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: 2026-05-31
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: John G. Carson, 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 2026 - $405,253
Fiscal year ended 2025 - $389,424
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2026 - $4,326*
Fiscal year ended 2025 - $4,326*
*Fiscal year ended 2026 & 2025- Audit consent fee for N-1A filing.
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2026 - $0
Fiscal year ended 2025 - $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 2026 - $0
Fiscal year ended 2025 - $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. The Audit Committee is required to pre-concur with independence conclusions made by the independent auditor regarding non-audit services to be provided by the independent auditor to the Funds, the Funds Board of Directors, or any entity that is controlled directly or indirectly by the Funds. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval (and pre-concurrence for non-audit services) 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/pre-concurrence 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/pre-concurrence decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval/pre-concurrence 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/pre-concurred certain tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved/pre-concurred 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/pre-concurrence 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/pre-concurrence 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/concurrence 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 2026 – 0%
Fiscal year ended 2025 - 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 2026 – 0%
Fiscal year ended 2025 – 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 2026 – 0%
Fiscal year ended 2025 – 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 2026 - $778,760
Fiscal year ended 2025 - $160,653
(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.
(i) Not Applicable
(j) Not Applicable
| Item 5. | Audit Committee of Listed Registrants |
Not Applicable
| Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Financial Statements filed under Item 7 of this form.
(b) Not Applicable
| Item 7. | Financial Statements and Financial Highlights for Open-End Management Companies |
and Additional Information
|
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
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—100.4% |
|
|
|
|
Alabama—2.9%
|
|
|
$ 5,050,000
|
|
Cooperative
District of Fort Spanish, AL, Tender Option Bond Trust Receipts (Series 2021-XF2958) Weekly VRDNs,
(Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.850%, 6/4/2026 |
$ 5,050,000
|
|
4,850,000
|
|
Cooperative
District of Fort Spanish, AL, Tender Option Bond Trust Receipts (Series 2021-XF2959) Weekly VRDNs,
(Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.850%, 6/4/2026 |
4,850,000
|
|
16,900,000
|
|
Decatur,
AL IDB (Nucor Steel Decatur LLC), (Series 2003-A) Weekly VRDNs, (Nucor Corp. GTD), 1.850%, 6/3/2026 |
16,900,000
|
|
2,000,000
|
|
Mobile,
AL IDB (Alabama Power Co.), (Series 2001-A) Daily VRDNs, 2.850%, 6/1/2026 |
2,000,000
|
|
40,000,000
|
|
UAB
St. Vincent’s Health System Authority, BAML 3a-7 (Series 2025-BAML5063), (Bank of America N.A. LIQ)/(Bank of
America
N.A. LOC), 1.770%, Optional Tender 7/9/2026 |
40,000,000
|
|
4,395,000
|
|
Walker
County, AL Economic and IDA (Alabama Power Co.), (First Series 2023) Daily VRDNs, 2.930%, 6/1/2026 |
4,395,000
|
|
68,800,000
|
|
Walker
County, AL Economic and IDA (Alabama Power Co.), (Second Series 2023) Daily VRDNs, 2.900%, 6/1/2026 |
68,800,000
|
|
5,200,000
|
|
West
Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2008) Daily VRDNs, 2.850%, 6/1/2026 |
5,200,000
|
|
35,000,000
|
|
West
Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2023) Weekly VRDNs, 2.100%, 6/4/2026 |
35,000,000
|
|
15,810,000
|
|
Wilsonville,
AL IDB (Alabama Power Co.), (Series 2008) Daily VRDNs, 2.850%, 6/1/2026 |
15,810,000
|
|
|
|
TOTAL
|
198,005,000
|
|
|
|
Alaska—0.4%
|
|
|
3,522,480
|
|
Alaska
State Housing Finance Corp. (Steel Chenana LLC), Mizuho 3a-7 (Series 2024-MIZ9201) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.800%, 6/4/2026 |
3,522,480
|
|
10,000,000
|
|
Anchorage,
AK Port Revenue (Anchorage, AK), Tender Option Bond Trust Certificates (Series 2024-XF3288) Weekly
VRDNs,
(Assured Guaranty, Inc. INS)/(Wells Fargo Bank, N.A. LIQ), 1.720%, 6/4/2026 |
10,000,000
|
|
13,640,000
|
|
Anchorage,
AK Port Revenue (Anchorage, AK), Tender Option Bond Trust Certificates (Series 2025-XF3381) Weekly
VRDNs,
(Assured Guaranty, Inc. INS)/(Wells Fargo Bank, N.A. LIQ), 1.720%, 6/4/2026 |
13,640,000
|
|
|
|
TOTAL
|
27,162,480
|
|
|
|
Arizona—1.2%
|
|
|
12,112,000
|
|
Arizona
Health Facilities Authority (CommonSpirit Health), Mizuho 3a-7 (Series 2022-MIZ9098) Weekly VRDNs, (Mizuho
Bank
Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.770%, 6/4/2026 |
12,112,000
|
|
3,400,000
|
|
Arizona
State IDA (IH Phoenix Apartments Owner I LLC), Mizuho 3a-7 (Series 2025-MIZ9219) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.800%, 6/4/2026 |
3,400,000
|
|
3,420,000
|
|
Arizona
State IDA (IH Phoenix Apartments Owner II LLC), Mizuho 3a-7 (Series 2025-MIZ9216) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.800%, 6/4/2026 |
3,420,000
|
|
3,015,000
|
|
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), 1.850%, 6/4/2026 |
3,015,000
|
|
5,292,022
|
|
Arizona
State IDA (Roers Casa Grande Apartments Owner LLC), Mizuho 3a-7 (Series 2024-MIZ9187) VRENs, (Mizuho Bank
Ltd.
GTD)/(Mizuho Bank Ltd. LIQ), 1.800%, 6/4/2026 |
5,292,022
|
|
7,480,000
|
|
Arizona
State IDA (Roers Flagstaff Apartment Owner LLC), Mizuho 3a-7 (Series 2024-MIZ9194) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.800%, 6/4/2026 |
7,480,000
|
|
7,564,445
|
|
Arizona
State IDA (Roers Maricopa Apartments Owner LLC), (Series 2024-MIZ9176) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.800%, 6/4/2026 |
7,564,445
|
|
4,439,463
|
|
Arizona
State IDA (Roers Maricopa Apartments Owner LLC), Mizuho 3a-7 (Series 2023-MIZ9155) VRENs, (Mizuho Bank
Ltd.
LIQ)/(Mizuho Bank Ltd. LOC), 1.800%, 6/4/2026 |
4,439,463
|
|
2,535,000
|
|
Arizona
State IDA (The Villas on Shelby, LLC), Mizuho 3a-7 (Series 2025-MIZ9211) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.800%, 6/4/2026 |
2,535,000
|
|
21,850,000
|
|
Arizona
State IDA (Vaseo Apartments LP), Mizuho 3a-7 (Series 2023-MIZ9118) Weekly VRDNs, (FHLMC GTD)/(Mizuho
Bank
Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.670%, 6/4/2026 |
21,850,000
|
|
6,750,000
|
|
Pinal
County, AZ IDA (Milky Way Dairy LLC), (Series 2002) Weekly VRDNs, (BMO Bank, N.A. LOC), 1.710%, 6/4/2026 |
6,750,000
|
|
|
|
TOTAL
|
77,857,930
|
|
|
|
Arkansas—0.1%
|
|
|
700,000
|
|
Blytheville,
AR (Nucor Corp.), (Series 1998) Weekly VRDNs, 1.850%, 6/3/2026 |
700,000
|
|
3,550,000
|
|
Blytheville,
AR (Nucor Corp.), (Series 2002) Weekly VRDNs, 1.800%, 6/3/2026 |
3,550,000
|
|
|
|
TOTAL
|
4,250,000
|
|
|
|
California—9.1%
|
|
|
17,000,000
|
|
California
Health Facilities Financing Authority (CommonSpirit Health), Golden Blue (Series 2017-004) VRENs, (Barclays
Bank
PLC LIQ)/(Barclays Bank PLC LOC), 1.770%, 6/4/2026 |
17,000,000
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
California—continued
|
|
|
$ 797,000
|
|
California
Health Facilities Financing Authority (CommonSpirit Health), Mizuho 3a-7 (Series 2022-MIZ9099) Weekly
VRDNs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.770%, 6/4/2026 |
$ 797,000
|
|
10,000,000
|
|
California
HFA (Monarch Hillside Apartments LP), Mizuho 3a-7 (Series 2025-MIZ9231) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.750%, 6/4/2026 |
10,000,000
|
|
20,000,000
|
|
California
HFA (Residency at Empire I LP), Tender Option Bond Trust Receipts (Series 2023-XF3077) Weekly VRDNs,
(Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.850%, 6/4/2026 |
20,000,000
|
|
2,805,000
|
|
California
HFA, Tender Option Bond Trust Certificates (Series 2022-XF3059) Weekly VRDNs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.850%, 6/4/2026 |
2,805,000
|
|
15,920,000
|
|
California
HFA, Tender Option Bond Trust Certificates (Series 2023-XF3087) Weekly VRDNs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.850%, 6/4/2026 |
15,920,000
|
|
11,065,000
|
|
California
Municipal Finance Authority (Harbor Park Apartments Phase 2, LP), Mizuho 3a-7 (Series 2025-MIZ9209) VRENs,
(Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.750%, 6/4/2026 |
11,065,000
|
|
30,000,000
|
|
California
Statewide Communities Development Authority (Essex Fountain Park Apartments, LP), Mizuho 3a-7
(Series
2025-MIZ9233) VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 1.850%, 6/4/2026 |
30,000,000
|
|
24,420,000
|
|
California
Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 2.350%, Mandatory
Tender
7/9/2026 |
24,420,000
|
|
10,640,000
|
|
California
Statewide Communities Development Authority (Kensington Apartments LP), Mizuho 3a-7
(Series
2022-MIZ9113) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.750%, 6/4/2026 |
10,640,000
|
|
19,899,400
|
|
California
Statewide Communities Development Authority (Lexington Green Community Partners II, LP), Mizuho 3a-7
(Series
2024-MIZ9184) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.750%, 6/4/2026 |
19,899,400
|
|
10,000,000
|
|
California
Statewide Communities Development Authority (Northwest Gateway Apartments LP), (Series 2025-MIZ9232)
VRENs,
(Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 1.850%, 6/4/2026 |
10,000,000
|
|
11,990,000
|
|
California
Statewide Communities Development Authority (TRG - Copeland Creek LP), Mizuho 3a-7
(Series
2023-MIZ9135) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.750%, 6/4/2026 |
11,990,000
|
|
38,540,000
|
|
California
Statewide Communities Development Authority (Uptown Housing Partners LLC), BAML 3a-7
(Series
2024-BAML6023) Daily VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 2.950%, 6/1/2026 |
38,540,000
|
|
17,955,000
|
|
California
Statewide Communities Development Authority (Uptown Housing Partners LLC), BAML 3a-7
(Series
2024-BAML6024) Daily VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 2.950%, 6/1/2026 |
17,955,000
|
|
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), 1.750%, 6/4/2026 |
5,500,000
|
|
32,000,000
|
|
Los
Angeles, CA Community Redevelopment Agency (DWF V Hollywood & Vine, LP), Mizuho 3a-7 (Series 2025-MIZ9237)
VRENs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.800%, 6/4/2026 |
32,000,000
|
|
43,285,000
|
|
Los
Angeles, CA Community Redevelopment Agency (DWF V Wilshire Vermont, LP), Mizuho 3a-7 (Series 2024-MIZ9189)
VRENs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.870%, 6/4/2026 |
43,285,000
|
|
18,000,000
|
|
Los
Angeles, CA MFH Revenue Bonds (Grand Avenue M Urban Housing LLC), Mizuho 3a-7 (Series 2025-9221) VRENs,
(Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.750%, 6/4/2026 |
18,000,000
|
|
75,000,000
|
|
Nuveen
California Quality Municipal Income Fund, RIB Floater Trust (Series 2022-FR-RI-005) (Series 2 Preferred Shares)
VRENs,
(Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.920%, 6/4/2026 |
75,000,000
|
|
22,500,000
|
|
River
Islands, CA Public Financing Authority-Community Facilities District No. 2015-1, Mizuho 3a-7 (Series 2024-MIZ9188)
VRENs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.750%, 6/4/2026 |
22,500,000
|
|
20,000,000
|
|
San
Diego, CA Housing Authority (Scripps Mesa Apartments), Mizuho 3a-7 (Series 2024-MIZ9198) VRENs, (Mizuho Bank
Ltd.
GTD)/(Mizuho Bank Ltd. LIQ), 1.750%, 6/4/2026 |
20,000,000
|
|
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), 1.750%, 6/4/2026 |
98,455,000
|
|
9,190,658
|
|
San
Francisco, CA City and County (1601 Mariposa Apartments), Mizuho 3a-7 (Series 2022-MIZ9095) VRENs, (Mizuho
Bank
Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.750%, 6/4/2026 |
9,190,658
|
|
42,779,000
|
|
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), 1.750%, 6/4/2026 |
42,779,000
|
|
4,440,000
|
|
San
Jose, CA Redevelopment Successor Agency (101 San Fernando Apartments), Mizuho 3a-7 (Series 2025-MIZ9222)
VRENs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.850%, 6/4/2026 |
4,440,000
|
|
|
|
TOTAL
|
612,181,058
|
|
|
|
Colorado—0.6%
|
|
|
4,615,000
|
|
Colorado
HFA (Acme Manufacturing Co., Inc.), (Series 2016A) Weekly VRDNs, (UMB Bank, N.A. LOC), 2.050%, 6/4/2026 |
4,615,000
|
|
840,000
|
|
Colorado
HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC),
1.870%,
6/4/2026 |
840,000
|
|
700,000
|
|
Colorado
HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs, (UMB Bank, N.A. LOC), 2.090%, 6/4/2026 |
700,000
|
|
4,370,000
|
|
Colorado
HFA (Steele Glennpark LIHTC LLC), Mizuho 3a-7 (Series 2024-MIZ9193) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.800%, 6/4/2026 |
4,370,000
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Colorado—continued
|
|
|
$ 1,000,000
|
|
Denver,
CO City & County Department of Aviation, Airport System Subordinate Revenue Bonds (Series 2018A),
5.000%,
12/1/2026 |
$ 1,010,046
|
|
22,490,000
|
|
Denver,
CO City & County Department of Aviation, Tender Option Bond Trust Receipts (Series 2018- XM0715) Weekly
VRDNs,
(Morgan Stanley Bank, N.A. LIQ), 1.870%, 6/4/2026 |
22,490,000
|
|
6,125,000
|
|
Denver,
CO City and County Board of Water Commissioners, (Series 2023A), CP, (Bank of America N.A. LIQ), 2.400%,
Mandatory
Tender 6/23/2026 |
6,125,000
|
|
|
|
TOTAL
|
40,150,046
|
|
|
|
Connecticut—0.1%
|
|
|
4,000,000
|
|
Norfolk,
CT BANs, 3.500%, 9/2/2026 |
4,007,481
|
|
|
|
Delaware—0.9%
|
|
|
63,800,000
|
|
Invesco
Advantage Municipal Income Trust II, Tender Option Bond Trust Receipts (Series 2026-BAP0002) Weekly VRDNs,
(Bank
of America N.A. GTD)/(Bank of America N.A. LIQ), 1.870%, 6/4/2026 |
63,800,000
|
|
|
|
District
of Columbia—0.4% |
|
|
12,100,000
|
|
District
of Columbia Revenue (MedStar Health, Inc.), Tranche 1 (Series A) Daily VRDNs, (TD Bank, N.A. LOC),
2.850%,
6/1/2026 |
12,100,000
|
|
2,500,000
|
|
Metropolitan
Washington, DC Airports Authority, (Series 2022A), 5.000%, 10/1/2026 |
2,519,821
|
|
9,290,000
|
|
Metropolitan
Washington, DC Airports Authority, MS 3a-7 (Series 2025-MS0052), (Morgan Stanley Bank, N.A. LIQ),
1.730%,
Optional Tender 8/6/2026 |
9,290,000
|
|
|
|
TOTAL
|
23,909,821
|
|
|
|
Florida—5.8%
|
|
|
1,800,000
|
|
Broward
County, FL (Florida Power & Light Co.), (Series 2015) Weekly VRDNs, 1.640%, 6/3/2026 |
1,800,000
|
|
5,500,000
|
|
Broward
County, FL (Florida Power & Light Co.), (Series 2018B) Weekly VRDNs, 1.700%, 6/3/2026 |
5,500,000
|
|
20,405,000
|
|
Florida
Development Finance Corp. (Baptist Health System, Inc.), (Series BAML5066), (Bank of America N.A. LIQ)/(Bank
of
America N.A. LOC), 1.720%, Optional Tender 6/18/2026 |
20,405,000
|
|
7,000,000
|
|
Florida
HFA (Culmer Apartments LTD), (2023 Series C), (United States Treasury GTD), 3.080%, Mandatory
Tender
6/1/2026 |
7,000,000
|
|
1,730,000
|
|
Greater
Orlando, FL Aviation Authority, Airport Facilities Revenue Bonds (Series 2024), 5.000%, 10/1/2026 |
1,743,894
|
|
13,020,000
|
|
Hillsborough
County, FL IDA (Baycare Health System, Inc.), (Series 2020D) Daily VRDNs, (TD Bank, N.A. LOC),
2.850%,
6/1/2026 |
13,020,000
|
|
6,105,000
|
|
Lee
County, FL Port Authority, Tender Option Bond Trust Certificates (Series 2024-XF3252) Weekly VRDNs, (Assured
Guaranty
Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.820%, 6/4/2026 |
6,105,000
|
|
12,100,000
|
|
Liberty
County, FL (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 1.650%, 6/4/2026 |
12,100,000
|
|
11,830,000
|
|
Miami-Dade
County, FL (County of Miami-Dade Seaport Department), Tender Option Bond Trust Certificates
(2022-XF2988)
Weekly VRDNs, (Assured Guaranty, Inc. INS)/(Barclays Bank PLC LIQ), 1.710%, 6/4/2026 |
11,830,000
|
|
111,450,000
|
|
Miami-Dade
County, FL Aviation Department, Morgan Stanley 3a-7 (Series 2025-CF7044) Weekly VRDNs, (Assured
Guaranty,
Inc. INS)/(Berkshire Hathaway Assurance Corp. INS)/(Citibank, N.A. LIQ), 1.720%, 6/4/2026 |
111,450,000
|
|
8,000,000
|
|
Miami-Dade
County, FL Aviation Department, Tender Option Bond Trust Certificates (Series 2026-XG0640) Weekly
VRDNs,
(Barclays Bank PLC LIQ), 1.690%, 6/4/2026 |
8,000,000
|
|
7,500,000
|
|
Miami-Dade
County, FL Aviation Department, Tender Option Bond Trust Receipts (Series 2023-XF1609) Weekly VRDNs,
(JPMorgan
Chase Bank, N.A. LIQ), 1.670%, 6/4/2026 |
7,500,000
|
|
12,880,000
|
|
Miami-Dade
County, FL Aviation Department, Tender Option Bond Trust Receipts (Series 2024-XM1186) Daily VRDNs,
(JPMorgan
Chase Bank, N.A. LIQ), 3.070%, 6/1/2026 |
12,880,000
|
|
8,000,000
|
|
Miami-Dade
County, FL Aviation Department, Tender Option Bond Trust Receipts (Series 2025-XM1240) Daily VRDNs,
(JPMorgan
Chase Bank, N.A. LIQ), 3.070%, 6/1/2026 |
8,000,000
|
|
5,564,783
|
|
Miami-Dade
County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 (2021-MIZ9072) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho
Bank
Ltd. LIQ), 1.800%, 6/4/2026 |
5,564,783
|
|
8,110,000
|
|
Miami-Dade
County, FL HFA (Perrine Village II), Tender Option Bond Trust Receipts (Series 2026-XG0642) Daily VRDNs,
(Barclays
Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.050%, 6/1/2026 |
8,110,000
|
|
4,360,000
|
|
Miami-Dade
County, FL HFA (Southpointe Vista II MFH Authority), Tender Option Bond Trust Certificates
(Series
2026-XG0636) Daily VRDNs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.050%, 6/1/2026 |
4,360,000
|
|
7,055,000
|
|
Miami-Dade
County, FL HFA (Superior Manor Phase II LLC), Mizuho 3a-7 (2022-MIZ9087) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.800%, 6/4/2026 |
7,055,000
|
|
29,000,000
|
|
Miami-Dade
County, FL IDA (Florida Power & Light Co.), (Series 2024A) Weekly VRDNs, 1.700%, 6/4/2026 |
29,000,000
|
|
32,500,000
|
|
Miami-Dade
County, FL IDA (Florida Power & Light Co.), (Series 2024B) Weekly VRDNs, 1.650%, 6/4/2026 |
32,500,000
|
|
4,990,000
|
|
Orange
County, FL, Health Facilities Authority (Orlando Health, Inc.), Barclays 3a-7 (Series 2022-FR RI-026) VRENs,
(Barclays
Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.820%, 6/4/2026 |
4,990,000
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Florida—continued
|
|
|
$ 63,765,000
|
|
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), 1.920%, 6/4/2026 |
$ 63,765,000
|
|
5,300,000
|
|
Sumter
County, FL IDA (American Cement Co. LLC), (Series 2007) Weekly VRDNs, (Bank of America N.A. LOC),
1.800%,
6/4/2026 |
5,300,000
|
|
|
|
TOTAL
|
387,978,677
|
|
|
|
Georgia—2.8%
|
|
|
605,000
|
|
Appling
County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 2.950%, 6/1/2026 |
605,000
|
|
12,700,000
|
|
Atlanta,
GA (Atlanta, GA Department of Aviation), (Series Q-2), CP, (Truist Bank LOC), 2.500%, Mandatory
Tender
6/2/2026 |
12,700,000
|
|
1,090,000
|
|
Atlanta,
GA Department of Aviation, Airport General Revenue Bonds (Series 2022B), 5.000%, 7/1/2026 |
1,092,135
|
|
7,845,000
|
|
Atlanta,
GA Department of Aviation, Airport General Revenue Refunding Bonds (Series 2020B), 5.000%, 7/1/2026 |
7,860,368
|
|
1,750,000
|
|
Atlanta,
GA Department of Aviation, Airport General Revenue Refunding Bonds (Series 2021C), 5.000%, 7/1/2026 |
1,753,428
|
|
2,250,000
|
|
Atlanta,
GA Department of Aviation, Airport General Revenue Refunding Bonds (Series 2023G), 5.000%, 7/1/2026 |
2,254,408
|
|
5,750,000
|
|
Atlanta,
GA Department of Aviation, Airport Passenger Facility Charge and Subordinate Lien General Revenue Bonds
(Series
2022D), 5.000%, 7/1/2026 |
5,761,264
|
|
9,250,000
|
|
Atlanta,
GA Urban Residential Finance Authority (Columbia at Sylvan Hills Apartments), (Series 2006) Weekly VRDNs,
(FNMA
LOC), 1.700%, 6/4/2026 |
9,250,000
|
|
11,005,000
|
|
Bartow
County, GA Development Authority (Georgia Power Co.), (First Series 2022) Daily VRDNs, 2.930%, 6/1/2026 |
11,005,000
|
|
35,595,000
|
|
Bartow
County, GA Development Authority (Georgia Power Co.), (Second Series 2022) Daily VRDNs, 2.930%, 6/1/2026 |
35,595,000
|
|
19,500,000
|
|
Burke
County, GA Development Authority (Georgia Power Co.), (Third Series 2012) Daily VRDNs, 2.930%, 6/1/2026 |
19,500,000
|
|
10,000,000
|
|
Columbus,
GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs, (FHMC LOC),
1.700%,
6/4/2026 |
10,000,000
|
|
180,000
|
|
Fitzgerald
& Ben Hill County, GA Development Authority (Agri-Products, Inc.), (Series 2007) Weekly VRDNs, (U.S. Bank,
N.A.
LOC), 1.780%, 6/4/2026 |
180,000
|
|
15,300,000
|
|
Heard
County, GA Development Authority (Georgia Power Co.), (First Series 1997) Daily VRDNs, 2.900%, 6/1/2026 |
15,300,000
|
|
8,200,000
|
|
Metropolitan
Atlanta Rapid Transit Authority, GA, Subordinate Sales Tax (Series 2021B), CP, 2.400%, Mandatory
Tender
7/7/2026 |
8,200,000
|
|
1,900,000
|
|
Monroe
County, GA Development Authority (Florida Power & Light Co.), (Series 2017) Weekly VRDNs, 1.790%, 6/4/2026 |
1,900,000
|
|
17,940,000
|
|
Monroe
County, GA Development Authority (Florida Power & Light Co.), (Series 2019) Weekly VRDNs, 1.700%, 6/4/2026 |
17,940,000
|
|
25,000,000
|
|
Monroe
County, GA Development Authority (Florida Power & Light Co.), (Series 2019) Weekly VRDNs, 1.790%, 6/4/2026 |
25,000,000
|
|
765,000
|
|
Savannah,
GA EDA (Consolidated Utilities, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 1.820%, 6/4/2026 |
765,000
|
|
420,000
|
|
Wayne
County, GA, IDA (Sierra International Machinery LLC), (Series 2011) Weekly VRDNs, (Truist Bank LOC),
1.820%,
6/4/2026 |
420,000
|
|
|
|
TOTAL
|
187,081,603
|
|
|
|
Idaho—0.2%
|
|
|
10,975,000
|
|
Idaho
Health Facilities Authority (St. Luke’s Health System), (Series 2025D) Daily VRDNs, (TD Bank, N.A. LOC),
2.800%,
6/1/2026 |
10,975,000
|
|
|
|
Illinois—3.6%
|
|
|
7,500,000
|
|
Chicago,
IL (Chicago, IL O’Hare International Airport), Tender Option Bond Trust Certificates (Series 2025-XF3349)
Weekly
VRDNs, (Barclays Bank PLC LIQ), 1.710%, 6/4/2026 |
7,500,000
|
|
7,875,000
|
|
Chicago,
IL (Chicago, IL O’Hare International Airport), Tender Option Bond Trust Certificates 2025-XL0622 Weekly
VRDNs,
(Barclays Bank PLC LIQ), 1.710%, 6/4/2026 |
7,875,000
|
|
1,000,000
|
|
Chicago,
IL O’Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2024D),
5.000%,
1/1/2027 |
1,012,535
|
|
28,420,000
|
|
Chicago,
IL O’Hare International Airport, Tender Option Bond Trust Certificates (Series 2022-XM1078) Weekly VRDNs,
(Assured
Guaranty, Inc. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.720%, 6/4/2026 |
28,420,000
|
|
12,000,000
|
|
Chicago,
IL O’Hare International Airport, Tender Option Bond Trust Certificates (Series 2025 XX1446) Weekly VRDNs,
(Barclays
Bank PLC LIQ)/(Build America Mutual Assurance INS), 1.690%, 6/4/2026 |
12,000,000
|
|
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), 1.740%, 6/4/2026 |
8,000,000
|
|
9,600,000
|
|
Chicago,
IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2022-XF1424) Weekly VRDNs,
(Assured
Guaranty, Inc. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.720%, 6/4/2026 |
9,600,000
|
|
24,000,000
|
|
Chicago,
IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2022-XM1038) Weekly VRDNs,
(Assured
Guaranty, Inc. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.720%, 6/4/2026 |
24,000,000
|
|
7,425,000
|
|
Chicago,
IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2023-XF1457) Daily VRDNs,
(JPMorgan
Chase Bank, N.A. LIQ), 3.150%, 6/1/2026 |
7,425,000
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Illinois—continued
|
|
|
$ 38,275,000
|
|
Chicago,
IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2025-XF8116) Daily VRDNs,
(JPMorgan
Chase Bank, N.A. LIQ), 3.150%, 6/1/2026 |
$ 38,275,000
|
|
8,390,000
|
|
Illinois
Finance Authority (Plymouth Place, Inc.), Golden Blue (Series 2025-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays
Bank
PLC LOC), 1.870%, 6/4/2026 |
8,390,000
|
|
9,820,000
|
|
Illinois
Finance Authority (University of Chicago Medical Center Obligated Group), (Series 2009D-1) Daily VRDNs, (TD
Bank,
N.A. LOC), 2.800%, 6/1/2026 |
9,820,000
|
|
7,000,000
|
|
Illinois
Finance Authority (University of Chicago Medical Center Obligated Group), Mizuho 3a-7 (Series 2024-MIZ9167)
Daily
VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.000%, 6/1/2026 |
7,000,000
|
|
61,210,000
|
|
Illinois
Housing Development Authority (900 West Randolph), Mizuho 3a-7 (Series 2025-MIZ9224) VRENs, (Mizuho Bank
Ltd.
GTD)/(Mizuho Bank Ltd. LIQ), 1.800%, 6/4/2026 |
61,210,000
|
|
3,400,000
|
|
Illinois
State, (Series B), 5.000%, 4/1/2027 |
3,462,104
|
|
1,000,000
|
|
Illinois
State, (Series D), 3.250%, 11/1/2026 |
1,002,037
|
|
8,000,000
|
|
Illinois
State, UT GO Bonds (Series 2026C), 5.000%, 4/1/2027 |
8,146,127
|
|
|
|
TOTAL
|
243,137,803
|
|
|
|
Indiana—1.1%
|
|
|
14,800,000
|
|
Indiana
Development Finance Authority (Duke Energy Indiana, LLC), (Series 2003B) Weekly VRDNs, 1.750%, 6/3/2026 |
14,800,000
|
|
8,750,000
|
|
Rush
County, IN (Hulsbosch Farms LLC), (Series 2025) Weekly VRDNs, (BMO Bank, N.A. LOC), 1.780%, 6/4/2026 |
8,750,000
|
|
49,285,000
|
|
Whiting,
IN Environmental Facilities (BP Products North America, Inc.), (Series 2019A), (BP PLC GTD), 5.000%, Mandatory
Tender
6/5/2026 |
49,296,517
|
|
|
|
TOTAL
|
72,846,517
|
|
|
|
Iowa—0.2%
|
|
|
5,300,000
|
|
Iowa
Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly VRDNs, (AgriBank FCB LOC), 1.780%, 6/4/2026 |
5,300,000
|
|
11,645,000
|
|
Iowa
Finance Authority (UnityPoint Health), Barclays 3a-7 (Series 2024-FR-RI-003) VRENs, (Barclays Bank PLC
LIQ)/(Barclays
Bank PLC LOC), 1.820%, 6/4/2026 |
11,645,000
|
|
|
|
TOTAL
|
16,945,000
|
|
|
|
Kansas—1.1%
|
|
|
10,000,000
|
|
Burlington,
KS (Evergy Metro, Inc.), (Series 2007A) Weekly VRDNs, 1.720%, 6/3/2026 |
10,000,000
|
|
21,000,000
|
|
Burlington,
KS (Evergy Metro, Inc.), (Series 2007B) Weekly VRDNs, 1.720%, 6/3/2026 |
21,000,000
|
|
9,850,000
|
|
Hamilton
County, KS (R.C. Geven Farms, LLC), (Series 2024A) Weekly VRDNs, (CoBank, ACB LOC), 1.780%, 6/4/2026 |
9,850,000
|
|
8,030,000
|
|
Kansas
State Development Finance Authority (OPG Canterbury Partners LLC), Mizuho 3a-7 (Series 2024-MIZ9173) VRENs,
(Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.800%, 6/4/2026 |
8,030,000
|
|
12,000,000
|
|
Meade
County, KS (High Plains Ponderosa Dairy LLC), (Series 2023) Weekly VRDNs, (AgriBank FCB LOC),
1.780%,
6/4/2026 |
12,000,000
|
|
12,500,000
|
|
Pawnee
County, KS (ILS Feeders) Weekly VRDNs, (CoBank, ACB LOC), 1.780%, 6/4/2026 |
12,500,000
|
|
3,174,976
|
|
Wichita,
KS (Steele Shadybrook Estates LLC), Mizuho 3a-7 (Series 2024-MIZ9159) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.800%, 6/4/2026 |
3,174,976
|
|
|
|
TOTAL
|
76,554,976
|
|
|
|
Kentucky—3.8%
|
|
|
14,400,000
|
|
Bowling
Green, KY (WKU Student Life Foundation, Inc.), Morgan Stanley 3a-7 (Series 2026-MS0090), (Morgan Stanley
Bank,
N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 1.750%, Optional Tender 7/9/2026 |
14,400,000
|
|
4,500,000
|
|
Fayette
County, KY School District, Morgan Stanley 3a-7 (Series 2025-MS0055), (Build America Mutual Assurance
INS)/(Morgan
Stanley Bank, N.A. LIQ), 1.740%, Optional Tender 7/9/2026 |
4,500,000
|
|
9,255,000
|
|
Kentucky
Economic Development Finance Authority (Madonna Manor, Inc.), BAML 3a-7 (Series 2023-BAML 5038), (Bank
of
America N.A. LIQ)/(Bank of America N.A. LOC), 1.820%, Optional Tender 7/9/2026 |
9,255,000
|
|
30,600,000
|
|
Louisville
& Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), (2007 Series A) Weekly
VRDNs,
1.680%, 6/5/2026 |
30,600,000
|
|
15,000,000
|
|
Louisville
& Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), (2007 Series B) Weekly
VRDNs,
1.500%, 6/5/2026 |
15,000,000
|
|
19,710,000
|
|
Louisville
& Jefferson County, KY Metropolitan Government (Norton Healthcare, Inc.), (Series 2023D) Daily VRDNs, (Truist
Bank
LOC), 2.900%, 6/1/2026 |
19,710,000
|
|
10,000,000
|
|
Louisville
& Jefferson County, KY Regional Airport Authority (UPS Worldwide Forwarding, Inc.), (1999 Series A) Daily
VRDNs,
(United Parcel Service, Inc. GTD), 2.900%, 6/1/2026 |
10,000,000
|
|
30,100,000
|
|
Louisville
& Jefferson County, KY Regional Airport Authority (UPS Worldwide Forwarding, Inc.), (1999 Series B) Daily
VRDNs,
(United Parcel Service, Inc. GTD), 2.900%, 6/1/2026 |
30,100,000
|
|
42,500,000
|
|
Louisville
& Jefferson County, KY Regional Airport Authority (UPS Worldwide Forwarding, Inc.), Revenue Bonds (Series C)
Daily
VRDNs, (United Parcel Service, Inc. GTD), 2.900%, 6/1/2026 |
42,500,000
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Kentucky—continued
|
|
|
$ 7,600,000
|
|
Meade
County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2020A-1) Daily VRDNs, 3.200%, 6/1/2026 |
$ 7,600,000
|
|
13,550,000
|
|
Meade
County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021A-1) Daily VRDNs, 3.200%, 6/1/2026 |
13,550,000
|
|
60,295,000
|
|
Meade
County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021B-1) Daily VRDNs, 3.150%, 6/1/2026 |
60,295,000
|
|
|
|
TOTAL
|
257,510,000
|
|
|
|
Louisiana—1.9%
|
|
|
1,200,000
|
|
Baton
Rouge, LA Industrial Development Board (Exxon Mobil Corp.), (Series 2010A) Daily VRDNs, (Exxon Mobil Corp.
GTD),
2.850%, 6/1/2026 |
1,200,000
|
|
10,889,000
|
|
Calcasieu
Parish, LA Public Trust Authority (WPT Corp.), (Series 1997) Weekly VRDNs, (Bank of America N.A. LOC),
1.550%,
6/3/2026 |
10,889,000
|
|
13,935,000
|
|
East
Baton Rouge Parish, LA IDB (Georgia-Pacific LLC), Sold Waste Disposal Revenue Bonds (Series 2004) Weekly VRDNs,
1.750%,
6/3/2026 |
13,935,000
|
|
10,000,000
|
|
Louisiana
Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2008A) Daily VRDNs, 2.950%, 6/1/2026 |
10,000,000
|
|
25,000,000
|
|
Louisiana
Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2009A) Weekly VRDNs, 1.640%, 6/3/2026 |
25,000,000
|
|
11,795,000
|
|
Louisiana
State Gas & Fuels Second Lien, (2025 Series C) Daily VRDNs, (TD Bank, N.A. LOC), 2.800%, 6/1/2026 |
11,795,000
|
|
590,000
|
|
Louisiana
State Gas & Fuels Second Lien, (Series 2023 A-1) Daily VRDNs, (TD Bank, N.A. LOC), 2.800%, 6/1/2026 |
590,000
|
|
5,447,111
|
|
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), 1.800%, 6/4/2026 |
5,447,111
|
|
5,670,000
|
|
St.
James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (Nucor Corp. GTD), 1.820%, 6/3/2026 |
5,670,000
|
|
42,575,000
|
|
St.
James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 1.750%, 6/3/2026 |
42,575,000
|
|
|
|
TOTAL
|
127,101,111
|
|
|
|
Maryland—1.7%
|
|
|
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), 1.920%, 6/4/2026 |
7,065,000
|
|
10,850,000
|
|
Baltimore
County, MD (Riderwood Village Obligated Group), Barclays 3a-7 (Series 2022-029) VRENs, (Barclays Bank PLC
LIQ)/(Barclays
Bank PLC LOC), 1.920%, 6/4/2026 |
10,850,000
|
|
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), 1.920%, 6/4/2026 |
27,000,000
|
|
10,195,000
|
|
Maryland
State Department of Transportation (Baltimore/Washington International Thurgood Marshall Airport), Tender
Option
Trust Bond Certificates (Series 2025-XM1270) Daily VRDNs, (Assured Guaranty, Inc. INS)/(JPMorgan Chase Bank,
N.A.
LIQ), 3.070%, 6/1/2026 |
10,195,000
|
|
26,092,000
|
|
Maryland
State Economic Development Corp. (929 N Wolfe Street LLC), Tender Option Bond Trust Receipts
(Series
2022-XF3015) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 1.850%, 6/4/2026 |
26,092,000
|
|
16,610,000
|
|
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), 1.800%, 6/4/2026 |
16,610,000
|
|
16,125,000
|
|
Montgomery
County, MD Housing Opportunities Commission (F-C Harris Silver Spring LP), BAML 3a-7
(Series
2024-BAML6033) Daily VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 2.950%, 6/1/2026 |
16,125,000
|
|
|
|
TOTAL
|
113,937,000
|
|
|
|
Massachusetts—0.6%
|
|
|
28,000,000
|
|
Massachusetts
Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (Massachusetts Electric Co.
GTD),
2.720%, Mandatory Tender 7/8/2026 |
28,000,000
|
|
10,000,000
|
|
Massachusetts
Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (Massachusetts Electric Co.
GTD),
2.750%, Mandatory Tender 7/1/2026 |
10,000,000
|
|
|
|
TOTAL
|
38,000,000
|
|
|
|
Michigan—1.4%
|
|
|
9,385,000
|
|
Detroit,
MI City School District, Tender Option Bond Trust Receipts (Series 2016-XM0344) Weekly VRDNs, (Assured
Guaranty
Corp. GTD)/(Bank of America N.A. LIQ), 1.730%, 6/4/2026 |
9,385,000
|
|
1,415,000
|
|
Michigan
State Housing Development Authority (Clark Road Family Apartments Project), (United States Treasury GTD),
2.670%,
Mandatory Tender 10/1/2026 |
1,415,000
|
|
1,565,000
|
|
Michigan
State Housing Development Authority (Clark Road Senior Ltd. Dividend Housing Association LP), (United States
Treasury
GTD), 2.670%, Mandatory Tender 10/1/2026 |
1,565,000
|
|
38,215,000
|
|
Michigan
Strategic Fund (Air Products & Chemicals, Inc.), (Series 2007) Daily VRDNs, 2.950%, 6/1/2026 |
38,215,000
|
|
36,045,000
|
|
Michigan
Strategic Fund (BerQ RNG), Tender Option Bond Trust Receipts (Series 2026-001) VRENs, (Barclays Bank PLC
LIQ)/(Barclays
Bank PLC LOC), 1.870%, 6/4/2026 |
36,045,000
|
|
5,250,000
|
|
Michigan
Strategic Fund (Greenville Venture Partners LLC), (Series 2018) Weekly VRDNs, (BMO Bank, N.A. LOC),
1.780%,
6/4/2026 |
5,250,000
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Michigan—continued
|
|
|
$ 1,935,000
|
|
Wayne
County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2018D), 5.000%, 12/1/2026 |
$ 1,956,787
|
|
|
|
TOTAL
|
93,831,787
|
|
|
|
Minnesota—0.3%
|
|
|
10,200,000
|
|
Minnesota
Agricultural and Economic Development Board (Spectro Alloys Corp.) Weekly VRDNs, (Natixis S.A. LOC),
1.780%,
6/4/2026 |
10,200,000
|
|
4,300,000
|
|
Minnesota
Agricultural and Economic Development Board (Spectro Alloys LLC), (Solid Waste DispoS.A.l Revenue Bonds
(Series
2025) Weekly VRDNs, (Natixis S.A. LOC), 1.780%, 6/4/2026 |
4,300,000
|
|
6,283,931
|
|
St.
Paul, MN Housing & Redevelopment Authority (LSBD St Paul Broadway LLC), Mizuho 3a-7 (Series 2024-MIZ9186)
VRENs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.800%, 6/4/2026 |
6,283,931
|
|
|
|
TOTAL
|
20,783,931
|
|
|
|
Mississippi—0.2%
|
|
|
4,695,000
|
|
Mississippi
Development Bank (Jackson, MS Water & Sewer System), Tender Option Bond Trust Certificates
(Series
2025-ZF3402) Weekly VRDNs, (Assured Guaranty, Inc. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.720%, 6/4/2026 |
4,695,000
|
|
6,560,000
|
|
Mississippi
Home Corp. (Sunset Moore MS TC LP), Mizuho 3a-7 (Series 2024-MIZ9202) VRENs, (Mizuho Bank Ltd.
LIQ)/(Mizuho
Bank Ltd. LOC), 1.800%, 6/4/2026 |
6,560,000
|
|
|
|
TOTAL
|
11,255,000
|
|
|
|
Missouri—0.3%
|
|
|
1,700,000
|
|
Bridgeton,
MO IDA (Stolze Printing), (Series A) Weekly VRDNs, (U.S. Bank, N.A. LOC), 1.770%, 6/4/2026 |
1,700,000
|
|
2,615,000
|
|
Springfield,
MO IDA (ABEC, Inc.), (Series 2014) Weekly VRDNs, (U.S. Bank, N.A. LOC), 1.770%, 6/4/2026 |
2,615,000
|
|
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), 1.800%, 6/4/2026 |
4,295,000
|
|
7,276,665
|
|
St.
Louis County, MO IDA (Lafayette Preservation LLC), Mizuho 3a-7 (Series 2025-MIZ9212) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.800%, 6/4/2026 |
7,276,665
|
|
1,170,000
|
|
St.
Louis, MO Lambert International Airport, Airport Revenue Refunding Bonds (Series 2022A), 5.000%, 7/1/2026 |
1,172,080
|
|
|
|
TOTAL
|
17,058,745
|
|
|
|
Multi-State—15.2%
|
|
|
75,000,000
|
|
AllianceBernstein
National Municipal Income Fund, Inc., (Series 2024) Weekly VRDPs, (Bank of America N.A. LIQ),
1.730%,
6/4/2026 |
75,000,000
|
|
66,500,000
|
|
BlackRock
MuniAssets Fund, Inc., (Series W-7) Weekly VRDPs, (Bank of America N.A. GTD)/(Bank of America N.A. LIQ),
1.730%,
6/4/2026 |
66,500,000
|
|
131,900,000
|
|
BlackRock
Municipal 2030 Target Term Trust, (Series W-7) Weekly VRDPs, (Barclays Bank PLC LIQ), 1.710%, 6/4/2026 |
131,900,000
|
|
71,500,000
|
|
Blackrock
MuniYield Quality Fund, Inc. Weekly VRDPs, (Bank of America N.A. LIQ), 1.730%, 6/4/2026 |
71,500,000
|
|
65,200,000
|
|
Blackrock
MuniYield Quality Fund, Inc., (Series W-7A) Weekly VRDPs, (Royal Bank of Canada LIQ), 1.710%, 6/4/2026 |
65,200,000
|
|
17,500,000
|
|
BNY
Mellon Municipal Bond Infrastructure Fund, Inc., PUTTERs 3a-7 (Series 5054) Weekly VRDNs, (JPMorgan Chase Bank,
N.A.
LIQ), 1.870%, 6/4/2026 |
17,500,000
|
|
174,400,000
|
|
DWS
Municipal Income Trust, PUTTERs 3a-7 VMTP (Series 5055) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ),
1.870%,
6/4/2026 |
174,400,000
|
|
20,526,000
|
|
FHLMC
(MFH Revenue Bond Pass-Through Certificates), Floater Certificates (Series M017-A) Weekly VRDNs, (FHLMC
GTD)/(FHLMC
LIQ), 2.220%, 6/4/2026 |
20,526,000
|
|
76,300,000
|
|
Invesco
Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ),
3.270%,
6/1/2026 |
76,300,000
|
|
18,800,000
|
|
Invesco
Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ),
3.270%,
6/1/2026 |
18,800,000
|
|
65,645,000
|
|
MFS
High Income Municipal Trust, PUTTERs 3a-7 (Series 5073) Weekly VRDNs, (JPMorgan Chase Bank, N.A.
LIQ)/(JPMorgan
Chase Bank, N.A. LOC), 1.870%, 6/4/2026 |
65,645,000
|
|
23,845,000
|
|
MFS
Investment Grade Municipal Trust, PUTTERs 3a-7 (Series 5075) Weekly VRDNs, (JPMorgan Chase Bank, N.A.
LIQ)/(JPMorgan
Chase Bank, N.A. LOC), 1.870%, 6/4/2026 |
23,845,000
|
|
66,770,000
|
|
MFS
Municipal Income Trust, PUTTERs 3a-7 (Series 5072) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan
Chase
Bank, N.A. LOC), 1.870%, 6/4/2026 |
66,770,000
|
|
43,000,000
|
|
National
Finance Authority, NH (Invesco Quality Municipal Income Trust), PUTTERs (VMTP Series 2026-5111) Weekly
VRDNs,
(JPMorgan Chase Bank, N.A. LIQ), 1.900%, 6/4/2026 |
43,000,000
|
|
25,000,000
|
|
Nuveen
Municipal Credit Opportunities Fund, (Series A) Weekly VRDPs, (Sumitomo Mitsui Banking Corp. LIQ),
1.710%,
6/4/2026 |
25,000,000
|
|
47,200,000
|
|
Nuveen
Municipal High Income Opportunity Fund, BAML 3a-7 (Series 2025-BAP0001) Weekly VRDNs, (Bank of America
N.A.
LIQ), 1.870%, 6/4/2026 |
47,200,000
|
|
27,900,000
|
|
Nuveen
Quality Municipal Income Fund, (Series 1) Weekly VRDPs, (Barclays Bank PLC LIQ), 1.710%, 6/4/2026 |
27,900,000
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Multi-State—continued
|
|
|
$ 7,000,000
|
|
PIMCO
Flexible Municipal Income Fund, PUTTERs 3a-7 (Series 5046) MuniFund Term Preferred Shares Daily VRDNs,
(JPMorgan
Chase Bank, N.A. LIQ), 3.270%, 6/1/2026 |
$ 7,000,000
|
|
|
|
TOTAL
|
1,023,986,000
|
|
|
|
Nebraska—1.3%
|
|
|
39,145,000
|
|
Omaha,
NE Airport Authority, MS 3a-7 (Series 2026-MS0094), (Assured Guaranty, Inc. LOC)/(Morgan Stanley Bank, N.A.
LIQ),
1.770%, Optional Tender 7/16/2026 |
39,145,000
|
|
15,000,000
|
|
Omaha,
NE Public Power District, (Series A), CP, 2.400%, Mandatory Tender 6/10/2026 |
15,000,000
|
|
8,950,000
|
|
Omaha,
NE Public Power District, (Series A), CP, 2.400%, Mandatory Tender 6/24/2026 |
8,950,000
|
|
4,085,000
|
|
Omaha,
NE Public Power District, (Series A), CP, 2.500%, Mandatory Tender 9/3/2026 |
4,085,000
|
|
8,225,000
|
|
Omaha,
NE Public Power District, (Series-MS0070E), (Morgan Stanley Bank, N.A. LIQ), 1.770%, Optional
Tender
9/10/2026 |
8,225,000
|
|
7,800,000
|
|
Stanton
County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs, 1.850%, 6/3/2026 |
7,800,000
|
|
1,875,000
|
|
Stanton
County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs, 1.850%, 6/3/2026 |
1,875,000
|
|
|
|
TOTAL
|
85,080,000
|
|
|
|
Nevada—0.0%
|
|
|
1,170,000
|
|
Clark
County, NV Department of Aviation, Refunding Revenue Bonds (Series 2022A), 5.000%, 7/1/2026 |
1,171,886
|
|
|
|
New
Hampshire—0.2% |
|
|
9,000,000
|
|
National
Finance Authority, NH (HealthCore Westover Hills, LLC), Mizuho 3a-7 (Series 2025-MIZ9217) VRENs, (Mizuho
Bank
Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.800%, 6/4/2026 |
9,000,000
|
|
6,290,000
|
|
National
Finance Authority, NH (University Hospitals Home Care, Inc.), Morgan Stanley 3a-7 (Series 2024-MS0023),
(Morgan
Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 1.870%, Optional Tender 9/10/2026 |
6,290,000
|
|
|
|
TOTAL
|
15,290,000
|
|
|
|
New
Jersey—10.4% |
|
|
1,597,000
|
|
Allamuchy
Township, NJ BANs, 3.750%, 9/16/2026 |
1,599,037
|
|
6,350,000
|
|
Allendale,
NJ BANs, 3.250%, 2/19/2027 |
6,361,073
|
|
2,150,000
|
|
Alpine
Borough, NJ BANs, 4.250%, 8/12/2026 |
2,151,425
|
|
6,850,924
|
|
Beachwood,
NJ BANs, 3.250%, 11/18/2026 |
6,868,010
|
|
14,597,009
|
|
Bellmawr,
NJ, (Series A) BANs, 3.250%, 7/30/2026 |
14,605,053
|
|
100,000,000
|
|
Blackrock
Muniholdings New Jersey Quality Fund, Inc., (Series W-7) Weekly VRDPs, (Bank of America N.A. LIQ),
1.730%,
6/4/2026 |
100,000,000
|
|
4,581,000
|
|
Carneys
Point Township, NJ, (Series 2025A) BANs, 3.500%, 7/29/2026 |
4,583,818
|
|
7,132,125
|
|
Cinnaminson
Township, NJ, (Series A) BANs, 3.000%, 2/3/2027 |
7,151,387
|
|
3,300,000
|
|
Clifton,
NJ RANs, 3.250%, 8/27/2026 |
3,302,311
|
|
5,861,288
|
|
Clinton,
NJ BANs, 4.000%, 4/28/2027 |
5,886,925
|
|
9,025,000
|
|
Cranford
Township, NJ BANs, 3.250%, 12/10/2026 |
9,036,489
|
|
5,097,064
|
|
Cresskill,
NJ School District BANs, 3.750%, 7/15/2026 |
5,100,034
|
|
5,000,000
|
|
Delanco
Township, NJ BANs, 3.750%, 6/2/2027 |
5,031,400
|
|
3,420,000
|
|
Delanco
Township, NJ, (Series B) BANs, 3.500%, 6/4/2026 |
3,420,069
|
|
10,486,000
|
|
Demarest,
NJ BANs, 3.000%, 3/10/2027 |
10,533,394
|
|
10,000,000
|
|
Dunellen,
NJ BANs, 3.750%, 4/5/2027 |
10,057,285
|
|
7,218,451
|
|
East
Windsor Township, NJ BANs, 4.000%, 9/17/2026 |
7,246,315
|
|
7,000,000
|
|
Edgewater
Park, NJ BANs, 3.000%, 11/5/2026 |
7,004,404
|
|
4,600,000
|
|
Emerson,
NJ BANs, 3.750%, 7/24/2026 |
4,601,607
|
|
4,000,000
|
|
Englewood
Cliffs, NJ BANs, 3.250%, 10/14/2026 |
4,001,420
|
|
10,593,000
|
|
Essex
Fells, NJ BANs, 3.500%, 2/26/2027 |
10,631,030
|
|
10,936,000
|
|
Flemington
Borough, NJ, (Series 2026A) BANs, 3.000%, 1/21/2027 |
10,963,277
|
|
2,782,000
|
|
Franklin
Township (Gloucester County), NJ BANs, 3.250%, 11/13/2026 |
2,787,496
|
|
7,514,000
|
|
Galloway
Township, NJ BANs, 3.150%, 9/7/2026 |
7,518,896
|
|
2,285,000
|
|
Green
Brook Township, NJ BANs, 4.000%, 4/28/2027 |
2,300,044
|
|
14,449,584
|
|
Guttenberg,
NJ BANs, 3.250%, 10/14/2026 |
14,478,201
|
|
4,963,130
|
|
Haledon,
NJ, (Series A) BANs, 3.250%, 9/23/2026 |
4,971,430
|
|
2,702,850
|
|
Hammonton,
NJ BANs, 3.500%, 12/17/2026 |
2,707,120
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
New
Jersey—continued |
|
|
$ 2,630,809
|
|
High
Bridge Borough, NJ BANs, 3.400%, 6/9/2026 |
$ 2,630,892
|
|
4,557,000
|
|
Highland
Park, NJ BANs, 3.000%, 3/18/2027 |
4,574,645
|
|
13,055,443
|
|
Hillsborough
Township, NJ, (Series B) BANs, 3.000%, 11/11/2026 |
13,072,456
|
|
7,500,000
|
|
Jackson
Township, NJ BANs, 3.250%, 12/21/2026 |
7,522,336
|
|
17,000,000
|
|
Kearny,
NJ BANs, 3.250%, 3/22/2027 |
17,033,228
|
|
3,443,938
|
|
Lambertville,
NJ BANs, 3.000%, 10/2/2026 |
3,449,361
|
|
2,597,924
|
|
Lavallette
Borough, NJ, (Series B) BANs, 3.600%, 6/18/2026 |
2,598,278
|
|
3,437,000
|
|
Lawrence
Township, NJ BANs, 4.000%, 6/3/2026 |
3,437,127
|
|
1,649,500
|
|
Lebanon,
NJ BANs, 4.250%, 8/17/2026 |
1,650,669
|
|
7,948,000
|
|
Leonia,
NJ BANs, 3.500%, 2/26/2027 |
7,976,515
|
|
6,490,000
|
|
Linwood,
NJ BANs, 3.000%, 1/22/2027 |
6,502,201
|
|
9,222,750
|
|
Little
Egg Harbor Township, NJ, (Series 2025B) BANs, 3.250%, 12/16/2026 |
9,244,623
|
|
10,000,000
|
|
Little
Falls Township, NJ BANs, 3.750%, 9/18/2026 |
10,007,197
|
|
5,000,000
|
|
Lopatcong
Township, NJ BANs, 3.250%, 3/25/2027 |
5,009,873
|
|
6,367,210
|
|
Lumberton
Township, NJ, (Series A) BANs, 3.750%, 6/16/2026 |
6,368,475
|
|
7,743,311
|
|
Manville
Borough, NJ Board of Education BANs, 3.750%, 7/8/2026 |
7,744,444
|
|
7,905,000
|
|
Maywood,
NJ BANs, 3.250%, 12/15/2026 |
7,911,186
|
|
4,604,267
|
|
Milltown,
NJ BANs, 3.250%, 12/3/2026 |
4,614,938
|
|
13,863,000
|
|
Monroe
Township (Gloucester County), NJ, (Series A) BANs, 4.000%, 9/3/2026 |
13,908,896
|
|
4,313,000
|
|
Mount
Holly Township, NJ, (Series A) BANs, 3.250%, 9/22/2026 |
4,320,150
|
|
6,600,000
|
|
Mountainside,
NJ BANs, 4.000%, 7/17/2026 |
6,601,601
|
|
2,742,655
|
|
Netcong,
NJ BANs, 4.100%, 7/2/2026 |
2,743,102
|
|
1,155,000
|
|
New
Jersey EDA (Temple Emanuel of the Pascack Valley), (Series 2001/2019) Weekly VRDNs, (U.S. Bank, N.A. LOC),
1.820%,
6/5/2026 |
1,155,000
|
|
61,000,000
|
|
New
Jersey Higher Education Assistance Authority, Senior Student Loan Revenue Bonds (Series 2025-2), (United States
Treasury
GTD), 5.000%, Mandatory Tender 6/2/2026 |
61,001,949
|
|
1,841,000
|
|
New
Milford, NJ BANs, 3.500%, 12/11/2026 |
1,845,244
|
|
5,000,000
|
|
North
Arlington, NJ BANs, 3.750%, 7/30/2026 |
5,001,948
|
|
8,259,721
|
|
North
Haledon, NJ BANs, 3.750%, 6/22/2026 |
8,261,927
|
|
3,838,000
|
|
Northfield,
NJ BANs, 3.000%, 11/4/2026 |
3,842,462
|
|
6,141,109
|
|
Northvale,
NJ BANs, 3.900%, 9/11/2026 |
6,142,761
|
|
6,654,000
|
|
Old
Tappan, NJ BANs, 3.250%, 3/5/2027 |
6,671,166
|
|
7,504,000
|
|
Park
Ridge Borough, NJ BANs, 4.000%, 4/15/2027 |
7,535,577
|
|
8,093,000
|
|
Pennsville
Township, NJ BANs, 3.000%, 8/11/2026 |
8,096,111
|
|
2,237,297
|
|
Pine
Beach Borough, NJ BANs, 3.950%, 10/20/2026 |
2,239,377
|
|
5,152,210
|
|
Prospect
Park, NJ, (Series A) BANs, 3.000%, 1/21/2027 |
5,164,101
|
|
6,163,000
|
|
Readington
Township, NJ BANs, 3.250%, 9/24/2026 |
6,172,443
|
|
3,403,000
|
|
Ridgefield
Park, NJ BANs, 3.750%, 4/2/2027 |
3,416,763
|
|
10,000,000
|
|
River
Edge, NJ BANs, 3.750%, 6/17/2026 |
10,000,377
|
|
2,000,000
|
|
Robbinsville
Township, NJ, (Series B) BANs, 4.000%, 7/8/2026 |
2,001,988
|
|
2,000,000
|
|
Rockaway
Borough, NJ BANs, 4.000%, 7/16/2026 |
2,000,475
|
|
2,919,205
|
|
Rockaway
Township, NJ BANs, 3.750%, 12/4/2026 |
2,934,371
|
|
4,000,000
|
|
Roseland,
NJ BANs, 3.400%, 6/4/2026 |
4,000,064
|
|
4,750,000
|
|
Rutherford,
NJ BANs, 3.400%, 6/5/2026 |
4,750,101
|
|
6,460,000
|
|
Rutherford,
NJ BANs, 4.000%, 6/3/2027 |
6,491,073
|
|
7,950,000
|
|
Saddle
River, NJ BANs, 3.450%, 6/5/2026 |
7,950,084
|
|
6,828,000
|
|
Saddle
River, NJ BANs, 4.000%, 6/4/2027 |
6,860,843
|
|
5,500,000
|
|
Scotch
Plains Township, NJ BANs, 3.000%, 1/15/2027 |
5,503,307
|
|
6,000,000
|
|
Southampton
Township, NJ, (Series B) BANs, 3.000%, 6/16/2026 |
6,000,727
|
|
8,240,000
|
|
Springfield
Township, NJ (Union County) BANs, 3.750%, 4/30/2027 |
8,258,092
|
|
2,600,000
|
|
Stanhope,
NJ BANs, 4.000%, 4/13/2027 |
2,610,872
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
New
Jersey—continued |
|
|
$ 15,000,000
|
|
Toms
River, NJ BANs, 3.250%, 8/28/2026 |
$ 15,008,833
|
|
10,360,000
|
|
Waldwick,
NJ BANs, 3.500%, 10/9/2026 |
10,367,141
|
|
12,430,432
|
|
Wanaque
Borough, NJ, (Series A) BANs, 3.000%, 9/30/2026 |
12,450,500
|
|
9,289,000
|
|
Washington
Township (Morris County), NJ BANs, 3.900%, 8/21/2026 |
9,290,979
|
|
8,500,000
|
|
West
Deptford Township, NJ BANs, 2.750%, 10/1/2026 |
8,506,923
|
|
4,430,000
|
|
Westampton,
NJ, (Series A) BANs, 3.150%, 9/24/2026 |
4,434,087
|
|
2,000,000
|
|
Westwood,
NJ BANs, 4.250%, 6/25/2026 |
2,000,442
|
|
8,428,210
|
|
Willingboro
Township, NJ BANs, 3.250%, 11/17/2026 |
8,449,106
|
|
6,000,000
|
|
Winslow
Township, NJ BANs, 3.500%, 2/19/2027 |
6,018,821
|
|
|
|
TOTAL
|
696,257,178
|
|
|
|
New
Mexico—0.4% |
|
|
15,844,988
|
|
Bernalillo
County, NM (St Anthonys Plaza), Mizuho 3a-7 (Series 2025-MIZ9210) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho
Bank
Ltd. LIQ), 1.800%, 6/4/2026 |
15,844,988
|
|
3,695,000
|
|
New
Mexico Mortgage Finance Authority, (Series G-2), (United States Treasury GTD), 3.000%, Mandatory
Tender
12/1/2026 |
3,695,000
|
|
5,000,000
|
|
New
Mexico Mortgage Finance Authority, (Series G-3), (United States Treasury GTD), 3.000%, Mandatory
Tender
12/1/2026 |
5,000,000
|
|
2,405,000
|
|
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), 1.920%, 6/4/2026 |
2,405,000
|
|
|
|
TOTAL
|
26,944,988
|
|
|
|
New
York—8.7% |
|
|
10,857,500
|
|
Bainbridge-Guilford,
NY CSD BANs, 3.750%, 6/25/2026 |
10,860,813
|
|
3,232,995
|
|
Belfast,
NY CSD BANs, 4.000%, 6/25/2026 |
3,234,754
|
|
29,368,250
|
|
Binghamton,
NY BANs, 4.000%, 4/9/2027 |
29,666,232
|
|
3,200,000
|
|
Blackrock
Muni Yield New York Quality Fund, Inc. NY, (Series W-7A) Weekly VRDPs, (Bank of America N.A. LIQ),
1.710%,
6/4/2026 |
3,200,000
|
|
5,000,000
|
|
Bolivar-Richburg,
NY CSD BANs, 3.750%, 6/25/2026 |
5,000,792
|
|
33,976,272
|
|
Broome
County, NY BANs, 4.000%, 4/23/2027 |
34,351,348
|
|
6,136,300
|
|
Canajoharie,
NY CSD BANs, 3.500%, 6/24/2026 |
6,137,236
|
|
13,000,000
|
|
Cato-Meridian,
NY CSD BANs, 3.250%, 7/29/2026 |
13,011,144
|
|
6,500,000
|
|
Center
Moriches, NY UFSD TANs, 3.250%, 6/26/2026 |
6,502,623
|
|
11,300,000
|
|
Charlotte
Valley, NY CSD BANs, 4.000%, 6/26/2026 |
11,305,240
|
|
2,925,000
|
|
Chazy,
NY UFSD BANs, 4.000%, 6/25/2026 |
2,926,396
|
|
3,000,000
|
|
Cherry
Valley-Springfield, NY CSD BANs, 3.750%, 7/16/2026 |
3,000,714
|
|
6,540,000
|
|
Cooperstown,
NY CSD BANs, 3.750%, 6/25/2026 |
6,542,038
|
|
12,700,000
|
|
Cornwall,
NY, (Series B) BANs, 3.250%, 9/11/2026 |
12,710,683
|
|
3,000,000
|
|
Crown
Point, NY CSD BANs, 3.750%, 7/10/2026 |
3,000,619
|
|
13,000,000
|
|
Elmira
Heights, NY CSD BANs, 3.750%, 6/25/2026 |
13,010,089
|
|
8,955,000
|
|
Frankfort
-Schuyler NY CSD BANs, 3.250%, 7/31/2026 |
8,961,454
|
|
2,700,000
|
|
Gilbertsville-Mount
Upton, NY CSD BANs, 4.000%, 6/26/2026 |
2,700,767
|
|
10,525,000
|
|
Indian
River, NY CSD BANs, 4.000%, 6/25/2026 |
10,530,363
|
|
4,350,000
|
|
Irondequoit,
NY, (Series C) BANs, 3.250%, 12/11/2026 |
4,360,506
|
|
6,225,000
|
|
Johnson
City, NY CSD, (Series A) BANs, 3.750%, 7/10/2026 |
6,230,187
|
|
1,527,933
|
|
Johnson
City, NY CSD, (Series B) BANs, 3.750%, 7/31/2026 |
1,529,762
|
|
9,400,000
|
|
LaFargeville,
NY CSD BANs, 3.750%, 6/26/2026 |
9,401,680
|
|
5,000,000
|
|
Lowville,
NY CSD BANs, 4.000%, 6/26/2026 |
5,001,754
|
|
6,410,000
|
|
Lyme,
NY CSD BANs, 4.000%, 8/6/2026 |
6,422,159
|
|
30,000,000
|
|
Maine-Endwell,
NY CSD BANs, 3.350%, 7/30/2026 |
30,023,083
|
|
4,000,000
|
|
Marathon,
NY CSD BANs, 3.350%, 7/23/2026 |
4,001,662
|
|
3,000,000
|
|
Morristown,
NY CSD BANs, 3.350%, 7/29/2026 |
3,001,157
|
|
3,000,000
|
|
Morrisville-Eaton,
NY CSD BANs, 3.750%, 7/15/2026 |
3,000,940
|
|
7,300,000
|
|
Mount
Morris, NY CSD BANs, 3.750%, 6/24/2026 |
7,301,914
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
New
York—continued |
|
|
$ 2,750,000
|
|
New
York City Housing Development Corp., Tender Option Bond Trust Receipts (2026-MS0088), (Morgan Stanley Bank,
N.A.
LIQ), 1.740%, Optional Tender 7/9/2026 |
$ 2,750,000
|
|
9,000,000
|
|
New
York City Transitional Finance Authority Building Aid Revenue (New York City, NY Transitional Finance Authority),
(Fiscal
2018 Subseries C-7) Daily VRDNs, (TD Bank, N.A. LIQ), 2.800%, 6/1/2026 |
9,000,000
|
|
4,600,000
|
|
New
York City, NY Municipal Water Finance Authority, (Fiscal 2014 AA-3 Bonds) Daily VRDNs, (TD Bank, N.A. LIQ),
2.800%,
6/1/2026 |
4,600,000
|
|
30,555,000
|
|
New
York City, NY Municipal Water Finance Authority, (Fiscal 2025 Subseries EE-1) Daily VRDNs, (TD Bank, N.A. LIQ),
2.800%,
6/1/2026 |
30,555,000
|
|
9,825,000
|
|
New
York City, NY Municipal Water Finance Authority, (Series 2010CC) Daily VRDNs, (State Street Bank and Trust Co.
LIQ),
2.800%, 6/1/2026 |
9,825,000
|
|
36,455,000
|
|
New
York City, NY Transitional Finance Authority, (Series 2015A-3) Daily VRDNs, (Mizuho Bank Ltd. LIQ),
2.860%,
6/1/2026 |
36,455,000
|
|
13,500,000
|
|
New
York City, NY, (Fiscal 2022 Subseries D-3) Daily VRDNs, (State Street Bank and Trust Co. LIQ), 2.850%, 6/1/2026 |
13,500,000
|
|
38,000,000
|
|
New
York State Dormitory Authority (Royal Charter Properties-East, Inc.), Mizuho 3a-7 (Series 2025-MIZ9208) VRENs,
(Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.800%, 6/4/2026 |
38,000,000
|
|
1,400,000
|
|
New
York State HFA (160 Madison Ave, LLC), (Series 2014A) Daily VRDNs, (Landesbank Hessen-Thuringen LOC),
2.800%,
6/1/2026 |
1,400,000
|
|
20,000,000
|
|
New
York State HFA (500 West 30th LLC), Mizuho 3a-7 (Series 2025-MIZ9226) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho
Bank
Ltd. LIQ), 1.800%, 6/4/2026 |
20,000,000
|
|
17,200,000
|
|
New
York State HFA (Riverside Center 2 BIT Owner, LLC), Mizuho 3a-7 (Series 2026-MIZ9256) VRENs, (Mizuho Bank Ltd.
LIQ)/(Mizuho
Bank Ltd. LOC), 1.800%, 6/4/2026 |
17,200,000
|
|
9,125,000
|
|
New
York State Thruway Authority - Personal Income Tax Revenue, Morgan Stanley 3a-7 (2025-MS0053), (Morgan Stanley
Bank,
N.A. LIQ), 1.770%, Optional Tender 7/23/2026 |
9,125,000
|
|
1,581,835
|
|
Newark
Valley, NY CSD, (Series B) BANs, 3.750%, 8/28/2026 |
1,584,985
|
|
444,568
|
|
Niagara
County, NY IDA (OAHS Niagara Towers TC LLC), Mizuho 3a-7 (Series 2023-MIZ91280) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.800%, 6/4/2026 |
444,568
|
|
8,855,576
|
|
Niagara
County, NY IDA (OAHS Urban Park TC LLC), Mizuho 3a-7 (Series 2023-MIZ9126) VRENs, (Mizuho Bank Ltd.
LIQ)/(Mizuho
Bank Ltd. LOC), 1.800%, 6/4/2026 |
8,855,576
|
|
10,000,000
|
|
Oakfield-Alabama,
NY CSD BANs, 3.750%, 7/8/2026 |
10,003,029
|
|
3,000,000
|
|
Onondaga,
NY CSD BANs, 3.750%, 7/16/2026 |
3,001,431
|
|
23,927,651
|
|
Otego-Unadilla,
NY CSD BANs, 3.750%, 7/16/2026 |
23,939,628
|
|
2,738,575
|
|
Owego-Apalachin,
NY CSD BANs, 4.000%, 8/14/2026 |
2,744,233
|
|
5,800,000
|
|
Parishville-Hopkinton,
NY CSD BANs, 3.750%, 6/26/2026 |
5,801,537
|
|
3,000,000
|
|
Red
Creek, NY CSD BANs, 3.750%, 6/26/2026 |
3,000,297
|
|
2,000,000
|
|
Remsen,
NY CSD BANs, 3.750%, 6/25/2026 |
2,000,445
|
|
5,655,000
|
|
Scio,
NY CSD, (Series C) BANs, 3.750%, 6/25/2026 |
5,655,717
|
|
9,000,000
|
|
Sleepy
Hollow Local Development Corp. (FFAH CAA NY LLC), Mizuho 3a-7 (Series 2026-MIZ9250) VRENs, (Mizuho Bank
Ltd.
GTD)/(Mizuho Bank Ltd. LIQ), 1.800%, 6/4/2026 |
9,000,000
|
|
8,000,000
|
|
Southern
Cayuga, NY CSD, (Series B) BANs, 3.500%, 7/16/2026 |
8,002,860
|
|
6,785,000
|
|
Stockbridge
Valley, NY CSD BANs, 3.750%, 6/25/2026 |
6,786,163
|
|
2,000,000
|
|
Tuckahoe
Common, NY School District TANs, 3.750%, 6/18/2026 |
2,000,916
|
|
3,471,580
|
|
Vestal,
NY CSD, (Series B) BANs, 4.000%, 9/25/2026 |
3,485,537
|
|
5,000,000
|
|
Watertown,
NY Enlarged City School District BANs, 3.500%, 6/30/2026 |
5,001,234
|
|
2,840,000
|
|
Westchester
County, NY Local Development Authority (Westchester County Healthcare Corp. Obligated Group), Tender
Option
Bond Certificates (Series 2023-XF3195) Weekly VRDNs, (Assured Guaranty, Inc. LOC)/(Barclays Bank PLC LIQ),
1.670%,
6/4/2026 |
2,840,000
|
|
6,000,000
|
|
Westmoreland,
NY CSD BANs, 3.500%, 6/26/2026 |
6,001,794
|
|
4,910,000
|
|
Wheatland-Chili,
NY CSD BANs, 4.000%, 6/25/2026 |
4,912,185
|
|
7,450,000
|
|
Wood-Ridge
Borough, NJ BANs, 3.500%, 7/23/2026 |
7,455,226
|
|
2,000,000
|
|
Wyoming,
NY CSD BANs, 3.500%, 8/7/2026 |
2,000,888
|
|
|
|
TOTAL
|
583,856,358
|
|
|
|
North
Carolina—0.6% |
|
|
17,400,000
|
|
Hertford
County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 1.800%, 6/3/2026 |
17,400,000
|
|
6,700,000
|
|
Hertford
County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000B) Weekly VRDNs, 1.800%, 6/3/2026 |
6,700,000
|
|
10,290,000
|
|
Raleigh,
NC Housing Authority (Roers Raleigh Apartments LLC), Mizuho 3a-7 (Series 2025-MIZ9228) VRENs, (Mizuho Bank
Ltd.
GTD)/(Mizuho Bank Ltd. LIQ), 1.800%, 6/4/2026 |
10,290,000
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
North
Carolina—continued |
|
|
$ 3,000,000
|
|
Yancey
County, NC Industrial Facilities & PCFA (Altec Industries, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC),
1.820%,
6/4/2026 |
$ 3,000,000
|
|
|
|
TOTAL
|
37,390,000
|
|
|
|
North
Dakota—0.2% |
|
|
14,750,000
|
|
Pembina
County, ND (American Crystal Sugar Co.), (Series 2025) Weekly VRDNs, (CoBank, ACB LOC), 1.780%, 6/4/2026 |
14,750,000
|
|
|
|
Ohio—1.8%
|
|
|
6,100,000
|
|
Akron-Summit
County, OH Public Library BANs, 5.000%, 9/17/2026 |
6,105,845
|
|
4,000,000
|
|
Anderson
Township, OH Park District BANs, (Ohio State GTD), 4.000%, 3/9/2027 |
4,043,540
|
|
4,500,000
|
|
Bay
Village, OH BANs, 4.000%, 12/17/2026 |
4,525,733
|
|
4,500,000
|
|
Belmont
County, OH BANs, 4.250%, 8/11/2026 |
4,513,494
|
|
5,000,000
|
|
Cuyahoga,
OH Metropolitan Housing Authority (Wade Park Apartments), (Series 2022), (United States Treasury GTD),
3.320%,
Mandatory Tender 6/1/2026 |
5,000,000
|
|
5,000,000
|
|
Elyria,
OH BANs, 3.500%, 12/17/2026 |
5,018,537
|
|
2,000,000
|
|
Glenwillow
Village, OH BANs, (Ohio State GTD), 4.000%, 7/8/2026 |
2,001,313
|
|
1,350,000
|
|
Green
City, OH BANs, (Ohio State GTD), 5.000%, 9/17/2026 |
1,358,151
|
|
3,000,000
|
|
Martins
Ferry City, OH BANs, (Ohio State GTD), 4.000%, 12/14/2026 |
3,019,433
|
|
2,375,000
|
|
Middletown,
OH BANs, (Ohio State GTD), 4.125%, 6/24/2026 |
2,376,078
|
|
11,250,000
|
|
Monroe,
OH Local School District BANs, (Ohio State GTD), 4.000%, 12/2/2026 |
11,317,844
|
|
3,975,000
|
|
Montgomery,
OH BANs, (Ohio State GTD), 4.000%, 6/4/2026 |
3,975,205
|
|
4,085,000
|
|
Ohio
State Higher Educational Facility Commission (University Circle, Inc. 2020), Morgan Stanley 3a-7
(Series
2024-MS0027), (Morgan Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 1.770%, Optional
Tender
9/10/2026 |
4,085,000
|
|
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), 1.820%, 6/4/2026 |
16,100,000
|
|
9,000,000
|
|
Olentangy,
OH Local School District BANs, 4.000%, 6/1/2026 |
9,000,000
|
|
1,800,000
|
|
Parma
Heights, OH BANs, (Ohio State GTD), 4.250%, 6/24/2026 |
1,800,932
|
|
2,800,000
|
|
Shaker
Heights, OH BANs, 4.000%, 5/5/2027 |
2,826,421
|
|
6,600,000
|
|
Solon,
OH BANs, (Ohio State GTD), 4.000%, 12/8/2026 |
6,640,100
|
|
6,922,000
|
|
Springfield,
OH BANs, (Ohio State GTD), 4.000%, 3/23/2027 |
7,004,409
|
|
7,000,000
|
|
Toledo-Lucas
County, OH Port Authority (Van Deurzen Dairy LLC), (Series 2006) Weekly VRDNs, (AgriBank FCB LOC),
1.780%,
6/4/2026 |
7,000,000
|
|
4,334,000
|
|
Trumbull
County, OH BANs, (Ohio State GTD), 4.000%, 3/11/2027 |
4,381,482
|
|
7,000,000
|
|
Vandalia,
OH BANs, (Ohio State GTD), 4.000%, 12/2/2026 |
7,043,645
|
|
4,000,000
|
|
Warrensville
Heights, OH BANs, (Ohio State GTD), 4.500%, 6/24/2026 |
4,002,878
|
|
|
|
TOTAL
|
123,140,040
|
|
|
|
Oklahoma—1.0%
|
|
|
5,500,000
|
|
Garfield
County, OK Industrial Authority Pollution Control (Oklahoma Gas and Electric Co.), (Series A) Weekly VRDNs,
1.750%,
6/3/2026 |
5,500,000
|
|
52,855,000
|
|
Muskogee,
OK Industrial Trust (Oklahoma Gas and Electric Co.), (Series 1997A) Weekly VRDNs, 1.600%, 6/3/2026 |
52,855,000
|
|
10,185,000
|
|
Oklahoma
HFA (Oak Tree Village), Mizuho 3a-7 (Series 2023-MIZ9152) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd.
LIQ),
1.800%, 6/4/2026 |
10,185,000
|
|
|
|
TOTAL
|
68,540,000
|
|
|
|
Oregon—1.0%
|
|
|
18,295,000
|
|
Oregon
State Facilities Authority (PeaceHealth), (2018 Series B) Daily VRDNs, (TD Bank, N.A. LOC), 2.800%, 6/1/2026 |
18,295,000
|
|
9,690,000
|
|
Oregon
State Housing and Community Services Department (CPAH Plambeck Ltd. Partnership), Mizuho 3a-7
(Series
2023-MIZ9138) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.800%, 6/4/2026 |
9,690,000
|
|
3,610,000
|
|
Oregon
State Housing and Community Services Department (CPAH Woodland Hearth LP), Mizuho 3a-7
(Series
2025-MIZ9206) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.800%, 6/4/2026 |
3,610,000
|
|
3,005,000
|
|
Oregon
State Housing and Community Services Department (CPAH Woodland Hearth LP), Mizuho 3a-7
(Series
2026-MIZ9251) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.800%, 6/4/2026 |
3,005,000
|
|
11,750,000
|
|
Port
of Morrow, OR, MS 3a-7 (2024-MS0026), (Morgan Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC),
1.770%,
Optional Tender 7/23/2026 |
11,750,000
|
|
2,500,000
|
|
Port
of Portland, OR International Airport, (Series 28), 5.000%, 7/1/2026 |
2,504,938
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Oregon—continued
|
|
|
$ 19,000,000
|
|
Port
of Portland, OR International Airport, Morgan Stanley 3a-7 (Series 2025-MS0049), (Morgan Stanley Bank, N.A. LIQ),
1.720%,
Optional Tender 7/23/2026 |
$ 19,000,000
|
|
|
|
TOTAL
|
67,854,938
|
|
|
|
Pennsylvania—0.8%
|
|
|
4,335,000
|
|
Allegheny
County, PA Airport Authority, Tender Option Bond Trust Certificates (Series 2023-ZF3170) Weekly VRDNs,
(Assured
Guaranty, Inc. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.750%, 6/4/2026 |
4,335,000
|
|
6,400,000
|
|
Allegheny
County, PA HDA (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs, (Fifth Third Bank, N.A. LOC),
1.850%,
6/4/2026 |
6,400,000
|
|
11,060,000
|
|
Pennsylvania
Economic Development Financing Authority (Villanova University), Morgan Stanley 3a-7
(Series
2025-MS0082) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.670%, 6/4/2026 |
11,060,000
|
|
27,000,000
|
|
Pennsylvania
Economic Development Financing Authority (Waste Management, Inc.), (Series 2013), (Waste Management,
Inc.
GTD), 2.950%, Mandatory Tender 8/3/2026 |
27,000,000
|
|
8,250,000
|
|
Pennsylvania
Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue
Bonds
(Series 2025A), (Waste Management Holdings, Inc. GTD), 2.875%, Mandatory Tender 6/1/2026 |
8,250,000
|
|
|
|
TOTAL
|
57,045,000
|
|
|
|
Rhode
Island—0.9% |
|
|
6,585,000
|
|
Bristol
Warren, RI Regional School District, Series 1 BANs, 4.000%, 4/9/2027 |
6,647,821
|
|
55,000,000
|
|
Bristol
Warren, RI Regional School District, Series 2 BANs, 4.000%, 6/2/2027 |
55,613,250
|
|
|
|
TOTAL
|
62,261,071
|
|
|
|
South
Carolina—0.5% |
|
|
21,500,000
|
|
Berkeley
County, SC IDB (Nucor Corp.) Weekly VRDNs, 1.850%, 6/3/2026 |
21,500,000
|
|
10,100,000
|
|
Berkeley
County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, 1.850%, 6/3/2026 |
10,100,000
|
|
|
|
TOTAL
|
31,600,000
|
|
|
|
South
Dakota—0.4% |
|
|
8,375,000
|
|
South
Dakota Economic Development Finance Authority (Plainview Dairy, LLC), (Series 2025) Weekly VRDNs, (AgriBank
FCB
LOC), 1.780%, 6/4/2026 |
8,375,000
|
|
12,500,000
|
|
South
Dakota Economic Development Finance Authority (Riverview, LLP Washington Dairy Project), (Series 2023) Weekly
VRDNs,
(AgriBank FCB LOC), 1.780%, 6/4/2026 |
12,500,000
|
|
2,048,100
|
|
South
Dakota HDA (Americana Apartments), Mizuho 3a-7 (Series 2024-MIZ9174) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho
Bank
Ltd. LIQ), 1.800%, 6/4/2026 |
2,048,100
|
|
3,000,000
|
|
South
Dakota Value Added Finance Authority (Prairie Gold Dairy LLC), (Series 2004) Weekly VRDNs, (CoBank, ACB LOC),
1.780%,
6/4/2026 |
3,000,000
|
|
|
|
TOTAL
|
25,923,100
|
|
|
|
Tennessee—1.1%
|
|
|
6,000,000
|
|
Covington,
TN IDB (Charms Co.), (Series 1992) Weekly VRDNs, (Bank of America N.A. LOC), 1.550%, 6/3/2026 |
6,000,000
|
|
5,250,000
|
|
Lewisburg,
TN IDB (Waste Management, Inc.), (Series 2012), 2.950%, Mandatory Tender 8/3/2026 |
5,250,000
|
|
25,620,000
|
|
Memphis-Shelby
County, TN Industrial Development Board - PCRB (Nucor Steel Memphis, Inc.), (Series 2007) Weekly
VRDNs,
(Nucor Corp. GTD), 1.850%, 6/3/2026 |
25,620,000
|
|
2,900,000
|
|
Metropolitan
Government of Nashville & Davidson County, TN Health & Educational Facilities Board (Ewing Heights
Apartments),
(Series 2024-MIZ9181) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.800%, 6/4/2026 |
2,900,000
|
|
30,420,000
|
|
Metropolitan
Nashville, TN Airport Authority, (Series 2026-XX1451) Weekly VRDNs, (Barclays Bank PLC LIQ),
1.690%,
6/4/2026 |
30,420,000
|
|
3,445,000
|
|
Metropolitan
Nashville, TN Airport Authority, Subordinate Airport Revenue Bonds (Series 2019B), 5.000%, 7/1/2026 |
3,451,079
|
|
|
|
TOTAL
|
73,641,079
|
|
|
|
Texas—11.0%
|
|
|
7,144,000
|
|
Bexar
County, TX Housing Finance Corp. (Agape Colinas, Inc.), Tender Option Bond Trust Certificates
(Series
2024-XF3253) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.850%, 6/4/2026 |
7,144,000
|
|
11,884,000
|
|
Bexar
County, TX Housing Finance Corp. (Agape Colinas, Inc.), Tender Option Bond Trust Certificates
(Series
2024-XF3254) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.850%, 6/4/2026 |
11,884,000
|
|
1,944,247
|
|
Bexar
County, TX Housing Finance Corp. (Agape Waterford Portfolio, Inc.), Tender Option Bond Trust Certificates
(Series
2024-XF3255) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.850%, 6/4/2026 |
1,944,247
|
|
5,001,000
|
|
Bexar
County, TX Housing Finance Corp. (Agape Waterford Portfolio, Inc.), Tender Option Bond Trust Certificates
(Series
2024-XF3257) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.850%, 6/4/2026 |
5,001,000
|
|
7,000,000
|
|
Collin
County, TX Housing Finance Corp. (Roers Wylie Apartments Owner I LP), Mizuho 3a-7 (Series 2024-MIZ9185)
VRENs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.800%, 6/4/2026 |
7,000,000
|
|
15,040,000
|
|
Dallas-Fort
Worth, TX International Airport, Joint Revenue Refunding Bonds (Series 2023C), 5.000%, 11/1/2026 |
15,170,117
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Texas—continued
|
|
|
$ 4,982,056
|
|
El
Paso, TX Housing Finance Corp., Mizuho 3a-7 (2022-MIZ9104) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ),
1.800%,
6/4/2026 |
$ 4,982,056
|
|
48,500,000
|
|
El
Paso, TX Water & Sewer Revenue, CPX, 2.700%, Mandatory Tender 7/15/2026 |
48,500,000
|
|
47,500,000
|
|
El
Paso, TX Water & Sewer Revenue, CPX, 2.700%, Mandatory Tender 7/15/2026 |
47,500,000
|
|
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), 1.820%, 6/4/2026 |
20,735,000
|
|
30,050,000
|
|
Harris
County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2025G) Daily VRDNs,
(PNC
Bank, N.A. LIQ), 2.850%, 6/1/2026 |
30,050,000
|
|
4,750,000
|
|
Harris
County, TX, (Series 2025-MS0067E), (Morgan Stanley Bank, N.A. LIQ), 1.770%, Optional Tender 9/10/2026 |
4,750,000
|
|
2,570,000
|
|
Harris
County, TX, (Series D-2), CP, 2.400%, Mandatory Tender 7/15/2026 |
2,570,000
|
|
5,625,000
|
|
Harris
County, TX, (Series D-3), CP, 2.400%, Mandatory Tender 7/15/2026 |
5,625,000
|
|
17,750,000
|
|
Houston,
TX Airport System, (Series A), CP, (Sumitomo Mitsui Banking Corp. LOC), 2.500%, Mandatory Tender 6/4/2026 |
17,750,000
|
|
1,000,000
|
|
Houston,
TX Airport System, Subordinate Lien Revenue & Refunding Bonds (Series 2018A), 5.000%, 7/1/2026 |
1,001,784
|
|
1,000,000
|
|
Houston,
TX Airport System, Subordinate Lien Revenue and Refunding Bonds (Series 2023A), (Assured Guaranty, Inc.
INS),
5.000%, 7/1/2026 |
1,001,802
|
|
4,260,000
|
|
Houston,
TX Airport System, Tender Option Bond Trust Receipts (Series 2025-ZF1926) Weekly VRDNs, (Assured Guaranty,
Inc.
GTD)/(JPMorgan Chase Bank, N.A. LIQ), 1.710%, 6/4/2026 |
4,260,000
|
|
2,600,000
|
|
Jefferson
County, TX Housing Corp. (Steele Seville LLC), Putters 3a-7 (Series 2025-MIZ9214) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.800%, 6/4/2026 |
2,600,000
|
|
4,500,000
|
|
Jewett,
TX EDC (Nucor Corp.), (Series 2003) Weekly VRDNs, 1.850%, 6/3/2026 |
4,500,000
|
|
5,000,000
|
|
Mission,
TX Economic Development Corp. (Waste Management, Inc.), (Series 2020A), (Waste Management Holdings, Inc.
GTD),
2.875%, Mandatory Tender 6/1/2026 |
5,000,000
|
|
5,000,000
|
|
Mission,
TX Economic Development Corp. (Waste Management, Inc.), (Series 2020B), (Waste Management Holdings, Inc.
GTD),
2.875%, Mandatory Tender 6/1/2026 |
5,000,000
|
|
6,000,000
|
|
Mission,
TX Economic Development Corp. (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds
(Series
2025A), (Waste Management Holdings, Inc. GTD), 2.875%, Mandatory Tender 6/1/2026 |
6,000,000
|
|
25,500,000
|
|
New
Braunfels, TX (New Braunfels, TX Utility System), Utility System Revenue Refunding Bonds (Series 2022), CP, 2.450%,
Mandatory
Tender 6/2/2026 |
25,500,000
|
|
6,000,000
|
|
North
Texas Municipal Water District Water System, Water System Revenue Bonds - Extendable Commercial Paper Mode,
CPX,
2.480%, Mandatory Tender 6/5/2026 |
6,000,000
|
|
19,200,000
|
|
Port
Arthur Navigation District, TX IDC (Air Products LP), (Series 2005) Daily VRDNs, (Air Products & Chemicals, Inc.
GTD),
2.950%, 6/1/2026 |
19,200,000
|
|
8,000,000
|
|
Port
Arthur Navigation District, TX IDC (Route 86 Biogas, LLC), (Series 2023) Weekly VRDNs, (CoBank, ACB LOC),
1.780%,
6/4/2026 |
8,000,000
|
|
115,600,000
|
|
Port
of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Daily VRDNs,
3.100%,
6/1/2026 |
115,600,000
|
|
19,500,000
|
|
Port
of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2003) Daily VRDNs,
3.000%,
6/1/2026 |
19,500,000
|
|
11,700,000
|
|
Port
of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2005) Daily VRDNs,
3.000%,
6/1/2026 |
11,700,000
|
|
40,800,000
|
|
Port
of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2006) Daily VRDNs,
3.000%,
6/1/2026 |
40,800,000
|
|
35,000,000
|
|
Port
of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Daily VRDNs,
3.000%,
6/1/2026 |
35,000,000
|
|
2,410,000
|
|
Texas
Community Housing & Economic Development Corp. (Agape Helotes, Inc.), Tender Option Bond Trust Receipts
(Series
2025-XF3387) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.850%, 6/4/2026 |
2,410,000
|
|
2,500,000
|
|
Texas
Community Housing & Economic Development Corp. (Agape Helotes, Inc.), Tender Option Bond Trust Receipts
(Series
2025-XF3390) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.850%, 6/4/2026 |
2,500,000
|
|
15,000,000
|
|
Texas
State Department of Housing & Community Affairs (Onion Creek Housing Partners Ltd.), (Series 2007) Weekly
VRDNs,
(FNMA LOC), 1.670%, 6/4/2026 |
15,000,000
|
|
7,000,000
|
|
Texas
State Public Finance Authority (Texas State), (Series 2016B), CP, 2.500%, Mandatory Tender 7/1/2026 |
7,000,000
|
|
9,100,000
|
|
Texas
State, Morgan Stanley 3a-7 (Series 2025-MS0047), (Morgan Stanley Bank, N.A. LIQ), 1.720%, Optional
Tender
7/23/2026 |
9,100,000
|
|
1,025,000
|
|
Texas
State, Veterans Bonds (Series 2020) Weekly VRDNs, (FHLB of Dallas LIQ), 1.500%, 6/3/2026 |
1,025,000
|
|
12,500,000
|
|
University
of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.400%, Mandatory
Tender
7/23/2026 |
12,500,000
|
|
11,000,000
|
|
University
of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.480%, Mandatory
Tender
6/16/2026 |
11,000,000
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Texas—continued
|
|
|
$ 8,750,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 2.350%, Mandatory Tender 6/22/2026 |
$ 8,750,000
|
|
4,525,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 2.400%, Mandatory Tender 7/1/2026 |
4,525,000
|
|
2,500,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 2.400%, Mandatory Tender 7/8/2026 |
2,500,000
|
|
5,655,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 2.400%, Mandatory Tender 7/15/2026 |
5,655,000
|
|
13,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 2.400%, Mandatory Tender 8/5/2026 |
13,000,000
|
|
17,299,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 2.400%, Mandatory Tender 8/18/2026 |
17,299,000
|
|
6,250,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 2.410%, Mandatory Tender 6/11/2026 |
6,250,000
|
|
12,500,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 2.450%, Mandatory Tender 6/4/2026 |
12,500,000
|
|
12,500,000
|
|
University
of Texas System (The Board of Regents of), (Series C-2), CP, 2.400%, Mandatory Tender 7/9/2026 |
12,500,000
|
|
11,500,000
|
|
University
of Texas System (The Board of Regents of), Revenue Financing System (Series A), CP, 2.370%, Mandatory
Tender
6/26/2026 |
11,500,000
|
|
12,000,000
|
|
University
of Texas System (The Board of Regents of), Revenue Financing System (Series A), CP, 2.400%, Mandatory
Tender
7/7/2026 |
12,000,000
|
|
23,320,000
|
|
University
of Texas System (The Board of Regents of), Revenue Financing System (Series A), CP, 2.420%, Mandatory
Tender
6/18/2026 |
23,320,000
|
|
10,000,000
|
|
University
of Texas System (The Board of Regents of), Revenue Financing System (Series A), CP, 2.530%, Mandatory
Tender
9/17/2026 |
10,000,000
|
|
|
|
TOTAL
|
741,603,006
|
|
|
|
Utah—0.2%
|
|
|
1,500,000
|
|
Salt
Lake City, UT Department of Airports, Airport Revenue Bonds (Series 2017A), 5.000%, 7/1/2026 |
1,503,053
|
|
2,610,000
|
|
Salt
Lake City, UT Department of Airports, Airport Revenue Bonds (Series 2021A), 5.000%, 7/1/2026 |
2,614,662
|
|
6,670,000
|
|
Salt
Lake City, UT Department of Airports, Tender Option Bond Trust Receipts (Series 2025-XF8009) Weekly VRDNs,
(JPMorgan
Chase Bank, N.A. LIQ), 1.690%, 6/4/2026 |
6,670,000
|
|
|
|
TOTAL
|
10,787,715
|
|
|
|
Vermont—0.1%
|
|
|
9,025,000
|
|
Vermont
HFA MFH (Steele Heritage & Lane LLC), Mizuho 3a-7 (Series 2023-MIZ9146) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.800%, 6/4/2026 |
9,025,000
|
|
|
|
Virginia—0.6%
|
|
|
15,120,000
|
|
Arlington,
VA IDA (Lenox Club Apartment), BAML 3a-7 (Series 2024-BAML6038) Daily VRDNs, (Bank of America N.A.
LIQ)/(Bank
of America N.A. LOC), 2.950%, 6/1/2026 |
15,120,000
|
|
5,400,000
|
|
Botetourt
County, VA IDA (Altec Industries, Inc.), (Series 2001) Weekly VRDNs, (Bank of America N.A. LOC),
1.750%,
6/4/2026 |
5,400,000
|
|
17,250,000
|
|
Virginia
Small Business Financing Authority (Virginia Everywhere, LLC), (Series 2025), CP, (Credit Agricole Corporate and
Investment
Bank LOC), 2.450%, Mandatory Tender 9/3/2026 |
17,250,000
|
|
|
|
TOTAL
|
37,770,000
|
|
|
|
Washington—1.0%
|
|
|
41,795,000
|
|
Port
of Tacoma, WA, (Series 2008: Subordinate Lien) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC),
1.630%,
6/3/2026 |
41,795,000
|
|
8,195,000
|
|
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), 1.800%, 6/4/2026 |
8,195,000
|
|
14,250,000
|
|
Tacoma,
WA Electric System, Morgan Stanley 3a-7 (Series 2025-MS0065E) Weekly VRDNs, (Morgan Stanley Bank, N.A.
LIQ),
1.770%, 6/4/2026 |
14,250,000
|
|
|
|
TOTAL
|
64,240,000
|
|
|
|
West
Virginia—1.4% |
|
|
46,000,000
|
|
West
Virginia EDA Solid Waste Disposal Facilities (Nucor Steel West Virginia LLC), (Series 2025A-1) Weekly VRDNs,
(Nucor
Corp. GTD), 1.850%, 6/3/2026 |
46,000,000
|
|
45,000,000
|
|
West
Virginia EDA Solid Waste Disposal Facilities (Nucor Steel West Virginia LLC), (Series 2025B-1) Weekly VRDNs,
(Nucor
Corp. GTD), 1.900%, 6/3/2026 |
45,000,000
|
|
|
|
TOTAL
|
91,000,000
|
|
|
|
Wisconsin—0.9%
|
|
|
15,732,000
|
|
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), 1.850%, 6/4/2026 |
15,732,000
|
|
320,000
|
|
West
Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly VRDNs, (U.S. Bank, N.A. LOC), 2.020%, 6/4/2026 |
320,000
|
|
28,940,000
|
|
Wisconsin
Public Finance Authority (SR 400 Peach Partners, LLC), Tender Option Bond Trust Receipts
(Series
2025-XF8022) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC),
1.670%,
6/4/2026 |
28,940,000
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Wisconsin—continued
|
|
|
$ 10,000,000
|
|
Wisconsin
Public Finance Authority (SR 400 Peach Partners, LLC), Tender Option Bond Trust Receipts
(Series
2025-XL0680) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.670%, 6/4/2026 |
$ 10,000,000
|
|
1,050,000
|
|
Wisconsin
State Public Finance Authority (Birchwood Properties LP), (Series 2016) Weekly VRDNs, (FHLB of Des Moines
LOC),
1.690%, 6/4/2026 |
1,050,000
|
|
8,000,000
|
|
Wisconsin
State Public Finance Authority (Waste Management, Inc.), (Series A-3), (Waste Management Holdings, Inc.
GTD),
2.950%, Mandatory Tender 8/3/2026 |
8,000,000
|
|
|
|
TOTAL
|
64,042,000
|
|
|
|
TOTAL
INVESTMENT IN SECURITIES—100.4%
(AT
AMORTIZED COST)2
|
6,739,520,325
|
|
|
|
OTHER
ASSETS AND LIABILITIES - NET—(0.4)%3
|
(24,323,453)
|
|
|
|
NET
ASSETS—100% |
$6,715,196,872
|
|
1
|
Current
rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable
rate securities are
not
based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These
securities do
not
indicate a reference rate and spread in their description above. |
|
2
|
Also
represents cost of investments for federal tax purposes. |
|
3
|
Assets,
other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
|
The
following acronym(s) are used throughout this portfolio: |
| |
|
BANs
|
—Bond
Anticipation Notes | |
|
CP
|
—Commercial
Paper | |
|
CPX
|
—Commercial
Paper Extendible | |
|
CSD
|
—Central
School District | |
|
EDA
|
—Economic
Development Authority | |
|
EDC
|
—Economic
Development Commission | |
|
FHLB
|
—Federal
Home Loan Bank | |
|
FHLMC
|
—Federal
Home Loan Mortgage Corporation | |
|
FNMA
|
—Federal
National Mortgage Association | |
|
GO
|
—General
Obligation | |
|
GTD
|
—Guaranteed
| |
|
HDA
|
—Hospital
Development Authority | |
|
HFA
|
—Housing
Finance Authority | |
|
IDA
|
—Industrial
Development Authority | |
|
IDB
|
—Industrial
Development Bond | |
|
IDC
|
—Industrial
Development Corporation | |
|
INS
|
—Insured
| |
|
LIQ
|
—Liquidity
Agreement | |
|
LLLP
|
—Limited
Liability Limited Partnership | |
|
LLP
|
—Limited
Liability Partnership | |
|
LOC
|
—Letter
of Credit | |
|
MFH
|
—Multi-Family
Housing | |
|
PCFA
|
—Pollution
Control Financing Authority | |
|
PCRB
|
—Pollution
Control Revenue Bond | |
|
PUTTERs
|
—Puttable
Tax-Exempt Receipts | |
|
RANs
|
—Revenue
Anticipation Notes | |
|
TANs
|
—Tax
Anticipation Notes | |
|
UFSD
|
—Union
Free School District | |
|
UT
|
—Unlimited
Tax | |
|
VMTP
|
—Variable
Municipal Term Preferred | |
|
VRDNs
|
—Variable
Rate Demand Notes | |
|
VRDPs
|
—Variable
Rate Demand Preferreds | |
|
VRENs
|
—Variable
Rate Extendible Notes | |
|
|
Year Ended May 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.023
|
0.029
|
0.034
|
0.020
|
0.0002
|
|
Net
realized gain (loss) |
0.0002
|
0.0002
|
0.0002
|
0.0002
|
0.0002
|
|
Total
From Investment Operations |
0.023
|
0.029
|
0.034
|
0.020
|
0.0002
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.023)
|
(0.029)
|
(0.034)
|
(0.020)
|
(0.000)2
|
|
Distributions
from net realized gain |
(0.000)2
|
(0.000)2
|
—
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.023)
|
(0.029)
|
(0.034)
|
(0.020)
|
(0.000)2
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
2.30%
|
2.95%
|
3.45%
|
1.99%
|
0.04%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.50%
|
0.49%
|
0.46%
|
0.56%
|
0.27%
|
|
Net
investment income |
2.26%
|
2.87%
|
3.40%
|
0.51%
|
0.03%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.08%
|
0.08%
|
0.38%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$126,961
|
$81,235
|
$25,377
|
$14,098
|
$700,243
|
|
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. |
|
|
Year Ended May 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.021
|
0.026
|
0.031
|
0.017
|
0.0002
|
|
Net
realized gain (loss) |
0.0002
|
0.001
|
0.0002
|
0.0002
|
0.0002
|
|
Total
From Investment Operations |
0.021
|
0.027
|
0.031
|
0.017
|
0.0002
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.021)
|
(0.027)
|
(0.031)
|
(0.017)
|
(0.000)2
|
|
Distributions
from net realized gain |
(0.000)2
|
(0.000)2
|
—
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.021)
|
(0.027)
|
(0.031)
|
(0.017)
|
(0.000)2
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
2.07%
|
2.70%
|
3.15%
|
1.76%
|
0.02%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.72%
|
0.73%
|
0.76%
|
0.78%
|
0.27%
|
|
Net
investment income |
1.99%
|
2.59%
|
3.16%
|
1.93%
|
0.01%
|
|
Expense
waiver/reimbursement5
|
0.11%
|
0.11%
|
0.11%
|
0.12%
|
0.63%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$150,220
|
$47,624
|
$12,744
|
$1,342
|
$2,874
|
|
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. |
|
|
Year Ended May 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.026
|
0.031
|
0.037
|
0.023
|
0.001
|
|
Net
realized gain (loss) |
0.0002
|
0.001
|
0.0002
|
0.0002
|
0.0002
|
|
TOTAL
FROM INVESTMENT OPERATIONS |
0.026
|
0.032
|
0.037
|
0.023
|
0.001
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.026)
|
(0.032)
|
(0.037)
|
(0.023)
|
(0.001)
|
|
Distributions
from net realized gain |
(0.000)2
|
(0.000)2
|
—
|
(0.000)2
|
(0.000)2
|
|
TOTAL
DISTRIBUTIONS |
(0.026)
|
(0.032)
|
(0.037)
|
(0.023)
|
(0.001)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
2.59%
|
3.23%
|
3.71%
|
2.34%
|
0.12%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.21%
|
0.21%
|
0.21%
|
0.21%
|
0.19%
|
|
Net
investment income |
2.56%
|
3.14%
|
3.65%
|
2.38%
|
0.13%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.08%
|
0.09%
|
0.11%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$5,209,252
|
$5,397,273
|
$3,746,330
|
$2,371,755
|
$1,772,201
|
|
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. |
|
|
Year Ended May 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.023
|
0.028
|
0.034
|
0.021
|
0.001
|
|
Net
realized gain (loss) |
0.0002
|
0.001
|
0.0002
|
0.0002
|
0.0002
|
|
Total
From Investment Operations |
0.023
|
0.029
|
0.034
|
0.021
|
0.001
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.023)
|
(0.029)
|
(0.034)
|
(0.021)
|
(0.001)
|
|
Distributions
from net realized gain |
(0.000)2
|
(0.000)2
|
—
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.023)
|
(0.029)
|
(0.034)
|
(0.021)
|
(0.001)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
2.34%
|
2.98%
|
3.46%
|
2.09%
|
0.05%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.46%
|
0.46%
|
0.46%
|
0.46%
|
0.25%
|
|
Net
investment income |
2.31%
|
2.81%
|
3.40%
|
2.03%
|
0.05%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.08%
|
0.09%
|
0.30%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$638,584
|
$625,080
|
$204,398
|
$213,084
|
$232,943
|
|
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. |
|
|
Year Ended May 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.019
|
0.024
|
0.030
|
0.016
|
0.0002
|
|
Net
realized gain (loss) |
0.0002
|
0.001
|
0.0002
|
0.0002
|
0.0002
|
|
Total
From Investment Operations |
0.019
|
0.025
|
0.030
|
0.016
|
0.0002
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.019)
|
(0.025)
|
(0.030)
|
(0.016)
|
(0.000)2
|
|
Distributions
from net realized gain |
(0.000)2
|
(0.000)2
|
—
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.019)
|
(0.025)
|
(0.030)
|
(0.016)
|
(0.000)2
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
1.88%
|
2.51%
|
3.00%
|
1.64%
|
0.01%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.91%
|
0.91%
|
0.91%
|
0.90%
|
0.29%
|
|
Net
investment income |
1.86%
|
2.37%
|
2.96%
|
1.59%
|
0.01%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.08%
|
0.09%
|
0.71%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$137,206
|
$152,567
|
$53,911
|
$58,942
|
$71,843
|
|
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. |
|
|
Year Ended May 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.018
|
0.024
|
0.028
|
0.015
|
0.0002
|
|
Net
realized gain (loss) |
0.0002
|
0.0002
|
0.0002
|
0.0002
|
0.0002
|
|
Total
From Investment Operations |
0.018
|
0.024
|
0.028
|
0.015
|
0.0002
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.018)
|
(0.024)
|
(0.028)
|
(0.015)
|
(0.000)2
|
|
Distributions
from net realized gain |
(0.000)2
|
(0.000)2
|
—
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.018)
|
(0.024)
|
(0.028)
|
(0.015)
|
(0.000)2
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
1.77%
|
2.40%
|
2.88%
|
1.53%
|
0.01%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
1.02%
|
1.02%
|
1.02%
|
1.01%
|
0.29%
|
|
Net
investment income |
1.75%
|
2.36%
|
2.84%
|
1.48%
|
0.01%
|
|
Expense
waiver/reimbursement5
|
0.22%
|
0.22%
|
0.22%
|
0.24%
|
0.97%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$114,555
|
$143,052
|
$165,380
|
$196,830
|
$237,579
|
|
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. |
|
|
Year Ended May 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.025
|
0.031
|
0.036
|
0.022
|
0.001
|
|
Net
realized gain (loss) |
0.0002
|
0.0002
|
0.0002
|
0.0002
|
0.0002
|
|
Total
From Investment Operations |
0.025
|
0.031
|
0.036
|
0.022
|
0.001
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.025)
|
(0.031)
|
(0.036)
|
(0.022)
|
(0.001)
|
|
Distributions
from net realized gain |
(0.000)2
|
(0.000)2
|
—
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.025)
|
(0.031)
|
(0.036)
|
(0.022)
|
(0.001)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
2.49%
|
3.12%
|
3.61%
|
2.24%
|
0.09%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.31%
|
0.31%
|
0.31%
|
0.31%
|
0.21%
|
|
Net
investment income |
2.46%
|
3.06%
|
3.55%
|
2.26%
|
0.07%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.08%
|
0.09%
|
0.19%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$338,418
|
$338,705
|
$287,070
|
$231,540
|
$195,389
|
|
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. |
|
Assets:
|
|
|
Investment
in securities, at amortized cost and fair value |
$6,739,520,325
|
|
Cash
|
1,318,341
|
|
Income
receivable |
43,306,405
|
|
Receivable
for investments sold |
9,117,513
|
|
Receivable
for shares sold |
15,528,998
|
|
Total
Assets |
6,808,791,582
|
|
Liabilities:
|
|
|
Payable
for investments purchased |
80,644,386
|
|
Payable
for shares redeemed |
11,603,079
|
|
Income
distribution payable |
492,117
|
|
Payable
for investment adviser fee (Note 5)
|
65,334
|
|
Payable
for administrative fee (Note 5)
|
42,508
|
|
Payable
for distribution services fee (Note 5)
|
140,252
|
|
Payable
for other service fees (Notes 2 and 5)
|
300,735
|
|
Accrued
expenses (Note 5)
|
306,299
|
|
Total
Liabilities |
93,594,710
|
|
Net
assets for 6,715,098,698 shares outstanding |
$6,715,196,872
|
|
Net Assets
Consist of: |
|
|
Paid-in
capital |
$6,715,078,389
|
|
Total
distributable earnings (loss) |
118,483
|
|
Net
Assets |
$6,715,196,872
|
|
Net Asset
Value, Offering Price and Redemption Proceeds Per Share: |
|
|
Automated
Shares: |
|
|
$126,961,474
÷ 126,959,635 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Investment
Shares: |
|
|
$150,219,911
÷ 150,217,718 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Wealth
Shares: |
|
|
$5,209,251,915
÷ 5,209,175,739 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Service
Shares: |
|
|
$638,583,776
÷ 638,574,432 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Cash II
Shares: |
|
|
$137,206,009
÷ 137,204,001 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Cash Series
Shares: |
|
|
$114,555,485
÷ 114,553,808 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Capital
Shares: |
|
|
$338,418,302
÷ 338,413,365 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Investment
Income: |
|
|
Interest
|
$197,353,718
|
|
Expenses:
|
|
|
Investment
adviser fee (Note 5)
|
14,236,969
|
|
Administrative
fee (Note 5)
|
5,508,910
|
|
Custodian
fees |
205,035
|
|
Transfer
agent fees (Note 2) |
453,456
|
|
Directors’/Trustees’
fees (Note 5)
|
35,985
|
|
Auditing
fees |
28,165
|
|
Legal
fees |
6,767
|
|
Portfolio
accounting fees |
279,831
|
|
Distribution
services fee (Note 5)
|
1,383,030
|
|
Other
service fees (Notes 2 and 5)
|
2,993,427
|
|
Share
registration costs |
341,519
|
|
Printing
and postage |
73,290
|
|
Miscellaneous
(Note 5)
|
27,649
|
|
TOTAL
EXPENSES |
25,574,033
|
|
Waivers
and Reimbursement: |
|
|
Waiver
of investment adviser fee (Note 5) |
(5,565,959)
|
|
Waiver/reimbursement
of other operating expenses (Notes 2 and 5) |
(188,734)
|
|
TOTAL
WAIVERS AND REIMBURSEMENT |
(5,754,693)
|
|
Net
expenses |
19,819,340
|
|
Net
investment income |
177,534,378
|
|
Net
realized gain on investments |
118,662
|
|
Change
in net assets resulting from operations |
$177,653,040
|
|
Year
Ended May 31 |
2026
|
2025
|
|
Increase
(Decrease) in Net Assets |
|
|
|
Operations:
|
|
|
|
Net
investment income |
$177,534,378
|
$164,502,934
|
|
Net
realized gain (loss) |
118,662
|
2,895
|
|
CHANGE
IN NET ASSETS RESULTING FROM OPERATIONS |
177,653,040
|
164,505,829
|
|
Distributions
to Shareholders: |
|
|
|
Automated
Shares |
(2,392,749)
|
(1,003,498)
|
|
Investment
Shares |
(1,291,130)
|
(913,264)
|
|
Wealth
Shares |
(146,295,334)
|
(133,719,389)
|
|
Service
Shares |
(14,739,021)
|
(12,586,041)
|
|
Cash
II Shares |
(2,747,628)
|
(2,881,057)
|
|
Cash
Series Shares |
(2,047,099)
|
(3,787,200)
|
|
Capital
Shares |
(8,030,304)
|
(10,131,697)
|
|
CHANGE
IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS |
(177,543,265)
|
(165,022,146)
|
|
Share Transactions:
|
|
|
|
Proceeds
from sale of shares |
11,182,465,071
|
10,895,047,825
|
|
Net
asset value of shares issued to shareholders in payment of distributions declared |
168,324,159
|
154,103,435
|
|
Cost
of shares redeemed |
(11,421,237,608)
|
(8,758,309,199)
|
|
CHANGE
IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS |
(70,448,378)
|
2,290,842,061
|
|
Change
in net assets |
(70,338,603)
|
2,290,325,744
|
|
Net Assets:
|
|
|
|
Beginning
of period |
6,785,535,475
|
4,495,209,731
|
|
End
of period |
$6,715,196,872
|
$6,785,535,475
|
|
|
Transfer
Agent
Fees
Incurred |
Transfer
Agent
Fees
Reimbursed |
|
Automated
Shares |
$49,801
|
$(5,104)
|
|
Investment
Shares |
25,997
|
—
|
|
Wealth
Shares |
95,982
|
(82)
|
|
Service
Shares |
10,704
|
—
|
|
Cash
II Shares |
146,517
|
—
|
|
Cash
Series Shares |
118,962
|
(34,946)
|
|
Capital
Shares |
5,493
|
(16)
|
|
TOTAL
|
$453,456
|
$(40,148)
|
|
|
Other
Service
Fees
Incurred |
|
Automated
Shares |
$264,032
|
|
Investment
Shares |
163,737
|
|
Service
Shares |
1,577,525
|
|
Cash
II Shares |
368,419
|
|
Cash
Series Shares |
293,039
|
|
Capital
Shares |
326,675
|
|
TOTAL
|
$2,993,427
|
|
|
Year
Ended
5/31/2026
|
Year
Ended
5/31/2025
| ||
|
Automated
Shares: |
Shares
(000’s
omitted) |
Amount
(000’s
omitted) |
Shares
(000’s
omitted) |
Amount
(000’s
omitted) |
|
Shares
sold |
169,063
|
$169,063
|
104,397
|
$104,397
|
|
Shares
issued to shareholders in payment of distributions declared |
2,384
|
2,384
|
988
|
988
|
|
Shares
redeemed |
(125,722)
|
(125,722)
|
(49,524)
|
(49,524)
|
|
NET
CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS |
45,725
|
$45,725
|
55,861
|
$55,861
|
|
|
Year
Ended
5/31/2026
|
Year
Ended
5/31/2025
| ||
|
Investment
Shares: |
Shares
(000’s
omitted) |
Amount
(000’s
omitted) |
Shares
(000’s
omitted) |
Amount
(000’s
omitted) |
|
Shares
sold |
460,631
|
$460,631
|
140,542
|
$140,542
|
|
Shares
issued to shareholders in payment of distributions declared |
1,211
|
1,211
|
758
|
758
|
|
Shares
redeemed |
(359,249)
|
(359,249)
|
(106,418)
|
(106,418)
|
|
NET
CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS |
102,593
|
$102,593
|
34,882
|
$34,882
|
|
|
Year
Ended
5/31/2026
|
Year
Ended
5/31/2025
| ||
|
Wealth
Shares: |
Shares
(000’s
omitted) |
Amount
(000’s
omitted) |
Shares
(000’s
omitted) |
Amount
(000’s
omitted) |
|
Shares
sold |
8,545,118
|
$8,545,118
|
8,245,931
|
$8,245,931
|
|
Shares
issued to shareholders in payment of distributions declared |
138,462
|
138,462
|
124,624
|
124,624
|
|
Shares
redeemed |
(8,871,687)
|
(8,871,687)
|
(6,719,182)
|
(6,719,182)
|
|
NET
CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS |
(188,107)
|
$(188,107)
|
1,651,373
|
$1,651,373
|
|
|
Year
Ended
5/31/2026
|
Year
Ended
5/31/2025
| ||
|
Service
Shares: |
Shares
(000’s
omitted) |
Amount
(000’s
omitted) |
Shares
(000’s
omitted) |
Amount
(000’s
omitted) |
|
Shares
sold |
941,649
|
$941,649
|
1,125,372
|
$1,125,372
|
|
Shares
issued to shareholders in payment of distributions declared |
13,613
|
13,613
|
11,282
|
11,282
|
|
Shares
redeemed |
(941,769)
|
(941,769)
|
(715,948)
|
(715,948)
|
|
NET
CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS |
13,493
|
$13,493
|
420,706
|
$420,706
|
|
|
Year
Ended
5/31/2026
|
Year
Ended
5/31/2025
| ||
|
Cash
II Shares: |
Shares
(000’s
omitted) |
Amount
(000’s
omitted) |
Shares
(000’s
omitted) |
Amount
(000’s
omitted) |
|
Shares
sold |
378,355
|
$378,355
|
419,676
|
$419,676
|
|
Shares
issued to shareholders in payment of distributions declared |
2,743
|
2,743
|
2,875
|
2,875
|
|
Shares
redeemed |
(396,461)
|
(396,461)
|
(323,889)
|
(323,889)
|
|
NET
CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS |
(15,363)
|
$(15,363)
|
98,662
|
$98,662
|
|
|
Year
Ended
5/31/2026
|
Year
Ended
5/31/2025
| ||
|
Cash
Series Shares: |
Shares
(000’s
omitted) |
Amount
(000’s
omitted) |
Shares
(000’s
omitted) |
Amount
(000’s
omitted) |
|
Shares
sold |
319,190
|
$319,190
|
363,602
|
$363,602
|
|
Shares
issued to shareholders in payment of distributions declared |
1,998
|
1,998
|
3,725
|
3,725
|
|
Shares
redeemed |
(349,687)
|
(349,687)
|
(389,637)
|
(389,637)
|
|
NET
CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS |
(28,499)
|
$(28,499)
|
(22,310)
|
$(22,310)
|
|
|
Year
Ended
5/31/2026
|
Year
Ended
5/31/2025
| ||
|
Capital
Shares: |
Shares
(000’s
omitted) |
Amount
(000’s
omitted) |
Shares
(000’s
omitted) |
Amount
(000’s
omitted) |
|
Shares
sold |
368,459
|
$368,459
|
495,527
|
$495,527
|
|
Shares
issued to shareholders in payment of distributions declared |
7,912
|
7,912
|
9,852
|
9,852
|
|
Shares
redeemed |
(376,662)
|
(376,662)
|
(453,712)
|
(453,712)
|
|
NET
CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS |
(291)
|
$(291)
|
51,667
|
$51,667
|
|
NET
CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS |
(70,449)
|
$(70,449)
|
2,290,841
|
$2,290,841
|
|
|
2026
|
2025
|
|
Tax-exempt
income |
$177,435,915
|
$164,461,102
|
|
Ordinary
income1
|
$107,129
|
$432,083
|
|
Long-term
capital gains |
$221
|
$128,961
|
|
1
|
For
tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
|
Undistributed
tax-exempt income |
$(143)
|
|
Undistributed
ordinary income1
|
$112,123
|
|
Undistributed
long-term capital gains |
$6,503
|
|
TOTAL
|
$118,483
|
|
1
|
For
tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
|
Administrative
Fee |
Average
Daily Net Assets
of
the Investment Complex |
|
0.100%
|
on
assets up to $50 billion |
|
0.075%
|
on
assets over $50 billion |
|
|
Percentage
of Average Daily
Net
Assets of Class |
|
Investment
Shares |
0.25%
|
|
Cash
II Shares |
0.35%
|
|
Cash
Series Shares |
0.60%
|
|
|
Distribution
Services
Fees
Incurred |
Distribution
Services
Fees
Waived |
|
Investment
Shares |
$163,737
|
$(19,649)
|
|
Cash
II Shares |
516,000
|
—
|
|
Cash
Series Shares |
703,293
|
(128,937)
|
|
TOTAL
|
$1,383,030
|
$(148,586)
|
July 24, 2026
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 608919635
CUSIP 60934N658
CUSIP 60934N641
CUSIP 608919668
CUSIP 608919650
CUSIP 60934N633
and Additional Information
|
Share
Class | Ticker
|
Wealth | TBIXX
|
Advisor | TBVXX
|
Service | TBSXX
|
|
Federated Hermes Tax-Free Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—101.2% |
|
|
|
|
Alabama—2.9%
|
|
|
$ 14,945,000
|
|
Columbia,
AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 2.880%, 6/1/2026 |
$ 14,945,000
|
|
16,400,000
|
|
Columbia,
AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 2.800%, 6/1/2026 |
16,400,000
|
|
4,165,000
|
|
Cooperative
District of Fort Spanish, AL, Tender Option Bond Trust Receipts (Series 2021-XF2959) Weekly VRDNs,
(Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.850%, 6/4/2026 |
4,165,000
|
|
8,205,000
|
|
Lower
Alabama Gas District, Tender Option Bond Trust Certificates (Series 2024-YX1345) Weekly VRDNs, (Barclays Bank
PLC
LIQ)/(Barclays Bank PLC LOC), 1.670%, 6/4/2026 |
8,205,000
|
|
47,700,000
|
|
Mobile,
AL IDB (Alabama Power Co.), (First Series 2009: Barry Plant) Daily VRDNs, 2.880%, 6/1/2026 |
47,700,000
|
|
1,250,000
|
|
Southeast
Alabama Gas Supply District, (Series 2024-XF1694) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of
Canada
LOC), 1.620%, 6/4/2026 |
1,250,000
|
|
85,425,000
|
|
UAB
St Vincent’s Health System Authority, BAML 3a-7 (Series 2025-BAML5063), (Bank of America N.A. LIQ)/(Bank of
America
N.A. LOC), 1.770%, Optional Tender 7/9/2026 |
85,425,000
|
|
|
|
TOTAL
|
178,090,000
|
|
|
|
Alaska—0.5%
|
|
|
31,635,000
|
|
Anchorage,
AK, PUTTERs 3a-7 (Series 2026-5112) Daily VRDNs, (J.P. Morgan Securities LLC LIQ), 3.150%, 6/1/2026 |
31,635,000
|
|
|
|
Arizona—3.0%
|
|
|
9,475,000
|
|
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), 1.800%, 6/4/2026 |
9,475,000
|
|
3,325,000
|
|
Arizona
State IDA (IH Phoenix Apartments Owner I LLC), Mizuho 3a-7 (Series 2025-MIZ9215) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.800%, 6/4/2026 |
3,325,000
|
|
2,500,000
|
|
Arizona
State IDA (IH Phoenix Apartments Owner II LLC), Mizuho 3a-7 (Series 2025-MIZ9220) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.800%, 6/4/2026 |
2,500,000
|
|
7,038,433
|
|
Arizona
State IDA (Roers Casa Grande Apartments Owner LLC), Mizuho 3a-7 (Series 2024-MIZ9187) VRENs, (Mizuho Bank
Ltd.
GTD)/(Mizuho Bank Ltd. LIQ), 1.800%, 6/4/2026 |
7,038,433
|
|
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), 1.800%, 6/4/2026 |
4,700,000
|
|
4,696,723
|
|
Arizona
State IDA (Roers Flagstaff Apartment Owner LLC), Mizuho 3a-7 (Series 2025-MIZ9213) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.800%, 6/4/2026 |
4,696,723
|
|
4,732,903
|
|
Arizona
State IDA (Roers Maricopa Apartments Owner LLC), Mizuho 3a-7 (Series 2023-MIZ9155) VRENs, (Mizuho Bank
Ltd.
LIQ)/(Mizuho Bank Ltd. LOC), 1.800%, 6/4/2026 |
4,732,903
|
|
71,550,000
|
|
Arizona
State IDA (Vaseo Apartments LP), Mizuho 3a-7 (Series 2023-MIZ9118) Weekly VRDNs, (Federal Home Loan
Mortgage
Corp. GTD)/(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.670%, 6/4/2026 |
71,550,000
|
|
18,250,000
|
|
Arizona
State IDA (Washington Yu Ying Public Charter School), Tender Option Bond Trust Receipts (Series 2025-ESRF002)
Weekly
VRDNs, (PNC Bank, N.A. LOC), 1.590%, 6/4/2026 |
18,250,000
|
|
16,750,000
|
|
Arizona
State IDA (Zeta Charter Schools, Inc. Obligated Group), Tender Option Bond Trust Receipts
(Series
2025-ESRF001) Weekly VRDNs, (PNC Bank, N.A. LOC), 1.590%, 6/4/2026 |
16,750,000
|
|
4,370,000
|
|
Arizona
State IDA, Mizuho 3a-7 (Series 2024-MIZ9180) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ),
1.800%,
6/4/2026 |
4,370,000
|
|
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), 1.720%, 6/4/2026 |
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), 1.720%, 6/4/2026 |
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), 1.720%, 6/4/2026 |
9,225,000
|
|
|
|
TOTAL
|
188,803,059
|
|
|
|
Arkansas—0.3%
|
|
|
20,000,000
|
|
Springdale,
AR Sales & Use Revenue, Tender Option Bond Trust Receipts (Series 2023-XF1559) Daily VRDNs, (Build
America
Mutual Assurance INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.020%, 6/1/2026 |
20,000,000
|
|
|
|
California—5.5%
|
|
|
24,230,000
|
|
California
Community Choice Financing Authority, Tender Option Bond Trust Certificates (Series 2023-XF3213) Weekly
VRDNs,
(Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.670%, 6/4/2026 |
24,230,000
|
|
37,570,000
|
|
California
Health Facilities Financing Authority (CommonSpirit Health), Golden Blue (Series 2017-004) VRENs, (Barclays
Bank
PLC LIQ)/(Barclays Bank PLC LOC), 1.770%, 6/4/2026 |
37,570,000
|
|
20,100,000
|
|
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), 1.850%, 6/4/2026 |
20,100,000
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
California—continued
|
|
|
$ 8,500,000
|
|
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), 2.950%, 6/1/2026 |
$ 8,500,000
|
|
6,900,000
|
|
California
Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 2.350%, Mandatory
Tender
8/5/2026 |
6,900,000
|
|
3,000,000
|
|
California
Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 2.380%, Mandatory
Tender
8/6/2026 |
3,000,000
|
|
13,600,000
|
|
California
Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 2.380%, Mandatory
Tender
8/6/2026 |
13,600,000
|
|
7,932,534
|
|
California
Statewide Communities Development Authority (Lexington Green Community Partners II, LP), Mizuho 3a-7
(Series
2024-MIZ9184) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.750%, 6/4/2026 |
7,932,534
|
|
11,000,000
|
|
JPMorgan
Chase Putters/Drivers Trust (Federal Home Loan Mortgage Corp.), PUTTERs 3a-7 (Series 3007DB) Daily
VRDNs,
(Federal Home Loan Mortgage Corp. GTD)/(JPMorgan Chase Bank, N.A. LIQ), 2.950%, 6/1/2026 |
11,000,000
|
|
10,170,000
|
|
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),
2.950%,
6/1/2026 |
10,170,000
|
|
8,000,000
|
|
Los
Angeles, CA Multi-Family Housing Revenue Bonds (Grand Avenue M Urban Housing LLC), Mizuho 3a-7
(Series
2025-9221) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.750%, 6/4/2026 |
8,000,000
|
|
25,000,000
|
|
River
Islands, CA Public Financing Authority-Community Facilities District No. 2015-1, Mizuho 3a-7 (Series 2024-MIZ9188)
VRENs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.750%, 6/4/2026 |
25,000,000
|
|
22,390,000
|
|
San
Diego, CA Housing Authority (Scripps Mesa Apartments), Mizuho 3a-7 (Series 2024-MIZ9198) VRENs, (Mizuho Bank
Ltd.
GTD)/(Mizuho Bank Ltd. LIQ), 1.750%, 6/4/2026 |
22,390,000
|
|
32,100,000
|
|
San
Francisco, CA City & County Multi-Family Housing (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),
2.950%,
6/1/2026 |
32,100,000
|
|
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), 1.750%, 6/4/2026 |
75,000,000
|
|
10,355,671
|
|
San
Francisco, CA City and County (1601 Mariposa Apartments), Mizuho 3a-7 (Series 2022-MIZ9095) VRENs, (Mizuho
Bank
Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.750%, 6/4/2026 |
10,355,671
|
|
23,861,000
|
|
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), 1.750%, 6/4/2026 |
23,861,000
|
|
|
|
TOTAL
|
339,709,205
|
|
|
|
Colorado—0.1%
|
|
|
6,000,000
|
|
Denver,
CO City and County Board of Water Commissioners, (Series 2023A), CP, (Bank of America N.A. LIQ), 2.400%,
Mandatory
Tender 6/23/2026 |
6,000,000
|
|
|
|
Connecticut—0.4%
|
|
|
20,500,000
|
|
Connecticut
State HFA, (Series 2025 E-3) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.450%, 6/4/2026 |
20,500,000
|
|
2,110,000
|
|
Shelton,
CT Housing Authority (Crosby Commons), (Series 1998) Weekly VRDNs, (Manufacturers & Traders Trust Co.
LOC),
1.770%, 6/4/2026 |
2,110,000
|
|
|
|
TOTAL
|
22,610,000
|
|
|
|
Delaware—0.1%
|
|
|
4,140,000
|
|
Delaware
State Housing Authority (Christiana Village Apartments LLC), Mizuho 3a-7 (Series 2024-MIZ9175) VRENs,
(Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.800%, 6/4/2026 |
4,140,000
|
|
2,577,608
|
|
Delaware
State Housing Authority (Christiana Village Apartments, LLC), (Series 2024-MIZ9182) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.800%, 6/4/2026 |
2,577,608
|
|
|
|
TOTAL
|
6,717,608
|
|
|
|
District
of Columbia—0.9% |
|
|
12,000,000
|
|
District
of Columbia (Children’s Hospital Obligated Group/DC), (Series 2025) Weekly VRDNs, (Truist Bank LOC),
1.640%,
6/4/2026 |
12,000,000
|
|
27,760,000
|
|
District
of Columbia Housing Finance Agency Multifamily Development, Tender Option Bond Trust Receipts
(Series
2025-CF7039) Weekly VRDNs, (Citibank, N.A. LIQ)/(Citibank, N.A. LOC), 1.690%, 6/4/2026 |
27,760,000
|
|
15,000,000
|
|
District
of Columbia, Commercial Paper BAN Series 2025A, CP, (Barclays Bank PLC LOC), 2.570%, Mandatory
Tender
8/6/2026 |
15,000,000
|
|
|
|
TOTAL
|
54,760,000
|
|
|
|
Florida—6.6%
|
|
|
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), 1.720%, 6/4/2026 |
15,440,000
|
|
11,470,000
|
|
Broward
County, FL HFA (ML Casa V LP), BAML 3a-7 (BAML-6018) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of
America
N.A. LOC), 1.690%, 6/4/2026 |
11,470,000
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Florida—continued
|
|
|
$ 5,575,000
|
|
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), 1.680%, 6/4/2026 |
$ 5,575,000
|
|
3,785,000
|
|
Federal
Home Loan Mortgage Corp. (The Gallery at Smathers Plaza), Citi 3a-7 (Series 2025-CF7017) Weekly VRDNs,
(Citibank,
N.A. LIQ)/(Citibank, N.A. LOC), 1.690%, 6/4/2026 |
3,785,000
|
|
14,405,000
|
|
Florida
Development Finance Corp. (Baptist Health System, Inc.), (Series BAML5066), (Bank of America N.A. LIQ)/(Bank
of
America N.A. LOC), 1.720%, Optional Tender 6/18/2026 |
14,405,000
|
|
15,000,000
|
|
Highlands
County, FL Health Facilities Authority (Advent Health System/Sunbelt Obligated Group), (Series D-2) Weekly
VRDNs,
1.450%, 6/4/2026 |
15,000,000
|
|
35,255,000
|
|
Hillsborough
County, FL IDA (BayCare Obligated Group), (Series 2020B) Daily VRDNs, (TD Bank, N.A. LOC),
2.800%,
6/1/2026 |
35,255,000
|
|
12,580,000
|
|
JEA,
FL Water & Sewer System, (2008 Series A-2: Senior Revenue Bonds) Weekly VRDNs, (Sumitomo Mitsui Banking
Corp.
LOC), 1.650%, 6/3/2026 |
12,580,000
|
|
6,800,000
|
|
JEA,
FL Water & Sewer System, (2008 Series A-2: Subordinate Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank,
N.A.
LIQ), 1.580%, 6/4/2026 |
6,800,000
|
|
8,025,000
|
|
JEA,
FL Water & Sewer System, (Series 2025 MS0033), (Morgan Stanley Bank, N.A. LIQ), 1.730%, Optional
Tender
9/10/2026 |
8,025,000
|
|
51,050,000
|
|
Lee
County, FL IDA (Lee Health Systems, Inc.), (2026 Series B) Daily VRDNs, (TD Bank, N.A. LOC), 2.850%, 6/1/2026 |
51,050,000
|
|
14,500,000
|
|
Martin
County, FL (Florida Power & Light Co.), (Series 2022) Weekly VRDNs, 1.690%, 6/4/2026 |
14,500,000
|
|
7,500,000
|
|
Miami-Dade
County, FL (Miami-Dade County, FL Water & Sewer), (Series 2025-XL0725) Daily VRDNs, (Wells Fargo Bank,
N.A.
LIQ), 2.900%, 6/1/2026 |
7,500,000
|
|
12,558,720
|
|
Miami-Dade
County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 (2021-MIZ9072) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho
Bank
Ltd. LIQ), 1.800%, 6/4/2026 |
12,558,720
|
|
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), 1.800%, 6/4/2026 |
1,245,000
|
|
4,000,000
|
|
Miami-Dade
County, FL IDA (Florida Power & Light Co.), (Series 2021) Weekly VRDNs, 1.650%, 6/3/2026 |
4,000,000
|
|
49,700,000
|
|
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), 1.920%, 6/4/2026 |
49,700,000
|
|
18,940,000
|
|
Pasco
County, FL, Tender Option Bond Trust Receipts (Series 2025-XM1213) Weekly VRDNs, (Assured Guaranty, Inc.
INS)/(JPMorgan
Chase Bank, N.A. LIQ), 1.670%, 6/4/2026 |
18,940,000
|
|
36,200,000
|
|
Public
Finance Authority (Sarasota County Public Hospital District Obligated Group), BAML VRDO (Series 2026-VRS304)
Daily
VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 2.950%, 6/1/2026 |
36,200,000
|
|
85,000,000
|
|
Tallahassee,
FL (Tallahassee Memorial HealthCare, Inc.), (Series 2026-VRS224) Daily VRDNs, (Bank of America N.A.
LIQ)/(Bank
of America N.A. LOC), 2.950%, 6/1/2026 |
85,000,000
|
|
|
|
TOTAL
|
409,028,720
|
|
|
|
Georgia—1.5%
|
|
|
19,775,000
|
|
Alpharetta,
GA Development Authority (Wellstar Health System, Inc.), (Series 2025A) Weekly VRDNs, (Truist Bank LOC),
1.720%,
6/4/2026 |
19,775,000
|
|
13,845,000
|
|
Main
Street Natural Gas, Inc., GA, Tender Option Bond Trust Certificates (Series 2025-ZF3403) Weekly VRDNs, (Royal
Bank
of Canada GTD)/(Wells Fargo Bank, N.A. LIQ), 1.670%, 6/4/2026 |
13,845,000
|
|
7,000,000
|
|
Metropolitan
Atlanta Rapid Transit Authority, GA, Subordinate Sales Tax (Series 2021B), CP, 2.400%, Mandatory
Tender
7/7/2026 |
7,000,000
|
|
15,000,000
|
|
Metropolitan
Atlanta Rapid Transit Authority, GA, Subordinate Sales Tax (Series 2021B), CP, 2.400%, Mandatory
Tender
7/7/2026 |
15,000,000
|
|
14,000,000
|
|
Monroe
County, GA Development Authority (Florida Power & Light Co.), Pollution Control Revenue Bonds (First Series
2002)
Weekly VRDNs, 1.690%, 6/4/2026 |
14,000,000
|
|
12,165,000
|
|
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), 1.680%, 6/4/2026 |
12,165,000
|
|
4,900,000
|
|
Municipal
Electric Authority of Georgia, Tender Option Bond Trust Receipts (Series 2023-XG0462) Daily VRDNs, (Build
America
Mutual Assurance INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.020%, 6/1/2026 |
4,900,000
|
|
8,100,000
|
|
Roswell,
GA Development Authority (WellStar Health System Obligated Group), (Series 2025A) Daily VRDNs, (Truist Bank
LOC),
2.900%, 6/1/2026 |
8,100,000
|
|
|
|
TOTAL
|
94,785,000
|
|
|
|
Idaho—0.5%
|
|
|
33,550,000
|
|
Idaho
Health Facilities Authority (St. Luke’s Health System), (Series 2025D) Daily VRDNs, (TD Bank, N.A. LOC),
2.800%,
6/1/2026 |
33,550,000
|
|
|
|
Illinois—3.0%
|
|
|
9,975,000
|
|
Chicago,
IL (Chicago, IL O’Hare International Airport), (Series 2026-5109) Daily VRDNs, (J.P. Morgan Securities LLC LIQ),
3.070%,
6/1/2026 |
9,975,000
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Illinois—continued
|
|
|
$ 7,990,000
|
|
Chicago,
IL (Chicago, IL Wastewater Transmission), (Series 2026-XM1354) Weekly VRDNs, (Assured Guaranty, Inc.
LOC)/(Wells
Fargo Bank, N.A. LIQ), 1.690%, 6/4/2026 |
$ 7,990,000
|
|
600,000
|
|
Chicago,
IL Multi-Family Housing Revenue (Churchview Manor Senior Apartments), (Series 2012) Weekly VRDNs, (BMO
Bank,
N.A. LOC), 1.840%, 6/4/2026 |
600,000
|
|
2,115,000
|
|
Chicago,
IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2019-XF0736) Weekly VRDNs,
(JPMorgan
Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 1.600%, 6/4/2026 |
2,115,000
|
|
6,000,000
|
|
Chicago,
IL Park District, Tender Option Bond Trust Certificates (Series 2025-XX1370) Weekly VRDNs, (Barclays Bank PLC
LIQ)/(Build
America Mutual Assurance INS), 1.670%, 6/4/2026 |
6,000,000
|
|
12,275,000
|
|
Chicago,
IL Transit Authority, Tender Option Bond Trust Certificates (Series 2022-XL0425) Weekly VRDNs, (Build America
Mutual
Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 1.690%, 6/4/2026 |
12,275,000
|
|
2,500,000
|
|
Chicago,
IL Transit Authority, Tender Option Bond Trust Certificates (Series 2022-ZL0394) Weekly VRDNs, (Build America
Mutual
Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 1.690%, 6/4/2026 |
2,500,000
|
|
6,135,000
|
|
Chicago,
IL Wastewater Transmission, Tender Option Bond Trust Certificates (2023-ZL0476) Weekly VRDNs, (Assured
Guaranty,
Inc. INS)/(Wells Fargo Bank, N.A. LIQ), 1.690%, 6/4/2026 |
6,135,000
|
|
6,765,000
|
|
Chicago,
IL Water Revenue, Tender Option Bond Trust Receipts (2023-XM1118) Daily VRDNs, (Assured Guaranty, Inc.
INS)/(JPMorgan
Chase Bank, N.A. LIQ), 3.070%, 6/1/2026 |
6,765,000
|
|
40,000,000
|
|
Illinois
Finance Authority (City of Hope Obligated Group), BAML VRDO (Series 2025-VRS207) Daily VRDNs, (Bank of
America
N.A. LIQ)/(Bank of America N.A. LOC), 2.950%, 6/1/2026 |
40,000,000
|
|
5,915,000
|
|
Illinois
Finance Authority (Plymouth Place, Inc.), Golden Blue (Series 2025-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays
Bank
PLC LOC), 1.870%, 6/4/2026 |
5,915,000
|
|
22,500,000
|
|
Illinois
Finance Authority (University of Chicago Medical Center Obligated Group), (Series 2009D-2) Daily VRDNs, (TD
Bank,
N.A. LOC), 2.800%, 6/1/2026 |
22,500,000
|
|
8,000,000
|
|
Illinois
Finance Authority (University of Chicago Medical Center Obligated Group), (Series 2009E-1) Daily VRDNs, (PNC
Bank,
N.A. LOC), 2.850%, 6/1/2026 |
8,000,000
|
|
10,000,000
|
|
Illinois
Finance Authority (University of Chicago Medical Center Obligated Group), Mizuho 3a-7 (Series 2024-MIZ9167)
Daily
VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.000%, 6/1/2026 |
10,000,000
|
|
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), 1.650%, 6/4/2026 |
41,250,000
|
|
5,920,000
|
|
Sales
Tax Securitization Corp., IL, Tender Option Bond Trust Certificates (Series 2022-XL0294) Weekly VRDNs, (Barclays
Bank
PLC LIQ)/(Build America Mutual Assurance INS), 1.670%, 6/4/2026 |
5,920,000
|
|
|
|
TOTAL
|
187,940,000
|
|
|
|
Indiana—0.9%
|
|
|
14,800,000
|
|
Indiana
State Finance Authority (Ascension Health Alliance Senior Credit Group), (Series D-1) Weekly VRDNs,
1.550%,
6/3/2026 |
14,800,000
|
|
29,200,000
|
|
Indiana
State Finance Authority (Ascension Health Alliance Senior Credit Group), (Series D-2) Weekly VRDNs,
1.600%,
6/3/2026 |
29,200,000
|
|
12,140,000
|
|
Indiana
State Finance Authority Environmental (Ispat Inland, Inc.), (Series 2005) Weekly VRDNs, (Cooperatieve Rabobank
UA
LOC), 1.610%, 6/3/2026 |
12,140,000
|
|
|
|
TOTAL
|
56,140,000
|
|
|
|
Iowa—0.3%
|
|
|
5,185,000
|
|
Iowa
Finance Authority - Health Facilities (UnityPoint Health), (Series 2013B-1) Daily VRDNs, (TD Bank, N.A. LOC),
2.800%,
6/1/2026 |
5,185,000
|
|
11,655,000
|
|
Iowa
Finance Authority (UnityPoint Health), Barclays 3a-7 (Series 2024-FR-RI-003) VRENs, (Barclays Bank PLC
LIQ)/(Barclays
Bank PLC LOC), 1.820%, 6/4/2026 |
11,655,000
|
|
|
|
TOTAL
|
16,840,000
|
|
|
|
Kentucky—0.9%
|
|
|
11,910,000
|
|
Bowling
Green, KY (WKU Student Life Foundation, Inc.), Morgan Stanley 3a-7 (Series 2026-MS0090), (Morgan Stanley
Bank,
N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 1.750%, Optional Tender 7/9/2026 |
11,910,000
|
|
3,430,000
|
|
Fayette
County, KY School District, Morgan Stanley 3a-7 (Series 2025-MS0055), (Build America Mutual Assurance
INS)/(Morgan
Stanley Bank, N.A. LIQ), 1.740%, Optional Tender 7/9/2026 |
3,430,000
|
|
29,470,000
|
|
Kentucky
Bond Development Corp. (Baptist Health Obligated Group), Morgan Stanley 3a-7 (Series 2026-0092), (Morgan
Stanley
Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 1.750%, Optional Tender 7/16/2026 |
29,470,000
|
|
10,915,000
|
|
Kentucky
Economic Development Finance Authority (Madonna Manor, Inc.), BAML 3a-7 (Series 2023-BAML 5038), (Bank
of
America N.A. LIQ)/(Bank of America N.A. LOC), 1.820%, Optional Tender 7/9/2026 |
10,915,000
|
|
|
|
TOTAL
|
55,725,000
|
|
|
|
Louisiana—5.3%
|
|
|
10,000,000
|
|
Baton
Rouge, LA Industrial Development Board (Exxon Mobil Corp.), (Series 2010B) Daily VRDNs, 2.850%, 6/1/2026 |
10,000,000
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Louisiana—continued
|
|
|
$ 69,775,000
|
|
Louisiana
Public Facilities Authority (Louisiana Children’s Medical Center), BAML VRDO (Series 2025-VRS209) Daily
VRDNs,
(Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 2.950%, 6/1/2026 |
$ 69,775,000
|
|
30,875,000
|
|
Louisiana
State Gas & Fuels Second Lien, (2025 Series C) Daily VRDNs, (TD Bank, N.A. LOC), 2.800%, 6/1/2026 |
30,875,000
|
|
5,242,889
|
|
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), 1.800%, 6/4/2026 |
5,242,889
|
|
49,615,000
|
|
New
Orleans, LA Finance Authority (Pan American Financial Assistance Foundation), Tender Option Bond Trust Receipts
(Series
2026-MS0096), (Morgan Stanley Bank, N.A. LOC), 1.750%, Optional Tender 8/20/2026 |
49,615,000
|
|
40,000,000
|
|
St.
James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (Nucor Corp. GTD), 1.820%, 6/3/2026 |
40,000,000
|
|
122,705,000
|
|
St.
James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 1.750%, 6/3/2026 |
122,705,000
|
|
|
|
TOTAL
|
328,212,889
|
|
|
|
Maryland—1.7%
|
|
|
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), 1.920%, 6/4/2026 |
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), 1.850%, 6/4/2026 |
27,000,000
|
|
15,700,000
|
|
Maryland
State Health & Higher Educational Facilities Authority (Stella Maris, Inc.), (Series 2018) Weekly VRDNs,
(Manufacturers
& Traders Trust Co. LOC), 1.720%, 6/4/2026 |
15,700,000
|
|
51,000,000
|
|
Montgomery
County, MD (Trinity Healthcare Credit Group), (Series 2013MD), 2.650%, Mandatory Tender 9/1/2026 |
51,000,000
|
|
|
|
TOTAL
|
102,275,000
|
|
|
|
Massachusetts—0.9%
|
|
|
41,000,000
|
|
Massachusetts
Development Finance Agency (Children’s Hospital of Boston), (Series 2024 U-1) Daily VRDNs, (TD Bank,
N.A.
LOC), 2.800%, 6/1/2026 |
41,000,000
|
|
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), 1.720%, 6/4/2026 |
13,200,000
|
|
4,000,000
|
|
Upper
Blackstone MA Water Pollution Abatement District BANs, 3.750%, 6/10/2027 |
4,036,760
|
|
|
|
TOTAL
|
58,236,760
|
|
|
|
Michigan—0.5%
|
|
|
28,560,000
|
|
Michigan
State Finance Authority (Trinity Healthcare Credit Group), (Series 2013MI-1), 2.650%, Mandatory
Tender
9/1/2026 |
28,560,000
|
|
|
|
Minnesota—1.6%
|
|
|
24,500,000
|
|
Hennepin
County, MN, Series 2025 (A&C), CP, 2.370%, Mandatory Tender 6/3/2026 |
24,500,000
|
|
40,000,000
|
|
Minnesota
Agricultural and Economic Development Board (Fairview Health Services), (Series 2026C) Weekly VRDNs,
(U.S.
Bank, N.A. LOC), 1.600%, 6/4/2026 |
40,000,000
|
|
25,000,000
|
|
Minnesota
Agricultural and Economic Development Board (Fairview Health Services), (Series B) Daily VRDNs, (Bank of
America
N.A. LOC), 2.850%, 6/1/2026 |
25,000,000
|
|
7,011,072
|
|
St.
Paul, MN Housing & Redevelopment Authority (LSBD St. Paul Broadway LLC), Mizuho 3a-7 (Series 2024-MIZ9186)
VRENs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.800%, 6/4/2026 |
7,011,072
|
|
|
|
TOTAL
|
96,511,072
|
|
|
|
Mississippi—0.1%
|
|
|
1,680,000
|
|
Mississippi
Business Finance Corp. (Tri-State Truck Center, Inc.), (Series 2008) Weekly VRDNs, (Regions Bank LOC),
1.770%,
6/4/2026 |
1,680,000
|
|
4,700,000
|
|
Mississippi
Development Bank (Jackson, MS Water & Sewer System), Tender Option Bond Trust Certificates
(Series
2025-ZF3402) Weekly VRDNs, (Assured Guaranty, Inc. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.720%, 6/4/2026 |
4,700,000
|
|
|
|
TOTAL
|
6,380,000
|
|
|
|
Missouri—0.3%
|
|
|
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), 1.620%, 6/4/2026 |
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), 1.800%, 6/4/2026 |
10,000,000
|
|
|
|
TOTAL
|
20,000,000
|
|
|
|
Multi-State—7.6%
|
|
|
24,000,000
|
|
Federal
Home Loan Mortgage Corp. (Freddie Mac Gold Pool), Citi 3a-7 (Series 2024-CF7004) Weekly VRDNs, (Citibank,
N.A.
LIQ)/(Citibank, N.A. LOC), 1.690%, 6/4/2026 |
24,000,000
|
|
19,000,000
|
|
Federal
Home Loan Mortgage Corp. (Freddie Mac Gold Pool), Citi 3a-7 (Series 2024-CF7008) Weekly VRDNs, (Citibank,
N.A.
LIQ)/(Citibank, N.A. LOC), 1.690%, 6/4/2026 |
19,000,000
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Multi-State—continued
|
|
|
$ 7,450,000
|
|
Federal
Home Loan Mortgage Corp. (Freddie Mac Gold Pool), Citi 3a-7 (Series 2024-CF7009) Weekly VRDNs, (Citibank,
N.A.
LIQ)/(Citibank, N.A. LOC), 1.690%, 6/4/2026 |
$ 7,450,000
|
|
133,400,000
|
|
Nuveen
AMT-Free Municipal Credit Income Fund, (Series 2) MuniFund Preferred Shares Weekly VRDPs, (JPMorgan Chase
Bank,
N.A. LIQ), 1.640%, 6/4/2026 |
133,400,000
|
|
116,000,000
|
|
Nuveen
AMT-Free Municipal Credit Income Fund, (Series 4) MuniFund Preferred Shares Weekly VRDPs, (Societe Generale
S.A.
LIQ), 1.630%, 6/4/2026 |
116,000,000
|
|
79,200,000
|
|
Nuveen
AMT-Free Quality Municipal Income Fund, (Series C) Weekly VRDPs, (Societe Generale S.A. LIQ),
1.630%,
6/4/2026 |
79,200,000
|
|
36,000,000
|
|
Nuveen
Enhanced AMT-Free Quality Municipal Income Fund, (Series 3) Weekly VRDPs, (TD Bank, N.A. LIQ),
1.660%,
6/4/2026 |
36,000,000
|
|
57,000,000
|
|
Nuveen
Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) MuniFund Preferred Shares Weekly VRDPs,
(Barclays
Bank PLC LIQ), 1.650%, 6/4/2026 |
57,000,000
|
|
|
|
TOTAL
|
472,050,000
|
|
|
|
Nebraska—2.0%
|
|
|
30,000,000
|
|
Central
Plains, NE Energy Project, (Series 2022-XF3009) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC
LOC),
1.670%, 6/4/2026 |
30,000,000
|
|
9,350,000
|
|
Omaha,
NE Public Power District, (Series A), CP, 2.380%, Mandatory Tender 6/9/2026 |
9,350,000
|
|
5,000,000
|
|
Omaha,
NE Public Power District, (Series A), CP, 2.400%, Mandatory Tender 6/11/2026 |
5,000,000
|
|
5,000,000
|
|
Omaha,
NE Public Power District, (Series A), CP, 2.400%, Mandatory Tender 6/24/2026 |
5,000,000
|
|
10,000,000
|
|
Omaha,
NE Public Power District, (Series A), CP, 2.400%, Mandatory Tender 7/21/2026 |
10,000,000
|
|
10,000,000
|
|
Omaha,
NE Public Power District, (Series A), CP, 2.500%, Mandatory Tender 8/6/2026 |
10,000,000
|
|
12,500,000
|
|
Omaha,
NE Public Power District, (Series A), CP, 2.500%, Mandatory Tender 8/17/2026 |
12,500,000
|
|
12,050,000
|
|
Omaha,
NE Public Power District, (Series A), CP, 2.540%, Mandatory Tender 8/20/2026 |
12,050,000
|
|
2,500,000
|
|
Omaha,
NE Public Power District, (Series A), CP, 2.550%, Mandatory Tender 7/23/2026 |
2,500,000
|
|
6,500,000
|
|
Omaha,
NE Public Power District, (Series-MS0070E), (Morgan Stanley Bank, N.A. LIQ), 1.770%, Optional
Tender
9/10/2026 |
6,500,000
|
|
21,600,000
|
|
Washington
County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 1.600%, 6/4/2026 |
21,600,000
|
|
|
|
TOTAL
|
124,500,000
|
|
|
|
Nevada—0.4%
|
|
|
27,400,000
|
|
Nevada
Housing Division (DWF V Summit Club Holdings LLC), Mizuho 3a-7 (Series 2023-MIZ9131) Weekly VRDNs,
(Federal
Home Loan Mortgage Corp. GTD)/(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.670%, 6/4/2026 |
27,400,000
|
|
|
|
New
Hampshire—0.4% |
|
|
7,330,000
|
|
National
Finance Authority, NH (HealthCore Westover Hills, LLC), Mizuho 3a-7 (Series 2025-MIZ9217) VRENs, (Mizuho
Bank
Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.800%, 6/4/2026 |
7,330,000
|
|
18,560,000
|
|
National
Finance Authority, NH (University Hospitals Home Care, Inc.), Morgan Stanley 3a-7 (Series 2024-MS0023),
(Morgan
Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 1.870%, Optional Tender 9/10/2026 |
18,560,000
|
|
|
|
TOTAL
|
25,890,000
|
|
|
|
New
Jersey—4.4% |
|
|
4,000,000
|
|
Bergenfield,
NJ BANs, 3.150%, 11/13/2026 |
4,002,629
|
|
4,712,200
|
|
Bernardsville,
NJ BANs, 3.250%, 3/25/2027 |
4,740,996
|
|
4,687,000
|
|
Bogota,
NJ BANs, 4.000%, 4/9/2027 |
4,708,274
|
|
1,504,000
|
|
Boonton,
NJ BANs, 3.600%, 6/4/2026 |
1,504,036
|
|
4,500,000
|
|
Boonton,
NJ BANs, 4.000%, 6/3/2027 |
4,552,515
|
|
3,551,500
|
|
Bordentown
City, NJ, (Series A) BANs, 3.000%, 3/3/2027 |
3,564,540
|
|
8,790,000
|
|
Bound
Brook Borough, NJ BANs, 3.000%, 9/9/2026 |
8,797,027
|
|
8,509,000
|
|
Chatham
Borough, NJ BANs, 3.500%, 5/14/2027 |
8,540,311
|
|
2,866,000
|
|
Chatham
Township, NJ BANs, 3.500%, 9/25/2026 |
2,868,641
|
|
11,449,000
|
|
Clark
Township, NJ BANs, 3.750%, 8/14/2026 |
11,452,343
|
|
7,138,000
|
|
Clayton
Borough, NJ BANs, 3.250%, 11/24/2026 |
7,156,430
|
|
9,700,000
|
|
Cranford
Township, NJ BANs, 3.500%, 7/17/2026 |
9,701,765
|
|
9,700,000
|
|
Cranford
Township, NJ BANs, 3.900%, 8/21/2026 |
9,702,072
|
|
3,384,000
|
|
Englewood
Cliffs, NJ BANs, 3.250%, 10/14/2026 |
3,385,202
|
|
6,444,000
|
|
Fairfield
Township, NJ BANs, 3.250%, 3/3/2027 |
6,458,118
|
|
4,676,000
|
|
Franklin
Borough, NJ BANs, 3.500%, 7/21/2026 |
4,677,856
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
New
Jersey—continued |
|
|
$ 6,528,000
|
|
Hasbrouck
Heights, NJ BANs, 3.750%, 8/7/2026 |
$ 6,532,049
|
|
7,866,100
|
|
Hightstown
Borough, NJ BANs, 3.000%, 3/18/2027 |
7,894,740
|
|
4,285,000
|
|
Holmdel
Township, NJ BANs, 3.000%, 9/18/2026 |
4,288,991
|
|
12,150,000
|
|
Hudson
County, NJ Improvement Authority, (Series 2026 B-1) BANs, (Hudson County, NJ GTD), 4.000%, 6/11/2027 |
12,312,932
|
|
13,000,000
|
|
Kearny,
NJ BANs, 3.250%, 3/22/2027 |
13,025,410
|
|
5,691,000
|
|
Little
Egg Harbor Township, NJ BANs, 3.000%, 1/15/2027 |
5,701,373
|
|
2,784,500
|
|
Matawan
Borough, NJ BANs, 4.000%, 3/12/2027 |
2,795,017
|
|
7,920,000
|
|
Middlesex
County Improvement Authority (NBCCR Urban Renewal LLC), Citi 3a-7 (Series 2024-CF7010) Weekly VRDNs,
(Citibank,
N.A. LIQ)/(Citibank, N.A. LOC), 1.690%, 6/4/2026 |
7,920,000
|
|
4,834,483
|
|
Mountain
Lakes, NJ BANs, 4.000%, 7/31/2026 |
4,846,046
|
|
9,935,000
|
|
New
Jersey State Housing and Mortgage Finance Agency (609 Broad Street), Citi 3a-7 (Series 2025-CF7019) Weekly
VRDNs,
(Citibank, N.A. LIQ)/(Citibank, N.A. LOC), 1.670%, 6/4/2026 |
9,935,000
|
|
15,204,000
|
|
North
Plainfield, NJ BANs, 3.250%, 11/23/2026 |
15,239,452
|
|
9,800,000
|
|
Norwood,
NJ BANs, 4.000%, 7/10/2026 |
9,803,024
|
|
8,354,241
|
|
Palisades
Park, NJ BANs, 3.250%, 3/11/2027 |
8,363,633
|
|
4,747,900
|
|
Palmyra
Borough, NJ BANs, 3.000%, 12/1/2026 |
4,752,984
|
|
2,807,000
|
|
Pequannock
Township, NJ BANs, 3.000%, 3/24/2027 |
2,815,855
|
|
7,640,000
|
|
Point
Pleasant, NJ BANs, 3.250%, 8/28/2026 |
7,649,855
|
|
4,183,000
|
|
Point
Pleasant, NJ BANs, 3.250%, 8/28/2026 |
4,187,446
|
|
6,799,719
|
|
Runnemede,
NJ BANs, 3.400%, 6/16/2026 |
6,800,123
|
|
4,345,000
|
|
Scotch
Plains Township, NJ BANs, 3.000%, 1/15/2027 |
4,347,613
|
|
3,500,000
|
|
Scotch
Plains Township, NJ BANs, 3.250%, 8/25/2026 |
3,502,793
|
|
7,063,000
|
|
Ship
Bottom, NJ BANs, 3.750%, 7/9/2026 |
7,066,915
|
|
3,085,046
|
|
South
Bound Brook, NJ BANs, 3.000%, 12/10/2026 |
3,088,194
|
|
7,355,900
|
|
Spotswood,
NJ BANs, 3.500%, 5/6/2027 |
7,409,098
|
|
7,462,886
|
|
Tewksbury
Township, NJ BANs, 3.500%, 5/6/2027 |
7,516,821
|
|
9,762,000
|
|
Upper
Saddle River, NJ BANs, 3.000%, 3/19/2027 |
9,784,726
|
|
|
|
TOTAL
|
273,392,845
|
|
|
|
New
Mexico—0.5% |
|
|
3,260,000
|
|
New
Mexico Mortgage Finance Authority, (Series G-2), (United States Treasury GTD), 3.000%, Mandatory
Tender
12/1/2026 |
3,260,000
|
|
4,000,000
|
|
New
Mexico Mortgage Finance Authority, (Series G-3), (United States Treasury GTD), 3.000%, Mandatory
Tender
12/1/2026 |
4,000,000
|
|
5,825,000
|
|
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), 1.920%, 6/4/2026 |
5,825,000
|
|
15,800,000
|
|
New
Mexico State Hospital Equipment Loan Council (Presbyterian Healthcare Services Obligated Group), Barclays 3a-7
(Series
2025-005) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.820%, 6/4/2026 |
15,800,000
|
|
|
|
TOTAL
|
28,885,000
|
|
|
|
New
York—12.1% |
|
|
14,912,823
|
|
Addison,
NY Central School District BANs, 4.000%, 6/25/2026 |
14,919,942
|
|
4,360,500
|
|
Ardsley
Village, NY BANs, 3.750%, 10/1/2026 |
4,378,267
|
|
9,479,000
|
|
Batavia
Town, NY BANs, 3.000%, 3/2/2027 |
9,517,174
|
|
4,040,000
|
|
Belleville
Henderson, NY Central School District BANs, 3.750%, 7/16/2026 |
4,042,650
|
|
45,000,000
|
|
Broome
County, NY BANs, 4.000%, 4/23/2027 |
45,496,770
|
|
5,300,000
|
|
Canandaigua
Town, NY BANs, 4.000%, 10/16/2026 |
5,327,129
|
|
10,000,000
|
|
Canastota,
NY Central School District BANs, 4.000%, 6/24/2026 |
10,004,884
|
|
6,809,480
|
|
Carmel,
NY BANs, 3.000%, 9/25/2026 |
6,818,959
|
|
5,000,000
|
|
Center
Moriches, NY Union Free School District TANs, 3.250%, 6/26/2026 |
5,002,018
|
|
4,000,000
|
|
Corning,
NY City School District BANs, 3.000%, 4/1/2027 |
4,013,959
|
|
7,817,000
|
|
Cortlandt,
NY BANs, 3.000%, 10/2/2026 |
7,830,356
|
|
25,000,000
|
|
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), 1.820%, 6/4/2026 |
25,000,000
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
New
York—continued |
|
|
$ 15,500,000
|
|
Dutchess
County, NY Local Development Corp. (Bard College), Barclays 3a-7 Credit Enhanced (Series 2024-002) VRENs,
(Barclays
Bank plc LIQ)/(Barclays Bank PLC LOC), 1.820%, 6/4/2026 |
$ 15,500,000
|
|
26,975,000
|
|
Highland
Falls-Fort Montgomery, NY Central School District BANs, 3.250%, 6/26/2026 |
26,983,088
|
|
10,795,000
|
|
Holland
Patent, NY Central School District BANs, 4.000%, 7/15/2026 |
10,806,347
|
|
5,000,000
|
|
Lockport
(town), NY BANs, 3.000%, 3/25/2027 |
5,019,827
|
|
14,900,000
|
|
Mexico,
NY CSD BANs, 3.000%, 7/31/2026 |
14,910,845
|
|
3,975,000
|
|
New
Paltz, NY BANs, 3.250%, 8/19/2026 |
3,978,338
|
|
29,235,000
|
|
New
York City Housing Development Corp., Sustainable Development (Series I-3) Weekly VRDNs, (TD Bank, N.A. LIQ),
1.550%,
6/4/2026 |
29,235,000
|
|
2,000,000
|
|
New
York City Housing Development Corp., Tender Option Bond Trust Receipts (2026-MS0088), (Morgan Stanley Bank,
N.A.
LIQ), 1.740%, Optional Tender 7/9/2026 |
2,000,000
|
|
3,800,000
|
|
New
York City Transitional Finance Authority Building Aid Revenue (New York City, NY Transitional Finance Authority),
(Fiscal
2018 Subseries C-7) Daily VRDNs, (TD Bank, N.A. LIQ), 2.800%, 6/1/2026 |
3,800,000
|
|
12,785,000
|
|
New
York City, NY Municipal Water Finance Authority Daily VRDNs, (State Street Bank and Trust Co. LIQ),
2.950%,
6/1/2026 |
12,785,000
|
|
11,870,000
|
|
New
York City, NY Municipal Water Finance Authority, (Fiscal 2014 AA-3 Bonds) Daily VRDNs, (TD Bank, N.A. LIQ),
2.800%,
6/1/2026 |
11,870,000
|
|
17,775,000
|
|
New
York City, NY Municipal Water Finance Authority, (Fiscal 2025 Subseries EE-1) Daily VRDNs, (TD Bank, N.A. LIQ),
2.800%,
6/1/2026 |
17,775,000
|
|
13,000,000
|
|
New
York City, NY Municipal Water Finance Authority, (Fiscal 2026 Series CC) Daily VRDNs, (TD Bank, N.A. LIQ),
2.800%,
6/1/2026 |
13,000,000
|
|
1,500,000
|
|
New
York City, NY Transitional Finance Authority, (Series 2015A-3) Daily VRDNs, (Mizuho Bank Ltd. LIQ),
2.860%,
6/1/2026 |
1,500,000
|
|
49,550,000
|
|
New
York City, NY Transitional Finance Authority, (Series 2025 H-2) Daily VRDNs, (TD Bank, N.A. LIQ), 2.800%, 6/1/2026 |
49,550,000
|
|
16,230,000
|
|
New
York City, NY, (Fiscal 2018 Series E Subseries E-5) Daily VRDNs, (TD Bank, N.A. LOC), 2.800%, 6/1/2026 |
16,230,000
|
|
21,600,000
|
|
New
York City, NY, (Fiscal 2022 Subseries D-3) Daily VRDNs, (State Street Bank and Trust Co. LIQ), 2.850%, 6/1/2026 |
21,600,000
|
|
1,400,000
|
|
New
York City, NY, (Fiscal 2022 Subseries D-4) Daily VRDNs, (State Street Bank and Trust Co. LIQ), 2.850%, 6/1/2026 |
1,400,000
|
|
27,805,000
|
|
New
York City, NY, (Subseries A-7) Daily VRDNs, (BMO Bank, N.A. LOC), 2.870%, 6/1/2026 |
27,805,000
|
|
2,720,000
|
|
New
York State Dormitory Authority (Blythedale Children’s Hospital), (Series 2009) Weekly VRDNs, (TD Bank, N.A. LOC),
1.660%,
6/4/2026 |
2,720,000
|
|
11,800,000
|
|
New
York State Dormitory Authority (Northwell Healthcare, Inc.), Tender Option Bond Trust Certificates
(Series
2022-XF2994) Weekly VRDNs, (Assured Guaranty, Inc. INS)/(Wells Fargo Bank, N.A. LIQ), 1.720%, 6/4/2026 |
11,800,000
|
|
8,250,000
|
|
New
York State Dormitory Authority (Roswell Park Cancer Institute), Tender Option Bond Trust Certificates
(Series
2025-XM1312) Weekly VRDNs, (Assured Guaranty Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.670%, 6/4/2026 |
8,250,000
|
|
30,385,000
|
|
New
York State Dormitory Authority (Royal Charter Properties-East, Inc.), Mizuho 3a-7 (Series 2025-MIZ9208) VRENs,
(Mizuho
Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.800%, 6/4/2026 |
30,385,000
|
|
8,000,000
|
|
New
York State Dormitory Authority Revenues (White Plains Hospital Obligated Group), (Series 2024-XM1195) Weekly
VRDNs,
(Assured Guaranty, Inc. INS)/(Barclays Bank PLC LIQ), 1.690%, 6/4/2026 |
8,000,000
|
|
3,600,000
|
|
New
York State HFA (160 Madison Ave, LLC), (Series 2014A) Daily VRDNs, (Landesbank Hessen-Thuringen LOC),
2.800%,
6/1/2026 |
3,600,000
|
|
30,000,000
|
|
New
York State HFA (42nd and 10th Street Associates LLC), (Series 2010A) Weekly VRDNs, (Barclays Bank PLC LOC),
1.600%,
6/3/2026 |
30,000,000
|
|
16,680,000
|
|
New
York State HFA (500 West 30th LLC), Mizuho 3a-7 (Series 2025-MIZ9226) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho
Bank
Ltd. LIQ), 1.800%, 6/4/2026 |
16,680,000
|
|
8,000,000
|
|
New
York State HFA (Flatbush Avenue Apartments), Mizuho 3a-7 (Series 2025-MIZ9239) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.800%, 6/4/2026 |
8,000,000
|
|
7,500,000
|
|
New
York State Thruway Authority - Personal Income Tax Revenue, Morgan Stanley 3a-7 (2025-MS0053), (Morgan Stanley
Bank,
N.A. LIQ), 1.770%, Optional Tender 7/23/2026 |
7,500,000
|
|
8,920,000
|
|
Newburgh,
NY BANs, 3.250%, 8/7/2026 |
8,925,567
|
|
23,900,000
|
|
Nuveen
New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Royal Bank of Canada LIQ),
1.620%,
6/4/2026 |
23,900,000
|
|
4,000,000
|
|
Peru,
NY Central School District BANs, 3.500%, 6/25/2026 |
4,000,584
|
|
12,500,000
|
|
Rockville
Centre, NY Union Free School District TANs, 3.250%, 6/24/2026 |
12,504,233
|
|
8,897,550
|
|
Salina,
NY, (Series A) BANs, 4.000%, 6/4/2027 |
9,003,164
|
|
8,000,000
|
|
Sewanhaka,
NY Central High School District TANs, 3.250%, 6/18/2026 |
8,002,383
|
|
16,300,000
|
|
South
Seneca, NY Central School District BANs, 4.000%, 6/26/2026 |
16,308,105
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
New
York—continued |
|
|
$ 4,000,000
|
|
Southold,
NY Union Free School District TANs, 3.750%, 6/24/2026 |
$ 4,002,725
|
|
3,000,000
|
|
Stillwater,
NY BANs, 3.750%, 5/28/2027 |
3,028,870
|
|
31,950,000
|
|
Three
Village, NY Central School District TANs, 4.000%, 6/24/2026 |
31,979,586
|
|
2,180,000
|
|
Tuckahoe,
NY Union Free School District TANs, 4.000%, 6/23/2026 |
2,181,405
|
|
6,254,300
|
|
Valhalla,
NY Union Free School District BANs, 3.500%, 6/17/2026 |
6,255,361
|
|
3,582,015
|
|
Victor,
NY Central School District BANs, 3.500%, 9/11/2026 |
3,589,803
|
|
4,000,000
|
|
Voorheesville,
NY Central School District BANs, 3.250%, 7/9/2026 |
4,003,083
|
|
12,210,000
|
|
Voorheesville,
NY Central School District BANs, 4.000%, 7/9/2026 |
12,221,085
|
|
10,765,846
|
|
Washington
County, NY BANs, 4.000%, 3/19/2027 |
10,899,057
|
|
4,644,000
|
|
Watertown,
NY (City of) BANs, 4.000%, 6/26/2026 |
4,645,845
|
|
14,960,000
|
|
Wellsville,
NY Central School District BANs, 4.000%, 6/26/2026 |
14,967,941
|
|
6,404,068
|
|
West
Babylon, NY Union Free School District, (Series B) BANs, 4.000%, 6/24/2026 |
6,407,195
|
|
3,579,766
|
|
Whitesboro,
NY Central School District BANs, 3.750%, 9/4/2026 |
3,589,288
|
|
6,000,000
|
|
Williston
Park, NY BANs, 3.000%, 10/16/2026 |
6,008,760
|
|
|
|
TOTAL
|
751,459,593
|
|
|
|
North
Carolina—1.0% |
|
|
28,555,000
|
|
North
Carolina Turnpike Authority, Tender Option Bond Trust Receipts (Series 2024-XG0547) Weekly VRDNs, (Assured
Guaranty,
Inc. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.740%, 6/4/2026 |
28,555,000
|
|
9,250,000
|
|
University
of North Carolina at Chapel Hill (University of North Carolina Hospitals), (Series 2001A) Daily VRDNs, (TD Bank,
N.A.
LIQ), 2.800%, 6/1/2026 |
9,250,000
|
|
23,860,000
|
|
University
of North Carolina at Chapel Hill (University of North Carolina Hospitals), (Series 2001B) Daily VRDNs, (TD Bank,
N.A.
LIQ), 2.800%, 6/1/2026 |
23,860,000
|
|
|
|
TOTAL
|
61,665,000
|
|
|
|
Ohio—6.2%
|
|
|
8,325,000
|
|
Avon,
OH BANs, (Ohio State GTD), 3.750%, 7/1/2026 |
8,327,648
|
|
12,500,000
|
|
Cleveland,
OH BANs, 4.000%, 12/9/2026 |
12,587,301
|
|
10,000,000
|
|
Columbus-Franklin
County, OH Finance Authority (CIX Crossridge Lane Apartments, LLC), (Series 2024-BAML6028) Daily
VRDNs,
(Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 2.900%, 6/1/2026 |
10,000,000
|
|
11,500,000
|
|
Cuyahoga
County, OH BANs, 4.250%, 6/4/2026 |
11,500,915
|
|
4,610,000
|
|
Cuyahoga
Falls, OH BANs, 4.250%, 10/22/2026 |
4,638,139
|
|
4,070,000
|
|
Cuyahoga,
OH Metropolitan Housing Authority (Wade Park Apartments), (Series 2022), (United States Treasury GTD),
3.320%,
Mandatory Tender 6/1/2026 |
4,070,000
|
|
3,310,000
|
|
Elyria,
OH BANs, 4.375%, 6/25/2026 |
3,311,946
|
|
1,732,000
|
|
Fairfield,
OH BANs, 4.000%, 4/8/2027 |
1,751,104
|
|
1,350,000
|
|
Fairview
Park, OH BANs, 4.000%, 11/19/2026 |
1,356,139
|
|
15,000,000
|
|
Franklin,
OH (Nationwide Children’s Hospital), (Series B-1) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ),
1.450%,
6/4/2026 |
15,000,000
|
|
3,650,000
|
|
Groveport,
OH BANs, 4.000%, 4/8/2027 |
3,690,884
|
|
27,295,000
|
|
Hamilton
County, OH (Block 3 Community Urban Redevelopment Corp.), (Series 2004) Weekly VRDNs, (Citizens Bank,
N.A.
LOC), 1.680%, 6/4/2026 |
27,295,000
|
|
65,000,000
|
|
Hamilton
County, OH Sales Tax Revenue, (Series 2025) BANs, 5.000%, 12/1/2026 |
65,723,417
|
|
4,000,000
|
|
Highland
Heights City, OH BANs, 3.500%, 2/17/2027 |
4,022,253
|
|
3,050,000
|
|
Lake
County, OH BANs, 4.125%, 6/24/2026 |
3,051,253
|
|
15,000,000
|
|
Lakewood,
OH BANs, (Ohio State GTD), 4.000%, 4/7/2027 |
15,103,198
|
|
4,500,000
|
|
Lancaster,
OH BANs, (Ohio State GTD), 3.750%, 6/8/2027 |
4,543,650
|
|
5,255,000
|
|
Lorain
County, OH, (Series A) BANs, 4.000%, 4/21/2027 |
5,303,933
|
|
2,225,000
|
|
Monroe,
OH BANs, 4.000%, 11/17/2026 |
2,235,196
|
|
2,500,000
|
|
North
Olmsted, OH BANs, (Ohio State GTD), 4.000%, 6/24/2026 |
2,501,067
|
|
2,000,000
|
|
North
Ridgeville, OH BANs, 4.000%, 11/18/2026 |
2,009,219
|
|
9,665,000
|
|
Ohio
State Higher Educational Facility Commission (Cleveland Clinic), (Series 2013B-2) Daily VRDNs, (TD Bank, N.A. LIQ),
2.800%,
6/1/2026 |
9,665,000
|
|
40,490,000
|
|
Ohio
State Higher Educational Facility Commission (Cleveland Clinic), (Series 2019D-1) Weekly VRDNs, 1.550%, 6/3/2026 |
40,490,000
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Ohio—continued
|
|
|
$ 10,000,000
|
|
Ohio
State Higher Educational Facility Commission (Cleveland Clinic), (Series 2026B), CP, 2.420%, Mandatory
Tender
7/16/2026 |
$ 10,000,000
|
|
11,145,000
|
|
Ohio
State Higher Educational Facility Commission (Cleveland Clinic), (Series 2026B), CP, 2.420%, Mandatory
Tender
8/18/2026 |
11,145,000
|
|
11,000,000
|
|
Ohio
State Higher Educational Facility Commission (Cleveland Clinic), (Series B-5), CP, 2.400%, Mandatory
Tender
6/26/2026 |
11,000,000
|
|
4,085,000
|
|
Ohio
State Higher Educational Facility Commission (University Circle, Inc. 2020), Morgan Stanley 3a-7
(Series
2024-MS0027), (Morgan Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 1.770%, Optional
Tender
9/10/2026 |
4,085,000
|
|
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), 1.610%, 6/4/2026 |
4,285,000
|
|
12,995,000
|
|
Ohio
State Hospital Revenue (University Hospitals Health System, Inc. Obligated Group), Morgan Stanley 3a-7
(Series
2026-0093), (Morgan Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 1.750%, Optional
Tender
7/16/2026 |
12,995,000
|
|
10,800,000
|
|
Ohio
State Hospital Revenue (University Hospitals Health System, Inc.), (2025 Series B) Daily VRDNs, (JPMorgan Chase
Bank,
N.A. LOC), 2.850%, 6/1/2026 |
10,800,000
|
|
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), 1.820%, 6/4/2026 |
31,395,000
|
|
13,600,000
|
|
Ohio
State Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds (Series 2024C) Daily
VRDNs,
(TD Bank, N.A. LIQ), 2.800%, 6/1/2026 |
13,600,000
|
|
5,630,000
|
|
Ohio
State, Capital Facilities Lease-Appropriation Variable Rate Bonds (Series 2016C: Adult Correctional Building Fund)
Weekly
VRDNs, 1.550%, 6/3/2026 |
5,630,000
|
|
4,000,000
|
|
Rocky
River, OH, (Series 2026) BANs, (Ohio State GTD), 4.000%, 2/11/2027 |
4,038,117
|
|
2,745,000
|
|
Seven
Hills City, OH BANs, 4.000%, 4/1/2027 |
2,771,680
|
|
1,750,000
|
|
Springboro,
OH BANs, (Ohio State GTD), 4.000%, 2/23/2027 |
1,769,743
|
|
4,650,000
|
|
Stow,
OH BANs, 3.750%, 4/7/2027 |
4,674,881
|
|
|
|
TOTAL
|
386,366,683
|
|
|
|
Oklahoma—0.2%
|
|
|
3,028,566
|
|
Oklahoma
HFA (Steele Duncan Plaza, LLC), Mizuho 3a-7 (Series 2022-MIZ9103) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho
Bank
Ltd. LIQ), 1.800%, 6/4/2026 |
3,028,566
|
|
9,340,000
|
|
Oklahoma
Water Resources Board, (Series 2025-XF3480) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ),
1.640%,
6/4/2026 |
9,340,000
|
|
|
|
TOTAL
|
12,368,566
|
|
|
|
Oregon—0.2%
|
|
|
12,000,000
|
|
Port
of Morrow, OR, MS 3a-7 (2024-MS0026), (Morgan Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC),
1.770%,
Optional Tender 7/23/2026 |
12,000,000
|
|
|
|
Pennsylvania—1.7%
|
|
|
15,000,000
|
|
Delaware
County, PA IDA (United Parcel Service, Inc.), (Series 2015) Daily VRDNs, (United Parcel Service, Inc. GTD),
2.850%,
6/1/2026 |
15,000,000
|
|
16,800,000
|
|
Delaware
Valley, PA Regional Finance Authority, (Series 2024 B) Daily VRDNs, (TD Bank, N.A. LOC), 2.800%, 6/1/2026 |
16,800,000
|
|
25,100,000
|
|
Northampton
County, PA General Purpose Authority (St. Luke’s Hospital Obligated Group), (Series B) Daily VRDNs, (TD
Bank,
N.A. LOC), 2.800%, 6/1/2026 |
25,100,000
|
|
10,000,000
|
|
Pennsylvania
Economic Development Financing Authority (Villanova University), Morgan Stanley 3a-7
(Series
2025-MS0082) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.670%, 6/4/2026 |
10,000,000
|
|
9,334,973
|
|
Pennsylvania
Housing Finance Agency (Steele Pavilion LLC), Mizuho 3a-7 (2026-MIZ9245) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.800%, 6/4/2026 |
9,334,973
|
|
11,995,000
|
|
Pennsylvania
State Higher Education Facilities Authority (Foundation for Indiana University of Pennsylvania), RBC Muni
Products
(E-75), (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.770%, Optional Tender 7/1/2026 |
11,995,000
|
|
2,230,000
|
|
Pittsburgh
& Allegheny County, PA Sports & Exhibition Authority Parking System, (Series A of 2007) Weekly VRDNs,
(Assured
Guaranty, Inc. INS)/(PNC Bank, N.A. LIQ), 1.500%, 6/4/2026 |
2,230,000
|
|
14,000,000
|
|
State
Public School Building Authority, PA (Philadelphia, PA School District), Tender Option Bond Trust Certificates
(2016-XG0085)
Weekly VRDNs, (Assured Guaranty, Inc. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.650%, 6/4/2026 |
14,000,000
|
|
|
|
TOTAL
|
104,459,973
|
|
|
|
South
Carolina—1.5% |
|
|
7,500,000
|
|
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), 1.690%, 6/4/2026 |
7,500,000
|
|
49,200,000
|
|
South
Carolina Jobs-EDA (Palmetto Health), BAML VRDO (Series 2025-VRS-208) Daily VRDNs, (Bank of America N.A.
LIQ)/(Bank
of America N.A. LOC), 2.950%, 6/1/2026 |
49,200,000
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
South
Carolina—continued |
|
|
$ 22,805,000
|
|
South
Carolina Jobs-EDA (Prisma Health Obligated Group), (Series 2018C) Daily VRDNs, (TD Bank, N.A. LOC),
2.800%,
6/1/2026 |
$ 22,805,000
|
|
5,900,000
|
|
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), 1.690%, 6/4/2026 |
5,900,000
|
|
10,000,000
|
|
South
Carolina State Public Service Authority, Tender Option Bond Trust Receipts (Series 2024-XM1175) Weekly VRDNs,
(Assured
Guaranty, Inc. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.710%, 6/4/2026 |
10,000,000
|
|
|
|
TOTAL
|
95,405,000
|
|
|
|
South
Dakota—0.0% |
|
|
2,116,900
|
|
South
Dakota HDA (Americana Apartments), Mizuho 3a-7 (Series 2024-MIZ9174) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho
Bank
Ltd. LIQ), 1.800%, 6/4/2026 |
2,116,900
|
|
|
|
Tennessee—0.6%
|
|
|
11,280,000
|
|
Blount
County, TN Public Building Authority (Knox County, TN), (Series C-3-A) Weekly VRDNs, (Truist Bank LIQ),
1.870%,
6/4/2026 |
11,280,000
|
|
11,220,000
|
|
Blount
County, TN Public Building Authority (Monroe County, TN), (Series E-7-A) Weekly VRDNs, (Truist Bank LOC),
1.870%,
6/3/2026 |
11,220,000
|
|
3,920,000
|
|
Metropolitan
Government of Nashville & Davidson County, TN Health & Educational Facilities Board (Ewing Heights, LP),
Mizuho
3a-7 (Series 2024-MIZ9163) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.800%, 6/4/2026 |
3,920,000
|
|
9,485,000
|
|
Sevier
County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs, (Truist Bank LOC), 1.870%, 6/4/2026 |
9,485,000
|
|
|
|
TOTAL
|
35,905,000
|
|
|
|
Texas—19.4%
|
|
|
13,450,000
|
|
Austin,
TX Utilities System, CP, 2.520%, Mandatory Tender 8/18/2026 |
13,450,000
|
|
2,015,753
|
|
Bexar
County, TX Housing Finance Corp. (Agape Waterford Portfolio, Inc.), Tender Option Bond Trust Certificates
(Series
2024-XF3255) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.850%, 6/4/2026 |
2,015,753
|
|
9,000,000
|
|
Capital
Area, TX Housing Finance Corp. (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), 1.690%, 6/4/2026 |
9,000,000
|
|
7,205,000
|
|
Capital
Area, TX Housing Finance Corp. (MLVI Martha’s Vineyard Apartments, LLC), BAML 3a-7 (Series 2023-BAML6013)
Weekly
VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 1.700%, 6/4/2026 |
7,205,000
|
|
7,280,000
|
|
Collin
County, TX Housing Finance Corp. (Roers Wylie Apartments Owner I LP), Mizuho 3a-7 (Series 2024-MIZ9185)
VRENs,
(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.800%, 6/4/2026 |
7,280,000
|
|
10,000,000
|
|
Crandall,
TX Independent School District, Tender Option Bond Trust Certificates (Series 2025-XF3477) Weekly VRDNs,
(Morgan
Stanley Bank, N.A. LIQ)/(Texas Permanent School Fund Guarantee Program GTD), 1.640%, 6/4/2026 |
10,000,000
|
|
10,000,000
|
|
Dallas-Fort
Worth, TX International Airport, (Series I), CP, 2.530%, Mandatory Tender 7/13/2026 |
10,000,000
|
|
32,000,000
|
|
Dallas-Fort
Worth, TX International Airport, (Series II), CPX, 2.650%, Mandatory Tender 8/5/2026 |
32,000,000
|
|
1,800,956
|
|
El
Paso, TX Housing Finance Corp., Mizuho 3a-7 (2022-MIZ9104) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ),
1.800%,
6/4/2026 |
1,800,956
|
|
5,045,000
|
|
Godley,
TX ISD, MS 3a-7 (Series MS-0061E), (Morgan Stanley Bank, N.A. LIQ)/(Texas Permanent School Fund Guarantee
Program
GTD), 1.770%, Optional Tender 8/20/2026 |
5,045,000
|
|
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), 1.820%, 6/4/2026 |
22,030,000
|
|
33,795,000
|
|
Harris
County, TX Education Facilities Finance Corp. (Memorial Hermann Health System), (Series 2024-F) Weekly VRDNs,
1.550%,
6/3/2026 |
33,795,000
|
|
20,625,000
|
|
Harris
County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2025D) Daily VRDNs,
(Royal
Bank of Canada LIQ), 2.850%, 6/1/2026 |
20,625,000
|
|
9,500,000
|
|
Harris
County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2025E) Daily VRDNs,
(Royal
Bank of Canada LIQ), 2.850%, 6/1/2026 |
9,500,000
|
|
33,900,000
|
|
Harris
County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2025F) Weekly
VRDNs,
(Royal Bank of Canada LIQ), 1.570%, 6/4/2026 |
33,900,000
|
|
117,450,000
|
|
Harris
County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2025G) Daily VRDNs,
(PNC
Bank, N.A. LIQ), 2.850%, 6/1/2026 |
117,450,000
|
|
9,525,000
|
|
Houston,
TX (Houston, TX Convention & Entertainment Facilities Department), (Series 2026-XL0742) Weekly VRDNs,
(Assured
Guaranty, Inc. GTD)/(JPMorgan Chase Bank, N.A. LIQ), 1.670%, 6/4/2026 |
9,525,000
|
|
7,500,000
|
|
Houston,
TX (Houston, TX Hotel Occupancy Tax), (Series 2026-XL0735) Daily VRDNs, (Assured Guaranty, Inc.
LOC)/(JPMorgan
Chase Bank, N.A. LIQ), 3.050%, 6/1/2026 |
7,500,000
|
|
14,630,000
|
|
Houston,
TX (Houston, TX Hotel Occupancy Tax), Tender Option Bond Trust Receipts (Series 2026-XF8129) Weekly
VRDNs,
(Assured Guaranty, Inc. GTD)/(JPMorgan Chase Bank, N.A. LIQ), 1.670%, 6/4/2026 |
14,630,000
|
|
25,000,000
|
|
Houston,
TX Combined Utility System, (Series B-1), CP, (Bank of America N.A. LIQ), 2.650%, Mandatory Tender 8/6/2026 |
25,000,000
|
|
5,000,000
|
|
Houston,
TX Independent School District, (Series 2026), (Texas Permanent School Fund Guarantee Program GTD),
5.000%,
8/15/2026 |
5,022,734
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Texas—continued
|
|
|
$ 25,500,000
|
|
Houston,
TX Independent School District, (Series 2026), (Texas Permanent School Fund Guarantee Program GTD),
5.000%,
2/15/2027 |
$ 25,906,277
|
|
2,150,000
|
|
Jefferson
County, TX Housing Corp. (Steele Seville LLC), PUTTERs 3a-7 (Series 2025-MIZ9214) VRENs, (Mizuho Bank Ltd.
GTD)/(Mizuho
Bank Ltd. LIQ), 1.800%, 6/4/2026 |
2,150,000
|
|
13,865,000
|
|
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), 1.800%, 6/4/2026 |
13,865,000
|
|
25,000,000
|
|
Lower
Colorado River Authority Transmission Services Corp., CP, (JPMorgan Chase Bank, N.A. LOC)/(State Street Bank
and
Trust Co. LOC), 2.580%, Mandatory Tender 7/15/2026 |
25,000,000
|
|
11,000,000
|
|
Lower
Colorado River Authority, TX, (Series B), CP, (Truist Bank LOC), 2.700%, Mandatory Tender 7/22/2026 |
11,000,000
|
|
8,800,000
|
|
Mesquite
Independent School District, TX, (Series 2025-XF3479) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ)/(Texas
Permanent
School Fund Guarantee Program GTD), 1.640%, 6/4/2026 |
8,800,000
|
|
4,615,000
|
|
North
Fort Bend, TX Water Authority, Tender Option Bond Trust Certificates (Series 2022-XL0422) Weekly VRDNs, (Build
America
Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 1.680%, 6/4/2026 |
4,615,000
|
|
6,000,000
|
|
North
Texas Municipal Water District Water System, Water System Revenue Bonds - Extendable Commercial Paper Mode,
CPX,
2.480%, Mandatory Tender 6/5/2026 |
6,000,000
|
|
7,600,000
|
|
Port
Arthur Navigation District, TX IDC (TOTAL Petrochemicals & Refining USA, Inc.), (Series 2012B) Weekly VRDNs,
(TotalEnergies
SE GTD), 1.610%, 6/3/2026 |
7,600,000
|
|
11,700,000
|
|
Port
of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002B) Daily VRDNs,
2.900%,
6/1/2026 |
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), 1.610%, 6/3/2026 |
41,000,000
|
|
55,600,000
|
|
San
Antonio, TX Water System, (Subseries A-1), CP, (JPMorgan Chase Bank, N.A. LIQ), 2.400%, Mandatory
Tender
7/16/2026 |
55,600,000
|
|
14,000,000
|
|
Tarrant
County, TX Cultural Education Facilities Finance Corp. (Ascension Health Alliance Senior Credit Group),
(Series
E-1) Weekly VRDNs, 1.550%, 6/3/2026 |
14,000,000
|
|
6,000,000
|
|
Texas
A&M University System Board of Regents, (Series A), CP, 2.510%, Mandatory Tender 7/15/2026 |
6,000,000
|
|
10,000,000
|
|
Texas
A&M University System Board of Regents, (Series B), CP, 2.350%, Mandatory Tender 6/23/2026 |
10,000,000
|
|
2,000,000
|
|
Texas
Community Housing & Economic Development Corp. (Agape Helotes, Inc.), Tender Option Bond Trust Receipts
(Series
2025-XF3387) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.850%, 6/4/2026 |
2,000,000
|
|
1,935,000
|
|
Texas
Community Housing & Economic Development Corp. (Agape Helotes, Inc.), Tender Option Bond Trust Receipts
(Series
2025-XF3390) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.850%, 6/4/2026 |
1,935,000
|
|
9,375,000
|
|
Texas
State Department of Housing & Community Affairs, Tender Option Bond Trust Receipts (Series 2026-XG0641) Daily
VRDNs,
(Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.050%, 6/1/2026 |
9,375,000
|
|
7,000,000
|
|
Texas
State Public Finance Authority (Texas State), (Series 2016B), CP, 2.500%, Mandatory Tender 7/1/2026 |
7,000,000
|
|
16,650,000
|
|
Texas
State Public Finance Authority (Texas State), (Series 2016B), CP, 2.540%, Mandatory Tender 8/11/2026 |
16,650,000
|
|
1,015,000
|
|
Texas
State, Veterans Bonds (Series 2019) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.500%, 6/3/2026 |
1,015,000
|
|
3,640,000
|
|
Texas
State, Veterans Bonds (Series 2021) Weekly VRDNs, (Federal Home Loan Bank of Dallas LIQ), 1.600%, 6/3/2026 |
3,640,000
|
|
5,395,000
|
|
Texas
State, Veterans’ Housing Assistance Program, Fund II (Series 2008B) Weekly VRDNs, (State Street Bank and Trust
Co.
LIQ), 1.700%, 6/3/2026 |
5,395,000
|
|
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), 1.690%, 6/4/2026 |
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), 1.690%, 6/4/2026 |
4,855,000
|
|
9,880,000
|
|
Travis
County, TX Housing Finance Corp. (Roers Austin Apartments Owner IV LP), (Series 2026-MIZ9252) VRENs, (Mizuho
Bank
Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 1.800%, 6/4/2026 |
9,880,000
|
|
2,280,000
|
|
Travis
County, TX Housing Finance Corp. (Roers Austin Apartments Owner IV LP), Mizuho 3a-7 (Series 2026-MIZ9253)
VRENs,
(Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 1.800%, 6/4/2026 |
2,280,000
|
|
5,000,000
|
|
University
of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.400%, Mandatory
Tender
7/1/2026 |
5,000,000
|
|
25,000,000
|
|
University
of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.400%, Mandatory
Tender
7/1/2026 |
25,000,000
|
|
25,000,000
|
|
University
of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.400%, Mandatory
Tender
7/23/2026 |
25,000,000
|
|
25,000,000
|
|
University
of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.400%, Mandatory
Tender
8/6/2026 |
25,000,000
|
|
25,000,000
|
|
University
of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.400%, Mandatory
Tender
9/22/2026 |
25,000,000
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Texas—continued
|
|
|
$ 3,000,000
|
|
University
of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.460%, Mandatory
Tender
7/1/2026 |
$ 3,000,000
|
|
9,500,000
|
|
University
of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.480%, Mandatory
Tender
6/16/2026 |
9,500,000
|
|
15,000,000
|
|
University
of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.500%, Mandatory
Tender
8/20/2026 |
15,000,000
|
|
25,000,000
|
|
University
of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.500%, Mandatory
Tender
10/7/2026 |
25,000,000
|
|
30,000,000
|
|
University
of Texas System (The Board of Regents of), (Series 2026B-1) Weekly VRDNs, 1.450%, 6/4/2026 |
30,000,000
|
|
8,750,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 2.350%, Mandatory Tender 6/22/2026 |
8,750,000
|
|
22,500,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 2.400%, Mandatory Tender 6/17/2026 |
22,500,000
|
|
25,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 2.400%, Mandatory Tender 7/1/2026 |
25,000,000
|
|
20,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 2.400%, Mandatory Tender 7/9/2026 |
20,000,000
|
|
4,500,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 2.400%, Mandatory Tender 7/15/2026 |
4,500,000
|
|
25,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 2.400%, Mandatory Tender 7/20/2026 |
25,000,000
|
|
13,250,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 2.400%, Mandatory Tender 8/4/2026 |
13,250,000
|
|
12,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 2.400%, Mandatory Tender 8/5/2026 |
12,000,000
|
|
5,100,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 2.400%, Mandatory Tender 8/18/2026 |
5,100,000
|
|
6,250,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 2.410%, Mandatory Tender 6/11/2026 |
6,250,000
|
|
12,500,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 2.450%, Mandatory Tender 6/4/2026 |
12,500,000
|
|
25,000,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 2.450%, Mandatory Tender 8/12/2026 |
25,000,000
|
|
4,500,000
|
|
University
of Texas System (The Board of Regents of), (Series A), CP, 2.450%, Mandatory Tender 8/17/2026 |
4,500,000
|
|
12,500,000
|
|
University
of Texas System (The Board of Regents of), (Series C-2), CP, 2.400%, Mandatory Tender 7/9/2026 |
12,500,000
|
|
15,000,000
|
|
University
of Texas System (The Board of Regents of), (Series C-2), CP, 2.400%, Mandatory Tender 8/26/2026 |
15,000,000
|
|
25,000,000
|
|
University
of Texas System (The Board of Regents of), Revenue Financing System (Series A), CP, 2.350%, Mandatory
Tender
6/11/2026 |
25,000,000
|
|
13,000,000
|
|
University
of Texas System (The Board of Regents of), Revenue Financing System (Series A), CP, 2.400%, Mandatory
Tender
7/7/2026 |
13,000,000
|
|
10,000,000
|
|
University
of Texas System (The Board of Regents of), Revenue Financing System (Series A), CP, 2.400%, Mandatory
Tender
7/7/2026 |
10,000,000
|
|
15,000,000
|
|
University
of Texas System (The Board of Regents of), Revenue Financing System (Series A), CP, 2.530%, Mandatory
Tender
9/17/2026 |
15,000,000
|
|
14,000,000
|
|
Wimberley,
TX Independent School District, (Series 2025-XF3478) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ)/(Texas
Permanent
School Fund Guarantee Program GTD), 1.640%, 6/4/2026 |
14,000,000
|
|
|
|
TOTAL
|
1,202,445,720
|
|
|
|
Virginia—2.0%
|
|
|
19,415,000
|
|
Albemarle
County, VA Economic Development Authority (Sentara Health Systems Obligation Group), (Series 2018B) Daily
VRDNs,
(TD Bank, N.A. LIQ), 2.800%, 6/1/2026 |
19,415,000
|
|
7,550,000
|
|
Fairfax
County, VA EDA (Mount Vernon Ladies’ Association of the Union), (Series 2007) Weekly VRDNs, (Truist Bank LOC),
1.670%,
6/3/2026 |
7,550,000
|
|
8,770,000
|
|
Loudoun
County, VA IDA (Howard Hughes Medical Institute), (Series 2003D) Weekly VRDNs, 1.550%, 6/3/2026 |
8,770,000
|
|
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), 1.610%, 6/4/2026 |
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), 1.610%, 6/4/2026 |
6,000,000
|
|
4,000,000
|
|
Roanoke,
VA EDA (Carilion Health System Obligated Group), (Series C) Daily VRDNs, (TD Bank, N.A. LOC),
2.800%,
6/1/2026 |
4,000,000
|
|
34,070,000
|
|
Virginia
Commonwealth University Health System Authority, (Series 2024B) Daily VRDNs, (TD Bank, N.A. LOC),
2.800%,
6/1/2026 |
34,070,000
|
|
13,300,000
|
|
Virginia
Commonwealth University, (Series A), CP, 2.479%, Mandatory Tender 6/23/2026 |
13,300,000
|
|
23,030,000
|
|
Virginia
Small Business Financing Authority (Carilion Health System Obligated Group), (Series 2008B) Daily VRDNs, (TD
Bank,
N.A. LOC), 2.800%, 6/1/2026 |
23,030,000
|
|
|
|
TOTAL
|
121,135,000
|
|
|
|
Washington—0.7%
|
|
|
15,201,633
|
|
Washington
State Housing Finance Commission (Copper Way Apartments), Citi 3a-7 (Series 2025-CF7056) Weekly
VRDNs,
(Citibank, N.A. LIQ)/(Citibank, N.A. LOC), 1.670%, 6/4/2026 |
15,201,633
|
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
SHORT-TERM
MUNICIPALS—continued
|
|
|
|
|
Washington—continued
|
|
|
$ 15,518,002
|
|
Washington
State Housing Finance Commission (Legacy Plaza Senior Living), Citi 3a-7 (Series 2025-CF7053) Weekly
VRDNs,
(Citibank, N.A. LIQ)/(Citibank, N.A. LOC), 1.670%, 6/4/2026 |
$ 15,518,002
|
|
4,600,000
|
|
Washington
State Housing Finance Commission (LIHI Aventine LLC), Tender Option Bond Trust Receipts
(Series
2024-XF3227) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 1.850%, 6/4/2026 |
4,600,000
|
|
10,640,067
|
|
Washington
State Housing Finance Commission, Citi 3a-7 (Series 2025-CF7054) Weekly VRDNs, (Citibank, N.A.
LIQ)/(Citibank,
N.A. LOC), 1.670%, 6/4/2026 |
10,640,067
|
|
|
|
TOTAL
|
45,959,702
|
|
|
|
West
Virginia—1.3% |
|
|
4,455,000
|
|
West
Virginia State Hospital Finance Authority (Cabell Huntington Hospital Obligated Group), (Series 2008A) Weekly
VRDNs,
(Truist Bank LOC), 1.720%, 6/4/2026 |
4,455,000
|
|
74,450,000
|
|
West
Virginia State Hospital Finance Authority (Charleston Area Medical Center, Inc.), (Series 2008A) Weekly VRDNs,
(Truist
Bank LOC), 1.720%, 6/3/2026 |
74,450,000
|
|
|
|
TOTAL
|
78,905,000
|
|
|
|
Wisconsin—1.2%
|
|
|
4,000,000
|
|
Grantsburg,
WI School District TRANs, 3.500%, 10/30/2026 |
4,006,425
|
|
34,545,000
|
|
Public
Finance Authority (Canoga Ave, LP and Topanga Canyon, LP), (Series 2026-VRS226) Daily VRDNs, (Bank of America
N.A.
LIQ)/(Bank of America N.A. LOC), 2.950%, 6/1/2026 |
34,545,000
|
|
15,864,000
|
|
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), 1.850%, 6/4/2026 |
15,864,000
|
|
4,810,000
|
|
Wisconsin
Health & Educational Facilities Authority (Medical College of Wisconsin, Inc.), (Series 2008B) Daily VRDNs, (TD
Bank,
N.A. LOC), 2.800%, 6/1/2026 |
4,810,000
|
|
15,064,000
|
|
Wisconsin
State, CPX, 2.450%, Mandatory Tender 7/16/2026 |
15,064,000
|
|
|
|
TOTAL
|
74,289,425
|
|
|
|
TOTAL
INVESTMENT IN SECURITIES—101.2%
(AT
AMORTIZED COST)2
|
6,279,108,720
|
|
|
|
OTHER
ASSETS AND LIABILITIES - NET—(1.2)%3
|
(73,264,213)
|
|
|
|
NET
ASSETS—100% |
$6,205,844,507
|
|
1
|
Current
rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable
rate securities are
not
based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These
securities do
not
indicate a reference rate and spread in their description above. |
|
2
|
Also
represents cost of investments for federal tax purposes. |
|
3
|
Assets,
other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
|
The
following acronym(s) are used throughout this portfolio: |
| |
|
BANs
|
—Bond
Anticipation Notes | |
|
CP
|
—Commercial
Paper | |
|
CPX
|
—Commercial
Paper Extendible | |
|
CSD
|
—Central
School District | |
|
EDA
|
—Economic
Development Authority | |
|
GTD
|
—Guaranteed
| |
|
HDA
|
—Hospital
Development Authority | |
|
HEFA
|
—Health
and Education Facilities Authority | |
|
HFA
|
—Housing
Finance Authority | |
|
IDA
|
—Industrial
Development Authority | |
|
IDB
|
—Industrial
Development Bond | |
|
IDC
|
—Industrial
Development Corporation | |
|
INS
|
—Insured
| |
|
ISD
|
—Independent
School District | |
|
LIQ
|
—Liquidity
Agreement | |
|
LOC
|
—Letter
of Credit | |
|
PCRB
|
—Pollution
Control Revenue Bond | |
|
PUTTERs
|
—Puttable
Tax-Exempt Receipts | |
|
TANs
|
—Tax
Anticipation Notes | |
|
TRANs
|
—Tax
and Revenue Anticipation Notes | |
|
VRDNs
|
—Variable
Rate Demand Notes | |
|
VRDPs
|
—Variable
Rate Demand Preferreds | |
|
VRENs
|
—Variable
Rate Extendible Notes | |
|
|
Year Ended May 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.024
|
0.030
|
0.034
|
0.021
|
0.001
|
|
Net
realized gain (loss) |
0.0002
|
0.0002
|
0.0002
|
(0.000)2
|
0.0002
|
|
TOTAL
FROM INVESTMENT OPERATIONS |
0.024
|
0.030
|
0.034
|
0.021
|
0.001
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.024)
|
(0.030)
|
(0.034)
|
(0.021)
|
(0.001)
|
|
Distributions
from net realized gain |
(0.000)2
|
(0.000)2
|
—
|
(0.000)2
|
(0.000)2
|
|
TOTAL
DISTRIBUTIONS |
(0.024)
|
(0.030)
|
(0.034)
|
(0.021)
|
(0.001)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
2.47%
|
3.07%
|
3.49%
|
2.13%
|
0.09%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.21%
|
0.21%
|
0.21%
|
0.21%
|
0.15%
|
|
Net
investment income |
2.44%
|
3.00%
|
3.44%
|
2.13%
|
0.08%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.08%
|
0.09%
|
0.15%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$5,385,844
|
$4,742,859
|
$4,041,573
|
$2,681,890
|
$2,374,257
|
|
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. |
|
|
Year Ended May 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.024
|
0.030
|
0.034
|
0.021
|
0.001
|
|
Net
realized gain (loss) |
0.0002
|
0.0002
|
0.0002
|
(0.000)2
|
0.0002
|
|
Total
From Investment Operations |
0.024
|
0.030
|
0.034
|
0.021
|
0.001
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.024)
|
(0.030)
|
(0.034)
|
(0.021)
|
(0.001)
|
|
Distributions
from net realized gains |
(0.000)2
|
(0.000)2
|
—
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.024)
|
(0.030)
|
(0.034)
|
(0.021)
|
(0.001)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
2.47%
|
3.07%
|
3.49%
|
2.13%
|
0.09%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.21%
|
0.21%
|
0.21%
|
0.21%
|
0.16%
|
|
Net
investment income |
2.45%
|
3.01%
|
3.43%
|
2.56%
|
0.12%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.08%
|
0.09%
|
0.14%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$381,328
|
$363,068
|
$366,902
|
$295,962
|
$41,546
|
|
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. |
|
|
Year Ended May 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.022
|
0.028
|
0.032
|
0.019
|
0.0002
|
|
Net
realized gain (loss) |
0.0002
|
0.0002
|
0.0002
|
(0.000)2
|
0.0002
|
|
Total
From Investment Operations |
0.022
|
0.028
|
0.032
|
0.019
|
0.0002
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.022)
|
(0.028)
|
(0.032)
|
(0.019)
|
(0.000)2
|
|
Distributions
from net realized gain |
(0.000)2
|
(0.000)2
|
—
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.022)
|
(0.028)
|
(0.032)
|
(0.019)
|
(0.000)2
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
2.22%
|
2.81%
|
3.23%
|
1.88%
|
0.04%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.46%
|
0.46%
|
0.46%
|
0.46%
|
0.20%
|
|
Net
investment income |
2.19%
|
2.73%
|
3.18%
|
1.88%
|
0.03%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.08%
|
0.09%
|
0.35%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$438,672
|
$407,481
|
$271,158
|
$183,977
|
$161,073
|
|
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. |
|
Assets:
|
|
|
Investment
in securities, at amortized cost and fair value |
$6,279,108,720
|
|
Cash
|
694,651
|
|
Income
receivable |
35,267,813
|
|
Receivable
for investments sold |
13,296,183
|
|
Receivable
for shares sold |
12,539,898
|
|
Total
Assets |
6,340,907,265
|
|
Liabilities:
|
|
|
Payable
for investments purchased |
114,009,020
|
|
Payable
for shares redeemed |
19,382,037
|
|
Income
distribution payable |
1,277,092
|
|
Payable
for investment adviser fee (Note 5)
|
61,629
|
|
Payable
for administrative fee (Note 5)
|
39,356
|
|
Payable
for other service fees (Notes 2 and 5)
|
60,975
|
|
Accrued
expenses (Note 5)
|
232,649
|
|
Total
Liabilities |
135,062,758
|
|
Net
assets for 6,205,738,885 shares outstanding |
$6,205,844,507
|
|
Net Assets
Consist of: |
|
|
Paid-in
capital |
$6,205,719,402
|
|
Total
distributable earnings (loss) |
125,105
|
|
Net
Assets |
$6,205,844,507
|
|
Net Asset
Value, Offering Price and Redemption Proceeds Per Share: |
|
|
Wealth
Shares: |
|
|
$5,385,843,725
÷ 5,385,752,126 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Advisor
Shares: |
|
|
$381,328,320
÷ 381,321,892 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Service
Shares: |
|
|
$438,672,462
÷ 438,664,867 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Investment
Income: |
|
|
Interest
|
$153,160,190
|
|
Expenses:
|
|
|
Investment
adviser fee (Note 5)
|
11,554,100
|
|
Administrative
fee (Note 5)
|
4,469,436
|
|
Custodian
fees |
163,383
|
|
Transfer
agent fees |
45,698
|
|
Directors’/Trustees’
fees (Note 5)
|
29,348
|
|
Auditing
fees |
27,957
|
|
Legal
fees |
6,767
|
|
Portfolio
accounting fees |
226,298
|
|
Other
service fees (Notes 2 and 5)
|
1,103,414
|
|
Share
registration costs |
260,143
|
|
Printing
and postage |
49,697
|
|
Miscellaneous
(Note 5)
|
86,352
|
|
TOTAL
EXPENSES |
18,022,593
|
|
Waiver
of investment adviser fee (Note 5) |
(4,504,298)
|
|
Net
expenses |
13,518,295
|
|
Net
investment income |
139,641,895
|
|
Net
realized gain on investments |
130,274
|
|
Change
in net assets resulting from operations |
$139,772,169
|
|
Year
Ended May 31 |
2026
|
2025
|
|
Increase
(Decrease) in Net Assets |
|
|
|
Operations:
|
|
|
|
Net
investment income |
$139,641,895
|
$152,537,212
|
|
Net
realized gain (loss) |
130,274
|
72,155
|
|
CHANGE
IN NET ASSETS RESULTING FROM OPERATIONS |
139,772,169
|
152,609,367
|
|
Distributions
to Shareholders: |
|
|
|
Wealth
Shares |
(121,299,866)
|
(132,561,649)
|
|
Advisor
Shares |
(8,764,299)
|
(10,506,984)
|
|
Service
Shares |
(9,657,773)
|
(9,939,200)
|
|
CHANGE
IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS |
(139,721,938)
|
(153,007,833)
|
|
Share Transactions:
|
|
|
|
Proceeds
from sale of shares |
8,450,809,803
|
8,768,072,582
|
|
Net
asset value of shares issued to shareholders in payment of distributions declared |
121,773,534
|
130,243,874
|
|
Cost
of shares redeemed |
(7,880,197,268)
|
(8,064,143,459)
|
|
CHANGE
IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS |
692,386,069
|
834,172,997
|
|
Change
in net assets |
692,436,300
|
833,774,531
|
|
Net Assets:
|
|
|
|
Beginning
of period |
5,513,408,207
|
4,679,633,676
|
|
End
of period |
$6,205,844,507
|
$5,513,408,207
|
|
|
Other
Service
Fees
Incurred |
|
Service
Shares |
$1,103,414
|
|
|
Year
Ended
5/31/2026
|
Year
Ended
5/31/2025
| ||
|
Wealth
Shares: |
Shares
(000’s
omitted) |
Amount
(000’s
omitted) |
Shares
(000’s
omitted) |
Amount
(000’s
omitted) |
|
Shares
sold |
7,255,817
|
$7,255,817
|
7,447,004
|
$7,447,004
|
|
Shares
issued to shareholders in payment of distributions declared |
103,670
|
103,670
|
110,606
|
110,606
|
|
Shares
redeemed |
(6,716,546)
|
(6,716,546)
|
(6,855,980)
|
(6,855,980)
|
|
NET
CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS |
642,941
|
$642,941
|
701,630
|
$701,630
|
|
|
Year
Ended
5/31/2026
|
Year
Ended
5/31/2025
| ||
|
Advisor
Shares: |
Shares
(000’s
omitted) |
Amount
(000’s
omitted) |
Shares
(000’s
omitted) |
Amount
(000’s
omitted) |
|
Shares
sold |
631,169
|
$631,169
|
641,718
|
$641,718
|
|
Shares
issued to shareholders in payment of distributions declared |
8,764
|
8,764
|
10,507
|
10,507
|
|
Shares
redeemed |
(621,676)
|
(621,676)
|
(656,027)
|
(656,027)
|
|
NET
CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS |
18,257
|
$18,257
|
(3,802)
|
$(3,802)
|
|
|
Year
Ended
5/31/2026
|
Year
Ended
5/31/2025
| ||
|
Service
Shares: |
Shares
(000’s
omitted) |
Amount
(000’s
omitted) |
Shares
(000’s
omitted) |
Amount
(000’s
omitted) |
|
Shares
sold |
563,823
|
$563,823
|
679,351
|
$679,351
|
|
Shares
issued to shareholders in payment of distributions declared |
9,339
|
9,339
|
9,131
|
9,131
|
|
Shares
redeemed |
(541,975)
|
(541,975)
|
(552,137)
|
(552,137)
|
|
NET
CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS |
31,187
|
$31,187
|
136,345
|
$136,345
|
|
NET
CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS |
692,385
|
$692,385
|
834,173
|
$834,173
|
|
|
2026
|
2025
|
|
Tax-exempt
income |
$139,449,186
|
$152,534,844
|
|
Ordinary
income1
|
$200,546
|
$344,411
|
|
Long-term
capital gains |
$72,206
|
$128,578
|
|
1
|
For
tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
|
Undistributed
tax-exempt income |
$4,206
|
|
Undistributed
ordinary income1
|
$64,434
|
|
Undistributed
long-term capital gains |
$56,465
|
|
TOTAL
|
$125,105
|
|
1
|
For
tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
|
Administrative
Fee |
Average
Daily Net Assets
of
the Investment Complex |
|
0.100%
|
on
assets up to $50 billion |
|
0.075%
|
on
assets over $50 billion |
July 24, 2026
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 608919411
CUSIP 60934N880
| 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) Not Applicable.
(a)(3) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(4) Not Applicable.
(a)(5) 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 24, 2026
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 24, 2026
By:
/s/
Jeremy
D.
Boughton
Jeremy
D.
Boughton,
Principal
Financial
Officer
Date: July 24, 2026