United States Securities and Exchange Commission
Washington,
D.C. 20549
Form
Certified Shareholder Report of Registered Management
Investment Companies
811-5950
(Investment
Company Act File Number)
(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: 2024-05-31
Date of Reporting Period:
Item 1. Reports to Stockholders
| Item 2. | Code of Ethics |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
| Item 3. | Audit Committee Financial Expert |
The registrant’s Board has determined that each of the following members of the Board’s Audit Committee is an “audit committee financial expert,” and is “independent,” for purposes of this Item 3: Thomas M. O’Neill and John S. Walsh.
| Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2024 – $411,218
Fiscal year ended 2023 - $384,255
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2024 - $0
Fiscal year ended 2023 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $5,755 and $0 respectively. Fiscal year ended 2024- Audit consent fee for N-14 merger document.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2024 - $0
Fiscal year ended 2023 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2024 - $0
Fiscal year ended 2023 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate to management its responsibilities to pre-approve services performed by the independent auditor.
The Audit Committee has delegated pre-approval authority to its chairman (the “Chairman”) for services that do not exceed a specified dollar threshold. The Chairman or Chief Audit Executive will report any such pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain audit services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the RIC’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of permissible services other than audit, review or attest services the pre-approval requirement is waived if:
| (1) | With respect to such services rendered to the Funds, the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the audit client to its accountant during the fiscal year in which the services are provided; and, |
| (2) | With respect to such services rendered to the Fund’s investment adviser ( the “Adviser”)and any entity controlling, controlled by to under common control with the Adviser such as affiliated non-U.S. and U.S. funds not under the Audit Committee’s purview and which do not fall within a category of service which has been determined by the Audit Committee not to have a direct impact on the operations or financial reporting of the RIC, the aggregate amount of all services provided constitutes no more than five percent of the total amount of revenues paid to the RIC’s auditor by the RIC, its Adviser and any entity controlling, controlled by, or under common control with the Adviser during the fiscal year in which the services are provided; and |
| (3) | Such services were not recognized by the issuer or RIC at the time of the engagement to be non-audit services; and |
| (4) | Such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services, and would not impair the independence of the auditor.
The Securities and Exchange Commission’s (the “SEC”) rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Accounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2024 – 0%
Fiscal year ended 2023 - 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2024 – 0%
Fiscal year ended 2023 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2024 – 0%
Fiscal year ended 2023 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
| (f) | NA |
| (g) | Non-Audit Fees billed to the registrant, the registrant’s Adviser, and certain entities controlling, controlled by or under common control with the Adviser: |
Fiscal year ended 2024 - $180,214
Fiscal year ended 2023 - $355,616
| (h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s Adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
| Item 5. | Audit Committee of Listed Registrants |
Not Applicable
| Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Financial Statements filed under Item 7 of this form.
(b) Not Applicable.
| Item 7. | Financial Statements and Financial Highlights for Open-End Management Companies |
Annual Financial Statements
and Additional Information
and Additional Information
May 31, 2024
|
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
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
CONTENTS
Portfolio
of Investments
May 31, 2024
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—100.3% |
|
|
|
|
Alabama—2.1%
|
|
|
$ 1,840,000
|
|
Alabama
State Port Authority, Docks Facilities Revenue Bonds (Series 2017 A), (Assured Guaranty Municipal Corp. INS),
5.000%,
10/1/2024 |
$ 1,846,542
|
|
8,800,000
|
|
Columbia,
AL IDB PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 4.200%, 6/3/2024 |
8,800,000
|
|
5,280,000
|
|
Cooperative
District of Fort Spanish, AL, Tender Option Bond Trust Receipts (Series 2021-XF2958) Weekly VRDNs, (Mizuho
Bank
Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
5,280,000
|
|
16,900,000
|
|
Decatur,
AL IDB (Nucor Steel Decatur LLC), (Series 2003-A) Weekly VRDNs, (Nucor Corp. GTD), 3.720%, 6/5/2024 |
16,900,000
|
|
9,450,000
|
|
Walker
County, AL Economic and Industrial Development Authority (Alabama Power Co.), (Second Series 2023) Daily
VRDNs,
4.250%, 6/3/2024 |
9,450,000
|
|
7,200,000
|
|
West
Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2008) Daily VRDNs, 4.200%, 6/3/2024 |
7,200,000
|
|
35,000,000
|
|
West
Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2023) Weekly VRDNs, 3.900%, 6/6/2024 |
35,000,000
|
|
8,200,000
|
|
Wilsonville,
AL IDB (Alabama Power Co.), (Series 2008) Daily VRDNs, 4.200%, 6/3/2024 |
8,200,000
|
|
|
|
TOTAL
|
92,676,542
|
|
|
|
Arizona—0.6%
|
|
|
12,630,000
|
|
Arizona
State Development Authority (Casa Grande AH I LLLP), Mizuho 3a-7 (Series 2024-MIZ9160) VRENs, (Mizuho Bank
Ltd.
GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
12,630,000
|
|
4,690,000
|
|
Arizona
State IDA (Roers Maricopa Apartments Owner LLC), Mizuho 3a-7 (Series 2023-MIZ9155) VRENs, (Mizuho Bank Ltd.
LIQ)/(Mizuho
Bank Ltd. LOC), 3.710%, 6/6/2024 |
4,690,000
|
|
5,610,000
|
|
Maricopa
County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC),
3.270%,
6/6/2024 |
5,610,000
|
|
1,300,000
|
|
Phoenix,
AZ Civic Improvement Corp. - Airport System, (Series A), 5.000%, 7/1/2024 |
1,301,323
|
|
2,500,000
|
|
Phoenix,
AZ Civic Improvement Corp. - Airport System, Junior Lien Airport Revenue Bonds (Series 2019B),
5.000%,
7/1/2024 |
2,502,664
|
|
1,185,000
|
|
Phoenix,
AZ Civic Improvement Corp. - Airport System, Senior Lien, 5.000%, 7/1/2024 |
1,185,657
|
|
|
|
TOTAL
|
27,919,644
|
|
|
|
Arkansas—0.1%
|
|
|
3,550,000
|
|
Blytheville,
AR (Nucor Corp.), (Series 2002) Weekly VRDNs, 3.700%, 6/5/2024 |
3,550,000
|
|
|
|
California—14.0%
|
|
|
5,270,000
|
|
Berkeley,
CA TRANs, 5.000%, 7/24/2024 |
5,276,572
|
|
21,590,000
|
|
California
Health Facilities Financing Authority (CommonSpirit Health), Golden Blue (Series 2017-004) VRENs, (Barclays
Bank
PLC LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/6/2024 |
21,590,000
|
|
6,755,000
|
|
California
Health Facilities Financing Authority (CommonSpirit Health), Mizuho 3a-7 (Series 2022-MIZ9099) Weekly VRDNs,
(Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.560%, 6/6/2024 |
6,755,000
|
|
11,280,000
|
|
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), 3.710%, 6/6/2024 |
11,280,000
|
|
21,920,000
|
|
California
HFA, Tender Option Bond Trust Certificates (Series 2023-XF3087) Weekly VRDNs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 3.710%, 6/6/2024 |
21,920,000
|
|
1,885,000
|
|
California
HFA, Tender Option Bond Trust Floater Certificates (Series 2022-XF3059) Weekly VRDNs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 3.710%, 6/6/2024 |
1,885,000
|
|
47,500,000
|
|
California
Infrastructure & Economic Development Bank (Brightline West Passenger Rail Project), (Series 2020A) TOBs,
(United
States Treasury GTD), 3.950%, Mandatory Tender 1/30/2025 |
47,500,000
|
|
14,750,000
|
|
California
Municipal Finance Authority (Waste Management, Inc.), (Series 2020) TOBs, (Waste Management Holdings, Inc.
GTD),
4.100%, Mandatory Tender 6/3/2024 |
14,750,000
|
|
5,680,000
|
|
California
Statewide Communities Development Authority (Fountain Park), Mizuho 3a-7 (Series 2023-MIZ9122) Daily
VRDNs,
(FHLMC GTD)/(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 4.650%, 6/3/2024 |
5,680,000
|
|
10,400,000
|
|
California
Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 3.580%, Mandatory
Tender
6/18/2024 |
10,400,000
|
|
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), 3.710%, 6/6/2024 |
10,300,000
|
|
5,700,000
|
|
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), 4.650%, 6/3/2024 |
5,700,000
|
|
6,615,000
|
|
California
Statewide Communities Development Authority (TRG - Copeland Creek LP), Mizuho 3a-7 (Series 2023-MIZ9135)
VRENs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
6,615,000
|
Annual
Financial Statements and Additional Information
1
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
California—continued
|
|
|
$ 5,500,000
|
|
California
Statewide Communities Development Authority MFH (Prospera Homestead Partners LP), Mizuho 3a-7
(Series
2024-MIZ9166) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
$ 5,500,000
|
|
12,000,000
|
|
Los
Angeles County, CA TRANs, 5.000%, 6/28/2024 |
12,011,064
|
|
85,050,000
|
|
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), 4.650%, 6/3/2024 |
85,050,000
|
|
60,415,000
|
|
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), 4.650%, 6/3/2024 |
60,415,000
|
|
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), 3.760%, 6/6/2024 |
75,000,000
|
|
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), 3.710%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
85,560,000
|
|
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), 3.610%, 6/6/2024 |
7,780,000
|
|
|
|
TOTAL
|
627,467,636
|
|
|
|
Colorado—2.4%
|
|
|
24,720,000
|
|
Colorado
Health Facilities Authority (CommonSpirit Health), Golden Blue 3a-7 (Series 2022-017) VRENs, (Barclays Bank
PLC
LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/6/2024 |
24,720,000
|
|
2,045,000
|
|
Colorado
Health Facilities Authority (National Jewish Medical and Research Center), (Series 2005) Weekly VRDNs, (UMB
Bank,
N.A. LOC), 3.460%, 6/6/2024 |
2,045,000
|
|
4,615,000
|
|
Colorado
HFA (Acme Manufacturing Co., Inc.), (Series 2016A) Weekly VRDNs, (UMB Bank, N.A. LOC), 3.840%, 6/6/2024 |
4,615,000
|
|
1,070,000
|
|
Colorado
HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC),
3.530%,
6/6/2024 |
1,070,000
|
|
1,010,000
|
|
Colorado
HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs, (UMB Bank, N.A. LOC), 3.880%, 6/6/2024 |
1,010,000
|
|
1,500,000
|
|
Colorado
State (Colorado State Education Loan Program), (Series B) TRANs, (Colorado State LIQ), 4.500%, 6/28/2024 |
1,500,471
|
|
5,745,000
|
|
Colorado
State Education Loan Program, (Series B) TRANs, (Colorado State LIQ), 5.000%, 6/28/2024 |
5,749,343
|
|
13,015,000
|
|
Denver,
CO City & County Department of Aviation (Denver, CO City & County Airport Authority), Tender Option Bond
Trust
Receipts (Series 2018 XM0715) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 3.660%, 6/6/2024 |
13,015,000
|
|
28,115,000
|
|
Denver,
CO City & County Department of Aviation, (Series 2018A), 5.000%, 12/1/2024 |
28,253,985
|
|
18,620,000
|
|
Denver,
CO City & County Department of Aviation, (Series 2022D), 5.000%, 11/15/2024 |
18,727,184
|
|
9,000,000
|
|
Denver,
CO City and County Board of Water Commissioners, (Series 2023A), CP, (Bank of America N.A. LIQ), 3.500%,
Mandatory
Tender 9/5/2024 |
9,000,000
|
|
|
|
TOTAL
|
109,705,983
|
|
|
|
District
of Columbia—0.0% |
|
|
1,950,000
|
|
Metropolitan
Washington, DC Airports Authority, (Series A), 5.000%, 10/1/2024 |
1,958,233
|
|
|
|
Florida—5.8%
|
|
|
5,500,000
|
|
Broward
County, FL (Florida Power & Light Co.), (Series 2018B) Weekly VRDNs, 3.550%, 6/5/2024 |
5,500,000
|
|
5,015,000
|
|
Broward
County, FL Airport System, (Series A), 5.000%, 10/1/2024 |
5,023,067
|
|
4,435,000
|
|
Broward
County, FL HFA (ML Casa V LP), 3a-7 (BAML-6018) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America
N.A.
LOC), 3.480%, 6/6/2024 |
4,435,000
|
|
1,335,000
|
|
Greater
Orlando, FL Aviation Authority, (Series C), 5.000%, 10/1/2024 |
1,337,581
|
|
5,650,000
|
|
Hillsborough
County, FL HFA (Brandywine Housing, Ltd.), (Series 2006: Brandywine Apartments) Weekly VRDNs, (Citibank
N.A.,
New York LOC), 3.380%, 6/5/2024 |
5,650,000
|
|
25,000,000
|
|
Liberty
County, FL (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 3.400%, 6/6/2024 |
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), 3.500%, 6/6/2024 |
11,830,000
|
|
7,500,000
|
|
Miami-Dade
County, FL Aviation, Tender Option Bond Trust Receipts (Series 2023-XF1609) Weekly VRDNs, (JPMorgan
Chase
Bank, N.A. LIQ), 3.540%, 6/6/2024 |
7,500,000
|
|
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), 3.710%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
7,105,000
|
Annual
Financial Statements and Additional Information
2
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Florida—continued
|
|
|
$ 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), 3.710%, 6/6/2024 |
$ 6,000,000
|
|
29,000,000
|
|
Miami-Dade
County, FL IDA (Florida Power & Light Co.), (Series 2024A) Weekly VRDNs, 3.650%, 6/6/2024 |
29,000,000
|
|
32,500,000
|
|
Miami-Dade
County, FL IDA (Florida Power & Light Co.), (Series 2024B) Weekly VRDNs, 3.700%, 6/6/2024 |
32,500,000
|
|
4,400,000
|
|
Miami-Dade
County, FL Seaport Department, (Series B-1), CP, (Bank of America N.A. LOC), 3.750%, Mandatory
Tender
7/17/2024 |
4,400,000
|
|
66,545,000
|
|
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), 3.710%, 6/6/2024 |
66,545,000
|
|
35,385,000
|
|
St.
Lucie County, FL Solid Waste Disposal (Florida Power & Light Co.), (Series 2003) Weekly VRDNs, 3.550%, 6/5/2024 |
35,385,000
|
|
5,300,000
|
|
Sumter
County, FL IDA (American Cement Co. LLC), (Series 2007) Weekly VRDNs, (Bank of America N.A. LOC),
3.660%,
6/6/2024 |
5,300,000
|
|
|
|
TOTAL
|
258,961,298
|
|
|
|
Georgia—5.6%
|
|
|
1,000,000
|
|
Atlanta,
GA Airport General Revenue, (Series C), 5.000%, 7/1/2024 |
1,001,212
|
|
13,600,000
|
|
Atlanta,
GA Airport General Revenue, (Series M-2), CP, (Bank of America N.A. LOC), 3.730%, Mandatory Tender 7/2/2024 |
13,600,000
|
|
1,045,000
|
|
Atlanta,
GA Airport General Revenue, 5.000%, 7/1/2024 |
1,045,576
|
|
9,750,000
|
|
Atlanta,
GA, Urban Residential Finance Authority (Columbia at Sylvan Hills Apartments), (Series 2006) Weekly VRDNs,
(FNMA
LOC), 3.500%, 6/6/2024 |
9,750,000
|
|
4,900,000
|
|
Bartow
County, GA Development Authority (Georgia Power Co.), (First Series 2022) Daily VRDNs, 4.250%, 6/3/2024 |
4,900,000
|
|
66,470,000
|
|
Bartow
County, GA Development Authority (Georgia Power Co.), (Second Series 2022) Daily VRDNs, 4.250%, 6/3/2024 |
66,470,000
|
|
11,010,000
|
|
Burke
County, GA Development Authority (Georgia Power Co.), (Third Series 2012) Daily VRDNs, 4.250%, 6/3/2024 |
11,010,000
|
|
8,515,000
|
|
Columbus,
GA Development Authority (Avalon Apartments LP), (Series 2008) Weekly VRDNs, (FNMA LOC),
3.500%,
6/6/2024 |
8,515,000
|
|
10,000,000
|
|
Columbus,
GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs, (FHLMC LOC),
3.500%,
6/6/2024 |
10,000,000
|
|
300,000
|
|
Fitzgerald
& Ben Hill County, GA Development Authority (Agri-Products, Inc.), (Series 2007) Weekly VRDNs, (U.S. Bank,
N.A.
LOC), 3.570%, 6/6/2024 |
300,000
|
|
25,000,000
|
|
Monroe
County, GA Development Authority (Florida Power & Light Co.), (Series 2019) Weekly VRDNs, 3.500%, 6/6/2024 |
25,000,000
|
|
17,940,000
|
|
Monroe
County, GA Development Authority (Florida Power & Light Co.), (Series 2019) Weekly VRDNs, 3.600%, 6/6/2024 |
17,940,000
|
|
7,000,000
|
|
Municipal
Electric Authority of Georgia, (Series B), CP, (TD Bank, N.A. LOC), 3.450%, Mandatory Tender 6/5/2024 |
7,000,000
|
|
1,455,000
|
|
Savannah,
GA EDA (Consolidated Utilities, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 3.620%, 6/6/2024 |
1,455,000
|
|
72,250,000
|
|
Savannah,
GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 3.520%, 6/5/2024 |
72,250,000
|
|
1,215,000
|
|
Wayne
County, GA, IDA (Sierra International Machinery LLC), (Series 2011) Weekly VRDNs, (Truist Bank LOC),
3.620%,
6/6/2024 |
1,215,000
|
|
|
|
TOTAL
|
251,451,788
|
|
|
|
Hawaii—0.1%
|
|
|
5,685,000
|
|
Hawaii
State Department of Budget & Finance (Queen’s Health Systems), (2015 Series C) VRENs, 3.810%, 6/6/2024 |
5,685,000
|
|
|
|
Illinois—3.1%
|
|
|
2,600,000
|
|
Chicago,
IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2023-XF1457) Daily VRDNs,
(JPMorgan
Chase Bank, N.A. LIQ), 4.500%, 6/3/2024 |
2,600,000
|
|
4,270,000
|
|
Chicago,
IL O’Hare International Airport, (Series A), 5.000%, 1/1/2025 |
4,290,398
|
|
51,620,000
|
|
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), 3.540%, 6/6/2024 |
51,620,000
|
|
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), 3.560%, 6/6/2024 |
8,000,000
|
|
9,600,000
|
|
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), 3.540%, 6/6/2024 |
9,600,000
|
|
31,700,000
|
|
Chicago,
IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2022-XM1038) Weekly VRDNs,
(Assured
Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.540%, 6/6/2024 |
31,700,000
|
|
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), 3.560%, 6/6/2024 |
8,000,000
|
|
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), 3.560%, 6/6/2024 |
15,200,000
|
|
9,355,000
|
|
Illinois
Finance Authority (University of Chicago Medical Center Obligated Group), Mizuho 3a-7 (Series 2024-MIZ9167)
VRDNs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
9,355,000
|
|
|
|
TOTAL
|
140,365,398
|
Annual
Financial Statements and Additional Information
3
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Indiana—3.5%
|
|
|
$ 5,855,000
|
|
Bloomington,
IN EDRB (SY Henderson Court Investors, LP), (Series 2008: Henderson Court Apartments) Weekly VRDNs,
(FHLMC
LOC), 3.500%, 6/6/2024 |
$ 5,855,000
|
|
14,350,000
|
|
Indiana
Development Finance Authority (Duke Energy Indiana, Inc.), (Series 2003B) Weekly VRDNs, 3.440%, 6/5/2024 |
14,350,000
|
|
125,000,000
|
|
Indiana
Finance Authority (Brightmark Circularity Center Ashley 2 LLC), Morgan Stanley 3a-7 (Series 2024-MS-0022) TOBs,
(Morgan
Stanley Bank, N.A. LIQ)/(United States Treasury GTD), 3.860%, Optional Tender 7/25/2024 |
125,000,000
|
|
12,755,000
|
|
Indianapolis,
IN MFH (Pedcor Investments-2006-LXXXVIII LP), (Series 2007A: Forest Ridge Apartments) Weekly VRDNs,
(FHLB
of Boston LOC), 3.570%, 6/6/2024 |
12,755,000
|
|
|
|
TOTAL
|
157,960,000
|
|
|
|
Iowa—0.4%
|
|
|
5,300,000
|
|
Iowa
Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly VRDNs, (AgriBank FCB LOC), 3.570%, 6/6/2024 |
5,300,000
|
|
13,985,000
|
|
Iowa
Finance Authority (UnityPoint Health), Barclays 3a-7 (Series 2024-FR-RI-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays
Bank
PLC LOC), 3.610%, 6/6/2024 |
13,985,000
|
|
|
|
TOTAL
|
19,285,000
|
|
|
|
Kansas—1.4%
|
|
|
10,000,000
|
|
Burlington,
KS (Evergy Metro, Inc.), (Series 2007A) Weekly VRDNs, 3.520%, 6/5/2024 |
10,000,000
|
|
21,000,000
|
|
Burlington,
KS (Evergy Metro, Inc.), (Series 2007B) Weekly VRDNs, 3.520%, 6/5/2024 |
21,000,000
|
|
9,850,000
|
|
Hamilton
County, KS (R.C. Geven Farms, LLC), (Series 2024A) Weekly VRDNs, (CoBank, ACB LOC), 3.570%, 6/6/2024 |
9,850,000
|
|
8,075,000
|
|
Kansas
State Development Finance Authority (OPG Canterbury Partners LLC), Mizuho 3a-7 (Series 2024-MIZ9173) VRENs,
(Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
8,075,000
|
|
12,000,000
|
|
Meade
County, KS (High Plains Ponderosa Dairy LLC) Weekly VRDNs, (AgriBank FCB LOC), 3.570%, 6/6/2024 |
12,000,000
|
|
4,269,997
|
|
Wichita,
KS (Steele Shadybrook Estates LLC), Mizuho 3a-7 (Series 2024-MIZ9159) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho
Bank
Ltd. LIQ), 3.710%, 6/6/2024 |
4,269,997
|
|
|
|
TOTAL
|
65,194,997
|
|
|
|
Kentucky—3.4%
|
|
|
15,115,000
|
|
Kentucky
Asset/Liability Commission (Kentucky Asset/Liability Commission-Federal Highway), (Garvee 2024 Series A),
5.000%,
9/1/2024 |
15,163,217
|
|
10,000,000
|
|
Kentucky
Economic Development Finance Authority (Madonna Manor, Inc.), BAML 3a-7 (Series 2023-BAML 5038) TOBs,
(Bank
of America N.A. LIQ)/(Bank of America N.A. LOC), 3.610%, Optional Tender 7/25/2024 |
10,000,000
|
|
23,900,000
|
|
Louisville
& Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), (2007 Series A) Weekly VRDNs,
3.450%,
6/7/2024 |
23,900,000
|
|
30,300,000
|
|
Louisville
& Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), (2007 Series B) Weekly VRDNs,
3.510%,
6/7/2024 |
30,300,000
|
|
7,500,000
|
|
Meade
County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2020A-1) Daily VRDNs, 4.620%, 6/3/2024 |
7,500,000
|
|
19,700,000
|
|
Meade
County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021A-1) Daily VRDNs, 4.620%, 6/3/2024 |
19,700,000
|
|
44,740,000
|
|
Meade
County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021B-1) Daily VRDNs, 4.600%, 6/3/2024 |
44,740,000
|
|
|
|
TOTAL
|
151,303,217
|
|
|
|
Louisiana—2.3%
|
|
|
10,885,000
|
|
Calcasieu
Parish, LA Public Trust Authority (WPT Corp.), (Series 1997) Weekly VRDNs, (Bank of America N.A. LOC),
3.650%,
6/5/2024 |
10,885,000
|
|
3,900,000
|
|
Calcasieu
Parish, LA, IDB (HydroServe Westlake, LLC), (Series 1998) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC),
3.700%,
6/5/2024 |
3,900,000
|
|
14,200,000
|
|
East
Baton Rouge Parish, LA IDB (Georgia-Pacific LLC), Sold Waste Disposal Revenue Bonds (Series 2004) Weekly VRDNs,
3.450%,
6/5/2024 |
14,200,000
|
|
5,000,000
|
|
Louisiana
Local Government Environmental Facilities CDA (American Biocarbon, CT LLC), (Series 2023) TOBs, (United
States
Treasury GTD), 4.000%, Mandatory Tender 6/25/2024 |
5,000,000
|
|
12,700,000
|
|
Louisiana
Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2002) Weekly VRDNs, 3.540%, 6/5/2024 |
12,700,000
|
|
18,650,000
|
|
Louisiana
Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2003) Weekly VRDNs, 3.540%, 6/5/2024 |
18,650,000
|
|
5,569,283
|
|
Louisiana
State Housing Corporation (Peace Lake Louisiana Tower Community, LP), Mizuho 3a-7 (Series 2020-MIZ9053)
VRENs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
5,569,283
|
|
31,450,000
|
|
St.
James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 3.650%, 6/5/2024 |
31,450,000
|
|
|
|
TOTAL
|
102,354,283
|
|
|
|
Maine—0.5%
|
|
|
22,260,000
|
|
Old
Town, ME (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 3.320%, 6/5/2024 |
22,260,000
|
Annual
Financial Statements and Additional Information
4
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Maryland—1.3%
|
|
|
$ 7,065,000
|
|
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%, 6/6/2024 |
$ 7,065,000
|
|
5,700,000
|
|
Baltimore
County, MD (Riderwood Village Obligated Group), 3a-7 Credit Enhanced (Series 2022-029) VRENs, (Barclays
Bank
PLC LIQ)/(Barclays Bank PLC LOC), 3.710%, 6/6/2024 |
5,700,000
|
|
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), 3.710%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
8,200,000
|
|
8,310,000
|
|
Maryland
State Economic Development Corp. (Woodington Gardens Affordable LLC), Tender Option Bond Trust
Certificates
(Series 2024-XF3222) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
8,310,000
|
|
|
|
TOTAL
|
56,275,000
|
|
|
|
Massachusetts—1.0%
|
|
|
10,000,000
|
|
Massachusetts
Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric
Co.),
3.900%, Mandatory Tender 7/1/2024 |
10,000,000
|
|
27,000,000
|
|
Massachusetts
Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (Massachusetts Electric Co. GTD),
3.850%,
Mandatory Tender 6/10/2024 |
27,000,000
|
|
7,000,000
|
|
Massachusetts
Water Resources Authority, (Series 2016), CP, (TD Bank, N.A. LOC), 3.650%, Mandatory Tender 6/13/2024 |
7,000,000
|
|
|
|
TOTAL
|
44,000,000
|
|
|
|
Michigan—0.3%
|
|
|
6,835,000
|
|
Michigan
State HDA: Multi-Family (Alderwood Estates), (Series 2005) Weekly VRDNs, (FHLB of Cincinnati LOC),
3.510%,
6/6/2024 |
6,835,000
|
|
5,250,000
|
|
Michigan
Strategic Fund (Greenville Venture Partners LLC), (Series 2018) Weekly VRDNs, (BMO Bank, N.A. LOC),
3.570%,
6/6/2024 |
5,250,000
|
|
2,385,000
|
|
Wayne
County, MI Airport Authority, (Series B), 5.000%, 12/1/2024 |
2,396,581
|
|
|
|
TOTAL
|
14,481,581
|
|
|
|
Minnesota—0.2%
|
|
|
10,200,000
|
|
Minnesota
Agricultural and Economic Development Board (Spectro Alloys Corp.) Weekly VRDNs, (BMO Bank, N.A. LOC),
3.570%,
6/6/2024 |
10,200,000
|
|
|
|
Mississippi—0.7%
|
|
|
13,000,000
|
|
Mississippi
Business Finance Corp. (Florida Power & Light Co.), (Series 2012) Weekly VRDNs, 3.550%, 6/5/2024 |
13,000,000
|
|
13,000,000
|
|
Mississippi
Business Finance Corp. (Florida Power & Light Co.), (Series 2019) Weekly VRDNs, 3.600%, 6/5/2024 |
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), 3.710%, 6/6/2024 |
4,100,000
|
|
|
|
TOTAL
|
30,100,000
|
|
|
|
Missouri—0.4%
|
|
|
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), 3.710%, 6/6/2024 |
5,501,184
|
|
2,888,712
|
|
Lees
Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd.
LIQ),
3.710%, 6/6/2024 |
2,888,712
|
|
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), 3.560%, Optional Tender 6/3/2024 |
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), 3.710%, 6/6/2024 |
4,295,000
|
|
1,310,000
|
|
St.
Louis, MO Airport Revenue, (Series 2017B), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2024 |
1,310,513
|
|
|
|
TOTAL
|
19,995,409
|
|
|
|
Montana—0.2%
|
|
|
10,975,000
|
|
Montana
State Board of Housing (Butte Affordable Housing Solutions LP), Mizuho 3a-7 (Series 2020-MIZ9027) VRENs,
(Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
10,975,000
|
|
|
|
Multi-State—8.8%
|
|
|
17,500,000
|
|
BNY
Mellon Municipal Bond Infrastructure Fund, PUTTERs (3a-7) (Series 5054) Weekly VRDNs, (JPMorgan Chase Bank,
N.A.
LIQ), 3.760%, 6/6/2024 |
17,500,000
|
|
174,400,000
|
|
DWS
Municipal Income Trust, PUTTERs 3a-7 (Series 5055) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ),
3.760%,
6/6/2024 |
174,400,000
|
|
56,905,000
|
|
DWS
Strategic Municipal Income, PUTTERs (3a-7) (Series 5056) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ),
3.760%,
6/6/2024 |
56,905,000
|
Annual
Financial Statements and Additional Information
5
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Multi-State—continued
|
|
|
$ 11,700,000
|
|
FHLMC
(Multifamily Housing Revenue Bond Pass-Through Certificates), (Series M-28-A) Weekly VRDNs, (FHLMC
GTD)/(FHLMC
LIQ), 3.660%, 6/6/2024 |
$ 11,700,000
|
|
77,131,000
|
|
FHLMC
(Multifamily Housing Revenue Bond Pass-Through Certificates), Floater Certificates (Series M017-A) Weekly
VRDNs,
(FHLMC GTD)/(FHLMC LIQ), 4.140%, 6/6/2024 |
77,131,000
|
|
21,000,000
|
|
Invesco
Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ),
4.550%,
6/3/2024 |
21,000,000
|
|
15,100,000
|
|
Invesco
Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ),
4.550%,
6/3/2024 |
15,100,000
|
|
5,000,000
|
|
Nuveen
Municipal Credit Opportunities Fund, PUTTERs 3a-7 (Series 5033) (VMFP Series C) Daily VRDNs, (JPMorgan Chase
Bank,
N.A. LIQ), 4.550%, 6/3/2024 |
5,000,000
|
|
17,600,000
|
|
PIMCO
Flexible Municipal Income Fund, PUTTERs (3a-7) (Series 5046) MuniFund Term Preferred Shares Daily VRDNs,
(JPMorgan
Chase Bank, N.A. LIQ), 4.550%, 6/3/2024 |
17,600,000
|
|
|
|
TOTAL
|
396,336,000
|
|
|
|
Nebraska—0.5%
|
|
|
15,000,000
|
|
Nebraska
Investment Finance Authority (Blackshirt Feeders LP), (Series 2024) Weekly VRDNs, (Bank of Montreal LOC),
3.570%,
6/6/2024 |
15,000,000
|
|
7,500,000
|
|
Stanton
County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs, 3.720%, 6/5/2024 |
7,500,000
|
|
1,875,000
|
|
Stanton
County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs, 3.720%, 6/5/2024 |
1,875,000
|
|
|
|
TOTAL
|
24,375,000
|
|
|
|
Nevada—0.1%
|
|
|
1,130,000
|
|
Clark
County, NV Airport System, (Series 2021B), 5.000%, 7/1/2024 |
1,130,714
|
|
3,330,000
|
|
Clark
County, NV Passenger Facility (Las Vegas-McCarran International Airport), (2017 Series B), 5.000%, 7/1/2024 |
3,332,832
|
|
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), 3.710%, 6/6/2024 |
1,155,000
|
|
|
|
TOTAL
|
5,618,546
|
|
|
|
New
Hampshire—0.2% |
|
|
7,500,000
|
|
National
Finance Authority, NH (University Hospitals Home Care, Inc.), Morgan Stanley 3a-7 (Series 2024-MS0023) TOBs,
(Morgan
Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 3.660%, Optional Tender 6/20/2024 |
7,500,000
|
|
|
|
New
Jersey—6.2% |
|
|
2,247,000
|
|
Allamuchy
Township, NJ BANs, 4.500%, 9/20/2024 |
2,248,961
|
|
4,613,000
|
|
Allendale,
NJ BANs, 4.000%, 2/21/2025 |
4,621,038
|
|
1,939,000
|
|
Alpine
Borough, NJ BANs, 4.500%, 8/14/2024 |
1,940,125
|
|
1,415,000
|
|
Barnegat
Light, NJ BANs, 4.500%, 7/31/2024 |
1,415,668
|
|
9,750,000
|
|
Beach
Haven, NJ BANs, 4.250%, 5/1/2025 |
9,778,282
|
|
15,053,000
|
|
Carteret,
NJ BANs, 4.000%, 5/30/2025 |
15,096,265
|
|
1,889,070
|
|
Clinton,
NJ BANs, 4.250%, 7/31/2024 |
1,890,144
|
|
4,145,860
|
|
Cranbury
Township, NJ BANs, 4.125%, 1/29/2025 |
4,150,493
|
|
2,060,707
|
|
Delanco
Township, NJ BANs, 4.500%, 6/28/2024 |
2,061,364
|
|
5,840,000
|
|
Delran
Township, NJ BANs, 4.500%, 8/29/2024 |
5,848,211
|
|
2,200,000
|
|
Demarest,
NJ BANs, 4.500%, 3/12/2025 |
2,207,194
|
|
3,200,000
|
|
Demarest,
NJ BANs, 4.500%, 6/13/2024 |
3,200,509
|
|
3,873,000
|
|
Dunellen,
NJ BANs, 4.250%, 1/17/2025 |
3,878,833
|
|
1,342,500
|
|
Englishtown,
NJ BANs, 4.750%, 8/7/2024 |
1,343,332
|
|
7,647,000
|
|
Essex
Fells, NJ BANs, 4.250%, 3/4/2025 |
7,656,941
|
|
9,690,000
|
|
Fairview,
NJ BANs, 4.250%, 8/23/2024 |
9,697,402
|
|
4,930,950
|
|
Galloway
Township, NJ BANs, 4.500%, 1/15/2025 |
4,941,331
|
|
5,770,000
|
|
Garwood,
NJ BANs, 4.500%, 8/2/2024 |
5,775,832
|
|
1,987,245
|
|
Gibbsboro,
NJ BANs, 4.500%, 3/25/2025 |
1,993,455
|
|
3,782,000
|
|
Haddon
Heights, NJ, (Series A) BANs, 4.000%, 1/17/2025 |
3,785,429
|
|
2,500,000
|
|
Hamilton
Township, NJ BANs, 4.500%, 9/12/2024 |
2,503,202
|
|
2,911,000
|
|
Haworth
Borough, NJ BANs, 4.500%, 7/12/2024 |
2,912,787
|
|
7,336,736
|
|
Hillsborough
Township, NJ BANs, 4.250%, 2/14/2025 |
7,369,163
|
|
3,000,000
|
|
Hillsdale
Borough, NJ BANs, 4.250%, 8/23/2024 |
3,002,094
|
Annual
Financial Statements and Additional Information
6
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
New
Jersey—continued |
|
|
$ 1,865,000
|
|
Lawrence
Township, NJ BANs, 4.500%, 6/5/2025 |
$ 1,868,917
|
|
6,760,397
|
|
Leonia,
NJ BANs, 4.000%, 2/28/2025 |
6,770,046
|
|
2,000,000
|
|
Lindenwold,
NJ BANs, 4.500%, 8/29/2024 |
2,001,887
|
|
4,585,000
|
|
Longport,
NJ BANs, 4.500%, 7/3/2024 |
4,587,701
|
|
3,050,800
|
|
Lopatcong,
NJ BANs, 4.500%, 7/2/2024 |
3,051,802
|
|
3,161,625
|
|
Lumberton
Township, NJ BANs, 4.500%, 9/27/2024 |
3,167,502
|
|
5,002,250
|
|
Mantua
Township, NJ BANs, 4.500%, 6/19/2024 |
5,003,397
|
|
1,984,620
|
|
Moonachie,
NJ BANs, 4.500%, 7/12/2024 |
1,985,474
|
|
1,245,000
|
|
New
Jersey EDA (Temple Emanuel of the Pascack Valley), (Series 2001/2019) Weekly VRDNs, (U.S. Bank, N.A. LOC),
3.610%,
6/7/2024 |
1,245,000
|
|
30,000,000
|
|
New
Jersey Housing & Mortgage Finance Agency, Barclays 3a-7 Credit Enhanced (Series 2024-001) VRENs, (Barclays Bank
PLC
LIQ)/(Barclays Bank PLC LOC), 3.610%, 6/6/2024 |
30,000,000
|
|
5,669,000
|
|
North
Arlington, NJ BANs, 4.500%, 8/2/2024 |
5,674,543
|
|
4,700,000
|
|
Oakland
Borough, NJ BANs, 4.250%, 9/20/2024 |
4,705,807
|
|
2,388,000
|
|
Old
Tappan, NJ BANs, 4.250%, 3/7/2025 |
2,392,375
|
|
2,500,000
|
|
Pitman,
NJ BANs, 4.000%, 2/28/2025 |
2,502,134
|
|
7,070,000
|
|
Ramsey,
NJ BANs, 4.250%, 1/3/2025 |
7,088,082
|
|
3,892,000
|
|
Readington
Township, NJ BANs, 4.500%, 10/2/2024 |
3,898,912
|
|
2,882,800
|
|
Roxbury
Township, NJ BANs, 4.000%, 2/28/2025 |
2,886,914
|
|
6,955,000
|
|
Saddle
River, NJ BANs, 4.250%, 6/6/2025 |
6,985,115
|
|
5,052,000
|
|
Saddle
River, NJ BANs, 4.500%, 6/6/2024 |
5,052,398
|
|
4,140,000
|
|
Somers
Point, NJ BANs, 4.500%, 8/31/2024 |
4,143,492
|
|
29,000,000
|
|
Stone
Harbor, NJ BANs, 4.750%, 10/11/2024 |
29,055,165
|
|
1,470,000
|
|
Wanaque
Borough, NJ BANs, 4.250%, 12/19/2024 |
1,473,469
|
|
2,530,795
|
|
Washington
Borough, NJ BANs, 4.750%, 10/11/2024 |
2,534,729
|
|
5,944,000
|
|
Washington
Township (Morris County), NJ BANs, 4.500%, 8/23/2024 |
5,951,778
|
|
4,999,000
|
|
Waterford
Township, NJ, (Series A) BANs, 4.500%, 1/31/2025 |
5,011,910
|
|
2,000,000
|
|
West
Wildwood, NJ BANs, 4.250%, 2/25/2025 |
2,003,523
|
|
1,875,100
|
|
West
Wildwood, NJ BANs, 4.500%, 2/25/2025 |
1,878,925
|
|
1,875,100
|
|
West
Wildwood, NJ BANs, 4.500%, 6/13/2024 |
1,875,219
|
|
6,221,000
|
|
Woodcliff
Lake, NJ BANs, 4.500%, 9/20/2024 |
6,229,513
|
|
4,649,000
|
|
Wyckoff
Township, NJ BANs, 4.000%, 6/11/2025 |
4,657,926
|
|
4,000,000
|
|
Wyckoff
Township, NJ BANs, 4.500%, 6/13/2024 |
4,000,612
|
|
|
|
TOTAL
|
279,002,322
|
|
|
|
New
Mexico—0.1% |
|
|
2,670,000
|
|
New
Mexico State Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), Barclays 3a-7 Credit
Enhanced
(Series 2022-034) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.710%, 6/6/2024 |
2,670,000
|
|
|
|
New
York—3.9% |
|
|
11,445,000
|
|
Alexander,
NY CSD BANs, 4.500%, 6/28/2024 |
11,450,277
|
|
4,550,000
|
|
Alexandria,
NY CSD BANs, 4.750%, 6/28/2024 |
4,553,071
|
|
1,000,000
|
|
Cassadaga
Valley, NY CSD BANs, 4.500%, 8/1/2024 |
1,000,882
|
|
8,000,000
|
|
Dutchess
County, NY Local Development Corp. (Bard College), Barclays 3a-7 Credit Enhanced (Series 2023-008) VRENs,
(Barclays
Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.610%, 6/6/2024 |
8,000,000
|
|
3,800,000
|
|
Hempstead
(town), NY IDA MFH (Hempstead Village Housing Associates LP), (Series 2006) Weekly VRDNs, (FNMA LOC),
3.400%,
6/6/2024 |
3,800,000
|
|
9,000,000
|
|
Hempstead,
NY Union Free School District BANs, 4.250%, 7/11/2024 |
9,001,757
|
|
6,000,000
|
|
Hempstead,
NY Union Free School District, (Series A) BANs, 4.000%, 7/11/2024 |
6,000,829
|
|
6,350,000
|
|
Herkimer,
NY CSD BANs, 4.750%, 6/21/2024 |
6,353,173
|
|
3,415,000
|
|
New
Rochelle, NY IDA (180 Union Avenue Owner LP), (Series 2006: West End Phase I Facility) Weekly VRDNs, (Citibank
N.A.,
New York LOC), 3.470%, 6/6/2024 |
3,415,000
|
|
14,080,000
|
|
New
York State Energy Research & Development Authority (National Grid Generation LLC), (1997 Series A) Weekly
VRDNs,
(NatWest Markets PLC LOC), 3.650%, 6/5/2024 |
14,080,000
|
Annual
Financial Statements and Additional Information
7
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
New
York—continued |
|
|
$ 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%, 6/6/2024 |
$ 72,800,000
|
|
7,000,000
|
|
Perry
CSD, NY BANs, 4.500%, 6/28/2024 |
7,003,227
|
|
17,050,963
|
|
Saugerties,
NY CSD BANs, 4.500%, 6/28/2024 |
17,059,076
|
|
3,000,000
|
|
Tioga,
NY CSD, (Series A) BANs, 4.750%, 6/28/2024 |
3,001,875
|
|
6,891,090
|
|
Walton,
NY CSD BANs, 4.500%, 6/27/2024 |
6,894,389
|
|
|
|
TOTAL
|
174,413,556
|
|
|
|
North
Carolina—0.6% |
|
|
17,300,000
|
|
Hertford
County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 3.700%, 6/5/2024 |
17,300,000
|
|
6,700,000
|
|
Hertford
County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000B) Weekly VRDNs, 3.700%, 6/5/2024 |
6,700,000
|
|
3,000,000
|
|
Yancey
County, NC Industrial Facilities & PCFA (Altec Industries, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC),
3.620%,
6/6/2024 |
3,000,000
|
|
|
|
TOTAL
|
27,000,000
|
|
|
|
Ohio—1.5%
|
|
|
2,550,000
|
|
Forest
Park, OH BANs, (Ohio State GTD), 4.500%, 5/21/2025 |
2,564,260
|
|
20,000,000
|
|
Ohio
State Higher Educational Facility Commission (Cleveland Clinic), (Series 2008 B-6), CP, 3.600%, Mandatory
Tender
6/3/2024 |
20,000,000
|
|
5,500,000
|
|
Ohio
State Higher Educational Facility Commission (Cleveland Clinic), (Series B-5), CP, 3.580%, Mandatory
Tender
6/18/2024 |
5,500,000
|
|
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), 3.660%, 6/6/2024 |
16,100,000
|
|
5,000,000
|
|
Ohio
State Water Development Authority, CP, (TD Bank, N.A. LIQ), 3.550%, Mandatory Tender 6/5/2024 |
5,000,000
|
|
10,000,000
|
|
Ohio
State Water Development Authority, CP, (TD Bank, N.A. LIQ), 3.750%, Mandatory Tender 8/1/2024 |
10,000,000
|
|
7,000,000
|
|
Toledo-Lucas
County, OH Port Authority (Van Deurzen Dairy LLC), (Series 2006) Weekly VRDNs, (AgriBank FCB LOC),
3.570%,
6/6/2024 |
7,000,000
|
|
1,700,000
|
|
Youngstown,
OH BANs, (Ohio State GTD), 4.625%, 7/3/2024 |
1,701,137
|
|
|
|
TOTAL
|
67,865,397
|
|
|
|
Oklahoma—2.6%
|
|
|
21,750,000
|
|
Garfield
County, OK Industrial Authority Pollution Control (Oklahoma Gas and Electric Co.), (Series 1995-A) Weekly
VRDNs,
3.500%, 6/5/2024 |
21,750,000
|
|
30,400,000
|
|
Muskogee,
OK Industrial Trust (Oklahoma Gas and Electric Co.), (1995 Series A) Weekly VRDNs, 3.450%, 6/5/2024 |
30,400,000
|
|
53,355,000
|
|
Muskogee,
OK Industrial Trust (Oklahoma Gas and Electric Co.), (Series 1997A) Weekly VRDNs, 3.500%, 6/5/2024 |
53,355,000
|
|
10,235,000
|
|
Oklahoma
Development Finance Authority (OU Medicine), Tender Option Bond Trust Receipts (Series 2018-XG0210)
Weekly
VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.510%, 6/6/2024 |
10,235,000
|
|
|
|
TOTAL
|
115,740,000
|
|
|
|
Oregon—0.7%
|
|
|
10,000,000
|
|
Oregon
State Department of Transportation, (Series A-1), CP, (Wells Fargo Bank, N.A. LOC), 3.630%, Mandatory
Tender
6/5/2024 |
10,000,000
|
|
1,400,000
|
|
Port
of Portland, OR Airport, (Series 26C), 5.000%, 7/1/2024 |
1,401,482
|
|
19,525,000
|
|
Port
of Portland, OR Airport, (Series B), CP, (Bank of America N.A. LOC), 3.800%, Mandatory Tender 6/26/2024 |
19,525,000
|
|
|
|
TOTAL
|
30,926,482
|
|
|
|
Pennsylvania—0.4%
|
|
|
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),
3.540%,
6/6/2024 |
4,335,000
|
|
2,000,000
|
|
Philadelphia,
PA Airport System, (Series 2015A), 5.000%, 6/15/2024 |
2,000,847
|
|
4,790,000
|
|
Philadelphia,
PA Airport System, (Series B), 5.000%, 7/1/2024 |
4,792,412
|
|
7,490,000
|
|
Philadelphia,
PA Airport System, Revenue Refunding Bonds (Series 2020C), 5.000%, 7/1/2024 |
7,492,932
|
|
787,674
|
|
Philadelphia,
PA Authority for Industrial Development (Susquehanna Net Zero Housing, LP), Mizuho 3a-7 (2020-MIZ9051)
VRENs,
(Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.710%, 6/6/2024 |
787,674
|
|
|
|
TOTAL
|
19,408,865
|
|
|
|
Rhode
Island—0.3% |
|
|
13,000,000
|
|
Cranston,
RI, (Series 1) BANs, 4.250%, 8/21/2024 |
13,014,327
|
Annual
Financial Statements and Additional Information
8
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
South
Carolina—1.2% |
|
|
$ 21,500,000
|
|
Berkeley
County, SC IDB (Nucor Corp.) Weekly VRDNs, 3.720%, 6/5/2024 |
$ 21,500,000
|
|
10,100,000
|
|
Berkeley
County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, 3.720%, 6/5/2024 |
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), 3.710%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
13,388,000
|
|
|
|
TOTAL
|
51,968,000
|
|
|
|
South
Dakota—0.3% |
|
|
12,500,000
|
|
South
Dakota Economic Development Finance Authority (Riverview, LLP Washington Dairy Project), (Series 2023) Weekly
VRDNs,
(AgriBank FCB LOC), 3.570%, 6/6/2024 |
12,500,000
|
|
3,000,000
|
|
South
Dakota Value Added Finance Authority (Prairie Gold Dairy LLC), (Series 2004) Weekly VRDNs, (CoBank, ACB LOC),
3.570%,
6/6/2024 |
3,000,000
|
|
|
|
TOTAL
|
15,500,000
|
|
|
|
Tennessee—2.7%
|
|
|
5,300,000
|
|
Covington,
TN IDB (Charms Co.), (Series 1992) Weekly VRDNs, (Bank of America N.A. LOC), 3.650%, 6/5/2024 |
5,300,000
|
|
7,500,000
|
|
Memphis-Shelby
County, TN Airport Authority, (Series 2020B), 5.000%, 7/1/2024 |
7,503,936
|
|
25,620,000
|
|
Memphis-Shelby
County, TN Industrial Development Board - PCRB (Nucor Steel Memphis, Inc.), (Series 2007) Weekly
VRDNs,
(Nucor Corp. GTD), 3.720%, 6/5/2024 |
25,620,000
|
|
25,000,000
|
|
Metropolitan
Government Nashville & Davidson County, TN, (2014 Program), CPX, 3.800%, Mandatory Tender 6/3/2024 |
25,000,000
|
|
25,000,000
|
|
Metropolitan
Government Nashville & Davidson County, TN, (2014 Program), CPX, 3.900%, Mandatory Tender 7/24/2024 |
25,000,000
|
|
21,400,000
|
|
Metropolitan
Government Nashville & Davidson County, TN, (2014 Program), CPX, 3.900%, Mandatory Tender 7/29/2024 |
21,400,000
|
|
10,000,000
|
|
Metropolitan
Government Nashville & Davidson County, TN, (Series 2024), CP, 3.650%, Mandatory Tender 7/8/2024 |
10,000,000
|
|
|
|
TOTAL
|
119,823,936
|
|
|
|
Texas—18.9%
|
|
|
10,250,000
|
|
Austin,
TX Airport System, Tender Option Bond Trust Certificates (Series 2022-XG0427) Weekly VRDNs, (Morgan Stanley
Bank,
N.A. LIQ), 3.660%, 6/6/2024 |
10,250,000
|
|
57,500,000
|
|
Dallas-Fort
Worth, TX International Airport, (Series II), CPX, 4.000%, Mandatory Tender 7/2/2024 |
57,500,957
|
|
8,465,000
|
|
El
Paso, TX Housing Finance Corp., Mizuho 3a-7 (2022-MIZ9104) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ),
3.710%,
6/6/2024 |
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),
3.560%, Optional Tender 9/3/2024 |
3,600,000
|
|
20,735,000
|
|
Harris
County, TX Cultural Education Facilities Finance Corp. (Baylor College of Medicine), Barclays 3a-7 (Series 2022-006)
VRENs,
(Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/6/2024 |
20,735,000
|
|
4,670,000
|
|
Houston,
TX Airport System, (Series C), 5.000%, 7/1/2024 |
4,672,674
|
|
4,580,000
|
|
Houston,
TX Airport System, Tender Option Bond Trust Certificates (Series 2023-ZF3215) Weekly VRDNs, (Assured
Guaranty
Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 3.540%, 6/6/2024 |
4,580,000
|
|
11,695,000
|
|
Houston,
TX Housing Finance Corp. (Regency Park Apartments), (Series 2007) Weekly VRDNs, (FNMA LOC),
3.700%,
6/5/2024 |
11,695,000
|
|
4,000,000
|
|
Jewett,
TX Economic Development Corp. (Nucor Corp.), (Series 2003) Weekly VRDNs, 3.720%, 6/5/2024 |
4,000,000
|
|
3,445,000
|
|
Love
Field Airport Modernization Corp., TX, General Airport Revenue Bonds (Series 2015), 5.000%, 11/1/2024 |
3,451,234
|
|
10,000,000
|
|
Mission,
TX Economic Development Corp. (Waste Management, Inc.), (Series 2020A) TOBs, (Waste Management Holdings,
Inc.
GTD), 4.100%, Mandatory Tender 6/3/2024 |
10,000,000
|
|
9,500,000
|
|
Mission,
TX Economic Development Corp. (Waste Management, Inc.), (Series 2020B) TOBs, (Waste Management Holdings,
Inc.
GTD), 4.100%, Mandatory Tender 6/3/2024 |
9,500,000
|
|
3,000,000
|
|
Northeast
TX Housing Finance Corp, Mizuho 3a-7 (Series 2022-MIZ9116) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank
Ltd.
LIQ), 3.710%, 6/6/2024 |
3,000,000
|
|
12,500,000
|
|
Port
Arthur Navigation District, TX IDC (Air Products & Chemicals, Inc.), (Series 2000) Weekly VRDNs, 3.540%, 6/5/2024 |
12,500,000
|
|
8,000,000
|
|
Port
Arthur Navigation District, TX IDC (Route 86 Biogas, LLC), (Series 2023) Weekly VRDNs, (CoBank, ACB LOC),
3.570%,
6/6/2024 |
8,000,000
|
|
107,600,000
|
|
Port
of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Daily VRDNs,
4.650%,
6/3/2024 |
107,600,000
|
|
19,500,000
|
|
Port
of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2003) Daily VRDNs,
4.800%,
6/3/2024 |
19,500,000
|
|
20,000,000
|
|
Port
of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2005) Daily VRDNs,
4.800%,
6/3/2024 |
20,000,000
|
Annual
Financial Statements and Additional Information
9
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Texas—continued
|
|
|
$ 40,800,000
|
|
Port
of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2006) Daily VRDNs,
4.800%,
6/3/2024 |
$ 40,800,000
|
|
35,000,000
|
|
Port
of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Daily VRDNs,
4.800%,
6/3/2024 |
35,000,000
|
|
25,000,000
|
|
Port
of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2002) Weekly VRDNs,
3.820%,
6/5/2024 |
25,000,000
|
|
1,900,000
|
|
Port
of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010A) Daily VRDNs,
4.400%,
6/3/2024 |
1,900,000
|
|
15,200,000
|
|
Port
of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010B) Daily VRDNs,
4.400%,
6/3/2024 |
15,200,000
|
|
2,400,000
|
|
Port
of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs,
4.500%,
6/3/2024 |
2,400,000
|
|
70,950,000
|
|
Port
of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs,
3.750%,
6/5/2024 |
70,950,000
|
|
93,575,000
|
|
Port
of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs,
3.750%,
6/5/2024 |
93,575,000
|
|
1,750,000
|
|
San
Antonio, TX Airport, (Series A), 5.000%, 7/1/2024 |
1,750,956
|
|
20,000,000
|
|
San
Antonio, TX Electric & Gas System, (2012 Series A), CP, 3.500%, Mandatory Tender 10/18/2024 |
20,000,000
|
|
25,000,000
|
|
San
Antonio, TX Electric & Gas System, (2012 Series A), CP, 3.780%, Mandatory Tender 8/1/2024 |
25,000,000
|
|
45,000,000
|
|
San
Antonio, TX Electric & Gas System, (Series B), CP, 3.950%, Mandatory Tender 9/20/2024 |
45,000,000
|
|
15,000,000
|
|
Texas
State Department of Housing & Community Affairs (Onion Creek Housing Partners Ltd.), (Series 2007) Weekly
VRDNs,
(FNMA LOC), 3.500%, 6/6/2024 |
15,000,000
|
|
20,000,000
|
|
Texas
Tech University System (The Board of Regents of), CP Notes (Series A), CP, 3.600%, Mandatory Tender 6/3/2024 |
20,000,000
|
|
9,840,000
|
|
Travis
County, TX Housing Finance Corp. (AT South First - Slaughter LP), Mizuho Tender Option Bond Certificates
(Series
2024-XF3216) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
9,840,000
|
|
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), 3.710%, 6/6/2024 |
20,000,000
|
|
9,000,000
|
|
University
of North Texas System, (Series B), CPX, 3.750%, Mandatory Tender 6/5/2024 |
9,000,000
|
|
12,000,000
|
|
University
of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 3.670%, Mandatory
Tender
8/7/2024 |
12,000,000
|
|
12,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 3.520%, Mandatory Tender 8/6/2024 |
12,000,000
|
|
12,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 3.550%, Mandatory Tender 8/7/2024 |
12,000,000
|
|
12,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 3.550%, Mandatory Tender 7/1/2024 |
12,000,000
|
|
12,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 3.550%, Mandatory Tender 7/3/2024 |
12,000,000
|
|
20,000,000
|
|
University
of Texas System (The Board of Regents of), Revenue Financing System (Series A), CP, 3.580%, Mandatory
Tender
6/11/2024 |
20,000,000
|
|
|
|
TOTAL
|
849,465,821
|
|
|
|
Utah—0.1%
|
|
|
4,070,000
|
|
Salt
Lake City, UT Airport Revenue, (Series A), 5.000%, 7/1/2024 |
4,072,956
|
|
|
|
Virginia—0.6%
|
|
|
5,400,000
|
|
Botetourt
County, VA IDA (Altec Industries, Inc.), (Series 2001) Weekly VRDNs, (Bank of America N.A. LOC),
3.530%,
6/6/2024 |
5,400,000
|
|
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), 3.540%, 6/6/2024 |
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
|
26,145,000
|
|
|
|
Washington—0.7%
|
|
|
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), 3.560%, Optional Tender 11/1/2024 |
2,860,000
|
|
20,225,000
|
|
Port
of Tacoma, WA, (Series 2008: Subordinate Lien) Weekly VRDNs, (PNC Bank, N.A. LOC), 3.400%, 6/5/2024 |
20,225,000
|
|
8,220,000
|
|
Seattle
Chinatown International District, WA Preservation and Development Authority (Lot On The Hill LLLP), Mizuho 3a-7
(Series
2024-MIZ9156) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
8,220,000
|
|
1,050,000
|
|
Washington
State Economic Development Finance Authority (Mesa Dairy, LLC), (Series 2007E) Weekly VRDNs, (BMO Bank,
N.A.
LOC), 3.570%, 6/6/2024 |
1,050,000
|
|
|
|
TOTAL
|
32,355,000
|
Annual
Financial Statements and Additional Information
10
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Wisconsin—0.5%
|
|
|
$ 1,260,000
|
|
Maple,
WI School District TRANs, 5.250%, 10/17/2024 |
$ 1,262,723
|
|
1,550,000
|
|
Milwaukee
County, WI Airport, (Series A), 5.000%, 12/1/2024 |
1,559,022
|
|
16,079,000
|
|
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), 3.710%, 6/6/2024 |
16,079,000
|
|
570,000
|
|
West
Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly VRDNs, (U.S. Bank, N.A. LOC), 3.670%, 6/6/2024 |
570,000
|
|
1,765,000
|
|
Wisconsin
State Public Finance Authority (Birchwood Properties LP), (Series 2016) Weekly VRDNs, (FHLB of Des Moines
LOC),
3.580%, 6/6/2024 |
1,765,000
|
|
|
|
TOTAL
|
21,235,745
|
|
|
|
TOTAL
INVESTMENT IN SECURITIES—100.3%
(AT
AMORTIZED COST)2
|
4,508,562,962
|
|
|
|
OTHER
ASSETS AND LIABILITIES - NET—(0.3)%3
|
(13,353,231)
|
|
|
|
TOTAL
NET ASSETS—100% |
$4,495,209,731
|
Securities that are subject to the federal
alternative minimum tax (AMT) represent 53.34% 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, 2024.
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
Financial Statements and Additional Information
11
In valuing the Fund’s
assets as of May 31, 2024, 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 | |
|
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 | |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
12
Financial
Highlights–Automated
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended May 31,
| ||||
|
|
2024
|
2023
|
2022
|
2021
|
2020
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.034
|
0.020
|
0.0002
|
0.0002
|
0.009
|
|
Net
realized gain (loss) |
0.0002
|
0.0002
|
0.0002
|
0.0002
|
0.0002
|
|
Total
From Investment Operations |
0.034
|
0.020
|
0.0002
|
0.0002
|
0.009
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.034)
|
(0.020)
|
(0.000)2
|
(0.000)2
|
(0.009)
|
|
Distributions
from net realized gain |
—
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.034)
|
(0.020)
|
(0.000)2
|
(0.000)2
|
(0.009)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.45%
|
1.99%
|
0.04%
|
0.01%
|
0.91%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.46%
|
0.56%
|
0.27%
|
0.33%
|
0.56%
|
|
Net
investment income |
3.40%
|
0.51%
|
0.03%
|
0.01%
|
0.90%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.38%
|
0.32%
|
0.09%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$25,377
|
$14,098
|
$700,243
|
$683,243
|
$818,565
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
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. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
13
Financial
Highlights–Investment
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended May 31,
| ||||
|
|
2024
|
2023
|
2022
|
2021
|
2020
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.031
|
0.017
|
0.0002
|
0.0002
|
0.007
|
|
Net
realized gain (loss) |
0.0002
|
0.0002
|
0.0002
|
0.0002
|
0.0002
|
|
Total
From Investment Operations |
0.031
|
0.017
|
0.0002
|
0.0002
|
0.007
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.031)
|
(0.017)
|
(0.000)2
|
(0.000)2
|
(0.007)
|
|
Distributions
from net realized gain |
—
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.031)
|
(0.017)
|
(0.000)2
|
(0.000)2
|
(0.007)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.15%
|
1.76%
|
0.02%
|
0.01%
|
0.71%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.76%
|
0.78%
|
0.27%
|
0.35%
|
0.78%
|
|
Net
investment income |
3.16%
|
1.93%
|
0.01%
|
0.01%
|
0.77%
|
|
Expense
waiver/reimbursement5
|
0.11%
|
0.12%
|
0.63%
|
0.54%
|
0.12%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$12,744
|
$1,342
|
$2,874
|
$4,756
|
$11,112
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
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. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
14
Financial
Highlights–Wealth
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended May 31,
| ||||
|
|
2024
|
2023
|
2022
|
2021
|
2020
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.037
|
0.023
|
0.001
|
0.001
|
0.012
|
|
Net
realized gain (loss) |
0.0002
|
0.0002
|
0.0002
|
0.0002
|
0.001
|
|
TOTAL
FROM INVESTMENT OPERATIONS |
0.037
|
0.023
|
0.001
|
0.001
|
0.013
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.037)
|
(0.023)
|
(0.001)
|
(0.001)
|
(0.013)
|
|
Distributions
from net realized gain |
—
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
|
TOTAL
DISTRIBUTIONS |
(0.037)
|
(0.023)
|
(0.001)
|
(0.001)
|
(0.013)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.71%
|
2.34%
|
0.12%
|
0.13%
|
1.27%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.21%
|
0.21%
|
0.19%
|
0.21%
|
0.21%
|
|
Net
investment income |
3.65%
|
2.38%
|
0.13%
|
0.12%
|
1.24%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.09%
|
0.11%
|
0.09%
|
0.09%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$3,746,330
|
$2,371,755
|
$1,772,201
|
$1,372,803
|
$1,510,434
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
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. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
15
Financial
Highlights–Service
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended May 31,
| ||||
|
|
2024
|
2023
|
2022
|
2021
|
2020
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.034
|
0.021
|
0.001
|
0.0002
|
0.010
|
|
Net
realized gain (loss) |
0.0002
|
0.0002
|
0.0002
|
0.0002
|
0.0002
|
|
Total
From Investment Operations |
0.034
|
0.021
|
0.001
|
0.0002
|
0.010
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.034)
|
(0.021)
|
(0.001)
|
(0.000)2
|
(0.010)
|
|
Distributions
from net realized gain |
—
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.034)
|
(0.021)
|
(0.001)
|
(0.000)2
|
(0.010)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.46%
|
2.09%
|
0.05%
|
0.02%
|
1.01%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.46%
|
0.46%
|
0.25%
|
0.34%
|
0.46%
|
|
Net
investment income |
3.40%
|
2.03%
|
0.05%
|
0.02%
|
0.98%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.09%
|
0.30%
|
0.20%
|
0.09%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$204,398
|
$213,084
|
$232,943
|
$255,785
|
$515,994
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
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. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
16
Financial
Highlights–Cash
II Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended May 31,
| ||||
|
|
2024
|
2023
|
2022
|
2021
|
2020
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.030
|
0.016
|
0.0002
|
0.0002
|
0.006
|
|
Net
realized gain (loss) |
0.0002
|
0.0002
|
0.0002
|
0.0002
|
0.0002
|
|
Total
From Investment Operations |
0.030
|
0.016
|
0.0002
|
0.0002
|
0.006
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.030)
|
(0.016)
|
(0.000)2
|
(0.000)2
|
(0.006)
|
|
Distributions
from net realized gain |
—
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.030)
|
(0.016)
|
(0.000)2
|
(0.000)2
|
(0.006)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.00%
|
1.64%
|
0.01%
|
0.01%
|
0.60%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.91%
|
0.90%
|
0.29%
|
0.31%
|
0.88%
|
|
Net
investment income |
2.96%
|
1.59%
|
0.01%
|
0.01%
|
0.60%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.09%
|
0.71%
|
0.69%
|
0.11%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$53,911
|
$58,942
|
$71,843
|
$74,123
|
$44,704
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
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. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
17
Financial
Highlights–Cash
Series Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended May 31,
| ||||
|
|
2024
|
2023
|
2022
|
2021
|
2020
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.028
|
0.015
|
0.0002
|
0.0002
|
0.005
|
|
Net
realized gain (loss) |
0.0002
|
0.0002
|
0.0002
|
0.0002
|
0.0002
|
|
Total
From Investment Operations |
0.028
|
0.015
|
0.0002
|
0.0002
|
0.005
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.028)
|
(0.015)
|
(0.000)2
|
(0.000)2
|
(0.005)
|
|
Distributions
from net realized gain |
—
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.028)
|
(0.015)
|
(0.000)2
|
(0.000)2
|
(0.005)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
2.88%
|
1.53%
|
0.01%
|
0.01%
|
0.49%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
1.02%
|
1.01%
|
0.29%
|
0.32%
|
0.99%
|
|
Net
investment income |
2.84%
|
1.48%
|
0.01%
|
0.01%
|
0.49%
|
|
Expense
waiver/reimbursement5
|
0.22%
|
0.24%
|
0.97%
|
0.93%
|
0.27%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$165,380
|
$196,830
|
$237,579
|
$288,115
|
$240,445
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
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. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
18
Financial
Highlights–Capital
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended May 31,
| ||||
|
|
2024
|
2023
|
2022
|
2021
|
2020
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.036
|
0.022
|
0.001
|
0.001
|
0.012
|
|
Net
realized gain (loss) |
0.0002
|
0.0002
|
0.0002
|
0.0002
|
0.0002
|
|
Total
From Investment Operations |
0.036
|
0.022
|
0.001
|
0.001
|
0.012
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.036)
|
(0.022)
|
(0.001)
|
(0.001)
|
(0.012)
|
|
Distributions
from net realized gain |
—
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.036)
|
(0.022)
|
(0.001)
|
(0.001)
|
(0.012)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.61%
|
2.24%
|
0.09%
|
0.06%
|
1.16%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.31%
|
0.31%
|
0.21%
|
0.28%
|
0.31%
|
|
Net
investment income |
3.55%
|
2.26%
|
0.07%
|
0.06%
|
1.16%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.09%
|
0.19%
|
0.12%
|
0.09%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$287,070
|
$231,540
|
$195,389
|
$289,938
|
$359,491
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
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. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
19
Statement
of Assets and Liabilities
May 31, 2024
|
Assets:
|
|
|
Investment
in securities, at amortized cost and fair value |
$4,508,562,962
|
|
Income
receivable |
30,503,156
|
|
Receivable
for investments sold |
8,720,418
|
|
Receivable
for shares sold |
14,056,834
|
|
Total
Assets |
4,561,843,370
|
|
Liabilities:
|
|
|
Payable
for investments purchased |
57,295,239
|
|
Payable
for shares redeemed |
5,230,025
|
|
Payable
to bank |
2,775,512
|
|
Income
distribution payable |
848,630
|
|
Payable
for investment adviser fee (Note 5)
|
14,275
|
|
Payable
for administrative fee (Note 5)
|
9,473
|
|
Payable
for distribution services fee (Note 5)
|
88,502
|
|
Payable
for other service fees (Notes 2 and 5)
|
131,129
|
|
Accrued
expenses (Note 5)
|
240,854
|
|
Total
Liabilities |
66,633,639
|
|
Net
assets for 4,494,705,017 shares outstanding |
$4,495,209,731
|
|
Net Assets
Consist of: |
|
|
Paid-in
capital |
$4,494,684,706
|
|
Total
distributable earnings (loss) |
525,025
|
|
Total
Net Assets |
$4,495,209,731
|
|
Net Asset
Value, Offering Price and Redemption Proceeds Per Share: |
|
|
Automated
Shares: |
|
|
$25,376,830
÷ 25,373,973 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Investment
Shares: |
|
|
$12,743,608
÷ 12,742,173 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Wealth
Shares: |
|
|
$3,746,329,717
÷ 3,745,908,529 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Service
Shares: |
|
|
$204,397,931
÷ 204,374,920 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Cash II
Shares: |
|
|
$53,911,447
÷ 53,905,381 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Cash Series
Shares: |
|
|
$165,380,479
÷ 165,361,867 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Capital
Shares: |
|
|
$287,069,719
÷ 287,038,174 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
20
Statement
of Operations
Year Ended May 31,
2024
|
Investment
Income: |
|
|
Interest
|
$151,253,760
|
|
Expenses:
|
|
|
Investment
adviser fee (Note 5)
|
7,821,386
|
|
Administrative
fee (Note 5)
|
3,043,324
|
|
Custodian
fees |
116,731
|
|
Transfer
agent fees (Note 2) |
326,527
|
|
Directors’/Trustees’
fees (Note 5)
|
17,160
|
|
Auditing
fees |
30,192
|
|
Legal
fees |
11,296
|
|
Portfolio
accounting fees |
254,754
|
|
Distribution
services fee (Note 5)
|
1,277,867
|
|
Other
service fees (Notes 2 and 5)
|
1,420,718
|
|
Share
registration costs |
262,125
|
|
Printing
and postage |
47,286
|
|
Miscellaneous
(Note 5)
|
19,032
|
|
TOTAL
EXPENSES |
14,648,398
|
|
Waivers
and Reimbursement: |
|
|
Waiver
of investment adviser fee (Note 5)
|
(3,306,854)
|
|
Waiver/reimbursement
of other operating expenses (Notes 2 and 5) |
(250,309)
|
|
TOTAL
WAIVERS AND REIMBURSEMENT |
(3,557,163)
|
|
Net
expenses |
11,091,235
|
|
Net
investment income |
140,162,525
|
|
Net
realized gain on investments |
522,643
|
|
Change
in net assets resulting from operations |
$140,685,168
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
21
Statement
of Changes in Net Assets
|
Year
Ended May 31 |
2024
|
2023
|
|
Increase
(Decrease) in Net Assets |
|
|
|
Operations:
|
|
|
|
Net
investment income |
$140,162,525
|
$64,701,315
|
|
Net
realized gain (loss) |
522,643
|
955
|
|
CHANGE
IN NET ASSETS RESULTING FROM OPERATIONS |
140,685,168
|
64,702,270
|
|
Distributions
to Shareholders: |
|
|
|
Automated
Shares |
(600,383)
|
(440,831)
|
|
Investment
Shares |
(124,380)
|
(68,482)
|
|
Wealth
Shares |
(116,155,504)
|
(50,565,796)
|
|
Service
Shares |
(7,218,972)
|
(4,594,001)
|
|
Cash
II Shares |
(1,691,898)
|
(1,087,067)
|
|
Cash
Series Shares |
(5,054,288)
|
(3,221,215)
|
|
Capital
Shares |
(9,316,817)
|
(4,793,228)
|
|
CHANGE
IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS |
(140,162,242)
|
(64,770,620)
|
|
Share Transactions:
|
|
|
|
Proceeds
from sale of shares |
7,612,993,834
|
7,058,692,521
|
|
Net
asset value of shares issued to shareholders in payment of distributions declared |
128,728,700
|
59,807,000
|
|
Cost
of shares redeemed |
(6,334,626,092)
|
(7,243,912,415)
|
|
CHANGE
IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS |
1,407,096,442
|
(125,412,894)
|
|
Change
in net assets |
1,407,619,368
|
(125,481,244)
|
|
Net Assets:
|
|
|
|
Beginning
of period |
3,087,590,363
|
3,213,071,607
|
|
End
of period |
$4,495,209,731
|
$3,087,590,363
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
22
Notes to
Financial Statements
May 31, 2024
1. ORGANIZATION
Federated Hermes Money Market Obligations
Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the
“Act”), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included
herein are only those of Federated Hermes Municipal Obligations
Fund (the “Fund”), a diversified portfolio. The financial statements of the
other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to
the portfolio in which shares are held. Each portfolio pays its
own expenses. The Fund offers seven classes of shares: Automated Shares, Investment
Shares, Wealth Shares, Service Shares, Cash II Shares, Cash Series Shares and Capital Shares. All shares of the Fund have equal
rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income exempt
from all federal regular income tax consistent with stability of principal. Interest income from the Fund’s investments may be subject
to the federal AMT for individuals and state and local taxes.
The Fund operates as
a retail money market fund. As a retail money market fund, the Fund: (1) will generally continue to use amortized
cost to value its portfolio securities and transact at a stable $1.00 net asset value (NAV); (2) has adopted policies and procedures
reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons as required for a retail
money market fund by Rule 2a-7 under the Act; and (3) may impose a discretionary liquidity fee of up to 2% of the value of the shares
redeemed, if the Fund’s Board of Trustees (the “Trustees”), or its delegate, determines such liquidity fee is in the
best interest of the Fund.
2. SIGNIFICANT
ACCOUNTING POLICIES
The following is a summary of significant
accounting policies consistently followed by the Fund in the preparation of its financial statements.
These policies are in conformity with U.S. generally accepted accounting principles (GAAP).
Investment Valuation
Securities
are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition
cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call,
demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities
will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the
fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share,
and the actual value obtained could be materially different.
Pursuant to Rule 2a-5
under the Act, the Trustees have designated Federated Investment Management Company (the “Adviser”) as the
Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser
is subject to the Trustees’ oversight and certain reporting
and other requirements intended to provide the Trustees the information needed to
oversee the Adviser’s fair value determinations.
The Adviser, acting through
its valuation committee (“Valuation Committee”), is responsible for determining the fair value of investments.
The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines
fair value of securities and oversees the comparison of amortized cost to market-based value. The Valuation Committee is also
authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of monitoring
the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party
pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods
(including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event
that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value
of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by
the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part
of the Fund’s compliance program and will review any changes
made to the procedures.
Investment Income, Gains and Losses, Expenses and Distributions
Investment
transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an
identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date.
Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount
is included in investment income. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each
class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail
of the total fund expense waivers and reimbursement of $3,557,163 is disclosed in various locations in this Note 2 and Note 5. Dividends
are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally
due to differences in separate class expenses.
Annual
Financial Statements and Additional Information
23
Transfer Agent Fees
For
the year ended May 31, 2024, transfer agent fees for the Fund were as follows:
|
|
Transfer
Agent
Fees
Incurred |
Transfer
Agent
Fees
Reimbursed |
|
Automated
Shares |
$4,652
|
$—
|
|
Investment
Shares |
3,111
|
—
|
|
Wealth
Shares |
71,188
|
—
|
|
Service
Shares |
4,784
|
—
|
|
Cash
II Shares |
54,941
|
—
|
|
Cash
Series Shares |
181,962
|
(53,384)
|
|
Capital
Shares |
5,889
|
(3)
|
|
TOTAL
|
$326,527
|
$(53,387)
|
Other Service Fees
The
Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund’s Automated Shares, Investment Shares, Wealth
Shares, Service Shares, Cash II Shares, Cash Series Shares and Capital Shares to financial intermediaries or to Federated Shareholder
Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described
in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees.
For the year ended May 31, 2024, other service
fees for the Fund were as follows:
|
|
Other
Service
Fees
Incurred |
|
Automated
Shares |
$39,033
|
|
Investment
Shares |
9,841
|
|
Service
Shares |
523,804
|
|
Cash
II Shares |
143,104
|
|
Cash
Series Shares |
444,867
|
|
Capital
Shares |
260,069
|
|
TOTAL
|
$1,420,718
|
For the year ended May 31, 2024, the Fund’s
Wealth Shares did not incur other service fees; however it may begin to incur this fee upon approval
of the Trustees.
Federal Taxes
It
is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 and to distribute to shareholders
each year substantially all of its income. Accordingly, no provision
for federal income tax is necessary. As of and during the year ended May
31, 2024, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related
to tax liabilities as income tax expense in the Statement of Operations.
As of May 31, 2024, tax years 2021 through 2024 remain subject to
examination by the Fund’s major tax jurisdictions, which include the United States of America and the Commonwealth of
Massachusetts.
When-Issued and Delayed-Delivery Transactions
The
Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains
security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased
on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses
may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the
contract.
Restricted Securities
The
Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered
for public sale without first being registered, or being able
to take advantage of an exemption from registration, under the Securities Act of
1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale
without first being registered, the issuer of the restricted security
has agreed to register such securities for resale, at the issuer’s expense, either
upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be
resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria
established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund’s restricted securities
are valued at amortized cost in accordance with Rule 2a-7 under
the Act.
Other
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from
those estimated. The Fund applies investment company accounting
and reporting guidance.
Annual
Financial Statements and Additional Information
24
3. SHARES
OF BENEFICIAL INTEREST
The following tables summarize share activity:
|
|
Year
Ended
5/31/2024
|
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 |
48,287
|
$48,287
|
49,145
|
$49,145
|
|
Shares
issued to shareholders in payment of distributions declared |
591
|
591
|
439
|
439
|
|
Shares
redeemed |
(37,602)
|
(37,602)
|
(735,718)
|
(735,718)
|
|
NET
CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS |
11,276
|
$11,276
|
(686,134)
|
$(686,134)
|
|
|
Year
Ended
5/31/2024
|
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 |
28,447
|
$28,447
|
15,656
|
$15,656
|
|
Shares
issued to shareholders in payment of distributions declared |
101
|
101
|
68
|
68
|
|
Shares
redeemed |
(17,148)
|
(17,148)
|
(17,255)
|
(17,255)
|
|
NET
CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS |
11,400
|
$11,400
|
(1,531)
|
$(1,531)
|
|
|
Year
Ended
5/31/2024
|
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 |
6,216,478
|
$6,216,478
|
5,433,953
|
$5,433,953
|
|
Shares
issued to shareholders in payment of distributions declared |
106,756
|
106,756
|
46,800
|
46,800
|
|
Shares
redeemed |
(4,949,095)
|
(4,949,095)
|
(4,881,158)
|
(4,881,158)
|
|
NET
CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS |
1,374,139
|
$1,374,139
|
599,595
|
$599,595
|
|
|
Year
Ended
5/31/2024
|
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 |
478,713
|
$478,713
|
591,162
|
$591,162
|
|
Shares
issued to shareholders in payment of distributions declared |
5,433
|
5,433
|
3,547
|
3,547
|
|
Shares
redeemed |
(492,856)
|
(492,856)
|
(614,563)
|
(614,563)
|
|
NET
CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS |
(8,710)
|
$(8,710)
|
(19,854)
|
$(19,854)
|
|
|
Year
Ended
5/31/2024
|
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 |
43,007
|
$43,007
|
47,329
|
$47,329
|
|
Shares
issued to shareholders in payment of distributions declared |
1,678
|
1,678
|
1,076
|
1,076
|
|
Shares
redeemed |
(49,722)
|
(49,722)
|
(61,304)
|
(61,304)
|
|
NET
CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS |
(5,037)
|
$(5,037)
|
(12,899)
|
$(12,899)
|
|
|
Year
Ended
5/31/2024
|
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 |
342,535
|
$342,535
|
484,712
|
$484,712
|
|
Shares
issued to shareholders in payment of distributions declared |
5,012
|
5,012
|
3,171
|
3,171
|
|
Shares
redeemed |
(379,016)
|
(379,016)
|
(528,628)
|
(528,628)
|
|
NET
CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS |
(31,469)
|
$(31,469)
|
(40,745)
|
$(40,745)
|
Annual
Financial Statements and Additional Information
25
|
|
Year
Ended
5/31/2024
|
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 |
455,526
|
$455,526
|
436,735
|
$436,735
|
|
Shares
issued to shareholders in payment of distributions declared |
9,157
|
9,157
|
4,706
|
4,706
|
|
Shares
redeemed |
(409,186)
|
(409,186)
|
(405,286)
|
(405,286)
|
|
NET
CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS |
55,497
|
$55,497
|
36,155
|
$36,155
|
|
NET
CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS |
1,407,096
|
$1,407,096
|
(125,413)
|
$(125,413)
|
4. FEDERAL
TAX INFORMATION
The tax character of distributions as reported
on the Statement of Changes in Net Assets for the years ended May 31, 2024 and 2023,
was as follows:
|
|
2024
|
2023
|
|
Tax-exempt
income |
$140,156,399
|
$64,580,563
|
|
Ordinary
income1
|
$5,843
|
$120,971
|
|
Long-term
capital gains |
$—
|
$69,086
|
|
1
|
For
tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
As of May 31, 2024, the components of distributable
earnings on a tax-basis were as follows:
|
Undistributed
tax-exempt income |
$2,382
|
|
Undistributed
ordinary income1
|
$393,694
|
|
Undistributed
long-term capital gains |
$128,949
|
|
TOTAL
|
$525,025
|
|
1
|
For
tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
5. INVESTMENT
ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Adviser Fee
The
advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund’s average daily net assets.
Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or
reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund’s expense ratio, or as and
when appropriate, to maintain positive or zero net yields. For
the year ended May 31, 2024, the Adviser voluntarily waived $3,306,854 of its
fee and voluntarily reimbursed $53,387 of transfer agent fees.
Administrative Fee
Federated
Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and
services. For purposes of determining the appropriate rate breakpoint, “Investment Complex” is defined as all of the Federated
Hermes Funds subject to a fee under the Administrative Services
Agreement. The fee paid to FAS is based on the average daily net assets
of the Investment Complex as specified below:
|
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 |
Subject to the terms described in the Expense
Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the year ended
May 31, 2024, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.
In addition, FAS may charge certain out-of-pocket
expenses to the Fund.
Annual
Financial Statements and Additional Information
26
Distribution Services Fee
The
Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund
will compensate Federated Securities Corp. (FSC), the principal
distributor, from the daily net assets of the Fund’s Investment Shares, Cash II Shares
and Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur
distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:
|
|
Percentage
of Average Daily
Net
Assets of Class |
|
Investment
Shares |
0.25%
|
|
Cash
II Shares |
0.35%
|
|
Cash
Series Shares |
0.60%
|
Subject to the terms described in the Expense
Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the year ended
May 31, 2024, distribution services fees for the Fund were as follows:
|
|
Distribution
Services
Fees
Incurred |
Distribution
Services
Fees
Waived |
|
Investment
Shares |
$9,841
|
$(1,181)
|
|
Cash
II Shares |
200,346
|
—
|
|
Cash
Series Shares |
1,067,680
|
(195,741)
|
|
TOTAL
|
$1,277,867
|
$(196,922)
|
When FSC receives fees, it may pay some
or all of them to financial intermediaries whose customers purchase shares. For the year ended May
31, 2024, FSC retained $180,678 of fees paid by the Fund.
Other Service Fees
For
the year ended May 31, 2024, FSSC received $1,283 of the other service fees disclosed in Note 2.
Expense Limitation
Due
to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction
of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and
certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their
respective fees and/or reimburse expenses. Total annual fund operating
expenses (as shown in the financial highlights, excluding interest expense,
extraordinary expenses and proxy-related expenses, if any) paid by the Fund’s Automated Shares, Investment Shares, Wealth Shares,
Service Shares, Cash II Shares, Cash Series Shares and Capital Shares (after the voluntary waivers and/or reimbursements) will not exceed
0.56%, 0.78%, 0.21%, 0.46%, 0.91%, 1.02% and 0.31% (the “Fee Limit”), respectively, up to but not including the later of (the
“Termination Date”): (a) August 1, 2025; or (b) the date of the Fund’s next effective Prospectus. While the Adviser
and its applicable affiliates currently do not anticipate terminating
or increasing these arrangements prior to the Termination Date, these arrangements may
only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.
Interfund Transactions
During
the year ended May 31, 2024, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser
(or affiliated investment advisers), common Directors/Trustees and/or common Officers. These purchase and sale transactions complied
with Rule 17a-7 under the Act and amounted to $775,184,000 and $1,181,194,000, respectively. Net realized gain/loss recognized
on these transactions was $0.
Directors’/Trustees’ and Miscellaneous Fees
Certain
Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate
payment, Independent Directors’/Trustees’ fees and
certain expenses related to conducting meetings of the Directors/Trustees and other
miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related
to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous
Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.
6. INTERFUND
LENDING
Pursuant to an Exemptive Order issued by
the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries
of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility
allowing the Fund to borrow from other participating affiliated funds. As of May 31, 2024, there were no outstanding loans. During
the year ended May 31, 2024, the program was not utilized.
7. INDEMNIFICATIONS
Under the Fund’s organizational documents,
its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the
performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence
or reckless disregard of their duties to the Fund). In addition,
in the normal course of business, the Fund provides certain indemnifications under
arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered
Annual
Financial Statements and Additional Information
27
into by the Fund under
which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the
arrangement, provided the third party’s actions are not deemed to have breached an agreed-upon standard of care (such as willful
misfeasance, bad faith, gross negligence or reckless disregard
of their duties under the contract). The Fund’s maximum exposure under these
arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund
does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss
to be remote.
Annual
Financial Statements and Additional Information
28
Report of
Independent Registered Public Accounting Firm
To the Board of Trustees of
Federated Hermes Money Market Obligations Trust and the Shareholders
of Federated Hermes Municipal Obligations Fund:
Opinion on the Financial Statements
We have audited the accompanying
statement of assets and liabilities of the Federated Hermes Municipal Obligations Fund
(the Fund), a portfolio of Federated Hermes Money Market Obligations Trust, including the portfolio of investments, as
of May 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each
of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial
highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial
highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2024, the results of
its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended,
and the financial highlights for each of the years in the five-year period then ended in conformity with U.S.
generally accepted accounting principles.
Basis for Opinion
These financial statements and
financial highlights are the responsibility of the Fund’s management. Our responsibility is to
express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting
firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance
with the standards of the PCAOB. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material
misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material
misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of
securities owned as of May 31, 2024, by correspondence with custodians and brokers; when replies were not received from
brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall presentation of the financial statements and
financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor
of one or more of Federated Hermes’ investment companies since 2006.
Boston, Massachusetts
July 23, 2024
July 23, 2024
Annual
Financial Statements and Additional Information
29
Evaluation
and Approval of Advisory Contract–May
2024
Federated Hermes Municipal
Obligations Fund (the “Fund”)
At its meetings in May 2024 (the
“May Meetings”), the Fund’s Board of Trustees (the “Board”), including those Trustees who
are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940 (the “Independent Trustees”),
reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and
Federated Investment Management Company (the “Adviser”) (the “Contract”) for an additional one-year term. The
Board’s determination to approve the continuation
of the Contract reflects the exercise of its business judgment after considering
all of the information and factors believed to be relevant and appropriate on whether to approve the continuation
of the existing arrangement. The information, factors and conclusions that formed the basis for the Board’s approval
are summarized below.
Information Received
and Review Process
At the request
of the Independent Trustees, the Fund’s Chief Compliance Officer (the “CCO”) furnished to the Board in advance
of its May Meetings an independent written evaluation of the Fund’s management fee (the “CCO Fee Evaluation Report”).
The Board considered the CCO Fee Evaluation Report, along with other information, in evaluating the reasonableness
of the Fund’s management fee and in determining to approve the continuation of the Contract.
In addition
to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered
information specifically prepared in connection with the approval of the continuation of the Contract that was presented
at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed
written responses and supporting materials prepared by the Adviser and its affiliates (collectively, “Federated Hermes”)
in response to requests posed to Federated Hermes by independent legal counsel on behalf of the Independent Trustees
encompassing a wide variety of topics, including those summarized below. The Board also considered such additional
matters as the Independent Trustees deemed reasonably necessary to evaluate the Contract, which included detailed
information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in
between regularly scheduled meetings on particular matters as the need arose.
The Board’s
consideration of the Contract included review of materials and information covering the following matters, among
others: (1) copies of the Contracts; (2) the nature, quality and extent of the advisory and other services provided to the
Fund by Federated Hermes; (3) Federated Hermes’ business and operations; (4) the Adviser’s investment philosophy, personnel
and processes; (5) the Fund’s investment objectives and strategies; (6) the Fund’s short-term and long-term performance
- in absolute terms (both on a gross basis and net of expenses) and relative to an appropriate group of peer funds
and its benchmark; (7) the Fund’s fees and expenses, including the advisory fee and the overall expense structure of the
Fund - in absolute terms and relative to an appropriate group of peer funds, with due regard for contractual or voluntary
expense limitations (if any); (8) the financial condition of Federated Hermes; (9) the Adviser’s profitability with respect
to managing the Fund; (10) distribution and sales activity for the Fund; and (11) the use and allocation of brokerage
commissions derived from trading the Fund’s portfolio securities (if any).
The Board
also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered
funds in evaluating the Contract. Using these judicial decisions as a guide, the Board considered several factors they
deemed relevant to an adviser’s fiduciary duty with respect to its receipt of compensation from a fund, including: (1)
the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance
of the fund, its benchmark and comparable funds; (2) the adviser’s cost of providing the services and the profitability
to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize “economies
of scale” as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared
with the fund and its shareholders or the family of funds; (4) any “fall-out” benefits that accrue to the adviser because
of its relationship with the fund, including research services received from brokers that execute fund trades and any
fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fees and expenses, including a comparison
of management fees paid to the adviser with those paid by similar funds managed by the same adviser or other advisers
as well as management fees charged to institutional and other advisory clients of the same adviser for what might be
viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund’s board members
perform their duties and their expertise, including whether they are fully informed about all facts the board deems
relevant to its consideration of the adviser’s services and fees. The Board considered that the Securities and Exchange
Commission (“SEC”) disclosure requirements regarding the basis for a fund board’s approval of the fund’s investment
advisory contract generally align with the factors listed above. The Board was guided by these factors in its evaluation
of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board
considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working
with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a
“Federated Hermes Fund” and, collectively, the “Federated Hermes Funds”).
Annual
Financial Statements and Additional Information
30
In
addition, the Board considered the preferences and expectations of Fund shareholders and the potential disruptions of the
Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate
or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund
based on the strength of Federated Hermes’ industry standing and reputation and with the expectation that Federated Hermes
will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that there are a range
of investment options available to the Fund’s shareholders in the marketplace, and such shareholders, having had the opportunity
to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the
Fund.
In determining
to approve the continuation of the Contract, the members of the Board reviewed and evaluated information
and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment.
While individual members of the Board may have weighed certain factors differently, the Board’s determination
to approve the continuation of the Contract was based on a comprehensive consideration of all information provided
to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized
that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors
may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees
were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations
at the May Meetings, the Independent Trustees met separately in executive session with their independent legal
counsel and without management present to review the relevant materials and consider their responsibilities under applicable
laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees
and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings.
The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds
across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.
Nature, Extent and
Quality of Services
The Board
considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources
of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the
Contract and the full range of services provided to the Fund by Federated Hermes. The Board considered the Adviser’s personnel,
investment philosophy and process, investment research capabilities and resources, trade operations capabilities,
experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities
of the portfolio management team primarily responsible for the day-to-day management of the Fund and evaluated
Federated Hermes’ ability and experience in attracting and retaining qualified personnel to service the Fund. The Board
considered the trading operations by the Advisers, including the execution of portfolio transactions and the selection of
brokers for those transactions. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance
with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise
of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its
commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser’s ability
to deliver competitive investment performance for the Fund when compared to the Fund’s Performance Peer Group (as
defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund’s investment
program.
In addition,
the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to
consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational
enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the benefits of the previous
significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened Federated Hermes’
investment management expertise and capabilities and expanded its access to analytical resources related to environmental,
social and governance (“ESG”) factors and issuer engagement on ESG matters where appropriate. The Board
considered the quality of Federated Hermes’ communications with the Board and responsiveness to Board inquiries and
requests made from time to time with respect to the Federated Hermes Funds. The Board also considered that Federated
Hermes is responsible for providing the Federated Hermes Funds’ officers.
The Board
received and evaluated information regarding Federated Hermes’ regulatory and compliance environment. The
Board considered Federated Hermes’ compliance program and compliance history and reports from the CCO about Federated
Hermes’ compliance with applicable laws and regulations, including responses to regulatory developments and any
compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes’ support of the Federated
Hermes Funds’ compliance control structure and the compliance-related resources devoted by Federated Hermes
in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated
Hermes’ commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board
Annual
Financial Statements and Additional Information
31
considered
Federated Hermes’ approach to internal audits and risk management with respect to the Federated Hermes Funds
and its day-to-day oversight of the Federated Hermes Funds’ compliance with their investment objectives and policies
as well as with applicable laws and regulations, noting that regulatory and other developments had over time led, and
continue to lead, to an increase in the scope of Federated Hermes’ oversight in this regard.
In addition,
the Board noted Federated Hermes’ commitment to maintaining high quality systems and expending substantial
resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments
in which the Fund and its service providers operate.
The Board
considered Federated Hermes’ efforts to provide shareholders in the Federated Hermes Funds with a comprehensive
array of funds with different investment objectives, policies and strategies. The Board considered the expenses
that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in
sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted
the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to
exchange investments between the same class of shares without the incurrence of additional sales charges.
Based on
these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services
provided by the Adviser to the Fund.
Fund Investment Performance
The Board
considered the investment performance of the Fund. In evaluating the Fund’s investment performance, the Board
considered performance results in light of the Fund’s investment objective, strategies and risks. The Board considered
detailed investment reports on, and the Adviser’s analysis of, the Fund’s performance over different time periods
that were provided to the Board throughout the year and in connection with the May Meetings. These reports included,
among other items, information on the Fund’s gross and net returns, the Fund’s investment performance compared
to one or more relevant categories or groups of peer funds and the Fund’s benchmark index, performance attribution
information and commentary on the effect of market conditions. The Board considered that, in its evaluation of investment
performance at meetings throughout the year, it focused particular attention on information indicating less favorable
performance of certain Federated Hermes Funds for specific time periods and discussed with Federated Hermes the
reasons for such performance as well as any specific actions Federated Hermes had taken, or had agreed to take, to seek
to enhance Fund investment performance and the results of those actions.
The Board
also reviewed comparative information regarding the performance of other registered funds in the category of
peer funds selected by iMoneyNet, an independent fund ranking organization (the “Performance Peer Group”). The Board
noted the CCO’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the
performance of the Adviser in managing the Fund. The Board considered the CCO’s view that, in evaluating such comparisons,
in some cases there may be differences in the funds’ objectives or investment management techniques, or the costs
to implement the funds, even within the same Performance Peer Group.
The Board
also considered comparative performance data from Lipper, Inc. that was included in reports provided to the Board
throughout the year. The Board noted that differences may exist between the Performance Peer Group and Lipper peers
and that the results of these performance comparisons may vary.
The Board
considered that for the one-year period ended December 31, 2023, the Fund’s performance was above the median
of the Performance Peer Group. The Board also considered the relatively tight dispersion of performance data with respect
to the Fund and its Performance Peer Group.
Based on
these considerations, the Board concluded that it had continued confidence in the Adviser’s overall capabilities
to manage the Fund.
Fund Expenses
The Board
considered the advisory fee and overall expense structure of the Fund and the comparative fee and expense information
that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and
considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each
element of the Fund’s total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting
fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from
the overall category of peer funds selected by iMoneyNet (the “Expense Peer Group”). The Board received a description
of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also
reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet
category.
While mindful
that courts have cautioned against giving too much weight to comparative information concerning fees charged
to funds by other advisers, the use of comparisons between the Fund and its Expense Peer Group assisted the Board
in its evaluation of the Fund’s fees and expenses. The Board focused on comparisons with other registered funds more
heavily than non-registered fund products or services because such comparisons are believed to be more relevant.
Annual
Financial Statements and Additional Information
32
The Board
considered that other registered funds are the products most like the Fund, in that they are readily available to Fund
shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained
by the Fund’s shareholders. The Board noted that the range of such other registered funds’ fees and expenses, therefore,
appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund
competes.
The Board
reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position
of the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory
fee rate was above the median of the Expense Peer Group, but the Board noted the applicable waivers and reimbursements,
and that the overall expense structure of the Fund remained competitive in the context of other factors considered
by the Board.
The Board
also received and considered information about the nature and extent of services offered and fees charged by Federated
Hermes to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including
non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for
which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO’s conclusion that non-registered fund clients
are inherently different products due to the following differences, among others: (i) different types of targeted investors;
(ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and
portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent
by portfolio managers and their teams (among other personnel across various departments, including legal, compliance
and risk management) in reviewing securities pricing; (vi) different SEC mandated risk management programs with
respect to fund liquidity and use of derivatives; (vii) different administrative responsibilities; (viii) different degrees of
risk associated with management; and (ix) a variety of different costs. The Board also considered information regarding the
differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business
versus managing a discrete pool of assets as a sub-adviser to another institution’s registered fund, noting the CCO’s
view that Federated Hermes generally performs significant additional services and assumes substantially greater risks
in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered
fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients
to be determinative in judging the appropriateness of the Federated Hermes Funds’ advisory fees.
In the case
of the Fund, the Board noted that Federated Hermes does not manage any other types of clients that are comparable
to the Fund.
Based on
these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction
with other matters considered, are reasonable in light of the services provided.
Profitability
The Board
received and considered profitability information furnished by Federated Hermes. Such profitability information
included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund
basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered
the CCO’s view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties
in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and
to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter
the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences.
In addition, the Board considered the CCO’s view that the allocation methodologies used by Federated Hermes
in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract
are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the
independent consultant had previously conducted a review of the allocation methodologies and reported to the Board that,
although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable.
The Board considered the CCO’s view that the estimated profitability to the Adviser from its relationship with the
Fund was not unreasonable in relation to the services provided.
The Board
also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly-held
fund management companies, including information regarding profitability trends over time. The Board recognized
that profitability comparisons among fund management companies are difficult because of the variation in the type
of comparative information that is publicly available, and the profitability of any fund management company is affected
by numerous factors. The Board considered the CCO’s conclusion that, based on such profitability information, Federated
Hermes’ profit margins did not appear to be excessive. The Board also considered the CCO’s view that Federated
Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with
the Federated Hermes Funds.
Annual
Financial Statements and Additional Information
33
Economies
of Scale
The Board
received and considered information about the notion of possible realization of “economies of scale” as a fund
grows larger, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent
to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes
has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: portfolio
management, investment research and trading operations; shareholder services; compliance; business continuity, cybersecurity
and information security programs; internal audit and risk management functions; and technology, systems capabilities
and use of data. The Board noted that Federated Hermes’ investments in these areas are extensive and are designed
to provide enhanced or expanded services to the Federated Hermes Funds and their shareholders. The Board considered
that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole.
In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies
of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes
Fund’s assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in
the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds
and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future.
The Board also considered that Federated Hermes has been active in managing expenses of the Federated Hermes Funds
in recent years, which has resulted in benefits being realized by shareholders.
The Board
also received and considered information on adviser-paid fees (commonly referred to as “revenue sharing” payments)
that was provided to the Board throughout the year and in connection with the May Meetings. The Board considered
that Federated Hermes and the CCO believe that this information is relevant to considering whether Federated Hermes
had an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, but should not be considered
when evaluating the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory
or industry guidelines on economies of scale, which is compounded by the lack of any uniform methodology or pattern
with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain
size.
Other Benefits
The Board
considered information regarding the compensation and other ancillary (or “fall-out”) benefits that Federated Hermes
derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory
fees under the Federated Hermes Funds’ investment advisory contracts, Federated Hermes’ affiliates also receive fees
for providing other services to the Federated Hermes Funds under separate service contracts including for serving as the
Federated Hermes Funds’ administrator and distributor. In this regard, the Board considered that Federated Hermes’ affiliates
provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated
through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received
and considered information detailing the benefits, if any, that Federated Hermes may derive from its receipt of research
services from brokers who execute portfolio trades for the Federated Hermes Funds.
Conclusions
The Board
considered: (i) the CCO’s conclusion that his observations and the information accompanying the CCO Fee Evaluation
Report show that the management fee for the Fund is reasonable; and (ii) the CCO’s recommendation that the Board
approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and
no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board’s evaluation
of the Federated Hermes Funds’ advisory and sub-advisory arrangements is a continuing and ongoing process that
is informed by the information that the Board requests and receives from management throughout the course of the year
and, in this regard, the CCO noted certain items, and management has committed to reviewing certain items, for future
reporting to the Board as the Board continues its ongoing oversight of the Federated Hermes Funds.
On the basis
of the information and factors summarized above, among other information and factors deemed relevant by the
Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation
of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances
and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations
identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them
to be determinative.
Annual
Financial Statements and Additional Information
34
You could lose money
by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per
share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend
your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other
factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you
should not expect that the sponsor will provide financial support to the Fund at any time.
This information is authorized
for distribution to prospective investors only when preceded or accompanied by the Fund’s Prospectus,
which contains facts concerning its objective and policies, management fees, expenses and other information.
Federated Hermes Municipal Obligations
Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Contact us at
FederatedHermes.com/us
or call 1-800-341-7400.
or call 1-800-341-7400.
Federated Securities Corp., Distributor
CUSIP 608919643
CUSIP 608919635
CUSIP 60934N658
CUSIP 60934N641
CUSIP 608919668
CUSIP 608919650
CUSIP 60934N633
CUSIP 608919635
CUSIP 60934N658
CUSIP 60934N641
CUSIP 608919668
CUSIP 608919650
CUSIP 60934N633
Q450516 (7/24)
©
2024 Federated Hermes, Inc.
Annual Financial Statements
and Additional Information
and Additional Information
May 31, 2024
|
Share
Class | Ticker
|
Wealth | MOFXX
|
|
|
|
Federated Hermes Municipal Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
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
CONTENTS
Portfolio
of Investments
May 31, 2024
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—100.3% |
|
|
|
|
Alabama—2.1%
|
|
|
$ 1,840,000
|
|
Alabama
State Port Authority, Docks Facilities Revenue Bonds (Series 2017 A), (Assured Guaranty Municipal Corp. INS),
5.000%,
10/1/2024 |
$ 1,846,542
|
|
8,800,000
|
|
Columbia,
AL IDB PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 4.200%, 6/3/2024 |
8,800,000
|
|
5,280,000
|
|
Cooperative
District of Fort Spanish, AL, Tender Option Bond Trust Receipts (Series 2021-XF2958) Weekly VRDNs, (Mizuho
Bank
Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
5,280,000
|
|
16,900,000
|
|
Decatur,
AL IDB (Nucor Steel Decatur LLC), (Series 2003-A) Weekly VRDNs, (Nucor Corp. GTD), 3.720%, 6/5/2024 |
16,900,000
|
|
9,450,000
|
|
Walker
County, AL Economic and Industrial Development Authority (Alabama Power Co.), (Second Series 2023) Daily
VRDNs,
4.250%, 6/3/2024 |
9,450,000
|
|
7,200,000
|
|
West
Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2008) Daily VRDNs, 4.200%, 6/3/2024 |
7,200,000
|
|
35,000,000
|
|
West
Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2023) Weekly VRDNs, 3.900%, 6/6/2024 |
35,000,000
|
|
8,200,000
|
|
Wilsonville,
AL IDB (Alabama Power Co.), (Series 2008) Daily VRDNs, 4.200%, 6/3/2024 |
8,200,000
|
|
|
|
TOTAL
|
92,676,542
|
|
|
|
Arizona—0.6%
|
|
|
12,630,000
|
|
Arizona
State Development Authority (Casa Grande AH I LLLP), Mizuho 3a-7 (Series 2024-MIZ9160) VRENs, (Mizuho Bank
Ltd.
GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
12,630,000
|
|
4,690,000
|
|
Arizona
State IDA (Roers Maricopa Apartments Owner LLC), Mizuho 3a-7 (Series 2023-MIZ9155) VRENs, (Mizuho Bank Ltd.
LIQ)/(Mizuho
Bank Ltd. LOC), 3.710%, 6/6/2024 |
4,690,000
|
|
5,610,000
|
|
Maricopa
County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC),
3.270%,
6/6/2024 |
5,610,000
|
|
1,300,000
|
|
Phoenix,
AZ Civic Improvement Corp. - Airport System, (Series A), 5.000%, 7/1/2024 |
1,301,323
|
|
2,500,000
|
|
Phoenix,
AZ Civic Improvement Corp. - Airport System, Junior Lien Airport Revenue Bonds (Series 2019B),
5.000%,
7/1/2024 |
2,502,664
|
|
1,185,000
|
|
Phoenix,
AZ Civic Improvement Corp. - Airport System, Senior Lien, 5.000%, 7/1/2024 |
1,185,657
|
|
|
|
TOTAL
|
27,919,644
|
|
|
|
Arkansas—0.1%
|
|
|
3,550,000
|
|
Blytheville,
AR (Nucor Corp.), (Series 2002) Weekly VRDNs, 3.700%, 6/5/2024 |
3,550,000
|
|
|
|
California—14.0%
|
|
|
5,270,000
|
|
Berkeley,
CA TRANs, 5.000%, 7/24/2024 |
5,276,572
|
|
21,590,000
|
|
California
Health Facilities Financing Authority (CommonSpirit Health), Golden Blue (Series 2017-004) VRENs, (Barclays
Bank
PLC LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/6/2024 |
21,590,000
|
|
6,755,000
|
|
California
Health Facilities Financing Authority (CommonSpirit Health), Mizuho 3a-7 (Series 2022-MIZ9099) Weekly VRDNs,
(Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.560%, 6/6/2024 |
6,755,000
|
|
11,280,000
|
|
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), 3.710%, 6/6/2024 |
11,280,000
|
|
21,920,000
|
|
California
HFA, Tender Option Bond Trust Certificates (Series 2023-XF3087) Weekly VRDNs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 3.710%, 6/6/2024 |
21,920,000
|
|
1,885,000
|
|
California
HFA, Tender Option Bond Trust Floater Certificates (Series 2022-XF3059) Weekly VRDNs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 3.710%, 6/6/2024 |
1,885,000
|
|
47,500,000
|
|
California
Infrastructure & Economic Development Bank (Brightline West Passenger Rail Project), (Series 2020A) TOBs,
(United
States Treasury GTD), 3.950%, Mandatory Tender 1/30/2025 |
47,500,000
|
|
14,750,000
|
|
California
Municipal Finance Authority (Waste Management, Inc.), (Series 2020) TOBs, (Waste Management Holdings, Inc.
GTD),
4.100%, Mandatory Tender 6/3/2024 |
14,750,000
|
|
5,680,000
|
|
California
Statewide Communities Development Authority (Fountain Park), Mizuho 3a-7 (Series 2023-MIZ9122) Daily
VRDNs,
(FHLMC GTD)/(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 4.650%, 6/3/2024 |
5,680,000
|
|
10,400,000
|
|
California
Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 3.580%, Mandatory
Tender
6/18/2024 |
10,400,000
|
|
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), 3.710%, 6/6/2024 |
10,300,000
|
|
5,700,000
|
|
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), 4.650%, 6/3/2024 |
5,700,000
|
|
6,615,000
|
|
California
Statewide Communities Development Authority (TRG - Copeland Creek LP), Mizuho 3a-7 (Series 2023-MIZ9135)
VRENs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
6,615,000
|
Annual
Financial Statements and Additional Information
1
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
California—continued
|
|
|
$ 5,500,000
|
|
California
Statewide Communities Development Authority MFH (Prospera Homestead Partners LP), Mizuho 3a-7
(Series
2024-MIZ9166) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
$ 5,500,000
|
|
12,000,000
|
|
Los
Angeles County, CA TRANs, 5.000%, 6/28/2024 |
12,011,064
|
|
85,050,000
|
|
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), 4.650%, 6/3/2024 |
85,050,000
|
|
60,415,000
|
|
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), 4.650%, 6/3/2024 |
60,415,000
|
|
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), 3.760%, 6/6/2024 |
75,000,000
|
|
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), 3.710%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
85,560,000
|
|
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), 3.610%, 6/6/2024 |
7,780,000
|
|
|
|
TOTAL
|
627,467,636
|
|
|
|
Colorado—2.4%
|
|
|
24,720,000
|
|
Colorado
Health Facilities Authority (CommonSpirit Health), Golden Blue 3a-7 (Series 2022-017) VRENs, (Barclays Bank
PLC
LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/6/2024 |
24,720,000
|
|
2,045,000
|
|
Colorado
Health Facilities Authority (National Jewish Medical and Research Center), (Series 2005) Weekly VRDNs, (UMB
Bank,
N.A. LOC), 3.460%, 6/6/2024 |
2,045,000
|
|
4,615,000
|
|
Colorado
HFA (Acme Manufacturing Co., Inc.), (Series 2016A) Weekly VRDNs, (UMB Bank, N.A. LOC), 3.840%, 6/6/2024 |
4,615,000
|
|
1,070,000
|
|
Colorado
HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC),
3.530%,
6/6/2024 |
1,070,000
|
|
1,010,000
|
|
Colorado
HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs, (UMB Bank, N.A. LOC), 3.880%, 6/6/2024 |
1,010,000
|
|
1,500,000
|
|
Colorado
State (Colorado State Education Loan Program), (Series B) TRANs, (Colorado State LIQ), 4.500%, 6/28/2024 |
1,500,471
|
|
5,745,000
|
|
Colorado
State Education Loan Program, (Series B) TRANs, (Colorado State LIQ), 5.000%, 6/28/2024 |
5,749,343
|
|
13,015,000
|
|
Denver,
CO City & County Department of Aviation (Denver, CO City & County Airport Authority), Tender Option Bond
Trust
Receipts (Series 2018 XM0715) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 3.660%, 6/6/2024 |
13,015,000
|
|
28,115,000
|
|
Denver,
CO City & County Department of Aviation, (Series 2018A), 5.000%, 12/1/2024 |
28,253,985
|
|
18,620,000
|
|
Denver,
CO City & County Department of Aviation, (Series 2022D), 5.000%, 11/15/2024 |
18,727,184
|
|
9,000,000
|
|
Denver,
CO City and County Board of Water Commissioners, (Series 2023A), CP, (Bank of America N.A. LIQ), 3.500%,
Mandatory
Tender 9/5/2024 |
9,000,000
|
|
|
|
TOTAL
|
109,705,983
|
|
|
|
District
of Columbia—0.0% |
|
|
1,950,000
|
|
Metropolitan
Washington, DC Airports Authority, (Series A), 5.000%, 10/1/2024 |
1,958,233
|
|
|
|
Florida—5.8%
|
|
|
5,500,000
|
|
Broward
County, FL (Florida Power & Light Co.), (Series 2018B) Weekly VRDNs, 3.550%, 6/5/2024 |
5,500,000
|
|
5,015,000
|
|
Broward
County, FL Airport System, (Series A), 5.000%, 10/1/2024 |
5,023,067
|
|
4,435,000
|
|
Broward
County, FL HFA (ML Casa V LP), 3a-7 (BAML-6018) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America
N.A.
LOC), 3.480%, 6/6/2024 |
4,435,000
|
|
1,335,000
|
|
Greater
Orlando, FL Aviation Authority, (Series C), 5.000%, 10/1/2024 |
1,337,581
|
|
5,650,000
|
|
Hillsborough
County, FL HFA (Brandywine Housing, Ltd.), (Series 2006: Brandywine Apartments) Weekly VRDNs, (Citibank
N.A.,
New York LOC), 3.380%, 6/5/2024 |
5,650,000
|
|
25,000,000
|
|
Liberty
County, FL (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 3.400%, 6/6/2024 |
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), 3.500%, 6/6/2024 |
11,830,000
|
|
7,500,000
|
|
Miami-Dade
County, FL Aviation, Tender Option Bond Trust Receipts (Series 2023-XF1609) Weekly VRDNs, (JPMorgan
Chase
Bank, N.A. LIQ), 3.540%, 6/6/2024 |
7,500,000
|
|
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), 3.710%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
7,105,000
|
Annual
Financial Statements and Additional Information
2
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Florida—continued
|
|
|
$ 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), 3.710%, 6/6/2024 |
$ 6,000,000
|
|
29,000,000
|
|
Miami-Dade
County, FL IDA (Florida Power & Light Co.), (Series 2024A) Weekly VRDNs, 3.650%, 6/6/2024 |
29,000,000
|
|
32,500,000
|
|
Miami-Dade
County, FL IDA (Florida Power & Light Co.), (Series 2024B) Weekly VRDNs, 3.700%, 6/6/2024 |
32,500,000
|
|
4,400,000
|
|
Miami-Dade
County, FL Seaport Department, (Series B-1), CP, (Bank of America N.A. LOC), 3.750%, Mandatory
Tender
7/17/2024 |
4,400,000
|
|
66,545,000
|
|
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), 3.710%, 6/6/2024 |
66,545,000
|
|
35,385,000
|
|
St.
Lucie County, FL Solid Waste Disposal (Florida Power & Light Co.), (Series 2003) Weekly VRDNs, 3.550%, 6/5/2024 |
35,385,000
|
|
5,300,000
|
|
Sumter
County, FL IDA (American Cement Co. LLC), (Series 2007) Weekly VRDNs, (Bank of America N.A. LOC),
3.660%,
6/6/2024 |
5,300,000
|
|
|
|
TOTAL
|
258,961,298
|
|
|
|
Georgia—5.6%
|
|
|
1,000,000
|
|
Atlanta,
GA Airport General Revenue, (Series C), 5.000%, 7/1/2024 |
1,001,212
|
|
13,600,000
|
|
Atlanta,
GA Airport General Revenue, (Series M-2), CP, (Bank of America N.A. LOC), 3.730%, Mandatory Tender 7/2/2024 |
13,600,000
|
|
1,045,000
|
|
Atlanta,
GA Airport General Revenue, 5.000%, 7/1/2024 |
1,045,576
|
|
9,750,000
|
|
Atlanta,
GA, Urban Residential Finance Authority (Columbia at Sylvan Hills Apartments), (Series 2006) Weekly VRDNs,
(FNMA
LOC), 3.500%, 6/6/2024 |
9,750,000
|
|
4,900,000
|
|
Bartow
County, GA Development Authority (Georgia Power Co.), (First Series 2022) Daily VRDNs, 4.250%, 6/3/2024 |
4,900,000
|
|
66,470,000
|
|
Bartow
County, GA Development Authority (Georgia Power Co.), (Second Series 2022) Daily VRDNs, 4.250%, 6/3/2024 |
66,470,000
|
|
11,010,000
|
|
Burke
County, GA Development Authority (Georgia Power Co.), (Third Series 2012) Daily VRDNs, 4.250%, 6/3/2024 |
11,010,000
|
|
8,515,000
|
|
Columbus,
GA Development Authority (Avalon Apartments LP), (Series 2008) Weekly VRDNs, (FNMA LOC),
3.500%,
6/6/2024 |
8,515,000
|
|
10,000,000
|
|
Columbus,
GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs, (FHLMC LOC),
3.500%,
6/6/2024 |
10,000,000
|
|
300,000
|
|
Fitzgerald
& Ben Hill County, GA Development Authority (Agri-Products, Inc.), (Series 2007) Weekly VRDNs, (U.S. Bank,
N.A.
LOC), 3.570%, 6/6/2024 |
300,000
|
|
25,000,000
|
|
Monroe
County, GA Development Authority (Florida Power & Light Co.), (Series 2019) Weekly VRDNs, 3.500%, 6/6/2024 |
25,000,000
|
|
17,940,000
|
|
Monroe
County, GA Development Authority (Florida Power & Light Co.), (Series 2019) Weekly VRDNs, 3.600%, 6/6/2024 |
17,940,000
|
|
7,000,000
|
|
Municipal
Electric Authority of Georgia, (Series B), CP, (TD Bank, N.A. LOC), 3.450%, Mandatory Tender 6/5/2024 |
7,000,000
|
|
1,455,000
|
|
Savannah,
GA EDA (Consolidated Utilities, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 3.620%, 6/6/2024 |
1,455,000
|
|
72,250,000
|
|
Savannah,
GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 3.520%, 6/5/2024 |
72,250,000
|
|
1,215,000
|
|
Wayne
County, GA, IDA (Sierra International Machinery LLC), (Series 2011) Weekly VRDNs, (Truist Bank LOC),
3.620%,
6/6/2024 |
1,215,000
|
|
|
|
TOTAL
|
251,451,788
|
|
|
|
Hawaii—0.1%
|
|
|
5,685,000
|
|
Hawaii
State Department of Budget & Finance (Queen’s Health Systems), (2015 Series C) VRENs, 3.810%, 6/6/2024 |
5,685,000
|
|
|
|
Illinois—3.1%
|
|
|
2,600,000
|
|
Chicago,
IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2023-XF1457) Daily VRDNs,
(JPMorgan
Chase Bank, N.A. LIQ), 4.500%, 6/3/2024 |
2,600,000
|
|
4,270,000
|
|
Chicago,
IL O’Hare International Airport, (Series A), 5.000%, 1/1/2025 |
4,290,398
|
|
51,620,000
|
|
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), 3.540%, 6/6/2024 |
51,620,000
|
|
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), 3.560%, 6/6/2024 |
8,000,000
|
|
9,600,000
|
|
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), 3.540%, 6/6/2024 |
9,600,000
|
|
31,700,000
|
|
Chicago,
IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2022-XM1038) Weekly VRDNs,
(Assured
Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.540%, 6/6/2024 |
31,700,000
|
|
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), 3.560%, 6/6/2024 |
8,000,000
|
|
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), 3.560%, 6/6/2024 |
15,200,000
|
|
9,355,000
|
|
Illinois
Finance Authority (University of Chicago Medical Center Obligated Group), Mizuho 3a-7 (Series 2024-MIZ9167)
VRDNs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
9,355,000
|
|
|
|
TOTAL
|
140,365,398
|
Annual
Financial Statements and Additional Information
3
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Indiana—3.5%
|
|
|
$ 5,855,000
|
|
Bloomington,
IN EDRB (SY Henderson Court Investors, LP), (Series 2008: Henderson Court Apartments) Weekly VRDNs,
(FHLMC
LOC), 3.500%, 6/6/2024 |
$ 5,855,000
|
|
14,350,000
|
|
Indiana
Development Finance Authority (Duke Energy Indiana, Inc.), (Series 2003B) Weekly VRDNs, 3.440%, 6/5/2024 |
14,350,000
|
|
125,000,000
|
|
Indiana
Finance Authority (Brightmark Circularity Center Ashley 2 LLC), Morgan Stanley 3a-7 (Series 2024-MS-0022) TOBs,
(Morgan
Stanley Bank, N.A. LIQ)/(United States Treasury GTD), 3.860%, Optional Tender 7/25/2024 |
125,000,000
|
|
12,755,000
|
|
Indianapolis,
IN MFH (Pedcor Investments-2006-LXXXVIII LP), (Series 2007A: Forest Ridge Apartments) Weekly VRDNs,
(FHLB
of Boston LOC), 3.570%, 6/6/2024 |
12,755,000
|
|
|
|
TOTAL
|
157,960,000
|
|
|
|
Iowa—0.4%
|
|
|
5,300,000
|
|
Iowa
Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly VRDNs, (AgriBank FCB LOC), 3.570%, 6/6/2024 |
5,300,000
|
|
13,985,000
|
|
Iowa
Finance Authority (UnityPoint Health), Barclays 3a-7 (Series 2024-FR-RI-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays
Bank
PLC LOC), 3.610%, 6/6/2024 |
13,985,000
|
|
|
|
TOTAL
|
19,285,000
|
|
|
|
Kansas—1.4%
|
|
|
10,000,000
|
|
Burlington,
KS (Evergy Metro, Inc.), (Series 2007A) Weekly VRDNs, 3.520%, 6/5/2024 |
10,000,000
|
|
21,000,000
|
|
Burlington,
KS (Evergy Metro, Inc.), (Series 2007B) Weekly VRDNs, 3.520%, 6/5/2024 |
21,000,000
|
|
9,850,000
|
|
Hamilton
County, KS (R.C. Geven Farms, LLC), (Series 2024A) Weekly VRDNs, (CoBank, ACB LOC), 3.570%, 6/6/2024 |
9,850,000
|
|
8,075,000
|
|
Kansas
State Development Finance Authority (OPG Canterbury Partners LLC), Mizuho 3a-7 (Series 2024-MIZ9173) VRENs,
(Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
8,075,000
|
|
12,000,000
|
|
Meade
County, KS (High Plains Ponderosa Dairy LLC) Weekly VRDNs, (AgriBank FCB LOC), 3.570%, 6/6/2024 |
12,000,000
|
|
4,269,997
|
|
Wichita,
KS (Steele Shadybrook Estates LLC), Mizuho 3a-7 (Series 2024-MIZ9159) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho
Bank
Ltd. LIQ), 3.710%, 6/6/2024 |
4,269,997
|
|
|
|
TOTAL
|
65,194,997
|
|
|
|
Kentucky—3.4%
|
|
|
15,115,000
|
|
Kentucky
Asset/Liability Commission (Kentucky Asset/Liability Commission-Federal Highway), (Garvee 2024 Series A),
5.000%,
9/1/2024 |
15,163,217
|
|
10,000,000
|
|
Kentucky
Economic Development Finance Authority (Madonna Manor, Inc.), BAML 3a-7 (Series 2023-BAML 5038) TOBs,
(Bank
of America N.A. LIQ)/(Bank of America N.A. LOC), 3.610%, Optional Tender 7/25/2024 |
10,000,000
|
|
23,900,000
|
|
Louisville
& Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), (2007 Series A) Weekly VRDNs,
3.450%,
6/7/2024 |
23,900,000
|
|
30,300,000
|
|
Louisville
& Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), (2007 Series B) Weekly VRDNs,
3.510%,
6/7/2024 |
30,300,000
|
|
7,500,000
|
|
Meade
County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2020A-1) Daily VRDNs, 4.620%, 6/3/2024 |
7,500,000
|
|
19,700,000
|
|
Meade
County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021A-1) Daily VRDNs, 4.620%, 6/3/2024 |
19,700,000
|
|
44,740,000
|
|
Meade
County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021B-1) Daily VRDNs, 4.600%, 6/3/2024 |
44,740,000
|
|
|
|
TOTAL
|
151,303,217
|
|
|
|
Louisiana—2.3%
|
|
|
10,885,000
|
|
Calcasieu
Parish, LA Public Trust Authority (WPT Corp.), (Series 1997) Weekly VRDNs, (Bank of America N.A. LOC),
3.650%,
6/5/2024 |
10,885,000
|
|
3,900,000
|
|
Calcasieu
Parish, LA, IDB (HydroServe Westlake, LLC), (Series 1998) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC),
3.700%,
6/5/2024 |
3,900,000
|
|
14,200,000
|
|
East
Baton Rouge Parish, LA IDB (Georgia-Pacific LLC), Sold Waste Disposal Revenue Bonds (Series 2004) Weekly VRDNs,
3.450%,
6/5/2024 |
14,200,000
|
|
5,000,000
|
|
Louisiana
Local Government Environmental Facilities CDA (American Biocarbon, CT LLC), (Series 2023) TOBs, (United
States
Treasury GTD), 4.000%, Mandatory Tender 6/25/2024 |
5,000,000
|
|
12,700,000
|
|
Louisiana
Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2002) Weekly VRDNs, 3.540%, 6/5/2024 |
12,700,000
|
|
18,650,000
|
|
Louisiana
Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2003) Weekly VRDNs, 3.540%, 6/5/2024 |
18,650,000
|
|
5,569,283
|
|
Louisiana
State Housing Corporation (Peace Lake Louisiana Tower Community, LP), Mizuho 3a-7 (Series 2020-MIZ9053)
VRENs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
5,569,283
|
|
31,450,000
|
|
St.
James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 3.650%, 6/5/2024 |
31,450,000
|
|
|
|
TOTAL
|
102,354,283
|
|
|
|
Maine—0.5%
|
|
|
22,260,000
|
|
Old
Town, ME (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 3.320%, 6/5/2024 |
22,260,000
|
Annual
Financial Statements and Additional Information
4
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Maryland—1.3%
|
|
|
$ 7,065,000
|
|
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%, 6/6/2024 |
$ 7,065,000
|
|
5,700,000
|
|
Baltimore
County, MD (Riderwood Village Obligated Group), 3a-7 Credit Enhanced (Series 2022-029) VRENs, (Barclays
Bank
PLC LIQ)/(Barclays Bank PLC LOC), 3.710%, 6/6/2024 |
5,700,000
|
|
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), 3.710%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
8,200,000
|
|
8,310,000
|
|
Maryland
State Economic Development Corp. (Woodington Gardens Affordable LLC), Tender Option Bond Trust
Certificates
(Series 2024-XF3222) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
8,310,000
|
|
|
|
TOTAL
|
56,275,000
|
|
|
|
Massachusetts—1.0%
|
|
|
10,000,000
|
|
Massachusetts
Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric
Co.),
3.900%, Mandatory Tender 7/1/2024 |
10,000,000
|
|
27,000,000
|
|
Massachusetts
Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (Massachusetts Electric Co. GTD),
3.850%,
Mandatory Tender 6/10/2024 |
27,000,000
|
|
7,000,000
|
|
Massachusetts
Water Resources Authority, (Series 2016), CP, (TD Bank, N.A. LOC), 3.650%, Mandatory Tender 6/13/2024 |
7,000,000
|
|
|
|
TOTAL
|
44,000,000
|
|
|
|
Michigan—0.3%
|
|
|
6,835,000
|
|
Michigan
State HDA: Multi-Family (Alderwood Estates), (Series 2005) Weekly VRDNs, (FHLB of Cincinnati LOC),
3.510%,
6/6/2024 |
6,835,000
|
|
5,250,000
|
|
Michigan
Strategic Fund (Greenville Venture Partners LLC), (Series 2018) Weekly VRDNs, (BMO Bank, N.A. LOC),
3.570%,
6/6/2024 |
5,250,000
|
|
2,385,000
|
|
Wayne
County, MI Airport Authority, (Series B), 5.000%, 12/1/2024 |
2,396,581
|
|
|
|
TOTAL
|
14,481,581
|
|
|
|
Minnesota—0.2%
|
|
|
10,200,000
|
|
Minnesota
Agricultural and Economic Development Board (Spectro Alloys Corp.) Weekly VRDNs, (BMO Bank, N.A. LOC),
3.570%,
6/6/2024 |
10,200,000
|
|
|
|
Mississippi—0.7%
|
|
|
13,000,000
|
|
Mississippi
Business Finance Corp. (Florida Power & Light Co.), (Series 2012) Weekly VRDNs, 3.550%, 6/5/2024 |
13,000,000
|
|
13,000,000
|
|
Mississippi
Business Finance Corp. (Florida Power & Light Co.), (Series 2019) Weekly VRDNs, 3.600%, 6/5/2024 |
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), 3.710%, 6/6/2024 |
4,100,000
|
|
|
|
TOTAL
|
30,100,000
|
|
|
|
Missouri—0.4%
|
|
|
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), 3.710%, 6/6/2024 |
5,501,184
|
|
2,888,712
|
|
Lees
Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd.
LIQ),
3.710%, 6/6/2024 |
2,888,712
|
|
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), 3.560%, Optional Tender 6/3/2024 |
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), 3.710%, 6/6/2024 |
4,295,000
|
|
1,310,000
|
|
St.
Louis, MO Airport Revenue, (Series 2017B), (Assured Guaranty Municipal Corp. INS), 5.000%, 7/1/2024 |
1,310,513
|
|
|
|
TOTAL
|
19,995,409
|
|
|
|
Montana—0.2%
|
|
|
10,975,000
|
|
Montana
State Board of Housing (Butte Affordable Housing Solutions LP), Mizuho 3a-7 (Series 2020-MIZ9027) VRENs,
(Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
10,975,000
|
|
|
|
Multi-State—8.8%
|
|
|
17,500,000
|
|
BNY
Mellon Municipal Bond Infrastructure Fund, PUTTERs (3a-7) (Series 5054) Weekly VRDNs, (JPMorgan Chase Bank,
N.A.
LIQ), 3.760%, 6/6/2024 |
17,500,000
|
|
174,400,000
|
|
DWS
Municipal Income Trust, PUTTERs 3a-7 (Series 5055) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ),
3.760%,
6/6/2024 |
174,400,000
|
|
56,905,000
|
|
DWS
Strategic Municipal Income, PUTTERs (3a-7) (Series 5056) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ),
3.760%,
6/6/2024 |
56,905,000
|
Annual
Financial Statements and Additional Information
5
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Multi-State—continued
|
|
|
$ 11,700,000
|
|
FHLMC
(Multifamily Housing Revenue Bond Pass-Through Certificates), (Series M-28-A) Weekly VRDNs, (FHLMC
GTD)/(FHLMC
LIQ), 3.660%, 6/6/2024 |
$ 11,700,000
|
|
77,131,000
|
|
FHLMC
(Multifamily Housing Revenue Bond Pass-Through Certificates), Floater Certificates (Series M017-A) Weekly
VRDNs,
(FHLMC GTD)/(FHLMC LIQ), 4.140%, 6/6/2024 |
77,131,000
|
|
21,000,000
|
|
Invesco
Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ),
4.550%,
6/3/2024 |
21,000,000
|
|
15,100,000
|
|
Invesco
Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ),
4.550%,
6/3/2024 |
15,100,000
|
|
5,000,000
|
|
Nuveen
Municipal Credit Opportunities Fund, PUTTERs 3a-7 (Series 5033) (VMFP Series C) Daily VRDNs, (JPMorgan Chase
Bank,
N.A. LIQ), 4.550%, 6/3/2024 |
5,000,000
|
|
17,600,000
|
|
PIMCO
Flexible Municipal Income Fund, PUTTERs (3a-7) (Series 5046) MuniFund Term Preferred Shares Daily VRDNs,
(JPMorgan
Chase Bank, N.A. LIQ), 4.550%, 6/3/2024 |
17,600,000
|
|
|
|
TOTAL
|
396,336,000
|
|
|
|
Nebraska—0.5%
|
|
|
15,000,000
|
|
Nebraska
Investment Finance Authority (Blackshirt Feeders LP), (Series 2024) Weekly VRDNs, (Bank of Montreal LOC),
3.570%,
6/6/2024 |
15,000,000
|
|
7,500,000
|
|
Stanton
County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs, 3.720%, 6/5/2024 |
7,500,000
|
|
1,875,000
|
|
Stanton
County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs, 3.720%, 6/5/2024 |
1,875,000
|
|
|
|
TOTAL
|
24,375,000
|
|
|
|
Nevada—0.1%
|
|
|
1,130,000
|
|
Clark
County, NV Airport System, (Series 2021B), 5.000%, 7/1/2024 |
1,130,714
|
|
3,330,000
|
|
Clark
County, NV Passenger Facility (Las Vegas-McCarran International Airport), (2017 Series B), 5.000%, 7/1/2024 |
3,332,832
|
|
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), 3.710%, 6/6/2024 |
1,155,000
|
|
|
|
TOTAL
|
5,618,546
|
|
|
|
New
Hampshire—0.2% |
|
|
7,500,000
|
|
National
Finance Authority, NH (University Hospitals Home Care, Inc.), Morgan Stanley 3a-7 (Series 2024-MS0023) TOBs,
(Morgan
Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 3.660%, Optional Tender 6/20/2024 |
7,500,000
|
|
|
|
New
Jersey—6.2% |
|
|
2,247,000
|
|
Allamuchy
Township, NJ BANs, 4.500%, 9/20/2024 |
2,248,961
|
|
4,613,000
|
|
Allendale,
NJ BANs, 4.000%, 2/21/2025 |
4,621,038
|
|
1,939,000
|
|
Alpine
Borough, NJ BANs, 4.500%, 8/14/2024 |
1,940,125
|
|
1,415,000
|
|
Barnegat
Light, NJ BANs, 4.500%, 7/31/2024 |
1,415,668
|
|
9,750,000
|
|
Beach
Haven, NJ BANs, 4.250%, 5/1/2025 |
9,778,282
|
|
15,053,000
|
|
Carteret,
NJ BANs, 4.000%, 5/30/2025 |
15,096,265
|
|
1,889,070
|
|
Clinton,
NJ BANs, 4.250%, 7/31/2024 |
1,890,144
|
|
4,145,860
|
|
Cranbury
Township, NJ BANs, 4.125%, 1/29/2025 |
4,150,493
|
|
2,060,707
|
|
Delanco
Township, NJ BANs, 4.500%, 6/28/2024 |
2,061,364
|
|
5,840,000
|
|
Delran
Township, NJ BANs, 4.500%, 8/29/2024 |
5,848,211
|
|
2,200,000
|
|
Demarest,
NJ BANs, 4.500%, 3/12/2025 |
2,207,194
|
|
3,200,000
|
|
Demarest,
NJ BANs, 4.500%, 6/13/2024 |
3,200,509
|
|
3,873,000
|
|
Dunellen,
NJ BANs, 4.250%, 1/17/2025 |
3,878,833
|
|
1,342,500
|
|
Englishtown,
NJ BANs, 4.750%, 8/7/2024 |
1,343,332
|
|
7,647,000
|
|
Essex
Fells, NJ BANs, 4.250%, 3/4/2025 |
7,656,941
|
|
9,690,000
|
|
Fairview,
NJ BANs, 4.250%, 8/23/2024 |
9,697,402
|
|
4,930,950
|
|
Galloway
Township, NJ BANs, 4.500%, 1/15/2025 |
4,941,331
|
|
5,770,000
|
|
Garwood,
NJ BANs, 4.500%, 8/2/2024 |
5,775,832
|
|
1,987,245
|
|
Gibbsboro,
NJ BANs, 4.500%, 3/25/2025 |
1,993,455
|
|
3,782,000
|
|
Haddon
Heights, NJ, (Series A) BANs, 4.000%, 1/17/2025 |
3,785,429
|
|
2,500,000
|
|
Hamilton
Township, NJ BANs, 4.500%, 9/12/2024 |
2,503,202
|
|
2,911,000
|
|
Haworth
Borough, NJ BANs, 4.500%, 7/12/2024 |
2,912,787
|
|
7,336,736
|
|
Hillsborough
Township, NJ BANs, 4.250%, 2/14/2025 |
7,369,163
|
|
3,000,000
|
|
Hillsdale
Borough, NJ BANs, 4.250%, 8/23/2024 |
3,002,094
|
Annual
Financial Statements and Additional Information
6
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
New
Jersey—continued |
|
|
$ 1,865,000
|
|
Lawrence
Township, NJ BANs, 4.500%, 6/5/2025 |
$ 1,868,917
|
|
6,760,397
|
|
Leonia,
NJ BANs, 4.000%, 2/28/2025 |
6,770,046
|
|
2,000,000
|
|
Lindenwold,
NJ BANs, 4.500%, 8/29/2024 |
2,001,887
|
|
4,585,000
|
|
Longport,
NJ BANs, 4.500%, 7/3/2024 |
4,587,701
|
|
3,050,800
|
|
Lopatcong,
NJ BANs, 4.500%, 7/2/2024 |
3,051,802
|
|
3,161,625
|
|
Lumberton
Township, NJ BANs, 4.500%, 9/27/2024 |
3,167,502
|
|
5,002,250
|
|
Mantua
Township, NJ BANs, 4.500%, 6/19/2024 |
5,003,397
|
|
1,984,620
|
|
Moonachie,
NJ BANs, 4.500%, 7/12/2024 |
1,985,474
|
|
1,245,000
|
|
New
Jersey EDA (Temple Emanuel of the Pascack Valley), (Series 2001/2019) Weekly VRDNs, (U.S. Bank, N.A. LOC),
3.610%,
6/7/2024 |
1,245,000
|
|
30,000,000
|
|
New
Jersey Housing & Mortgage Finance Agency, Barclays 3a-7 Credit Enhanced (Series 2024-001) VRENs, (Barclays Bank
PLC
LIQ)/(Barclays Bank PLC LOC), 3.610%, 6/6/2024 |
30,000,000
|
|
5,669,000
|
|
North
Arlington, NJ BANs, 4.500%, 8/2/2024 |
5,674,543
|
|
4,700,000
|
|
Oakland
Borough, NJ BANs, 4.250%, 9/20/2024 |
4,705,807
|
|
2,388,000
|
|
Old
Tappan, NJ BANs, 4.250%, 3/7/2025 |
2,392,375
|
|
2,500,000
|
|
Pitman,
NJ BANs, 4.000%, 2/28/2025 |
2,502,134
|
|
7,070,000
|
|
Ramsey,
NJ BANs, 4.250%, 1/3/2025 |
7,088,082
|
|
3,892,000
|
|
Readington
Township, NJ BANs, 4.500%, 10/2/2024 |
3,898,912
|
|
2,882,800
|
|
Roxbury
Township, NJ BANs, 4.000%, 2/28/2025 |
2,886,914
|
|
6,955,000
|
|
Saddle
River, NJ BANs, 4.250%, 6/6/2025 |
6,985,115
|
|
5,052,000
|
|
Saddle
River, NJ BANs, 4.500%, 6/6/2024 |
5,052,398
|
|
4,140,000
|
|
Somers
Point, NJ BANs, 4.500%, 8/31/2024 |
4,143,492
|
|
29,000,000
|
|
Stone
Harbor, NJ BANs, 4.750%, 10/11/2024 |
29,055,165
|
|
1,470,000
|
|
Wanaque
Borough, NJ BANs, 4.250%, 12/19/2024 |
1,473,469
|
|
2,530,795
|
|
Washington
Borough, NJ BANs, 4.750%, 10/11/2024 |
2,534,729
|
|
5,944,000
|
|
Washington
Township (Morris County), NJ BANs, 4.500%, 8/23/2024 |
5,951,778
|
|
4,999,000
|
|
Waterford
Township, NJ, (Series A) BANs, 4.500%, 1/31/2025 |
5,011,910
|
|
2,000,000
|
|
West
Wildwood, NJ BANs, 4.250%, 2/25/2025 |
2,003,523
|
|
1,875,100
|
|
West
Wildwood, NJ BANs, 4.500%, 2/25/2025 |
1,878,925
|
|
1,875,100
|
|
West
Wildwood, NJ BANs, 4.500%, 6/13/2024 |
1,875,219
|
|
6,221,000
|
|
Woodcliff
Lake, NJ BANs, 4.500%, 9/20/2024 |
6,229,513
|
|
4,649,000
|
|
Wyckoff
Township, NJ BANs, 4.000%, 6/11/2025 |
4,657,926
|
|
4,000,000
|
|
Wyckoff
Township, NJ BANs, 4.500%, 6/13/2024 |
4,000,612
|
|
|
|
TOTAL
|
279,002,322
|
|
|
|
New
Mexico—0.1% |
|
|
2,670,000
|
|
New
Mexico State Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), Barclays 3a-7 Credit
Enhanced
(Series 2022-034) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.710%, 6/6/2024 |
2,670,000
|
|
|
|
New
York—3.9% |
|
|
11,445,000
|
|
Alexander,
NY CSD BANs, 4.500%, 6/28/2024 |
11,450,277
|
|
4,550,000
|
|
Alexandria,
NY CSD BANs, 4.750%, 6/28/2024 |
4,553,071
|
|
1,000,000
|
|
Cassadaga
Valley, NY CSD BANs, 4.500%, 8/1/2024 |
1,000,882
|
|
8,000,000
|
|
Dutchess
County, NY Local Development Corp. (Bard College), Barclays 3a-7 Credit Enhanced (Series 2023-008) VRENs,
(Barclays
Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.610%, 6/6/2024 |
8,000,000
|
|
3,800,000
|
|
Hempstead
(town), NY IDA MFH (Hempstead Village Housing Associates LP), (Series 2006) Weekly VRDNs, (FNMA LOC),
3.400%,
6/6/2024 |
3,800,000
|
|
9,000,000
|
|
Hempstead,
NY Union Free School District BANs, 4.250%, 7/11/2024 |
9,001,757
|
|
6,000,000
|
|
Hempstead,
NY Union Free School District, (Series A) BANs, 4.000%, 7/11/2024 |
6,000,829
|
|
6,350,000
|
|
Herkimer,
NY CSD BANs, 4.750%, 6/21/2024 |
6,353,173
|
|
3,415,000
|
|
New
Rochelle, NY IDA (180 Union Avenue Owner LP), (Series 2006: West End Phase I Facility) Weekly VRDNs, (Citibank
N.A.,
New York LOC), 3.470%, 6/6/2024 |
3,415,000
|
|
14,080,000
|
|
New
York State Energy Research & Development Authority (National Grid Generation LLC), (1997 Series A) Weekly
VRDNs,
(NatWest Markets PLC LOC), 3.650%, 6/5/2024 |
14,080,000
|
Annual
Financial Statements and Additional Information
7
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
New
York—continued |
|
|
$ 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%, 6/6/2024 |
$ 72,800,000
|
|
7,000,000
|
|
Perry
CSD, NY BANs, 4.500%, 6/28/2024 |
7,003,227
|
|
17,050,963
|
|
Saugerties,
NY CSD BANs, 4.500%, 6/28/2024 |
17,059,076
|
|
3,000,000
|
|
Tioga,
NY CSD, (Series A) BANs, 4.750%, 6/28/2024 |
3,001,875
|
|
6,891,090
|
|
Walton,
NY CSD BANs, 4.500%, 6/27/2024 |
6,894,389
|
|
|
|
TOTAL
|
174,413,556
|
|
|
|
North
Carolina—0.6% |
|
|
17,300,000
|
|
Hertford
County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 3.700%, 6/5/2024 |
17,300,000
|
|
6,700,000
|
|
Hertford
County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000B) Weekly VRDNs, 3.700%, 6/5/2024 |
6,700,000
|
|
3,000,000
|
|
Yancey
County, NC Industrial Facilities & PCFA (Altec Industries, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC),
3.620%,
6/6/2024 |
3,000,000
|
|
|
|
TOTAL
|
27,000,000
|
|
|
|
Ohio—1.5%
|
|
|
2,550,000
|
|
Forest
Park, OH BANs, (Ohio State GTD), 4.500%, 5/21/2025 |
2,564,260
|
|
20,000,000
|
|
Ohio
State Higher Educational Facility Commission (Cleveland Clinic), (Series 2008 B-6), CP, 3.600%, Mandatory
Tender
6/3/2024 |
20,000,000
|
|
5,500,000
|
|
Ohio
State Higher Educational Facility Commission (Cleveland Clinic), (Series B-5), CP, 3.580%, Mandatory
Tender
6/18/2024 |
5,500,000
|
|
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), 3.660%, 6/6/2024 |
16,100,000
|
|
5,000,000
|
|
Ohio
State Water Development Authority, CP, (TD Bank, N.A. LIQ), 3.550%, Mandatory Tender 6/5/2024 |
5,000,000
|
|
10,000,000
|
|
Ohio
State Water Development Authority, CP, (TD Bank, N.A. LIQ), 3.750%, Mandatory Tender 8/1/2024 |
10,000,000
|
|
7,000,000
|
|
Toledo-Lucas
County, OH Port Authority (Van Deurzen Dairy LLC), (Series 2006) Weekly VRDNs, (AgriBank FCB LOC),
3.570%,
6/6/2024 |
7,000,000
|
|
1,700,000
|
|
Youngstown,
OH BANs, (Ohio State GTD), 4.625%, 7/3/2024 |
1,701,137
|
|
|
|
TOTAL
|
67,865,397
|
|
|
|
Oklahoma—2.6%
|
|
|
21,750,000
|
|
Garfield
County, OK Industrial Authority Pollution Control (Oklahoma Gas and Electric Co.), (Series 1995-A) Weekly
VRDNs,
3.500%, 6/5/2024 |
21,750,000
|
|
30,400,000
|
|
Muskogee,
OK Industrial Trust (Oklahoma Gas and Electric Co.), (1995 Series A) Weekly VRDNs, 3.450%, 6/5/2024 |
30,400,000
|
|
53,355,000
|
|
Muskogee,
OK Industrial Trust (Oklahoma Gas and Electric Co.), (Series 1997A) Weekly VRDNs, 3.500%, 6/5/2024 |
53,355,000
|
|
10,235,000
|
|
Oklahoma
Development Finance Authority (OU Medicine), Tender Option Bond Trust Receipts (Series 2018-XG0210)
Weekly
VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.510%, 6/6/2024 |
10,235,000
|
|
|
|
TOTAL
|
115,740,000
|
|
|
|
Oregon—0.7%
|
|
|
10,000,000
|
|
Oregon
State Department of Transportation, (Series A-1), CP, (Wells Fargo Bank, N.A. LOC), 3.630%, Mandatory
Tender
6/5/2024 |
10,000,000
|
|
1,400,000
|
|
Port
of Portland, OR Airport, (Series 26C), 5.000%, 7/1/2024 |
1,401,482
|
|
19,525,000
|
|
Port
of Portland, OR Airport, (Series B), CP, (Bank of America N.A. LOC), 3.800%, Mandatory Tender 6/26/2024 |
19,525,000
|
|
|
|
TOTAL
|
30,926,482
|
|
|
|
Pennsylvania—0.4%
|
|
|
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),
3.540%,
6/6/2024 |
4,335,000
|
|
2,000,000
|
|
Philadelphia,
PA Airport System, (Series 2015A), 5.000%, 6/15/2024 |
2,000,847
|
|
4,790,000
|
|
Philadelphia,
PA Airport System, (Series B), 5.000%, 7/1/2024 |
4,792,412
|
|
7,490,000
|
|
Philadelphia,
PA Airport System, Revenue Refunding Bonds (Series 2020C), 5.000%, 7/1/2024 |
7,492,932
|
|
787,674
|
|
Philadelphia,
PA Authority for Industrial Development (Susquehanna Net Zero Housing, LP), Mizuho 3a-7 (2020-MIZ9051)
VRENs,
(Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.710%, 6/6/2024 |
787,674
|
|
|
|
TOTAL
|
19,408,865
|
|
|
|
Rhode
Island—0.3% |
|
|
13,000,000
|
|
Cranston,
RI, (Series 1) BANs, 4.250%, 8/21/2024 |
13,014,327
|
Annual
Financial Statements and Additional Information
8
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
South
Carolina—1.2% |
|
|
$ 21,500,000
|
|
Berkeley
County, SC IDB (Nucor Corp.) Weekly VRDNs, 3.720%, 6/5/2024 |
$ 21,500,000
|
|
10,100,000
|
|
Berkeley
County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, 3.720%, 6/5/2024 |
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), 3.710%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
13,388,000
|
|
|
|
TOTAL
|
51,968,000
|
|
|
|
South
Dakota—0.3% |
|
|
12,500,000
|
|
South
Dakota Economic Development Finance Authority (Riverview, LLP Washington Dairy Project), (Series 2023) Weekly
VRDNs,
(AgriBank FCB LOC), 3.570%, 6/6/2024 |
12,500,000
|
|
3,000,000
|
|
South
Dakota Value Added Finance Authority (Prairie Gold Dairy LLC), (Series 2004) Weekly VRDNs, (CoBank, ACB LOC),
3.570%,
6/6/2024 |
3,000,000
|
|
|
|
TOTAL
|
15,500,000
|
|
|
|
Tennessee—2.7%
|
|
|
5,300,000
|
|
Covington,
TN IDB (Charms Co.), (Series 1992) Weekly VRDNs, (Bank of America N.A. LOC), 3.650%, 6/5/2024 |
5,300,000
|
|
7,500,000
|
|
Memphis-Shelby
County, TN Airport Authority, (Series 2020B), 5.000%, 7/1/2024 |
7,503,936
|
|
25,620,000
|
|
Memphis-Shelby
County, TN Industrial Development Board - PCRB (Nucor Steel Memphis, Inc.), (Series 2007) Weekly
VRDNs,
(Nucor Corp. GTD), 3.720%, 6/5/2024 |
25,620,000
|
|
25,000,000
|
|
Metropolitan
Government Nashville & Davidson County, TN, (2014 Program), CPX, 3.800%, Mandatory Tender 6/3/2024 |
25,000,000
|
|
25,000,000
|
|
Metropolitan
Government Nashville & Davidson County, TN, (2014 Program), CPX, 3.900%, Mandatory Tender 7/24/2024 |
25,000,000
|
|
21,400,000
|
|
Metropolitan
Government Nashville & Davidson County, TN, (2014 Program), CPX, 3.900%, Mandatory Tender 7/29/2024 |
21,400,000
|
|
10,000,000
|
|
Metropolitan
Government Nashville & Davidson County, TN, (Series 2024), CP, 3.650%, Mandatory Tender 7/8/2024 |
10,000,000
|
|
|
|
TOTAL
|
119,823,936
|
|
|
|
Texas—18.9%
|
|
|
10,250,000
|
|
Austin,
TX Airport System, Tender Option Bond Trust Certificates (Series 2022-XG0427) Weekly VRDNs, (Morgan Stanley
Bank,
N.A. LIQ), 3.660%, 6/6/2024 |
10,250,000
|
|
57,500,000
|
|
Dallas-Fort
Worth, TX International Airport, (Series II), CPX, 4.000%, Mandatory Tender 7/2/2024 |
57,500,957
|
|
8,465,000
|
|
El
Paso, TX Housing Finance Corp., Mizuho 3a-7 (2022-MIZ9104) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ),
3.710%,
6/6/2024 |
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),
3.560%, Optional Tender 9/3/2024 |
3,600,000
|
|
20,735,000
|
|
Harris
County, TX Cultural Education Facilities Finance Corp. (Baylor College of Medicine), Barclays 3a-7 (Series 2022-006)
VRENs,
(Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/6/2024 |
20,735,000
|
|
4,670,000
|
|
Houston,
TX Airport System, (Series C), 5.000%, 7/1/2024 |
4,672,674
|
|
4,580,000
|
|
Houston,
TX Airport System, Tender Option Bond Trust Certificates (Series 2023-ZF3215) Weekly VRDNs, (Assured
Guaranty
Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 3.540%, 6/6/2024 |
4,580,000
|
|
11,695,000
|
|
Houston,
TX Housing Finance Corp. (Regency Park Apartments), (Series 2007) Weekly VRDNs, (FNMA LOC),
3.700%,
6/5/2024 |
11,695,000
|
|
4,000,000
|
|
Jewett,
TX Economic Development Corp. (Nucor Corp.), (Series 2003) Weekly VRDNs, 3.720%, 6/5/2024 |
4,000,000
|
|
3,445,000
|
|
Love
Field Airport Modernization Corp., TX, General Airport Revenue Bonds (Series 2015), 5.000%, 11/1/2024 |
3,451,234
|
|
10,000,000
|
|
Mission,
TX Economic Development Corp. (Waste Management, Inc.), (Series 2020A) TOBs, (Waste Management Holdings,
Inc.
GTD), 4.100%, Mandatory Tender 6/3/2024 |
10,000,000
|
|
9,500,000
|
|
Mission,
TX Economic Development Corp. (Waste Management, Inc.), (Series 2020B) TOBs, (Waste Management Holdings,
Inc.
GTD), 4.100%, Mandatory Tender 6/3/2024 |
9,500,000
|
|
3,000,000
|
|
Northeast
TX Housing Finance Corp, Mizuho 3a-7 (Series 2022-MIZ9116) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank
Ltd.
LIQ), 3.710%, 6/6/2024 |
3,000,000
|
|
12,500,000
|
|
Port
Arthur Navigation District, TX IDC (Air Products & Chemicals, Inc.), (Series 2000) Weekly VRDNs, 3.540%, 6/5/2024 |
12,500,000
|
|
8,000,000
|
|
Port
Arthur Navigation District, TX IDC (Route 86 Biogas, LLC), (Series 2023) Weekly VRDNs, (CoBank, ACB LOC),
3.570%,
6/6/2024 |
8,000,000
|
|
107,600,000
|
|
Port
of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Daily VRDNs,
4.650%,
6/3/2024 |
107,600,000
|
|
19,500,000
|
|
Port
of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2003) Daily VRDNs,
4.800%,
6/3/2024 |
19,500,000
|
|
20,000,000
|
|
Port
of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2005) Daily VRDNs,
4.800%,
6/3/2024 |
20,000,000
|
Annual
Financial Statements and Additional Information
9
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Texas—continued
|
|
|
$ 40,800,000
|
|
Port
of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2006) Daily VRDNs,
4.800%,
6/3/2024 |
$ 40,800,000
|
|
35,000,000
|
|
Port
of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Daily VRDNs,
4.800%,
6/3/2024 |
35,000,000
|
|
25,000,000
|
|
Port
of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2002) Weekly VRDNs,
3.820%,
6/5/2024 |
25,000,000
|
|
1,900,000
|
|
Port
of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010A) Daily VRDNs,
4.400%,
6/3/2024 |
1,900,000
|
|
15,200,000
|
|
Port
of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010B) Daily VRDNs,
4.400%,
6/3/2024 |
15,200,000
|
|
2,400,000
|
|
Port
of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs,
4.500%,
6/3/2024 |
2,400,000
|
|
70,950,000
|
|
Port
of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010D) Weekly VRDNs,
3.750%,
6/5/2024 |
70,950,000
|
|
93,575,000
|
|
Port
of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs,
3.750%,
6/5/2024 |
93,575,000
|
|
1,750,000
|
|
San
Antonio, TX Airport, (Series A), 5.000%, 7/1/2024 |
1,750,956
|
|
20,000,000
|
|
San
Antonio, TX Electric & Gas System, (2012 Series A), CP, 3.500%, Mandatory Tender 10/18/2024 |
20,000,000
|
|
25,000,000
|
|
San
Antonio, TX Electric & Gas System, (2012 Series A), CP, 3.780%, Mandatory Tender 8/1/2024 |
25,000,000
|
|
45,000,000
|
|
San
Antonio, TX Electric & Gas System, (Series B), CP, 3.950%, Mandatory Tender 9/20/2024 |
45,000,000
|
|
15,000,000
|
|
Texas
State Department of Housing & Community Affairs (Onion Creek Housing Partners Ltd.), (Series 2007) Weekly
VRDNs,
(FNMA LOC), 3.500%, 6/6/2024 |
15,000,000
|
|
20,000,000
|
|
Texas
Tech University System (The Board of Regents of), CP Notes (Series A), CP, 3.600%, Mandatory Tender 6/3/2024 |
20,000,000
|
|
9,840,000
|
|
Travis
County, TX Housing Finance Corp. (AT South First - Slaughter LP), Mizuho Tender Option Bond Certificates
(Series
2024-XF3216) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
9,840,000
|
|
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), 3.710%, 6/6/2024 |
20,000,000
|
|
9,000,000
|
|
University
of North Texas System, (Series B), CPX, 3.750%, Mandatory Tender 6/5/2024 |
9,000,000
|
|
12,000,000
|
|
University
of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 3.670%, Mandatory
Tender
8/7/2024 |
12,000,000
|
|
12,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 3.520%, Mandatory Tender 8/6/2024 |
12,000,000
|
|
12,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 3.550%, Mandatory Tender 8/7/2024 |
12,000,000
|
|
12,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 3.550%, Mandatory Tender 7/1/2024 |
12,000,000
|
|
12,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 3.550%, Mandatory Tender 7/3/2024 |
12,000,000
|
|
20,000,000
|
|
University
of Texas System (The Board of Regents of), Revenue Financing System (Series A), CP, 3.580%, Mandatory
Tender
6/11/2024 |
20,000,000
|
|
|
|
TOTAL
|
849,465,821
|
|
|
|
Utah—0.1%
|
|
|
4,070,000
|
|
Salt
Lake City, UT Airport Revenue, (Series A), 5.000%, 7/1/2024 |
4,072,956
|
|
|
|
Virginia—0.6%
|
|
|
5,400,000
|
|
Botetourt
County, VA IDA (Altec Industries, Inc.), (Series 2001) Weekly VRDNs, (Bank of America N.A. LOC),
3.530%,
6/6/2024 |
5,400,000
|
|
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), 3.540%, 6/6/2024 |
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
|
26,145,000
|
|
|
|
Washington—0.7%
|
|
|
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), 3.560%, Optional Tender 11/1/2024 |
2,860,000
|
|
20,225,000
|
|
Port
of Tacoma, WA, (Series 2008: Subordinate Lien) Weekly VRDNs, (PNC Bank, N.A. LOC), 3.400%, 6/5/2024 |
20,225,000
|
|
8,220,000
|
|
Seattle
Chinatown International District, WA Preservation and Development Authority (Lot On The Hill LLLP), Mizuho 3a-7
(Series
2024-MIZ9156) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
8,220,000
|
|
1,050,000
|
|
Washington
State Economic Development Finance Authority (Mesa Dairy, LLC), (Series 2007E) Weekly VRDNs, (BMO Bank,
N.A.
LOC), 3.570%, 6/6/2024 |
1,050,000
|
|
|
|
TOTAL
|
32,355,000
|
Annual
Financial Statements and Additional Information
10
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Wisconsin—0.5%
|
|
|
$ 1,260,000
|
|
Maple,
WI School District TRANs, 5.250%, 10/17/2024 |
$ 1,262,723
|
|
1,550,000
|
|
Milwaukee
County, WI Airport, (Series A), 5.000%, 12/1/2024 |
1,559,022
|
|
16,079,000
|
|
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), 3.710%, 6/6/2024 |
16,079,000
|
|
570,000
|
|
West
Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly VRDNs, (U.S. Bank, N.A. LOC), 3.670%, 6/6/2024 |
570,000
|
|
1,765,000
|
|
Wisconsin
State Public Finance Authority (Birchwood Properties LP), (Series 2016) Weekly VRDNs, (FHLB of Des Moines
LOC),
3.580%, 6/6/2024 |
1,765,000
|
|
|
|
TOTAL
|
21,235,745
|
|
|
|
TOTAL
INVESTMENT IN SECURITIES—100.3%
(AT
AMORTIZED COST)2
|
4,508,562,962
|
|
|
|
OTHER
ASSETS AND LIABILITIES - NET—(0.3)%3
|
(13,353,231)
|
|
|
|
TOTAL
NET ASSETS—100% |
$4,495,209,731
|
Securities that are subject to the federal
alternative minimum tax (AMT) represent 53.34% 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, 2024.
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
Financial Statements and Additional Information
11
In valuing the Fund’s
assets as of May 31, 2024, 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 | |
|
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 | |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
12
Financial
Highlights–Wealth
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended May 31,
| ||||
|
|
2024
|
2023
|
2022
|
2021
|
2020
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.037
|
0.023
|
0.001
|
0.001
|
0.012
|
|
Net
realized gain (loss) |
0.0002
|
0.0002
|
0.0002
|
0.0002
|
0.001
|
|
TOTAL
FROM INVESTMENT OPERATIONS |
0.037
|
0.023
|
0.001
|
0.001
|
0.013
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.037)
|
(0.023)
|
(0.001)
|
(0.001)
|
(0.013)
|
|
Distributions
from net realized gain |
—
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
|
TOTAL
DISTRIBUTIONS |
(0.037)
|
(0.023)
|
(0.001)
|
(0.001)
|
(0.013)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.71%
|
2.34%
|
0.12%
|
0.13%
|
1.27%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.21%
|
0.21%
|
0.19%
|
0.21%
|
0.21%
|
|
Net
investment income |
3.65%
|
2.38%
|
0.13%
|
0.12%
|
1.24%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.09%
|
0.11%
|
0.09%
|
0.09%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$3,746,330
|
$2,371,755
|
$1,772,201
|
$1,372,803
|
$1,510,434
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
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. |
See Notes which are an integral part of
the Financial Statements
The financial highlights of the Automated
Shares, Investment Shares, Service Shares, Cash II Shares, Cash Series Shares and Capital Shares
are presented separately.
Annual
Financial Statements and Additional Information
13
Statement
of Assets and Liabilities
May 31, 2024
|
Assets:
|
|
|
Investment
in securities, at amortized cost and fair value |
$4,508,562,962
|
|
Income
receivable |
30,503,156
|
|
Receivable
for investments sold |
8,720,418
|
|
Receivable
for shares sold |
14,056,834
|
|
Total
Assets |
4,561,843,370
|
|
Liabilities:
|
|
|
Payable
for investments purchased |
57,295,239
|
|
Payable
for shares redeemed |
5,230,025
|
|
Payable
to bank |
2,775,512
|
|
Income
distribution payable |
848,630
|
|
Payable
for investment adviser fee (Note 5)
|
14,275
|
|
Payable
for administrative fee (Note 5)
|
9,473
|
|
Payable
for distribution services fee (Note 5)
|
88,502
|
|
Payable
for other service fees (Notes 2 and 5)
|
131,129
|
|
Accrued
expenses (Note 5)
|
240,854
|
|
Total
Liabilities |
66,633,639
|
|
Net
assets for 4,494,705,017 shares outstanding |
$4,495,209,731
|
|
Net Assets
Consist of: |
|
|
Paid-in
capital |
$4,494,684,706
|
|
Total
distributable earnings (loss) |
525,025
|
|
Total
Net Assets |
$4,495,209,731
|
|
Net Asset
Value, Offering Price and Redemption Proceeds Per Share: |
|
|
Automated
Shares: |
|
|
$25,376,830
÷ 25,373,973 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Investment
Shares: |
|
|
$12,743,608
÷ 12,742,173 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Wealth
Shares: |
|
|
$3,746,329,717
÷ 3,745,908,529 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Service
Shares: |
|
|
$204,397,931
÷ 204,374,920 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Cash II
Shares: |
|
|
$53,911,447
÷ 53,905,381 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Cash Series
Shares: |
|
|
$165,380,479
÷ 165,361,867 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Capital
Shares: |
|
|
$287,069,719
÷ 287,038,174 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
14
Statement
of Operations
Year Ended May 31,
2024
|
Investment
Income: |
|
|
Interest
|
$151,253,760
|
|
Expenses:
|
|
|
Investment
adviser fee (Note 5)
|
7,821,386
|
|
Administrative
fee (Note 5)
|
3,043,324
|
|
Custodian
fees |
116,731
|
|
Transfer
agent fees (Note 2) |
326,527
|
|
Directors’/Trustees’
fees (Note 5)
|
17,160
|
|
Auditing
fees |
30,192
|
|
Legal
fees |
11,296
|
|
Portfolio
accounting fees |
254,754
|
|
Distribution
services fee (Note 5)
|
1,277,867
|
|
Other
service fees (Notes 2 and 5)
|
1,420,718
|
|
Share
registration costs |
262,125
|
|
Printing
and postage |
47,286
|
|
Miscellaneous
(Note 5)
|
19,032
|
|
TOTAL
EXPENSES |
14,648,398
|
|
Waivers
and Reimbursement: |
|
|
Waiver
of investment adviser fee (Note 5)
|
(3,306,854)
|
|
Waiver/reimbursement
of other operating expenses (Notes 2 and 5) |
(250,309)
|
|
TOTAL
WAIVERS AND REIMBURSEMENT |
(3,557,163)
|
|
Net
expenses |
11,091,235
|
|
Net
investment income |
140,162,525
|
|
Net
realized gain on investments |
522,643
|
|
Change
in net assets resulting from operations |
$140,685,168
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
15
Statement
of Changes in Net Assets
|
Year
Ended May 31 |
2024
|
2023
|
|
Increase
(Decrease) in Net Assets |
|
|
|
Operations:
|
|
|
|
Net
investment income |
$140,162,525
|
$64,701,315
|
|
Net
realized gain (loss) |
522,643
|
955
|
|
CHANGE
IN NET ASSETS RESULTING FROM OPERATIONS |
140,685,168
|
64,702,270
|
|
Distributions
to Shareholders: |
|
|
|
Automated
Shares |
(600,383)
|
(440,831)
|
|
Investment
Shares |
(124,380)
|
(68,482)
|
|
Wealth
Shares |
(116,155,504)
|
(50,565,796)
|
|
Service
Shares |
(7,218,972)
|
(4,594,001)
|
|
Cash
II Shares |
(1,691,898)
|
(1,087,067)
|
|
Cash
Series Shares |
(5,054,288)
|
(3,221,215)
|
|
Capital
Shares |
(9,316,817)
|
(4,793,228)
|
|
CHANGE
IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS |
(140,162,242)
|
(64,770,620)
|
|
Share Transactions:
|
|
|
|
Proceeds
from sale of shares |
7,612,993,834
|
7,058,692,521
|
|
Net
asset value of shares issued to shareholders in payment of distributions declared |
128,728,700
|
59,807,000
|
|
Cost
of shares redeemed |
(6,334,626,092)
|
(7,243,912,415)
|
|
CHANGE
IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS |
1,407,096,442
|
(125,412,894)
|
|
Change
in net assets |
1,407,619,368
|
(125,481,244)
|
|
Net Assets:
|
|
|
|
Beginning
of period |
3,087,590,363
|
3,213,071,607
|
|
End
of period |
$4,495,209,731
|
$3,087,590,363
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
16
Notes to
Financial Statements
May 31, 2024
1. ORGANIZATION
Federated Hermes Money Market Obligations
Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the
“Act”), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included
herein are only those of Federated Hermes Municipal Obligations
Fund (the “Fund”), a diversified portfolio. The financial statements of the
other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to
the portfolio in which shares are held. Each portfolio pays its
own expenses. The Fund offers seven classes of shares: Automated Shares, Investment
Shares, Wealth Shares, Service Shares, Cash II Shares, Cash Series Shares and Capital Shares. All shares of the Fund have equal
rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income exempt
from all federal regular income tax consistent with stability of principal. Interest income from the Fund’s investments may be subject
to the federal AMT for individuals and state and local taxes.
The Fund operates as
a retail money market fund. As a retail money market fund, the Fund: (1) will generally continue to use amortized
cost to value its portfolio securities and transact at a stable $1.00 net asset value (NAV); (2) has adopted policies and procedures
reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons as required for a retail
money market fund by Rule 2a-7 under the Act; and (3) may impose a discretionary liquidity fee of up to 2% of the value of the shares
redeemed, if the Fund’s Board of Trustees (the “Trustees”), or its delegate, determines such liquidity fee is in the
best interest of the Fund.
2. SIGNIFICANT
ACCOUNTING POLICIES
The following is a summary of significant
accounting policies consistently followed by the Fund in the preparation of its financial statements.
These policies are in conformity with U.S. generally accepted accounting principles (GAAP).
Investment Valuation
Securities
are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition
cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call,
demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities
will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the
fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share,
and the actual value obtained could be materially different.
Pursuant to Rule 2a-5
under the Act, the Trustees have designated Federated Investment Management Company (the “Adviser”) as the
Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser
is subject to the Trustees’ oversight and certain reporting
and other requirements intended to provide the Trustees the information needed to
oversee the Adviser’s fair value determinations.
The Adviser, acting through
its valuation committee (“Valuation Committee”), is responsible for determining the fair value of investments.
The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines
fair value of securities and oversees the comparison of amortized cost to market-based value. The Valuation Committee is also
authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of monitoring
the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party
pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods
(including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event
that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value
of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by
the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part
of the Fund’s compliance program and will review any changes
made to the procedures.
Investment Income, Gains and Losses, Expenses and Distributions
Investment
transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an
identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date.
Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount
is included in investment income. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each
class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail
of the total fund expense waivers and reimbursement of $3,557,163 is disclosed in various locations in this Note 2 and Note 5. Dividends
are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally
due to differences in separate class expenses.
Annual
Financial Statements and Additional Information
17
Transfer Agent Fees
For
the year ended May 31, 2024, transfer agent fees for the Fund were as follows:
|
|
Transfer
Agent
Fees
Incurred |
Transfer
Agent
Fees
Reimbursed |
|
Automated
Shares |
$4,652
|
$—
|
|
Investment
Shares |
3,111
|
—
|
|
Wealth
Shares |
71,188
|
—
|
|
Service
Shares |
4,784
|
—
|
|
Cash
II Shares |
54,941
|
—
|
|
Cash
Series Shares |
181,962
|
(53,384)
|
|
Capital
Shares |
5,889
|
(3)
|
|
TOTAL
|
$326,527
|
$(53,387)
|
Other Service Fees
The
Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund’s Automated Shares, Investment Shares, Wealth
Shares, Service Shares, Cash II Shares, Cash Series Shares and Capital Shares to financial intermediaries or to Federated Shareholder
Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described
in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees.
For the year ended May 31, 2024, other service
fees for the Fund were as follows:
|
|
Other
Service
Fees
Incurred |
|
Automated
Shares |
$39,033
|
|
Investment
Shares |
9,841
|
|
Service
Shares |
523,804
|
|
Cash
II Shares |
143,104
|
|
Cash
Series Shares |
444,867
|
|
Capital
Shares |
260,069
|
|
TOTAL
|
$1,420,718
|
For the year ended May 31, 2024, the Fund’s
Wealth Shares did not incur other service fees; however it may begin to incur this fee upon approval
of the Trustees.
Federal Taxes
It
is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 and to distribute to shareholders
each year substantially all of its income. Accordingly, no provision
for federal income tax is necessary. As of and during the year ended May
31, 2024, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related
to tax liabilities as income tax expense in the Statement of Operations.
As of May 31, 2024, tax years 2021 through 2024 remain subject to
examination by the Fund’s major tax jurisdictions, which include the United States of America and the Commonwealth of
Massachusetts.
When-Issued and Delayed-Delivery Transactions
The
Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains
security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased
on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses
may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the
contract.
Restricted Securities
The
Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered
for public sale without first being registered, or being able
to take advantage of an exemption from registration, under the Securities Act of
1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale
without first being registered, the issuer of the restricted security
has agreed to register such securities for resale, at the issuer’s expense, either
upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be
resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria
established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund’s restricted securities
are valued at amortized cost in accordance with Rule 2a-7 under
the Act.
Other
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from
those estimated. The Fund applies investment company accounting
and reporting guidance.
Annual
Financial Statements and Additional Information
18
3. SHARES
OF BENEFICIAL INTEREST
The following tables summarize share activity:
|
|
Year
Ended
5/31/2024
|
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 |
48,287
|
$48,287
|
49,145
|
$49,145
|
|
Shares
issued to shareholders in payment of distributions declared |
591
|
591
|
439
|
439
|
|
Shares
redeemed |
(37,602)
|
(37,602)
|
(735,718)
|
(735,718)
|
|
NET
CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS |
11,276
|
$11,276
|
(686,134)
|
$(686,134)
|
|
|
Year
Ended
5/31/2024
|
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 |
28,447
|
$28,447
|
15,656
|
$15,656
|
|
Shares
issued to shareholders in payment of distributions declared |
101
|
101
|
68
|
68
|
|
Shares
redeemed |
(17,148)
|
(17,148)
|
(17,255)
|
(17,255)
|
|
NET
CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS |
11,400
|
$11,400
|
(1,531)
|
$(1,531)
|
|
|
Year
Ended
5/31/2024
|
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 |
6,216,478
|
$6,216,478
|
5,433,953
|
$5,433,953
|
|
Shares
issued to shareholders in payment of distributions declared |
106,756
|
106,756
|
46,800
|
46,800
|
|
Shares
redeemed |
(4,949,095)
|
(4,949,095)
|
(4,881,158)
|
(4,881,158)
|
|
NET
CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS |
1,374,139
|
$1,374,139
|
599,595
|
$599,595
|
|
|
Year
Ended
5/31/2024
|
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 |
478,713
|
$478,713
|
591,162
|
$591,162
|
|
Shares
issued to shareholders in payment of distributions declared |
5,433
|
5,433
|
3,547
|
3,547
|
|
Shares
redeemed |
(492,856)
|
(492,856)
|
(614,563)
|
(614,563)
|
|
NET
CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS |
(8,710)
|
$(8,710)
|
(19,854)
|
$(19,854)
|
|
|
Year
Ended
5/31/2024
|
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 |
43,007
|
$43,007
|
47,329
|
$47,329
|
|
Shares
issued to shareholders in payment of distributions declared |
1,678
|
1,678
|
1,076
|
1,076
|
|
Shares
redeemed |
(49,722)
|
(49,722)
|
(61,304)
|
(61,304)
|
|
NET
CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS |
(5,037)
|
$(5,037)
|
(12,899)
|
$(12,899)
|
|
|
Year
Ended
5/31/2024
|
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 |
342,535
|
$342,535
|
484,712
|
$484,712
|
|
Shares
issued to shareholders in payment of distributions declared |
5,012
|
5,012
|
3,171
|
3,171
|
|
Shares
redeemed |
(379,016)
|
(379,016)
|
(528,628)
|
(528,628)
|
|
NET
CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS |
(31,469)
|
$(31,469)
|
(40,745)
|
$(40,745)
|
Annual
Financial Statements and Additional Information
19
|
|
Year
Ended
5/31/2024
|
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 |
455,526
|
$455,526
|
436,735
|
$436,735
|
|
Shares
issued to shareholders in payment of distributions declared |
9,157
|
9,157
|
4,706
|
4,706
|
|
Shares
redeemed |
(409,186)
|
(409,186)
|
(405,286)
|
(405,286)
|
|
NET
CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS |
55,497
|
$55,497
|
36,155
|
$36,155
|
|
NET
CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS |
1,407,096
|
$1,407,096
|
(125,413)
|
$(125,413)
|
4. FEDERAL
TAX INFORMATION
The tax character of distributions as reported
on the Statement of Changes in Net Assets for the years ended May 31, 2024 and 2023,
was as follows:
|
|
2024
|
2023
|
|
Tax-exempt
income |
$140,156,399
|
$64,580,563
|
|
Ordinary
income1
|
$5,843
|
$120,971
|
|
Long-term
capital gains |
$—
|
$69,086
|
|
1
|
For
tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
As of May 31, 2024, the components of distributable
earnings on a tax-basis were as follows:
|
Undistributed
tax-exempt income |
$2,382
|
|
Undistributed
ordinary income1
|
$393,694
|
|
Undistributed
long-term capital gains |
$128,949
|
|
TOTAL
|
$525,025
|
|
1
|
For
tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
5. INVESTMENT
ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Adviser Fee
The
advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund’s average daily net assets.
Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or
reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund’s expense ratio, or as and
when appropriate, to maintain positive or zero net yields. For
the year ended May 31, 2024, the Adviser voluntarily waived $3,306,854 of its
fee and voluntarily reimbursed $53,387 of transfer agent fees.
Administrative Fee
Federated
Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and
services. For purposes of determining the appropriate rate breakpoint, “Investment Complex” is defined as all of the Federated
Hermes Funds subject to a fee under the Administrative Services
Agreement. The fee paid to FAS is based on the average daily net assets
of the Investment Complex as specified below:
|
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 |
Subject to the terms described in the Expense
Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the year ended
May 31, 2024, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.
In addition, FAS may charge certain out-of-pocket
expenses to the Fund.
Annual
Financial Statements and Additional Information
20
Distribution Services Fee
The
Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund
will compensate Federated Securities Corp. (FSC), the principal
distributor, from the daily net assets of the Fund’s Investment Shares, Cash II Shares
and Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur
distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:
|
|
Percentage
of Average Daily
Net
Assets of Class |
|
Investment
Shares |
0.25%
|
|
Cash
II Shares |
0.35%
|
|
Cash
Series Shares |
0.60%
|
Subject to the terms described in the Expense
Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the year ended
May 31, 2024, distribution services fees for the Fund were as follows:
|
|
Distribution
Services
Fees
Incurred |
Distribution
Services
Fees
Waived |
|
Investment
Shares |
$9,841
|
$(1,181)
|
|
Cash
II Shares |
200,346
|
—
|
|
Cash
Series Shares |
1,067,680
|
(195,741)
|
|
TOTAL
|
$1,277,867
|
$(196,922)
|
When FSC receives fees, it may pay some
or all of them to financial intermediaries whose customers purchase shares. For the year ended May
31, 2024, FSC retained $180,678 of fees paid by the Fund.
Other Service Fees
For
the year ended May 31, 2024, FSSC received $1,283 of the other service fees disclosed in Note 2.
Expense Limitation
Due
to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction
of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and
certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their
respective fees and/or reimburse expenses. Total annual fund operating
expenses (as shown in the financial highlights, excluding interest expense,
extraordinary expenses and proxy-related expenses, if any) paid by the Fund’s Automated Shares, Investment Shares, Wealth Shares,
Service Shares, Cash II Shares, Cash Series Shares and Capital Shares (after the voluntary waivers and/or reimbursements) will not exceed
0.56%, 0.78%, 0.21%, 0.46%, 0.91%, 1.02% and 0.31% (the “Fee Limit”), respectively, up to but not including the later of (the
“Termination Date”): (a) August 1, 2025; or (b) the date of the Fund’s next effective Prospectus. While the Adviser
and its applicable affiliates currently do not anticipate terminating
or increasing these arrangements prior to the Termination Date, these arrangements may
only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.
Interfund Transactions
During
the year ended May 31, 2024, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser
(or affiliated investment advisers), common Directors/Trustees and/or common Officers. These purchase and sale transactions complied
with Rule 17a-7 under the Act and amounted to $775,184,000 and $1,181,194,000, respectively. Net realized gain/loss recognized
on these transactions was $0.
Directors’/Trustees’ and Miscellaneous Fees
Certain
Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate
payment, Independent Directors’/Trustees’ fees and
certain expenses related to conducting meetings of the Directors/Trustees and other
miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related
to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous
Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.
6. INTERFUND
LENDING
Pursuant to an Exemptive Order issued by
the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries
of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility
allowing the Fund to borrow from other participating affiliated funds. As of May 31, 2024, there were no outstanding loans. During
the year ended May 31, 2024, the program was not utilized.
7. INDEMNIFICATIONS
Under the Fund’s organizational documents,
its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the
performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence
or reckless disregard of their duties to the Fund). In addition,
in the normal course of business, the Fund provides certain indemnifications under
arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered
Annual
Financial Statements and Additional Information
21
into by the Fund under
which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the
arrangement, provided the third party’s actions are not deemed to have breached an agreed-upon standard of care (such as willful
misfeasance, bad faith, gross negligence or reckless disregard
of their duties under the contract). The Fund’s maximum exposure under these
arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund
does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss
to be remote.
Annual
Financial Statements and Additional Information
22
Report of
Independent Registered Public Accounting Firm
To the Board of Trustees of
Federated Hermes Money Market Obligations Trust and the Shareholders
of Federated Hermes Municipal Obligations Fund:
Opinion on the Financial Statements
We have audited the accompanying
statement of assets and liabilities of the Federated Hermes Municipal Obligations Fund
(the Fund), a portfolio of Federated Hermes Money Market Obligations Trust, including the portfolio of investments, as
of May 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each
of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial
highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial
highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2024, the results of
its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended,
and the financial highlights for each of the years in the five-year period then ended in conformity with U.S.
generally accepted accounting principles.
Basis for Opinion
These financial statements and
financial highlights are the responsibility of the Fund’s management. Our responsibility is to
express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting
firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance
with the standards of the PCAOB. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material
misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material
misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of
securities owned as of May 31, 2024, by correspondence with custodians and brokers; when replies were not received from
brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall presentation of the financial statements and
financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor
of one or more of Federated Hermes’ investment companies since 2006.
Boston, Massachusetts
July 23, 2024
July 23, 2024
Annual
Financial Statements and Additional Information
23
Evaluation
and Approval of Advisory Contract–May
2024
Federated Hermes Municipal
Obligations Fund (the “Fund”)
At its meetings in May 2024 (the
“May Meetings”), the Fund’s Board of Trustees (the “Board”), including those Trustees who
are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940 (the “Independent Trustees”),
reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and
Federated Investment Management Company (the “Adviser”) (the “Contract”) for an additional one-year term. The
Board’s determination to approve the continuation
of the Contract reflects the exercise of its business judgment after considering
all of the information and factors believed to be relevant and appropriate on whether to approve the continuation
of the existing arrangement. The information, factors and conclusions that formed the basis for the Board’s approval
are summarized below.
Information Received
and Review Process
At the request
of the Independent Trustees, the Fund’s Chief Compliance Officer (the “CCO”) furnished to the Board in advance
of its May Meetings an independent written evaluation of the Fund’s management fee (the “CCO Fee Evaluation Report”).
The Board considered the CCO Fee Evaluation Report, along with other information, in evaluating the reasonableness
of the Fund’s management fee and in determining to approve the continuation of the Contract.
In addition
to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered
information specifically prepared in connection with the approval of the continuation of the Contract that was presented
at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed
written responses and supporting materials prepared by the Adviser and its affiliates (collectively, “Federated Hermes”)
in response to requests posed to Federated Hermes by independent legal counsel on behalf of the Independent Trustees
encompassing a wide variety of topics, including those summarized below. The Board also considered such additional
matters as the Independent Trustees deemed reasonably necessary to evaluate the Contract, which included detailed
information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in
between regularly scheduled meetings on particular matters as the need arose.
The Board’s
consideration of the Contract included review of materials and information covering the following matters, among
others: (1) copies of the Contracts; (2) the nature, quality and extent of the advisory and other services provided to the
Fund by Federated Hermes; (3) Federated Hermes’ business and operations; (4) the Adviser’s investment philosophy, personnel
and processes; (5) the Fund’s investment objectives and strategies; (6) the Fund’s short-term and long-term performance
- in absolute terms (both on a gross basis and net of expenses) and relative to an appropriate group of peer funds
and its benchmark; (7) the Fund’s fees and expenses, including the advisory fee and the overall expense structure of the
Fund - in absolute terms and relative to an appropriate group of peer funds, with due regard for contractual or voluntary
expense limitations (if any); (8) the financial condition of Federated Hermes; (9) the Adviser’s profitability with respect
to managing the Fund; (10) distribution and sales activity for the Fund; and (11) the use and allocation of brokerage
commissions derived from trading the Fund’s portfolio securities (if any).
The Board
also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered
funds in evaluating the Contract. Using these judicial decisions as a guide, the Board considered several factors they
deemed relevant to an adviser’s fiduciary duty with respect to its receipt of compensation from a fund, including: (1)
the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance
of the fund, its benchmark and comparable funds; (2) the adviser’s cost of providing the services and the profitability
to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize “economies
of scale” as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared
with the fund and its shareholders or the family of funds; (4) any “fall-out” benefits that accrue to the adviser because
of its relationship with the fund, including research services received from brokers that execute fund trades and any
fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fees and expenses, including a comparison
of management fees paid to the adviser with those paid by similar funds managed by the same adviser or other advisers
as well as management fees charged to institutional and other advisory clients of the same adviser for what might be
viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund’s board members
perform their duties and their expertise, including whether they are fully informed about all facts the board deems
relevant to its consideration of the adviser’s services and fees. The Board considered that the Securities and Exchange
Commission (“SEC”) disclosure requirements regarding the basis for a fund board’s approval of the fund’s investment
advisory contract generally align with the factors listed above. The Board was guided by these factors in its evaluation
of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board
considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working
with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a
“Federated Hermes Fund” and, collectively, the “Federated Hermes Funds”).
Annual
Financial Statements and Additional Information
24
In
addition, the Board considered the preferences and expectations of Fund shareholders and the potential disruptions of the
Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate
or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund
based on the strength of Federated Hermes’ industry standing and reputation and with the expectation that Federated Hermes
will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that there are a range
of investment options available to the Fund’s shareholders in the marketplace, and such shareholders, having had the opportunity
to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the
Fund.
In determining
to approve the continuation of the Contract, the members of the Board reviewed and evaluated information
and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment.
While individual members of the Board may have weighed certain factors differently, the Board’s determination
to approve the continuation of the Contract was based on a comprehensive consideration of all information provided
to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized
that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors
may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees
were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations
at the May Meetings, the Independent Trustees met separately in executive session with their independent legal
counsel and without management present to review the relevant materials and consider their responsibilities under applicable
laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees
and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings.
The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds
across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.
Nature, Extent and
Quality of Services
The Board
considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources
of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the
Contract and the full range of services provided to the Fund by Federated Hermes. The Board considered the Adviser’s personnel,
investment philosophy and process, investment research capabilities and resources, trade operations capabilities,
experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities
of the portfolio management team primarily responsible for the day-to-day management of the Fund and evaluated
Federated Hermes’ ability and experience in attracting and retaining qualified personnel to service the Fund. The Board
considered the trading operations by the Advisers, including the execution of portfolio transactions and the selection of
brokers for those transactions. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance
with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise
of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its
commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser’s ability
to deliver competitive investment performance for the Fund when compared to the Fund’s Performance Peer Group (as
defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund’s investment
program.
In addition,
the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to
consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational
enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the benefits of the previous
significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened Federated Hermes’
investment management expertise and capabilities and expanded its access to analytical resources related to environmental,
social and governance (“ESG”) factors and issuer engagement on ESG matters where appropriate. The Board
considered the quality of Federated Hermes’ communications with the Board and responsiveness to Board inquiries and
requests made from time to time with respect to the Federated Hermes Funds. The Board also considered that Federated
Hermes is responsible for providing the Federated Hermes Funds’ officers.
The Board
received and evaluated information regarding Federated Hermes’ regulatory and compliance environment. The
Board considered Federated Hermes’ compliance program and compliance history and reports from the CCO about Federated
Hermes’ compliance with applicable laws and regulations, including responses to regulatory developments and any
compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes’ support of the Federated
Hermes Funds’ compliance control structure and the compliance-related resources devoted by Federated Hermes
in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated
Hermes’ commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board
Annual
Financial Statements and Additional Information
25
considered
Federated Hermes’ approach to internal audits and risk management with respect to the Federated Hermes Funds
and its day-to-day oversight of the Federated Hermes Funds’ compliance with their investment objectives and policies
as well as with applicable laws and regulations, noting that regulatory and other developments had over time led, and
continue to lead, to an increase in the scope of Federated Hermes’ oversight in this regard.
In addition,
the Board noted Federated Hermes’ commitment to maintaining high quality systems and expending substantial
resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments
in which the Fund and its service providers operate.
The Board
considered Federated Hermes’ efforts to provide shareholders in the Federated Hermes Funds with a comprehensive
array of funds with different investment objectives, policies and strategies. The Board considered the expenses
that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in
sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted
the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to
exchange investments between the same class of shares without the incurrence of additional sales charges.
Based on
these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services
provided by the Adviser to the Fund.
Fund Investment Performance
The Board
considered the investment performance of the Fund. In evaluating the Fund’s investment performance, the Board
considered performance results in light of the Fund’s investment objective, strategies and risks. The Board considered
detailed investment reports on, and the Adviser’s analysis of, the Fund’s performance over different time periods
that were provided to the Board throughout the year and in connection with the May Meetings. These reports included,
among other items, information on the Fund’s gross and net returns, the Fund’s investment performance compared
to one or more relevant categories or groups of peer funds and the Fund’s benchmark index, performance attribution
information and commentary on the effect of market conditions. The Board considered that, in its evaluation of investment
performance at meetings throughout the year, it focused particular attention on information indicating less favorable
performance of certain Federated Hermes Funds for specific time periods and discussed with Federated Hermes the
reasons for such performance as well as any specific actions Federated Hermes had taken, or had agreed to take, to seek
to enhance Fund investment performance and the results of those actions.
The Board
also reviewed comparative information regarding the performance of other registered funds in the category of
peer funds selected by iMoneyNet, an independent fund ranking organization (the “Performance Peer Group”). The Board
noted the CCO’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the
performance of the Adviser in managing the Fund. The Board considered the CCO’s view that, in evaluating such comparisons,
in some cases there may be differences in the funds’ objectives or investment management techniques, or the costs
to implement the funds, even within the same Performance Peer Group.
The Board
also considered comparative performance data from Lipper, Inc. that was included in reports provided to the Board
throughout the year. The Board noted that differences may exist between the Performance Peer Group and Lipper peers
and that the results of these performance comparisons may vary.
The Board
considered that for the one-year period ended December 31, 2023, the Fund’s performance was above the median
of the Performance Peer Group. The Board also considered the relatively tight dispersion of performance data with respect
to the Fund and its Performance Peer Group.
Based on
these considerations, the Board concluded that it had continued confidence in the Adviser’s overall capabilities
to manage the Fund.
Fund Expenses
The Board
considered the advisory fee and overall expense structure of the Fund and the comparative fee and expense information
that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and
considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each
element of the Fund’s total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting
fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from
the overall category of peer funds selected by iMoneyNet (the “Expense Peer Group”). The Board received a description
of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also
reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet
category.
While mindful
that courts have cautioned against giving too much weight to comparative information concerning fees charged
to funds by other advisers, the use of comparisons between the Fund and its Expense Peer Group assisted the Board
in its evaluation of the Fund’s fees and expenses. The Board focused on comparisons with other registered funds more
heavily than non-registered fund products or services because such comparisons are believed to be more relevant.
Annual
Financial Statements and Additional Information
26
The Board
considered that other registered funds are the products most like the Fund, in that they are readily available to Fund
shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained
by the Fund’s shareholders. The Board noted that the range of such other registered funds’ fees and expenses, therefore,
appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund
competes.
The Board
reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position
of the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory
fee rate was above the median of the Expense Peer Group, but the Board noted the applicable waivers and reimbursements,
and that the overall expense structure of the Fund remained competitive in the context of other factors considered
by the Board.
The Board
also received and considered information about the nature and extent of services offered and fees charged by Federated
Hermes to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including
non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for
which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO’s conclusion that non-registered fund clients
are inherently different products due to the following differences, among others: (i) different types of targeted investors;
(ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and
portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent
by portfolio managers and their teams (among other personnel across various departments, including legal, compliance
and risk management) in reviewing securities pricing; (vi) different SEC mandated risk management programs with
respect to fund liquidity and use of derivatives; (vii) different administrative responsibilities; (viii) different degrees of
risk associated with management; and (ix) a variety of different costs. The Board also considered information regarding the
differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business
versus managing a discrete pool of assets as a sub-adviser to another institution’s registered fund, noting the CCO’s
view that Federated Hermes generally performs significant additional services and assumes substantially greater risks
in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered
fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients
to be determinative in judging the appropriateness of the Federated Hermes Funds’ advisory fees.
In the case
of the Fund, the Board noted that Federated Hermes does not manage any other types of clients that are comparable
to the Fund.
Based on
these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction
with other matters considered, are reasonable in light of the services provided.
Profitability
The Board
received and considered profitability information furnished by Federated Hermes. Such profitability information
included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund
basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered
the CCO’s view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties
in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and
to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter
the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences.
In addition, the Board considered the CCO’s view that the allocation methodologies used by Federated Hermes
in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract
are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the
independent consultant had previously conducted a review of the allocation methodologies and reported to the Board that,
although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable.
The Board considered the CCO’s view that the estimated profitability to the Adviser from its relationship with the
Fund was not unreasonable in relation to the services provided.
The Board
also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly-held
fund management companies, including information regarding profitability trends over time. The Board recognized
that profitability comparisons among fund management companies are difficult because of the variation in the type
of comparative information that is publicly available, and the profitability of any fund management company is affected
by numerous factors. The Board considered the CCO’s conclusion that, based on such profitability information, Federated
Hermes’ profit margins did not appear to be excessive. The Board also considered the CCO’s view that Federated
Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with
the Federated Hermes Funds.
Annual
Financial Statements and Additional Information
27
Economies
of Scale
The Board
received and considered information about the notion of possible realization of “economies of scale” as a fund
grows larger, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent
to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes
has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: portfolio
management, investment research and trading operations; shareholder services; compliance; business continuity, cybersecurity
and information security programs; internal audit and risk management functions; and technology, systems capabilities
and use of data. The Board noted that Federated Hermes’ investments in these areas are extensive and are designed
to provide enhanced or expanded services to the Federated Hermes Funds and their shareholders. The Board considered
that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole.
In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies
of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes
Fund’s assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in
the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds
and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future.
The Board also considered that Federated Hermes has been active in managing expenses of the Federated Hermes Funds
in recent years, which has resulted in benefits being realized by shareholders.
The Board
also received and considered information on adviser-paid fees (commonly referred to as “revenue sharing” payments)
that was provided to the Board throughout the year and in connection with the May Meetings. The Board considered
that Federated Hermes and the CCO believe that this information is relevant to considering whether Federated Hermes
had an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, but should not be considered
when evaluating the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory
or industry guidelines on economies of scale, which is compounded by the lack of any uniform methodology or pattern
with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain
size.
Other Benefits
The Board
considered information regarding the compensation and other ancillary (or “fall-out”) benefits that Federated Hermes
derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory
fees under the Federated Hermes Funds’ investment advisory contracts, Federated Hermes’ affiliates also receive fees
for providing other services to the Federated Hermes Funds under separate service contracts including for serving as the
Federated Hermes Funds’ administrator and distributor. In this regard, the Board considered that Federated Hermes’ affiliates
provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated
through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received
and considered information detailing the benefits, if any, that Federated Hermes may derive from its receipt of research
services from brokers who execute portfolio trades for the Federated Hermes Funds.
Conclusions
The Board
considered: (i) the CCO’s conclusion that his observations and the information accompanying the CCO Fee Evaluation
Report show that the management fee for the Fund is reasonable; and (ii) the CCO’s recommendation that the Board
approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and
no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board’s evaluation
of the Federated Hermes Funds’ advisory and sub-advisory arrangements is a continuing and ongoing process that
is informed by the information that the Board requests and receives from management throughout the course of the year
and, in this regard, the CCO noted certain items, and management has committed to reviewing certain items, for future
reporting to the Board as the Board continues its ongoing oversight of the Federated Hermes Funds.
On the basis
of the information and factors summarized above, among other information and factors deemed relevant by the
Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation
of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances
and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations
identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them
to be determinative.
Annual
Financial Statements and Additional Information
28
You could lose money
by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per
share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend
your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other
factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you
should not expect that the sponsor will provide financial support to the Fund at any time.
This information is authorized
for distribution to prospective investors only when preceded or accompanied by the Fund’s Prospectus,
which contains facts concerning its objective and policies, management fees, expenses and other information.
Federated Hermes Municipal Obligations
Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Contact us at
FederatedHermes.com/us
or call 1-800-341-7400.
or call 1-800-341-7400.
Federated Securities Corp., Distributor
CUSIP 60934N658
33515 (7/24)
©
2024 Federated Hermes, Inc.
Annual Financial Statements
and Additional Information
and Additional Information
May 31, 2024
|
Share
Class | Ticker
|
Wealth | TBIXX
|
Advisor | TBVXX
|
Service | TBSXX
|
|
Federated Hermes Tax-Free Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
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
CONTENTS
Portfolio
of Investments
May 31, 2024
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—101.0% |
|
|
|
|
Alabama—5.3%
|
|
|
$ 44,965,000
|
|
Columbia,
AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 4.150%, 6/3/2024 |
$ 44,965,000
|
|
39,465,000
|
|
Columbia,
AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily VRDNs, 4.150%, 6/3/2024 |
39,465,000
|
|
49,400,000
|
|
Columbia,
AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 4.150%, 6/3/2024 |
49,400,000
|
|
8,100,000
|
|
Eutaw,
AL Industrial Development Board PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 4.150%, 6/3/2024 |
8,100,000
|
|
39,405,000
|
|
Huntsville,
AL Health Care Authority, (Series 2023-BAML5040) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of
America
N.A. LOC), 3.460%, 6/6/2024 |
39,405,000
|
|
49,900,000
|
|
Mobile,
AL IDB (Alabama Power Co.), (First Series 2009: Barry Plant) Daily VRDNs, 4.150%, 6/3/2024 |
49,900,000
|
|
15,200,000
|
|
Mobile,
AL IDB (Alabama Power Co.), (Second Series 2009) Daily VRDNs, 4.000%, 6/3/2024 |
15,200,000
|
|
3,125,000
|
|
Southeast
Alabama Gas Supply District, (Series 2024-XF1694) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of
Canada
LOC), 3.410%, 6/6/2024 |
3,125,000
|
|
|
|
TOTAL
|
249,560,000
|
|
|
|
Alaska—0.0%
|
|
|
1,720,000
|
|
Valdez,
AK Marine Terminal (Exxon Pipeline Co.), (Series 1993 A) Daily VRDNs, (Exxon Mobil Corp. GTD),
3.970%,
6/3/2024 |
1,720,000
|
|
|
|
Arizona—2.0%
|
|
|
10,660,000
|
|
Arizona
State Development Authority (Roers Casa Grande Apartments Owner LLC), Mizuho 3a-7 (Series 2024-MIZ9161)
VRENs,
(Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.710%, 6/6/2024 |
10,660,000
|
|
6,345,000
|
|
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), 3.710%, 6/6/2024 |
6,345,000
|
|
10,045,000
|
|
Arizona
State IDA (Phoenix Children’s Hospital), (Series 2019B) Daily VRDNs, (TD Bank, N.A. LOC), 4.000%, 6/3/2024 |
10,045,000
|
|
4,700,000
|
|
Arizona
State IDA (Roers Flagstaff Apartment Owner LLC), Mizuho 3a-7 (Series 2023-MIZ9157) VRENs, (Mizuho Bank Ltd.
LIQ)/(Mizuho
Bank Ltd. LOC), 3.710%, 6/6/2024 |
4,700,000
|
|
5,000,000
|
|
Arizona
State IDA (Roers Maricopa Apartments Owner LLC), Mizuho 3A-7 (Series 2023-MIZ9155) VRENs, (Mizuho Bank
Ltd.
LIQ)/(Mizuho Bank Ltd. LOC), 3.710%, 6/6/2024 |
5,000,000
|
|
15,000,000
|
|
Arizona
State IDA (Vaseo Apartments LP), Mizuho 3A-7 (Series 2023-MIZ9118) Daily VRDNs, (Federal Home Loan
Mortgage
Corp. GTD)/(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 4.270%, 6/3/2024 |
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), 3.510%, 6/6/2024 |
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), 3.510%, 6/6/2024 |
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), 3.510%, 6/6/2024 |
9,225,000
|
|
|
|
TOTAL
|
93,165,000
|
|
|
|
Arkansas—0.4%
|
|
|
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), 4.220%, 6/3/2024 |
20,000,000
|
|
|
|
California—9.6%
|
|
|
52,530,000
|
|
California
Community Choice Financing Authority, Tender Option Bond Trust Certificates (Series 2023-XF3213) Weekly
VRDNs,
(Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.460%, 6/6/2024 |
52,530,000
|
|
47,715,000
|
|
California
Health Facilities Financing Authority (CommonSpirit Health), Golden Blue (Series 2017-004) VRENs, (Barclays
Bank
PLC LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/6/2024 |
47,715,000
|
|
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), 3.710%, 6/6/2024 |
4,260,000
|
|
3,610,000
|
|
California
HFA, Mizuho 3a-7 (Series 2022-MIZ9097) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ),
3.710%,
6/6/2024 |
3,610,000
|
|
5,000,000
|
|
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), 3.490%, 6/6/2024 |
5,000,000
|
|
10,500,000
|
|
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), 4.200%, 6/3/2024 |
10,500,000
|
|
11,000,000
|
|
California
Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 3.550%, Mandatory
Tender
6/6/2024 |
11,000,000
|
|
9,000,000
|
|
California
Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 3.580%, Mandatory
Tender
6/18/2024 |
9,000,000
|
Annual
Financial Statements and Additional Information
1
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
California—continued
|
|
|
$ 35,865,000
|
|
California
Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), CP, 3.650%, Mandatory
Tender
9/17/2024 |
$ 35,865,000
|
|
15,270,000
|
|
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), 4.200%, 6/3/2024 |
15,270,000
|
|
12,490,000
|
|
Los
Angeles, CA TRANs, 5.000%, 6/27/2024 |
12,501,104
|
|
21,150,000
|
|
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 |
21,150,000
|
|
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), 3.490%, 6/6/2024 |
23,000,000
|
|
11,550,000
|
|
San
Diego, CA Public Facilities Authority (San Diego, CA), (Series A), CP, (Wells Fargo Bank, N.A. LOC), 3.700%,
Mandatory
Tender 7/8/2024 |
11,550,000
|
|
75,000,000
|
|
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), 3.710%, 6/6/2024 |
75,000,000
|
|
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), 3.710%, 6/6/2024 |
31,600,000
|
|
15,000,000
|
|
San
Francisco, CA City and County (Block 9 MRU Residential LLC), Mizuho 3a-7 (Series 2023-MIZ9119) Daily VRDNs,
(Federal
Home Loan Mortgage Corp. GTD)/(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 4.200%, 6/3/2024 |
15,000,000
|
|
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), 3.710%, 6/6/2024 |
26,725,000
|
|
3,625,000
|
|
Sweetwater,
CA Union High School District, Tender Option Bond Trust Receipts (Series 2022-XF1394) Weekly VRDNs,
(JPMorgan
Chase Bank, N.A. LIQ), 3.480%, 6/6/2024 |
3,625,000
|
|
5,000,000
|
|
University
of California (The Regents of), (Series A), CP, 3.670%, Mandatory Tender 8/13/2024 |
5,000,000
|
|
25,000,000
|
|
University
of California (The Regents of), (Series A), CP, 3.800%, Mandatory Tender 8/7/2024 |
25,000,000
|
|
3,000,000
|
|
University
of California (The Regents of), Tender Option Bond Trust Certificates (Series 2023-XX1325) Weekly VRDNs,
(Barclays
Bank PLC LIQ), 3.380%, 6/6/2024 |
3,000,000
|
|
|
|
TOTAL
|
447,901,104
|
|
|
|
Colorado—0.2%
|
|
|
1,000,000
|
|
Denver,
CO City & County Department of Aviation, (Series 2022C), 5.000%, 11/15/2024 |
1,006,220
|
|
9,000,000
|
|
Denver,
CO City and County Board of Water Commissioners, (Series 2023A), CP, (Bank of America N.A. LIQ), 3.500%,
Mandatory
Tender 9/5/2024 |
9,000,000
|
|
|
|
TOTAL
|
10,006,220
|
|
|
|
Connecticut—0.1%
|
|
|
4,250,000
|
|
Colchester,
CT BANs, 4.500%, 10/17/2024 |
4,259,422
|
|
2,820,000
|
|
Shelton,
CT Housing Authority (Crosby Commons), (Series 1998) Weekly VRDNs, (Manufacturers & Traders Trust Co.,
Buffalo
LOC), 3.480%, 6/6/2024 |
2,820,000
|
|
|
|
TOTAL
|
7,079,422
|
|
|
|
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), 3.510%, 6/6/2024 |
11,880,000
|
|
|
|
Florida—7.0%
|
|
|
16,240,000
|
|
Alachua
County, FL Health Facilities Authority (Shands Healthcare), (Series 2008A), CP, (Bank of America N.A. LOC),
3.680%,
Mandatory Tender 6/3/2024 |
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), 3.510%, 6/6/2024 |
15,440,000
|
|
7,035,000
|
|
Broward
County, FL HFA (ML Casa V LP), 3A-7 (BAML-6018) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America
N.A.
LOC), 3.480%, 6/6/2024 |
7,035,000
|
|
3,715,000
|
|
Broward
County, FL Tourist Development Tax Special Revenue, Tender Option Bond Trust Receipts (Series 2023-XL0429)
Weekly
VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 3.470%, 6/6/2024 |
3,715,000
|
|
10,315,000
|
|
Hillsborough
County, FL IDA (Baycare Health System), (Series 2020B) Daily VRDNs, (TD Bank, N.A. LOC),
4.000%,
6/3/2024 |
10,315,000
|
|
30,960,000
|
|
Jacksonville,
FL PCR (Florida Power & Light Co.), (Series 1994), CP, 3.590%, Mandatory Tender 6/13/2024 |
30,960,000
|
|
11,900,000
|
|
JEA,
FL Electric System, (Series 2008 D) Daily VRDNs, (U.S. Bank, N.A. LIQ), 4.200%, 6/3/2024 |
11,900,000
|
|
25,000,000
|
|
JEA,
FL Electric System, (Series 2008C-3), CP, (Royal Bank of Canada LIQ), 3.700%, Mandatory Tender 7/11/2024 |
25,000,000
|
|
30,445,000
|
|
JEA,
FL Electric System, (Series Three 2008C-1: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ),
3.360%,
6/6/2024 |
30,445,000
|
Annual
Financial Statements and Additional Information
2
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Florida—continued
|
|
|
$ 11,840,000
|
|
JEA,
FL Water & Sewer System, (2008 Series B-1: Subordinate Revenue Bonds) Weekly VRDNs, (State Street Bank and
Trust
Co. LIQ), 3.440%, 6/5/2024 |
$ 11,840,000
|
|
14,500,000
|
|
Martin
County, FL (Florida Power & Light Co.), (Series 2022) Weekly VRDNs, 3.450%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
24,875,000
|
|
51,875,000
|
|
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), 3.710%, 6/6/2024 |
51,875,000
|
|
16,500,000
|
|
Polk
County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs, 3.660% (SIFMA 7-day +0.300%), 6/6/2024 |
16,500,000
|
|
36,960,000
|
|
St.
Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Weekly VRDNs, 3.500%, 6/5/2024 |
36,960,000
|
|
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), 3.480%, 6/6/2024 |
6,440,000
|
|
|
|
TOTAL
|
329,842,964
|
|
|
|
Georgia—3.3%
|
|
|
46,300,000
|
|
Brookhaven
Development Authority, GA (Children’s Healthcare of Atlanta, Inc.), (Series 2019D) Weekly VRDNs, (Truist
Bank
LIQ), 3.400%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
21,875,000
|
|
21,700,000
|
|
Fulton
County, GA Development Authority (Shepherd Center, Inc.), (Series 2009) Weekly VRDNs, (Truist Bank LOC),
3.450%,
6/5/2024 |
21,700,000
|
|
14,000,000
|
|
Monroe
County, GA Development Authority (Florida Power & Light Co.), Pollution Control Revenue Bonds (First Series
2002)
Weekly VRDNs, 3.450%, 6/6/2024 |
14,000,000
|
|
8,000,000
|
|
Municipal
Electric Authority of Georgia, (Series B), CP, (TD Bank, N.A. LOC), 3.450%, Mandatory Tender 6/5/2024 |
8,000,000
|
|
13,680,000
|
|
Municipal
Electric Authority of Georgia, Tender Option Bond Trust Certificates (Series 2022-XG0417) Weekly VRDNs,
(Build
America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 3.470%, 6/6/2024 |
13,680,000
|
|
26,725,000
|
|
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), 4.220%, 6/3/2024 |
26,725,000
|
|
|
|
TOTAL
|
152,280,000
|
|
|
|
Idaho—0.2%
|
|
|
7,750,000
|
|
Idaho
Health Facilities Authority (Trinity Healthcare Credit Group), (Series 2013ID) TOBs, 3.700%, Mandatory
Tender
8/1/2024 |
7,750,000
|
|
|
|
Illinois—3.5%
|
|
|
5,685,000
|
|
Aurora,
IL Economic Development Revenue (Aurora University), (Series 2019) Weekly VRDNs, (BMO Bank, N.A. LOC),
3.370%,
6/6/2024 |
5,685,000
|
|
600,000
|
|
Chicago,
IL Multi-Family Housing Revenue (Churchview Manor Senior Apartments), (Series 2012) Weekly VRDNs, (BMO
Bank,
N.A. LOC), 4.620%, 6/6/2024 |
600,000
|
|
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), 3.480%, 6/6/2024 |
6,135,000
|
|
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), 3.480%, 6/6/2024 |
4,605,000
|
|
7,500,000
|
|
Chicago,
IL Water Revenue, Tender Option Bond Trust Certificates (Series 2023-XM1112) Weekly VRDNs, (Assured
Guaranty
Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 3.440%, 6/6/2024 |
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), 4.300%, 6/3/2024 |
6,765,000
|
|
7,000,000
|
|
Illinois
Finance Authority (Advocate Aurora Health), (Series 2008C-2B) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ),
3.550%,
6/5/2024 |
7,000,000
|
|
55,750,000
|
|
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), 3.440%, 6/6/2024 |
55,750,000
|
|
6,840,000
|
|
Illinois
Finance Authority (University of Chicago Medical Center Obligated Group), Mizuho 3A-7 (Series 2024-MIZ9165)
VRENs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
6,840,000
|
|
7,000,000
|
|
Illinois
Finance Authority (University of Chicago Medical Center Obligated Group), Mizuho 3a-7 (Series 2024-MIZ9167)
VRDNs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
7,000,000
|
|
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), 3.440%, 6/6/2024 |
8,780,000
|
Annual
Financial Statements and Additional Information
3
|
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), 3.440%, 6/6/2024 |
$ 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), 3.460%, 6/6/2024 |
6,900,000
|
|
|
|
TOTAL
|
164,810,000
|
|
|
|
Indiana—0.8%
|
|
|
12,140,000
|
|
Indiana
State Finance Authority Environmental (Ispat Inland, Inc.), (Series 2005) Weekly VRDNs, (Cooperatieve Rabobank
UA
LOC), 3.450%, 6/5/2024 |
12,140,000
|
|
10,700,000
|
|
Indiana
State Finance Authority Health System (Franciscan Alliance, Inc.), (Series 2008I) Daily VRDNs, (Barclays Bank PLC
LOC),
4.000%, 6/3/2024 |
10,700,000
|
|
15,100,000
|
|
Indiana
State Finance Authority Hospital Revenue (Parkview Health System Obligated Group), (Series 2009D) Daily VRDNs,
(TD
Bank, N.A. LOC), 4.000%, 6/3/2024 |
15,100,000
|
|
|
|
TOTAL
|
37,940,000
|
|
|
|
Iowa—0.4%
|
|
|
3,980,000
|
|
Iowa
Finance Authority - Health Facilities (UnityPoint Health), (Series 2013B-2) Daily VRDNs, (TD Bank, N.A. LOC),
4.000%,
6/3/2024 |
3,980,000
|
|
14,000,000
|
|
Iowa
Finance Authority (UnityPoint Health), Barclays 3a-7 (Series 2024-FR-RI-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays
Bank
PLC LOC), 3.610%, 6/6/2024 |
14,000,000
|
|
|
|
TOTAL
|
17,980,000
|
|
|
|
Kentucky—0.6%
|
|
|
16,435,000
|
|
Georgetown,
KY (Georgetown College), (Series 2006) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 3.640%, 6/7/2024 |
16,435,000
|
|
11,785,000
|
|
Kentucky
Economic Development Finance Authority (Madonna Manor, Inc.), BAML 3a-7 (Series 2023-BAML 5038) TOBs,
(Bank
of America N.A. LIQ)/(Bank of America N.A. LOC), 3.610%, Optional Tender 7/25/2024 |
11,785,000
|
|
|
|
TOTAL
|
28,220,000
|
|
|
|
Louisiana—5.2%
|
|
|
20,000,000
|
|
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), 4.210%, 6/3/2024 |
20,000,000
|
|
54,460,000
|
|
Louisiana
State Gas & Fuels Second Lien, (Series 2023 A-1) Daily VRDNs, (TD Bank, N.A. LOC), 4.000%, 6/3/2024 |
54,460,000
|
|
5,360,717
|
|
Louisiana
State Housing Corp. (Peace Lake Louisiana Tower Community, LP), MIZUHO 3A-7 (Series 2020-MIZ9053) VRENs,
(Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
5,360,717
|
|
40,000,000
|
|
St.
James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (Nucor Corp. GTD), 3.580%, 6/5/2024 |
40,000,000
|
|
122,705,000
|
|
St.
James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 3.650%, 6/5/2024 |
122,705,000
|
|
|
|
TOTAL
|
242,525,717
|
|
|
|
Maryland—2.4%
|
|
|
8,575,000
|
|
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%, 6/6/2024 |
8,575,000
|
|
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), 3.710%, 6/6/2024 |
27,000,000
|
|
21,300,000
|
|
Maryland
State Health & Higher Educational Facilities Authority, (Series 1985A) Weekly VRDNs, (TD Bank, N.A. LOC),
3.540%,
6/5/2024 |
21,300,000
|
|
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), 3.390%, 6/6/2024 |
3,800,000
|
|
20,910,000
|
|
Montgomery
County, MD (Trinity Healthcare Credit Group), (Series 2013MD) TOBs, 3.750%, Mandatory Tender 6/3/2024 |
20,910,000
|
|
28,935,000
|
|
Montgomery
County, MD (Trinity Healthcare Credit Group), (Series 2013MD) TOBs, 3.750%, Mandatory Tender 9/3/2024 |
28,935,000
|
|
|
|
TOTAL
|
110,520,000
|
|
|
|
Massachusetts—0.4%
|
|
|
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), 3.510%, 6/6/2024 |
13,200,000
|
|
7,600,000
|
|
Massachusetts
Water Resources Authority, (Series 2016), CP, (TD Bank, N.A. LOC), 3.650%, Mandatory Tender 6/13/2024 |
7,600,000
|
|
|
|
TOTAL
|
20,800,000
|
|
|
|
Michigan—1.5%
|
|
|
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), 3.460%, 6/6/2024 |
4,000,000
|
|
4,800,000
|
|
Lansing,
MI, Tender Option Bond Trust Certificates (Series 2023-XG0499) Weekly VRDNs, (Assured Guaranty Municipal
Corp.
INS)/(Wells Fargo Bank, N.A. LOC), 3.480%, 6/6/2024 |
4,800,000
|
|
21,200,000
|
|
Michigan
State Building Authority, (Series III) VRENs, 3.460%, 6/3/2024 |
21,200,000
|
Annual
Financial Statements and Additional Information
4
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Michigan—continued
|
|
|
$ 14,060,000
|
|
Michigan
State Finance Authority (Trinity Healthcare Credit Group), (Series 2013MI-1) TOBs, 3.750%, Mandatory
Tender
6/3/2024 |
$ 14,060,000
|
|
21,685,000
|
|
Michigan
State Finance Authority (Trinity Healthcare Credit Group), (Series 2013MI-1) TOBs, 3.750%, Mandatory
Tender
9/3/2024 |
21,685,000
|
|
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), 3.460%, 6/6/2024 |
4,000,000
|
|
|
|
TOTAL
|
69,745,000
|
|
|
|
Minnesota—0.9%
|
|
|
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), 3.480%, 6/6/2024 |
3,900,000
|
|
24,627,273
|
|
Dakota
County, MN Community Development Agency, Tender Option Bond Trust Certificates (Series 2022-XF3050)
Weekly
VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
24,627,273
|
|
15,000,000
|
|
Rochester,
MN Health Care Facility Authority (Mayo Clinic), (Series 2014), CP, 3.650%, Mandatory Tender 7/16/2024 |
15,000,000
|
|
|
|
TOTAL
|
43,527,273
|
|
|
|
Mississippi—1.1%
|
|
|
9,500,000
|
|
Mississippi
Business Finance Corp. (Florida Power & Light Co.), (1st Series 2019) Weekly VRDNs, 3.550%, 6/5/2024 |
9,500,000
|
|
2,160,000
|
|
Mississippi
Business Finance Corp. (Tri-State Truck Center, Inc.), (Series 2008) Weekly VRDNs, (Regions Bank LOC),
3.560%,
6/6/2024 |
2,160,000
|
|
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), 4.210%, 6/3/2024 |
8,565,000
|
|
30,600,000
|
|
Perry
County, MS (Leaf River Cellulose LLC), (Series 2021) Weekly VRDNs, (Georgia-Pacific LLC GTD), 3.370%, 6/6/2024 |
30,600,000
|
|
|
|
TOTAL
|
50,825,000
|
|
|
|
Missouri—0.7%
|
|
|
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), 3.710%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
959,002
|
|
3,301,288
|
|
Lees
Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd.
LIQ),
3.710%, 6/6/2024 |
3,301,288
|
|
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), 3.560%, Optional Tender 6/3/2024 |
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), 3.410%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
10,000,000
|
|
|
|
TOTAL
|
33,480,290
|
|
|
|
Montana—0.1%
|
|
|
3,990,000
|
|
Montana
State Board of Housing (Butte Affordable Housing Solutions LP), Mizuho 3A-7 (Series 2020-MIZ9027) VRENs,
(Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
3,990,000
|
|
|
|
Multi-State—6.6%
|
|
|
116,000,000
|
|
Nuveen
AMT-Free Municipal Credit Income Fund, (Series 4) MuniFund Preferred Shares Weekly VRDPs, (Societe Generale,
Paris
LIQ), 3.420%, 6/6/2024 |
116,000,000
|
|
79,200,000
|
|
Nuveen
AMT-Free Quality Municipal Income Fund, (Series C) Weekly VRDPs, (Societe Generale, Paris LIQ),
3.420%,
6/6/2024 |
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), 3.420%, 6/6/2024 |
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), 3.410%, 6/6/2024 |
25,000,000
|
|
|
|
TOTAL
|
308,600,000
|
|
|
|
Nebraska—0.5%
|
|
|
21,600,000
|
|
Washington
County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 3.390%, 6/6/2024 |
21,600,000
|
|
|
|
New
Hampshire—0.6% |
|
|
5,500,000
|
|
National
Finance Authority, NH (Novant Health Obligated Group), (Series 2024C) Weekly VRDNs, (Truist Bank LOC),
3.470%,
6/6/2024 |
5,500,000
|
Annual
Financial Statements and Additional Information
5
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
New
Hampshire—continued |
|
|
$ 22,140,000
|
|
National
Finance Authority, NH (University Hospitals Home Care, Inc.), Morgan Stanley 3a-7 (Series 2024-MS0023) TOBs,
(Morgan
Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 3.660%, Optional Tender 6/20/2024 |
$ 22,140,000
|
|
|
|
TOTAL
|
27,640,000
|
|
|
|
New
Jersey—5.0% |
|
|
7,000,000
|
|
Bogota,
NJ BANs, 4.000%, 4/11/2025 |
7,005,737
|
|
6,243,300
|
|
Bound
Brook Borough, NJ BANs, 4.250%, 9/13/2024 |
6,249,648
|
|
18,000,000
|
|
Carteret,
NJ BANs, 4.000%, 5/30/2025 |
18,051,735
|
|
11,805,000
|
|
Clark
Township, NJ BANs, 4.250%, 8/16/2024 |
11,815,619
|
|
6,692,000
|
|
Essex
Fells, NJ BANs, 4.750%, 6/6/2024 |
6,692,667
|
|
1,672,000
|
|
Fairfield
Township, NJ BANs, 4.250%, 6/11/2024 |
1,672,246
|
|
5,121,000
|
|
Fairfield
Township, NJ BANs, 4.500%, 3/7/2025 |
5,137,592
|
|
3,614,000
|
|
Fairfield
Township, NJ BANs, 4.500%, 6/11/2024 |
3,614,479
|
|
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), 3.480%, 6/6/2024 |
20,940,000
|
|
1,825,000
|
|
Haddonfield,
NJ BANs, 4.500%, 2/7/2025 |
1,829,819
|
|
1,619,617
|
|
Harding
Township, NJ BANs, 4.500%, 8/16/2024 |
1,621,232
|
|
4,840,000
|
|
Hightstown
Borough, NJ BANs, 4.250%, 6/27/2024 |
4,841,070
|
|
4,000,000
|
|
Holmdel
Township, NJ BANs, 4.500%, 9/23/2024 |
4,005,136
|
|
7,000,000
|
|
Kearny,
NJ BANs, 4.250%, 9/27/2024 |
7,006,542
|
|
8,630,000
|
|
Kenilworth,
NJ BANs, 4.000%, 2/28/2025 |
8,645,413
|
|
3,347,676
|
|
Mountain
Lakes, NJ BANs, 4.500%, 10/11/2024 |
3,351,732
|
|
35,000,000
|
|
New
Jersey Housing & Mortgage Finance Agency, Barclays 3a-7 Credit Enhanced (Series 2024-001) VRENs, (Barclays Bank
PLC
LIQ)/(Barclays Bank PLC LOC), 3.610%, 6/6/2024 |
35,000,000
|
|
1,129,200
|
|
New
Milford, NJ BANs, 4.250%, 12/13/2024 |
1,130,646
|
|
7,040,100
|
|
North
Plainfield, NJ BANs, 4.750%, 11/27/2024 |
7,065,234
|
|
7,149,000
|
|
Norwood,
NJ BANs, 4.500%, 7/12/2024 |
7,153,393
|
|
6,100,000
|
|
Old
Bridge Township, NJ BANs, 4.000%, 9/13/2024 |
6,103,357
|
|
7,993,236
|
|
Palisades
Park, NJ BANs, 4.000%, 3/13/2025 |
8,011,260
|
|
3,677,877
|
|
Ridgefield,
NJ BANs, 4.500%, 7/16/2024 |
3,679,198
|
|
8,621,987
|
|
Riverdale
Borough, NJ BANs, 4.250%, 3/4/2025 |
8,634,489
|
|
4,721,525
|
|
Riverside
Township, NJ BANs, 4.250%, 2/6/2025 |
4,727,123
|
|
9,563,000
|
|
Saddle
Brook Township, NJ BANs, 4.250%, 5/9/2025 |
9,589,685
|
|
4,779,500
|
|
Spotswood,
NJ, (Series A) BANs, 4.250%, 5/14/2025 |
4,794,764
|
|
5,131,000
|
|
Summit,
NJ BANs, 4.750%, 7/18/2024 |
5,134,195
|
|
10,385,000
|
|
Upper
Saddle River, NJ BANs, 4.000%, 10/15/2024 |
10,400,074
|
|
5,476,000
|
|
Vernon
Township, NJ BANs, 4.250%, 8/23/2024 |
5,478,801
|
|
5,000,000
|
|
Waldwick,
NJ BANs, 5.000%, 10/10/2024 |
5,014,602
|
|
|
|
TOTAL
|
234,397,488
|
|
|
|
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), 3.710%, 6/6/2024 |
6,465,000
|
|
|
|
New
York—6.7% |
|
|
4,560,000
|
|
Dundee,
NY Central School District BANs, 4.500%, 6/21/2024 |
4,561,559
|
|
4,000,000
|
|
Dutchess
County , NY Local Development Corp. (Bard College), Barclays 3a-7 Credit Enhanced (Series 2024-002) VRDNs,
(Barclays
Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.610%, 6/6/2024 |
4,000,000
|
|
10,000,000
|
|
Dutchess
County , NY Local Development Corp. (Bard College), Barclays 3a-7 Credit Enhanced (Series 2023-008) VRENs,
(Barclays
Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.610%, 6/6/2024 |
10,000,000
|
|
7,610,000
|
|
Forestville,
NY Central School District BANs, 4.500%, 7/10/2024 |
7,614,757
|
|
1,680,000
|
|
Metropolitan
Transportation Authority, NY (MTA Dedicated Tax Fund), (Subseries 2008A-1) Daily VRDNs, (TD Bank, N.A.
LOC),
4.000%, 6/3/2024 |
1,680,000
|
|
8,340,000
|
|
Metropolitan
Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust
Certificates(Series
2022-XX1236) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ),
3.480%,
6/6/2024 |
8,340,000
|
Annual
Financial Statements and Additional Information
6
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
New
York—continued |
|
|
$ 6,705,000
|
|
Monroe
Village, NY BANs, 4.500%, 11/20/2024 |
$ 6,721,952
|
|
14,000,000
|
|
New
Hartford, NY Central School District BANs, 4.500%, 6/28/2024 |
14,006,058
|
|
3,445,000
|
|
New
Windsor, NY BANs, 4.500%, 6/28/2024 |
3,446,687
|
|
8,300,000
|
|
New
York City Housing Development Corp., (Series L-1) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ),
3.390%,
6/6/2024 |
8,300,000
|
|
23,000,000
|
|
New
York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2009 Series BB-2) Daily VRDNs,
(UBS
AG LIQ), 4.000%, 6/3/2024 |
23,000,000
|
|
8,275,000
|
|
New
York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series DD-1) Daily VRDNs,
(TD
Bank, N.A. LIQ), 4.000%, 6/3/2024 |
8,275,000
|
|
10,000,000
|
|
New
York City, NY Transitional Finance Authority, (Series 2023-MS0019) TOBs, (Morgan Stanley Bank, N.A. LIQ), 3.510%,
Optional
Tender 6/20/2024 |
10,000,000
|
|
5,000,000
|
|
New
York City, NY Transitional Finance Authority, (Subseries A2) Daily VRDNs, (UBS AG LIQ), 4.000%, 6/3/2024 |
5,000,000
|
|
10,840,000
|
|
New
York City, NY, (Series 2015F-6) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 4.050%, 6/3/2024 |
10,840,000
|
|
6,725,000
|
|
New
York City, NY, (Subseries B-5) Daily VRDNs, (Barclays Bank PLC LIQ), 4.000%, 6/3/2024 |
6,725,000
|
|
6,170,000
|
|
New
York City, NY, (Subseries D-4) Daily VRDNs, (TD Bank, N.A. LOC), 4.000%, 6/3/2024 |
6,170,000
|
|
12,985,000
|
|
New
York City, NY, 2015 Series F (Subseries F-5) Daily VRDNs, (Barclays Bank PLC LIQ), 4.000%, 6/3/2024 |
12,985,000
|
|
3,120,000
|
|
New
York State Dormitory Authority (Blythedale Children’s Hospital), (Series 2009) Weekly VRDNs, (TD Bank, N.A. LOC),
3.380%,
6/6/2024 |
3,120,000
|
|
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), 3.710%, 6/6/2024 |
83,795,000
|
|
4,150,000
|
|
New
York State HFA (600 West 42nd Street), (2009 Series A) Weekly VRDNs, (Federal National Mortgage Association
LOC),
3.380%, 6/5/2024 |
4,150,000
|
|
2,850,000
|
|
New
York State Thruway Authority, Tender Option Bond Certificates (Series 2022-XL0312) Weekly VRDNs, (Wells Fargo
Bank,
N.A. LIQ), 3.510%, 6/6/2024 |
2,850,000
|
|
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), 3.510%, Optional Tender 6/6/2024 |
15,000,000
|
|
23,900,000
|
|
Nuveen
New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Royal Bank of Canada LIQ),
3.410%,
6/6/2024 |
23,900,000
|
|
3,973,835
|
|
Runnemede,
NJ BANs, 4.500%, 6/20/2024 |
3,975,024
|
|
20,000,000
|
|
Troy,
NY Enlarged CSD BANs, 5.000%, 6/7/2024 |
20,003,630
|
|
5,171,000
|
|
Webutuck
(Northeast), NY Central School District BANs, 4.750%, 6/21/2024 |
5,173,586
|
|
|
|
TOTAL
|
313,633,253
|
|
|
|
North
Carolina—0.6% |
|
|
15,000,000
|
|
North
Carolina Turnpike Authority, Tender Option Bond Trust Receipts(Series 2024-XG0547) Weekly VRDNs, (Assured
Guaranty
Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.530%, 6/6/2024 |
15,000,000
|
|
8,000,000
|
|
University
of North Carolina at Chapel Hill (University of North Carolina Hospitals), (Series 2001A) Daily VRDNs, (TD Bank,
N.A.
LIQ), 4.000%, 6/3/2024 |
8,000,000
|
|
5,065,000
|
|
University
of North Carolina at Chapel Hill (University of North Carolina Hospitals), (Series 2001B) Daily VRDNs, (TD Bank,
N.A.
LIQ), 4.000%, 6/3/2024 |
5,065,000
|
|
|
|
TOTAL
|
28,065,000
|
|
|
|
Ohio—6.0%
|
|
|
6,250,000
|
|
Athens,
OH City School District BANs, 4.750%, 6/3/2024 |
6,250,311
|
|
3,600,000
|
|
Centerville,
OH BANs, 4.250%, 4/9/2025 |
3,616,601
|
|
5,450,000
|
|
Dayton-Montgomery
County, OH Port Authority (Troy Care 2015 LLC/Senior Living Troy Obligated Group),
(Series
2024-YX1330) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.460%, 6/6/2024 |
5,450,000
|
|
13,000,000
|
|
Franklin
County, OH Mortgage Revenue (Trinity Healthcare Credit Group), (Series 2013OH) TOBs, 3.700%, Mandatory
Tender
8/1/2024 |
13,000,000
|
|
34,080,000
|
|
Hamilton
County, OH (Block 3 Community Urban Redevelopment Corp.), (Series 2004) Weekly VRDNs, (Citizens Bank,
N.A.
LOC), 3.220%, 6/6/2024 |
34,080,000
|
|
17,473,000
|
|
Huber
Heights, OH BANs, 4.875%, 11/7/2024 |
17,514,867
|
|
3,475,000
|
|
Lake
County, OH, (Series B) BANs, 4.125%, 12/19/2024 |
3,482,824
|
|
4,250,000
|
|
Lakewood,
OH BANs, 4.125%, 4/15/2025 |
4,270,532
|
|
3,800,000
|
|
Lebanon,
OH BANs, 4.125%, 2/5/2025 |
3,811,827
|
|
4,285,000
|
|
Lorain
County, OH, (Series B) BANs, 4.375%, 5/1/2025 |
4,299,116
|
|
1,025,000
|
|
Lorain
County, OH, (Series B) BANs, 5.000%, 12/7/2024 |
1,029,573
|
Annual
Financial Statements and Additional Information
7
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Ohio—continued
|
|
|
$ 2,000,000
|
|
Lucas
County, OH BANs, 4.375%, 10/11/2024 |
$ 2,002,597
|
|
32,000,000
|
|
Middletown,
OH (Premier Health Partners Obligated Group), (Series BAML-3A7) Daily VRDNs, (Bank of America N.A.
LIQ)/(Bank
of America N.A. LOC), 4.210%, 6/3/2024 |
32,000,000
|
|
6,500,000
|
|
Montgomery,
OH BANs, 4.500%, 6/12/2024 |
6,501,126
|
|
7,155,000
|
|
Newark,
OH BANs, 4.625%, 9/21/2024 |
7,167,086
|
|
2,521,000
|
|
North
Canton, OH City School District BANs, 4.625%, 7/23/2024 |
2,524,827
|
|
4,438,000
|
|
North
Canton, OH City School District BANs, 4.625%, 7/23/2024 |
4,444,213
|
|
3,400,000
|
|
North
Olmsted, OH BANs, 4.750%, 6/26/2024 |
3,401,898
|
|
5,725,000
|
|
North
Ridgeville, OH CSD BANs, 4.625%, 9/19/2024 |
5,733,404
|
|
25,300,000
|
|
Ohio
State Higher Educational Facility Commission (Cleveland Clinic), (Series 2008 B-6), CP, 3.600%, Mandatory
Tender
6/3/2024 |
25,300,000
|
|
6,020,000
|
|
Ohio
State Higher Educational Facility Commission (Cleveland Clinic), (Series 2013B-2) Daily VRDNs, (Bank of New York
Mellon,
N.A. LIQ), 4.000%, 6/3/2024 |
6,020,000
|
|
5,650,000
|
|
Ohio
State Higher Educational Facility Commission (Cleveland Clinic), (Series B-5), CP, 3.580%, Mandatory
Tender
6/18/2024 |
5,650,000
|
|
30,000,000
|
|
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), 4.210%, 6/3/2024 |
30,000,000
|
|
4,285,000
|
|
Ohio
State Hospital Revenue (University Hospitals Health System, Inc. Obligated Group), (Series C-18) Weekly VRDNs,
(Royal
Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.400%, 6/6/2024 |
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), 3.660%, 6/6/2024 |
31,395,000
|
|
15,000,000
|
|
Ohio
State Water Development Authority, CP, (TD Bank, N.A. LIQ), 3.550%, Mandatory Tender 6/5/2024 |
15,000,000
|
|
4,800,000
|
|
Strongsville,
OH BANs, 4.500%, 6/7/2024 |
4,800,607
|
|
|
|
TOTAL
|
283,031,409
|
|
|
|
Oklahoma—0.1%
|
|
|
3,100,000
|
|
Oklahoma
HFA (Steele Duncan Plaza, LLC), MIZUHO 3A-7 (Series 2022-MIZ9103) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho
Bank
Ltd. LIQ), 3.710%, 6/6/2024 |
3,100,000
|
|
|
|
Oregon—0.2%
|
|
|
10,189,000
|
|
Oregon
State Department of Transportation, (Series A-1), CP, (Wells Fargo Bank, N.A. LOC), 3.630%, Mandatory
Tender
6/5/2024 |
10,189,000
|
|
|
|
Pennsylvania—1.7%
|
|
|
6,400,000
|
|
Allegheny
County, PA Hospital Development Authority (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs, (Fifth Third
Bank,
N.A. LOC), 3.600%, 6/6/2024 |
6,400,000
|
|
21,195,000
|
|
Central
Bradford Progress Authority, PA (Guthrie Clinic), BAML 3A-7 (Series 2024-BAML 5049) Daily VRDNs, (Bank of
America
N.A. LIQ)/(Bank of America N.A. LOC), 4.210%, 6/3/2024 |
21,195,000
|
|
1,890,000
|
|
Chester
County, PA HEFA (Tel Hai Obligated Group Project), (Series of 2009) Weekly VRDNs, (Manufacturers & Traders
Trust
Co., Buffalo LOC), 3.460%, 6/6/2024 |
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), 3.560%, Optional Tender 7/1/2024 |
11,995,000
|
|
12,605,000
|
|
Pennsylvania
State Turnpike Commission, Tender Option Bond Trust Receipts (Series 2022-ZL0364) Weekly VRDNs,
(JPMorgan
Chase Bank, N.A. LIQ), 3.510%, 6/6/2024 |
12,605,000
|
|
970,564
|
|
Philadelphia,
PA Authority for Industrial Development (Susquehanna Net Zero Housing, LP), Mizuho 3A-7 (2020-MIZ9051)
VRENs,
(Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.710%, 6/6/2024 |
970,564
|
|
9,505,000
|
|
Pittsburgh
& Allegheny County, PA Sports & Exhibition Authority Parking System, (Series A of 2007) Weekly VRDNs,
(Assured
Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 3.350%, 6/6/2024 |
9,505,000
|
|
14,000,000
|
|
State
Public School Building Authority, PA (Philadelphia, PA School District), Tender Option Bond Trust Certificates
(2016-XG0085)
Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ),
3.440%,
6/6/2024 |
14,000,000
|
|
|
|
TOTAL
|
78,560,564
|
|
|
|
Rhode
Island—0.3% |
|
|
14,000,000
|
|
Cranston,
RI, (Series 1) BANs, 4.250%, 8/21/2024 |
14,015,429
|
|
|
|
South
Carolina—0.7% |
|
|
16,160,000
|
|
South
Carolina Jobs-EDA (B&C Multi-County Business Park), BAML 3a-7 (Series 2024-BAML6020) Weekly VRDNs, (Bank of
America
N.A. LIQ)/(Bank of America N.A. LOC), 3.480%, 6/6/2024 |
16,160,000
|
|
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), 3.710%, 6/6/2024 |
2,000,000
|
Annual
Financial Statements and Additional Information
8
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
South
Carolina—continued |
|
|
$ 4,700,000
|
|
South
Carolina State Public Service Authority (Santee Cooper), (Series A), CP, (Barclays Bank PLC LOC), 3.580%,
Mandatory
Tender 6/5/2024 |
$ 4,700,000
|
|
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), 3.480%, 6/6/2024 |
9,000,000
|
|
|
|
TOTAL
|
31,860,000
|
|
|
|
Tennessee—7.6%
|
|
|
14,190,000
|
|
Blount
County, TN Public Building Authority (Knox County, TN), (Series C-3-A) Weekly VRDNs, (Truist Bank LIQ),
3.460%,
6/6/2024 |
14,190,000
|
|
12,600,000
|
|
Blount
County, TN Public Building Authority (Monroe County, TN), (Series E-7-A) Weekly VRDNs, (Truist Bank LOC),
3.460%,
6/5/2024 |
12,600,000
|
|
34,000,000
|
|
Johnson
City, TN Health & Education Facilities Board (Ballad Health), (Series 2022B) Weekly VRDNs, (Truist Bank LOC),
3.440%,
6/6/2024 |
34,000,000
|
|
12,000,000
|
|
Metropolitan
Government Nashville & Davidson County, TN (Metropolitan Government Nashville & Davidson County, TN
Water
& Sewer), (Series 2022A), CP, (TD Bank, N.A. LOC), 3.800%, Mandatory Tender 6/5/2024 |
12,000,000
|
|
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), 3.800%, Mandatory Tender 7/1/2024 |
50,000,000
|
|
15,000,000
|
|
Metropolitan
Government Nashville & Davidson County, TN (Metropolitan Government Nashville & Davidson County, TN
Water
& Sewer), (Series 2022A), CP, (TD Bank, N.A. LOC), 3.850%, Mandatory Tender 6/3/2024 |
15,000,000
|
|
3,920,000
|
|
Metropolitan
Government Nashville & Davidson County, TN HEFA (Ewing Heights, LP), Mizuho 3A-7
(Series
2024-MIZ9163) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
3,920,000
|
|
1,100,000
|
|
Metropolitan
Government Nashville & Davidson County, TN HEFA (Meharry Medical College), (Series 2009) Weekly
VRDNs,
(Fifth Third Bank, N.A. LOC), 3.640%, 6/7/2024 |
1,100,000
|
|
25,000,000
|
|
Metropolitan
Government Nashville & Davidson County, TN, (2014 Program), CPX, 3.800%, Mandatory Tender 6/3/2024 |
25,000,000
|
|
25,000,000
|
|
Metropolitan
Government Nashville & Davidson County, TN, (2014 Program), CPX, 3.800%, Mandatory Tender 6/3/2024 |
25,000,000
|
|
25,000,000
|
|
Metropolitan
Government Nashville & Davidson County, TN, (2014 Program), CPX, 3.900%, Mandatory Tender 7/29/2024 |
25,000,000
|
|
28,600,000
|
|
Metropolitan
Government Nashville & Davidson County, TN, (2014 Program), CPX, 3.900%, Mandatory Tender 7/29/2024 |
28,600,000
|
|
40,000,000
|
|
Metropolitan
Government Nashville & Davidson County, TN, (Series 2024), CP, 3.650%, Mandatory Tender 7/8/2024 |
40,000,000
|
|
7,000,000
|
|
Sevier
County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs, (Truist Bank LOC), 3.460%, 6/6/2024 |
7,000,000
|
|
5,000,000
|
|
Shelby
County, TN Health Education & Housing Facilities Board (Methodist Le Bonheur Healthcare), (Series 2008A) Daily
VRDNs,
(Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ), 4.250%, 6/3/2024 |
5,000,000
|
|
21,925,000
|
|
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), 4.250%, 6/3/2024 |
21,925,000
|
|
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), 4.210%, 6/3/2024 |
36,615,000
|
|
|
|
TOTAL
|
356,950,000
|
|
|
|
Texas—14.8%
|
|
|
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), 3.710%, 6/6/2024 |
5,680,000
|
|
9,000,000
|
|
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), 3.480%, 6/6/2024 |
9,000,000
|
|
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), 3.490%, 6/6/2024 |
7,205,000
|
|
58,000,000
|
|
Dallas-Fort
Worth, TX International Airport, (Series II), CPX, 4.000%, Mandatory Tender 7/2/2024 |
58,000,957
|
|
3,060,000
|
|
El
Paso, TX Housing Finance Corp., Mizuho 3A-7 (2022-MIZ9104) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ),
3.710%,
6/6/2024 |
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),
3.560%, Optional Tender 9/3/2024 |
3,800,000
|
|
22,030,000
|
|
Harris
County, TX Cultural Education Facilities Finance Corp. (Baylor College of Medicine), Barclays 3a-7 (Series 2022-006)
VRENs,
(Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/6/2024 |
22,030,000
|
|
20,000,000
|
|
Harris
County, TX Cultural Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Subseries 2009C-1),
CP,
4.050%, Mandatory Tender 6/3/2024 |
20,000,000
|
|
5,500,000
|
|
Harris
County, TX Cultural Education Facilities Finance Corp. (Texas Children’s Hospital), (Series 2015-3) Weekly VRDNs,
(TD
Bank, N.A. LOC), 3.350%, 6/5/2024 |
5,500,000
|
|
5,000,000
|
|
Harris
County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2020B) Daily VRDNs,
4.100%,
6/3/2024 |
5,000,000
|
|
15,000,000
|
|
Las
Varas, TX Public Facility Corp. (Roers San Antonio Apartments Owner I LP), Mizuho 3A-7 (Series 2024-MIZ9158)
VRENs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
15,000,000
|
Annual
Financial Statements and Additional Information
9
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Texas—continued
|
|
|
$ 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), 3.470%, 6/6/2024 |
$ 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), 3.710%, 6/6/2024 |
3,650,000
|
|
10,000,000
|
|
Port
Arthur Navigation District, TX IDC (TOTAL Petrochemicals & Refining USA, Inc.), (Series 2010A) Weekly VRDNs,
(TotalEnergies
SE GTD), 3.450%, 6/5/2024 |
10,000,000
|
|
7,600,000
|
|
Port
Arthur Navigation District, TX IDC (TOTAL Petrochemicals & Refining USA, Inc.), (Series 2012B) Weekly VRDNs,
(TotalEnergies
SE GTD), 3.400%, 6/5/2024 |
7,600,000
|
|
11,700,000
|
|
Port
of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002B) Daily VRDNs,
4.700%,
6/3/2024 |
11,700,000
|
|
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), 3.400%, 6/5/2024 |
41,000,000
|
|
40,000,000
|
|
San
Antonio, TX Electric & Gas System, (2012 Series A), CP, 3.500%, Mandatory Tender 10/18/2024 |
40,000,000
|
|
30,000,000
|
|
San
Antonio, TX Electric & Gas System, (2012 Series A), CP, 3.750%, Mandatory Tender 9/20/2024 |
30,000,000
|
|
72,270,000
|
|
San
Antonio, TX Electric & Gas System, (2012 Series A), CP, 3.780%, Mandatory Tender 8/1/2024 |
72,270,000
|
|
38,522,000
|
|
San
Antonio, TX Electric & Gas System, (Series B), CP, 3.950%, Mandatory Tender 9/20/2024 |
38,522,000
|
|
49,480,000
|
|
San
Antonio, TX Water System, (Subseries A-1), CP, (JPMorgan Chase Bank, N.A. LIQ), 3.800%, Mandatory
Tender
8/16/2024 |
49,480,000
|
|
10,150,000
|
|
Texas
State, Veterans Bonds (Series 2020) Weekly VRDNs, (Federal Home Loan Bank of Dallas LIQ), 3.400%, 6/5/2024 |
10,150,000
|
|
9,910,000
|
|
Texas
State, Veterans Bonds (Series 2021) Weekly VRDNs, (Federal Home Loan Bank of Dallas LIQ), 3.550%, 6/5/2024 |
9,910,000
|
|
42,670,000
|
|
Texas
State, Veterans Bonds (Series 2022) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 3.550%, 6/5/2024 |
42,670,000
|
|
23,000,000
|
|
Texas
Tech University System (The Board of Regents of), Commercial Paper Notes (Series A), CP, 3.600%, Mandatory
Tender
6/3/2024 |
23,000,000
|
|
22,060,000
|
|
Travis
County, TX Housing Finance Corp. (CVIII Chisholm Ranch LLC), BAML 3a-7 (Series BAML 2024-6019) Weekly VRDNs,
(Bank
of America N.A. LIQ)/(Bank of America N.A. LOC), 3.480%, 6/6/2024 |
22,060,000
|
|
4,855,000
|
|
Travis
County, TX Housing Finance Corp. (ML Casa V LP), (Series BAML 3A-7) Weekly VRDNs, (Bank of America N.A.
LIQ)/(Bank
of America N.A. LOC), 3.480%, 6/6/2024 |
4,855,000
|
|
11,750,000
|
|
Travis
County, TX Housing Finance Corp. (Roers Austin Apartments Owner II LP), MIZUHO 3A-7 (Series 2023-MIZ9127)
VRENs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
11,750,000
|
|
9,000,000
|
|
University
of North Texas System, (Series B), CPX, 3.750%, Mandatory Tender 6/5/2024 |
9,000,000
|
|
13,000,000
|
|
University
of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 3.670%, Mandatory
Tender
8/7/2024 |
13,000,000
|
|
25,000,000
|
|
University
of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 3.680%, Mandatory
Tender
7/17/2024 |
25,000,000
|
|
7,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 3.480%, Mandatory Tender 10/18/2024 |
7,000,000
|
|
13,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 3.550%, Mandatory Tender 8/7/2024 |
13,000,000
|
|
13,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 3.550%, Mandatory Tender 8/7/2024 |
13,000,000
|
|
12,700,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 3.550%, Mandatory Tender 7/1/2024 |
12,700,000
|
|
13,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 3.550%, Mandatory Tender 7/1/2024 |
13,000,000
|
|
|
|
TOTAL
|
693,207,957
|
|
|
|
Virginia—1.1%
|
|
|
25,100,000
|
|
Albemarle
County, VA Economic Development Authority (Sentara Health Systems Obligation Group), (Series 2018A)
Weekly
VRDNs, (TD Bank, N.A. LIQ), 3.250%, 6/5/2024 |
25,100,000
|
|
3,500,000
|
|
Albemarle
County, VA Economic Development Authority (Sentara Health Systems Obligation Group), (Series 2018B) Daily
VRDNs,
(TD Bank, N.A. LIQ), 4.000%, 6/3/2024 |
3,500,000
|
|
7,550,000
|
|
Fairfax
County, VA EDA (Mount Vernon Ladies’ Association of the Union), (Series 2007) Weekly VRDNs, (Truist Bank LOC),
3.440%,
6/5/2024 |
7,550,000
|
|
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), 3.480%, 6/7/2024 |
1,155,000
|
|
655,000
|
|
Lynchburg,
VA Economic Development Authority (Centra Health Obligated Group), (Series 2017C) Weekly VRDNs, (Truist
Bank
LOC), 3.460%, 6/6/2024 |
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), 3.400%, 6/6/2024 |
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), 3.400%, 6/6/2024 |
6,000,000
|
Annual
Financial Statements and Additional Information
10
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Virginia—continued
|
|
|
$ 2,000,000
|
|
University
of Virginia (The Rectors and Visitors of), Solar Eclipse (Series 2017-0017) Weekly VRDNs, (U.S. Bank, N.A. LIQ),
3.390%,
6/6/2024 |
$ 2,000,000
|
|
|
|
TOTAL
|
50,960,000
|
|
|
|
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), 3.560%, Optional Tender 11/1/2024 |
3,000,000
|
|
|
|
West
Virginia—1.8% |
|
|
5,380,000
|
|
West
Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs, (Truist Bank
LOC),
3.460%, 6/6/2024 |
5,380,000
|
|
78,200,000
|
|
West
Virginia State Hospital Finance Authority (Charleston Area Medical Center, Inc.), (Series 2008A) Weekly VRDNs,
(Truist
Bank LOC), 3.480%, 6/5/2024 |
78,200,000
|
|
|
|
TOTAL
|
83,580,000
|
|
|
|
Wisconsin—0.5%
|
|
|
1,800,000
|
|
Pardeeville,
WI Area School District TRANs, 5.000%, 8/30/2024 |
1,802,128
|
|
16,322,000
|
|
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), 3.710%, 6/6/2024 |
16,322,000
|
|
3,450,000
|
|
Wilmot,
WI Union High School District TRANs, 4.500%, 10/9/2024 |
3,455,332
|
|
|
|
TOTAL
|
21,579,460
|
|
|
|
TOTAL
SHORT-TERM MUNICIPALS
(IDENTIFIED
COST $4,725,982,550) |
4,725,982,550
|
|
|
|
MUNICIPAL
BONDS—0.2% |
|
|
|
|
New
York—0.2% |
|
|
7,000,000
|
|
Byron
Bergen NY Central School District BANs, 4.100%, 6/13/2025 |
7,020,860
|
|
|
|
Ohio—0.0%
|
|
|
2,300,000
|
|
Strongsville,
OH BANs, 4.750%, 6/5/2025 |
2,317,204
|
|
|
|
TOTAL
MUNICIPAL BONDS
(IDENTIFIED
COST $9,338,064) |
9,338,064
|
|
|
|
TOTAL
INVESTMENT IN SECURITIES—101.2%
(AT
AMORTIZED COST)2
|
4,735,320,614
|
|
|
|
OTHER
ASSETS AND LIABILITIES - NET—(1.2)%3
|
(55,686,938)
|
|
|
|
TOTAL
NET ASSETS—100% |
$4,679,633,676
|
At May 31, 2024, the Fund held no securities
that are subject to the federal alternative minimum tax (AMT) (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, 2024.
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
Financial Statements and Additional Information
11
In valuing the Fund’s
assets as of May 31, 2024, 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 | |
|
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 | |
|
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 | |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
12
Financial
Highlights–Wealth
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended May 31,
| ||||
|
|
2024
|
2023
|
2022
|
2021
|
2020
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.034
|
0.021
|
0.001
|
0.001
|
0.012
|
|
Net
realized gain (loss) |
0.0002
|
(0.000)2
|
0.0002
|
0.0002
|
0.0002
|
|
TOTAL
FROM INVESTMENT OPERATIONS |
0.034
|
0.021
|
0.001
|
0.001
|
0.012
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.034)
|
(0.021)
|
(0.001)
|
(0.001)
|
(0.012)
|
|
Distributions
from net realized gain |
—
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
|
TOTAL
DISTRIBUTIONS |
(0.034)
|
(0.021)
|
(0.001)
|
(0.001)
|
(0.012)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.49%
|
2.13%
|
0.09%
|
0.06%
|
1.19%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.21%
|
0.21%
|
0.15%
|
0.21%
|
0.21%
|
|
Net
investment income |
3.44%
|
2.13%
|
0.08%
|
0.06%
|
1.14%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.09%
|
0.15%
|
0.09%
|
0.08%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$4,041,573
|
$2,681,890
|
$2,374,257
|
$2,415,796
|
$4,131,257
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
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. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
13
Financial
Highlights–Advisor
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended May 31,
| ||||
|
|
2024
|
2023
|
2022
|
2021
|
2020
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.034
|
0.021
|
0.001
|
0.001
|
0.012
|
|
Net
realized gain (loss) |
0.0002
|
(0.000)2
|
0.0002
|
0.0002
|
0.0002
|
|
Total
From Investment Operations |
0.034
|
0.021
|
0.001
|
0.001
|
0.012
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.034)
|
(0.021)
|
(0.001)
|
(0.001)
|
(0.012)
|
|
Distributions
from net realized gains |
—
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.034)
|
(0.021)
|
(0.001)
|
(0.001)
|
(0.012)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.49%
|
2.13%
|
0.09%
|
0.06%
|
1.19%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.21%
|
0.21%
|
0.16%
|
0.21%
|
0.21%
|
|
Net
investment income |
3.43%
|
2.56%
|
0.12%
|
0.07%
|
1.06%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.09%
|
0.14%
|
0.09%
|
0.09%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$366,902
|
$295,962
|
$41,546
|
$18,161
|
$42,186
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
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. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
14
Financial
Highlights–Service
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended May 31,
| ||||
|
|
2024
|
2023
|
2022
|
2021
|
2020
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.032
|
0.019
|
0.0002
|
0.0002
|
0.009
|
|
Net
realized gain (loss) |
0.0002
|
(0.000)2
|
0.0002
|
0.0002
|
0.0002
|
|
Total
From Investment Operations |
0.032
|
0.019
|
0.0002
|
0.0002
|
0.009
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.032)
|
(0.019)
|
(0.000)2
|
(0.000)2
|
(0.009)
|
|
Distributions
from net realized gain |
—
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.032)
|
(0.019)
|
(0.000)2
|
(0.000)2
|
(0.009)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.23%
|
1.88%
|
0.04%
|
0.01%
|
0.93%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.46%
|
0.46%
|
0.20%
|
0.26%
|
0.46%
|
|
Net
investment income |
3.18%
|
1.88%
|
0.03%
|
0.01%
|
0.90%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.09%
|
0.35%
|
0.29%
|
0.08%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$271,158
|
$183,977
|
$161,073
|
$226,166
|
$217,345
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
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. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
15
Statement
of Assets and Liabilities
May 31, 2024
|
Assets:
|
|
|
Investment
in securities, at amortized cost and fair value |
$4,735,320,614
|
|
Cash
|
1,652,569
|
|
Income
receivable |
31,261,714
|
|
Receivable
for shares sold |
23,028,947
|
|
Total
Assets |
4,791,263,844
|
|
Liabilities:
|
|
|
Payable
for investments purchased |
98,830,145
|
|
Payable
for shares redeemed |
10,483,758
|
|
Income
distribution payable |
2,042,331
|
|
Payable
for investment adviser fee (Note 5)
|
14,728
|
|
Payable
for administrative fee (Note 5)
|
9,858
|
|
Payable
for other service fees (Notes 2 and 5)
|
14,848
|
|
Accrued
expenses (Note 5)
|
234,500
|
|
Total
Liabilities |
111,630,168
|
|
Net
assets for 4,679,179,820 shares outstanding |
$4,679,633,676
|
|
Net Assets
Consist of: |
|
|
Paid-in
capital |
$4,679,160,336
|
|
Total
distributable earnings (loss) |
473,340
|
|
Total
Net Assets |
$4,679,633,676
|
|
Net Asset
Value, Offering Price and Redemption Proceeds Per Share: |
|
|
Wealth
Shares: |
|
|
$4,041,573,464
÷ 4,041,181,119 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Advisor
Shares: |
|
|
$366,902,086
÷ 366,866,377 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Service
Shares: |
|
|
$271,158,126
÷ 271,132,324 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
16
Statement
of Operations
Year Ended May 31,
2024
|
Investment
Income: |
|
|
Interest
|
$147,005,546
|
|
Expenses:
|
|
|
Investment
adviser fee (Note 5)
|
8,053,552
|
|
Administrative
fee (Note 5)
|
3,133,366
|
|
Custodian
fees |
118,714
|
|
Transfer
agent fees |
31,823
|
|
Directors’/Trustees’
fees (Note 5)
|
17,517
|
|
Auditing
fees |
30,202
|
|
Legal
fees |
10,239
|
|
Portfolio
accounting fees |
213,515
|
|
Other
service fees (Notes 2 and 5)
|
573,161
|
|
Share
registration costs |
286,173
|
|
Printing
and postage |
35,875
|
|
Miscellaneous
(Note 5)
|
71,954
|
|
TOTAL
EXPENSES |
12,576,091
|
|
Waiver
of investment adviser fee (Note 5)
|
(3,349,388)
|
|
Net
expenses |
9,226,703
|
|
Net
investment income |
137,778,843
|
|
Net
realized gain on investments |
524,686
|
|
Change
in net assets resulting from operations |
$138,303,529
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
17
Statement
of Changes in Net Assets
|
Year
Ended May 31 |
2024
|
2023
|
|
Increase
(Decrease) in Net Assets |
|
|
|
Operations:
|
|
|
|
Net
investment income |
$137,778,843
|
$64,938,999
|
|
Net
realized gain (loss) |
524,686
|
(25,652)
|
|
CHANGE
IN NET ASSETS RESULTING FROM OPERATIONS |
138,303,529
|
64,913,347
|
|
Distributions
to Shareholders: |
|
|
|
Wealth
Shares |
(118,032,315)
|
(57,547,576)
|
|
Advisor
Shares |
(12,447,327)
|
(4,331,480)
|
|
Service
Shares |
(7,295,894)
|
(3,104,586)
|
|
CHANGE
IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS |
(137,775,536)
|
(64,983,642)
|
|
Share Transactions:
|
|
|
|
Proceeds
from sale of shares |
7,922,360,134
|
6,991,142,949
|
|
Net
asset value of shares issued to shareholders in payment of distributions declared |
111,801,551
|
46,173,858
|
|
Cost
of shares redeemed |
(6,516,885,966)
|
(6,452,292,204)
|
|
CHANGE
IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS |
1,517,275,719
|
585,024,603
|
|
Change
in net assets |
1,517,803,712
|
584,954,308
|
|
Net Assets:
|
|
|
|
Beginning
of period |
3,161,829,964
|
2,576,875,656
|
|
End
of period |
$4,679,633,676
|
$3,161,829,964
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
18
Notes to
Financial Statements
May 31, 2024
1. ORGANIZATION
Federated Hermes Money Market Obligations
Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the
“Act”), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included
herein are only those of Federated Hermes Tax-Free Obligations
Fund (the “Fund”), a diversified portfolio. The financial statements of the
other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to
the portfolio in which shares are held. Each portfolio pays its
own expenses. The Fund offers three classes of shares: Wealth Shares, Advisor Shares
and Service Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment
objective of the Fund is to provide dividend income exempt from federal regular income tax consistent with stability of principal.
Interest income from the Fund’s investments normally will not be subject to the AMT for individuals, and may be subject to state
and local taxes.
The Fund operates as
a retail money market fund. As a retail money market fund, the Fund: (1) will generally continue to use amortized
cost to value its portfolio securities and transact at a stable $1.00 net asset value (NAV); (2) has adopted policies and procedures
reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons as required for a retail
money market fund by Rule 2a-7 under the Act; and (3) may impose a discretionary liquidity fee of up to 2% of the value of the shares
redeemed, if the Fund’s Board of Trustees (the “Trustees”), or its delegate, determines such liquidity fee is in the
best interest of the Fund.
2. SIGNIFICANT
ACCOUNTING POLICIES
The following is a summary of significant
accounting policies consistently followed by the Fund in the preparation of its financial statements.
These policies are in conformity with U.S. generally accepted accounting principles (GAAP).
Investment Valuation
Securities
are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition
cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call,
demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities
will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the
fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share,
and the actual value obtained could be materially different.
Pursuant to Rule 2a-5
under the Act, the Trustees have designated Federated Investment Management Company (the “Adviser”) as the
Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser
is subject to the Trustees’ oversight and certain reporting
and other requirements intended to provide the Trustees the information needed to
oversee the Adviser’s fair value determinations.
The Adviser, acting through
its valuation committee (“Valuation Committee”), is responsible for determining the fair value of investments.
The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines
fair value of securities and oversees the comparison of amortized cost to market-based value. The Valuation Committee is also
authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of monitoring
the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party
pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods
(including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event
that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value
of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by
the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part
of the Fund’s compliance program and will review any changes
made to the procedures.
Investment Income, Gains and Losses, Expenses and Distributions
Investment
transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an
identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date.
Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount
is included in investment income. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each
class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail
of the total fund expense waiver of $3,349,388 is disclosed in Note 5.
Dividends are declared
separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally
due to differences in separate class expenses.
Other Service Fees
The
Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund’s Wealth Shares, Advisor Shares and Service
Shares to unaffiliated financial intermediaries or to Federated
Shareholder Services Company (FSSC) for providing services to shareholders
and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse
the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver
can be modified or terminated at any time.
Annual
Financial Statements and Additional Information
19
For
the year ended May 31, 2024, other service fees for the Fund were as follows:
|
|
Other
Service
Fees
Incurred |
|
Service
Shares |
$573,161
|
For the year ended May 31, 2024, the Fund’s
Wealth Shares and Advisor Shares did not incur other service fees.
Federal Taxes
It
is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 (the “Code”) and
to distribute to shareholders each year substantially all of its
income. Accordingly, no provision for federal income tax is necessary. As of and during the year
ended May 31, 2024, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if
any, related to tax liabilities as income tax expense in the Statement
of Operations. As of May 31, 2024, tax years 2021 through 2024
remain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the Commonwealth
of Massachusetts.
When-Issued and Delayed-Delivery Transactions
The
Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains
security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased
on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses
may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the
contract.
Restricted Securities
The
Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered
for public sale without first being registered, or being able
to take advantage of an exemption from registration, under the Securities Act of
1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale
without first being registered, the issuer of the restricted security
has agreed to register such securities for resale, at the issuer’s expense, either
upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be
resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria
established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund’s restricted securities
are valued at amortized cost in accordance with Rule 2a-7 under
the Act.
Other
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from
those estimated. The Fund applies investment company accounting
and reporting guidance.
3. SHARES
OF BENEFICIAL INTEREST
The following tables summarize share activity:
|
|
Year
Ended
5/31/2024
|
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 |
6,729,647
|
$6,729,647
|
5,645,313
|
$5,645,313
|
|
Shares
issued to shareholders in payment of distributions declared |
92,705
|
92,705
|
39,791
|
39,791
|
|
Shares
redeemed |
(5,463,124)
|
(5,463,124)
|
(5,377,412)
|
(5,377,412)
|
|
NET
CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS |
1,359,228
|
$1,359,228
|
307,692
|
$307,692
|
|
|
Year
Ended
5/31/2024
|
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 |
812,681
|
$812,681
|
997,358
|
$997,358
|
|
Shares
issued to shareholders in payment of distributions declared |
12,446
|
12,446
|
4,331
|
4,331
|
|
Shares
redeemed |
(754,231)
|
(754,231)
|
(747,265)
|
(747,265)
|
|
NET
CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS |
70,896
|
$70,896
|
254,424
|
$254,424
|
Annual
Financial Statements and Additional Information
20
|
|
Year
Ended
5/31/2024
|
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 |
380,033
|
$380,033
|
348,472
|
$348,472
|
|
Shares
issued to shareholders in payment of distributions declared |
6,651
|
6,651
|
2,052
|
2,052
|
|
Shares
redeemed |
(299,532)
|
(299,532)
|
(327,615)
|
(327,615)
|
|
NET
CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS |
87,152
|
$87,152
|
22,909
|
$22,909
|
|
NET
CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS |
1,517,276
|
$1,517,276
|
585,025
|
$585,025
|
4. FEDERAL
TAX INFORMATION
The tax character of distributions as reported
on the Statement of Changes in Net Assets for the years ended May 31, 2024 and 2023,
was as follows:
|
|
2024
|
2023
|
|
Tax-exempt
income |
$137,613,584
|
$64,703,500
|
|
Ordinary
income1
|
$161,952
|
$269,502
|
|
Long-term
capital gains |
$—
|
$10,640
|
|
1
|
For
tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
As of May 31, 2024, the components of distributable
earnings on a tax-basis were as follows:
|
Undistributed
tax-exempt income |
$1,114
|
|
Undistributed
ordinary income |
$343,677
|
|
Undistributed
long-term capital gains |
$128,549
|
|
TOTAL
|
$473,340
|
5. INVESTMENT
ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Adviser Fee
The
advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund’s average daily net assets.
Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or
reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund’s expense ratio, or as and
when appropriate, to maintain positive or zero net yields. For
the year ended May 31, 2024, the Adviser voluntarily waived $3,349,388 of its
fee.
Administrative Fee
Federated
Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and
services. For purposes of determining the appropriate rate breakpoint, “Investment Complex” is defined as all of the Federated
Hermes Funds subject to a fee under the Administrative Services
Agreement. The fee paid to FAS is based on the average daily net assets
of the Investment Complex as specified below:
|
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 |
Subject to the terms described in the Expense
Limitation note, FAS may voluntarily choose to waive any portion of its fee.
For the year ended May 31, 2024, the annualized
fee paid to FAS was 0.078% of average daily net assets of the Fund.
In addition, FAS may charge certain out-of-pocket
expenses to the Fund.
Other Service Fees
For
the year ended May 31, 2024, FSSC received $5,573 of the other service fees disclosed in Note 2.
Expense Limitation
Due
to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction
of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and
certain of its affiliates (which may include FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective
fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense,
extraordinary expenses and proxy-related expenses, if any) paid by the Fund’s Wealth Shares, Advisor Shares and Service
Annual
Financial Statements and Additional Information
21
Shares (after the
voluntary waivers and/or reimbursements) will not exceed 0.21%, 0.21% and 0.46% (the “Fee Limit”), respectively, up to but
not including the later of (the “Termination Date”): (a) August 1, 2025; or (b) the date of the Fund’s next effective
Prospectus. While the Adviser and its applicable affiliates currently
do not anticipate terminating or increasing these arrangements prior to the Termination Date,
these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the
Trustees.
Interfund Transactions
During
the year ended May 31, 2024, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser
(or affiliated investment advisers), common Directors/Trustees and/or common Officers. These purchase and sale transactions complied
with Rule 17a-7 under the Act and amounted to $1,453,460,000 and $1,744,760,000, respectively. Net realized gain/loss recognized
on these transactions was $0.
Directors’/Trustees’ and Miscellaneous Fees
Certain
Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate
payment, Independent Directors’/Trustees’ fees and
certain expenses related to conducting meetings of the Directors/Trustees and other
miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related
to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous
Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.
6. INTERFUND
LENDING
Pursuant to an Exemptive Order issued by
the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries
of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility
allowing the Fund to borrow from other participating affiliated funds. As of May 31, 2024, there were no outstanding loans. During
the year ended May 31, 2024, the program was not utilized.
7. INDEMNIFICATIONS
Under the Fund’s organizational documents,
its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the
performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence
or reckless disregard of their duties to the Fund). In addition,
in the normal course of business, the Fund provides certain indemnifications under
arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into
by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to
the arrangement, provided the third party’s actions are
not deemed to have breached an agreed-upon standard of care (such as willful misfeasance,
bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund’s maximum exposure under these
arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund
does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss
to be remote.
8. FEDERAL
TAX INFORMATION (UNAUDITED)
For the year ended May 31, 2024, 33.44%
of total ordinary income distributions qualified as business interest income for purposes of 163(j)
under the Code and the regulations thereunder.
Annual
Financial Statements and Additional Information
22
Report of
Independent Registered Public Accounting Firm
To the Board of Trustees of
Federated Hermes Money Market Obligations Trust and the Shareholders
of Federated Hermes Tax-Free Obligations Fund:
Opinion on the Financial Statements
We have audited the accompanying
statement of assets and liabilities of the Federated Hermes Tax-Free Obligations Fund (the
Fund), a portfolio of Federated Hermes Money Market Obligations Trust, including the portfolio of investments, as of May
31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of
the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial
highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial
highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2024, the results of
its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended,
the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted
accounting principles.
Basis for Opinion
These financial statements and
financial highlights are the responsibility of the Fund’s management. Our responsibility is to
express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting
firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance
with the standards of the PCAOB. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material
misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material
misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of
securities owned as of May 31, 2024, by correspondence with the custodian and brokers; when replies were not received
from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor
for one or more of Federated Hermes’ investment companies since 2006.
Boston, Massachusetts
July 23, 2024
July 23, 2024
Annual
Financial Statements and Additional Information
23
Evaluation
and Approval of Advisory Contract–May
2024
Federated Hermes Tax-Free Obligations
Fund (the “Fund”)
At its meetings in May 2024 (the
“May Meetings”), the Fund’s Board of Trustees (the “Board”), including those Trustees who
are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940 (the “Independent Trustees”),
reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and
Federated Investment Management Company (the “Adviser”) (the “Contract”) for an additional one-year term. The
Board’s determination to approve the continuation
of the Contract reflects the exercise of its business judgment after considering
all of the information and factors believed to be relevant and appropriate on whether to approve the continuation
of the existing arrangement. The information, factors and conclusions that formed the basis for the Board’s approval
are summarized below.
Information Received
and Review Process
At the request
of the Independent Trustees, the Fund’s Chief Compliance Officer (the “CCO”) furnished to the Board in advance
of its May Meetings an independent written evaluation of the Fund’s management fee (the “CCO Fee Evaluation Report”).
The Board considered the CCO Fee Evaluation Report, along with other information, in evaluating the reasonableness
of the Fund’s management fee and in determining to approve the continuation of the Contract.
In addition
to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered
information specifically prepared in connection with the approval of the continuation of the Contract that was presented
at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed
written responses and supporting materials prepared by the Adviser and its affiliates (collectively, “Federated Hermes”)
in response to requests posed to Federated Hermes by independent legal counsel on behalf of the Independent Trustees
encompassing a wide variety of topics, including those summarized below. The Board also considered such additional
matters as the Independent Trustees deemed reasonably necessary to evaluate the Contract, which included detailed
information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in
between regularly scheduled meetings on particular matters as the need arose.
The Board’s
consideration of the Contract included review of materials and information covering the following matters, among
others: (1) copies of the Contracts; (2) the nature, quality and extent of the advisory and other services provided to the
Fund by Federated Hermes; (3) Federated Hermes’ business and operations; (4) the Adviser’s investment philosophy, personnel
and processes; (5) the Fund’s investment objectives and strategies; (6) the Fund’s short-term and long-term performance
- in absolute terms (both on a gross basis and net of expenses) and relative to an appropriate group of peer funds
and its benchmark; (7) the Fund’s fees and expenses, including the advisory fee and the overall expense structure of the
Fund - in absolute terms and relative to an appropriate group of peer funds, with due regard for contractual or voluntary
expense limitations (if any); (8) the financial condition of Federated Hermes; (9) the Adviser’s profitability with respect
to managing the Fund; (10) distribution and sales activity for the Fund; and (11) the use and allocation of brokerage
commissions derived from trading the Fund’s portfolio securities (if any).
The Board
also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered
funds in evaluating the Contract. Using these judicial decisions as a guide, the Board considered several factors they
deemed relevant to an adviser’s fiduciary duty with respect to its receipt of compensation from a fund, including: (1)
the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance
of the fund, its benchmark and comparable funds; (2) the adviser’s cost of providing the services and the profitability
to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize “economies
of scale” as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared
with the fund and its shareholders or the family of funds; (4) any “fall-out” benefits that accrue to the adviser because
of its relationship with the fund, including research services received from brokers that execute fund trades and any
fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fees and expenses, including a comparison
of management fees paid to the adviser with those paid by similar funds managed by the same adviser or other advisers
as well as management fees charged to institutional and other advisory clients of the same adviser for what might be
viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund’s board members
perform their duties and their expertise, including whether they are fully informed about all facts the board deems
relevant to its consideration of the adviser’s services and fees. The Board considered that the Securities and Exchange
Commission (“SEC”) disclosure requirements regarding the basis for a fund board’s approval of the fund’s investment
advisory contract generally align with the factors listed above. The Board was guided by these factors in its evaluation
of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board
considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working
with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a
“Federated Hermes Fund” and, collectively, the “Federated Hermes Funds”).
Annual
Financial Statements and Additional Information
24
In
addition, the Board considered the preferences and expectations of Fund shareholders and the potential disruptions of the
Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate
or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund
based on the strength of Federated Hermes’ industry standing and reputation and with the expectation that Federated Hermes
will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that there are a range
of investment options available to the Fund’s shareholders in the marketplace, and such shareholders, having had the opportunity
to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the
Fund.
In determining
to approve the continuation of the Contract, the members of the Board reviewed and evaluated information
and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment.
While individual members of the Board may have weighed certain factors differently, the Board’s determination
to approve the continuation of the Contract was based on a comprehensive consideration of all information provided
to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized
that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors
may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees
were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations
at the May Meetings, the Independent Trustees met separately in executive session with their independent legal
counsel and without management present to review the relevant materials and consider their responsibilities under applicable
laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees
and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings.
The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds
across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.
Nature, Extent and
Quality of Services
The Board
considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources
of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the
Contract and the full range of services provided to the Fund by Federated Hermes. The Board considered the Adviser’s personnel,
investment philosophy and process, investment research capabilities and resources, trade operations capabilities,
experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities
of the portfolio management team primarily responsible for the day-to-day management of the Fund and evaluated
Federated Hermes’ ability and experience in attracting and retaining qualified personnel to service the Fund. The Board
considered the trading operations by the Advisers, including the execution of portfolio transactions and the selection of
brokers for those transactions. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance
with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise
of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its
commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser’s ability
to deliver competitive investment performance for the Fund when compared to the Fund’s Performance Peer Group (as
defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund’s investment
program.
In addition,
the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to
consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational
enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the benefits of the previous
significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened Federated Hermes’
investment management expertise and capabilities and expanded its access to analytical resources related to environmental,
social and governance (“ESG”) factors and issuer engagement on ESG matters where appropriate. The Board
considered the quality of Federated Hermes’ communications with the Board and responsiveness to Board inquiries and
requests made from time to time with respect to the Federated Hermes Funds. The Board also considered that Federated
Hermes is responsible for providing the Federated Hermes Funds’ officers.
The Board
received and evaluated information regarding Federated Hermes’ regulatory and compliance environment. The
Board considered Federated Hermes’ compliance program and compliance history and reports from the CCO about Federated
Hermes’ compliance with applicable laws and regulations, including responses to regulatory developments and any
compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes’ support of the Federated
Hermes Funds’ compliance control structure and the compliance-related resources devoted by Federated Hermes
in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated
Hermes’ commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board
Annual
Financial Statements and Additional Information
25
considered
Federated Hermes’ approach to internal audits and risk management with respect to the Federated Hermes Funds
and its day-to-day oversight of the Federated Hermes Funds’ compliance with their investment objectives and policies
as well as with applicable laws and regulations, noting that regulatory and other developments had over time led, and
continue to lead, to an increase in the scope of Federated Hermes’ oversight in this regard.
In addition,
the Board noted Federated Hermes’ commitment to maintaining high quality systems and expending substantial
resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments
in which the Fund and its service providers operate.
The Board
considered Federated Hermes’ efforts to provide shareholders in the Federated Hermes Funds with a comprehensive
array of funds with different investment objectives, policies and strategies. The Board considered the expenses
that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in
sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted
the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to
exchange investments between the same class of shares without the incurrence of additional sales charges.
Based on
these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services
provided by the Adviser to the Fund.
Fund Investment Performance
The Board
considered the investment performance of the Fund. In evaluating the Fund’s investment performance, the Board
considered performance results in light of the Fund’s investment objective, strategies and risks. The Board considered
detailed investment reports on, and the Adviser’s analysis of, the Fund’s performance over different time periods
that were provided to the Board throughout the year and in connection with the May Meetings. These reports included,
among other items, information on the Fund’s gross and net returns, the Fund’s investment performance compared
to one or more relevant categories or groups of peer funds and the Fund’s benchmark index, performance attribution
information and commentary on the effect of market conditions. The Board considered that, in its evaluation of investment
performance at meetings throughout the year, it focused particular attention on information indicating less favorable
performance of certain Federated Hermes Funds for specific time periods and discussed with Federated Hermes the
reasons for such performance as well as any specific actions Federated Hermes had taken, or had agreed to take, to seek
to enhance Fund investment performance and the results of those actions.
The Board
also reviewed comparative information regarding the performance of other registered funds in the category of
peer funds selected by iMoneyNet, an independent fund ranking organization (the “Performance Peer Group”). The Board
noted the CCO’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the
performance of the Adviser in managing the Fund. The Board considered the CCO’s view that, in evaluating such comparisons,
in some cases there may be differences in the funds’ objectives or investment management techniques, or the costs
to implement the funds, even within the same Performance Peer Group.
The Board
also considered comparative performance data from Lipper, Inc. that was included in reports provided to the Board
throughout the year. The Board noted that differences may exist between the Performance Peer Group and Lipper peers
and that the results of these performance comparisons may vary.
The Board
considered that for the one-year period ended December 31, 2023, the Fund’s performance was above the median
of the Performance Peer Group. The Board also considered the relatively tight dispersion of performance data with respect
to the Fund and its Performance Peer Group.
Based on
these considerations, the Board concluded that it had continued confidence in the Adviser’s overall capabilities
to manage the Fund.
Fund Expenses
The Board
considered the advisory fee and overall expense structure of the Fund and the comparative fee and expense information
that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and
considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each
element of the Fund’s total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting
fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from
the overall category of peer funds selected by iMoneyNet (the “Expense Peer Group”). The Board received a description
of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also
reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet
category.
While mindful
that courts have cautioned against giving too much weight to comparative information concerning fees charged
to funds by other advisers, the use of comparisons between the Fund and its Expense Peer Group assisted the Board
in its evaluation of the Fund’s fees and expenses. The Board focused on comparisons with other registered funds more
heavily than non-registered fund products or services because such comparisons are believed to be more relevant.
Annual
Financial Statements and Additional Information
26
The Board
considered that other registered funds are the products most like the Fund, in that they are readily available to Fund
shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained
by the Fund’s shareholders. The Board noted that the range of such other registered funds’ fees and expenses, therefore,
appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund
competes.
The Board
reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position
of the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory
fee rate was above the median of the Expense Peer Group, but the Board noted the applicable waivers and reimbursements,
and that the overall expense structure of the Fund remained competitive in the context of other factors considered
by the Board.
The Board
also received and considered information about the nature and extent of services offered and fees charged by Federated
Hermes to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including
non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for
which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO’s conclusion that non-registered fund clients
are inherently different products due to the following differences, among others: (i) different types of targeted investors;
(ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and
portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent
by portfolio managers and their teams (among other personnel across various departments, including legal, compliance
and risk management) in reviewing securities pricing; (vi) different SEC mandated risk management programs with
respect to fund liquidity and use of derivatives; (vii) different administrative responsibilities; (viii) different degrees of
risk associated with management; and (ix) a variety of different costs. The Board also considered information regarding the
differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business
versus managing a discrete pool of assets as a sub-adviser to another institution’s registered fund, noting the CCO’s
view that Federated Hermes generally performs significant additional services and assumes substantially greater risks
in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered
fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients
to be determinative in judging the appropriateness of the Federated Hermes Funds’ advisory fees.
In the case
of the Fund, the Board noted that Federated Hermes does not manage any other types of clients that are comparable
to the Fund.
Based on
these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction
with other matters considered, are reasonable in light of the services provided.
Profitability
The Board
received and considered profitability information furnished by Federated Hermes. Such profitability information
included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund
basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered
the CCO’s view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties
in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and
to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter
the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences.
In addition, the Board considered the CCO’s view that the allocation methodologies used by Federated Hermes
in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract
are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the
independent consultant had previously conducted a review of the allocation methodologies and reported to the Board that,
although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable.
The Board considered the CCO’s view that the estimated profitability to the Adviser from its relationship with the
Fund was not unreasonable in relation to the services provided.
The Board
also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly-held
fund management companies, including information regarding profitability trends over time. The Board recognized
that profitability comparisons among fund management companies are difficult because of the variation in the type
of comparative information that is publicly available, and the profitability of any fund management company is affected
by numerous factors. The Board considered the CCO’s conclusion that, based on such profitability information, Federated
Hermes’ profit margins did not appear to be excessive. The Board also considered the CCO’s view that Federated
Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with
the Federated Hermes Funds.
Annual
Financial Statements and Additional Information
27
Economies
of Scale
The Board
received and considered information about the notion of possible realization of “economies of scale” as a fund
grows larger, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent
to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes
has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: portfolio
management, investment research and trading operations; shareholder services; compliance; business continuity, cybersecurity
and information security programs; internal audit and risk management functions; and technology, systems capabilities
and use of data. The Board noted that Federated Hermes’ investments in these areas are extensive and are designed
to provide enhanced or expanded services to the Federated Hermes Funds and their shareholders. The Board considered
that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole.
In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies
of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes
Fund’s assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in
the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds
and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future.
The Board also considered that Federated Hermes has been active in managing expenses of the Federated Hermes Funds
in recent years, which has resulted in benefits being realized by shareholders.
The Board
also received and considered information on adviser-paid fees (commonly referred to as “revenue sharing” payments)
that was provided to the Board throughout the year and in connection with the May Meetings. The Board considered
that Federated Hermes and the CCO believe that this information is relevant to considering whether Federated Hermes
had an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, but should not be considered
when evaluating the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory
or industry guidelines on economies of scale, which is compounded by the lack of any uniform methodology or pattern
with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain
size.
Other Benefits
The Board
considered information regarding the compensation and other ancillary (or “fall-out”) benefits that Federated Hermes
derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory
fees under the Federated Hermes Funds’ investment advisory contracts, Federated Hermes’ affiliates also receive fees
for providing other services to the Federated Hermes Funds under separate service contracts including for serving as the
Federated Hermes Funds’ administrator and distributor. In this regard, the Board considered that Federated Hermes’ affiliates
provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated
through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received
and considered information detailing the benefits, if any, that Federated Hermes may derive from its receipt of research
services from brokers who execute portfolio trades for the Federated Hermes Funds.
Conclusions
The Board
considered: (i) the CCO’s conclusion that his observations and the information accompanying the CCO Fee Evaluation
Report show that the management fee for the Fund is reasonable; and (ii) the CCO’s recommendation that the Board
approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and
no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board’s evaluation
of the Federated Hermes Funds’ advisory and sub-advisory arrangements is a continuing and ongoing process that
is informed by the information that the Board requests and receives from management throughout the course of the year
and, in this regard, the CCO noted certain items, and management has committed to reviewing certain items, for future
reporting to the Board as the Board continues its ongoing oversight of the Federated Hermes Funds.
On the basis
of the information and factors summarized above, among other information and factors deemed relevant by the
Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation
of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances
and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations
identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them
to be determinative.
Annual
Financial Statements and Additional Information
28
You could lose money
by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per
share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend
your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other
factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you
should not expect that the sponsor will provide financial support to the Fund at any time.
This information is authorized
for distribution to prospective investors only when preceded or accompanied by the Fund’s Prospectus,
which contains facts concerning its objective and policies, management fees, expenses and other information.
Federated Hermes Tax-Free Obligations Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Contact us at
FederatedHermes.com/us
or call 1-800-341-7400.
or call 1-800-341-7400.
Federated Securities Corp., Distributor
CUSIP 60934N401
CUSIP 608919411
CUSIP 60934N880
CUSIP 608919411
CUSIP 60934N880
Q450528 (7/24)
©
2024 Federated Hermes, Inc.
Annual Financial Statements
and Additional Information
and Additional Information
May 31, 2024
|
Share
Class | Ticker
|
Wealth
| TBIXX
|
|
|
|
Federated Hermes Tax-Free Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
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
CONTENTS
Portfolio
of Investments
May 31, 2024
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—101.0% |
|
|
|
|
Alabama—5.3%
|
|
|
$ 44,965,000
|
|
Columbia,
AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 4.150%, 6/3/2024 |
$ 44,965,000
|
|
39,465,000
|
|
Columbia,
AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily VRDNs, 4.150%, 6/3/2024 |
39,465,000
|
|
49,400,000
|
|
Columbia,
AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 4.150%, 6/3/2024 |
49,400,000
|
|
8,100,000
|
|
Eutaw,
AL Industrial Development Board PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 4.150%, 6/3/2024 |
8,100,000
|
|
39,405,000
|
|
Huntsville,
AL Health Care Authority, (Series 2023-BAML5040) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of
America
N.A. LOC), 3.460%, 6/6/2024 |
39,405,000
|
|
49,900,000
|
|
Mobile,
AL IDB (Alabama Power Co.), (First Series 2009: Barry Plant) Daily VRDNs, 4.150%, 6/3/2024 |
49,900,000
|
|
15,200,000
|
|
Mobile,
AL IDB (Alabama Power Co.), (Second Series 2009) Daily VRDNs, 4.000%, 6/3/2024 |
15,200,000
|
|
3,125,000
|
|
Southeast
Alabama Gas Supply District, (Series 2024-XF1694) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of
Canada
LOC), 3.410%, 6/6/2024 |
3,125,000
|
|
|
|
TOTAL
|
249,560,000
|
|
|
|
Alaska—0.0%
|
|
|
1,720,000
|
|
Valdez,
AK Marine Terminal (Exxon Pipeline Co.), (Series 1993 A) Daily VRDNs, (Exxon Mobil Corp. GTD),
3.970%,
6/3/2024 |
1,720,000
|
|
|
|
Arizona—2.0%
|
|
|
10,660,000
|
|
Arizona
State Development Authority (Roers Casa Grande Apartments Owner LLC), Mizuho 3a-7 (Series 2024-MIZ9161)
VRENs,
(Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.710%, 6/6/2024 |
10,660,000
|
|
6,345,000
|
|
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), 3.710%, 6/6/2024 |
6,345,000
|
|
10,045,000
|
|
Arizona
State IDA (Phoenix Children’s Hospital), (Series 2019B) Daily VRDNs, (TD Bank, N.A. LOC), 4.000%, 6/3/2024 |
10,045,000
|
|
4,700,000
|
|
Arizona
State IDA (Roers Flagstaff Apartment Owner LLC), Mizuho 3a-7 (Series 2023-MIZ9157) VRENs, (Mizuho Bank Ltd.
LIQ)/(Mizuho
Bank Ltd. LOC), 3.710%, 6/6/2024 |
4,700,000
|
|
5,000,000
|
|
Arizona
State IDA (Roers Maricopa Apartments Owner LLC), Mizuho 3A-7 (Series 2023-MIZ9155) VRENs, (Mizuho Bank
Ltd.
LIQ)/(Mizuho Bank Ltd. LOC), 3.710%, 6/6/2024 |
5,000,000
|
|
15,000,000
|
|
Arizona
State IDA (Vaseo Apartments LP), Mizuho 3A-7 (Series 2023-MIZ9118) Daily VRDNs, (Federal Home Loan
Mortgage
Corp. GTD)/(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 4.270%, 6/3/2024 |
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), 3.510%, 6/6/2024 |
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), 3.510%, 6/6/2024 |
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), 3.510%, 6/6/2024 |
9,225,000
|
|
|
|
TOTAL
|
93,165,000
|
|
|
|
Arkansas—0.4%
|
|
|
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), 4.220%, 6/3/2024 |
20,000,000
|
|
|
|
California—9.6%
|
|
|
52,530,000
|
|
California
Community Choice Financing Authority, Tender Option Bond Trust Certificates (Series 2023-XF3213) Weekly
VRDNs,
(Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.460%, 6/6/2024 |
52,530,000
|
|
47,715,000
|
|
California
Health Facilities Financing Authority (CommonSpirit Health), Golden Blue (Series 2017-004) VRENs, (Barclays
Bank
PLC LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/6/2024 |
47,715,000
|
|
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), 3.710%, 6/6/2024 |
4,260,000
|
|
3,610,000
|
|
California
HFA, Mizuho 3a-7 (Series 2022-MIZ9097) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ),
3.710%,
6/6/2024 |
3,610,000
|
|
5,000,000
|
|
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), 3.490%, 6/6/2024 |
5,000,000
|
|
10,500,000
|
|
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), 4.200%, 6/3/2024 |
10,500,000
|
|
11,000,000
|
|
California
Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 3.550%, Mandatory
Tender
6/6/2024 |
11,000,000
|
|
9,000,000
|
|
California
Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 3.580%, Mandatory
Tender
6/18/2024 |
9,000,000
|
Annual
Financial Statements and Additional Information
1
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
California—continued
|
|
|
$ 35,865,000
|
|
California
Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), CP, 3.650%, Mandatory
Tender
9/17/2024 |
$ 35,865,000
|
|
15,270,000
|
|
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), 4.200%, 6/3/2024 |
15,270,000
|
|
12,490,000
|
|
Los
Angeles, CA TRANs, 5.000%, 6/27/2024 |
12,501,104
|
|
21,150,000
|
|
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 |
21,150,000
|
|
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), 3.490%, 6/6/2024 |
23,000,000
|
|
11,550,000
|
|
San
Diego, CA Public Facilities Authority (San Diego, CA), (Series A), CP, (Wells Fargo Bank, N.A. LOC), 3.700%,
Mandatory
Tender 7/8/2024 |
11,550,000
|
|
75,000,000
|
|
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), 3.710%, 6/6/2024 |
75,000,000
|
|
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), 3.710%, 6/6/2024 |
31,600,000
|
|
15,000,000
|
|
San
Francisco, CA City and County (Block 9 MRU Residential LLC), Mizuho 3a-7 (Series 2023-MIZ9119) Daily VRDNs,
(Federal
Home Loan Mortgage Corp. GTD)/(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 4.200%, 6/3/2024 |
15,000,000
|
|
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), 3.710%, 6/6/2024 |
26,725,000
|
|
3,625,000
|
|
Sweetwater,
CA Union High School District, Tender Option Bond Trust Receipts (Series 2022-XF1394) Weekly VRDNs,
(JPMorgan
Chase Bank, N.A. LIQ), 3.480%, 6/6/2024 |
3,625,000
|
|
5,000,000
|
|
University
of California (The Regents of), (Series A), CP, 3.670%, Mandatory Tender 8/13/2024 |
5,000,000
|
|
25,000,000
|
|
University
of California (The Regents of), (Series A), CP, 3.800%, Mandatory Tender 8/7/2024 |
25,000,000
|
|
3,000,000
|
|
University
of California (The Regents of), Tender Option Bond Trust Certificates (Series 2023-XX1325) Weekly VRDNs,
(Barclays
Bank PLC LIQ), 3.380%, 6/6/2024 |
3,000,000
|
|
|
|
TOTAL
|
447,901,104
|
|
|
|
Colorado—0.2%
|
|
|
1,000,000
|
|
Denver,
CO City & County Department of Aviation, (Series 2022C), 5.000%, 11/15/2024 |
1,006,220
|
|
9,000,000
|
|
Denver,
CO City and County Board of Water Commissioners, (Series 2023A), CP, (Bank of America N.A. LIQ), 3.500%,
Mandatory
Tender 9/5/2024 |
9,000,000
|
|
|
|
TOTAL
|
10,006,220
|
|
|
|
Connecticut—0.1%
|
|
|
4,250,000
|
|
Colchester,
CT BANs, 4.500%, 10/17/2024 |
4,259,422
|
|
2,820,000
|
|
Shelton,
CT Housing Authority (Crosby Commons), (Series 1998) Weekly VRDNs, (Manufacturers & Traders Trust Co.,
Buffalo
LOC), 3.480%, 6/6/2024 |
2,820,000
|
|
|
|
TOTAL
|
7,079,422
|
|
|
|
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), 3.510%, 6/6/2024 |
11,880,000
|
|
|
|
Florida—7.0%
|
|
|
16,240,000
|
|
Alachua
County, FL Health Facilities Authority (Shands Healthcare), (Series 2008A), CP, (Bank of America N.A. LOC),
3.680%,
Mandatory Tender 6/3/2024 |
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), 3.510%, 6/6/2024 |
15,440,000
|
|
7,035,000
|
|
Broward
County, FL HFA (ML Casa V LP), 3A-7 (BAML-6018) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America
N.A.
LOC), 3.480%, 6/6/2024 |
7,035,000
|
|
3,715,000
|
|
Broward
County, FL Tourist Development Tax Special Revenue, Tender Option Bond Trust Receipts (Series 2023-XL0429)
Weekly
VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 3.470%, 6/6/2024 |
3,715,000
|
|
10,315,000
|
|
Hillsborough
County, FL IDA (Baycare Health System), (Series 2020B) Daily VRDNs, (TD Bank, N.A. LOC),
4.000%,
6/3/2024 |
10,315,000
|
|
30,960,000
|
|
Jacksonville,
FL PCR (Florida Power & Light Co.), (Series 1994), CP, 3.590%, Mandatory Tender 6/13/2024 |
30,960,000
|
|
11,900,000
|
|
JEA,
FL Electric System, (Series 2008 D) Daily VRDNs, (U.S. Bank, N.A. LIQ), 4.200%, 6/3/2024 |
11,900,000
|
|
25,000,000
|
|
JEA,
FL Electric System, (Series 2008C-3), CP, (Royal Bank of Canada LIQ), 3.700%, Mandatory Tender 7/11/2024 |
25,000,000
|
|
30,445,000
|
|
JEA,
FL Electric System, (Series Three 2008C-1: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ),
3.360%,
6/6/2024 |
30,445,000
|
Annual
Financial Statements and Additional Information
2
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Florida—continued
|
|
|
$ 11,840,000
|
|
JEA,
FL Water & Sewer System, (2008 Series B-1: Subordinate Revenue Bonds) Weekly VRDNs, (State Street Bank and
Trust
Co. LIQ), 3.440%, 6/5/2024 |
$ 11,840,000
|
|
14,500,000
|
|
Martin
County, FL (Florida Power & Light Co.), (Series 2022) Weekly VRDNs, 3.450%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
24,875,000
|
|
51,875,000
|
|
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), 3.710%, 6/6/2024 |
51,875,000
|
|
16,500,000
|
|
Polk
County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs, 3.660% (SIFMA 7-day +0.300%), 6/6/2024 |
16,500,000
|
|
36,960,000
|
|
St.
Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Weekly VRDNs, 3.500%, 6/5/2024 |
36,960,000
|
|
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), 3.480%, 6/6/2024 |
6,440,000
|
|
|
|
TOTAL
|
329,842,964
|
|
|
|
Georgia—3.3%
|
|
|
46,300,000
|
|
Brookhaven
Development Authority, GA (Children’s Healthcare of Atlanta, Inc.), (Series 2019D) Weekly VRDNs, (Truist
Bank
LIQ), 3.400%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
21,875,000
|
|
21,700,000
|
|
Fulton
County, GA Development Authority (Shepherd Center, Inc.), (Series 2009) Weekly VRDNs, (Truist Bank LOC),
3.450%,
6/5/2024 |
21,700,000
|
|
14,000,000
|
|
Monroe
County, GA Development Authority (Florida Power & Light Co.), Pollution Control Revenue Bonds (First Series
2002)
Weekly VRDNs, 3.450%, 6/6/2024 |
14,000,000
|
|
8,000,000
|
|
Municipal
Electric Authority of Georgia, (Series B), CP, (TD Bank, N.A. LOC), 3.450%, Mandatory Tender 6/5/2024 |
8,000,000
|
|
13,680,000
|
|
Municipal
Electric Authority of Georgia, Tender Option Bond Trust Certificates (Series 2022-XG0417) Weekly VRDNs,
(Build
America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 3.470%, 6/6/2024 |
13,680,000
|
|
26,725,000
|
|
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), 4.220%, 6/3/2024 |
26,725,000
|
|
|
|
TOTAL
|
152,280,000
|
|
|
|
Idaho—0.2%
|
|
|
7,750,000
|
|
Idaho
Health Facilities Authority (Trinity Healthcare Credit Group), (Series 2013ID) TOBs, 3.700%, Mandatory
Tender
8/1/2024 |
7,750,000
|
|
|
|
Illinois—3.5%
|
|
|
5,685,000
|
|
Aurora,
IL Economic Development Revenue (Aurora University), (Series 2019) Weekly VRDNs, (BMO Bank, N.A. LOC),
3.370%,
6/6/2024 |
5,685,000
|
|
600,000
|
|
Chicago,
IL Multi-Family Housing Revenue (Churchview Manor Senior Apartments), (Series 2012) Weekly VRDNs, (BMO
Bank,
N.A. LOC), 4.620%, 6/6/2024 |
600,000
|
|
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), 3.480%, 6/6/2024 |
6,135,000
|
|
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), 3.480%, 6/6/2024 |
4,605,000
|
|
7,500,000
|
|
Chicago,
IL Water Revenue, Tender Option Bond Trust Certificates (Series 2023-XM1112) Weekly VRDNs, (Assured
Guaranty
Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 3.440%, 6/6/2024 |
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), 4.300%, 6/3/2024 |
6,765,000
|
|
7,000,000
|
|
Illinois
Finance Authority (Advocate Aurora Health), (Series 2008C-2B) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ),
3.550%,
6/5/2024 |
7,000,000
|
|
55,750,000
|
|
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), 3.440%, 6/6/2024 |
55,750,000
|
|
6,840,000
|
|
Illinois
Finance Authority (University of Chicago Medical Center Obligated Group), Mizuho 3A-7 (Series 2024-MIZ9165)
VRENs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
6,840,000
|
|
7,000,000
|
|
Illinois
Finance Authority (University of Chicago Medical Center Obligated Group), Mizuho 3a-7 (Series 2024-MIZ9167)
VRDNs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
7,000,000
|
|
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), 3.440%, 6/6/2024 |
8,780,000
|
Annual
Financial Statements and Additional Information
3
|
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), 3.440%, 6/6/2024 |
$ 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), 3.460%, 6/6/2024 |
6,900,000
|
|
|
|
TOTAL
|
164,810,000
|
|
|
|
Indiana—0.8%
|
|
|
12,140,000
|
|
Indiana
State Finance Authority Environmental (Ispat Inland, Inc.), (Series 2005) Weekly VRDNs, (Cooperatieve Rabobank
UA
LOC), 3.450%, 6/5/2024 |
12,140,000
|
|
10,700,000
|
|
Indiana
State Finance Authority Health System (Franciscan Alliance, Inc.), (Series 2008I) Daily VRDNs, (Barclays Bank PLC
LOC),
4.000%, 6/3/2024 |
10,700,000
|
|
15,100,000
|
|
Indiana
State Finance Authority Hospital Revenue (Parkview Health System Obligated Group), (Series 2009D) Daily VRDNs,
(TD
Bank, N.A. LOC), 4.000%, 6/3/2024 |
15,100,000
|
|
|
|
TOTAL
|
37,940,000
|
|
|
|
Iowa—0.4%
|
|
|
3,980,000
|
|
Iowa
Finance Authority - Health Facilities (UnityPoint Health), (Series 2013B-2) Daily VRDNs, (TD Bank, N.A. LOC),
4.000%,
6/3/2024 |
3,980,000
|
|
14,000,000
|
|
Iowa
Finance Authority (UnityPoint Health), Barclays 3a-7 (Series 2024-FR-RI-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays
Bank
PLC LOC), 3.610%, 6/6/2024 |
14,000,000
|
|
|
|
TOTAL
|
17,980,000
|
|
|
|
Kentucky—0.6%
|
|
|
16,435,000
|
|
Georgetown,
KY (Georgetown College), (Series 2006) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 3.640%, 6/7/2024 |
16,435,000
|
|
11,785,000
|
|
Kentucky
Economic Development Finance Authority (Madonna Manor, Inc.), BAML 3a-7 (Series 2023-BAML 5038) TOBs,
(Bank
of America N.A. LIQ)/(Bank of America N.A. LOC), 3.610%, Optional Tender 7/25/2024 |
11,785,000
|
|
|
|
TOTAL
|
28,220,000
|
|
|
|
Louisiana—5.2%
|
|
|
20,000,000
|
|
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), 4.210%, 6/3/2024 |
20,000,000
|
|
54,460,000
|
|
Louisiana
State Gas & Fuels Second Lien, (Series 2023 A-1) Daily VRDNs, (TD Bank, N.A. LOC), 4.000%, 6/3/2024 |
54,460,000
|
|
5,360,717
|
|
Louisiana
State Housing Corp. (Peace Lake Louisiana Tower Community, LP), MIZUHO 3A-7 (Series 2020-MIZ9053) VRENs,
(Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
5,360,717
|
|
40,000,000
|
|
St.
James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (Nucor Corp. GTD), 3.580%, 6/5/2024 |
40,000,000
|
|
122,705,000
|
|
St.
James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 3.650%, 6/5/2024 |
122,705,000
|
|
|
|
TOTAL
|
242,525,717
|
|
|
|
Maryland—2.4%
|
|
|
8,575,000
|
|
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%, 6/6/2024 |
8,575,000
|
|
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), 3.710%, 6/6/2024 |
27,000,000
|
|
21,300,000
|
|
Maryland
State Health & Higher Educational Facilities Authority, (Series 1985A) Weekly VRDNs, (TD Bank, N.A. LOC),
3.540%,
6/5/2024 |
21,300,000
|
|
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), 3.390%, 6/6/2024 |
3,800,000
|
|
20,910,000
|
|
Montgomery
County, MD (Trinity Healthcare Credit Group), (Series 2013MD) TOBs, 3.750%, Mandatory Tender 6/3/2024 |
20,910,000
|
|
28,935,000
|
|
Montgomery
County, MD (Trinity Healthcare Credit Group), (Series 2013MD) TOBs, 3.750%, Mandatory Tender 9/3/2024 |
28,935,000
|
|
|
|
TOTAL
|
110,520,000
|
|
|
|
Massachusetts—0.4%
|
|
|
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), 3.510%, 6/6/2024 |
13,200,000
|
|
7,600,000
|
|
Massachusetts
Water Resources Authority, (Series 2016), CP, (TD Bank, N.A. LOC), 3.650%, Mandatory Tender 6/13/2024 |
7,600,000
|
|
|
|
TOTAL
|
20,800,000
|
|
|
|
Michigan—1.5%
|
|
|
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), 3.460%, 6/6/2024 |
4,000,000
|
|
4,800,000
|
|
Lansing,
MI, Tender Option Bond Trust Certificates (Series 2023-XG0499) Weekly VRDNs, (Assured Guaranty Municipal
Corp.
INS)/(Wells Fargo Bank, N.A. LOC), 3.480%, 6/6/2024 |
4,800,000
|
|
21,200,000
|
|
Michigan
State Building Authority, (Series III) VRENs, 3.460%, 6/3/2024 |
21,200,000
|
Annual
Financial Statements and Additional Information
4
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Michigan—continued
|
|
|
$ 14,060,000
|
|
Michigan
State Finance Authority (Trinity Healthcare Credit Group), (Series 2013MI-1) TOBs, 3.750%, Mandatory
Tender
6/3/2024 |
$ 14,060,000
|
|
21,685,000
|
|
Michigan
State Finance Authority (Trinity Healthcare Credit Group), (Series 2013MI-1) TOBs, 3.750%, Mandatory
Tender
9/3/2024 |
21,685,000
|
|
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), 3.460%, 6/6/2024 |
4,000,000
|
|
|
|
TOTAL
|
69,745,000
|
|
|
|
Minnesota—0.9%
|
|
|
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), 3.480%, 6/6/2024 |
3,900,000
|
|
24,627,273
|
|
Dakota
County, MN Community Development Agency, Tender Option Bond Trust Certificates (Series 2022-XF3050)
Weekly
VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
24,627,273
|
|
15,000,000
|
|
Rochester,
MN Health Care Facility Authority (Mayo Clinic), (Series 2014), CP, 3.650%, Mandatory Tender 7/16/2024 |
15,000,000
|
|
|
|
TOTAL
|
43,527,273
|
|
|
|
Mississippi—1.1%
|
|
|
9,500,000
|
|
Mississippi
Business Finance Corp. (Florida Power & Light Co.), (1st Series 2019) Weekly VRDNs, 3.550%, 6/5/2024 |
9,500,000
|
|
2,160,000
|
|
Mississippi
Business Finance Corp. (Tri-State Truck Center, Inc.), (Series 2008) Weekly VRDNs, (Regions Bank LOC),
3.560%,
6/6/2024 |
2,160,000
|
|
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), 4.210%, 6/3/2024 |
8,565,000
|
|
30,600,000
|
|
Perry
County, MS (Leaf River Cellulose LLC), (Series 2021) Weekly VRDNs, (Georgia-Pacific LLC GTD), 3.370%, 6/6/2024 |
30,600,000
|
|
|
|
TOTAL
|
50,825,000
|
|
|
|
Missouri—0.7%
|
|
|
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), 3.710%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
959,002
|
|
3,301,288
|
|
Lees
Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd.
LIQ),
3.710%, 6/6/2024 |
3,301,288
|
|
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), 3.560%, Optional Tender 6/3/2024 |
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), 3.410%, 6/6/2024 |
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), 3.710%, 6/6/2024 |
10,000,000
|
|
|
|
TOTAL
|
33,480,290
|
|
|
|
Montana—0.1%
|
|
|
3,990,000
|
|
Montana
State Board of Housing (Butte Affordable Housing Solutions LP), Mizuho 3A-7 (Series 2020-MIZ9027) VRENs,
(Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
3,990,000
|
|
|
|
Multi-State—6.6%
|
|
|
116,000,000
|
|
Nuveen
AMT-Free Municipal Credit Income Fund, (Series 4) MuniFund Preferred Shares Weekly VRDPs, (Societe Generale,
Paris
LIQ), 3.420%, 6/6/2024 |
116,000,000
|
|
79,200,000
|
|
Nuveen
AMT-Free Quality Municipal Income Fund, (Series C) Weekly VRDPs, (Societe Generale, Paris LIQ),
3.420%,
6/6/2024 |
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), 3.420%, 6/6/2024 |
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), 3.410%, 6/6/2024 |
25,000,000
|
|
|
|
TOTAL
|
308,600,000
|
|
|
|
Nebraska—0.5%
|
|
|
21,600,000
|
|
Washington
County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 3.390%, 6/6/2024 |
21,600,000
|
|
|
|
New
Hampshire—0.6% |
|
|
5,500,000
|
|
National
Finance Authority, NH (Novant Health Obligated Group), (Series 2024C) Weekly VRDNs, (Truist Bank LOC),
3.470%,
6/6/2024 |
5,500,000
|
Annual
Financial Statements and Additional Information
5
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
New
Hampshire—continued |
|
|
$ 22,140,000
|
|
National
Finance Authority, NH (University Hospitals Home Care, Inc.), Morgan Stanley 3a-7 (Series 2024-MS0023) TOBs,
(Morgan
Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 3.660%, Optional Tender 6/20/2024 |
$ 22,140,000
|
|
|
|
TOTAL
|
27,640,000
|
|
|
|
New
Jersey—5.0% |
|
|
7,000,000
|
|
Bogota,
NJ BANs, 4.000%, 4/11/2025 |
7,005,737
|
|
6,243,300
|
|
Bound
Brook Borough, NJ BANs, 4.250%, 9/13/2024 |
6,249,648
|
|
18,000,000
|
|
Carteret,
NJ BANs, 4.000%, 5/30/2025 |
18,051,735
|
|
11,805,000
|
|
Clark
Township, NJ BANs, 4.250%, 8/16/2024 |
11,815,619
|
|
6,692,000
|
|
Essex
Fells, NJ BANs, 4.750%, 6/6/2024 |
6,692,667
|
|
1,672,000
|
|
Fairfield
Township, NJ BANs, 4.250%, 6/11/2024 |
1,672,246
|
|
5,121,000
|
|
Fairfield
Township, NJ BANs, 4.500%, 3/7/2025 |
5,137,592
|
|
3,614,000
|
|
Fairfield
Township, NJ BANs, 4.500%, 6/11/2024 |
3,614,479
|
|
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), 3.480%, 6/6/2024 |
20,940,000
|
|
1,825,000
|
|
Haddonfield,
NJ BANs, 4.500%, 2/7/2025 |
1,829,819
|
|
1,619,617
|
|
Harding
Township, NJ BANs, 4.500%, 8/16/2024 |
1,621,232
|
|
4,840,000
|
|
Hightstown
Borough, NJ BANs, 4.250%, 6/27/2024 |
4,841,070
|
|
4,000,000
|
|
Holmdel
Township, NJ BANs, 4.500%, 9/23/2024 |
4,005,136
|
|
7,000,000
|
|
Kearny,
NJ BANs, 4.250%, 9/27/2024 |
7,006,542
|
|
8,630,000
|
|
Kenilworth,
NJ BANs, 4.000%, 2/28/2025 |
8,645,413
|
|
3,347,676
|
|
Mountain
Lakes, NJ BANs, 4.500%, 10/11/2024 |
3,351,732
|
|
35,000,000
|
|
New
Jersey Housing & Mortgage Finance Agency, Barclays 3a-7 Credit Enhanced (Series 2024-001) VRENs, (Barclays Bank
PLC
LIQ)/(Barclays Bank PLC LOC), 3.610%, 6/6/2024 |
35,000,000
|
|
1,129,200
|
|
New
Milford, NJ BANs, 4.250%, 12/13/2024 |
1,130,646
|
|
7,040,100
|
|
North
Plainfield, NJ BANs, 4.750%, 11/27/2024 |
7,065,234
|
|
7,149,000
|
|
Norwood,
NJ BANs, 4.500%, 7/12/2024 |
7,153,393
|
|
6,100,000
|
|
Old
Bridge Township, NJ BANs, 4.000%, 9/13/2024 |
6,103,357
|
|
7,993,236
|
|
Palisades
Park, NJ BANs, 4.000%, 3/13/2025 |
8,011,260
|
|
3,677,877
|
|
Ridgefield,
NJ BANs, 4.500%, 7/16/2024 |
3,679,198
|
|
8,621,987
|
|
Riverdale
Borough, NJ BANs, 4.250%, 3/4/2025 |
8,634,489
|
|
4,721,525
|
|
Riverside
Township, NJ BANs, 4.250%, 2/6/2025 |
4,727,123
|
|
9,563,000
|
|
Saddle
Brook Township, NJ BANs, 4.250%, 5/9/2025 |
9,589,685
|
|
4,779,500
|
|
Spotswood,
NJ, (Series A) BANs, 4.250%, 5/14/2025 |
4,794,764
|
|
5,131,000
|
|
Summit,
NJ BANs, 4.750%, 7/18/2024 |
5,134,195
|
|
10,385,000
|
|
Upper
Saddle River, NJ BANs, 4.000%, 10/15/2024 |
10,400,074
|
|
5,476,000
|
|
Vernon
Township, NJ BANs, 4.250%, 8/23/2024 |
5,478,801
|
|
5,000,000
|
|
Waldwick,
NJ BANs, 5.000%, 10/10/2024 |
5,014,602
|
|
|
|
TOTAL
|
234,397,488
|
|
|
|
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), 3.710%, 6/6/2024 |
6,465,000
|
|
|
|
New
York—6.7% |
|
|
4,560,000
|
|
Dundee,
NY Central School District BANs, 4.500%, 6/21/2024 |
4,561,559
|
|
4,000,000
|
|
Dutchess
County , NY Local Development Corp. (Bard College), Barclays 3a-7 Credit Enhanced (Series 2024-002) VRDNs,
(Barclays
Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.610%, 6/6/2024 |
4,000,000
|
|
10,000,000
|
|
Dutchess
County , NY Local Development Corp. (Bard College), Barclays 3a-7 Credit Enhanced (Series 2023-008) VRENs,
(Barclays
Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.610%, 6/6/2024 |
10,000,000
|
|
7,610,000
|
|
Forestville,
NY Central School District BANs, 4.500%, 7/10/2024 |
7,614,757
|
|
1,680,000
|
|
Metropolitan
Transportation Authority, NY (MTA Dedicated Tax Fund), (Subseries 2008A-1) Daily VRDNs, (TD Bank, N.A.
LOC),
4.000%, 6/3/2024 |
1,680,000
|
|
8,340,000
|
|
Metropolitan
Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust
Certificates(Series
2022-XX1236) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ),
3.480%,
6/6/2024 |
8,340,000
|
Annual
Financial Statements and Additional Information
6
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
New
York—continued |
|
|
$ 6,705,000
|
|
Monroe
Village, NY BANs, 4.500%, 11/20/2024 |
$ 6,721,952
|
|
14,000,000
|
|
New
Hartford, NY Central School District BANs, 4.500%, 6/28/2024 |
14,006,058
|
|
3,445,000
|
|
New
Windsor, NY BANs, 4.500%, 6/28/2024 |
3,446,687
|
|
8,300,000
|
|
New
York City Housing Development Corp., (Series L-1) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ),
3.390%,
6/6/2024 |
8,300,000
|
|
23,000,000
|
|
New
York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2009 Series BB-2) Daily VRDNs,
(UBS
AG LIQ), 4.000%, 6/3/2024 |
23,000,000
|
|
8,275,000
|
|
New
York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series DD-1) Daily VRDNs,
(TD
Bank, N.A. LIQ), 4.000%, 6/3/2024 |
8,275,000
|
|
10,000,000
|
|
New
York City, NY Transitional Finance Authority, (Series 2023-MS0019) TOBs, (Morgan Stanley Bank, N.A. LIQ), 3.510%,
Optional
Tender 6/20/2024 |
10,000,000
|
|
5,000,000
|
|
New
York City, NY Transitional Finance Authority, (Subseries A2) Daily VRDNs, (UBS AG LIQ), 4.000%, 6/3/2024 |
5,000,000
|
|
10,840,000
|
|
New
York City, NY, (Series 2015F-6) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 4.050%, 6/3/2024 |
10,840,000
|
|
6,725,000
|
|
New
York City, NY, (Subseries B-5) Daily VRDNs, (Barclays Bank PLC LIQ), 4.000%, 6/3/2024 |
6,725,000
|
|
6,170,000
|
|
New
York City, NY, (Subseries D-4) Daily VRDNs, (TD Bank, N.A. LOC), 4.000%, 6/3/2024 |
6,170,000
|
|
12,985,000
|
|
New
York City, NY, 2015 Series F (Subseries F-5) Daily VRDNs, (Barclays Bank PLC LIQ), 4.000%, 6/3/2024 |
12,985,000
|
|
3,120,000
|
|
New
York State Dormitory Authority (Blythedale Children’s Hospital), (Series 2009) Weekly VRDNs, (TD Bank, N.A. LOC),
3.380%,
6/6/2024 |
3,120,000
|
|
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), 3.710%, 6/6/2024 |
83,795,000
|
|
4,150,000
|
|
New
York State HFA (600 West 42nd Street), (2009 Series A) Weekly VRDNs, (Federal National Mortgage Association
LOC),
3.380%, 6/5/2024 |
4,150,000
|
|
2,850,000
|
|
New
York State Thruway Authority, Tender Option Bond Certificates (Series 2022-XL0312) Weekly VRDNs, (Wells Fargo
Bank,
N.A. LIQ), 3.510%, 6/6/2024 |
2,850,000
|
|
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), 3.510%, Optional Tender 6/6/2024 |
15,000,000
|
|
23,900,000
|
|
Nuveen
New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Royal Bank of Canada LIQ),
3.410%,
6/6/2024 |
23,900,000
|
|
3,973,835
|
|
Runnemede,
NJ BANs, 4.500%, 6/20/2024 |
3,975,024
|
|
20,000,000
|
|
Troy,
NY Enlarged CSD BANs, 5.000%, 6/7/2024 |
20,003,630
|
|
5,171,000
|
|
Webutuck
(Northeast), NY Central School District BANs, 4.750%, 6/21/2024 |
5,173,586
|
|
|
|
TOTAL
|
313,633,253
|
|
|
|
North
Carolina—0.6% |
|
|
15,000,000
|
|
North
Carolina Turnpike Authority, Tender Option Bond Trust Receipts(Series 2024-XG0547) Weekly VRDNs, (Assured
Guaranty
Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.530%, 6/6/2024 |
15,000,000
|
|
8,000,000
|
|
University
of North Carolina at Chapel Hill (University of North Carolina Hospitals), (Series 2001A) Daily VRDNs, (TD Bank,
N.A.
LIQ), 4.000%, 6/3/2024 |
8,000,000
|
|
5,065,000
|
|
University
of North Carolina at Chapel Hill (University of North Carolina Hospitals), (Series 2001B) Daily VRDNs, (TD Bank,
N.A.
LIQ), 4.000%, 6/3/2024 |
5,065,000
|
|
|
|
TOTAL
|
28,065,000
|
|
|
|
Ohio—6.0%
|
|
|
6,250,000
|
|
Athens,
OH City School District BANs, 4.750%, 6/3/2024 |
6,250,311
|
|
3,600,000
|
|
Centerville,
OH BANs, 4.250%, 4/9/2025 |
3,616,601
|
|
5,450,000
|
|
Dayton-Montgomery
County, OH Port Authority (Troy Care 2015 LLC/Senior Living Troy Obligated Group),
(Series
2024-YX1330) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.460%, 6/6/2024 |
5,450,000
|
|
13,000,000
|
|
Franklin
County, OH Mortgage Revenue (Trinity Healthcare Credit Group), (Series 2013OH) TOBs, 3.700%, Mandatory
Tender
8/1/2024 |
13,000,000
|
|
34,080,000
|
|
Hamilton
County, OH (Block 3 Community Urban Redevelopment Corp.), (Series 2004) Weekly VRDNs, (Citizens Bank,
N.A.
LOC), 3.220%, 6/6/2024 |
34,080,000
|
|
17,473,000
|
|
Huber
Heights, OH BANs, 4.875%, 11/7/2024 |
17,514,867
|
|
3,475,000
|
|
Lake
County, OH, (Series B) BANs, 4.125%, 12/19/2024 |
3,482,824
|
|
4,250,000
|
|
Lakewood,
OH BANs, 4.125%, 4/15/2025 |
4,270,532
|
|
3,800,000
|
|
Lebanon,
OH BANs, 4.125%, 2/5/2025 |
3,811,827
|
|
4,285,000
|
|
Lorain
County, OH, (Series B) BANs, 4.375%, 5/1/2025 |
4,299,116
|
|
1,025,000
|
|
Lorain
County, OH, (Series B) BANs, 5.000%, 12/7/2024 |
1,029,573
|
Annual
Financial Statements and Additional Information
7
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Ohio—continued
|
|
|
$ 2,000,000
|
|
Lucas
County, OH BANs, 4.375%, 10/11/2024 |
$ 2,002,597
|
|
32,000,000
|
|
Middletown,
OH (Premier Health Partners Obligated Group), (Series BAML-3A7) Daily VRDNs, (Bank of America N.A.
LIQ)/(Bank
of America N.A. LOC), 4.210%, 6/3/2024 |
32,000,000
|
|
6,500,000
|
|
Montgomery,
OH BANs, 4.500%, 6/12/2024 |
6,501,126
|
|
7,155,000
|
|
Newark,
OH BANs, 4.625%, 9/21/2024 |
7,167,086
|
|
2,521,000
|
|
North
Canton, OH City School District BANs, 4.625%, 7/23/2024 |
2,524,827
|
|
4,438,000
|
|
North
Canton, OH City School District BANs, 4.625%, 7/23/2024 |
4,444,213
|
|
3,400,000
|
|
North
Olmsted, OH BANs, 4.750%, 6/26/2024 |
3,401,898
|
|
5,725,000
|
|
North
Ridgeville, OH CSD BANs, 4.625%, 9/19/2024 |
5,733,404
|
|
25,300,000
|
|
Ohio
State Higher Educational Facility Commission (Cleveland Clinic), (Series 2008 B-6), CP, 3.600%, Mandatory
Tender
6/3/2024 |
25,300,000
|
|
6,020,000
|
|
Ohio
State Higher Educational Facility Commission (Cleveland Clinic), (Series 2013B-2) Daily VRDNs, (Bank of New York
Mellon,
N.A. LIQ), 4.000%, 6/3/2024 |
6,020,000
|
|
5,650,000
|
|
Ohio
State Higher Educational Facility Commission (Cleveland Clinic), (Series B-5), CP, 3.580%, Mandatory
Tender
6/18/2024 |
5,650,000
|
|
30,000,000
|
|
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), 4.210%, 6/3/2024 |
30,000,000
|
|
4,285,000
|
|
Ohio
State Hospital Revenue (University Hospitals Health System, Inc. Obligated Group), (Series C-18) Weekly VRDNs,
(Royal
Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.400%, 6/6/2024 |
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), 3.660%, 6/6/2024 |
31,395,000
|
|
15,000,000
|
|
Ohio
State Water Development Authority, CP, (TD Bank, N.A. LIQ), 3.550%, Mandatory Tender 6/5/2024 |
15,000,000
|
|
4,800,000
|
|
Strongsville,
OH BANs, 4.500%, 6/7/2024 |
4,800,607
|
|
|
|
TOTAL
|
283,031,409
|
|
|
|
Oklahoma—0.1%
|
|
|
3,100,000
|
|
Oklahoma
HFA (Steele Duncan Plaza, LLC), MIZUHO 3A-7 (Series 2022-MIZ9103) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho
Bank
Ltd. LIQ), 3.710%, 6/6/2024 |
3,100,000
|
|
|
|
Oregon—0.2%
|
|
|
10,189,000
|
|
Oregon
State Department of Transportation, (Series A-1), CP, (Wells Fargo Bank, N.A. LOC), 3.630%, Mandatory
Tender
6/5/2024 |
10,189,000
|
|
|
|
Pennsylvania—1.7%
|
|
|
6,400,000
|
|
Allegheny
County, PA Hospital Development Authority (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs, (Fifth Third
Bank,
N.A. LOC), 3.600%, 6/6/2024 |
6,400,000
|
|
21,195,000
|
|
Central
Bradford Progress Authority, PA (Guthrie Clinic), BAML 3A-7 (Series 2024-BAML 5049) Daily VRDNs, (Bank of
America
N.A. LIQ)/(Bank of America N.A. LOC), 4.210%, 6/3/2024 |
21,195,000
|
|
1,890,000
|
|
Chester
County, PA HEFA (Tel Hai Obligated Group Project), (Series of 2009) Weekly VRDNs, (Manufacturers & Traders
Trust
Co., Buffalo LOC), 3.460%, 6/6/2024 |
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), 3.560%, Optional Tender 7/1/2024 |
11,995,000
|
|
12,605,000
|
|
Pennsylvania
State Turnpike Commission, Tender Option Bond Trust Receipts (Series 2022-ZL0364) Weekly VRDNs,
(JPMorgan
Chase Bank, N.A. LIQ), 3.510%, 6/6/2024 |
12,605,000
|
|
970,564
|
|
Philadelphia,
PA Authority for Industrial Development (Susquehanna Net Zero Housing, LP), Mizuho 3A-7 (2020-MIZ9051)
VRENs,
(Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.710%, 6/6/2024 |
970,564
|
|
9,505,000
|
|
Pittsburgh
& Allegheny County, PA Sports & Exhibition Authority Parking System, (Series A of 2007) Weekly VRDNs,
(Assured
Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 3.350%, 6/6/2024 |
9,505,000
|
|
14,000,000
|
|
State
Public School Building Authority, PA (Philadelphia, PA School District), Tender Option Bond Trust Certificates
(2016-XG0085)
Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ),
3.440%,
6/6/2024 |
14,000,000
|
|
|
|
TOTAL
|
78,560,564
|
|
|
|
Rhode
Island—0.3% |
|
|
14,000,000
|
|
Cranston,
RI, (Series 1) BANs, 4.250%, 8/21/2024 |
14,015,429
|
|
|
|
South
Carolina—0.7% |
|
|
16,160,000
|
|
South
Carolina Jobs-EDA (B&C Multi-County Business Park), BAML 3a-7 (Series 2024-BAML6020) Weekly VRDNs, (Bank of
America
N.A. LIQ)/(Bank of America N.A. LOC), 3.480%, 6/6/2024 |
16,160,000
|
|
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), 3.710%, 6/6/2024 |
2,000,000
|
Annual
Financial Statements and Additional Information
8
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
South
Carolina—continued |
|
|
$ 4,700,000
|
|
South
Carolina State Public Service Authority (Santee Cooper), (Series A), CP, (Barclays Bank PLC LOC), 3.580%,
Mandatory
Tender 6/5/2024 |
$ 4,700,000
|
|
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), 3.480%, 6/6/2024 |
9,000,000
|
|
|
|
TOTAL
|
31,860,000
|
|
|
|
Tennessee—7.6%
|
|
|
14,190,000
|
|
Blount
County, TN Public Building Authority (Knox County, TN), (Series C-3-A) Weekly VRDNs, (Truist Bank LIQ),
3.460%,
6/6/2024 |
14,190,000
|
|
12,600,000
|
|
Blount
County, TN Public Building Authority (Monroe County, TN), (Series E-7-A) Weekly VRDNs, (Truist Bank LOC),
3.460%,
6/5/2024 |
12,600,000
|
|
34,000,000
|
|
Johnson
City, TN Health & Education Facilities Board (Ballad Health), (Series 2022B) Weekly VRDNs, (Truist Bank LOC),
3.440%,
6/6/2024 |
34,000,000
|
|
12,000,000
|
|
Metropolitan
Government Nashville & Davidson County, TN (Metropolitan Government Nashville & Davidson County, TN
Water
& Sewer), (Series 2022A), CP, (TD Bank, N.A. LOC), 3.800%, Mandatory Tender 6/5/2024 |
12,000,000
|
|
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), 3.800%, Mandatory Tender 7/1/2024 |
50,000,000
|
|
15,000,000
|
|
Metropolitan
Government Nashville & Davidson County, TN (Metropolitan Government Nashville & Davidson County, TN
Water
& Sewer), (Series 2022A), CP, (TD Bank, N.A. LOC), 3.850%, Mandatory Tender 6/3/2024 |
15,000,000
|
|
3,920,000
|
|
Metropolitan
Government Nashville & Davidson County, TN HEFA (Ewing Heights, LP), Mizuho 3A-7
(Series
2024-MIZ9163) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
3,920,000
|
|
1,100,000
|
|
Metropolitan
Government Nashville & Davidson County, TN HEFA (Meharry Medical College), (Series 2009) Weekly
VRDNs,
(Fifth Third Bank, N.A. LOC), 3.640%, 6/7/2024 |
1,100,000
|
|
25,000,000
|
|
Metropolitan
Government Nashville & Davidson County, TN, (2014 Program), CPX, 3.800%, Mandatory Tender 6/3/2024 |
25,000,000
|
|
25,000,000
|
|
Metropolitan
Government Nashville & Davidson County, TN, (2014 Program), CPX, 3.800%, Mandatory Tender 6/3/2024 |
25,000,000
|
|
25,000,000
|
|
Metropolitan
Government Nashville & Davidson County, TN, (2014 Program), CPX, 3.900%, Mandatory Tender 7/29/2024 |
25,000,000
|
|
28,600,000
|
|
Metropolitan
Government Nashville & Davidson County, TN, (2014 Program), CPX, 3.900%, Mandatory Tender 7/29/2024 |
28,600,000
|
|
40,000,000
|
|
Metropolitan
Government Nashville & Davidson County, TN, (Series 2024), CP, 3.650%, Mandatory Tender 7/8/2024 |
40,000,000
|
|
7,000,000
|
|
Sevier
County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs, (Truist Bank LOC), 3.460%, 6/6/2024 |
7,000,000
|
|
5,000,000
|
|
Shelby
County, TN Health Education & Housing Facilities Board (Methodist Le Bonheur Healthcare), (Series 2008A) Daily
VRDNs,
(Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ), 4.250%, 6/3/2024 |
5,000,000
|
|
21,925,000
|
|
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), 4.250%, 6/3/2024 |
21,925,000
|
|
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), 4.210%, 6/3/2024 |
36,615,000
|
|
|
|
TOTAL
|
356,950,000
|
|
|
|
Texas—14.8%
|
|
|
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), 3.710%, 6/6/2024 |
5,680,000
|
|
9,000,000
|
|
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), 3.480%, 6/6/2024 |
9,000,000
|
|
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), 3.490%, 6/6/2024 |
7,205,000
|
|
58,000,000
|
|
Dallas-Fort
Worth, TX International Airport, (Series II), CPX, 4.000%, Mandatory Tender 7/2/2024 |
58,000,957
|
|
3,060,000
|
|
El
Paso, TX Housing Finance Corp., Mizuho 3A-7 (2022-MIZ9104) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ),
3.710%,
6/6/2024 |
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),
3.560%, Optional Tender 9/3/2024 |
3,800,000
|
|
22,030,000
|
|
Harris
County, TX Cultural Education Facilities Finance Corp. (Baylor College of Medicine), Barclays 3a-7 (Series 2022-006)
VRENs,
(Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.660%, 6/6/2024 |
22,030,000
|
|
20,000,000
|
|
Harris
County, TX Cultural Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Subseries 2009C-1),
CP,
4.050%, Mandatory Tender 6/3/2024 |
20,000,000
|
|
5,500,000
|
|
Harris
County, TX Cultural Education Facilities Finance Corp. (Texas Children’s Hospital), (Series 2015-3) Weekly VRDNs,
(TD
Bank, N.A. LOC), 3.350%, 6/5/2024 |
5,500,000
|
|
5,000,000
|
|
Harris
County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2020B) Daily VRDNs,
4.100%,
6/3/2024 |
5,000,000
|
|
15,000,000
|
|
Las
Varas, TX Public Facility Corp. (Roers San Antonio Apartments Owner I LP), Mizuho 3A-7 (Series 2024-MIZ9158)
VRENs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
15,000,000
|
Annual
Financial Statements and Additional Information
9
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Texas—continued
|
|
|
$ 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), 3.470%, 6/6/2024 |
$ 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), 3.710%, 6/6/2024 |
3,650,000
|
|
10,000,000
|
|
Port
Arthur Navigation District, TX IDC (TOTAL Petrochemicals & Refining USA, Inc.), (Series 2010A) Weekly VRDNs,
(TotalEnergies
SE GTD), 3.450%, 6/5/2024 |
10,000,000
|
|
7,600,000
|
|
Port
Arthur Navigation District, TX IDC (TOTAL Petrochemicals & Refining USA, Inc.), (Series 2012B) Weekly VRDNs,
(TotalEnergies
SE GTD), 3.400%, 6/5/2024 |
7,600,000
|
|
11,700,000
|
|
Port
of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002B) Daily VRDNs,
4.700%,
6/3/2024 |
11,700,000
|
|
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), 3.400%, 6/5/2024 |
41,000,000
|
|
40,000,000
|
|
San
Antonio, TX Electric & Gas System, (2012 Series A), CP, 3.500%, Mandatory Tender 10/18/2024 |
40,000,000
|
|
30,000,000
|
|
San
Antonio, TX Electric & Gas System, (2012 Series A), CP, 3.750%, Mandatory Tender 9/20/2024 |
30,000,000
|
|
72,270,000
|
|
San
Antonio, TX Electric & Gas System, (2012 Series A), CP, 3.780%, Mandatory Tender 8/1/2024 |
72,270,000
|
|
38,522,000
|
|
San
Antonio, TX Electric & Gas System, (Series B), CP, 3.950%, Mandatory Tender 9/20/2024 |
38,522,000
|
|
49,480,000
|
|
San
Antonio, TX Water System, (Subseries A-1), CP, (JPMorgan Chase Bank, N.A. LIQ), 3.800%, Mandatory
Tender
8/16/2024 |
49,480,000
|
|
10,150,000
|
|
Texas
State, Veterans Bonds (Series 2020) Weekly VRDNs, (Federal Home Loan Bank of Dallas LIQ), 3.400%, 6/5/2024 |
10,150,000
|
|
9,910,000
|
|
Texas
State, Veterans Bonds (Series 2021) Weekly VRDNs, (Federal Home Loan Bank of Dallas LIQ), 3.550%, 6/5/2024 |
9,910,000
|
|
42,670,000
|
|
Texas
State, Veterans Bonds (Series 2022) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 3.550%, 6/5/2024 |
42,670,000
|
|
23,000,000
|
|
Texas
Tech University System (The Board of Regents of), Commercial Paper Notes (Series A), CP, 3.600%, Mandatory
Tender
6/3/2024 |
23,000,000
|
|
22,060,000
|
|
Travis
County, TX Housing Finance Corp. (CVIII Chisholm Ranch LLC), BAML 3a-7 (Series BAML 2024-6019) Weekly VRDNs,
(Bank
of America N.A. LIQ)/(Bank of America N.A. LOC), 3.480%, 6/6/2024 |
22,060,000
|
|
4,855,000
|
|
Travis
County, TX Housing Finance Corp. (ML Casa V LP), (Series BAML 3A-7) Weekly VRDNs, (Bank of America N.A.
LIQ)/(Bank
of America N.A. LOC), 3.480%, 6/6/2024 |
4,855,000
|
|
11,750,000
|
|
Travis
County, TX Housing Finance Corp. (Roers Austin Apartments Owner II LP), MIZUHO 3A-7 (Series 2023-MIZ9127)
VRENs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.710%, 6/6/2024 |
11,750,000
|
|
9,000,000
|
|
University
of North Texas System, (Series B), CPX, 3.750%, Mandatory Tender 6/5/2024 |
9,000,000
|
|
13,000,000
|
|
University
of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 3.670%, Mandatory
Tender
8/7/2024 |
13,000,000
|
|
25,000,000
|
|
University
of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 3.680%, Mandatory
Tender
7/17/2024 |
25,000,000
|
|
7,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 3.480%, Mandatory Tender 10/18/2024 |
7,000,000
|
|
13,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 3.550%, Mandatory Tender 8/7/2024 |
13,000,000
|
|
13,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 3.550%, Mandatory Tender 8/7/2024 |
13,000,000
|
|
12,700,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 3.550%, Mandatory Tender 7/1/2024 |
12,700,000
|
|
13,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 3.550%, Mandatory Tender 7/1/2024 |
13,000,000
|
|
|
|
TOTAL
|
693,207,957
|
|
|
|
Virginia—1.1%
|
|
|
25,100,000
|
|
Albemarle
County, VA Economic Development Authority (Sentara Health Systems Obligation Group), (Series 2018A)
Weekly
VRDNs, (TD Bank, N.A. LIQ), 3.250%, 6/5/2024 |
25,100,000
|
|
3,500,000
|
|
Albemarle
County, VA Economic Development Authority (Sentara Health Systems Obligation Group), (Series 2018B) Daily
VRDNs,
(TD Bank, N.A. LIQ), 4.000%, 6/3/2024 |
3,500,000
|
|
7,550,000
|
|
Fairfax
County, VA EDA (Mount Vernon Ladies’ Association of the Union), (Series 2007) Weekly VRDNs, (Truist Bank LOC),
3.440%,
6/5/2024 |
7,550,000
|
|
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), 3.480%, 6/7/2024 |
1,155,000
|
|
655,000
|
|
Lynchburg,
VA Economic Development Authority (Centra Health Obligated Group), (Series 2017C) Weekly VRDNs, (Truist
Bank
LOC), 3.460%, 6/6/2024 |
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), 3.400%, 6/6/2024 |
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), 3.400%, 6/6/2024 |
6,000,000
|
Annual
Financial Statements and Additional Information
10
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Virginia—continued
|
|
|
$ 2,000,000
|
|
University
of Virginia (The Rectors and Visitors of), Solar Eclipse (Series 2017-0017) Weekly VRDNs, (U.S. Bank, N.A. LIQ),
3.390%,
6/6/2024 |
$ 2,000,000
|
|
|
|
TOTAL
|
50,960,000
|
|
|
|
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), 3.560%, Optional Tender 11/1/2024 |
3,000,000
|
|
|
|
West
Virginia—1.8% |
|
|
5,380,000
|
|
West
Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs, (Truist Bank
LOC),
3.460%, 6/6/2024 |
5,380,000
|
|
78,200,000
|
|
West
Virginia State Hospital Finance Authority (Charleston Area Medical Center, Inc.), (Series 2008A) Weekly VRDNs,
(Truist
Bank LOC), 3.480%, 6/5/2024 |
78,200,000
|
|
|
|
TOTAL
|
83,580,000
|
|
|
|
Wisconsin—0.5%
|
|
|
1,800,000
|
|
Pardeeville,
WI Area School District TRANs, 5.000%, 8/30/2024 |
1,802,128
|
|
16,322,000
|
|
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), 3.710%, 6/6/2024 |
16,322,000
|
|
3,450,000
|
|
Wilmot,
WI Union High School District TRANs, 4.500%, 10/9/2024 |
3,455,332
|
|
|
|
TOTAL
|
21,579,460
|
|
|
|
TOTAL
SHORT-TERM MUNICIPALS
(IDENTIFIED
COST $4,725,982,550) |
4,725,982,550
|
|
|
|
MUNICIPAL
BONDS—0.2% |
|
|
|
|
New
York—0.2% |
|
|
7,000,000
|
|
Byron
Bergen NY Central School District BANs, 4.100%, 6/13/2025 |
7,020,860
|
|
|
|
Ohio—0.0%
|
|
|
2,300,000
|
|
Strongsville,
OH BANs, 4.750%, 6/5/2025 |
2,317,204
|
|
|
|
TOTAL
MUNICIPAL BONDS
(IDENTIFIED
COST $9,338,064) |
9,338,064
|
|
|
|
TOTAL
INVESTMENT IN SECURITIES—101.2%
(AT
AMORTIZED COST)2
|
4,735,320,614
|
|
|
|
OTHER
ASSETS AND LIABILITIES - NET—(1.2)%3
|
(55,686,938)
|
|
|
|
TOTAL
NET ASSETS—100% |
$4,679,633,676
|
At May 31, 2024, the Fund held no securities
that are subject to the federal alternative minimum tax (AMT) (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, 2024.
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
Financial Statements and Additional Information
11
In valuing the Fund’s
assets as of May 31, 2024, 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 | |
|
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 | |
|
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 | |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
12
Financial
Highlights–Wealth
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended May 31,
| ||||
|
|
2024
|
2023
|
2022
|
2021
|
2020
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.034
|
0.021
|
0.001
|
0.001
|
0.012
|
|
Net
realized gain (loss) |
0.0002
|
(0.000)2
|
0.0002
|
0.0002
|
0.0002
|
|
TOTAL
FROM INVESTMENT OPERATIONS |
0.034
|
0.021
|
0.001
|
0.001
|
0.012
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.034)
|
(0.021)
|
(0.001)
|
(0.001)
|
(0.012)
|
|
Distributions
from net realized gain |
—
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
(0.000)2
|
|
TOTAL
DISTRIBUTIONS |
(0.034)
|
(0.021)
|
(0.001)
|
(0.001)
|
(0.012)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.49%
|
2.13%
|
0.09%
|
0.06%
|
1.19%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.21%
|
0.21%
|
0.15%
|
0.21%
|
0.21%
|
|
Net
investment income |
3.44%
|
2.13%
|
0.08%
|
0.06%
|
1.14%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.09%
|
0.15%
|
0.09%
|
0.08%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$4,041,573
|
$2,681,890
|
$2,374,257
|
$2,415,796
|
$4,131,257
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
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. |
See Notes which are an integral part of
the Financial Statements
The financial highlights of the Advisor
Shares and Service Shares are presented separately.
Annual
Financial Statements and Additional Information
13
Statement
of Assets and Liabilities
May 31, 2024
|
Assets:
|
|
|
Investment
in securities, at amortized cost and fair value |
$4,735,320,614
|
|
Cash
|
1,652,569
|
|
Income
receivable |
31,261,714
|
|
Receivable
for shares sold |
23,028,947
|
|
Total
Assets |
4,791,263,844
|
|
Liabilities:
|
|
|
Payable
for investments purchased |
98,830,145
|
|
Payable
for shares redeemed |
10,483,758
|
|
Income
distribution payable |
2,042,331
|
|
Payable
for investment adviser fee (Note 5)
|
14,728
|
|
Payable
for administrative fee (Note 5)
|
9,858
|
|
Payable
for other service fees (Notes 2 and 5)
|
14,848
|
|
Accrued
expenses (Note 5)
|
234,500
|
|
Total
Liabilities |
111,630,168
|
|
Net
assets for 4,679,179,820 shares outstanding |
$4,679,633,676
|
|
Net Assets
Consist of: |
|
|
Paid-in
capital |
$4,679,160,336
|
|
Total
distributable earnings (loss) |
473,340
|
|
Total
Net Assets |
$4,679,633,676
|
|
Net Asset
Value, Offering Price and Redemption Proceeds Per Share: |
|
|
Wealth
Shares: |
|
|
$4,041,573,464
÷ 4,041,181,119 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Advisor
Shares: |
|
|
$366,902,086
÷ 366,866,377 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Service
Shares: |
|
|
$271,158,126
÷ 271,132,324 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
14
Statement
of Operations
Year Ended May 31,
2024
|
Investment
Income: |
|
|
Interest
|
$147,005,546
|
|
Expenses:
|
|
|
Investment
adviser fee (Note 5)
|
8,053,552
|
|
Administrative
fee (Note 5)
|
3,133,366
|
|
Custodian
fees |
118,714
|
|
Transfer
agent fees |
31,823
|
|
Directors’/Trustees’
fees (Note 5)
|
17,517
|
|
Auditing
fees |
30,202
|
|
Legal
fees |
10,239
|
|
Portfolio
accounting fees |
213,515
|
|
Other
service fees (Notes 2 and 5)
|
573,161
|
|
Share
registration costs |
286,173
|
|
Printing
and postage |
35,875
|
|
Miscellaneous
(Note 5)
|
71,954
|
|
TOTAL
EXPENSES |
12,576,091
|
|
Waiver
of investment adviser fee (Note 5)
|
(3,349,388)
|
|
Net
expenses |
9,226,703
|
|
Net
investment income |
137,778,843
|
|
Net
realized gain on investments |
524,686
|
|
Change
in net assets resulting from operations |
$138,303,529
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
15
Statement
of Changes in Net Assets
|
Year
Ended May 31 |
2024
|
2023
|
|
Increase
(Decrease) in Net Assets |
|
|
|
Operations:
|
|
|
|
Net
investment income |
$137,778,843
|
$64,938,999
|
|
Net
realized gain (loss) |
524,686
|
(25,652)
|
|
CHANGE
IN NET ASSETS RESULTING FROM OPERATIONS |
138,303,529
|
64,913,347
|
|
Distributions
to Shareholders: |
|
|
|
Wealth
Shares |
(118,032,315)
|
(57,547,576)
|
|
Advisor
Shares |
(12,447,327)
|
(4,331,480)
|
|
Service
Shares |
(7,295,894)
|
(3,104,586)
|
|
CHANGE
IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS |
(137,775,536)
|
(64,983,642)
|
|
Share Transactions:
|
|
|
|
Proceeds
from sale of shares |
7,922,360,134
|
6,991,142,949
|
|
Net
asset value of shares issued to shareholders in payment of distributions declared |
111,801,551
|
46,173,858
|
|
Cost
of shares redeemed |
(6,516,885,966)
|
(6,452,292,204)
|
|
CHANGE
IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS |
1,517,275,719
|
585,024,603
|
|
Change
in net assets |
1,517,803,712
|
584,954,308
|
|
Net Assets:
|
|
|
|
Beginning
of period |
3,161,829,964
|
2,576,875,656
|
|
End
of period |
$4,679,633,676
|
$3,161,829,964
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
16
Notes to
Financial Statements
May 31, 2024
1. ORGANIZATION
Federated Hermes Money Market Obligations
Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the
“Act”), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included
herein are only those of Federated Hermes Tax-Free Obligations
Fund (the “Fund”), a diversified portfolio. The financial statements of the
other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to
the portfolio in which shares are held. Each portfolio pays its
own expenses. The Fund offers three classes of shares: Wealth Shares, Advisor Shares
and Service Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment
objective of the Fund is to provide dividend income exempt from federal regular income tax consistent with stability of principal.
Interest income from the Fund’s investments normally will not be subject to the AMT for individuals, and may be subject to state
and local taxes.
The Fund operates as
a retail money market fund. As a retail money market fund, the Fund: (1) will generally continue to use amortized
cost to value its portfolio securities and transact at a stable $1.00 net asset value (NAV); (2) has adopted policies and procedures
reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons as required for a retail
money market fund by Rule 2a-7 under the Act; and (3) may impose a discretionary liquidity fee of up to 2% of the value of the shares
redeemed, if the Fund’s Board of Trustees (the “Trustees”), or its delegate, determines such liquidity fee is in the
best interest of the Fund.
2. SIGNIFICANT
ACCOUNTING POLICIES
The following is a summary of significant
accounting policies consistently followed by the Fund in the preparation of its financial statements.
These policies are in conformity with U.S. generally accepted accounting principles (GAAP).
Investment Valuation
Securities
are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition
cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call,
demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities
will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the
fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share,
and the actual value obtained could be materially different.
Pursuant to Rule 2a-5
under the Act, the Trustees have designated Federated Investment Management Company (the “Adviser”) as the
Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser
is subject to the Trustees’ oversight and certain reporting
and other requirements intended to provide the Trustees the information needed to
oversee the Adviser’s fair value determinations.
The Adviser, acting through
its valuation committee (“Valuation Committee”), is responsible for determining the fair value of investments.
The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines
fair value of securities and oversees the comparison of amortized cost to market-based value. The Valuation Committee is also
authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of monitoring
the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party
pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods
(including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event
that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value
of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by
the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part
of the Fund’s compliance program and will review any changes
made to the procedures.
Investment Income, Gains and Losses, Expenses and Distributions
Investment
transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an
identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date.
Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount
is included in investment income. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each
class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail
of the total fund expense waiver of $3,349,388 is disclosed in Note 5.
Dividends are declared
separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally
due to differences in separate class expenses.
Other Service Fees
The
Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund’s Wealth Shares, Advisor Shares and Service
Shares to unaffiliated financial intermediaries or to Federated
Shareholder Services Company (FSSC) for providing services to shareholders
and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse
the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver
can be modified or terminated at any time.
Annual
Financial Statements and Additional Information
17
For
the year ended May 31, 2024, other service fees for the Fund were as follows:
|
|
Other
Service
Fees
Incurred |
|
Service
Shares |
$573,161
|
For the year ended May 31, 2024, the Fund’s
Wealth Shares and Advisor Shares did not incur other service fees.
Federal Taxes
It
is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 (the “Code”) and
to distribute to shareholders each year substantially all of its
income. Accordingly, no provision for federal income tax is necessary. As of and during the year
ended May 31, 2024, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if
any, related to tax liabilities as income tax expense in the Statement
of Operations. As of May 31, 2024, tax years 2021 through 2024
remain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the Commonwealth
of Massachusetts.
When-Issued and Delayed-Delivery Transactions
The
Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains
security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased
on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses
may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the
contract.
Restricted Securities
The
Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered
for public sale without first being registered, or being able
to take advantage of an exemption from registration, under the Securities Act of
1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale
without first being registered, the issuer of the restricted security
has agreed to register such securities for resale, at the issuer’s expense, either
upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be
resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria
established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund’s restricted securities
are valued at amortized cost in accordance with Rule 2a-7 under
the Act.
Other
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from
those estimated. The Fund applies investment company accounting
and reporting guidance.
3. SHARES
OF BENEFICIAL INTEREST
The following tables summarize share activity:
|
|
Year
Ended
5/31/2024
|
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 |
6,729,647
|
$6,729,647
|
5,645,313
|
$5,645,313
|
|
Shares
issued to shareholders in payment of distributions declared |
92,705
|
92,705
|
39,791
|
39,791
|
|
Shares
redeemed |
(5,463,124)
|
(5,463,124)
|
(5,377,412)
|
(5,377,412)
|
|
NET
CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS |
1,359,228
|
$1,359,228
|
307,692
|
$307,692
|
|
|
Year
Ended
5/31/2024
|
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 |
812,681
|
$812,681
|
997,358
|
$997,358
|
|
Shares
issued to shareholders in payment of distributions declared |
12,446
|
12,446
|
4,331
|
4,331
|
|
Shares
redeemed |
(754,231)
|
(754,231)
|
(747,265)
|
(747,265)
|
|
NET
CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS |
70,896
|
$70,896
|
254,424
|
$254,424
|
Annual
Financial Statements and Additional Information
18
|
|
Year
Ended
5/31/2024
|
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 |
380,033
|
$380,033
|
348,472
|
$348,472
|
|
Shares
issued to shareholders in payment of distributions declared |
6,651
|
6,651
|
2,052
|
2,052
|
|
Shares
redeemed |
(299,532)
|
(299,532)
|
(327,615)
|
(327,615)
|
|
NET
CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS |
87,152
|
$87,152
|
22,909
|
$22,909
|
|
NET
CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS |
1,517,276
|
$1,517,276
|
585,025
|
$585,025
|
4. FEDERAL
TAX INFORMATION
The tax character of distributions as reported
on the Statement of Changes in Net Assets for the years ended May 31, 2024 and 2023,
was as follows:
|
|
2024
|
2023
|
|
Tax-exempt
income |
$137,613,584
|
$64,703,500
|
|
Ordinary
income1
|
$161,952
|
$269,502
|
|
Long-term
capital gains |
$—
|
$10,640
|
|
1
|
For
tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
As of May 31, 2024, the components of distributable
earnings on a tax-basis were as follows:
|
Undistributed
tax-exempt income |
$1,114
|
|
Undistributed
ordinary income |
$343,677
|
|
Undistributed
long-term capital gains |
$128,549
|
|
TOTAL
|
$473,340
|
5. INVESTMENT
ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Adviser Fee
The
advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund’s average daily net assets.
Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or
reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund’s expense ratio, or as and
when appropriate, to maintain positive or zero net yields. For
the year ended May 31, 2024, the Adviser voluntarily waived $3,349,388 of its
fee.
Administrative Fee
Federated
Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and
services. For purposes of determining the appropriate rate breakpoint, “Investment Complex” is defined as all of the Federated
Hermes Funds subject to a fee under the Administrative Services
Agreement. The fee paid to FAS is based on the average daily net assets
of the Investment Complex as specified below:
|
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 |
Subject to the terms described in the Expense
Limitation note, FAS may voluntarily choose to waive any portion of its fee.
For the year ended May 31, 2024, the annualized
fee paid to FAS was 0.078% of average daily net assets of the Fund.
In addition, FAS may charge certain out-of-pocket
expenses to the Fund.
Other Service Fees
For
the year ended May 31, 2024, FSSC received $5,573 of the other service fees disclosed in Note 2.
Expense Limitation
Due
to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction
of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and
certain of its affiliates (which may include FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective
fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense,
extraordinary expenses and proxy-related expenses, if any) paid by the Fund’s Wealth Shares, Advisor Shares and Service
Annual
Financial Statements and Additional Information
19
Shares (after the
voluntary waivers and/or reimbursements) will not exceed 0.21%, 0.21% and 0.46% (the “Fee Limit”), respectively, up to but
not including the later of (the “Termination Date”): (a) August 1, 2025; or (b) the date of the Fund’s next effective
Prospectus. While the Adviser and its applicable affiliates currently
do not anticipate terminating or increasing these arrangements prior to the Termination Date,
these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the
Trustees.
Interfund Transactions
During
the year ended May 31, 2024, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser
(or affiliated investment advisers), common Directors/Trustees and/or common Officers. These purchase and sale transactions complied
with Rule 17a-7 under the Act and amounted to $1,453,460,000 and $1,744,760,000, respectively. Net realized gain/loss recognized
on these transactions was $0.
Directors’/Trustees’ and Miscellaneous Fees
Certain
Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate
payment, Independent Directors’/Trustees’ fees and
certain expenses related to conducting meetings of the Directors/Trustees and other
miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related
to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous
Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.
6. INTERFUND
LENDING
Pursuant to an Exemptive Order issued by
the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries
of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility
allowing the Fund to borrow from other participating affiliated funds. As of May 31, 2024, there were no outstanding loans. During
the year ended May 31, 2024, the program was not utilized.
7. INDEMNIFICATIONS
Under the Fund’s organizational documents,
its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the
performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence
or reckless disregard of their duties to the Fund). In addition,
in the normal course of business, the Fund provides certain indemnifications under
arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into
by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to
the arrangement, provided the third party’s actions are
not deemed to have breached an agreed-upon standard of care (such as willful misfeasance,
bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund’s maximum exposure under these
arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund
does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss
to be remote.
8. FEDERAL
TAX INFORMATION (UNAUDITED)
For the year ended May 31, 2024, 33.44%
of total ordinary income distributions qualified as business interest income for purposes of 163(j)
under the Code and the regulations thereunder.
Annual
Financial Statements and Additional Information
20
Report of
Independent Registered Public Accounting Firm
To the Board of Trustees of
Federated Hermes Money Market Obligations Trust and the Shareholders
of Federated Hermes Tax-Free Obligations Fund:
Opinion on the Financial Statements
We have audited the accompanying
statement of assets and liabilities of the Federated Hermes Tax-Free Obligations Fund (the
Fund), a portfolio of Federated Hermes Money Market Obligations Trust, including the portfolio of investments, as of May
31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of
the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial
highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial
highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2024, the results of
its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended,
the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted
accounting principles.
Basis for Opinion
These financial statements and
financial highlights are the responsibility of the Fund’s management. Our responsibility is to
express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting
firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance
with the standards of the PCAOB. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material
misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material
misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of
securities owned as of May 31, 2024, by correspondence with the custodian and brokers; when replies were not received
from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor
for one or more of Federated Hermes’ investment companies since 2006.
Boston, Massachusetts
July 23, 2024
July 23, 2024
Annual
Financial Statements and Additional Information
21
Evaluation
and Approval of Advisory Contract–May
2024
Federated Hermes Tax-Free Obligations
Fund (the “Fund”)
At its meetings in May 2024 (the
“May Meetings”), the Fund’s Board of Trustees (the “Board”), including those Trustees who
are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940 (the “Independent Trustees”),
reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and
Federated Investment Management Company (the “Adviser”) (the “Contract”) for an additional one-year term. The
Board’s determination to approve the continuation
of the Contract reflects the exercise of its business judgment after considering
all of the information and factors believed to be relevant and appropriate on whether to approve the continuation
of the existing arrangement. The information, factors and conclusions that formed the basis for the Board’s approval
are summarized below.
Information Received
and Review Process
At the request
of the Independent Trustees, the Fund’s Chief Compliance Officer (the “CCO”) furnished to the Board in advance
of its May Meetings an independent written evaluation of the Fund’s management fee (the “CCO Fee Evaluation Report”).
The Board considered the CCO Fee Evaluation Report, along with other information, in evaluating the reasonableness
of the Fund’s management fee and in determining to approve the continuation of the Contract.
In addition
to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered
information specifically prepared in connection with the approval of the continuation of the Contract that was presented
at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed
written responses and supporting materials prepared by the Adviser and its affiliates (collectively, “Federated Hermes”)
in response to requests posed to Federated Hermes by independent legal counsel on behalf of the Independent Trustees
encompassing a wide variety of topics, including those summarized below. The Board also considered such additional
matters as the Independent Trustees deemed reasonably necessary to evaluate the Contract, which included detailed
information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in
between regularly scheduled meetings on particular matters as the need arose.
The Board’s
consideration of the Contract included review of materials and information covering the following matters, among
others: (1) copies of the Contracts; (2) the nature, quality and extent of the advisory and other services provided to the
Fund by Federated Hermes; (3) Federated Hermes’ business and operations; (4) the Adviser’s investment philosophy, personnel
and processes; (5) the Fund’s investment objectives and strategies; (6) the Fund’s short-term and long-term performance
- in absolute terms (both on a gross basis and net of expenses) and relative to an appropriate group of peer funds
and its benchmark; (7) the Fund’s fees and expenses, including the advisory fee and the overall expense structure of the
Fund - in absolute terms and relative to an appropriate group of peer funds, with due regard for contractual or voluntary
expense limitations (if any); (8) the financial condition of Federated Hermes; (9) the Adviser’s profitability with respect
to managing the Fund; (10) distribution and sales activity for the Fund; and (11) the use and allocation of brokerage
commissions derived from trading the Fund’s portfolio securities (if any).
The Board
also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered
funds in evaluating the Contract. Using these judicial decisions as a guide, the Board considered several factors they
deemed relevant to an adviser’s fiduciary duty with respect to its receipt of compensation from a fund, including: (1)
the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance
of the fund, its benchmark and comparable funds; (2) the adviser’s cost of providing the services and the profitability
to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize “economies
of scale” as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared
with the fund and its shareholders or the family of funds; (4) any “fall-out” benefits that accrue to the adviser because
of its relationship with the fund, including research services received from brokers that execute fund trades and any
fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fees and expenses, including a comparison
of management fees paid to the adviser with those paid by similar funds managed by the same adviser or other advisers
as well as management fees charged to institutional and other advisory clients of the same adviser for what might be
viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund’s board members
perform their duties and their expertise, including whether they are fully informed about all facts the board deems
relevant to its consideration of the adviser’s services and fees. The Board considered that the Securities and Exchange
Commission (“SEC”) disclosure requirements regarding the basis for a fund board’s approval of the fund’s investment
advisory contract generally align with the factors listed above. The Board was guided by these factors in its evaluation
of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board
considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working
with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a
“Federated Hermes Fund” and, collectively, the “Federated Hermes Funds”).
Annual
Financial Statements and Additional Information
22
In
addition, the Board considered the preferences and expectations of Fund shareholders and the potential disruptions of the
Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate
or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund
based on the strength of Federated Hermes’ industry standing and reputation and with the expectation that Federated Hermes
will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that there are a range
of investment options available to the Fund’s shareholders in the marketplace, and such shareholders, having had the opportunity
to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the
Fund.
In determining
to approve the continuation of the Contract, the members of the Board reviewed and evaluated information
and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment.
While individual members of the Board may have weighed certain factors differently, the Board’s determination
to approve the continuation of the Contract was based on a comprehensive consideration of all information provided
to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized
that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors
may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees
were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations
at the May Meetings, the Independent Trustees met separately in executive session with their independent legal
counsel and without management present to review the relevant materials and consider their responsibilities under applicable
laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees
and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings.
The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds
across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.
Nature, Extent and
Quality of Services
The Board
considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources
of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the
Contract and the full range of services provided to the Fund by Federated Hermes. The Board considered the Adviser’s personnel,
investment philosophy and process, investment research capabilities and resources, trade operations capabilities,
experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities
of the portfolio management team primarily responsible for the day-to-day management of the Fund and evaluated
Federated Hermes’ ability and experience in attracting and retaining qualified personnel to service the Fund. The Board
considered the trading operations by the Advisers, including the execution of portfolio transactions and the selection of
brokers for those transactions. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance
with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise
of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its
commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser’s ability
to deliver competitive investment performance for the Fund when compared to the Fund’s Performance Peer Group (as
defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund’s investment
program.
In addition,
the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to
consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational
enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the benefits of the previous
significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened Federated Hermes’
investment management expertise and capabilities and expanded its access to analytical resources related to environmental,
social and governance (“ESG”) factors and issuer engagement on ESG matters where appropriate. The Board
considered the quality of Federated Hermes’ communications with the Board and responsiveness to Board inquiries and
requests made from time to time with respect to the Federated Hermes Funds. The Board also considered that Federated
Hermes is responsible for providing the Federated Hermes Funds’ officers.
The Board
received and evaluated information regarding Federated Hermes’ regulatory and compliance environment. The
Board considered Federated Hermes’ compliance program and compliance history and reports from the CCO about Federated
Hermes’ compliance with applicable laws and regulations, including responses to regulatory developments and any
compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes’ support of the Federated
Hermes Funds’ compliance control structure and the compliance-related resources devoted by Federated Hermes
in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated
Hermes’ commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board
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Financial Statements and Additional Information
23
considered
Federated Hermes’ approach to internal audits and risk management with respect to the Federated Hermes Funds
and its day-to-day oversight of the Federated Hermes Funds’ compliance with their investment objectives and policies
as well as with applicable laws and regulations, noting that regulatory and other developments had over time led, and
continue to lead, to an increase in the scope of Federated Hermes’ oversight in this regard.
In addition,
the Board noted Federated Hermes’ commitment to maintaining high quality systems and expending substantial
resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments
in which the Fund and its service providers operate.
The Board
considered Federated Hermes’ efforts to provide shareholders in the Federated Hermes Funds with a comprehensive
array of funds with different investment objectives, policies and strategies. The Board considered the expenses
that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in
sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted
the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to
exchange investments between the same class of shares without the incurrence of additional sales charges.
Based on
these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services
provided by the Adviser to the Fund.
Fund Investment Performance
The Board
considered the investment performance of the Fund. In evaluating the Fund’s investment performance, the Board
considered performance results in light of the Fund’s investment objective, strategies and risks. The Board considered
detailed investment reports on, and the Adviser’s analysis of, the Fund’s performance over different time periods
that were provided to the Board throughout the year and in connection with the May Meetings. These reports included,
among other items, information on the Fund’s gross and net returns, the Fund’s investment performance compared
to one or more relevant categories or groups of peer funds and the Fund’s benchmark index, performance attribution
information and commentary on the effect of market conditions. The Board considered that, in its evaluation of investment
performance at meetings throughout the year, it focused particular attention on information indicating less favorable
performance of certain Federated Hermes Funds for specific time periods and discussed with Federated Hermes the
reasons for such performance as well as any specific actions Federated Hermes had taken, or had agreed to take, to seek
to enhance Fund investment performance and the results of those actions.
The Board
also reviewed comparative information regarding the performance of other registered funds in the category of
peer funds selected by iMoneyNet, an independent fund ranking organization (the “Performance Peer Group”). The Board
noted the CCO’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the
performance of the Adviser in managing the Fund. The Board considered the CCO’s view that, in evaluating such comparisons,
in some cases there may be differences in the funds’ objectives or investment management techniques, or the costs
to implement the funds, even within the same Performance Peer Group.
The Board
also considered comparative performance data from Lipper, Inc. that was included in reports provided to the Board
throughout the year. The Board noted that differences may exist between the Performance Peer Group and Lipper peers
and that the results of these performance comparisons may vary.
The Board
considered that for the one-year period ended December 31, 2023, the Fund’s performance was above the median
of the Performance Peer Group. The Board also considered the relatively tight dispersion of performance data with respect
to the Fund and its Performance Peer Group.
Based on
these considerations, the Board concluded that it had continued confidence in the Adviser’s overall capabilities
to manage the Fund.
Fund Expenses
The Board
considered the advisory fee and overall expense structure of the Fund and the comparative fee and expense information
that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and
considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each
element of the Fund’s total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting
fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from
the overall category of peer funds selected by iMoneyNet (the “Expense Peer Group”). The Board received a description
of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also
reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet
category.
While mindful
that courts have cautioned against giving too much weight to comparative information concerning fees charged
to funds by other advisers, the use of comparisons between the Fund and its Expense Peer Group assisted the Board
in its evaluation of the Fund’s fees and expenses. The Board focused on comparisons with other registered funds more
heavily than non-registered fund products or services because such comparisons are believed to be more relevant.
Annual
Financial Statements and Additional Information
24
The Board
considered that other registered funds are the products most like the Fund, in that they are readily available to Fund
shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained
by the Fund’s shareholders. The Board noted that the range of such other registered funds’ fees and expenses, therefore,
appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund
competes.
The Board
reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position
of the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory
fee rate was above the median of the Expense Peer Group, but the Board noted the applicable waivers and reimbursements,
and that the overall expense structure of the Fund remained competitive in the context of other factors considered
by the Board.
The Board
also received and considered information about the nature and extent of services offered and fees charged by Federated
Hermes to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including
non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for
which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO’s conclusion that non-registered fund clients
are inherently different products due to the following differences, among others: (i) different types of targeted investors;
(ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and
portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent
by portfolio managers and their teams (among other personnel across various departments, including legal, compliance
and risk management) in reviewing securities pricing; (vi) different SEC mandated risk management programs with
respect to fund liquidity and use of derivatives; (vii) different administrative responsibilities; (viii) different degrees of
risk associated with management; and (ix) a variety of different costs. The Board also considered information regarding the
differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business
versus managing a discrete pool of assets as a sub-adviser to another institution’s registered fund, noting the CCO’s
view that Federated Hermes generally performs significant additional services and assumes substantially greater risks
in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered
fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients
to be determinative in judging the appropriateness of the Federated Hermes Funds’ advisory fees.
In the case
of the Fund, the Board noted that Federated Hermes does not manage any other types of clients that are comparable
to the Fund.
Based on
these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction
with other matters considered, are reasonable in light of the services provided.
Profitability
The Board
received and considered profitability information furnished by Federated Hermes. Such profitability information
included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund
basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered
the CCO’s view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties
in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and
to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter
the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences.
In addition, the Board considered the CCO’s view that the allocation methodologies used by Federated Hermes
in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract
are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the
independent consultant had previously conducted a review of the allocation methodologies and reported to the Board that,
although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable.
The Board considered the CCO’s view that the estimated profitability to the Adviser from its relationship with the
Fund was not unreasonable in relation to the services provided.
The Board
also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly-held
fund management companies, including information regarding profitability trends over time. The Board recognized
that profitability comparisons among fund management companies are difficult because of the variation in the type
of comparative information that is publicly available, and the profitability of any fund management company is affected
by numerous factors. The Board considered the CCO’s conclusion that, based on such profitability information, Federated
Hermes’ profit margins did not appear to be excessive. The Board also considered the CCO’s view that Federated
Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with
the Federated Hermes Funds.
Annual
Financial Statements and Additional Information
25
Economies
of Scale
The Board
received and considered information about the notion of possible realization of “economies of scale” as a fund
grows larger, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent
to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes
has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: portfolio
management, investment research and trading operations; shareholder services; compliance; business continuity, cybersecurity
and information security programs; internal audit and risk management functions; and technology, systems capabilities
and use of data. The Board noted that Federated Hermes’ investments in these areas are extensive and are designed
to provide enhanced or expanded services to the Federated Hermes Funds and their shareholders. The Board considered
that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole.
In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies
of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes
Fund’s assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in
the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds
and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future.
The Board also considered that Federated Hermes has been active in managing expenses of the Federated Hermes Funds
in recent years, which has resulted in benefits being realized by shareholders.
The Board
also received and considered information on adviser-paid fees (commonly referred to as “revenue sharing” payments)
that was provided to the Board throughout the year and in connection with the May Meetings. The Board considered
that Federated Hermes and the CCO believe that this information is relevant to considering whether Federated Hermes
had an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, but should not be considered
when evaluating the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory
or industry guidelines on economies of scale, which is compounded by the lack of any uniform methodology or pattern
with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain
size.
Other Benefits
The Board
considered information regarding the compensation and other ancillary (or “fall-out”) benefits that Federated Hermes
derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory
fees under the Federated Hermes Funds’ investment advisory contracts, Federated Hermes’ affiliates also receive fees
for providing other services to the Federated Hermes Funds under separate service contracts including for serving as the
Federated Hermes Funds’ administrator and distributor. In this regard, the Board considered that Federated Hermes’ affiliates
provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated
through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received
and considered information detailing the benefits, if any, that Federated Hermes may derive from its receipt of research
services from brokers who execute portfolio trades for the Federated Hermes Funds.
Conclusions
The Board
considered: (i) the CCO’s conclusion that his observations and the information accompanying the CCO Fee Evaluation
Report show that the management fee for the Fund is reasonable; and (ii) the CCO’s recommendation that the Board
approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and
no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board’s evaluation
of the Federated Hermes Funds’ advisory and sub-advisory arrangements is a continuing and ongoing process that
is informed by the information that the Board requests and receives from management throughout the course of the year
and, in this regard, the CCO noted certain items, and management has committed to reviewing certain items, for future
reporting to the Board as the Board continues its ongoing oversight of the Federated Hermes Funds.
On the basis
of the information and factors summarized above, among other information and factors deemed relevant by the
Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation
of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances
and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations
identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them
to be determinative.
Annual
Financial Statements and Additional Information
26
You could lose money
by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per
share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend
your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other
factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you
should not expect that the sponsor will provide financial support to the Fund at any time.
This information is authorized
for distribution to prospective investors only when preceded or accompanied by the Fund’s Prospectus,
which contains facts concerning its objective and policies, management fees, expenses and other information.
Federated Hermes Tax-Free Obligations Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Contact us at
FederatedHermes.com/us
or call 1-800-341-7400.
or call 1-800-341-7400.
Federated Securities Corp., Distributor
CUSIP 60934N401
39006 (7/24)
©
2024 Federated Hermes, Inc.
| Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
Federated Hermes Municipal Obligations Fund: Not Applicable.
Federated Hermes Tax-Free Obligations Fund: Not Applicable.
| Item 9. | Proxy Disclosures for Open-End Management Investment Companies. |
Federated Hermes Municipal Obligations Fund: Not Applicable.
Federated Hermes Tax-Free Obligations Fund: Not Applicable.
| Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
Federated Hermes Municipal Obligations Fund:The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
Federated Hermes Tax-Free Obligations Fund: The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. |
Federated Hermes Municipal Obligations Fund: The Fund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.
Federated Hermes Tax-Free Obligations Fund: The Fund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.
| Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
| Item 13. | Portfolio Managers of Closed-End Management Investment Companies. |
Not Applicable
| Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not Applicable
| Item 15. | Submission of Matters to a Vote of Security Holders. |
No Changes To Report
| Item 16. | Controls and Procedures. |
(a) The registrant’s Principal Executive Officer and Principal Financial Officer 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 as of a date 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 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not Applicable
| Item 18. | Recovery of Erroneously Awarded Compensation |
(a) Not Applicable
(b) Not Applicable
| Item 19. | Exhibits |
| (a)(1) | Not Applicable. |
| (a)(2) | Certifications of Principal Executive Officer and Principal Financial Officer. |
| (a)(3) | Not Applicable. |
| (a)(4) | 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/ Jeremy D. Boughton
Jeremy
D. Boughton, Principal Financial Officer
Date: July 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: July 23, 2024
By: /s/ Jeremy D. Boughton
Jeremy
D. Boughton, Principal Financial Officer
Date: July 23, 2024