.03% |
Ratios to Average Net Assets: | |||||||
Net expenses5 | 0.21%6 | 0.21% | 0.15% | 0.21% | 0.21% | 0.21%6 | 0.21% |
Net investment income | 3.47%6 | 2.13% | 0.08% | 0.06% | 1.14% | 1.46%6 | 1.03% |
Expense waiver/ reimbursement7 | 0.08%6 | 0.09% | 0.15% | 0.09% | 0.08% | 0.09%6 | 0.09% |
Supplemental Data: | |||||||
Net assets, end of period (000 omitted) | $3,688,975 | $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 | Per share numbers have been calculated using the average shares method. |
3 | Represents less than $0.001. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Assets: | |
Investment in securities, at amortized cost and fair value | $4,277,579,742 |
Cash | 10,501,109 |
Income receivable | 24,350,619 |
Receivable for investments sold | 10,157,753 |
Receivable for shares sold | 10,062,347 |
Total Assets | 4,332,651,570 |
Liabilities: | |
Payable for investments purchased | 58,829,771 |
Payable for shares redeemed | 8,444,353 |
Income distribution payable | 2,211,324 |
Capital gain distribution payable | 20,989 |
Payable for investment adviser fee (Note 4) | 13,745 |
Payable for administrative fee (Note 4) | 9,038 |
Payable for other service fees (Notes 2 and 4) | 6,607 |
Accrued expenses (Note 4) | 81,005 |
Total Liabilities | 69,616,832 |
Net assets for 4,263,068,278 shares outstanding | $4,263,034,738 |
Net Assets Consist of: | |
Paid-in capital | $4,263,048,794 |
Total distributable earnings (loss) | (14,056) |
Total Net Assets | $4,263,034,738 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Wealth Shares: | |
$3,688,975,195 ÷ 3,689,004,220 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Advisor Shares: | |
$326,159,755 ÷ 326,162,320 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$247,899,788 ÷ 247,901,738 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |
Interest | $65,762,257 |
Expenses: | |
Investment adviser fee (Note 4) | 3,570,115 |
Administrative fee (Note 4) | 1,391,297 |
Custodian fees | 51,981 |
Transfer agent fees | 15,740 |
Directors’/Trustees’ fees (Note 4) | 7,922 |
Auditing fees | 14,094 |
Legal fees | 5,413 |
Portfolio accounting fees | 105,873 |
Other service fees (Notes 2 and 4) | 255,695 |
Share registration costs | 132,266 |
Printing and postage | 16,513 |
Miscellaneous (Note 4) | 31,819 |
TOTAL EXPENSES | 5,598,728 |
Waiver of investment adviser fee (Note 4) | (1,506,945) |
Net expenses | 4,091,783 |
Net investment income | 61,670,474 |
Net realized gain on investments | 43,702 |
Change in net assets resulting from operations | $61,714,176 |
Six Months Ended (unaudited) 11/30/2023 | Year Ended 5/31/2023 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $61,670,474 | $64,938,999 |
Net realized gain (loss) | 43,702 | (25,652) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 61,714,176 | 64,913,347 |
Distributions to Shareholders: | ||
Wealth Shares | (53,246,524) | (57,547,576) |
Advisor Shares | (5,139,359) | (4,331,480) |
Service Shares | (3,287,696) | (3,104,586) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (61,673,579) | (64,983,642) |
Share Transactions: | ||
Proceeds from sale of shares | 3,686,723,330 | 6,991,142,949 |
Net asset value of shares issued to shareholders in payment of distributions declared | 48,635,699 | 46,173,858 |
Cost of shares redeemed | (2,634,194,852) | (6,452,292,204) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 1,101,164,177 | 585,024,603 |
Change in net assets | 1,101,204,774 | 584,954,308 |
Net Assets: | ||
Beginning of period | 3,161,829,964 | 2,576,875,656 |
End of period | $4,263,034,738 | $3,161,829,964 |
Other Service Fees Incurred | |
Service Shares | $255,695 |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Wealth Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 3,216,562 | $3,216,562 | 5,645,313 | $5,645,313 |
Shares issued to shareholders in payment of distributions declared | 40,592 | 40,592 | 39,791 | 39,791 |
Shares redeemed | (2,250,103) | (2,250,103) | (5,377,412) | (5,377,412) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 1,007,051 | $1,007,051 | 307,692 | $307,692 |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Advisor Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 263,507 | $263,507 | 997,358 | $997,358 |
Shares issued to shareholders in payment of distributions declared | 5,139 | 5,139 | 4,331 | 4,331 |
Shares redeemed | (238,453) | (238,453) | (747,265) | (747,265) |
NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS | 30,193 | $30,193 | 254,424 | $254,424 |
Six Months Ended 11/30/2023 | Year Ended 5/31/2023 | |||
Service Shares: | Shares (000’s omitted) | Amount (000’s omitted) | Shares (000’s omitted) | Amount (000’s omitted) |
Shares sold | 206,654 | $206,654 | 348,472 | $348,472 |
Shares issued to shareholders in payment of distributions declared | 2,904 | 2,904 | 2,052 | 2,052 |
Shares redeemed | (145,638) | (145,638) | (327,615) | (327,615) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 63,920 | $63,920 | 22,909 | $22,909 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,101,164 | $1,101,164 | 585,025 | $585,025 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Beginning Account Value 6/1/2023 | Ending Account Value 11/30/2023 | Expenses Paid During Period1 | |
Actual | $1,000.00 | $1,017.40 | $1.06 |
Hypothetical (assuming a 5% return before expenses) | $1,000.00 | $1,023.95 | $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 183/366 (to reflect the one-half-year period). |
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Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the 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 January 23, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue
Principal Executive Officer
Date January 23, 2024
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date January 23, 2024