N-CSR 1 form1181.htm EDGAR HTML

United States

Securities and Exchange Commission

Washington, D.C. 20549

 

Form N-CSR

Certified Shareholder Report of Registered Management Investment Companies

 

 

 

 

811-5950

 

(Investment Company Act File Number)

 

Federated Hermes Money Market Obligations Trust

_______________________________________________________________

 

(Exact Name of Registrant as Specified in Charter)

 

 

 

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, Pennsylvania 15086-7561

(Address of Principal Executive Offices)

 

 

(412) 288-1900

(Registrant's Telephone Number)

 

 

Peter J. Germain, Esquire

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

 

 

 

 

 

 

Date of Fiscal Year End: 05/31/23

 

 

Date of Reporting Period: 05/31/23

 

 

 

 

 

 

 

 

 

Item 1.Reports to Stockholders

 

Annual Shareholder Report
May 31, 2023
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
Dear Valued Shareholder,
We are pleased to present the Annual Shareholder Report for your fund covering the period from June 1, 2022 through May 31, 2023. This report includes a complete listing of your fund’s holdings, performance information and financial statements along with other important fund information.
As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.
In addition, FederatedHermes.com/us offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.
Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.
Sincerely,
J. Christopher Donahue, President
The Fund is a Retail Money Market Fund and is only available for investment to accounts beneficially owned by natural persons.

Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee

Portfolio of Investments Summary Tables (unaudited)
At May 31, 2023, the Fund’s portfolio composition1 was as follows:
Security Type
Percentage of
Total Net Assets
Variable Rate Demand Instruments
79.7%
Municipal Notes
16.2%
Commercial Paper
3.1%
Other Assets and Liabilities—Net2
1.0%
TOTAL
100%
1
See the Fund’s Prospectus and Statement of Additional Information for a description of these
investments.
2
Assets, other than investments in securities, less liabilities. See Statement of Assets and
Liabilities.
At May 31, 2023, the Fund’s effective maturity schedule1 was as follows:
Securities With an
Effective Maturity of:
Percentage of
Total Net Assets
1-7 Days
63.1%
8-30 Days
1.7%
31-90 Days
27.7%
91-180 Days
4.3%
181 Days or more
2.2%
Other Assets and Liabilities—Net2
1.0%
Total
100%
1
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the
Investment Company Act of 1940, which regulates money market mutual funds.
2
Assets, other than investments in securities, less liabilities. See Statement of Assets
and Liabilities.
Annual Shareholder Report
1

Portfolio of Investments
May 31, 2023
Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   99.0%
 
 
 
Alabama—   1.3%
 
$  5,365,000
 
Cooperative District of Fort Spanish, AL, Tender Option Bond Trust
Receipts (Series 2021-XF2958) Weekly VRDNs, (Mizuho Bank Ltd.
GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023
$    5,365,000
33,700,000
 
Mobile, AL IDB (Alabama Power Co.), PCR Bonds (Series 2007B)
Weekly VRDNs, 3.500%, 6/7/2023
   33,700,000
 
 
TOTAL
39,065,000
 
 
Arizona—   0.3%
 
  2,335,000
 
Arizona State IDA (Colorado Military Academy Building Corp.), Tender
Option Bond Trust Receipts (Series 2021-XF2941) Weekly VRDNs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023
    2,335,000
  5,610,000
 
Maricopa County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly
VRDNs, (Wells Fargo Bank, N.A. LOC), 3.530%, 6/1/2023
    5,610,000
 
 
TOTAL
7,945,000
 
 
California—   13.8%
 
18,875,000
 
California Health Facilities Financing Authority (CommonSpirit Health),
Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC
LIQ)/(Barclays Bank PLC LOC), 3.610%, 6/1/2023
   18,875,000
  2,356,000
 
California HFA (Hope on Broadway LP), Tender Option Bond Trust
Receipts (Series 2022-XF3018) Weekly VRDNs, (Mizuho Bank Ltd.
LIQ)/(Mizuho Bank Ltd. LOC), 3.810%, 6/1/2023
    2,356,000
  9,000,000
 
California HFA (Residency at Empire I LP), Tender Option Bond Trust
Receipts (Series 2022-XF3077) Weekly VRDNs, (Mizuho Bank Ltd.
GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023
    9,000,000
17,120,000
 
California HFA, Tender Option Bond Trust Certificates
(Series 2023-XF3087) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho
Bank Ltd. LIQ), 3.810%, 6/1/2023
   17,120,000
    470,000
 
California HFA, Tender Option Bond Trust Floater Certificates
(Series 2022-XF3059) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho
Bank Ltd. LIQ), 3.810%, 6/1/2023
      470,000
  4,500,000
 
California Municipal Finance Authority (Brawley Pacific Associates III),
Tender Option Bond Trust Receipts (Series 2022-XF3027) Weekly
VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ),
3.810%, 6/1/2023
    4,500,000
  2,000,000
 
California PCFA (C.A. and E.J. Vanderham Family Trust), (Series 2003)
Weekly VRDNs, (CoBank, ACB LOC), 3.580%, 6/1/2023
    2,000,000
  3,000,000
 
California PCFA (P & D Dairy and Poso Creek Family Dairy, LLC),
(Series 2003) Weekly VRDNs, (BMO Harris Bank, N.A. LOC),
3.580%, 6/1/2023
    3,000,000
  2,940,000
 
California PCFA (T & W Farms), (Series 2002) Weekly VRDNs, (Bank of
America N.A. LOC), 3.580%, 6/1/2023
    2,940,000
11,000,000
 
California Statewide Communities Development Authority (Kaiser
Permanente), (Series 2004E), CP, 3.200%, Mandatory Tender 6/6/2023
   11,000,000
Annual Shareholder Report
2

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
California—   continued
 
$  7,000,000
 
California Statewide Communities Development Authority (Kaiser
Permanente), (Series 2004K), CP, 2.800%, Mandatory
Tender 6/14/2023
$    7,000,000
12,500,000
 
California Statewide Communities Development Authority (Kaiser
Permanente), (Series 2009B-4), CP, 3.200%, Mandatory
Tender 8/9/2023
   12,500,000
  1,242,000
 
Los Angeles, CA (Hope on Broadway LP), Tender Option Bond Trust
Receipts (2022-XF3019) Weekly VRDNs, (Mizuho Bank Ltd.
LIQ)/(Mizuho Bank Ltd. LOC), 3.810%, 6/1/2023
    1,242,000
27,000,000
 
Los Angeles, CA Community Redevelopment Agency (DWF V
Hollywood & Vine, LP), Mizuho 3a-7 (Series 2022-MIZ9089) Daily
VRDNs, (GTD by FHLMC)/(Mizuho Bank Ltd. LIQ), 4.450%, 6/1/2023
   27,000,000
  3,500,000
 
Los Angeles, CA Community Redevelopment Agency (DWF V Wilshire
Vermont, LP), Mizuho 3a-7 (Series 2022-MIZ9090) Daily VRDNs, (GTD
by FHLMC)/(Mizuho Bank Ltd. LIQ), 4.650%, 6/1/2023
    3,500,000
  7,000,000
 
Los Angeles, CA Department of Airports (Los Angeles International
Airport), (Subseries B-2), CP, (Barclays Bank PLC LOC), 3.850%,
Mandatory Tender 8/7/2023
    7,000,000
75,000,000
 
Nuveen California Quality Municipal Income Fund, RIB Floater Trust
(Series 2022-FR-RI-005) (Series 2 Preferred Shares) VRENs, (Barclays
Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.760%, 6/1/2023
   75,000,000
  5,076,000
 
Pimco California Municipal Income Fund III, Tender Option Bond Trust
Receipts (Series UA-7003) Weekly VRDNs, (UBS AG LIQ),
3.610%, 6/7/2023
    5,076,000
  9,200,000
 
Pimco California Municipal Income Fund, Tender Option Bond Trust
Receipts (Series UA-7005) Weekly VRDNs, (UBS AG LIQ),
3.610%, 6/6/2023
    9,200,000
66,500,000
 
River Islands, CA Public Financing Authority (River Islands, CA Public
Financing Authority Community Facilities District No. 2015-1), Tender
Option Bond Trust Floater Certificates (Series 2022-MIZ9110) VRENs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023
   66,500,000
  2,770,000
 
Sacramento County, CA HDA (Shiloh Arms Partners LP), Mizuho 3a-7
(2022-MIZ9093) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd.
LIQ), 3.810%, 6/1/2023
    2,770,000
64,500,000
 
San Francisco, CA City and County (1500 Mission Urban Housing LP),
Mizuho 3a-7 (Series 2022-MIZ9115) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023
   64,500,000
73,560,000
 
San Francisco, CA City and County (Transbay Block 8 Tower
Apartments Obligated Group), Mizuho 3a-7 (2021-MIZ9063) VRENs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023
   73,560,000
 
 
TOTAL
426,109,000
 
 
Colorado—   0.3%
 
  4,615,000
 
Colorado HFA (Acme Manufacturing Company, Inc.), (Series 2016A)
Weekly VRDNs, (UMB Bank, N.A. LOC), 3.760%, 6/1/2023
    4,615,000
  1,175,000
 
Colorado HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007)
Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 3.650%, 6/1/2023
    1,175,000
Annual Shareholder Report
3

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Colorado—   continued
 
$  1,160,000
 
Colorado HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs,
(UMB Bank, N.A. LOC), 3.800%, 6/1/2023
$    1,160,000
  1,575,000
 
Denver, CO City & County Airport Authority, RBC Muni Products
(Series G-114) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of
Canada LOC), 3.660%, Optional Tender 6/1/2023
    1,575,000
 
 
TOTAL
8,525,000
 
 
Connecticut—   0.1%
 
  4,400,000
 
Connecticut State Special Transportation Fund, RBC Muni Products
(Series G-110) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of
Canada LOC), 3.590%, Optional Tender 10/2/2023
    4,400,000
 
 
Florida—   4.7%
 
  3,400,000
 
Broward County, FL (Florida Power & Light Co.), (Series 2018A) Daily
VRDNs, 4.000%, 6/1/2023
    3,400,000
  2,480,000
 
Capital Trust Agency, FL (Milestones Community School, Inc.), Tender
Option Bond Trust Receipts (2022-XF2965) Weekly VRDNs, (Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023
    2,480,000
  4,280,000
 
Florida Development Finance Corp. (Navigator Academy of
Leadership, Inc.), Tender Option Bond Trust Receipts (2021-XF2945)
Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ),
3.810%, 6/1/2023
    4,280,000
  4,700,000
 
Greater Orlando, FL Aviation Authority, (RBC Muni Products Series
G-25) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC),
3.660%, Mandatory Tender 10/2/2023
    4,700,000
  2,655,000
 
Hillsborough County, FL Solid Waste & Resource Recovery, RBC Muni
Products (Series G-41) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank
of Canada LOC), 3.610%, Optional Tender 9/1/2023
    2,655,000
20,500,000
 
Liberty County, FL (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs,
3.500%, 6/1/2023
   20,500,000
11,830,000
 
Miami-Dade County, FL (County of Miami-Dade Seaport Department),
Tender Option Bond Trust Certificates (2022-XF2988) Weekly VRDNs,
(Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ),
3.550%, 6/1/2023
   11,830,000
  7,490,000
 
Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7
(2021-MIZ9072) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd.
LIQ), 3.810%, 6/1/2023
    7,490,000
  8,000,000
 
Miami-Dade County, FL HFA (Superior Manor Phase II LLC), Mizuho
3a-7 (2022-MIZ9087) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank
Ltd. LIQ), 3.810%, 6/1/2023
    8,000,000
  6,000,000
 
Miami-Dade County, FL HFA (The Village Miami Phase II LLC),
MIZUHO 3a-7 (Series 2023-MIZ9137) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023
    6,000,000
42,920,000
 
Palm Beach County, FL Health Facilities Authority (Morselife Obligated
Group), (Series 2023-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays
Bank PLC LOC), 3.710%, 6/1/2023
   42,920,000
29,700,000
 
St. Lucie County, FL Solid Waste Disposal (Florida Power & Light Co.),
(Series 2003) Daily VRDNs, 4.000%, 6/1/2023
   29,700,000
 
 
TOTAL
143,955,000
Annual Shareholder Report
4

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Georgia—   7.0%
 
$  3,500,000
 
Appling County, GA Development Authority (Georgia Power Co.), (1st
Series 1997) Daily VRDNs, 4.230%, 6/1/2023
$    3,500,000
  9,750,000
 
Atlanta, GA, Urban Residential Finance Authority (Columbia at Sylvan
Hills Apartments), (Series 2006) Weekly VRDNs, (FNMA LOC),
3.550%, 6/1/2023
    9,750,000
43,825,000
 
Bartow County, GA Development Authority (Georgia Power Co.),
(Second Series 2022) Daily VRDNs, 4.200%, 6/1/2023
   43,825,000
    550,000
 
Burke County, GA Development Authority (Georgia Power Co.), (2018
1st Series) Daily VRDNs, 4.250%, 6/1/2023
      550,000
16,900,000
 
Burke County, GA Development Authority (Georgia Power Co.),
(Series 2008) Daily VRDNs, 4.230%, 6/1/2023
   16,900,000
  8,880,000
 
Columbia County, GA Development Authority (Schools for
Arts-Infused Learning, Inc.), Tender Option Bond Trust Receipts
(2022-XF2966) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank
Ltd. LIQ), 3.810%, 6/1/2023
    8,880,000
  8,715,000
 
Columbus, GA Development Authority (Avalon Apartments LP),
(Series 2008) Weekly VRDNs, (FNMA LOC), 3.550%, 6/1/2023
    8,715,000
10,000,000
 
Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.),
(Series 2008) Weekly VRDNs, (FHLMC LOC), 3.550%, 6/1/2023
   10,000,000
13,870,000
 
Effingham County, GA Development Authority (Georgia Power Co.),
(Series 2003) Daily VRDNs, 4.240%, 6/1/2023
   13,870,000
    360,000
 
Fitzgerald & Ben Hill County, GA Development Authority
(Agri-Products, Inc.), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A.
LOC), 3.580%, 6/1/2023
      360,000
  4,680,000
 
Floyd County, GA Development Authority PCRB (Georgia Power Co.),
(First Series 1996) Daily VRDNs, 4.230%, 6/1/2023
    4,680,000
  2,000,000
 
Heard County, GA Development Authority (Georgia Power Co.), (First
Series 1996) Daily VRDNs, 4.240%, 6/1/2023
    2,000,000
  2,525,000
 
Monroe County, GA Development Authority (Florida Power & Light
Co.), (Series 2019) Daily VRDNs, 4.150%, 6/1/2023
    2,525,000
  6,000,000
 
Monroe County, GA Development Authority (Florida Power & Light
Co.), PCRBs (First Series 2002) Daily VRDNs, 4.080%, 6/1/2023
    6,000,000
  9,300,000
 
Monroe County, GA Development Authority (Georgia Power Co.),
PCRBs (First Series 1997) Daily VRDNs, 4.230%, 6/1/2023
    9,300,000
  1,775,000
 
Savannah, GA EDA (Consolidated Utilities, Inc.), (Series 2007) Weekly
VRDNs, (Truist Bank LOC), 3.630%, 6/1/2023
    1,775,000
72,250,000
 
Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs,
3.560%, 6/7/2023
   72,250,000
  1,595,000
 
Wayne County, GA, IDA (Sierra International Machinery LLC),
(Series 2011) Weekly VRDNs, (Truist Bank LOC), 3.630%, 6/1/2023
    1,595,000
 
 
TOTAL
216,475,000
 
 
Hawaii—   0.2%
 
  6,110,000
 
Hawaii State Department of Budget & Finance (Queen’s Health
Systems), (2015 Series C) VRENs, 3.860%, 6/1/2023
    6,110,000
Annual Shareholder Report
5

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Idaho—   0.6%
 
$ 17,860,000
 
American Falls, ID Reservoir District (Idaho Power Co.), (Series 2000)
Weekly VRDNs, 3.600%, 6/7/2023
$   17,860,000
 
 
Illinois—   1.3%
 
24,320,000
 
Chicago, IL O’Hare International Airport, Tender Option Bond Trust
Certificates (Series 2022-XM1078) Weekly VRDNs, (Assured Guaranty
Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ),
3.730%, 6/1/2023
   24,320,000
  4,600,000
 
Chicago, IL O’Hare International Airport, Tender Option Bond Trust
Receipts (Series 2022-XF1424) Weekly VRDNs, (Assured Guaranty
Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ),
3.730%, 6/1/2023
    4,600,000
11,475,518
 
Metropolitan Pier & Exposition Authority, IL, Tender Option Bond Trust
Receipts (2021-MS0001) TOBs, (Morgan Stanley Bank, N.A.
LIQ)/(Morgan Stanley Bank, N.A. LOC), 3.710%, Optional
Tender 8/3/2023
   11,475,518
 
 
TOTAL
40,395,518
 
 
Indiana—   1.6%
 
  6,000,000
 
Bloomington, IN EDRB (SY Henderson Court Investors, LP),
(Series 2008: Henderson Court Apartments) Weekly VRDNs, (FHLMC
LOC), 3.550%, 6/1/2023
    6,000,000
14,250,000
 
Indiana Development Finance Authority (Duke Energy Indiana, Inc.),
(Series 2003B) Weekly VRDNs, 3.700%, 6/7/2023
   14,250,000
17,000,000
 
Indiana State Finance Authority Environmental (Fulcrum Centerpoint,
LLC), (Series 2022) TOBs, (GTD by United States Treasury), 4.500%,
Mandatory Tender 11/15/2023
   17,000,000
12,900,000
 
Indianapolis, IN MFH (Pedcor Investments-2006-LXXXVIII LP),
(Series 2007A: Forest Ridge Apartments) Weekly VRDNs, (Citizens
Bank, N.A. LOC), 4.200%, 6/1/2023
   12,900,000
 
 
TOTAL
50,150,000
 
 
Iowa—   0.2%
 
  5,300,000
 
Iowa Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly
VRDNs, (AgriBank FCB LOC), 3.580%, 6/1/2023
    5,300,000
 
 
Kansas—   1.0%
 
10,000,000
 
Burlington, KS (Evergy Metro, Inc.), (Series 2007A) Weekly VRDNs,
3.560%, 6/7/2023
   10,000,000
21,000,000
 
Burlington, KS (Evergy Metro, Inc.), (Series 2007B) Weekly VRDNs,
3.560%, 6/7/2023
   21,000,000
 
 
TOTAL
31,000,000
 
 
Kentucky—   3.7%
 
29,400,000
 
Louisville & Jefferson County, KY Metropolitan Government (Louisville
Gas & Electric Co.), (Series A) Weekly VRDNs, 3.500%, 6/2/2023
   29,400,000
38,000,000
 
Louisville & Jefferson County, KY Regional Airport Authority (UPS
Worldwide Forwarding, Inc.), (1999 Series A) Daily VRDNs, (GTD by
United Parcel Service, Inc.), 4.220%, 6/1/2023
   38,000,000
16,900,000
 
Meade County, KY Industrial Building Revenue Authority (Nucor
Corp.), (Series 2021A-1) Daily VRDNs, 4.950%, 6/1/2023
   16,900,000
Annual Shareholder Report
6

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Kentucky—   continued
 
$ 31,270,000
 
Meade County, KY Industrial Building Revenue Authority (Nucor
Corp.), (Series 2021B-1) Daily VRDNs, 4.950%, 6/1/2023
$   31,270,000
 
 
TOTAL
115,570,000
 
 
Louisiana—   3.2%
 
10,885,000
 
Calcasieu Parish, LA Public Trust Authority (WPT Corp.), (Series 1997)
Weekly VRDNs, (Bank of America N.A. LOC), 3.350%, 6/7/2023
   10,885,000
14,200,000
 
East Baton Rouge Parish, LA IDB (Georgia-Pacific LLC), Solid Waste
Disposal Revenue Bonds (Series 2004) Weekly VRDNs,
3.650%, 6/7/2023
   14,200,000
34,500,000
 
Louisiana Local Government Environmental Facilities CDA (American
Biocarbon, CT LLC) TOBs, (GTD by United States Treasury), 3.850%,
Mandatory Tender 8/1/2023
   34,489,224
  4,500,000
 
Louisiana Public Facilities Authority (Loyola University New Orleans),
Barclays 3a-7 Credit Enhanced (Series 2023-002) VRENs, (Barclays Bank
PLC LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/1/2023
    4,500,000
  6,975,000
 
Louisiana State Housing Corporation (Peace Lake Louisiana Tower
Community, LP), Tender Option Bond Trust Floater Certificates
(Series 2020-MIZ9053) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho
Bank Ltd. LIQ), 3.810%, 6/1/2023
    6,975,000
  1,200,000
 
St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1)
Weekly VRDNs, (Nucor Corp. GTD), 3.890%, 6/7/2023
    1,200,000
27,400,000
 
St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1)
Weekly VRDNs, (Nucor Corp. GTD), 3.900%, 6/7/2023
   27,400,000
 
 
TOTAL
99,649,224
 
 
Maine—   0.7%
 
22,260,000
 
Old Town, ME (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs,
3.670%, 6/7/2023
   22,260,000
 
 
Maryland—   1.8%
 
  5,020,000
 
Baltimore County, MD (Oak Crest Village, Inc.), 3a-7 Credit Enhanced
Trust (Series 2022-032) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank
PLC LOC), 3.710%, 6/1/2023
    5,020,000
  2,640,000
 
Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28)
TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC),
3.610%, Mandatory Tender 7/3/2023
    2,640,000
22,000,000
 
Maryland Health and Higher Educational Facilities Authority (Integrace
Obligated Group), 3a-7 Credit Enhanced Trust (Series 2022-024)
VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC),
3.710%, 6/1/2023
   22,000,000
26,500,000
 
Montgomery County, MD (Trinity Healthcare Credit Group),
(Series 2013MD) TOBs, 3.500%, Mandatory Tender 6/1/2023
   26,500,000
 
 
TOTAL
56,160,000
 
 
Massachusetts—   1.2%
 
27,000,000
 
Massachusetts Development Finance Agency (Nantucket Electric Co.),
(Series 2004), CP, (GTD by Massachusetts Electric Co.), 3.400%,
Mandatory Tender 6/12/2023
   27,000,000
Annual Shareholder Report
7

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Massachusetts—   continued
 
$ 10,000,000
 
Massachusetts Development Finance Agency (Nantucket Electric Co.),
(Series 2004), CP, (GTD by Massachusetts Electric Co.), 3.400%,
Mandatory Tender 6/12/2023
$   10,000,000
 
 
TOTAL
37,000,000
 
 
Michigan—   0.2%
 
  5,250,000
 
Michigan Strategic Fund (Greenville Venture Partners LLC),
(Series 2018) Weekly VRDNs, (CoBank, ACB LOC), 3.580%, 6/1/2023
    5,250,000
 
 
Minnesota—   0.8%
 
25,600,000
 
Roseville, MN, Tender Option Bond Trust Receipts
(Series 2022-XF3034) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho
Bank Ltd. LIQ), 3.810%, 6/1/2023
   25,600,000
 
 
Mississippi—   0.6%
 
13,000,000
 
Mississippi Business Finance Corp. (Florida Power & Light Co.),
(Series 2019) Weekly VRDNs, 4.960%, 6/7/2023
   13,000,000
  5,865,000
 
Mississippi Home Corp, Mizuho 3a-7 (Series 2022-XF3022) Weekly
VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ),
3.810%, 6/1/2023
    5,865,000
 
 
TOTAL
18,865,000
 
 
Missouri—   0.5%
 
  6,310,000
 
Kansas City, MO Planned Industrial Expansion Authority (EPD3
Ridgeview LP), Mizuho 3a-7 (2022-MIZ9086) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023
    6,310,000
  2,500,000
 
Lees Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055)
VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ),
3.810%, 6/1/2023
    2,500,000
  6,000,000
 
Missouri State Health and Educational Facilities Authority Health
Facilities (SSM Healthcare), (Series G-121) TOBs, (Royal Bank of
Canada LIQ)/(Royal Bank of Canada LOC), 3.610%, Mandatory
Tender 6/1/2023
    6,000,000
 
 
TOTAL
14,810,000
 
 
Montana—   0.2%
 
  3,510,000
 
Montana State Board of Housing (HRDC IX Affordable Housing
Solutions LP), Mizuho 3a-7 (2021-MIZ9061) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023
    3,510,000
  3,320,000
 
Montana State Board of Housing (HRDC IX Affordable Housing
Solutions LP), Mizuho 3a-7 (2021-MIZ9062) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023
    3,320,000
 
 
TOTAL
6,830,000
 
 
Multi-State—   10.4%
 
137,600,000
 
Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily
VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 4.700%, 6/1/2023
  137,600,000
142,000,000
 
Nuveen Municipal Credit Income Fund, PUTTERs 3a-7 (Series 5039)
(VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ),
4.700%, 6/1/2023
  142,000,000
17,766,000
 
PIMCO Municipal Income Fund II, Tender Option Bond Trust Receipts
(Series UA-7001) Weekly VRDNs, (UBS AG LIQ), 3.660%, 6/1/2023
   17,766,000
Annual Shareholder Report
8

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Multi-State—   continued
 
$ 17,825,000
 
PIMCO Municipal Income Fund II, Tender Option Bond Trust Receipts
(Series UA-7004) Weekly VRDNs, (UBS AG LIQ), 3.660%, 6/6/2023
$   17,825,000
  7,521,000
 
PIMCO Municipal Income Fund III, Tender Option Bond Trust Receipts
(Series UA-7006) Weekly VRDNs, (UBS AG LIQ), 3.660%, 6/6/2023
    7,521,000
 
 
TOTAL
322,712,000
 
 
Nebraska—   0.3%
 
  7,500,000
 
Stanton County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs,
4.000%, 6/7/2023
    7,500,000
  1,875,000
 
Stanton County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs,
4.000%, 6/7/2023
    1,875,000
 
 
TOTAL
9,375,000
 
 
Nevada—   0.8%
 
  2,050,000
 
Clark County, NV Airport System, (Series B), 5.000%, 7/1/2023
    2,052,074
  1,275,000
 
Director of the State of Nevada Department of Business and Industry
(575 Mill Street LLC), IDRBs (Series 1998A) Weekly VRDNs,
(Manufacturers & Traders Trust Co., Buffalo LOC), 3.620%, 6/1/2023
    1,275,000
20,000,000
 
Director of the State of Nevada Department of Business and Industry
(DesertXpress Enterprises, LLC), (Brightline West Passenger Rail
Project, Series 2020A) TOBs, (GTD by United States Treasury), 3.700%,
Mandatory Tender 1/31/2024
   20,000,000
 
 
TOTAL
23,327,074
 
 
New Jersey—   6.5%
 
  7,552,000
 
Beach Haven, NJ BANs, 4.250%, 5/2/2024
    7,588,707
  3,705,869
 
Bridgewater-Raritan, NJ Regional School District BANs,
4.250%, 9/13/2023
    3,711,542
  6,641,725
 
Butler Borough, NJ BANs, 3.750%, 9/8/2023
    6,656,605
  5,807,835
 
Clementon, NJ, (Series A) BANs, 4.250%, 9/28/2023
    5,825,246
  5,915,500
 
Delran Township, NJ BANs, 4.250%, 9/5/2023
    5,923,800
14,770,000
 
Freehold Borough, NJ BANs, 4.000%, 8/3/2023
   14,797,227
  4,000,000
 
Garwood, NJ BANs, 5.000%, 8/3/2023
    4,006,244
  5,373,950
 
Hammonton, NJ BANs, 5.000%, 10/26/2023
    5,387,427
  2,436,000
 
Haworth Borough, NJ BANs, 4.500%, 7/14/2023
    2,437,486
  7,505,061
 
Highlands, NJ BANs, 4.250%, 7/7/2023
    7,513,315
  2,561,000
 
Hillsdale Borough, NJ BANs, 4.500%, 8/24/2023
    2,564,734
  7,500,000
 
Lakewood Township, NJ BANs, 4.250%, 10/24/2023
    7,518,871
  3,050,800
 
Lopatcong, NJ BANs, 4.500%, 10/6/2023
    3,056,980
  6,845,000
 
Middle Township, NJ BANs, 3.750%, 9/7/2023
    6,859,813
  5,968,000
 
Mountainside, NJ BANs, 5.000%, 7/20/2023
    5,975,010
13,600,000
 
New Brunswick, NJ BANs, 3.750%, 9/18/2023
   13,633,517
  1,285,000
 
New Jersey EDA (Temple Emanuel of the Pascack Valley),
(Series 2001/2019) Weekly VRDNs, (U.S. Bank, N.A. LOC),
3.660%, 6/2/2023
    1,285,000
Annual Shareholder Report
9

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
New Jersey—   continued
 
$  5,000,000
 
North Hunterdon-Vorhees, NJ Regional High School District BANs,
4.250%, 7/21/2023
$    5,003,021
12,160,000
 
Park Ridge Borough, NJ BANs, 4.000%, 4/26/2024
   12,212,916
11,815,000
 
Ramsey, NJ BANs, 4.250%, 3/1/2024
   11,849,264
  3,496,000
 
Rochelle Park Township, NJ BANs, 4.500%, 8/9/2023
    3,499,406
  3,242,800
 
Roxbury Township, NJ BANs, 4.500%, 3/1/2024
    3,257,983
  4,041,000
 
Saddle River, NJ BANs, 5.500%, 6/7/2023
    4,041,972
  7,463,300
 
South Plainfield, NJ BANs, 4.000%, 8/16/2023
    7,470,923
  5,665,000
 
Springfield Township, NJ (Union County) BANs, 4.250%, 5/1/2024
    5,697,511
  3,544,300
 
Springfield Township, NJ BANs, 4.250%, 9/7/2023
    3,549,198
25,000,000
 
Stone Harbor, NJ BANs, 5.000%, 10/13/2023
   25,065,988
  6,346,649
 
Union Beach, NJ BANs, 5.000%, 7/25/2023
    6,355,784
  1,985,155
 
West Wildwood, NJ BANs, 4.500%, 2/27/2024
    1,991,765
  3,807,000
 
Winslow Township, NJ BANs, 3.750%, 9/14/2023
    3,816,038
  3,000,000
 
Wyckoff Township, NJ BANs, 4.500%, 9/19/2023
    3,004,823
 
 
TOTAL
201,558,116
 
 
New York—   6.4%
 
  3,846,510
 
Alden Village, NY BANs, 3.750%, 9/7/2023
    3,854,526
29,350,000
 
Erie County, NY IDA (Ellicott Park Townhomes Community Partners
LP), Mizuho 3a-7 (Series 2023-MIZ9134) VRDNs, (Mizuho Bank Ltd.
LIQ)/(Mizuho Bank Ltd. LOC), 3.810%, 6/1/2023
   29,350,000
  2,000,000
 
Hannibal, NY CSD BANs, 4.250%, 6/28/2023
    2,001,722
  5,590,000
 
Hempstead (town), NY IDA Multi-Family Housing (Hempstead Village
Housing Associates LP), (Series 2006) Weekly VRDNs, (FNMA LOC),
3.520%, 6/1/2023
    5,590,000
  4,245,977
 
Lowville, NY, (Series A) BANs, 3.250%, 8/24/2023
    4,247,799
  8,000,000
 
Massena, NY CSD BANs, 4.000%, 6/29/2023
    8,005,953
  3,545,000
 
New Rochelle, NY IDA (180 Union Avenue Owner LP),
(Series 2006: West End Phase I Facility) Weekly VRDNs, (Citibank N.A.,
New York LOC), 3.590%, 6/1/2023
    3,545,000
15,000,000
 
New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells
Fargo Bank, N.A. LIQ), 3.560%, 6/1/2023
   15,000,000
24,880,000
 
New York State Energy Research & Development Authority (National
Grid Generation LLC), (1997 Series A) Weekly VRDNs, (NatWest
Markets PLC LOC), 3.600%, 6/7/2023
   24,880,000
  3,250,000
 
New York State Environmental Facilities Corp. (Waste Management,
Inc.), Solid Waste Disposal Refunding Revenue Bonds (Series 2012)
TOBs, 3.875%, Mandatory Tender 8/1/2023
    3,250,000
72,800,000
 
New York State HFA (42nd and 10th Street Associates LLC), 3a-7 High
Grade Trust (Series 2022-007) VRENs, (Barclays Bank PLC
LIQ)/(Barclays Bank PLC LOC), 3.810%, 6/1/2023
   72,800,000
Annual Shareholder Report
10

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
New York—   continued
 
$ 10,000,000
 
New York Transportation Development Corporation (LaGuardia
Gateway Partners, LLC), Tender Option Bond Trust Receipts
(Series 2016-XM0403) Weekly VRDNs, (Assured Guaranty Municipal
Corp. INS)/(Toronto Dominion Bank LIQ), 3.790%, 6/1/2023
$   10,000,000
  6,700,000
 
Penn-Yan, NY CSD BANs, 4.250%, 6/28/2023
    6,705,769
  7,222,000
 
PIMCO New York Municipal Income Fund III, Tender Option Bond Trust
Receipts (Series UA-7007) Weekly VRDNs, (UBS AG LIQ),
3.610%, 6/6/2023
    7,222,000
  1,554,371
 
Walton, NY CSD BANs, 4.000%, 6/28/2023
    1,555,374
 
 
TOTAL
198,008,143
 
 
North Carolina—   0.3%
 
  7,000,000
 
Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.),
(Series 2000A) Weekly VRDNs, 4.000%, 6/7/2023
    7,000,000
  3,000,000
 
Yancey County, NC Industrial Facilities & PCFA (Altec Industries, Inc.),
(Series 2007) Weekly VRDNs, (Truist Bank LOC), 3.630%, 6/1/2023
    3,000,000
 
 
TOTAL
10,000,000
 
 
Ohio—   2.3%
 
25,000,000
 
Hamilton County, OH (Block 3 Community Urban Redevelopment
Corporation), (Series 2004) Weekly VRDNs, (Citizens Bank, N.A. LOC),
3.610%, 6/1/2023
   25,000,000
30,470,000
 
Middletown, OH (Premier Health Partners Obligated Group), Golden
Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank
PLC LOC), 3.660%, 6/1/2023
   30,470,000
  8,100,000
 
Ohio State Hospital Revenue (University Hospitals Health System, Inc.),
Barclays Golden Blue (Series 2020-002) VRENs, (Barclays Bank PLC
LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/1/2023
    8,100,000
  7,000,000
 
Toledo-Lucas County, OH Port Authority (Van Deurzen Dairy LLC),
(Series 2006) Weekly VRDNs, (AgriBank FCB LOC), 3.580%, 6/1/2023
    7,000,000
 
 
TOTAL
70,570,000
 
 
Oklahoma—   3.2%
 
18,200,000
 
Garfield County, OK Industrial Authority Pollution Control (Oklahoma
Gas and Electric Co.), (Series 1995-A) Weekly VRDNs,
3.750%, 6/7/2023
   18,200,000
30,950,000
 
Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (1995
Series A) Weekly VRDNs, 3.650%, 6/7/2023
   30,950,000
49,655,000
 
Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.),
(Series 1997A) Weekly VRDNs, 3.750%, 6/7/2023
   49,655,000
 
 
TOTAL
98,805,000
 
 
Pennsylvania—   1.2%
 
  5,030,000
 
Lehigh County, PA General Purpose Authority (Lehigh Valley Health
Network Obligated Group), BAML 3a-7 (Series 2023-BAML5039)
VRENs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC),
3.660%, 6/1/2023
    5,030,000
Annual Shareholder Report
11

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Pennsylvania—   continued
 
$ 30,375,000
 
Pennsylvania Economic Development Financing Authority
(Commonwealth of Pennsylvania Department of Transportation),
(Series 2022-XM1084) Weekly VRDNs, (Assured Guaranty Municipal
Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 3.610%, 6/1/2023
$   30,375,000
    962,858
 
Philadelphia, PA Authority for Industrial Development (Susquehanna
Net Zero Housing, LP), Tender Option Bond Trust Floater Certificates
(2020-MIZ9051) VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd.
LOC), 3.810%, 6/1/2023
      962,858
 
 
TOTAL
36,367,858
 
 
South Carolina—   1.3%
 
21,500,000
 
Berkeley County, SC IDB (Nucor Corp.) Weekly VRDNs,
4.000%, 6/7/2023
   21,500,000
10,100,000
 
Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs,
4.000%, 6/7/2023
   10,100,000
  8,888,000
 
South Carolina Jobs-EDA (BTH Spartanburg I LLC), Tender Option
Bond Trust Receipts (Series 2022-XF3074) Weekly VRDNs, (Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023
    8,888,000
 
 
TOTAL
40,488,000
 
 
South Dakota—   0.1%
 
  3,000,000
 
South Dakota Value Added Finance Authority (Prairie Gold Dairy LLC),
(Series 2004) Weekly VRDNs, (CoBank, ACB LOC), 3.580%, 6/1/2023
    3,000,000
 
 
Tennessee—   2.2%
 
  5,500,000
 
Covington, TN IDB (Charms Co.), (Series 1992) Weekly VRDNs, (Bank
of America N.A. LOC), 3.350%, 6/7/2023
    5,500,000
16,000,000
 
Lewisburg, TN IDB (Waste Management, Inc.), (Series 2012) TOBs,
3.875%, Mandatory Tender 8/1/2023
   16,000,000
25,620,000
 
Memphis-Shelby County, TN Industrial Development Board - PCRB
(Nucor Steel Memphis, Inc.), (Series 2007) Weekly VRDNs, (GTD by
Nucor Corp.), 4.000%, 6/7/2023
   25,620,000
21,400,000
 
Metropolitan Government Nashville & Davidson County, TN, (2014
Program), CPX, 3.500%, Mandatory Tender 8/17/2023
   21,400,000
 
 
TOTAL
68,520,000
 
 
Texas—   13.4%
 
  8,465,000
 
El Paso, TX Housing Finance Corp., Mizuho 3a-7 (2022-MIZ9104)
VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ),
3.810%, 6/1/2023
    8,465,000
  3,600,000
 
El Paso, TX Water & Sewer Revenue, RBC Muni Products (G-124)
TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC),
3.610%, Optional Tender 9/1/2023
    3,600,000
  4,000,000
 
Jewett, TX Economic Development Corporation (Nucor Corp.),
(Series 2003) Weekly VRDNs, 4.000%, 6/7/2023
    4,000,000
18,500,000
 
Mission, TX Economic Development Corp. (Waste Management, Inc.),
(Series 2020A) TOBs, (GTD by Waste Management Holdings, Inc.),
3.950%, Mandatory Tender 6/1/2023
   18,500,000
Annual Shareholder Report
12

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Texas—   continued
 
$ 20,000,000
 
Mission, TX Economic Development Corp. (Waste Management, Inc.),
(Series 2020B) TOBs, (GTD by Waste Management Holdings, Inc.),
3.950%, Mandatory Tender 6/1/2023
$   20,000,000
  4,700,000
 
North Texas Tollway Authority, RBC Municipal Products Trust
(Series 2019 G-112) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of
Canada LOC), 3.610%, Mandatory Tender 7/3/2023
    4,700,000
  3,000,000
 
Northeast TX Housing Finance Corp, Mizuho 3a-7
(Series 2022-MIZ9116) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank
Ltd. LIQ), 3.810%, 6/1/2023
    3,000,000
71,425,000
 
Port of Corpus Christi Authority of Nueces County, TX (Flint Hills
Resources LLC), (Series 2002A) Daily VRDNs, 4.450%, 6/1/2023
   71,425,000
19,500,000
 
Port of Corpus Christi Authority of Nueces County, TX (Flint Hills
Resources LLC), (Series 2003) Daily VRDNs, 4.350%, 6/1/2023
   19,500,000
25,000,000
 
Port of Corpus Christi Authority of Nueces County, TX (Flint Hills
Resources LLC), (Series 2005) Daily VRDNs, 4.350%, 6/1/2023
   25,000,000
41,300,000
 
Port of Corpus Christi Authority of Nueces County, TX (Flint Hills
Resources LLC), (Series 2006) Daily VRDNs, 4.350%, 6/1/2023
   41,300,000
  3,900,000
 
Port of Corpus Christi Authority of Nueces County, TX (Flint Hills
Resources LLC), (Series 2007) Daily VRDNs, 4.350%, 6/1/2023
    3,900,000
22,450,000
 
Port of Port Arthur Navigation District of Jefferson County, TX (Motiva
Enterprises LLC), (Series 2010A) Daily VRDNs, 4.350%, 6/1/2023
   22,450,000
12,250,000
 
Port of Port Arthur Navigation District of Jefferson County, TX (Motiva
Enterprises LLC), (Series 2010B) Daily VRDNs, 4.350%, 6/1/2023
   12,250,000
35,600,000
 
Port of Port Arthur Navigation District of Jefferson County, TX (Motiva
Enterprises LLC), (Series 2010C) Daily VRDNs, 4.360%, 6/1/2023
   35,600,000
    500,000
 
Port of Port Arthur Navigation District of Jefferson County, TX (Motiva
Enterprises LLC), (Series 2010D) Weekly VRDNs, 3.800%, 6/7/2023
      500,000
83,900,000
 
Port of Port Arthur Navigation District of Jefferson County, TX (Motiva
Enterprises LLC), (Series 2010E) Weekly VRDNs, 3.830%, 6/7/2023
   83,900,000
15,000,000
 
Texas State Department of Housing & Community Affairs (Onion Creek
Housing Partners Ltd.), (Series 2007) Weekly VRDNs, (FNMA LOC),
3.550%, 6/1/2023
   15,000,000
20,000,000
 
Travis County, TX Housing Finance Corp. (Roers Austin Apartments
Owner II LP), MIZUHO 3a-7 (Series 2023-MIZ9127) VRENs, (Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.440%, 6/1/2023
   20,000,000
 
 
TOTAL
413,090,000
 
 
Virginia—   0.1%
 
  1,610,000
 
Emporia, VA Industrial Development Board (Toll VA III LP),
(Series 1999) Weekly VRDNs, (Truist Bank LOC), 3.530%, 6/1/2023
    1,610,000
 
 
Washington—   0.1%
 
  2,860,000
 
Central Puget Sound, WA Regional Transit Authority, RBC Muni
Products (G-123) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of
Canada LOC), 3.610%, Optional Tender 11/1/2023
    2,860,000
Annual Shareholder Report
13

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Washington—   continued
 
$  1,260,000
 
Washington State Economic Development Finance Authority (Mesa
Dairy, LLC), (Series 2007E) Weekly VRDNs, (BMO Harris Bank, N.A.
LOC), 3.580%, 6/1/2023
$    1,260,000
 
 
TOTAL
4,120,000
 
 
West Virginia—   2.0%
 
60,365,000
 
West Virginia State Hospital Finance Authority (Charleston Area
Medical Center, Inc.), (Series 2008A) Weekly VRDNs, (Truist Bank LOC),
3.850%, 6/7/2023
   60,365,000
 
 
Wisconsin—   3.1%
 
15,883,000
 
Public Finance Authority, WI (Agape Meadowcreek, Inc.), Tender
Option Bond Trust Floater Certificates (Series 2022-XF3026) Weekly
VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ),
3.810%, 6/1/2023
   15,883,000
  1,415,000
 
Public Finance Authority, WI (Carolina Charter Academy, Inc.), Tender
Option Bond Trust Receipts (Series 2021-XF2931) Weekly VRDNs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023
    1,415,000
  5,945,000
 
Public Finance Authority, WI (DCA Lexington Properties, LLC), Tender
Option Bond Trust Receipts (Series 2021-XF2933) Weekly VRDNs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.810%, 6/1/2023
    5,945,000
    685,000
 
West Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly
VRDNs, (U.S. Bank, N.A. LOC), 3.720%, 6/1/2023
      685,000
  2,095,000
 
Wisconsin State Public Finance Authority (Birchwood Properties LP),
(Series 2016) Weekly VRDNs, (FHLB of Des Moines LOC),
3.630%, 6/1/2023
    2,095,000
17,000,000
 
Wisconsin State Public Finance Authority (Waste Management, Inc.),
(Series 2017 A-1) TOBs, (GTD by Waste Management Holdings, Inc.),
3.750%, Mandatory Tender 6/1/2023
   17,000,000
33,535,000
 
Wisconsin State Public Finance Authority (Waste Management, Inc.),
(Series A-2) TOBs, (GTD by Waste Management Holdings, Inc.),
3.875%, Mandatory Tender 8/1/2023
   33,535,000
20,000,000
 
Wisconsin State Public Finance Authority (Waste Management, Inc.),
(Series A-3) TOBs, (GTD by Waste Management Holdings, Inc.),
3.875%, Mandatory Tender 8/1/2023
   20,000,000
 
 
TOTAL
96,558,000
 
 
TOTAL INVESTMENT IN SECURITIES—99.0%
(AT AMORTIZED COST)2
3,057,757,933
 
 
OTHER ASSETS AND LIABILITIES - NET—1.0%3
29,832,430
 
 
TOTAL NET ASSETS—100%
$3,087,590,363
Annual Shareholder Report
14

Securities that are subject to the federal alternative minimum tax (AMT) represent 49.7% of the portfolio as calculated based upon total market value (percentage is unaudited).
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.
Note: The categories of investments are shown as a percentage of total net assets at May 31, 2023.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Annual Shareholder Report
15

In valuing the Fund’s assets as of May 31, 2023, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
The following acronym(s) are used throughout this portfolio:
 
BANs
—Bond Anticipation Notes
CDA
—Community Development Authority
CP
—Commercial Paper
CPX
—Commercial Paper Extendible
CSD
—Central School District
EDA
—Economic Development Authority
EDRB
—Economic Development Revenue Bond
FHLB
—Federal Home Loan Bank
FHLMC
—Federal Home Loan Mortgage Corporation
FNMA
—Federal National Mortgage Association
GTD
—Guaranteed
HDA
—Hospital Development Authority
HFA
—Housing Finance Authority
IDA
—Industrial Development Authority
IDB
—Industrial Development Bond
IDRBs
—Industrial Development Revenue Bonds
INS
—Insured
LIQ
—Liquidity Agreement
LOC
—Letter of Credit
MFH