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Previous: CRAFTMADE INTERNATIONAL INC, 10-K, EX-27, 2000-09-26 |
Next: MONEY MARKET OBLIGATIONS TRUST /NEW/, 485BPOS, 2000-09-26 |
ANNUAL REPORT
Dear Shareholder:
I am pleased to present the Annual Report to Shareholders for Automated Cash Management Trust, a portfolio of Money Market Obligations Trust. This report covers the 12-month period from August 1, 1999 to July 31, 2000. It begins with an investment review on the short-term market by the fund's portfolio manager, followed by the fund's portfolio of investments and its financial statements.
In Automated Cash Management Trust, your ready cash is at work pursing daily income, along with a high level of liquidity and a stable net asset value of $1.00 per share.1 At the end of the reporting period, the fund's $3.8 billion in net assets was invested in commercial paper (39.4%), variable rate instruments (22.4%), short-term notes (10.5%), certificates of deposit (9.9%), loan participation securities (8.1%), time deposits (6.8%) and repurchase agreements (2.6%).
Over the 12-month reporting period, dividends paid to shareholders of Institutional Service Shares and Cash II Shares totaled $0.054 per share and $0.052 per share, respectively.
Thank you for participating in the daily earning power of this high quality money market mutual fund. As always, we welcome your questions, comments or suggestions.
Sincerely,
J. Christopher Donahue
J. Christopher Donahue
President
September 15, 2000
1 An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.
Automated Cash Management Trust (the "Fund") invests in a portfolio of short-term, high-quality fixed income securities issued by banks, corporations and the U.S. government, which mature in 397 days or less. The average maturity of these securities, computed on a dollar weighted basis, is restricted to 90 days or less. Portfolio securities must be rated in the highest short-term rating category by one or more of the nationally recognized statistical rating organizations or if unrated, be of comparable quality to securities having such ratings. Typical security types include, but are not limited to: commercial paper, certificates of deposit, time deposits, variable rate instruments and repurchase agreements.
During the past year we have seen strong economic growth in the U.S. Thirty-year lows in the unemployment number, strong retail sales, increased home buying and strong productivity numbers led the Federal Reserve Board (the "Fed") to increase the federal funds target rate by 175 basis points. The Fed increased the interest rate in 25 basis point increments until May 2000, when it raised rates 50 basis points to 6.50%. During the past month we began to see signs of a moderate economic slowdown. Although we still think there is a risk of inflationary pressure, we think the Fed will remain on hold in the short term.
Thirty-day commercial paper started the reporting period at 5.11% on August 1, 1999, and then increased in anticipation of the federal funds target rate increases. Thirty-day commercial paper rates on July 31, 2000, were 6.55%.
The target average maturity range for the Fund remained at 40-50 days throughout the reporting period. In structuring the Fund, there was continued emphasis placed on positioning 30-35% of the Fund's assets in variable rate demand notes and accomplishing a modest barbell structure.
During the twelve months ended July 31, 2000, the net assets of the Fund increased from $2,321.9 to $3,781.8 million. The 7-day net yield for the Fund's Institutional Service Shares increased from 4.62% to 6.09%, while the 7-day net yield for the Cash II Shares increased from 4.45% to 5.92% during the reporting period.1 The effective average maturity of the Fund on July 31, 2000, was 49 days.
1 Past performance is no guarantee of future results. Yield will vary.
JULY 31, 2000
|
Principal |
|
|
|
|
Value |
|
|
|
|
|
COMMERCIAL PAPER--39.4%1 |
|
|
|
|
|
|
|
Banking--19.5% |
|
|
|
|
$ |
172,480,000 |
|
Barton Capital Corp., 6.510% - 6.530%, 8/2/2000 - 8/28/2000 |
|
$ |
171,998,894 |
|
|
36,000,000 |
|
CBA (Delaware) Finance Inc., (Commonwealth Bank of Australia, Sydney GTD), 6.087%, 8/28/2000 |
|
|
35,835,651 |
|
|
20,000,000 |
|
Den Danske Corp., Inc., (Den Danske Bank A/S GTD), 6.030% - 6.630%, 8/3/2000 - 12/26/2000 |
|
|
19,725,925 |
|
|
100,000,000 |
|
Deutsche Bank Financial, Inc., (Deutsche Bank AG GTD), 6.500%, 8/24/2000 |
|
|
99,584,722 |
|
|
14,084,000 |
|
Fountain Square Commercial Funding Corp., (Fifth Third Bank, Cincinnati SA), 6.580%, 8/1/2000 |
|
|
14,084,000 |
|
|
20,000,000 |
|
Internationale Nederland U.S. Funding Corp., (ING Bank NV GTD), 6.370%, 12/28/2000 |
|
|
19,472,706 |
|
|
93,000,000 |
|
Market Street Funding Corp., (PNC Bank, N.A. LOC), 6.520% - 6.530%, 8/15/2000 - 8/21/2000 |
|
|
92,732,431 |
|
|
184,705,000 |
|
Park Avenue Receivables Corp., 6.520%, 8/8/2000 -- 8/22/2000 |
|
|
184,262,219 |
|
|
50,000,000 |
|
Three Rivers Funding Corp., 6.510%, 8/11/2000 |
|
|
49,909,583 |
|
|
51,000,000 |
|
Westpac Capital Corp., (Westpac Banking Corp. Ltd., Sydney GTD), 6.200%, 11/29/2000 -- 12/4/2000 |
|
|
49,931,361 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
737,537,492 |
|
|
||||||
|
|
|
|
Brokerage--2.0% |
|
|
|
|
|
75,000,000 |
|
Salomon Smith Barney, Inc., 6.500%, 8/17/2000 |
|
|
74,783,333 |
|
|
||||||
|
|
|
|
Finance - Commercial--8.6% |
|
|
|
|
|
53,000,000 |
|
General Electric Capital Corp., 6.060% - 6.220%, 8/18/2000 -- 10/18/2000 |
|
|
52,577,716 |
|
|
75,625,000 |
|
PREFCO-Preferred Receivables Funding Co., 6.520%, 8/31/2000 |
|
|
75,214,104 |
|
|
15,000,000 |
|
Receivables Capital Corp., 6.530%, 8/7/2000 |
|
|
14,983,675 |
|
|
184,000,000 |
|
Sheffield Receivables Corp., 6.520% - 6.530%, 8/10/2000 -- 8/21/2000 |
|
|
183,539,802 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
326,315,297 |
|
|
||||||
|
|
|
|
Finance - Retail--5.1% |
|
|
|
|
|
104,691,000 |
|
Amsterdam Funding Corp., 6.540% - 6.550%, 8/1/2000 -- 8/10/2000 |
|
|
104,579,146 |
|
|
39,000,000 |
|
Bishop's Gate Residential Mortgage Trust, 6.540% - 6.550%, 8/7/2000 - 8/9/2000 |
|
|
38,952,372 |
|
|
50,000,000 |
|
Edison Asset Securitization LLC, 6.520%, 8/8/2000 |
|
|
49,936,611 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
193,468,129 |
|
|
||||||
|
Principal |
|
|
|
|
Value |
|
|
|
|
|
COMMERCIAL PAPER--continued1 |
|
|
|
|
|
|
|
Insurance--4.2% |
|
|
|
|
$ |
137,000,000 |
|
Galaxy Funding, Inc., 6.530% - 6.550%, 8/11/2000 - 8/24/2000 |
|
$ |
136,609,141 |
|
|
21,000,000 |
|
Marsh USA Inc., 6.240%, 10/10/2000 |
|
|
20,745,200 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
157,354,341 |
|
|
||||||
|
|
|
|
TOTAL COMMERCIAL PAPER |
|
|
1,489,458,592 |
|
|
||||||
|
|
|
|
SHORT-TERM NOTES--10.5% |
|
|
|
|
|
|
|
Banking--5.7% |
|
|
|
|
|
45,300,000 |
|
Bank One, Illinois, N.A., 6.025% - 6.260%, 10/10/2000 -- 11/13/2000 |
|
|
45,294,673 |
|
|
104,800,000 |
|
Bank One, N.A., 6.840% - 6.860%, 1/10/2001 - 1/25/2001 |
|
|
104,800,233 |
|
|
61,600,000 |
|
Bank of America, N.A., 6.870%, 12/22/2000 - 1/17/2001 |
|
|
61,600,000 |
|
|
5,000,000 |
|
Westpac Banking Corp. Ltd., Sydney, 6.220%, 11/30/2000 |
|
|
4,998,719 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
216,693,625 |
|
|
||||||
|
|
|
|
Finance - Automotive--0.7% |
|
|
|
|
|
10,234,481 |
|
Chevy Chase Auto Receivables Trust 2000-1, Class A1, 6.870%, 7/12/2001 |
|
|
10,234,481 |
|
|
16,456,277 |
|
Ford Credit Auto Owner Trust 2000-A, Class A2, 6.217%, 12/15/2000 |
|
|
16,456,277 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
26,690,758 |
|
|
||||||
|
|
|
|
Finance - Equipment--1.1% |
|
|
|
|
|
6,705,779 |
|
CIT Equipment Collateral 2000-1, Class A1, 6.723%, 5/21/2001 |
|
|
6,706,001 |
|
|
331,077 |
|
Copelco Capital Funding LLC, Series 1999-B, Class A1, 5.937%, 10/18/2000 |
|
|
331,077 |
|
|
11,007,781 |
|
Copelco Capital Receivables LLC, Series 2000-A, Class A1, 6.507%, 5/14/2001 |
|
|
11,007,781 |
|
|
21,656,169 |
|
First Sierra Equipment Contract Trust 2000-2, Class A1, 6.937%, 6/18/2001 |
|
|
21,656,169 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
39,701,028 |
|
|
||||||
|
|
|
|
Finance -- Commercial--2.9% |
|
|
|
|
|
29,200,000 |
|
Beta Finance, Inc., 6.000% - 7.200%, 8/14/2000 -- 7/24/2001 |
|
|
29,200,000 |
|
|
81,200,000 |
|
Sigma Finance, Inc., 6.000% - 6.950%, 8/11/2000 -- 5/3/2001 |
|
|
81,200,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
110,400,000 |
|
|
||||||
|
|
|
|
Insurance--0.1% |
|
|
|
|
|
2,418,128 |
|
Americredit Automobile Receivables Trust 2000-A, Class A1, (FSA INS), 6.040%, 2/5/2001 |
|
|
2,418,128 |
|
|
||||||
|
|
|
|
TOTAL SHORT-TERM NOTES |
|
|
395,903,539 |
|
|
||||||
|
Principal |
|
|
|
|
Value |
|
|
|
|
|
CERTIFICATES OF DEPOSIT--9.9% |
|
|
|
|
|
|
|
Banking--9.9% |
|
|
|
|
$ |
5,000,000 |
|
ABN AMRO Bank N.V., Amsterdam, 6.780%, 3/20/2001 |
|
$ |
4,998,805 |
|
|
7,100,000 |
|
Australia & New Zealand Banking Group, Melbourne, 6.310%, 9/13/2000 |
|
|
7,099,817 |
|
|
42,000,000 |
|
Bank of Nova Scotia, Toronto, 6.880%, 4/3/2001 -- 4/30/2001 |
|
|
41,992,235 |
|
|
10,000,000 |
|
Bayerische Landesbank Girozentrale, 5.930%, 10/2/2000 |
|
|
9,990,270 |
|
|
25,800,000 |
|
Commerzbank AG, Frankfurt, 6.510% - 7.150%, 12/13/2000 -- 6/29/2001 |
|
|
25,796,821 |
|
|
45,000,000 |
|
Credit Agricole Indosuez, 6.870%, 3/28/2001 |
|
|
44,991,624 |
|
|
84,000,000 |
|
Deutsche Bank AG, 6.580% - 6.700%, 8/31/2000 -- 2/5/2001 |
|
|
83,998,589 |
|
|
24,000,000 |
|
Michigan National Bank, Farmington Hills, 6.900%, 4/3/2001 |
|
|
23,996,948 |
|
|
21,000,000 |
|
Royal Bank of Canada, Montreal, 6.460%, 10/23/2000 |
|
|
21,000,468 |
|
|
61,700,000 |
|
Svenska Handelsbanken, Stockholm, 6.765% - 7.120%, 3/22/2001 -- 5/4/2001 |
|
|
61,684,183 |
|
|
33,000,000 |
|
UBS AG, 6.020% - 6.190%, 11/13/2000 - 12/11/2000 |
|
|
32,993,243 |
|
|
17,000,000 |
|
Westpac Banking Corp. Ltd., Sydney, 6.750%, 4/17/2001 |
|
|
16,997,733 |
|
|
||||||
|
|
|
|
TOTAL CERTIFICATES OF DEPOSIT |
|
|
375,540,736 |
|
|
||||||
|
|
|
|
LOAN PARTICIPATION--8.1% |
|
|
|
|
|
|
|
Electrical Equipment--0.3% |
|
|
|
|
|
13,000,000 |
|
Mt. Vernon Phenol Plant Partnership, (General Electric Co. GTD), 6.810%, 5/17/2001 |
|
|
13,000,000 |
|
|
||||||
|
|
|
|
Finance - Automotive--4.2% |
|
|
|
|
|
160,000,000 |
|
General Motors Acceptance Corp., Mortgage of PA, (General Motors Acceptance Corp. GTD), 6.645% - 6.610%, 8/1/2000 - 8/17/2000 |
|
|
160,000,000 |
|
|
||||||
|
|
|
|
Food & Beverage--0.8% |
|
|
|
|
|
30,000,000 |
|
Sara Lee Corp., 6.550%, 8/10/2000 |
|
|
30,000,000 |
|
|
||||||
|
|
|
|
Oil & Oil Finance--2.8% |
|
|
|
|
|
105,000,000 |
|
Amoco Energy Company of Trinidad and Tobago, (BP Amoco Corp. GTD), 6.560% - 6.590%, 8/24/2000 - 8/30/2000 |
|
|
105,000,000 |
|
|
||||||
|
|
|
|
TOTAL LOAN PARTICIPATION |
|
|
308,000,000 |
|
|
||||||
|
|
|
|
VARIABLE RATE INSTRUMENTS--22.4%2 |
|
|
|
|
|
|
|
Banking--10.1% |
|
|
|
|
|
10,000,000 |
|
Bethesda Healthcare, Inc., Series 1999, (Firstar Bank, N.A. Cincinnati LOC), 6.700%, 8/3/2000 |
|
|
10,000,000 |
|
|
4,880,000 |
|
Bethesda Properties, Inc., Series 2000, (Firstar Bank, N.A. Cincinnati LOC), 6.700%, 8/3/2000 |
|
|
4,880,000 |
|
|
6,000,000 |
|
Beverly California Corp., (PNC Bank, N.A. LOC), 6.520%, 8/7/2000 |
|
|
6,000,000 |
|
|
4,490,000 |
|
Chartiers Valley, PA Industrial & Commercial Development Authority, Woodhaven Convalescent Center, Series 1997-B, (Bank One, Ohio, N.A. LOC), 6.750%, 8/3/2000 |
|
|
4,490,000 |
|
|
31,000,000 |
|
Comerica Bank, 6.630%, 8/9/2000 |
|
|
30,995,001 |
|
Principal |
|
|
|
|
Value |
|
|
|
|
|
VARIABLE RATE INSTRUMENTS--continued2 |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
4,000,000 |
|
David Lipscomb University, Series 1999, (SunTrust Bank, Nashville LOC), 6.650%, 8/2/2000 |
|
$ |
4,000,000 |
|
|
9,345,000 |
|
E & J Investments, LLC, Bradner Village Health Care, Series 1999, (Lasalle Bank, Chicago LOC), 6.770%, 8/3/2000 |
|
|
9,345,000 |
|
|
10,805,000 |
|
Georgetown, KY Educational Institution, Series 1997A, (Bank One, Kentucky LOC), 6.700%, 8/3/2000 |
|
|
10,805,000 |
|
|
9,775,000 |
|
Hannah Boulevard LP, (Comerica Bank LOC), 6.760%, 8/3/2000 |
|
|
9,775,000 |
|
|
8,300,000 |
|
Infirmary Health Systems, Inc., (Regions Bank, Alabama LOC), 6.700%, 8/3/2000 |
|
|
8,300,000 |
|
|
5,480,000 |
|
K & K Management Co., Series 2000, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
5,480,000 |
|
|
7,200,000 |
|
K-O-I Warehouse, Inc.; Hamlet Auto Parts, Inc.; Kentucky Motor Services, Inc.; Mad River Auto Parts, Inc.; Ezzel Parts Exchange, Inc., Series 1998, (Firstar Bank, N.A. Cincinatti LOC), 6.700%, 8/3/2000 |
|
|
7,200,000 |
|
|
7,886,290 |
|
Katie Realty, LLC, Series 2000, (Allfirst LOC), 6.670%, 8/4/2000 |
|
|
7,886,290 |
|
|
7,000,000 |
|
Kent Capital LLC, Series 1999, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
7,000,000 |
|
|
4,000,000 |
|
L. B. Industries, Series 2000, (Firstar Bank, N.A. Cincinnati LOC), 6.700%, 8/3/2000 |
|
|
4,000,000 |
|
|
60,000,000 |
|
Liquid Asset Backed Securities Trust, Series 1996-3, (Westdeutsche Landesbank Girozentrale Swap Agreement), 6.646%, 8/15/2000 |
|
|
60,000,000 |
|
|
14,854,371 |
|
Liquid Asset Backed Securities Trust, Series 1997-1, (Westdeutsche Landesbank Girozentrale Swap Agreement), 6.650%, 8/19/2000 |
|
|
14,854,371 |
|
|
5,000,000 |
|
Los Angeles, CA, MERLOTS, Series 2000-A, (H&H Theatre), (First Union National Bank, Charlotte, NC GTD), 6.720%, 8/2/2000 |
|
|
5,000,000 |
|
|
4,000,000 |
|
MBE Investment Co. LLC, EH Investment Company, Series 2000 A, (Michigan National Bank, Farmington Hills LOC), 6.750%, 8/3/2000 |
|
|
4,000,000 |
|
|
1,900,000 |
|
Manatee County, FL, CFI Manufacturing, Inc. Project, Series 1998, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
1,900,000 |
|
|
6,500,000 |
|
Maryland Economic Development Corp., Atlantic Pharmaceutical Services, Series 2000A, (Allfirst LOC), 6.670%, 8/4/2000 |
|
|
6,500,000 |
|
|
18,000,000 |
|
Mississippi Business Finance Corp., Howard Industries, Inc., Series 1999, (Bank One, Louisiana LOC), 6.710%, 8/3/2000 |
|
|
18,000,000 |
|
|
2,990,000 |
|
New Berlin, WI, Sunraider LLC, Series 1997B, (Bank One, Wisconsin, N.A. LOC), 6.750%, 8/3/2000 |
|
|
2,990,000 |
|
|
6,393,051 |
|
Rabobank Optional Redemption Trust, Series 1997-101, 6.734%, 10/17/2000 |
|
|
6,393,051 |
|
|
5,900,000 |
|
Rollins College, Series 1998, (SunTrust Bank LOC), 6.650%, 8/2/2000 |
|
|
5,900,000 |
|
|
15,000,000 |
|
SMM Trust, Series 2000-B, Class A-1, (Morgan Guaranty Trust Co., New York Swap Agreement), 6.650%, 8/14/2000 |
|
|
15,000,000 |
|
|
45,000,000 |
|
SMM Trust, Series 2000-E, Class A-1, (Morgan Guaranty Trust Co., New York Swap Agreement), 6.649%, 8/14/2000 |
|
|
45,000,000 |
|
|
6,300,000 |
|
South Pittsburg, TN IDB, Lodge Manufacturing Co. Project, Series 1999, (SunTrust Bank, Nashville LOC), 6.650%, 8/2/2000 |
|
|
6,300,000 |
|
Principal |
|
|
|
|
Value |
|
|
|
|
|
VARIABLE RATE INSTRUMENTS--continued2 |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
2,555,000 |
|
Vista Funding Corp., Series 1996-A, (Bank One, Ohio, N.A. LOC), 6.700%, 8/3/2000 |
|
$ |
2,555,000 |
|
|
5,250,000 |
|
Wendy's of Las Vegas and San Antonio, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
5,250,000 |
|
|
50,000,000 |
|
Westdeutsche Landesbank Girozentrale, 6.546%, 8/17/2000 |
|
|
49,981,437 |
|
|
1,000,000 |
|
York County, PA IDA, U L Holdings LLC, Series 2000B, (Allfirst LOC), 6.670%, 8/4/2000 |
|
|
1,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
380,780,150 |
|
|
||||||
|
|
|
|
Brokerage--3.3% |
|
|
|
|
|
60,000,000 |
|
Merrill Lynch & Co., Inc., 6.590%, 8/14/2000 |
|
|
59,992,551 |
|
|
63,000,000 |
|
Morgan Stanley, Dean Witter & Co., 6.610%, 8/1/2000 |
|
|
63,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
122,992,551 |
|
|
||||||
|
|
|
|
Electrical Equipment--0.5% |
|
|
|
|
|
20,181,046 |
|
Northwest Airlines, Inc., (General Electric Co. GTD), 6.620%, 8/7/2000 |
|
|
20,181,046 |
|
|
||||||
|
|
|
|
Finance - Automotive--0.7% |
|
|
|
|
|
10,000,000 |
|
General Motors Acceptance Corp., 6.818%, 8/29/2000 |
|
|
9,999,670 |
|
|
15,000,000 |
|
General Motors Acceptance Corp., Mortgage of PA, (General Motors Acceptance Corp. GTD), 6.674%, 10/2/2000 |
|
|
14,827,583 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
24,827,253 |
|
|
||||||
|
|
|
|
Finance - Commercial--2.0% |
|
|
|
|
|
76,900,000 |
|
Sigma Finance, Inc., 6.626% - 6.950%, 8/15/2000 -- 10/27/2000 |
|
|
76,897,699 |
|
|
||||||
|
|
|
|
Finance - Equipment--1.3% |
|
|
|
|
|
35,000,000 |
|
CIT Equipment Collateral 2000-1, Class A2A, 6.620%, 8/20/2000 |
|
|
35,000,000 |
|
|
14,500,000 |
|
Copelco Capital Receivables LLC, Series 2000-A, Class A2A, 6.628%, 8/18/2000 |
|
|
14,500,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
49,500,000 |
|
|
||||||
|
|
|
|
Government Agency--0.0% |
|
|
|
|
|
1,080,000 |
|
Alabama Housing Finance Authority, Turtle Lake Project Series 2000-B, (FNMA LOC), 6.710%, 8/3/2000 |
|
|
1,080,000 |
|
|
||||||
|
|
|
|
Insurance--4.5% |
|
|
|
|
|
20,000,000 |
|
Anchor National Life Insurance Co., 6.869%, 9/30/2000 |
|
|
20,000,000 |
|
|
12,000,000 |
|
GE Life and Annuity Assurance Co., 6.940%, 9/1/2000 |
|
|
12,000,000 |
|
|
30,000,000 |
|
Jackson National Life Insurance Co., 6.910%, 10/2/2000 |
|
|
30,000,000 |
|
|
53,000,000 |
|
Monumental Life Insurance Co., 6.820% - 6.966%, 8/1/2000 -- 8/31/2000 |
|
|
53,000,000 |
|
|
10,000,000 |
|
Security Life of Denver Insurance Co., 6.773%, 10/31/2000 |
|
|
10,000,000 |
|
|
44,000,000 |
|
Travelers Insurance Co., 6.869%, 8/1/2000 |
|
|
44,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
169,000,000 |
|
|
||||||
|
|
|
|
TOTAL VARIABLE RATE INSTRUMENTS |
|
|
845,258,699 |
|
|
||||||
|
Principal |
|
|
|
|
Value |
|
|
|
|
|
TIME DEPOSITS--6.8%1 |
|
|
|
|
|
|
|
Banking--6.8% |
|
|
|
|
$ |
35,000,000 |
|
Mellon Bank N.A., Pittsburgh, 6.687%, 8/1/2000 |
|
$ |
35,000,000 |
|
|
100,000,000 |
|
Societe Generale, Paris, 6.625%, 8/1/2000 |
|
|
100,000,000 |
|
|
75,000,000 |
|
Toronto Dominion Bank, 6.687%, 8/1/2000 |
|
|
75,000,000 |
|
|
45,000,000 |
|
Westdeutsche Landesbank Girozentrale, 6.687%, 8/1/2000 |
|
|
45,000,000 |
|
|
||||||
|
|
|
|
TOTAL TIME DEPOSITS |
|
|
255,000,000 |
|
|
||||||
|
|
|
|
REPURCHASE AGREEMENTS--2.6%3 |
|
|
|
|
|
25,000,000 |
|
Bank of America, 6.630%, dated 7/31/2000, due 8/1/2000 |
|
|
25,000,000 |
|
|
25,000,000 |
|
Deutsche Bank Financial, Inc., 6.630%, dated 7/31/2000, due 8/1/2000 |
|
|
25,000,000 |
|
|
24,510,000 |
|
Salomon Smith Barney, Inc., 6.640%, dated 7/31/2000, due 8/1/2000 |
|
|
24,510,000 |
|
|
25,000,000 |
|
Societe Generale Securities Corp., 6.570%, dated 7/31/2000, due 8/1/2000 |
|
|
25,000,000 |
|
|
||||||
|
|
|
|
TOTAL REPURCHASE AGREEMENTS |
|
|
99,510,000 |
|
|
||||||
|
|
|
|
TOTAL INVESTMENTS (AT AMORTIZED COST)4 |
|
$ |
3,768,671,566 |
|
|
||||||
1 Each issue shows the rate of discount at the time of purchase.
2 Variable rate securities with current rate and next reset date shown.
3 The repurchase agreements are fully collateralized by U.S. treasury or government agency obligations based on market prices at the date of the portfolio. The investments in the repurchase agreements are through participation in joint accounts with other Federated funds.
4 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets ($3,781,805,527) at July 31, 2000.
The following acronyms are used throughout this portfolio:
|
FNMA |
--Federal National Mortgage Association |
|
FSA |
--Financial Security Assurance |
|
GTD |
--Guaranteed |
|
IDA |
--Industrial Development Authority |
|
IDB |
--Industrial Development Bond |
|
INS |
--Insured |
|
LOC |
--Letter of Credit |
|
MERLOTS |
--Municipal Exempt Receipts -- Liquidity Optional Tender Series |
|
SA |
--Support Agreement |
See Notes which are an integral part of the Financial Statements
JULY 31, 2000
|
Assets: |
|
|
|
|
|
|
|
Total investments in securities, at amortized cost and value |
|
|
|
|
$ |
3,768,671,566 |
|
Income receivable |
|
|
|
|
|
19,799,960 |
|
Receivable for shares sold |
|
|
|
|
|
3,900,904 |
|
|
||||||
|
TOTAL ASSETS |
|
|
|
|
|
3,792,372,430 |
|
|
||||||
|
Liabilities: |
|
|
|
|
|
|
|
Payable for shares redeemed |
|
$ |
3,248,629 |
|
|
|
|
Income distribution payable |
|
|
6,195,266 |
|
|
|
|
Accrued expenses |
|
|
1,123,008 |
|
|
|
|
|
||||||
|
TOTAL LIABILITIES |
|
|
|
|
|
10,566,903 |
|
|
||||||
|
Net assets for 3,781,805,527 shares outstanding |
|
|
|
|
$ |
3,781,805,527 |
|
|
||||||
|
Net Asset Value, Offering Price and Redemption Proceeds Per Share |
|
|
|
|
|
|
|
Institutional Service Shares: |
|
|
|
|
|
|
|
$2,330,893,856 ÷ 2,330,893,856 shares outstanding |
|
|
|
|
|
$1.00 |
|
|
||||||
|
Cash II Shares: |
|
|
|
|
|
|
|
$1,450,911,671 ÷ 1,450,911,671 shares outstanding |
|
|
|
|
|
$1.00 |
|
|
||||||
See Notes which are an integral part of the Financial Statements
YEAR ENDED JULY 31, 2000
|
Investment Income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
$ |
183,115,654 |
|
|
|||||||||||
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Investment adviser fee |
|
|
|
|
|
$ |
15,194,780 |
|
|
|
|
|
Administrative personnel and services fee |
|
|
|
|
|
|
2,289,204 |
|
|
|
|
|
Custodian fees |
|
|
|
|
|
|
191,612 |
|
|
|
|
|
Transfer and dividend disbursing agent fees and expenses |
|
|
|
|
|
|
1,167,333 |
|
|
|
|
|
Directors'/Trustees' fees |
|
|
|
|
|
|
22,834 |
|
|
|
|
|
Auditing fees |
|
|
|
|
|
|
12,862 |
|
|
|
|
|
Legal fees |
|
|
|
|
|
|
23,565 |
|
|
|
|
|
Portfolio accounting fees |
|
|
|
|
|
|
164,931 |
|
|
|
|
|
Distribution services fee--Cash II Shares |
|
|
|
|
|
|
2,636,912 |
|
|
|
|
|
Shareholder services fee--Institutional Service Shares |
|
|
|
|
|
|
4,960,478 |
|
|
|
|
|
Shareholder services fee--Cash II Shares |
|
|
|
|
|
|
2,636,912 |
|
|
|
|
|
Share registration costs |
|
|
|
|
|
|
91,912 |
|
|
|
|
|
Printing and postage |
|
|
|
|
|
|
217,452 |
|
|
|
|
|
Insurance premiums |
|
|
|
|
|
|
181,591 |
|
|
|
|
|
Miscellaneous |
|
|
|
|
|
|
31,177 |
|
|
|
|
|
|
|||||||||||
|
TOTAL EXPENSES |
|
|
|
|
|
|
29,823,555 |
|
|
|
|
|
|
|||||||||||
|
Waivers: |
|
|
|
|
|
|
|
|
|
|
|
|
Waiver of investment adviser fee |
|
$ |
(8,910,364 |
) |
|
|
|
|
|
|
|
|
Waiver of distribution services fee--Cash II Shares |
|
|
(917,645 |
) |
|
|
|
|
|
|
|
|
Waiver of shareholder services fee--Institutional Service Shares |
|
|
(138,894 |
) |
|
|
|
|
|
|
|
|
|
|||||||||||
|
TOTAL WAIVERS |
|
|
|
|
|
|
(9,966,903 |
) |
|
|
|
|
|
|||||||||||
|
Net expenses |
|
|
|
|
|
|
|
|
|
|
19,856,652 |
|
|
|||||||||||
|
Net investment income |
|
|
|
|
|
|
|
|
|
$ |
163,259,002 |
|
|
|||||||||||
See Notes which are an integral part of the Financial Statements
|
Year Ended July 31 |
|
|
2000 |
|
|
|
1999 |
|
|
Increase (Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
163,259,002 |
|
|
$ |
112,094,085 |
|
|
|
||||||||
|
Distributions to Shareholders: |
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
|
|
|
|
|
|
|
|
Institutional Service Shares |
|
|
(107,152,653 |
) |
|
|
(79,840,623 |
) |
|
Cash II Shares |
|
|
(56,106,349 |
) |
|
|
(32,253,462 |
) |
|
|
||||||||
|
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS |
|
|
(163,259,002 |
) |
|
|
(112,094,085 |
) |
|
|
||||||||
|
Share Transactions: |
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
19,064,721,625 |
|
|
|
12,077,510,796 |
|
|
Net asset value of shares issued to shareholders in payment of distributions declared |
|
|
124,309,614 |
|
|
|
82,501,229 |
|
|
Cost of shares redeemed |
|
|
(17,729,160,867 |
) |
|
|
(12,275,892,919 |
) |
|
|
||||||||
|
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS |
|
|
1,459,870,372 |
|
|
|
(115,880,894 |
) |
|
|
||||||||
|
Change in net assets |
|
|
1,459,870,372 |
|
|
|
(115,880,894 |
) |
|
|
||||||||
|
Net Assets: |
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
2,321,935,155 |
|
|
|
2,437,816,049 |
|
|
|
||||||||
|
End of period |
|
$ |
3,781,805,527 |
|
|
$ |
2,321,935,155 |
|
|
|
||||||||
See Notes which are an integral part of the Financial Statements
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
|
Year Ended July 31 |
|
2000 |
1 |
|
1999 |
|
|
1998 |
|
|
1997 |
|
|
1996 |
|
|
Net Asset Value, Beginning of Period |
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
Income From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.05 |
) |
|
|
|||||||||||||||
|
Net Asset Value, End of Period |
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
|
|||||||||||||||
|
Total Return2 |
|
5.50 |
% |
|
4.76 |
% |
|
5.25 |
% |
|
5.09 |
% |
|
5.20 |
% |
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Expenses |
|
0.59 |
% |
|
0.59 |
% |
|
0.59 |
% |
|
0.58 |
% |
|
0.57 |
% |
|
|
|||||||||||||||
|
Net investment income |
|
5.40 |
% |
|
4.66 |
% |
|
5.13 |
% |
|
4.97 |
% |
|
5.08 |
% |
|
|
|||||||||||||||
|
Expense waiver/reimbursement3 |
|
0.30 |
% |
|
0.32 |
% |
|
0.30 |
% |
|
0.33 |
% |
|
0.31 |
% |
|
|
|||||||||||||||
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net assets, end of period (000 omitted) |
|
$2,330,894 |
|
$1,623,816 |
|
$1,734,061 |
|
$1,378,982 |
|
$1,274,419 |
|
||||
|
|
|||||||||||||||
1 For the year ended July 31, 2000, the Fund was audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.
2 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
3 This voluntary expense decrease is reflected in both the expense and the net investment income ratios shown above.
See Notes which are an integral part of the Financial Statements
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
|
|
|
Year Ended July 31, |
|
Period |
|
|||||||
|
|
|
2000 |
1 |
|
1999 |
|
|
1998 |
|
|
1997 |
2 |
|
Net Asset Value, Beginning of Period |
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
Income From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
0.04 |
|
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.04 |
) |
|
|
||||||||||||
|
Net Asset Value, End of Period |
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
|
||||||||||||
|
Total Return3 |
|
5.32 |
% |
|
4.58 |
% |
|
5.07 |
% |
|
4.14 |
% |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Expenses |
|
0.76 |
% |
|
0.76 |
% |
|
0.76 |
% |
|
0.75 |
%4 |
|
|
||||||||||||
|
Net investment income |
|
5.32 |
% |
|
4.49 |
% |
|
4.94 |
% |
|
4.84 |
%4 |
|
|
||||||||||||
|
Expense waiver/reimbursement5 |
|
0.38 |
% |
|
0.40 |
% |
|
0.38 |
% |
|
0.41 |
%4 |
|
|
||||||||||||
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net assets, end of period (000 omitted) |
|
$1,450,912 |
|
|
$698,119 |
|
|
$703,755 |
|
|
$725,267 |
|
|
|
||||||||||||
1 For the year ended July 31, 2000, the Fund was audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.
2 Reflects operations for the period from September 27, 1996 (date of initial public investment) to July 31, 1997.
3 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
4 Computed on an annualized basis.
5 This voluntary expense decrease is reflected in both the expense and the net investment income ratios shown above.
See Notes which are an integral part of the Financial Statements
JULY 31, 2000
Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of 40 portfolios. The financial statements included herein are only those of Automated Cash Management Trust (the "Fund"). The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The Fund offers two classes of shares: Institutional Service Shares and Cash II Shares. The investment objective of the Fund is stability of principal and current income consistent with stability of principal.
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles.
The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Act.
It is the policy of the Fund to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Fund to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement.
The Fund will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Fund's adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Board of Trustees (the "Trustees"). Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Fund could receive less than the repurchase price on the sale of collateral securities. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.
Interest income and expenses are accrued daily. Bond premium and discount, if applicable, are amortized as required by the Internal Revenue Code, as amended (the "Code"). Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. The Fund offers multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Fund based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.
It is the Fund's policy to comply with the provisions of the Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is necessary.
The Fund may engage in when-issued or delayed delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. Many restricted securities may be resold in the secondary market in transactions exempt from registration. In some cases, the restricted securities may be resold without registration upon exercise of a demand feature. Such restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. Restricted securities are valued at amortized cost in accordance with Rule 2a-7 under the Act.
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.
Investment transactions are accounted for on a trade date basis.
The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares. At July 31, 2000, capital paid-in aggregated $3,781,805,527.
Transactions in shares were as follows:
|
Year Ended July 31 |
|
2000 |
|
|
1999 |
|
|
Institutional Service Shares: |
|
|
|
|
|
|
|
Shares sold |
|
11,954,893,180 |
|
|
8,194,463,894 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
74,386,984 |
|
|
52,248,986 |
|
|
Shares redeemed |
|
(11,322,202,110 |
) |
|
(8,356,958,182 |
) |
|
|
||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS |
|
707,078,054 |
|
|
(110,245,302) |
|
|
|
||||||
|
|
|
|
|
|
|
|
|
Year Ended July 31 |
|
2000 |
|
|
1999 |
|
|
Cash II Shares: |
|
|
|
|
|
|
|
Shares sold |
|
7,109,828,445 |
|
|
3,883,046,902 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
49,922,630 |
|
|
30,252,243 |
|
|
Shares redeemed |
|
(6,406,958,757 |
) |
|
(3,918,934,737 |
) |
|
|
||||||
|
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS |
|
752,792,318 |
|
|
(5,635,592 |
) |
|
|
||||||
|
NET CHANGE RESULTING FROM SHARE TRANSACTIONS |
|
1,459,870,372 |
|
|
(115,880,894 |
) |
|
|
||||||
Federated Investment Management Company, the Fund's investment adviser (the "Adviser"), receives for its services an annual investment adviser fee equal to 0.50% of the Fund's average daily net assets. The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.
Federated Services Company ("FServ"), under the Administrative Services Agreement, provides the Funds with administrative personnel and services. The fee paid to FServ is based on a scale that ranges from 0.15% to 0.075% of the average aggregate daily net assets of all funds advised by subsidiaries of Federated Investors, Inc., subject to $125,000 minimum per portfolio and $30,000 per each additional class.
The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. ("FSC"), the principal distributor, from the net assets of the Fund to finance activities intended to result in the sale of the Fund's Class II Shares. The Plan provides that the Fund may incur distribution expenses up to 0.25% of the average daily net assets of Cash II Shares, annually, to compensate FSC. FSC may voluntarily choose to waive any portion of its fee. FSC can modify or terminate this voluntary waiver at any time at its sole discretion.
Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily net assets of the Fund for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.
FServ, through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC is based on the size, type, and number of accounts and transactions made by shareholders.
FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.
Certain of the Officers and Trustees of the Fund are Officers and Directors or Trustees of the above companies.
TO THE BOARD OF TRUSTEES OF MONEY MARKET OBLIGATIONS TRUST AND SHAREHOLDERS OF AUTOMATED CASH MANAGEMENT TRUST:
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Automated Cash Management Trust (the "Fund"), a portfolio of Money Market Obligations Trust, as of July 31, 2000, and the related statement of operations, the statement of changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. The statement of changes in net assets of the Fund for the year ended July 31, 1999, and the financial highlights for each of the four years then ended, were audited by other auditors whose report, dated September 24, 1999, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to provide reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of the securities owned at July 31, 2000, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present fairly, in all material respects, the financial position of Automated Cash Management Trust as of July 31, 2000, the results of its operations, the changes in its net assets and its financial highlights for the respective stated periods in conformity with accounting principles generally accepted in the United States of America.
Deloitte & Touche LLP
Boston, Massachusetts
September 8, 2000
Chairman
President
Executive Vice President
Executive Vice President and Secretary
Vice President
Treasurer
Assistant Secretary
Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.
This report is authorized for distribution to prospective investors only when preceded or accompanied by the fund's prospectus which contains facts concerning its objective and policies, management fees, expenses and other information.
Federated
World-Class Investment Manager
ANNUAL REPORT
Money Market Obligations Trust
JULY 31, 2000
Federated
Automated Cash Management Trust
Federated Investors
Funds
5800 Corporate Drive
Pittsburgh, PA
15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated
Securities Corp., Distributor
Cusip 60934N864
Cusip 60934N831
25698 (9/00)
Federated is a registered mark of Federated Investors, Inc. 2000 ©Federated Investors, Inc.
ANNUAL REPORT
Dear Shareholder:
I am pleased to present the Annual Report to Shareholders for Money Market Obligations Trust--Institutional Capital Shares. This report combines information for three money market mutual funds that are part of the Trust. This report covers the 12-month reporting period from August 1, 1999, through July 31, 2000. It begins with investment reviews by the funds' portfolio managers. Following the investment reviews are the funds' portfolios of investments and financial statements.
As money market funds, each of these funds gives you the opportunity to put your cash to work pursuing daily dividends while giving you the comfort of a high level of liquidity and a stable net asset value of $1.00 per share.1 The following are fund-by-fund performance highlights:
Municipal Obligations Fund pursues tax-free income by investing in a portfolio of short-term securities issued by municipalities across the United States.2 During the 12-month reporting period, the fund paid tax-free dividends totaling $0.037 per share to shareholders of Institutional Capital Shares. At the end of the reporting period, the fund's net assets totaled $784.5 million.
Prime Cash Obligations Fund invests in a well-diversified portfolio of high quality money market securities. During the 12-month reporting period, dividends paid to shareholders of Institutional Capital Shares totaled $0.056 per share. At the end of the reporting period, the fund's net assets totaled $3.7 billion.
Prime Value Obligations Fund invests in a well-diversified portfolio of high quality money market securities. During the 12-month reporting period, dividends paid to shareholders of Institutional Capital Shares totaled $0.056 per share. At the end of the reporting period, the fund's net assets totaled $3.0 billion.
Thank you for selecting one or more of these funds as a convenient way to help your ready cash earn daily income. As always, we welcome your questions, comments or suggestions.
Sincerely,
J. Christopher Donahue
J. Christopher Donahue
President
September 15, 2000
1 An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although these funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.
2 Income may be subject to the federal alternative minimum tax and state and local taxes.
Municipal Obligations Fund invests in high-quality, short-term, tax-exempt securities. Typical investments include, but are not limited to variable rate demand notes (VRDNs), commercial paper equivalents, fixed-rate notes and bonds. Over the 12-month reporting period, the net assets of the fund increased from $535.3 million to $784.5 million, while the seven-day net yield of the fund's Institutional Capital Shares increased from 3.10% to 4.18%.1 The average maturity of the fund on July 31, 2000, was 34 days.
During the 12-month reporting period ended July 31, 2000, the Federal Reserve Board (the "Fed") increased interest rates three times, in February and March of 2000 by a quarter of a point each and in May by one half of one point. At the end of the reporting period, the federal funds target rate stood at 6.50%, its highest level since 1990. Over the past 13 months, the Fed has increased interest rates six times, moving the rate from 4.75% to 6.50%. The Fed has raised interest rates in an effort to slow the rapid pace of economic growth and prevent the emergence of late cycle inflationary pressures. At the end of the reporting period, the economy had finally begun to show signs of growth, slowing to sustainable rates led by slower consumer spending. Strong productivity growth has played an important role in raising non-inflationary potential growth rates and in containing costs. Despite strong growth early in the reporting period and in 1999, meaningful inflationary pressures have yet to appear. Risks for the economy over the near-term include imbalances between demand and potential supply at a time when the available pool of workers continues to dwindle. The unemployment rate at the end of the reporting period remained at 4.0%, a 30-year low.
Interest rates in the tax-exempt money markets over the reporting period were influenced by the Fed's actions as well as the market's expectations of future actions. Supply and demand (cash inflows/outflows) imbalances also played a large role in the absolute level of municipal interest rates, as demand was rather strong early in the year and in June and July. Record tax payments by individuals in April resulted in considerable redemptions in the municipal money markets, leaving the market with a "low demand" overhang into mid-May. Over the reporting period, the new supply of fixed-rate notes was low relative to demand as municipalities continued to benefit from a strong economy and record tax collections.
Yields on VRDNs, which comprise over 80% of the fund's net assets, started the reporting period at a low of 2.97%, but traded in a range between 3.5% and 4.0% until April. In April, rates moved up sharply to over 5.80% before falling in mid-May to 4.25%. From May through July, VRDN yields remained range bound between 3.5% and 4.50% as demand stabilized and supply became more plentiful.
Looking forward, the average maturity of the fund will continue to be managed in accordance with our expectations of a neutral Fed policy. We plan to be selective in our buying of fixed-rate notes and to slightly lengthen the average maturity of the fund to "lock-in" attractive fixed-rate note levels. We will continue to watch, with great interest, market developments in order to best serve our municipal clients.
Prime Cash Obligations Fund invests in money market instruments maturing in 397 days or less. The average maturity of these securities, computed on a dollar-weighted basis, is restricted to 90 days or less. Portfolio securities must be rated in the highest short-term rating category by one or more of the nationally recognized statistical rating organizations or be of comparable quality to securities having such ratings. Typical security types include, but are not limited to, commercial paper, certificates of deposit, time deposits, variable rate instruments and repurchase agreements.
During the 12-month reporting period ended July 31, 2000, we have seen strong economic growth in the United States. Thirty-year lows in the unemployment number, strong retail sales, increased home buying and strong productivity numbers led the Federal Reserve Board (the "Fed") to increase the federal funds target rate by 175 basis points. The Fed increased the interest rate in 25 basis point increments until May 2000, when it raised rates 50 basis points to 6.50%. During the past month we began to see signs of a moderate economic slowdown. Although we still think there is a risk of inflationary pressure, we think the Fed will remain on hold in the short term.
Thirty-day commercial paper started the reporting period at 5.11% on August 1, 1999, and then increased in anticipation of the federal funds target rate increases. Thirty-day commercial paper rates on July 31, 2000, were 6.55%.
The target average maturity range for the fund remained at 40-50 days throughout the entire time period. In structuring the fund, there is continued emphasis placed on positioning 30-35% of the fund's assets in variable rate demand notes and accomplishing a modest barbell structure.
During the 12-month reporting period ended July 31, 2000, the net assets of the fund increased from $3.1 billion to $3.7 billion, while the 7-day net yield increased from 4.84% to 6.39% for the fund's Institutional Capital Shares.1 The average maturity of the fund on July 31, 2000, was 51 days.
Prime Value Obligations Fund invests in money market instruments maturing in 397 days or less. The average maturity of these securities, computed on a dollar-weighted basis, is restricted to 90 days or less. Portfolio securities must be rated in one of the two highest short-term rating categories by one or more of the nationally recognized statistical rating organizations or be of comparable quality to securities having such ratings. Typical security types include, but are not limited to: commercial paper, certificates of deposit, time deposits, variable rate instruments and repurchase agreements.
During the 12-month reporting period ended July 31, 2000, we have seen strong economic growth in the U.S. Thirty-year lows in the unemployment number, strong retail sales, increased home buying and strong productivity numbers led the Federal Reserve Board (the "Fed") to increase the federal funds target rate by 175 basis points. The Fed increased the interest rate in 25 basis point increments until May 2000, when it raised rates 50 basis points to 6.50%. During the past month we began to see signs of a moderate economic slowdown. Although we still think there is a risk of inflationary pressure, we think the Fed will remain on hold in the short term.
Thirty-day commercial paper started the reporting period at 5.11% on August 1, 1999, and then increased in anticipation of the federal funds target rate increases. Thirty-day commercial paper rates on July 31, 2000, were 6.55%.
The target average maturity range for the fund remained at 40-50 days throughout the entire time period. In structuring the fund, there is continued emphasis placed on positioning 30-35% of the fund's assets in variable rate demand notes and accomplishing a modest barbell structure.
During the 12-month reporting period ended July 31, 2000, the net assets of the fund increased from $2.1 billion to $3.0 billion, while the 7-day net yield increased from 4.87% to 6.42% for the fund's Institutional Capital Shares.1 The average maturity of the fund on July 31, 2000, was 54 days.
1 Performance quoted represents past performance and is no guarantee of future results. Yields will vary. Yields quoted for money market funds most closely reflect the fund's current earnings.
JULY 31, 2000
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--99.4%1 |
|
|
|
|
|
|
|
Alabama--1.7% |
|
|
|
|
$ |
3,000,000 |
|
Birmingham, AL IDA, Series 1997, Weekly VRDNs (Millcraft, AL, Inc.)/(Regions Bank, Alabama LOC) |
|
$ |
3,000,000 |
|
|
5,600,000 |
|
Columbia, AL IDB, Series 1999 C, Daily VRDNs (Alabama Power Co.) |
|
|
5,600,000 |
|
|
5,000,000 |
|
Hoover, AL Board of Education, Series 1999 C, 3.80% BANs, 8/1/2000 |
|
|
5,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
13,600,000 |
|
|
||||||
|
|
|
|
Arizona--0.5% |
|
|
|
|
|
1,940,000 |
|
Phoenix, AZ IDA, PT-1032 Weekly VRDNs (GNMA COL)/(Merrill Lynch & Co., Inc. LIQ) |
|
|
1,940,000 |
|
|
1,800,000 |
|
Yuma County, AZ Airport Authority, Inc., Series 1997 A, Weekly VRDNs (Bank One, Arizona N.A. LOC) |
|
|
1,800,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
3,740,000 |
|
|
||||||
|
|
|
|
Arkansas--1.8% |
|
|
|
|
|
1,000,000 |
|
Arkadelphia, AR IDRB, Series 1996, Weekly VRDNs (Siplast, Inc.)/(Den Danske Bank AS LOC) |
|
|
1,000,000 |
|
|
4,000,000 |
|
Arkansas Development Finance Authority, Series 1995, Weekly VRDNs (Paco Steel & Engineering Corporation Project)/(Union Bank of California LOC) |
|
|
4,000,000 |
|
|
1,600,000 |
|
Hope, AR Solid Waste Disposal Revenue Bonds, Series 1994, 4.55% CP (Temple-Inland Forest Products Corp.)/(Temple-Inland, Inc. GTD), Mandatory Tender 9/8/2000 |
|
|
1,600,000 |
|
|
7,400,000 |
|
Siloam Springs, AR IDRB, Series 1994, Weekly VRDNs (La-Z Boy Chair Co.)/(Bank One, Michigan LOC) |
|
|
7,400,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
14,000,000 |
|
|
||||||
|
|
|
|
California--0.5% |
|
|
|
|
|
4,000,000 |
|
Los Angeles, CA Unified School District, Series FR/RI-A19, Weekly VRDNs (Bank of New York LIQ) |
|
|
4,000,000 |
|
|
||||||
|
|
|
|
Colorado--1.1% |
|
|
|
|
|
8,500,000 |
|
Denver (City & County), CO Single Family Mortgage, Roaring Fork, Series 1999-4, Weekly VRDNs (GNMA COL)/(Bank of New York LIQ) |
|
|
8,500,000 |
|
|
||||||
|
|
|
|
District of Columbia--1.3% |
|
|
|
|
|
3,000,000 |
|
District of Columbia Housing Finance Agency, Series 2000 E, 4.60% TOBs (Trinity Funding Co.), Mandatory Tender 7/10/2001 |
|
|
3,000,000 |
|
|
7,500,000 |
|
District of Columbia Housing Finance Agency, Roaring Fork, Series 1999-7, Weekly VRDNs (GNMA COL)/(Bank of New York LIQ) |
|
|
7,500,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
10,500,000 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Florida--2.8% |
|
|
|
|
$ |
9,561,000 |
|
Clipper Tax-Exempt Certificates Trust (Florida AMT), Series 1999-5, Weekly VRDNs (State Street Bank and Trust Co. LIQ) |
|
$ |
9,561,000 |
|
|
8,675,000 |
|
Escambia County, FL HFA, PT-121 Weekly VRDNs (GNMA COL)/(Banco Santander Central Hispano, SA LIQ) |
|
|
8,675,000 |
|
|
3,500,000 |
|
Jacksonville, FL IDA, IDRB, Series 1996, Weekly VRDNs (Portion Pac, Inc.)/(Heinz (H.J.) Co. GTD) |
|
|
3,500,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
21,736,000 |
|
|
||||||
|
|
|
|
Georgia--7.4% |
|
|
|
|
|
9,500,000 |
|
Clayton County, GA Development Authority, Series 1994, Weekly VRDNs (Lear Seating Corp.)/(Chase Manhattan Bank N.A., New York LOC) |
|
|
9,500,000 |
|
|
10,000,000 |
|
Clayton County, GA Housing Authority, Series 2000, Villages at Lake Ridge Apartments, Weekly VRDNs (Timber Mills Partners, LP)/(Amsouth Bank N.A., Birmingham LOC) |
|
|
10,000,000 |
|
|
5,000,000 |
|
Crisp County - Cordele, GA IDA, Series 2000, Weekly VRDNs (Georgia Ductile Foundries LLC)/(Columbus Bank and Trust Co., GA LOC) |
|
|
5,000,000 |
|
|
8,795,000 |
|
Crisp County, GA Solid Waste Management Authority, Series 1998, Weekly VRDNs (FSA INS)/(First Union National Bank, Charlotte, NC LIQ) |
|
|
8,795,000 |
|
|
6,740,000 |
|
Franklin County, GA Industrial Building Authority, Series 1995, Weekly VRDNs (Bosal Industries, Inc.)/(Bank of New York LOC) |
|
|
6,740,000 |
|
|
2,300,000 |
|
Rome-Floyd County, GA Development Authority, Series 2000 A, Weekly VRDNs (Packaging Products Corp.)/(Commerce Bank, Kansas City, N.A. LOC) |
|
|
2,300,000 |
|
|
13,750,000 |
|
Savannah, GA EDA, Series 1995 A, Weekly VRDNs (Home Depot, Inc.) |
|
|
13,750,000 |
|
|
2,000,000 |
|
Savannah, GA EDA, Series 2000, Weekly VRDNs (Republic Services of Georgia)/(SunTrust Bank LOC) |
|
|
2,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
58,085,000 |
|
|
||||||
|
|
|
|
Hawaii--1.4% |
|
|
|
|
|
11,000,000 |
|
Honolulu, HI City & County, Series 1999, Block J, 5.605% TOBs (Bayerische Landesbank Girozentrale), Mandatory Tender 12/1/2000 |
|
|
11,000,000 |
|
|
||||||
|
|
|
|
Illinois--6.5% |
|
|
|
|
|
3,960,000 |
2 |
Chicago, IL Single Family Mortgage, PT-290, 3.90% TOBs (GNMA COL)/(Landesbank Hessen-Thueringen, Frankfurt LIQ), Optional Tender 10/5/2000 |
|
|
3,960,000 |
|
|
3,100,000 |
|
Chicago, IL Series 1997, Weekly VRDNs (Trendler Components, Inc.)/(American National Bank & Trust Co., Chicago LOC) |
|
|
3,100,000 |
|
|
10,500,000 |
|
Chicago, IL Chicago Midway Airport Special Facility Revenue Bonds, Series 1998, 4.70% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 12/1/2000 |
|
|
10,500,000 |
|
|
3,000,000 |
|
Chicago, IL Gas Supply Revenue Bonds, 1993 Series B, 4.05% TOBs (Peoples Gas Light & Coke Co.), Optional Tender 12/1/2000 |
|
|
3,000,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Illinois--continued |
|
|
|
|
$ |
1,200,000 |
|
Galva, IL Series 1999, Weekly VRDNs (John H. Best & Sons, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
$ |
1,200,000 |
|
|
6,000,000 |
|
Illinois Development Finance Authority, Series 1997, Weekly VRDNs (Toyal America, Inc.)/(Bank of Tokyo-Mitsubishi Ltd. LOC) |
|
|
6,000,000 |
|
|
2,000,000 |
|
Illinois Development Finance Authority, EDRB, Series 1995, Weekly VRDNs (Evapco, Inc. Project)/(Bank of America, N.A. LOC) |
|
|
2,000,000 |
|
|
3,000,000 |
|
Illinois Development Finance Authority, IDRB, Series 1995, Weekly VRDNs (Dickson Weatherproof Nail Co.)/(Bank of America, N.A. LOC) |
|
|
3,000,000 |
|
|
11,765,000 |
|
Illinois Housing Development Authority, PT-7 Weekly VRDNs (AMBAC INS) (Commerzbank AG, Frankfurt LIQ) |
|
|
11,765,000 |
|
|
1,620,000 |
|
Martinsville, IL IDRB, Series 1995, Weekly VRDNs (PAP-R Products Company Project)/(Bank One, Illinois, N.A. LOC) |
|
|
1,620,000 |
|
|
2,415,000 |
|
Peoria, IL, Series 1995, Weekly VRDNs (Praise and Leadership Elementary School)/(Bank One, Illinois, N.A. LOC) |
|
|
2,415,000 |
|
|
2,230,000 |
|
Rockford, IL EDRB, 4.20% TOBs (Independence Village of Rockford)/(U.S. Bank, NA, Minneapolis LOC), Optional Tender 12/1/2000 |
|
|
2,230,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
50,790,000 |
|
|
||||||
|
|
|
|
Indiana--3.5% |
|
|
|
|
|
1,750,000 |
|
Clarksville, IN, Series 1997, Weekly VRDNs (Metal Sales Manufacturing Corp.)/(Firstar Bank, N.A. LOC) |
|
|
1,750,000 |
|
|
3,435,000 |
|
Elkhart County, IN, Series 1997, Weekly VRDNs (Hart Housing Group, Inc.)/(KeyBank, N.A. LOC) |
|
|
3,435,000 |
|
|
1,500,000 |
|
Huntington, IN, Series 1999, Weekly VRDNs (DK Enterprises LLC)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
1,500,000 |
|
|
2,500,000 |
|
Indiana State Educational Facilities Authority, Series 2000 A, 4.90% BANs (Wabash College), 5/3/2001 |
|
|
2,506,289 |
|
|
3,400,000 |
|
Indianapolis, IN, Series 1999, Weekly VRDNs (Chip Ganassi Racing Teams)/(PNC Bank, Delaware LOC) |
|
|
3,400,000 |
|
|
2,105,000 |
|
Kendallville, IN IDRB, Series 1995, Weekly VRDNs (Rivnut Real Estate, Ltd. Project)/(National City Bank, Ohio LOC) |
|
|
2,105,000 |
|
|
1,385,000 |
|
Richmond, IN EDRBs, Series 1996, Weekly VRDNs (Holland Colors Americas, Inc. Project)/(Bank One, Indiana, N.A. LOC) |
|
|
1,385,000 |
|
|
4,000,000 |
|
Rushville, IN, Series 1996, Weekly VRDNs (Fujitsu Ten Corp. of America)/(Bank of Tokyo-Mitsubishi Ltd. LOC) |
|
|
4,000,000 |
|
|
4,000,000 |
|
Westfield, IN IDR, Series 1998, Weekly VRDNs (Standard Locknut, Inc.)/(Bank One, Indiana, N.A. LOC) |
|
|
4,000,000 |
|
|
3,200,000 |
|
Whitley County, IN, Series 1999, Weekly VRDNs (Undersea Sensor Systems, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
3,200,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
27,281,289 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Iowa--0.3% |
|
|
|
|
$ |
2,000,000 |
|
Iowa Falls, IA, Series 1998, Weekly VRDNs (Heartland Pork Enterprises, Inc.)/(Bank of Nova Scotia, Toronto LOC) |
|
$ |
2,000,000 |
|
|
||||||
|
|
|
|
Kansas--1.9% |
|
|
|
|
|
1,900,000 |
|
Olathe, KS IDRB, Series 1995, Weekly VRDNs (Garmin International, Inc. Project)/(Bank of America, N.A. LOC) |
|
|
1,900,000 |
|
|
12,995,000 |
|
Sedgwick & Shawnee Counties, KS, Series 1999 W, Weekly VRDNs (GNMA COL)/(Bank of America, N.A. LIQ) |
|
|
12,995,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
14,895,000 |
|
|
||||||
|
|
|
|
Kentucky--0.7% |
|
|
|
|
|
1,610,000 |
|
Jefferson County, KY Industrial Building Revenue Bonds, Series 1995, Weekly VRDNs (Derby Industries, Inc.)/(Bank One, Kentucky LOC) |
|
|
1,610,000 |
|
|
3,960,000 |
|
Paris, KY Weekly VRDNs (Monessen Holdings, LLC)/(Bank One, Kentucky LOC) |
|
|
3,960,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
5,570,000 |
|
|
||||||
|
|
|
|
Louisiana--1.7% |
|
|
|
|
|
3,500,000 |
|
Jefferson Parish, LA Home Mortgage Authority, Series 2000 D-2, 4.65% BANs (Caisse des Depots et Consignations (CDC), Paris INV), 6/28/2001 |
|
|
3,500,000 |
|
|
5,000,000 |
|
Lake Charles, LA Harbor & Terminal District, Revenue Bonds, Series 1995 A, Weekly VRDNs (Polycom-Huntsman, Inc.)/(National City, Pennsylvania LOC) |
|
|
5,000,000 |
|
|
3,400,000 |
|
Louisiana HFA, Trust Receipts, Series 1999 FR/RI-52, Weekly VRDNs (GNMA COL)/(Bayerische Hypotheken-und Vereinsbank AG LIQ) |
|
|
3,400,000 |
|
|
1,600,000 |
|
Ouachita Parish, LA IDB, Series 1998, Weekly VRDNs (Dixie Carbonic, Inc.)/(Bank One, Illinois, N.A. LOC) |
|
|
1,600,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
13,500,000 |
|
|
||||||
|
|
|
|
Maine--1.5% |
|
|
|
|
|
4,600,000 |
|
Biddeford, ME Weekly VRDNs (DK Associates & Volk Packaging)/(Fleet Bank of Maine LOC) |
|
|
4,600,000 |
|
|
3,000,000 |
|
Biddeford, ME, Series 2000, Weekly VRDNs (Volk Packaging)/(Fleet Bank of Maine LOC) |
|
|
3,000,000 |
|
|
1,800,000 |
|
Trenton, ME, Series 1998, Weekly VRDNs (Hinckley Co.)/(KeyBank, N.A. LOC) |
|
|
1,800,000 |
|
|
2,465,000 |
|
Westbrook, ME Weekly VRDNs (D & G Group)/(Fleet Bank of Maine LOC) |
|
|
2,465,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
11,865,000 |
|
|
||||||
|
|
|
|
Maryland--2.6% |
|
|
|
|
|
2,448,000 |
|
Frederick County, MD, Series 1998A, Weekly VRDNs (Thogar, LLC)/(Allfirst LOC) |
|
|
2,448,000 |
|
|
6,500,000 |
|
Harford County, MD, Series 1989, Weekly VRDNs (Harford Commons Associates Facility)/(Allfirst LOC) |
|
|
6,500,000 |
|
|
1,386,000 |
|
Harford County, MD, Variable Rate Demand/Fixed Rate Refunding Bond (1989 Issue) Weekly VRDNs (Harford Commons Associates Facility)/(Allfirst LOC) |
|
|
1,386,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Maryland--continued |
|
|
|
|
$ |
4,375,000 |
|
Maryland Industrial Development Financing Authority, Special Facility Airport Revenue Bonds, Series 1999, 4.70% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 12/1/2000 |
|
$ |
4,375,000 |
|
|
2,520,000 |
|
Maryland State Community Development Administration, Series 1990 A, Weekly VRDNs (College Estates)/(Allfirst LOC) |
|
|
2,520,000 |
|
|
2,950,000 |
|
Maryland State Community Development Administration, Series 1990 B, Weekly VRDNs (Cherry Hill Apartment Ltd.)/(Bank of America, N.A. LOC) |
|
|
2,950,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
20,179,000 |
|
|
||||||
|
|
|
|
Massachusetts--0.9% |
|
|
|
|
|
4,850,000 |
|
Fall River, MA, 5.25% BANs, 6/1/2001 |
|
|
4,863,484 |
|
|
2,500,000 |
|
Massachusetts IFA, IDRB, Series 1995, Weekly VRDNs (Dunsirn Industries, Inc. Project)/(Firstar Bank, N.A. LOC) |
|
|
2,500,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
7,363,484 |
|
|
||||||
|
|
|
|
Minnesota--2.5% |
|
|
|
|
|
1,350,000 |
|
Blaine, MN, Series 1997, Weekly VRDNs (Plastic Enterprises, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
1,350,000 |
|
|
3,600,000 |
|
Brooklyn Center, MN, Shingle Creek Tower, Series 1999, 5.51% TOBs (Bank of America, N.A.), Optional Tender 5/1/2001 |
|
|
3,600,000 |
|
|
4,000,000 |
|
Coon Rapids, MN, Series 1999, Weekly VRDNs (Assurance Mfg. Co., Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
4,000,000 |
|
|
2,500,000 |
|
Minneapolis, MN IDA, Series 1999, Weekly VRDNs (Viking Materials, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
2,500,000 |
|
|
2,560,000 |
|
Savage, MN, Series 1998, Weekly VRDNs (Fabcon, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
2,560,000 |
|
|
1,740,000 |
|
Springfield, MN, Series 1998, Weekly VRDNs (Ochs Brick Co.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
1,740,000 |
|
|
2,250,000 |
|
White Bear Lake, MN, Series 1999, Weekly VRDNs (Taylor Corp.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
2,250,000 |
|
|
2,000,000 |
|
White Bear Lake, MN, Century Townhomes, Series 1997, 5.795% TOBs (Westdeutsche Landesbank Girozentrale), Optional Tender 6/1/2001 |
|
|
2,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
20,000,000 |
|
|
||||||
|
|
|
|
Mississippi--4.2% |
|
|
|
|
|
6,400,000 |
|
Mississippi Business Finance Corp., Series 1995, Weekly VRDNs (Mississippi Baking Company LLC Project)/(Allfirst LOC) |
|
|
6,400,000 |
|
|
5,400,000 |
|
Mississippi Business Finance Corp., Series 1995, Weekly VRDNs (Schuller International, Inc.)/(Bank of New York LOC) |
|
|
5,400,000 |
|
|
7,500,000 |
|
Mississippi Home Corp., Multifamily Housing Adjustable/Fixed Rate Revenue Bonds, Series 1997, Weekly VRDNs (Windsor Park Apartments)/(SouthTrust Bank of Alabama, Birmingham LOC) |
|
|
7,500,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Mississippi--continued |
|
|
|
|
$ |
9,790,000 |
|
Mississippi Regional Housing Authorithy No. II, Series 1998, 4.00% TOBs (Bradford Park Apartments)/(Amsouth Bank N.A., Birmingham LOC), Mandatory Tender 10/1/2000 |
|
$ |
9,790,000 |
|
|
4,000,000 |
|
Warren County, MS IDA Weekly VRDNs (Vesper Corp.)/(PNC Bank, N.A. LOC) |
|
|
4,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
33,090,000 |
|
|
||||||
|
|
|
|
Missouri--1.2% |
|
|
|
|
|
1,750,000 |
|
Kansas City, MO IDA, Series 1999, Weekly VRDNs (B&B Investments, LLC)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
1,750,000 |
|
|
1,545,000 |
|
Springfield, MO IDA, Series 1999, Weekly VRDNs (Dabryan Coach Builders, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
1,545,000 |
|
|
1,000,000 |
|
St. Louis, MO IDA, Series 1997, Weekly VRDNs (Cee Kay Supply)/(Commerce Bank, Kansas City, N.A. LOC) |
|
|
1,000,000 |
|
|
5,000,000 |
|
St. Louis, MO IDA, Homer G. Phillips Dignity House, Series 1999, 5.70% TOBs (Bayerische Landesbank Girozentrale), Mandatory Tender 12/1/2000 |
|
|
5,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
9,295,000 |
|
|
||||||
|
|
|
|
Montana--1.1% |
|
|
|
|
|
8,500,000 |
|
Forsyth, Rosebud County, MT PCR, Daily VRDNs (Pacificorp)/(Deutsche Bank AG LOC) |
|
|
8,500,000 |
|
|
||||||
|
|
|
|
Multi State--9.3% |
|
|
|
|
|
20,000,000 |
|
Charter Mac Floater Certificates Trust I, (Fifth Tranche) Weekly VRDNs (MBIA INS)/(Bayerische Landesbank Girozentrale, Dexia Bank, Brussels and Toronto Dominion Bank LIQ) |
|
|
20,000,000 |
|
|
2,000,000 |
|
Charter Mac Floater Certificates Trust I, (First Tranche) Weekly VRDNs (MBIA INS)/(Bayerische Landesbank Girozentrale, Dexia Bank, Brussels and Toronto Dominion Bank LIQ) |
|
|
2,000,000 |
|
|
6,000,000 |
|
Charter Mac Floater Certificates Trust I, (Sixth Tranche) Weekly VRDNs (MBIA INS)/(Bayerische Landesbank Girozentrale, Dexia Bank, Brussels and Toronto Dominion Bank LIQ) |
|
|
6,000,000 |
|
|
22,100,000 |
|
Charter Mac Floater Certificates Trust I, (Third Tranche) Weekly VRDNs (MBIA INS)/(Bayerische Landesbank Girozentrale, Dexia Bank, Brussels and Toronto Dominion Bank LIQ) |
|
|
22,100,000 |
|
|
22,886,000 |
|
Clipper Tax-Exempt Certificates Trust (AMT MultiState) Series 1999-3 Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ) |
|
|
22,886,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
72,986,000 |
|
|
||||||
|
|
|
|
Nebraska--2.4% |
|
|
|
|
|
3,000,000 |
|
Douglas County, NE, Series 2000, Weekly VRDNs (Majors Plastics, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
3,000,000 |
|
|
4,650,000 |
|
Douglas County, NE IDRB, Series 1997, Weekly VRDNs (American Laboratories, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
4,650,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Nebraska--continued |
|
|
|
|
$ |
3,970,000 |
|
Nebraska Investment Finance Authority, Series 2000-O, Weekly VRDNs (GNMA COL)/(First Union National Bank, Charlotte, NC LIQ) |
|
$ |
3,970,000 |
|
|
6,995,000 |
|
Nebraska Investment Finance Authority, MERLOTS, Series 1999 A, Weekly VRDNs (GNMA COL)/(First Union National Bank, Charlotte, NC LIQ) |
|
|
6,995,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
18,615,000 |
|
|
||||||
|
|
|
|
Nevada--0.2% |
|
|
|
|
|
500,000 |
|
Nevada State Department of Community & Industrial Development Weekly VRDNs (Kinplex Company)/(Credit Commercial De France, Paris LOC) |
|
|
500,000 |
|
|
855,000 |
|
Sparks, NV Industrial Development Revenue Bonds, Series 1996, Weekly VRDNs (The Antioch Publishing Co. Project)/(National City Bank, Ohio LOC) |
|
|
855,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
1,355,000 |
|
|
||||||
|
|
|
|
New Hampshire--0.4% |
|
|
|
|
|
3,475,000 |
|
New Hampshire Business Finance Authority, IDRB, Series A, Weekly VRDNs (Upper Valley Press)/(KeyBank, N.A. LOC) |
|
|
3,475,000 |
|
|
||||||
|
|
|
|
New Jersey--2.5% |
|
|
|
|
|
2,500,000 |
|
Egg Harbor Township, NJ Board of Education, 5.50% BANs, 6/1/2001 |
|
|
2,512,889 |
|
|
3,560,150 |
|
Haddonfield, NJ, 5.370% BANs, 5/31/2001 |
|
|
3,572,123 |
|
|
3,000,000 |
|
Livingston Township, NJ Board of Education, 5.00% BANs, 3/7/2001 |
|
|
3,005,198 |
|
|
4,795,000 |
2 |
New Jersey Housing & Mortgage Financing Authority, (PT-285), 3.80% TOBs (MBIA INS)/(Landesbank Hessen-Thueringen, Frankfurt LIQ), Optional Tender 8/10/2000 |
|
|
4,795,000 |
|
|
6,000,000 |
|
Trenton, NJ, 5.375% BANs, 5/18/2001 |
|
|
6,021,547 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
19,906,757 |
|
|
||||||
|
|
|
|
New Mexico--2.7% |
|
|
|
|
|
4,460,000 |
|
Albuquerque, NM, Series 1996, Weekly VRDNs (Rose's Southwest Papers, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
4,460,000 |
|
|
5,000,000 |
|
Los Lunas Village, NM, Series 1998, Weekly VRDNs (Wall Colmonoy Corp.)/(Michigan National Bank, Farmington Hills LOC) |
|
|
5,000,000 |
|
|
11,600,000 |
|
New Mexico Mortgage Finance Authority, Roaring Forks Class A Certificates, Series 2000-1, Weekly VRDNs (GNMA COL)/(Bank of New York LIQ) |
|
|
11,600,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
21,060,000 |
|
|
||||||
|
|
|
|
New York--3.9% |
|
|
|
|
|
11,300,000 |
|
New York City, NY (PA-156) Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC) |
|
|
11,300,000 |
|
|
5,000,000 |
|
New York State Local Government Assistance Corp., Bonds, Series 1993A, Weekly VRDNs (Bayerische Landesbank Girozentrale and Westdeutsche Landesbank Girozentrale LOC) |
|
|
5,000,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
New York--continued |
|
|
|
|
$ |
10,000,000 |
|
New York State Thruway Authority, (PA-532) Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) |
|
$ |
10,000,000 |
|
|
4,000,000 |
|
VRDC/IVRC Trust, Series 1993 B, Weekly VRDNs (Metropolitan Transportation Authority, NY)/(AMBAC INS)/(Citibank N.A., NY LIQ) |
|
|
4,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
30,300,000 |
|
|
||||||
|
|
|
|
North Carolina--2.0% |
|
|
|
|
|
10,995,000 |
2 |
North Carolina State, (PT-413), 4.55% TOBs (Merrill Lynch & Co., Inc. LIQ), Optional Tender 6/14/2001 |
|
|
10,995,000 |
|
|
4,600,000 |
|
Person County, NC Industrial Facilities & Pollution Control Financing Authority Daily VRDNs (Carolina Power & Light Co.)/(SunTrust Bank LOC) |
|
|
4,600,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
15,595,000 |
|
|
||||||
|
|
|
|
Ohio--2.2% |
|
|
|
|
|
2,735,000 |
|
Cuyahoga County, OH IDA, Series 1997, Weekly VRDNs (Northstar Plastics, Inc.)/(Bank One, N.A. (Ohio) LOC) |
|
|
2,735,000 |
|
|
1,500,000 |
|
Mahoning County, OH IDA, Series 1999, Weekly VRDNs (Modern Builders Supply, Inc.)/(PNC Bank, N.A. LOC) |
|
|
1,500,000 |
|
|
2,250,000 |
|
Medina County, OH, Series 1998, Weekly VRDNs (Mack Industries)/(Huntington National Bank, Columbus, OH LOC) |
|
|
2,250,000 |
|
|
2,800,000 |
|
Mentor, OH Adjustable Rate IDRBs, Series 1997, Weekly VRDNs (Risch Investments/Roll Kraft, Inc.)/(KeyBank, N.A. LOC) |
|
|
2,800,000 |
|
|
970,000 |
|
Stark County, OH IDR Weekly VRDNs (Shearer's Foods, Inc.)/(Bank One, N.A. (Ohio) LOC) |
|
|
970,000 |
|
|
3,500,000 |
|
Wood County, OH, Series 1999, Weekly VRDNs (Dowa THT America, Inc.)/(Comerica Bank LOC) |
|
|
3,500,000 |
|
|
3,490,000 |
|
Youngstown, OH, Adjustable Rate Demand IDRBs, Series 1996A, Weekly VRDNs (Cantar/Polyair Corp./Performa Corp.)/(HSBC Bank USA LOC) |
|
|
3,490,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
17,245,000 |
|
|
||||||
|
|
|
|
Oklahoma--1.2% |
|
|
|
|
|
6,000,000 |
|
Broken Arrow, OK EDA Weekly VRDNs (Blue Bell Creameries)/(BNP Paribas LOC) |
|
|
6,000,000 |
|
|
3,000,000 |
|
Cleveland County, OK Home Loan Authority, Tecumseh Pointe Apartments, 5.70% TOBs (HSBC Bank USA), Mandatory Tender 3/1/2001 |
|
|
3,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
9,000,000 |
|
|
||||||
|
|
|
|
Oregon--0.0% |
|
|
|
|
|
330,000 |
|
Oregon State, EDRBs, Series1988B, Weekly VRDNs (Domaine Drouhin Oregon, Inc.)/(Wells Fargo Bank, N.A. LOC) |
|
|
330,000 |
|
|
||||||
|
|
|
|
Pennsylvania--0.6% |
|
|
|
|
|
5,000,000 |
|
Clinton County, PA IDA, Solid Waste Disposal Revenue Bonds, Series 1992A, 4.70% TOBs (International Paper Co.), Optional Tender 1/15/2001 |
|
|
5,000,000 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
South Carolina--3.6% |
|
|
|
|
$ |
1,700,000 |
|
Berkeley County, SC IDB, Series 1989, Weekly VRDNs (W.W. Williams Co. Project)/(Bank One, N.A. (Ohio) LOC) |
|
$ |
1,700,000 |
|
|
14,100,000 |
|
Berkeley County, SC IDB, Series 1998, Weekly VRDNs (Nucor Corp.) |
|
|
14,100,000 |
|
|
3,690,000 |
|
South Carolina Job Development Authority Weekly VRDNs (Boozer Lumber Co.)/(SouthTrust Bank of Alabama, Birmingham LOC) |
|
|
3,690,000 |
|
|
200,000 |
|
South Carolina Job Development Authority, Series 1988B, Weekly VRDNs (Seacord Corp.)/(Credit Commercial De France, Paris LOC) |
|
|
200,000 |
|
|
450,000 |
|
South Carolina Job Development Authority, Series 1990, Weekly VRDNs (NMFO Associates)/(Wachovia Bank of NC, N.A. LOC) |
|
|
450,000 |
|
|
850,000 |
|
South Carolina Job Development Authority, Series 1990, Weekly VRDNs (Old Claussen's Bakery)/(Wachovia Bank of NC, N.A. LOC) |
|
|
850,000 |
|
|
500,000 |
|
South Carolina Job Development Authority, Series 1990, Weekly VRDNs (Rice Street Association)/(Wachovia Bank of NC, N.A. LOC) |
|
|
500,000 |
|
|
3,700,000 |
|
South Carolina Job Development Authority, Series 1996, Weekly VRDNs (PVC Container Corp. Project)/(Fleet Bank N.A. LOC) |
|
|
3,700,000 |
|
|
660,000 |
|
South Carolina Job Development Authority, Series B, Weekly VRDNs (Osmose Wood Preserving)/(Credit Commercial De France, Paris LOC) |
|
|
660,000 |
|
|
2,620,000 |
|
York County, SC IDA, IDRBs, Series1989, Weekly VRDNs (Sediver Inc.)/(BNP Paribas LOC) |
|
|
2,620,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
28,470,000 |
|
|
||||||
|
|
|
|
South Dakota--2.2% |
|
|
|
|
|
11,055,000 |
|
South Dakota Housing Development Authority, (CDC-2000 D) Weekly VRDNs (Caisse des Depots et Consignations (CDC), Paris LIQ) |
|
|
11,055,000 |
|
|
4,230,000 |
|
South Dakota Housing Development Authority, Series 1999I, 3.85% BANs, 9/28/2000 |
|
|
4,230,000 |
|
|
2,000,000 |
|
South Dakota Housing Development Authority, Series G, 4.60% BANs, 6/28/2001 |
|
|
2,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
17,285,000 |
|
|
||||||
|
|
|
|
Tennessee--2.7% |
|
|
|
|
|
4,000,000 |
|
Carter County, TN IDB, Series 1983, Monthly VRDNs (Inland Container Corp.)/(Temple-Inland, Inc. GTD) |
|
|
4,000,000 |
|
|
1,500,000 |
|
Cheatham County, TN IDB, Series 1997B, Weekly VRDNs (Triton Boat Co.)/(First American National Bank, Nashville, TN LOC) |
|
|
1,500,000 |
|
|
2,000,000 |
|
Covington, TN IDB, Series 1992, Weekly VRDNs (Wallace Computer Services, Inc.)/(Wachovia Bank of NC, N.A. LOC) |
|
|
2,000,000 |
|
|
4,670,000 |
|
Hawkins County, TN IDB, Series 1995, Weekly VRDNs (Sekisui Ta Industries, Inc.)/(Bank of Tokyo-Mitsubishi Ltd. LOC) |
|
|
4,670,000 |
|
|
1,750,000 |
|
Knox County, TN IDB, Series 1996, Weekly VRDNs (Health Ventures, Inc.)/(SunTrust Bank LOC) |
|
|
1,750,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Tennessee--continued |
|
|
|
|
$ |
4,000,000 |
|
Morristown, TN IDB, Series 1999, Weekly VRDNs (Tuff Torq Corp.)/(Bank of Tokyo-Mitsubishi Ltd. LOC) |
|
$ |
4,000,000 |
|
|
2,600,000 |
|
Shelby County, TN Health Education & Housing Facilities Board, Multifamily Housing Revenue Bonds, Series 1988, Weekly VRDNs (Arbor Lake Project)/(PNC Bank, N.A. LOC) |
|
|
2,600,000 |
|
|
700,000 |
|
South Pittsburg, TN IDB, Series 1996, Weekly VRDNs (Lodge Manufacturing Co.)/(SunTrust Bank LOC) |
|
|
700,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
21,220,000 |
|
|
||||||
|
|
|
|
Texas--9.5% |
|
|
|
|
|
7,400,000 |
|
ABIA Development Corp., TX (PT-117) Weekly VRDNs (Austin Airport)/(Asset Guaranty INS)/(Merrill Lynch & Co., Inc. LIQ) |
|
|
7,400,000 |
|
|
15,750,000 |
|
ABN AMRO MuniTOPS Certificates Trust (Multistate AMT), Series 1998-15, Weekly VRDNs (Houston, TX Airport System)/(FGIC INS)/(ABN AMRO Bank N.V., Amsterdam LIQ) |
|
|
15,750,000 |
|
|
1,600,000 |
|
Angelina and Neches River Authority, Texas, Waste Disposal Revenue Bonds, Series 1998, 4.55% CP (Temple-Inland Forest Products Corp.)/(Temple-Inland, Inc. GTD), Mandatory Tender 8/7/2000 |
|
|
1,600,000 |
|
|
12,000,000 |
|
Austin, TX Airport System, MERLOTS, Series 2000 J, Weekly VRDNs (MBIA INS)/(First Union National Bank, Charlotte, NC LIQ) |
|
|
12,000,000 |
|
|
7,000,000 |
|
Colorado County, TX IDC, Series 2000, Weekly VRDNs (Great Southern Wood Preserving Inc.)/(SouthTrust Bank of Alabama, Birmingham LOC) |
|
|
7,000,000 |
|
|
6,500,000 |
|
Harris County, TX HFDC, Series 1997 A, Daily VRDNs (St. Luke's Episcopal Hospital)/(Bank of America, N.A., Morgan Guaranty Trust Co., New York and Toronto Dominion Bank LIQ) |
|
|
6,500,000 |
|
|
2,100,000 |
|
Lubbock, TX IDC, Daily VRDNs (McLane Co., Inc.)/(Bank of America, N.A. LOC) |
|
|
2,100,000 |
|
|
8,000,000 |
|
McAllen, TX IDA, Series 1998, Weekly VRDNs (NiTek McAllen, LLC)/(Bank of Tokyo-Mitsubishi Ltd. LOC) |
|
|
8,000,000 |
|
|
4,545,000 |
|
Saginaw, TX IDA, Series 1998, Weekly VRDNs (Glad Investing Partners, Ltd.)/(Bank One, Texas N.A. LOC) |
|
|
4,545,000 |
|
|
5,500,000 |
|
Tarrant County, TX IDC, Series 1997, Weekly VRDNs (Lear Operations Corp.)/(Chase Manhattan Bank N.A., New York LOC) |
|
|
5,500,000 |
|
|
3,850,000 |
|
Waxahachie, TX IDA, Series 1998, Weekly VRDNs (Rock-Tenn Converting Co.)/(SunTrust Bank LOC) |
|
|
3,850,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
74,245,000 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Virginia--2.2% |
|
|
|
|
$ |
3,000,000 |
|
Campbell County, VA IDA, Solid Waste Disposal Facilities Revenue, ACES, Weekly VRDNs (Georgia-Pacific Corp.)/(SunTrust Bank LOC) |
|
$ |
3,000,000 |
|
|
4,200,000 |
|
Dinwiddie County, VA IDA, Series 1999A, Daily VRDNs (Chaparral Steel Co.)/(Bank of America, N.A. LOC) |
|
|
4,200,000 |
|
|
4,000,000 |
|
Fairfax County, VA EDA, Series A, 5.55% Bonds (Ogden Martin Systems of Fairfax, Inc.)/(AMBAC INS), 2/1/2001 |
|
|
4,021,197 |
|
|
6,000,000 |
|
Halifax, VA IDA, MMMs, PCR, 4.05% CP (Virginia Electric Power Co.), Mandatory Tender 8/10/2000 |
|
|
6,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
17,221,197 |
|
|
||||||
|
|
|
|
Washington--0.9% |
|
|
|
|
|
4,000,000 |
2 |
Washington State (PT-1187), 3.95% TOBs (Merrill Lynch & Co., Inc. LIQ), Optional Tender 10/19/2000 |
|
|
4,000,000 |
|
|
3,000,000 |
|
Yakima County, WA Public Corp., Series 1999, Weekly VRDNs (John I. Haas, Inc.)/(Bayerische Hypotheken-und Vereinsbank AG and Deutsche Bank AG LOCs) |
|
|
3,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
7,000,000 |
|
|
||||||
|
|
|
|
West Virginia--1.9% |
|
|
|
|
|
2,335,000 |
|
Berkeley County, WV County Commission, Series 1994, Weekly VRDNs (Brentwood Industries, Inc.)/(First Union National Bank, Charlotte, NC LOC) |
|
|
2,335,000 |
|
|
1,750,000 |
|
West Virginia Public Energy Authority, Energy Revenue Bonds, Series 1989 A, 4.00% CP (Morgantown Energy Associates) /(Dexia Credit Local de France LOC), Mandatory Tender 8/10/2000 |
|
|
1,750,000 |
|
|
11,150,000 |
|
West Virginia Public Energy Authority, Energy Revenue Bonds, Series 1989 A, 4.35% CP (Morgantown Energy Associates) /(Dexia Credit Local de France LOC), Mandatory Tender 8/8/2000 |
|
|
11,150,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
15,235,000 |
|
|
||||||
|
|
|
|
Wisconsin--1.9% |
|
|
|
|
|
3,000,000 |
|
La Crosse, WI IDA, Series 2000, Weekly VRDNs (Pacal Industries)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
3,000,000 |
|
|
2,000,000 |
|
Milwaukee, WI, Series 1997, 4.70% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 12/1/2000 |
|
|
2,000,000 |
|
|
5,000,000 |
|
Milwaukee, WI, Trust Receipts, Series 2000 FR/RI-A8, Weekly VRDNs (Bank of New York LIQ) |
|
|
5,000,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Wisconsin--continued |
|
|
|
|
$ |
1,000,000 |
|
New Berlin, WI, Series 1997A, Weekly VRDNs (Sunraider LLC/New Berlin Plastics, Inc.)/(Bank One, Wisconsin, N.A. LOC) |
|
$ |
1,000,000 |
|
|
4,080,000 |
|
Sussex, WI IDB, Series 2000, Weekly VRDNs (Sharp Packaging Systems, Inc.)/(Marshall & Ilsley Bank, Milwaukee LOC) |
|
|
4,080,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
15,080,000 |
|
|
||||||
|
|
|
|
TOTAL INVESTMENTS (AT AMORTIZED COST)3 |
|
$ |
780,113,727 |
|
|
||||||
Securities that are subject to alternative minimum tax represent 87.2% of the portfolio as calculated based upon total portfolio market value.
1 The fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical rating organizations ("NRSROs") or unrated securities of comparable quality. An NRSRO's two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 or SP-2 by Standard & Poor's, MIG-1 or MIG-2 by Moody's Investors Service, Inc., or F-1+, F-1 or F-2 by Fitch IBCA, Inc., are all considered rated in one of the two highest short-term rating categories. Securities rated in the highest short-term rating category (and unrated securities of comparable quality) are identified as First Tier securities. Securities rated in the second highest short-term rating category (and unrated securities of comparable quality) are identified as Second Tier securities. The fund follows applicable regulations in determining whether a security is rated and whether a security rated by multiple NRSROs in different rating categories should be identified as a First or Second Tier security. At July 31, 2000, the portfolio securities were as follows:
Tier Rating Based on Total Market Value (Unaudited)
|
First Tier |
|
Second Tier |
|
97.8% |
|
2.2% |
2 Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid based upon criteria approved by the fund's Board of Trustees. At July 31, 2000, these securities amounted to $23,750,000, which represents 3.0% of net assets.
3 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets ($784,475,782) at July 31, 2000.
Following the Portfolios of Investments is a Glossary of Acronyms used throughout the portfolios.
See Notes which are an integral part of the Financial Statements
JULY 31, 2000
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM NOTES--12.4% |
|
|
|
|
|
|
|
Banking--4.9% |
|
|
|
|
$ |
30,000,000 |
|
Bank One, Illinois, N.A., 6.025% - 6.070%, 10/10/2000 - 11/13/2000 |
|
$ |
29,994,938 |
|
|
63,000,000 |
|
Bank One, N.A., 6.860%, 1/10/2001 - 1/12/2001 |
|
|
63,000,000 |
|
|
73,200,000 |
|
Bank of America, N.A., 6.870%, 12/22/2000 - 1/17/2001 |
|
|
73,200,000 |
|
|
16,000,000 |
|
Westpac Banking Corp. Ltd., Sydney, 6.220%, 11/30/2000 |
|
|
15,995,901 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
182,190,839 |
|
|
||||||
|
|
|
|
Finance - Automotive--0.4% |
|
|
|
|
|
14,399,243 |
|
Ford Credit Auto Owner Trust 2000-A, Class A2, 6.217%, 12/15/2000 |
|
|
14,399,243 |
|
|
||||||
|
|
|
|
Finance - Commercial--5.8% |
|
|
|
|
|
55,100,000 |
|
Beta Finance, Inc., 7.110% - 7.240%, 5/8/2001 - 7/24/2001 |
|
|
55,100,000 |
|
|
161,000,000 |
|
Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 6.000% - 7.125%, 8/11/2000 - 7/24/2001 |
|
|
161,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
216,100,000 |
|
|
||||||
|
|
|
|
Finance - Equipment--0.7% |
|
|
|
|
|
13,411,559 |
|
CIT Equipment Collateral 2000-1, Class A1, 6.723%, 5/21/2001 |
|
|
13,412,003 |
|
|
483,882 |
|
Copelco Capital Funding LLC 1999-B, Class A-1, 5.937%, 10/18/2000 |
|
|
483,882 |
|
|
11,794,051 |
|
Copelco Capital Funding LLC Series 2000-A, Class A-1, 6.507%, 5/14/2001 |
|
|
11,794,051 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
25,689,936 |
|
|
||||||
|
|
|
|
Insurance--0.6% |
|
|
|
|
|
4,145,363 |
|
Americredit Automobile Receivables Trust 2000-A, Class A1, 6.040%, 2/5/2001 |
|
|
4,145,363 |
|
|
18,194,631 |
|
Continental Auto Receivables Owner Trust 2000-A, Class A-1, (Insured by MBIA), 6.445%, 4/15/2001 |
|
|
18,194,631 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
22,339,994 |
|
|
||||||
|
|
|
|
TOTAL SHORT-TERM NOTES |
|
|
460,720,012 |
|
|
||||||
|
|
|
|
CERTIFICATES OF DEPOSIT--8.3% |
|
|
|
|
|
|
|
Banking--8.3% |
|
|
|
|
|
1,000,000 |
|
ABN AMRO Bank N.V., Amsterdam, 6.780%, 3/20/2001 |
|
|
999,761 |
|
|
38,200,000 |
|
Australia & New Zealand Banking Group, Melbourne, 6.310% - 6.540%, 9/13/2000 - 10/27/2000 |
|
|
38,189,327 |
|
|
10,000,000 |
|
BNP Paribas, 6.410%, 10/13/2000 |
|
|
9,988,936 |
|
|
50,000,000 |
|
Bank of Nova Scotia, Toronto, 6.880%, 4/3/2001 |
|
|
49,990,460 |
|
|
11,000,000 |
|
Bayerische Landesbank Girozentrale, 5.930% - 6.870%, 10/2/2000 - 4/3/2001 |
|
|
10,994,007 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
CERTIFICATES OF DEPOSIT--continued |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
3,000,000 |
|
Commerzbank AG, Frankfurt, 7.150%, 6/29/2001 |
|
$ |
2,998,711 |
|
|
10,000,000 |
|
Credit Agricole Indosuez, 6.870%, 3/28/2001 |
|
|
9,998,138 |
|
|
10,000,000 |
|
Deutsche Bank AG, 6.700%, 2/5/2001 |
|
|
9,997,557 |
|
|
10,000,000 |
|
Michigan National Bank, Farmington Hills, 6.900%, 4/3/2001 |
|
|
9,998,728 |
|
|
50,000,000 |
|
Royal Bank of Canada, Montreal, 6.460%, 10/23/2000 |
|
|
50,001,114 |
|
|
60,200,000 |
|
Svenska Handelsbanken, Stockholm, 6.765% - 7.120%, 3/22/2001 - 5/4/2001 |
|
|
60,187,491 |
|
|
55,000,000 |
|
UBS AG, 6.020% - 6.950%, 11/13/2000 - 5/2/2001 |
|
|
54,990,174 |
|
|
||||||
|
|
|
|
TOTAL CERTIFICATES OF DEPOSIT |
|
|
308,334,404 |
|
|
||||||
|
|
|
|
COMMERCIAL PAPER--45.0%1 |
|
|
|
|
|
|
|
Banking--21.8% |
|
|
|
|
|
10,000,000 |
|
Abbey National N.A. Corp., (Guaranteed by Abbey National Bank PLC, London), 6.760%, 11/27/2000 |
|
|
9,778,422 |
|
|
135,003,000 |
|
Barton Capital Corp., 6.520% - 6.530%, 8/8/2000 - 8/11/2000 |
|
|
134,793,211 |
|
|
25,000,000 |
|
Commonwealth Bank of Australia, Sydney, 6.235%, 10/13/2000 |
|
|
24,683,920 |
|
|
41,000,000 |
|
Den Danske Bank A/S, 6.245%, 10/10/2000 |
|
|
40,502,135 |
|
|
65,000,000 |
|
Den Danske Corp., Inc., (Guaranteed by Den Danske Bank A/S), 6.030% - 6.630%, 8/3/2000 - 12/26/2000 |
|
|
64,432,774 |
|
|
19,500,000 |
|
Fountain Square Commercial Funding Corp., (Fifth Third Bank, Cincinnati SA), 6.510%, 8/21/2000 |
|
|
19,429,475 |
|
|
10,000,000 |
|
Internationale Nederlanden U.S. Funding Corp., (Guaranteed by ING Bank N.V.), 6.370%, 12/28/2000 |
|
|
9,736,353 |
|
|
19,902,000 |
|
Market Street Funding Corp., (PNC Bank, N.A. SA), 6.530%, 8/15/2000 |
|
|
19,851,460 |
|
|
190,000,000 |
|
Park Avenue Receivables Corp., 6.520%, 8/8/2000 - 8/22/2000 |
|
|
189,518,244 |
|
|
86,285,000 |
|
Three Rivers Funding Corp., 6.510% - 6.530%, 8/16/2000 - 8/22/2000 |
|
|
86,006,208 |
|
|
85,000,000 |
|
Variable Funding Capital Corp., 6.530%, 8/25/2000 |
|
|
84,629,967 |
|
|
101,500,000 |
|
Westpac Trust Securities NZ Ltd., (Guaranteed by Westpac Banking Corp. Ltd., Sydney), 6.200%, 11/29/2000 - 12/4/2000 |
|
|
99,345,069 |
|
|
28,715,000 |
|
Wood Street Funding Corp., 6.530%, 8/8/2000 |
|
|
28,678,540 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
811,385,778 |
|
|
||||||
|
|
|
|
Electric Power--1.1% |
|
|
|
|
|
41,325,000 |
|
Southern Electric Generating Co., 6.650%, 9/12/2000 |
|
|
41,004,387 |
|
|
||||||
|
|
|
|
Finance - Commercial--7.7% |
|
|
|
|
|
131,000,000 |
|
Eureka Securitization Inc., 6.520% - 6.530%, 8/4/2000 - 8/21/2000 |
|
|
130,647,797 |
|
|
150,000,000 |
|
Falcon Asset Securitization Corp., 6.510% - 6.520%, 8/11/2000 - 8/28/2000 |
|
|
149,633,528 |
|
|
10,000,000 |
|
General Electric Capital Corp., 6.070%, 8/18/2000 |
|
|
9,971,336 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
290,252,661 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
COMMERCIAL PAPER--continued1 |
|
|
|
|
|
|
|
Finance - Retail--5.6% |
|
|
|
|
$ |
182,853,000 |
|
Amsterdam Funding Corp., 6.530% - 6.550%, 8/1/2000 - 8/14/2000 |
|
$ |
182,666,531 |
|
|
25,000,000 |
|
Windmill Funding Corp., 6.520%, 8/3/2000 |
|
|
24,990,944 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
207,657,475 |
|
|
||||||
|
|
|
|
Insurance--8.8% |
|
|
|
|
|
125,000,000 |
|
Galaxy Funding, Inc., 6.540% - 6.570%, 8/3/2000 - 8/24/2000 |
|
|
124,662,901 |
|
|
20,000,000 |
|
Marsh USA, Inc., 6.240%, 10/10/2000 |
|
|
19,757,333 |
|
|
182,950,000 |
|
Sheffield Receivables Corp., 6.520% - 6.530%, 8/4/2000 - 8/21/2000 |
|
|
182,539,752 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
326,959,986 |
|
|
||||||
|
|
|
|
TOTAL COMMERCIAL PAPER |
|
|
1,677,260,287 |
|
|
||||||
|
|
|
|
LOAN PARTICIPATION--5.0% |
|
|
|
|
|
|
|
Electrical Equipment--0.5% |
|
|
|
|
|
16,700,000 |
|
Mt. Vernon Phenol Plant Partnership, (Guaranteed by General Electric Co.), 6.810%, 5/17/2001 |
|
|
16,700,000 |
|
|
||||||
|
|
|
|
Finance - Automotive--2.7% |
|
|
|
|
|
50,000,000 |
|
General Motors Acceptance Corp., Mortgage of PA, (Guaranteed by General Motors Acceptance Corp.), 6.610%, 8/7/2000 |
|
|
50,000,000 |
|
|
53,000,000 |
|
General Motors Acceptance Corp., Mortgage of PA, (Guaranteed by General Motors Acceptance Corp.), 6.674% - 6.723%, 10/2/2000 |
|
|
52,392,411 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
102,392,411 |
|
|
||||||
|
|
|
|
Food & Beverage--0.5% |
|
|
|
|
|
20,000,000 |
|
Sara Lee Corp., 6.550%, 8/10/2000 |
|
|
20,000,000 |
|
|
||||||
|
|
|
|
Oil & Oil Finance--1.3% |
|
|
|
|
|
50,000,000 |
|
Amoco Energy Company of Trinidad and Tobago, (Guaranteed by BP Amoco Corp.), 6.610%, 8/10/2000 |
|
|
50,000,000 |
|
|
||||||
|
|
|
|
TOTAL LOAN PARTICIPATION |
|
|
189,092,411 |
|
|
||||||
|
|
|
|
VARIABLE RATE OBLIGATIONS--28.4%2 |
|
|
|
|
|
|
|
Banking--14.4% |
|
|
|
|
|
3,000,000 |
|
6380 Brackbill Associates LP, Series 2000, (Allfirst LOC), 6.670%, 8/4/2000 |
|
|
3,000,000 |
|
|
25,000,000 |
|
Abbey National Treasury Services PLC, (Guaranteed by Abbey National Bank PLC, London), 6.606%, 8/15/2000 |
|
|
24,983,033 |
|
|
2,000,000 |
|
Albuquerque, NM, Series 1997, El Canto, Inc., (Norwest Bank, Minnesota, N.A. LOC), 6.960%, 8/3/2000 |
|
|
2,000,000 |
|
|
50,000,000 |
|
Bayerische Landesbank Girozentrale, 6.579%, 8/2/2000 |
|
|
49,977,186 |
|
|
1,275,000 |
|
Beech Grove, IN, Series 1997, Poster Display Co, Project, (Bank One, Indiana, N.A. LOC), 6.700%, 8/3/2000 |
|
|
1,275,000 |
|
|
6,000,000 |
|
Bing Steel Management, Inc., Series 2000, (Michigan National Bank, Farmington Hills LOC), 6.720%, 8/2/2000 |
|
|
6,000,000 |
|
|
1,745,000 |
|
C.W. Caldwell, Inc., Sweetbriar Assisted Living Facility, Project, (Huntington National Bank, Columbus, OH LOC), 6.620%, 8/20/2000 |
|
|
1,745,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
VARIABLE RATE OBLIGATIONS--continued2 |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
5,100,000 |
|
Capital One Funding Corp., Series 1993-A, (Bank One, Ohio N.A. LOC), 6.700%, 8/3/2000 |
|
$ |
5,100,000 |
|
|
21,044,000 |
|
Capital One Funding Corp., Series 1999-A, (Bank One, Kentucky LOC), 6.700%, 8/3/2000 |
|
|
21,044,000 |
|
|
2,845,000 |
|
Casna LP, Series 1997, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
2,845,000 |
|
|
9,670,000 |
|
Cedarville College OH, Series 1998, (KeyBank, N.A. LOC), 6.760%, 8/3/2000 |
|
|
9,670,000 |
|
|
4,250,000 |
|
Charapp Family LP, Series 2000, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
4,250,000 |
|
|
15,000 |
|
Chartiers Valley, PA, Industrial & Commercial Development Authority, Woodhaven Convalescent Center, Series 1997-B, (Bank One, Ohio, N.A. LOC), 6.750%, 8/3/2000 |
|
|
15,000 |
|
|
1,410,000 |
|
Children's Defense Fund, (Allfirst LOC), 6.780%, 8/1/2000 |
|
|
1,410,000 |
|
|
5,715,000 |
|
Colonie, NY IDA, Mechanical Technology, Inc. Project, Series 1998 A, (KeyBank, N.A. LOC), 6.750%, 8/3/2000 |
|
|
5,715,000 |
|
|
56,000,000 |
|
Comerica Bank, 6.630% - 6.670%, 8/10/2000 - 8/25/2000 |
|
|
55,991,490 |
|
|
9,700,000 |
|
Cuyahoga County, OH, Gateway Arena Project, Series 1992-B, (Canadian Imperial Bank of Commerce LOC), 6.700%, 8/3/2000 |
|
|
9,700,000 |
|
|
9,450,000 |
|
Elsinore Properties LP, Series 1999, (Fifth Third Bank, Cincinnati LOC), 6.640%, 8/3/2000 |
|
|
9,450,000 |
|
|
850,000 |
|
Flowform, Inc., (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
850,000 |
|
|
4,000,000 |
|
Frank Parsons Paper Co., Inc., Series 1999, (Allfirst LOC), 6.670%, 8/4/2000 |
|
|
4,000,000 |
|
|
3,930,000 |
|
Georgia Ports Authority, Colonel's Island Terminal Project, Series 1996-A, Revenue Bonds, (SunTrust Bank, Atlanta LOC), 6.650%, 8/2/2000 |
|
|
3,930,000 |
|
|
1,380,000 |
|
Gerald T. Thom, Trustee U.A.D., March 27, 1997, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
1,380,000 |
|
|
1,480,000 |
|
Gettysburg Area IDA, Hanover Lantern, Inc. Project, Series 1998-B, (Allfirst LOC), 6.680%, 8/2/2000 |
|
|
1,480,000 |
|
|
10,030,000 |
|
Healthcare Network Properties LLC, Series A, (National City Bank, Michigan/Illinois LOC), 6.670%, 8/3/2000 |
|
|
10,030,000 |
|
|
7,350,000 |
|
IT Spring Wire LLC, Series 1997, (Fifth Third Bank, Cincinnati LOC), 6.700%, 8/3/2000 |
|
|
7,350,000 |
|
|
3,635,000 |
|
International Processing Corp., (Bank One, Kentucky LOC), 6.750%, 8/3/2000 |
|
|
3,635,000 |
|
|
8,500,000 |
|
KinderCare Learning Centers, Inc., Series B, (Chase Manhattan Bank N.A., New York LOC), 6.750%, 8/2/2000 |
|
|
8,500,000 |
|
|
1,945,000 |
|
Kit Carson County, CO, Midwest Farms LLC Project, (Norwest Bank Minnesota, N.A. LOC), 6.700%, 8/2/2000 |
|
|
1,945,000 |
|
|
6,000,000 |
|
La Verne, CA, IDA, Mobile Tool International, Inc. Project, Series 1998-B, (Fleet Bank N.A. LOC), 6.670%, 8/3/2000 |
|
|
6,000,000 |
|
|
2,125,000 |
|
Lincoln Park Associates LP, (Bank One, N.A. LOC), 6.800%, 8/3/2000 |
|
|
2,125,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
VARIABLE RATE OBLIGATIONS--continued2 |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
50,504,863 |
|
Liquid Asset Backed Securities Trust, Series 1997-1, (Westdeutsche Landesbank Girozentrale Swap Agreement), 6.630%, 8/19/2000 |
|
$ |
50,504,863 |
|
|
7,730,000 |
|
Lombard, IL, Multifamily Housing, MHRV, Series 1999, Clover Creek Apartments, (Bank One, Arizona N.A. LOC), 6.750%, 8/3/2000 |
|
|
7,730,000 |
|
|
5,000,000 |
|
Los Angeles, CA, MERLOTS, Series 2000A, (H&H Theatre), (Guaranteed by First Union National Bank, Charlotte, NC), 6.720%, 8/2/2000 |
|
|
5,000,000 |
|
|
32,410,000 |
|
M/S Land LLC, (Bank One, Illinois, N.A. LOC), 6.750%, 8/3/2000 |
|
|
32,410,000 |
|
|
4,000,000 |
|
MBE Investment Co. LLC, EH Investment Company, Series 2000A, (Michigan National Bank, Farmington Hills LOC), 6.730%, 8/3/2000 |
|
|
4,000,000 |
|
|
5,900,000 |
|
MMR Funding I, Series A, (Bayerische Hypotheken-und Vereinsbank AG LOC), 6.700%, 8/3/2000 |
|
|
5,900,000 |
|
|
10,000,000 |
|
Maples Industries, Inc., (Regions Bank, Alabama LOC), 6.650%, 8/3/2000 |
|
|
10,000,000 |
|
|
4,375,000 |
|
Maryland EDC, Human Genome Sciences, Series 1999A, (Allfirst LOC), 6.680%, 8/1/2000 |
|
|
4,375,000 |
|
|
13,125,000 |
|
Maryland EDC, Human Genome Sciences, Series 1999B, (First Union National Bank, Charlotte, NC LOC), 6.680%, 8/1/2000 |
|
|
13,125,000 |
|
|
4,770,000 |
|
Medilodge Group, Meadowbrook Project, (KeyBank, N.A. LOC), 6.800%, 8/3/2000 |
|
|
4,770,000 |
|
|
1,280,000 |
|
Michigan State Housing Development Authority, Series 1999B, Lexington Place Apartments, (Bank of America, N.A. LOC), 6.640%, 8/3/2000 |
|
|
1,280,000 |
|
|
4,100,000 |
|
New Jersey EDA, Morey Organization, Inc. Project Series 1997, (First Union National Bank, Charlotte, NC LOC), 6.750%, 8/2/2000 |
|
|
4,100,000 |
|
|
2,565,000 |
|
New Jersey EDA, Pheonix Realty Partners, (First Union National Bank, Charlotte, NC LOC), 6.750%, 8/2/2000 |
|
|
2,565,000 |
|
|
8,760,000 |
|
O.K.I. Supply Co., Series 1998, (Fifth Third Bank, Cincinnati LOC), 6.640%, 8/3/2000 |
|
|
8,760,000 |
|
|
45,000 |
|
Oakwoods Master LP, Series 1997, (AmSouth Bank N.A., Birmingham LOC), 6.710%, 8/3/2000 |
|
|
45,000 |
|
|
4,920,000 |
|
P.C.I. Paper Conversions, Inc., Series 2000, (KeyBank, N.A. LOC), 6.760%, 8/3/2000 |
|
|
4,920,000 |
|
|
1,000,000 |
|
Poseyville, IN, North American Green, Series 1999, (Fifth Third Bank, Cincinnati LOC), 6.710%, 8/3/2000 |
|
|
1,000,000 |
|
|
3,800,000 |
|
Primex Funding Corp., Series 1997-A, (Bank One, Indiana, N.A. LOC), 6.700%, 8/3/2000 |
|
|
3,800,000 |
|
|
1,278,610 |
|
Rabobank Optional Redemption Trust, Series 1997-101, 6.734%, 10/20/2000 |
|
|
1,278,610 |
|
|
9,445,000 |
|
Royal Wine Corp./KFP International Ltd., Series 1998, (KeyBank, N.A. LOC), 6.760%, 8/3/2000 |
|
|
9,445,000 |
|
|
15,000,000 |
|
SMM Trust, Series 2000-B Class A-1, (Morgan Guaranty Trust Co., New York Swap Agreement), 6.650%, 8/14/2000 |
|
|
15,000,000 |
|
|
8,460,000 |
|
Sandridge Food Corp., (Bank One, Ohio, N.A. LOC), 6.750%, 8/3/2000 |
|
|
8,460,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
VARIABLE RATE OBLIGATIONS--continued2 |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
9,360,000 |
|
Smith Land & Improvement Corp., Series 1999, (Allfirst LOC), 6.680%, 8/1/2000 |
|
$ |
9,360,000 |
|
|
3,630,000 |
|
Solon Properties LLC, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
3,630,000 |
|
|
2,080,000 |
|
Spitzer Group, Series 1998-C, (Bank One, Ohio, N.A. LOC), 6.750%, 8/3/2000 |
|
|
2,080,000 |
|
|
1,100,000 |
|
TDB Realty Ltd., (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
1,100,000 |
|
|
1,800,000 |
|
Tallahassee-Leon County Civic Center Authority, Series 1998-C, (SunTrust Bank LOC), 6.650%, 8/2/2000 |
|
|
1,800,000 |
|
|
3,195,000 |
|
Team Rahal of Pittsburgh, Inc., Series 1997, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
3,195,000 |
|
|
2,050,000 |
|
Trap Rock Industries, Inc., Series 1997, (First Union National Bank, Charlotte, NC LOC), 6.750%, 8/2/2000 |
|
|
2,050,000 |
|
|
865,000 |
|
Triple O LLC, Series 1999, (Huntington National Bank, Columbus, OH LOC), 6.800%, 8/3/2000 |
|
|
865,000 |
|
|
35,000,000 |
|
Westdeutsche Landesbank Girozentrale, 6.546%, 8/17/2000 |
|
|
34,987,006 |
|
|
9,740,000 |
|
Wildcat Management Ltd., Inc., Series 1999, (Firstar Bank, Cincinnati N.A. LOC), 6.700%, 8/3/2000 |
|
|
9,740,000 |
|
|
3,525,000 |
|
YMCA of Greater Cleveland, Series 2000, (Fifth Third Bank of Northwestern, OH LOC), 6.640%, 8/3/2000 |
|
|
3,525,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
536,196,188 |
|
|
||||||
|
|
|
|
Brokerage--3.8% |
|
|
|
|
|
70,000,000 |
|
Merrill Lynch & Co., Inc., 6.590%, 8/14/2000 |
|
|
69,991,310 |
|
|
73,000,000 |
|
Morgan Stanley, Dean Witter & Co., 6.610%, 8/1/2000 |
|
|
73,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
142,991,310 |
|
|
||||||
|
|
|
|
Finance - Automotive--0.5% |
|
|
|
|
|
20,000,000 |
|
General Motors Acceptance Corp., 6.818%, 8/30/2000 |
|
|
19,999,339 |
|
|
||||||
|
|
|
|
Finance - Commercial--0.9% |
|
|
|
|
|
31,700,000 |
|
Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 6.626% - 6.888%, 8/15/2000 - 9/28/2000 |
|
|
31,700,000 |
|
|
||||||
|
|
|
|
Finance - Equipment--1.1% |
|
|
|
|
|
25,000,000 |
|
CIT Equipment Collateral Trust 2000-1, Class A2A, 6.620%, 8/20/2000 |
|
|
25,000,000 |
|
|
15,000,000 |
|
Copelco Capital Receivables LLC, Series 2000-A, Class A2A, 6.628%, 8/19/2000 |
|
|
15,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
40,000,000 |
|
|
||||||
|
|
|
|
Government Agency--0.4% |
|
|
|
|
|
15,500,000 |
|
Direct One Funding Corp., Series 2000 (Sexton Properties), (Insured by FNMA), 6.690%, 8/3/2000 |
|
|
15,500,000 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
VARIABLE RATE OBLIGATIONS--continued2 |
|
|
|
|
|
|
|
Insurance--7.3% |
|
|
|
|
$ |
24,000,000 |
|
Allstate Life Insurance Co., 6.785% - 6.800%, 8/1/2000 |
|
$ |
24,000,000 |
|
|
20,000,000 |
|
Anchor National Life Insurance Co., 6.869%, 9/30/2000 |
|
|
20,000,000 |
|
|
27,000,000 |
|
First Allmerica Financial Life Insurance Co., 6.648%, 8/3/2000 |
|
|
27,000,000 |
|
|
15,000,000 |
|
GE Life and Annuity Assurance Co., 6.940%, 9/1/2000 |
|
|
15,000,000 |
|
|
62,400,000 |
|
Jackson National Life Insurance Co., 6.720% - 6.940%, 8/22/2000 - 10/1/2000 |
|
|
62,400,000 |
|
|
44,000,000 |
|
Monumental Life Insurance Co., 6.760% - 6.966%, 8/1/2000 - 8/31/2000 |
|
|
44,000,000 |
|
|
20,000,000 |
|
Principal Life Insurance Co., 6.990%, 9/1/2000 |
|
|
20,000,000 |
|
|
15,000,000 |
|
Protective Life Insurance Co., 6.541%, 8/1/2000 |
|
|
15,000,000 |
|
|
10,000,000 |
|
Security Life of Denver Insurance Co., 6.773%, 10/28/2000 |
|
|
10,000,000 |
|
|
25,000,000 |
|
Transamerica Occidental Life Insurance Co., 6.919%, 8/3/2000 |
|
|
25,000,000 |
|
|
10,000,000 |
|
Travelers Insurance Co., 6.869%, 9/30/2000 |
|
|
10,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
272,400,000 |
|
|
||||||
|
|
|
|
TOTAL VARIABLE RATE OBLIGATIONS |
|
|
1,058,786,837 |
|
|
||||||
|
|
|
|
REPURCHASE AGREEMENTS--0.2%3 |
|
|
|
|
|
8,930,000 |
|
Salomon Brothers, Inc., 6.640%, dated 7/31/2000, due 8/1/2000 |
|
|
8,930,000 |
|
|
||||||
|
|
|
|
TOTAL INVESTMENTS (AT AMORTIZED COST)4 |
|
$ |
3,703,123,951 |
|
|
||||||
1 Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues.
2 Current rate and next reset date shown.
3 The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of the portfolio. The investment in the repurchase agreement is through participation in a joint account with other Federated funds.
4 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets ($3,729,698,816) at July 31, 2000.
Following the Portfolios of Investments is a Glossary of Acronyms used throughout the portfolios.
See Notes which are an integral part of the Financial Statements
JULY 31, 2000
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM NOTES--9.6% |
|
|
|
|
|
|
|
Banking--4.1% |
|
|
|
|
$ |
15,000,000 |
|
Bank One, Illinois, N.A., 6.025% - 6.070%, 10/10/2000 - 11/13/2000 |
|
$ |
14,997,698 |
|
|
63,000,000 |
|
Bank One, N.A., 6.860%, 1/10/2001 - 1/12/2001 |
|
|
63,000,000 |
|
|
41,000,000 |
|
Bank of America, N.A., 6.870%, 1/3/2001 - 1/17/2001 |
|
|
41,000,000 |
|
|
5,000,000 |
|
Westpac Banking Corp. Ltd., Sydney, 6.220%, 11/30/2000 |
|
|
4,998,719 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
123,996,417 |
|
|
||||||
|
|
|
|
Finance - Automotive--1.4% |
|
|
|
|
|
28,126,026 |
|
Associates Automobile Receivables Trust 2000-1, Class A-1, 6.854%, 6/15/2001 |
|
|
28,126,026 |
|
|
12,793,102 |
|
Chevy Chase Auto Receivables Trust 2000-1, Class A-1, 6.870%, 7/12/2001 |
|
|
12,793,102 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
40,919,128 |
|
|
||||||
|
|
|
|
Finance - Commercial--3.0% |
|
|
|
|
|
24,900,000 |
|
Beta Finance, Inc., 7.110% - 7.200%, 6/28/2001 - 7/24/2001 |
|
|
24,900,000 |
|
|
63,000,000 |
|
Sigma Finance, Inc., 6.000% - 7.125%, 8/11/2000 -- 7/24/2001 |
|
|
63,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
87,900,000 |
|
|
||||||
|
|
|
|
Finance - Equipment--0.2% |
|
|
|
|
|
6,705,780 |
|
CIT Equipment Collateral Trust, Series 2000-1, Class A-1, 6.723%, 5/21/2001 |
|
|
6,706,002 |
|
|
203,740 |
|
Copelco Capital Funding LLC, Series 1999-B Class A-1, 5.937%, 10/18/2000 |
|
|
203,740 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
6,909,742 |
|
|
||||||
|
|
|
|
Insurance--0.9% |
|
|
|
|
|
1,899,958 |
|
Americredit Automobile Receivables Trust, Series 2000-A Class A1, (Insured by FSA), 6.040%, 2/5/2001 |
|
|
1,899,958 |
|
|
25,000,000 |
|
WFS Financial Owner Trust, Series 2000-B Class A-1, (Insured by FSA), 6.910%, 5/21/2001 |
|
|
25,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
26,899,958 |
|
|
||||||
|
|
|
|
TOTAL SHORT-TERM NOTES |
|
|
286,625,245 |
|
|
||||||
|
|
|
|
CERTIFICATES OF DEPOSIT--11.4% |
|
|
|
|
|
|
|
Banking--11.4% |
|
|
|
|
|
20,000,000 |
|
ABN AMRO Bank N.V., Amsterdam, 6.780%, 3/20/2001 |
|
|
19,995,222 |
|
|
25,800,000 |
|
Australia & New Zealand Banking Group, Melbourne, 6.310% - 6.540%, 9/13/2000 - 10/27/2000 |
|
|
25,789,646 |
|
|
17,000,000 |
|
BNP Paribas, 6.410%, 10/13/2000 |
|
|
16,981,191 |
|
|
50,000,000 |
|
Bank One, Illinois, N.A., 5.955%, 11/13/2000 |
|
|
49,989,794 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
CERTIFICATES OF DEPOSIT--continued |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
6,000,000 |
|
Bank of Nova Scotia, Toronto, 6.880%, 4/30/2001 |
|
$ |
5,999,153 |
|
|
5,000,000 |
|
Bayerische Landesbank Girozentrale, 5.930%, 10/2/2000 |
|
|
4,995,135 |
|
|
1,300,000 |
|
Commerzbank AG, Frankfurt, 7.150%, 6/29/2001 |
|
|
1,299,441 |
|
|
50,000,000 |
|
Royal Bank of Canada, Montreal, 6.460%, 10/23/2000 |
|
|
50,001,114 |
|
|
88,800,000 |
|
Svenska Handelsbanken, Stockholm, 6.765% - 6.940%, 3/22/2001 - 5/2/2001 |
|
|
88,784,791 |
|
|
5,000,000 |
|
UBS AG, 6.950%, 5/2/2001 |
|
|
4,999,645 |
|
|
50,000,000 |
|
Westdeutsche Landesbank Girozentrale, 7.160% - 7.260%, 5/8/2001 - 5/9/2001 |
|
|
50,062,816 |
|
|
22,000,000 |
|
Westpac Banking Corp. Ltd., Sydney, 6.750%, 4/17/2001 |
|
|
21,997,066 |
|
|
||||||
|
|
|
|
TOTAL CERTIFICATES OF DEPOSIT |
|
|
340,895,014 |
|
|
||||||
|
|
|
|
COMMERCIAL PAPER--34.6%1 |
|
|
|
|
|
|
|
Banking--15.7% |
|
|
|
|
|
15,000,000 |
|
Abbey National N.A. Corp., (Guaranteed by Abbey National Bank PLC, London), 6.760%, 11/27/2000 |
|
|
14,667,633 |
|
|
25,275,000 |
|
Barton Capital Corp., 6.520%, 8/11/2000 |
|
|
25,229,224 |
|
|
25,000,000 |
|
Commonwealth Bank of Australia, Sydney, 6.235%, 10/13/2000 |
|
|
24,683,920 |
|
|
25,438,000 |
|
Den Danske Bank A/S, 6.245%, 10/10/2000 |
|
|
25,129,105 |
|
|
65,000,000 |
|
Den Danske Corp., Inc., (Guaranteed by Den Danske Bank A/S), 6.065% - 6.630%, 9/5/2000 - 12/26/2000 |
|
|
64,299,086 |
|
|
132,366,000 |
|
Gotham Funding Corp., 6.570% - 6.630%, 8/2/2000 - 8/28/2000 |
|
|
132,168,986 |
|
|
20,000,000 |
|
Internationale Nederlanden U.S. Funding Corp., (Guaranteed by ING Bank N.V.), 6.370%, 12/29/2000 |
|
|
19,469,167 |
|
|
75,917,000 |
|
Park Avenue Receivables Corp., 6.520%, 8/17/2000 - 8/23/2000 |
|
|
75,668,706 |
|
|
33,055,000 |
|
Three Rivers Funding Corp., 6.550%, 8/1/2000 |
|
|
33,055,000 |
|
|
22,000,000 |
|
Westpac Capital Corp., (Guaranteed by Westpac Banking Corp. Ltd., Sydney), 6.200%, 11/29/2000 |
|
|
21,545,333 |
|
|
34,000,000 |
|
Westpac Trust Securities NZ Ltd., (Guaranteed by Westpac Banking Corp. Ltd., Sydney), 6.200%, 12/4/2000 |
|
|
33,268,056 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
469,184,216 |
|
|
||||||
|
|
|
|
Chemicals--0.1% |
|
|
|
|
|
3,100,000 |
|
IMC Global, Inc., 6.800%, 8/21/2000 |
|
|
3,088,289 |
|
|
||||||
|
|
|
|
Electrical Equipment--0.8% |
|
|
|
|
|
25,000,000 |
|
Whirlpool Corp., 6.650%, 8/14/2000 |
|
|
24,939,965 |
|
|
||||||
|
|
|
|
Finance - Commercial--4.4% |
|
|
|
|
|
25,000,000 |
|
General Electric Capital Corp., 6.060%, 8/29/2000 |
|
|
24,882,167 |
|
|
106,000,000 |
|
Sheffield Receivables Corp., 6.530%, 8/10/2000 - 8/15/2000 |
|
|
105,772,538 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
130,654,705 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
COMMERCIAL PAPER--continued1 |
|
|
|
|
|
|
|
Finance - Retail--4.6% |
|
|
|
|
$ |
113,000,000 |
|
Amsterdam Funding Corp., 6.530%, 8/7/2000 - 8/21/2000 |
|
$ |
112,716,671 |
|
|
24,750,000 |
|
Windmill Funding Corp., 6.520%, 8/11/2000 |
|
|
24,705,175 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
137,421,846 |
|
|
||||||
|
|
|
|
Homebuilding--0.8% |
|
|
|
|
|
25,000,000 |
|
Centex Corp., 6.700% - 6.730%, 8/21/2000 - 8/24/2000 |
|
|
24,898,282 |
|
|
||||||
|
|
|
|
Industrial Products--0.2% |
|
|
|
|
|
7,000,000 |
|
Praxair, Inc., 6.620%, 8/10/2000 |
|
|
6,988,415 |
|
|
||||||
|
|
|
|
Insurance--5.9% |
|
|
|
|
|
159,066,000 |
|
Galaxy Funding, Inc., 6.540% - 6.550%, 8/16/2000 - 8/24/2000 |
|
|
158,510,869 |
|
|
19,000,000 |
|
Marsh USA, Inc., 6.240%, 10/10/2000 |
|
|
18,769,467 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
177,280,336 |
|
|
||||||
|
|
|
|
Retail--1.0% |
|
|
|
|
|
30,999,000 |
|
Safeway, Inc., 6.700% - 6.790%, 8/3/2000 - 10/10/2000 |
|
|
30,681,960 |
|
|
||||||
|
|
|
|
Transportation--1.1% |
|
|
|
|
|
31,450,000 |
|
FDX Corp., 6.700%, 8/11/2000 - 8/23/2000 |
|
|
31,355,307 |
|
|
||||||
|
|
|
|
TOTAL COMMERCIAL PAPER |
|
|
1,036,493,321 |
|
|
||||||
|
|
|
|
LOAN PARTICIPATION--9.5% |
|
|
|
|
|
|
|
Auto--1.0% |
|
|
|
|
|
32,000,000 |
|
Visteon Corp., 6.830%, 8/8/2000 |
|
|
32,000,000 |
|
|
||||||
|
|
|
|
Electrical Equipment--0.4% |
|
|
|
|
|
12,100,000 |
|
Mt. Vernon Phenol Plant Partnership, (Guaranteed by General Electric Co.), 6.810%, 5/17/2001 |
|
|
12,100,000 |
|
|
||||||
|
|
|
|
Finance - Automotive--4.5% |
|
|
|
|
|
104,000,000 |
|
General Motors Acceptance Corp., Mortgage of PA, (Guaranteed by General Motors Acceptance Corp.), 6.570% - 6.645%, 8/1/2000 - 8/17/2000 |
|
|
104,000,000 |
|
|
30,000,000 |
|
General Motors Acceptance Corp., Mortgage of PA, (Guaranteed by General Motors Acceptance Corp.), 6.674% - 6.723%, 10/2/2000 |
|
|
29,656,321 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
133,656,321 |
|
|
||||||
|
|
|
|
Finance - Retail--1.9% |
|
|
|
|
|
57,000,000 |
|
Countrywide Home Loans, Inc., 6.670%, 8/17/2000 |
|
|
57,000,000 |
|
|
||||||
|
|
|
|
Oil & Oil Finance--1.7% |
|
|
|
|
|
50,000,000 |
|
Amoco Energy Company of Trinidad and Tobago, (Guaranteed by BP Amoco Corp.), 6.610%, 8/10/2000 |
|
|
50,000,000 |
|
|
||||||
|
|
|
|
TOTAL LOAN PARTICIPATION |
|
|
284,756,321 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
NOTES - VARIABLE--31.5%2 |
|
|
|
|
|
|
|
Banking--18.8% |
|
|
|
|
$ |
5,500,000 |
|
35 North Fourth St. Ltd., Series 2000, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
$ |
5,500,000 |
|
|
9,410,000 |
|
500 South Front St. LP, Series A, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
9,410,000 |
|
|
5,075,000 |
|
500 South Front Street LP, Series B, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
5,075,000 |
|
|
25,000,000 |
|
Abbey National Treasury Services PLC, (Guaranteed by Abbey National Bank PLC, London), 6.606%, 8/15/2000 |
|
|
24,983,033 |
|
|
1,112,500 |
|
Alabama State IDA, Nichols Research Corp., (SouthTrust Bank of Alabama, Birmingham LOC), 6.760%, 8/4/2000 |
|
|
1,112,500 |
|
|
1,205,000 |
|
American Health Care Centers Inc., Series 1998, (FirstMerit Bank, N.A. LOC), 6.780%, 8/3/2000 |
|
|
1,205,000 |
|
|
8,800,000 |
|
Anchor Holdings LLC, Series 2000, (Firstar Bank, N.A. LOC), 6.700%, 8/3/2000 |
|
|
8,800,000 |
|
|
25,000,000 |
|
Bayerische Landesbank Girozentrale, 6.579%, 8/2/2000 |
|
|
24,988,593 |
|
|
16,135,000 |
|
Beverly Hills Nursing Center, Inc., Medilodge Project Series 1996, (KeyBank, N.A. LOC), 6.800%, 8/3/2000 |
|
|
16,135,000 |
|
|
5,890,000 |
|
Bond Holdings LP, (SouthTrust Bank of Alabama, Birmingham LOC), 6.720%, 8/4/2000 |
|
|
5,890,000 |
|
|
6,535,000 |
|
Briarwood LP, Series 1999, (Bank One, N.A. (Ohio) LOC), 6.710%, 8/3/2000 |
|
|
6,535,000 |
|
|
1,570,000 |
|
Campbell Enterprises, (Huntington National Bank, Columbus, OH LOC), 6.800%, 8/3/2000 |
|
|
1,570,000 |
|
|
9,622,000 |
|
Capital One Funding Corp., Series 1999-B, (Bank One, N.A. (Ohio) LOC), 6.700%, 8/3/2000 |
|
|
9,622,000 |
|
|
480,000 |
|
Carmel, IN, Telamon Corp., Series 1996-C, (Huntington National Bank, Columbus, OH LOC), 6.850%, 8/3/2000 |
|
|
480,000 |
|
|
930,000 |
|
Carmel, IN, Telamon Corp., Series A, (Huntington National Bank, Columbus, OH LOC), 6.850%, 8/3/2000 |
|
|
930,000 |
|
|
1,005,000 |
|
Carmel, IN, Telamon Corp., Series B, (Huntington National Bank, Columbus, OH LOC), 6.850%, 8/3/2000 |
|
|
1,005,000 |
|
|
900,000 |
|
Colorado Health Facilities Authority, Series B, (Bank One, Colorado LOC), 6.800%, 8/3/2000 |
|
|
900,000 |
|
|
111,900,000 |
|
Comerica Bank, 6.590% - 6.670%, 8/9/2000 -- 8/25/2000 |
|
|
111,875,114 |
|
|
1,900,000 |
|
Continental Downtown Properties, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
1,900,000 |
|
|
7,300,000 |
|
Continental Downtown Properties, Series 2000, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
7,300,000 |
|
|
10,955,000 |
|
Coventry Madison LLC, Series A, (National City Bank, Michigan/Illinois LOC), 6.670%, 8/3/2000 |
|
|
10,955,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
NOTES - VARIABLE--continued2 |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
4,925,000 |
|
DLR Investments, Inc., Series 2000, Ripley Crossing Project, (Bank One, Indiana, N.A. LOC), 6.720%, 8/3/2000 |
|
$ |
4,925,000 |
|
|
5,000,000 |
|
Damascus-Bishop Tube Co., Series 1998 A, (National City, Pennsylvania LOC), 6.700%, 8/3/2000 |
|
|
5,000,000 |
|
|
5,685,000 |
|
Dellridge Care Center LP, Series 1997, (Allfirst LOC), 6.680%, 8/1/2000 |
|
|
5,685,000 |
|
|
9,245,000 |
|
ERC Real Estate LLC, (KeyBank, N.A. LOC), 6.760%, 8/3/2000 |
|
|
9,245,000 |
|
|
4,000,000 |
|
Frank Parsons Paper Co., Inc., Series 1999, (Allfirst LOC), 6.670%, 8/4/2000 |
|
|
4,000,000 |
|
|
5,000,000 |
|
Greene County Development Authority, Reynolds Lodge LLC, Series 2000A, (Firstar Bank, N.A. LOC), 6.700%, 8/2/2000 |
|
|
5,000,000 |
|
|
2,900,000 |
|
Hannah Boulevard LP, (Comerica Bank LOC), 6.760%, 8/3/2000 |
|
|
2,900,000 |
|
|
20,895,000 |
|
Healthcare Funding LLC, Series 1998A, (National City Bank, Michigan/Illinois LOC), 6.670%, 8/3/2000 |
|
|
20,895,000 |
|
|
9,975,000 |
|
Healthcare Funding LLC, Series 1999A, (National City Bank, Michigan/Illinois LOC), 6.670%, 8/3/2000 |
|
|
9,975,000 |
|
|
4,500,000 |
|
Industrial Dimensions, Inc., Series 1999, (Fifth Third Bank of Northwestern OH LOC), 6.640%, 8/3/2000 |
|
|
4,500,000 |
|
|
7,615,000 |
|
International Processing Corp., (Bank One, Kentucky LOC), 6.750%, 8/3/2000 |
|
|
7,615,000 |
|
|
1,485,000 |
|
J.W. Harris, Inc. Series 1999, (Fifth Third Bank, Cincinnati LOC), 6.640%, 8/3/2000 |
|
|
1,485,000 |
|
|
1,500,000 |
|
Jeffersonville, IN, Series 1997-B, Wayne Steel, Inc., (Bank One, N.A. (Ohio) LOC), 6.700%, 8/3/2000 |
|
|
1,500,000 |
|
|
5,500,000 |
|
Kenwood Country Club, Inc., Series 1999, (Firstar Bank, N.A. LOC), 6.700%, 8/3/2000 |
|
|
5,500,000 |
|
|
4,000,000 |
|
Lake Sherwood Senior Living Center LLC, (Union Planters National Bank Memphis, TN LOC), 6.960%, 8/3/2000 |
|
|
4,000,000 |
|
|
6,900,000 |
|
Lee County, FL IDA, Bonita Community Health Center, Series 1999B, (Fifth Third Bank, Cincinnati LOC), 6.670%, 8/4/2000 |
|
|
6,900,000 |
|
|
2,100,000 |
|
Lincoln Park Associates LP, (Bank One, N.A. LOC), 6.800%, 8/3/2000 |
|
|
2,100,000 |
|
|
2,000,000 |
|
Liquid Asset Backed Securities Trust, Series 1996-3, (Westdeutsche Landesbank Girozentrale Swap Agreement), 6.646%, 8/15/2000 |
|
|
2,000,000 |
|
|
8,912,623 |
|
Liquid Asset Backed Securities Trust, Series 1997-1, (Westdeutsche Landesbank Girozentrale Swap Agreement), 6.630%, 8/19/2000 |
|
|
8,912,623 |
|
|
5,000,000 |
|
Maryland Industrial Development Financing Authority, Gen-Vee, Inc. Facility, Series 1999, (Allfirst LOC), 6.670%, 8/4/2000 |
|
|
5,000,000 |
|
|
5,000,000 |
|
McCullough Snappy Service Oil Co., Inc., (SouthTrust Bank of Alabama, Birmingham LOC), 6.713%, 8/4/2000 |
|
|
5,000,000 |
|
|
3,200,000 |
|
Melberger, Clifford K. and Ruth B., (PNC Bank, N.A. LOC), 6.510%, 8/7/2000 |
|
|
3,200,000 |
|
|
6,860,000 |
|
Pine Ridge Associates Ltd., (Mellon Bank N.A., Pittsburgh LOC), 6.700%, 8/2/2000 |
|
|
6,860,000 |
|
|
6,805,000 |
|
Rubloff-Rockford LLC, Series 1997, (National City Bank, Michigan/Illinois LOC), 6.670%, 8/3/2000 |
|
|
6,805,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
NOTES - VARIABLE--continued2 |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
50,000,000 |
|
SMM Trust, Series 2000-E Class A-1, (Morgan Guaranty Trust Co., New York Swap Agreement), 6.649%, 8/14/2000 |
|
$ |
50,000,000 |
|
|
10,000,000 |
|
SMM Trust, Series 2000-B Class A-1, (Morgan Guaranty Trust Co., New York Swap Agreement), 6.650%, 8/14/2000 |
|
|
10,000,000 |
|
|
15,640,000 |
|
Scranton Times LP, Series 1997, (PNC Bank, N.A. LOC), 6.520%, 8/7/2000 |
|
|
15,640,000 |
|
|
2,595,000 |
|
Solon, OH, Schneps Family LP, (Bank One, Ohio N.A. LOC), 6.700%, 8/3/2000 |
|
|
2,595,000 |
|
|
6,480,000 |
|
Southern Coil Processing, Inc. Series 1996-A, (AmSouth Bank N.A., Birmingham LOC), 6.690%, 8/3/2000 |
|
|
6,480,000 |
|
|
1,750,000 |
|
Team Rahal, Inc., Series 1997, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
1,750,000 |
|
|
1,600,000 |
|
Team Rahal of Mechanicsburg, Inc., Series 1997, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
1,600,000 |
|
|
7,300,000 |
|
Tift County, GA Development Authority, Chickasha of Georgia Project, Series 1997, (Bank of Tokyo-Mitsubishi Ltd. LOC), 6.830%, 8/2/2000 |
|
|
7,300,000 |
|
|
1,700,000 |
|
Village Green Finance Co. LLC, Series 1997, (Wachovia Bank of NC, N.A. LOC), 6.620%, 8/2/2000 |
|
|
1,700,000 |
|
|
1,122,000 |
|
Vista Funding Corp., Series 1995-A, (Firstar Bank, N.A. LOC), 6.880%, 8/3/2000 |
|
|
1,122,000 |
|
|
68,800,000 |
|
Westdeutsche Landesbank Girozentrale, 6.546%, 8/17/2000 |
|
|
68,774,457 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
562,135,320 |
|
|
||||||
|
|
|
|
Brokerage--3.1% |
|
|
|
|
|
44,400,000 |
|
Merrill Lynch & Co., Inc., 6.590%, 8/14/2000 |
|
|
44,394,488 |
|
|
50,000,000 |
|
Morgan Stanley, Dean Witter & Co., 6.610%, 8/1/2000 |
|
|
50,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
94,394,488 |
|
|
||||||
|
|
|
|
Finance - Commercial--1.5% |
|
|
|
|
|
45,200,000 |
|
Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 6.745%, 8/15/2000 |
|
|
45,200,000 |
|
|
||||||
|
|
|
|
Finance - Retail--0.3% |
|
|
|
|
|
8,000,000 |
|
AFS Insurance Premium Receivables Trust, Series 1994-A, 7.182%, 8/15/2000 |
|
|
8,000,000 |
|
|
||||||
|
|
|
|
Finance - Securities--0.8% |
|
|
|
|
|
24,000,000 |
|
Sigma Finance, Inc., 6.706%, 10/17/2000 |
|
|
23,996,548 |
|
|
||||||
|
|
|
|
Insurance--7.0% |
|
|
|
|
|
12,000,000 |
|
Allstate Life Insurance Co., 6.785%, 8/1/2000 |
|
|
12,000,000 |
|
|
22,500,000 |
|
First Allmerica Financial Life Insurance Co., 6.648%, 8/3/2000 |
|
|
22,500,000 |
|
|
55,000,000 |
|
GE Life and Annuity Assurance Co., 6.716% - 6.940%, 9/1/2000 |
|
|
55,000,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
NOTES - VARIABLE--continued2 |
|
|
|
|
|
|
|
Insurance--continued |
|
|
|
|
$ |
30,000,000 |
|
Jackson National Life Insurance Co., 6.720% - 6.910%, 8/1/2000 -- 8/22/2000 |
|
$ |
30,000,000 |
|
|
7,543,178 |
|
Liquid Asset Backed Securities Trust, Series 1997-3, (Guaranteed by AMBAC), 6.217%, 9/27/2000 |
|
|
7,543,178 |
|
|
10,000,000 |
|
Monumental Life Insurance Co., 6.966%, 8/1/2000 |
|
|
10,000,000 |
|
|
25,000,000 |
|
People's Security Life Insurance Co., 6.890%, 8/3/2000 |
|
|
25,000,000 |
|
|
15,000,000 |
|
Principal Life Insurance Co., 6.990%, 9/1/2000 |
|
|
15,000,000 |
|
|
13,000,000 |
|
Protective Life Insurance Co., 6.541%, 8/1/2000 |
|
|
13,000,000 |
|
|
15,000,000 |
|
Security Life of Denver Insurance Co., 6.773%, 10/28/2000 |
|
|
15,000,000 |
|
|
5,000,000 |
|
Transamerica Occidental Life Insurance Co., 6.919%, 8/3/2000 |
|
|
5,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
210,043,178 |
|
|
||||||
|
|
|
|
TOTAL NOTES - VARIABLE |
|
|
943,769,534 |
|
|
||||||
|
|
|
|
REPURCHASE AGREEMENTS--2.9%3 |
|
|
|
|
|
25,000,000 |
|
Bank of America, 6.630%, dated 7/31/2000, due 8/1/2000 |
|
|
25,000,000 |
|
|
13,450,000 |
|
Salomon Brothers, Inc., 6.640%, dated 7/31/2000, due 8/1/2000 |
|
|
13,450,000 |
|
|
50,000,000 |
|
Societe Generale Securities Corp., 6.570%, dated 7/31/2000, due 8/1/2000 |
|
|
50,000,000 |
|
|
||||||
|
|
|
|
TOTAL REPURCHASE AGREEMENTS |
|
|
88,450,000 |
|
|
||||||
|
|
|
|
TOTAL INVESTMENTS (AT AMORTIZED COST)4 |
|
$ |
2,980,989,435 |
|
|
||||||
1 Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues.
2 Current rate and next reset date shown.
3 The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of the portfolio. The investments in the repurchase agreements are through participation in joint accounts with other Federated funds.
4 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets ($2,997,247,955) as of July 31, 2000.
Following the Portfolios of Investments is a Glossary of Acronyms used throughout the portfolios.
See Notes which are an integral part of the Financial Statements
Glossary of Acronyms
|
ACES |
--Adjustable Convertible Extendable Securities |
|
AMBAC |
--American Municipal Bond Assurance Corporation |
|
AMT |
--Alternative Minimum Tax |
|
BANs |
--Bond Anticipation Notes |
|
COL |
--Collateralized |
|
CP |
--Commercial Paper |
|
EDA |
--Economic Development Authority |
|
EDC |
--Economic Development Corporation |
|
EDRB(s) |
--Economic Development Revenue Bond(s) |
|
FGIC |
--Financial Guaranty Insurance Company |
|
FNMA |
--Federal National Mortgage Association |
|
FSA |
--Financial Security Assurance |
|
GNMA |
--Government National Mortgage Association |
|
GTD |
--Guaranteed |
|
HFA |
--Housing Finance Authority |
|
HFDA |
--Health Facility Development Corporation |
|
IDA |
--Industrial Development Authority |
|
IDB |
--Industrial Development Bond |
|
IDC |
--Industrial Development Corporation |
|
IDR |
--Industrial Development Revenue |
|
IDRB(s) |
--Industrial Development Revenue Bond(s) |
|
IFA |
--Industrial Finance Authority |
|
INS |
--Insured |
|
INV |
--Investment Agreement |
|
LIQ |
--Liquidity Agreement |
|
LOC |
--Letter of Credit |
|
MBIA |
--Municipal Bond Investors Assurance |
|
MERLOTS |
--Municipal Exempt Receipts -- Liquidity Optional Tender Series |
|
MMMs |
--Money Market Municipals |
|
PCR |
--Pollution Control Revenue |
|
SA |
--Support Agreement |
|
TOBs |
--Tender Option Bonds |
|
VRDNs |
--Variable Rate Demand Notes |
JULY 31, 2000
|
|
|
Municipal |
|
Prime Cash |
|
Prime Value |
|||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
Investments in repurchase agreements |
|
$ |
-- |
|
$ |
8,930,000 |
|
$ |
88,450,000 |
|
Investments in securities |
|
|
780,113,727 |
|
|
3,694,193,951 |
|
|
2,892,539,435 |
|
|
|||||||||
|
Total investments in securities, at amortized cost and value |
|
|
780,113,727 |
|
|
3,703,123,951 |
|
|
2,980,989,435 |
|
Cash |
|
|
679,091 |
|
|
-- |
|
|
7,442,936 |
|
Income receivable |
|
|
5,018,536 |
|
|
24,630,168 |
|
|
17,284,936 |
|
Receivable for shares sold |
|
|
1,750 |
|
|
9,772,969 |
|
|
639,898 |
|
|
|||||||||
|
TOTAL ASSETS |
|
|
785,813,104 |
|
|
3,737,527,088 |
|
|
3,006,357,205 |
|
|
|||||||||
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
Payable for shares redeemed |
|
|
25,614 |
|
|
-- |
|
|
3,778,064 |
|
Income distribution payable |
|
|
1,196,407 |
|
|
7,484,451 |
|
|
5,034,968 |
|
Accrued expenses |
|
|
115,301 |
|
|
343,821 |
|
|
296,218 |
|
|
|||||||||
|
TOTAL LIABILITIES |
|
|
1,337,322 |
|
|
7,828,272 |
|
|
9,109,250 |
|
|
|||||||||
|
TOTAL NET ASSETS |
|
$ |
784,475,782 |
|
$ |
3,729,698,816 |
|
$ |
2,997,247,955 |
|
|
|||||||||
|
Net Assets: |
|
|
|
|
|
|
|
|
|
|
Institutional Shares |
|
$ |
445,658,751 |
|
$ |
2,471,383,016 |
|
$ |
2,051,666,475 |
|
Institutional Service Shares |
|
|
266,102,937 |
|
|
1,095,033,986 |
|
|
708,801,350 |
|
Institutional Capital Shares |
|
|
72,714,094 |
|
|
163,281,814 |
|
|
236,780,130 |
|
|
|||||||||
|
TOTAL NET ASSETS |
|
$ |
784,475,782 |
|
$ |
3,729,698,816 |
|
$ |
2,997,247,955 |
|
|
|||||||||
|
Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
Institutional Shares |
|
|
445,658,751 |
|
|
2,471,383,016 |
|
|
2,051,666,475 |
|
Institutional Service Shares |
|
|
266,102,937 |
|
|
1,095,033,986 |
|
|
708,801,350 |
|
Institutional Capital Shares |
|
|
72,714,094 |
|
|
163,281,814 |
|
|
236,780,130 |
|
Net Asset Value, Offering Price and Redemption |
|
|
|
|
|
|
|
|
|
|
Proceeds Per Share: |
|
|
|
|
|
|
|
|
|
|
Institutional Shares |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
|||||||||
|
Institutional Service Shares |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
|||||||||
|
Institutional Capital Shares |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
|||||||||
See Notes which are an integral part of the Financial Statements
JULY 31, 2000
|
|
|
Municipal |
|
|
Prime Cash |
|
|
Prime Value |
|
|||
|
Investment Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
26,146,683 |
|
|
$ |
232,090,422 |
|
|
$ |
151,276,927 |
|
|
|
||||||||||||
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment adviser fee |
|
|
1,301,299 |
|
|
|
7,788,941 |
|
|
|
5,022,821 |
|
|
Administrative personnel and services fee |
|
|
486,501 |
|
|
|
2,933,840 |
|
|
|
1,891,884 |
|
|
Custodian fees |
|
|
30,586 |
|
|
|
242,126 |
|
|
|
201,131 |
|
|
Transfer and dividend disbursing agent fees and expenses |
|
|
82,326 |
|
|
|
123,788 |
|
|
|
171,594 |
|
|
Directors'/Trustees' fees |
|
|
6,666 |
|
|
|
30,227 |
|
|
|
18,354 |
|
|
Auditing fees |
|
|
11,636 |
|
|
|
11,637 |
|
|
|
12,065 |
|
|
Legal fees |
|
|
29,718 |
|
|
|
34,972 |
|
|
|
22,154 |
|
|
Portfolio accounting fees |
|
|
125,075 |
|
|
|
321,786 |
|
|
|
235,815 |
|
|
Shareholder services fee--Institutional Service Shares |
|
|
408,054 |
|
|
|
2,567,496 |
|
|
|
1,619,780 |
|
|
Shareholder services fee-Institutional Capital Shares |
|
|
230,961 |
|
|
|
596,792 |
|
|
|
687,445 |
|
|
Share registration costs |
|
|
50,483 |
|
|
|
50,230 |
|
|
|
51,042 |
|
|
Printing and postage |
|
|
25,323 |
|
|
|
28,663 |
|
|
|
25,450 |
|
|
Insurance premiums |
|
|
38,455 |
|
|
|
215,639 |
|
|
|
130,758 |
|
|
Miscellaneous |
|
|
5,690 |
|
|
|
36,479 |
|
|
|
20,301 |
|
|
|
||||||||||||
|
TOTAL EXPENSES |
|
|
2,832,773 |
|
|
|
14,982,616 |
|
|
|
10,110,594 |
|
|
|
||||||||||||
|
Waivers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Waiver of investment adviser fee |
|
|
(979,272 |
) |
|
|
(4,589,181 |
) |
|
|
(3,619,609 |
) |
|
Waiver of shareholder services fee--Institutional Capital Shares |
|
|
(138,576 |
) |
|
|
(358,075 |
) |
|
|
(412,467 |
) |
|
|
||||||||||||
|
TOTAL WAIVERS |
|
|
(1,117,848 |
) |
|
|
(4,947,256 |
) |
|
|
(4,032,076 |
) |
|
|
||||||||||||
|
Net expenses |
|
|
1,714,925 |
|
|
|
10,035,360 |
|
|
|
6,078,518 |
|
|
|
||||||||||||
|
Net investment income |
|
$ |
24,431,758 |
|
|
$ |
222,055,062 |
|
|
$ |
145,198,409 |
|
|
|
||||||||||||
See Notes which are an integral part of the Financial Statements
|
|
|
Municipal Obligations Fund |
|
|||||||||
|
|
|
Year Ended |
|
|
Period Ended |
1 |
|
Year Ended |
|
|||
|
Increase (Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
24,431,758 |
|
|
$ |
8,046,126 |
|
|
$ |
13,575,634 |
|
|
|
||||||||||||
|
Distributions to Shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares |
|
|
(14,946,883 |
) |
|
|
(5,706,072 |
) |
|
|
(9,176,860 |
) |
|
Institutional Service Shares |
|
|
(6,115,738 |
) |
|
|
(1,210,234 |
) |
|
|
(2,031,566 |
) |
|
Institutional Capital Shares |
|
|
(3,369,137 |
) |
|
|
(1,129,820 |
) |
|
|
(2,367,208 |
) |
|
|
||||||||||||
|
CHANGE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS |
|
|
(24,431,758 |
) |
|
|
(8,046,126 |
) |
|
|
(13,575,634 |
) |
|
|
||||||||||||
|
Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
7,539,409,734 |
|
|
|
3,686,794,227 |
|
|
|
6,671,442,391 |
|
|
Net asset value of shares issued to shareholders in payment of distribution declared |
|
|
10,150,680 |
|
|
|
2,790,181 |
|
|
|
4,797,681 |
|
|
Cost of shares redeemed |
|
|
(7,300,410,711 |
) |
|
|
(3,640,523,643 |
) |
|
|
(6,466,730,133 |
) |
|
|
||||||||||||
|
CHANGE IN NET ASSETS FROM SHARE TRANSACTIONS |
|
|
249,149,703 |
|
|
|
49,060,765 |
|
|
|
209,509,939 |
|
|
|
||||||||||||
|
Change in net assets |
|
|
249,149,703 |
|
|
|
49,060,765 |
|
|
|
209,509,939 |
|
|
|
||||||||||||
|
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
535,326,079 |
|
|
|
486,265,314 |
|
|
|
276,755,375 |
|
|
|
||||||||||||
|
End of period |
|
$ |
784,475,782 |
|
|
$ |
535,326,079 |
|
|
$ |
486,265,314 |
|
|
|
||||||||||||
1 The fund changed its fiscal year-end from January 31 to July 31.
See Notes which are an integral part of the Financial Statements
|
|
|
Prime Cash Obligations Fund |
|
|||||||||
|
|
|
Year Ended |
|
|
Period Ended |
1 |
|
Year Ended |
|
|||
|
Increase (Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
222,055,062 |
|
|
$ |
85,879,759 |
|
|
$ |
122,009,606 |
|
|
|
||||||||||||
|
Distributions to Shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution from net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares |
|
|
(151,779,545 |
) |
|
|
(52,994,564 |
) |
|
|
(73,059,518 |
) |
|
Institutional Service Shares |
|
|
(56,953,675 |
) |
|
|
(21,202,105 |
) |
|
|
(36,684,622 |
) |
|
Institutional Capital Shares |
|
|
(13,321,842 |
) |
|
|
(11,683,090 |
) |
|
|
(12,265,466 |
) |
|
|
||||||||||||
|
CHANGE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS |
|
|
(222,055,062 |
) |
|
|
(85,879,759 |
) |
|
|
(122,009,606 |
) |
|
|
||||||||||||
|
Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
54,690,380,490 |
|
|
|
24,795,354,445 |
|
|
|
33,162,916,740 |
|
|
Net asset value of shares issued to shareholders in payment of distribution declared |
|
|
130,063,721 |
|
|
|
35,271,569 |
|
|
|
55,512,391 |
|
|
Cost of shares redeemed |
|
|
(54,224,446,043 |
) |
|
|
(24,647,235,068 |
) |
|
|
(32,428,562,553 |
) |
|
|
||||||||||||
|
CHANGE IN NET ASSETS FROM SHARE TRANSACTIONS |
|
|
595,998,168 |
|
|
|
183,390,946 |
|
|
|
789,866,578 |
|
|
|
||||||||||||
|
Change in net assets |
|
|
595,998,168 |
|
|
|
183,390,946 |
|
|
|
789,866,578 |
|
|
|
||||||||||||
|
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
3,133,700,648 |
|
|
|
2,950,309,702 |
|
|
|
2,160,443,124 |
|
|
|
||||||||||||
|
End of period |
|
$ |
3,729,698,816 |
|
|
$ |
3,133,700,648 |
|
|
$ |
2,950,309,702 |
|
|
|
||||||||||||
1 The fund changed its fiscal year-end from January 31 to July 31.
See Notes which are an integral part of the Financial Statements
|
|
|
Prime Value |
|
|||||||||
|
|
|
|
Year Ended |
|
|
|
Period Ended |
1 |
|
|
Year Ended |
|
|
Increase (Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
145,198,409 |
|
|
$ |
57,197,837 |
|
|
$ |
86,540,164 |
|
|
|
||||||||||||
|
Distributions to Shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares |
|
|
(93,855,530 |
) |
|
|
(38,874,779 |
) |
|
|
(60,707,164 |
) |
|
Institutional Service Shares |
|
|
(35,790,514 |
) |
|
|
(12,570,275 |
) |
|
|
(19,716,305 |
) |
|
Institutional Capital Shares |
|
|
(15,552,365 |
) |
|
|
(5,752,783 |
) |
|
|
(6,116,695 |
) |
|
|
||||||||||||
|
CHANGE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS |
|
|
(145,198,409 |
) |
|
|
(57,197,837 |
) |
|
|
(86,540,164 |
) |
|
|
||||||||||||
|
Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
39,573,731,184 |
|
|
|
17,356,187,248 |
|
|
|
26,516,611,802 |
|
|
Net asset value of shares issued to shareholders in payment of distribution declared |
|
|
95,258,257 |
|
|
|
39,241,753 |
|
|
|
51,764,190 |
|
|
Cost of shares redeemed |
|
|
(38,802,951,219 |
) |
|
|
(17,433,612,169 |
) |
|
|
(25,657,179,044 |
) |
|
|
||||||||||||
|
CHANGE IN NET ASSETS FROM SHARE TRANSACTIONS |
|
|
866,038,222 |
|
|
|
(38,183,168 |
) |
|
|
911,196,948 |
|
|
|
||||||||||||
|
Change in net assets |
|
|
866,038,222 |
|
|
|
(38,183,168 |
) |
|
|
911,196,948 |
|
|
|
||||||||||||
|
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
2,131,209,733 |
|
|
|
2,169,392,901 |
|
|
|
1,258,195,953 |
|
|
|
||||||||||||
|
End of period |
|
$ |
2,997,247,955 |
|
|
$ |
2,131,209,733 |
|
|
$ |
2,169,392,901 |
|
|
|
||||||||||||
1 The fund changed its fiscal year-end from January 31 to July 31.
See Notes which are an integral part of the Financial Statements
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
|
|
|
|
|
|
|
|
|
|
Period Ended |
|
Net Asset |
|
Net Investment |
|
Distributions |
|
|
Municipal Obligations Fund |
|
|
|
|
|
|
|
|
January 31, 19973, 4 |
|
$1.00 |
|
0.03 |
|
(0.03) |
|
|
January 31, 1998 |
|
$1.00 |
|
0.04 |
|
(0.04) |
|
|
January 31, 1999 |
|
$1.00 |
|
0.03 |
|
(0.03) |
|
|
July 31, 19995 |
|
$1.00 |
|
0.02 |
|
(0.02) |
|
|
July 31, 20007 |
|
$1.00 |
|
0.04 |
|
(0.04) |
|
|
|
|
|
|
|
|
|
|
|
Prime Cash Obligations Fund |
|
|
|
|
|
|
|
|
January 31, 1996 |
|
$1.00 |
|
0.06 |
|
(0.06) |
|
|
January 31, 19973 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
January 31, 1998 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
January 31, 1999 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
July 31, 19995 |
|
$1.00 |
|
0.02 |
|
(0.02) |
|
|
July 31, 20007 |
|
$1.00 |
|
0.06 |
|
(0.06) |
|
|
|
|
|
|
|
|
|
|
|
Prime Value Obligations Fund |
|
|
|
|
|
|
|
|
January 31, 19973, 4 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
January 31, 1998 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
January 31, 1999 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
July 31, 19995 |
|
$1.00 |
|
0.02 |
|
(0.02) |
|
|
July 31, 20007 |
|
$1.00 |
|
0.06 |
|
(0.06) |
|
1 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
2 This voluntary expense decrease is reflected in both the expense and net investment income ratios shown.
3 Federated Investment Management Company, formerly Federated Management, became the fund's investment adviser on November 15, 1996. Prior to November 15, 1996, Lehman Brothers Global Asset Management served as the fund's investment adviser.
4 Reflects operations for the period from February 1, 1996 (date of initial public offering) to January 31, 1997.
5 The fund changed its fiscal year-end from January 31 to July 31.
6 Computed on an annualized basis.
7 For the year ended July 31, 2000, the Fund was audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.
See Notes which are an integral part of the Financial Statements
|
|
|
|
|
|
|
|
|
||||
|
Net Asset Value, |
|
Total Return |
1 |
Expenses |
|
Net |
|
Expense Waiver/ |
2 |
Net Assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1.00 |
|
3.42% |
|
0.30% |
|
2.90% |
|
0.35% |
|
$ |
0.30 |
|
$1.00 |
|
3.56% |
|
0.30% |
|
3.53% |
|
0.38% |
|
$ |
17,701 |
|
$1.00 |
|
3.40% |
|
0.30% |
|
3.40% |
|
0.31% |
|
$ |
114,535 |
|
$1.00 |
|
1.53% |
|
0.30% |
6 |
3.00% |
6 |
0.33% |
6 |
$ |
74,609 |
|
$1.00 |
|
3.79% |
|
0.30% |
|
3.65% |
|
0.30% |
|
$ |
72,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1.00 |
|
5.94% |
|
0.32% |
|
5.75% |
|
0.08% |
|
$ |
11,811 |
|
$1.00 |
|
5.23% |
|
0.32% |
|
5.00% |
|
0.18% |
|
$ |
48,910 |
|
$1.00 |
|
5.48% |
|
0.30% |
|
5.46% |
|
0.26% |
|
$ |
391,159 |
|
$1.00 |
|
5.37% |
|
0.30% |
|
5.18% |
|
0.27% |
|
$ |
230,193 |
|
$1.00 |
|
2.36% |
|
0.30% |
6 |
4.64% |
6 |
0.28% |
6 |
$ |
245,815 |
|
$1.00 |
|
5.78% |
|
0.30% |
|
5.58% |
|
0.27% |
|
$ |
163,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1.00 |
|
5.26% |
|
0.28% |
|
5.17% |
|
0.31% |
|
$ |
20,006 |
|
$1.00 |
|
5.55% |
|
0.27% |
|
5.61% |
|
0.32% |
|
$ |
67,064 |
|
$1.00 |
|
5.40% |
|
0.28% |
|
5.23% |
|
0.30% |
|
$ |
200,098 |
|
$1.00 |
|
2.38% |
|
0.28% |
6 |
4.76% |
6 |
0.30% |
6 |
$ |
275,756 |
|
$1.00 |
|
5.80% |
|
0.28% |
|
5.66% |
|
0.30% |
|
$ |
236,780 |
JULY 31, 2000
Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consist of 40 portfolios. The financial statements of the following portfolios (individually referred to as the "Fund" or collectively as the "Funds") are presented herein:
|
Portfolio Name |
|
Diversification |
|
Class of Shares |
|
Investment Objective |
|
Municipal Obligations Fund |
|
diversified |
|
Institutional Shares |
|
To provide current income exempt |
|
Prime Cash Obligations Fund |
|
diversified |
|
Institutional Shares |
|
To provide current income consistent |
|
Prime Value Obligations Fund |
|
diversified |
|
Institutional Shares |
|
To provide current income consistent |
The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held.
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles.
The Funds use the amortized cost method to value their portfolio securities in accordance with Rule 2a-7 under the Act.
It is the policy of the Funds to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Funds to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement.
The Funds will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Funds' adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Board of Trustees (the "Trustees"). Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Funds could receive less than the repurchase price on the sale of collateral securities. The Funds, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.
Interest income and expenses are accrued daily. Bond premium and discount, if applicable, are amortized as required by the Internal Revenue Code, as amended (the "Code"). Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. The Funds offer multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Funds based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; difference in per share dividend rates are generally due to differences in separate class expenses.
It is the Funds' policy to comply with the provisions of the Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of their income. Accordingly, no provision for federal tax is necessary.
The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. Many restricted securities may be resold in the secondary market in transactions exempt from registration. In some cases, the restricted securities may be resold without registration upon exercise of a demand feature. Such restricted securities may be determined to be liquid under criteria established by the Trustees. The Funds will not incur any registration costs upon such resales. Restricted securities are valued at amortized cost in accordance with Rule 2a-7 under the Act.
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.
Investment transactions are accounted for on a trade date basis.
The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares.
Transactions in shares were as follows:
|
Municipal Obligations Fund |
|
Year Ended |
|
|
Period Ended |
|
|
Year Ended |
|
|
Institutional Shares: |
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
6,101,965,080 |
|
|
3,220,783,476 |
|
|
5,212,142,622 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
3,137,331 |
|
|
1,004,656 |
|
|
1,302,615 |
|
|
Shares redeemed |
|
(6,013,477,287 |
) |
|
(3,171,653,273 |
) |
|
(5,127,376,711 |
) |
|
|
|||||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS |
|
91,625,124 |
|
|
50,134,859 |
|
|
86,068,526 |
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Service Shares: |
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
766,373,008 |
|
|
217,443,628 |
|
|
422,524,378 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
5,225,410 |
|
|
1,080,682 |
|
|
1,503,612 |
|
|
Shares redeemed |
|
(612,179,039 |
) |
|
(179,672,680 |
) |
|
(397,415,401 |
) |
|
|
|||||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS |
|
159,419,379 |
|
|
38,851,630 |
|
|
26,612,589 |
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Capital Shares: |
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
671,071,646 |
|
|
248,567,123 |
|
|
1,036,775,391 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
1,787,939 |
|
|
704,843 |
|
|
1,991,454 |
|
|
Shares redeemed |
|
(674,754,385 |
) |
|
(289,197,690 |
) |
|
(941,938,021 |
) |
|
|
|||||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL CAPITAL SHARE TRANSACTIONS |
|
(1,894,800 |
) |
|
(39,925,724 |
) |
|
96,828,824 |
|
|
|
|||||||||
|
NET CHANGE RESULTING FROM SHARE TRANSACTIONS |
|
249,149,703 |
|
|
49,060,765 |
|
|
209,509,939 |
|
|
|
|||||||||
1 The Fund has changed its fiscal year-end from January 31 to July 31.
|
Prime Cash Obligations Fund |
|
Year Ended |
|
|
Period |
1 |
|
Year Ended |
|
|
Institutional Shares: |
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
43,306,204,878 |
|
|
18,081,938,275 |
|
|
23,532,773,371 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
107,697,226 |
|
|
26,581,479 |
|
|
44,134,116 |
|
|
Shares redeemed |
|
(42,872,406,455 |
) |
|
(18,003,898,560 |
) |
|
(22,852,260,827 |
) |
|
|
|||||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS |
|
541,495,649 |
|
|
104,621,194 |
|
|
724,646,660 |
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Service Shares: |
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
9,407,726,653 |
|
|
4,467,896,195 |
|
|
7,290,975,466 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
16,605,386 |
|
|
3,350,044 |
|
|
5,275,668 |
|
|
Shares redeemed |
|
(9,287,296,105 |
) |
|
(4,408,099,082 |
) |
|
(7,070,064,987 |
) |
|
|
|||||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS |
|
137,035,934 |
|
|
63,147,157 |
|
|
226,186,147 |
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Capital Shares: |
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
1,976,448,959 |
|
|
2,245,519,975 |
|
|
2,339,167,903 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
5,761,109 |
|
|
5,340,046 |
|
|
6,102,607 |
|
|
Shares redeemed |
|
(2,064,743,483 |
) |
|
(2,235,237,426 |
) |
|
(2,506,236,739 |
) |
|
|
|||||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL CAPITAL SHARE TRANSACTIONS |
|
(82,533,415 |
) |
|
15,622,595 |
|
|
(160,966,229 |
) |
|
|
|||||||||
|
NET CHANGE RESULTING FROM SHARE TRANSACTIONS |
|
595,998,168 |
|
|
183,390,946 |
|
|
789,866,578 |
|
|
|
|||||||||
1 The Fund has changed its fiscal year-end from January 31 to July 31.
|
Prime Value Obligations Fund |
|
Year Ended |
|
|
Period Ended |
1 |
|
Year Ended |
|
|
Institutional Shares: |
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
26,890,024,779 |
|
|
11,553,124,074 |
|
|
19,781,464,858 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
63,502,442 |
|
|
27,134,621 |
|
|
34,346,178 |
|
|
Shares redeemed |
|
(26,049,577,802 |
) |
|
(11,906,664,823 |
) |
|
(19,207,430,021 |
) |
|
|
|||||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS |
|
903,949,419 |
|
|
(326,406,128 |
) |
|
608,381,015 |
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Service Shares: |
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
10,601,515,629 |
|
|
4,750,407,849 |
|
|
5,129,107,787 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
22,846,623 |
|
|
8,335,094 |
|
|
12,725,748 |
|
|
Shares redeemed |
|
(10,623,297,952 |
) |
|
(4,546,178,066 |
) |
|
(4,972,051,133 |
) |
|
|
|||||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS |
|
1,064,300 |
|
|
212,564,877 |
|
|
169,782,402 |
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Capital Shares: |
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
2,082,190,776 |
|
|
1,052,655,325 |
|
|
1,606,039,157 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
8,909,192 |
|
|
3,772,038 |
|
|
4,692,264 |
|
|
Shares redeemed |
|
(2,130,075,465 |
) |
|
(980,769,280 |
) |
|
(1,477,697,890 |
) |
|
|
|||||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL CAPITAL SHARE TRANSACTIONS |
|
(38,975,497 |
) |
|
75,658,083 |
|
|
133,033,531 |
|
|
|
|||||||||
|
NET CHANGE RESULTING FROM SHARE TRANSACTIONS |
|
866,038,222 |
|
|
(38,183,168 |
) |
|
911,196,948 |
|
|
|
|||||||||
1 The Fund has changed its fiscal year-end from January 31 to July 31.
Federated Investment Management Company, the Funds' investment adviser (the "Adviser"), receives for its services an annual investment adviser fee equal to the percentage of the Funds' average daily net assets as follows.
|
Fund |
|
Investment Adviser |
|
Municipal Obligations Fund |
|
0.20% |
|
Prime Cash Obligations Fund |
|
0.20% |
|
Prime Value Obligations Fund |
|
0.20% |
The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.
Federated Services Company ("FServ"), under the Administrative Services Agreement, provides the Funds with administrative personnel and services. The fee paid to FServ is based on a scale that ranges from 0.15% to 0.075% of the average aggregate daily net assets of all funds advised by subsidiaries of Federated Investors, Inc., subject to a $125,000 minimum per portfolio and $30,000 per each additional class.
Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Funds will pay FSSC up to 0.25% of average daily net assets of the Funds for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.
For the year ended July 31, 2000, Institutional Shares for the Municipal Obligations Fund, Prime Cash Obligations Fund and Prime Value Obligations Fund did not incur a shareholder services fee. The Institutional Shares of these funds have no present intention of accruing a shareholder services fee in the year ending July 31, 2001.
FServ, through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Funds. The fee paid to FSSC is based on the size, type and number of accounts and transactions made by shareholders.
FServ maintains the Funds' accounting records for which it receives a fee. The fee is based on the level of each of the Fund's average daily net assets for the period, plus out-of-pocket expenses.
Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.
During the year ended July 31, 2000, the Funds engaged in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Directors/Trustees, and/or common Officers. These purchase and sale transactions complied with Rule 17a-7 under the Act. Interfund transactions were as follows:
|
Fund |
|
Purchases |
|
Sales |
|
Municipal Obligations Fund |
|
$2,283,330,000 |
|
$2,711,889,000 |
|
|
||||
|
Prime Cash Obligations Fund |
|
$177,845,000 |
|
$231,041,949 |
|
|
||||
|
Prime Value Obligations Fund |
|
$139,974,000 |
|
$155,874,000 |
|
|
||||
On May 19, 1999, the Funds' Trustees, upon the recommendation of the Audit Committee of the Trustees, requested and subsequently accepted the resignation of Ernst & Young LLP ("E&Y") as the independent auditors for the Municipal Obligations Fund, the Prime Cash Obligations Fund and the Prime Value Obligations Fund. E&Y's reports on the Funds' financial statements for the fiscal year ended January 31, 1999 and the period ended July 31, 1999 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Funds' fiscal year ended January 31, 1999 and the period ended July 31, 1999, (i) there were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of E&Y, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the financial statements for such year and period; and (ii) there were no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Act of 1934, as amended.
The Funds, by action of their Trustees, upon the recommendation of the Audit Committee of the Trustees, engaged Deloitte & Touche LLP ("D&T") as the independent auditors to audit the financial statements of the Municipal Obligations Fund, the Prime Cash Obligations Fund and the Prime Value Obligations Fund for the fiscal year ended July 31, 2000. During the Funds' fiscal year ended January 31, 1999 and the period ended July 31, 1999, neither the Funds nor anyone on their behalf have consulted D&T on items which (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Funds' financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) of reportable events (as described in paragraph (a)(1)(v) of said Item 304).
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
MONEY MARKET OBLIGATIONS TRUST:
Municipal Obligations Fund
Prime Cash Obligations Fund
Prime Value Obligations Fund
We have audited the accompanying statements of assets and liabilities, including the portfolio of investments, of Municipal Obligations Fund, Prime Cash Obligations Fund, and Prime Value Obligations Fund (the "Funds"), as of July 31, 2000, and the related statements of operations, statements of changes in net assets and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. The statement of changes in net assets for the year ended July 31, 1999, and the financial highlights for each of the periods in the four years then ended were audited by other auditors whose reports, dated September 29, 1999, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to provide reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of the securities owned at July 31, 2000, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present fairly, in all material respects, the financial position of Municipal Obligations Fund, Prime Cash Obligations Fund, and Prime Value Obligations Fund as of July 31, 2000, the results of their operations, the changes in their net assets and the financial highlights for the respective stated periods in conformity with accounting principles generally accepted in the United States of America.
Deloitte & Touche LLP
Boston, Massachusetts
September 8, 2000
Chairman
President
Executive Vice President
Executive Vice President and Secretary
Vice President
Treasurer
Assistant Secretary
Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.
This report is authorized for distribution to prospective investors only when preceded or accompanied by the funds' prospectuses which contain facts concerning its objective and policies, management fees, expenses and other information.
Federated
World-Class Investment Manager
ANNUAL REPORT
Institutional Capital Shares
JULY 31, 2000
Federated
Money Market Obligations Trust
Federated Investors
Funds
5800 Corporate Drive
Pittsburgh, PA
15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated
Securities Corp., Distributor
Cusip 60934N633
Cusip 60934N591
Cusip 60934N567
25717 (9/00)
Federated is a registered mark of Federated Investors, Inc. 2000 ©Federated Investors, Inc.
ANNUAL REPORT
Dear Shareholder:
I am pleased to present the Annual Report for Money Market Obligations Trust--Institutional Shares and Institutional Service Shares. This report combines the information for six money market mutual funds that are part of the trust. The report covers the funds' fiscal year, which is the 12-month reporting period ended July 31, 2000. It begins with investment reviews by the funds' portfolio manager on each fund's market. Following the investment reviews are the funds' portfolios of investments and financial statements.
As money market funds, each of these funds gives you the opportunity to put your cash to work pursuing daily dividends while giving you the comfort of a high level of liquidity and a stable net asset value of $1.00 per share.1 The following are fund-by-fund performance highlights:
Government Obligations Fund invests in short-term U.S. government obligations and repurchase agreements fully collateralized by U.S. government securities. During the 12-month reporting period, the fund paid dividends totaling $0.057 for Institutional Shares and $0.054 for Institutional Service Shares. At the end of the reporting period, the fund's net assets totaled $7.1 billion.
Government Obligations Tax-Managed Fund invests in U.S. government securities. The fund's portfolio is managed so that dividends are exempt from state and local income taxes.2 During the 12-month reporting period, the fund paid dividends totaling $0.056 for Institutional Shares and $0.054 for Institutional Service Shares. At the end of the reporting period, the fund's net assets totaled $3.2 billion.
Municipal Obligations Fund pursues tax-free income by investing in a portfolio of short-term securities issued by municipalities across the United States.2 During the 12-month reporting period, the fund paid dividends totaling $0.038 for Institutional Shares and $0.036 for Institutional Service Shares. At the end of the reporting period, the fund's net assets totaled $784.5 million.
Prime Cash Obligations Fund invests in a well-diversified portfolio of high-quality money market securities. During the 12-month reporting period, the fund paid dividends totaling $0.058 for Institutional Shares and $0.055 for Institutional Service Shares. At the end of the reporting period, the fund's net assets totaled $3.7 billion.
1 An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.
2 Income may be subject to the federal alternative minimum tax and state and local taxes. Unless otherwise exempt, shareholders are required to pay federal income tax on dividends.
Prime Value Obligations Fund invests in a well-diversified portfolio of high-quality money market securities. During the 12-month reporting period, the fund paid dividends totaling $0.058 for Institutional Shares and $0.055 for Institutional Service Shares. At the end of the reporting period, the fund's net assets totaled $3.0 billion.
Tax-Free Obligations Fund pursues tax-free income by investing in a portfolio of short-term securities issued by municipalities across the United States.2 During the 12-month reporting period, the fund paid dividends totaling $0.036 for Institutional Shares and $0.034 for Institutional Service Shares. At the end of the reporting period, the fund's net assets totaled $3.6 billion.
Thank you for selecting one or more of these funds as a convenient way to help your ready cash earn daily income. As always, we welcome your questions, comments or suggestions.
Sincerely,
J. Christopher Donahue
J. Christopher Donahue
President
September 15, 2000
Government Obligations Fund is rated AAAm1 by Standard & Poor's (S&P), Aaa1 by Moody's Investors Service (Moody's), and AAA1 by Fitch. The fund may invest in direct U.S. Treasury obligations, agency obligations, such as issues of the Federal National Mortgage Association, Student Loan Marketing Association, Federal Farm Credit Bank System, Federal Home Loan Bank System, the Tennessee Valley Authority, and the Federal Home Loan Mortgage Corporation, and in repurchase agreements that have these securities as collateral.
In response to the continuing robust economic growth in the United States, the Federal Reserve Board (the "Fed") tightened monetary policy three times during this 12-month reporting period ended July 31, 2000. Following both the February and March Federal Open Market Committee (FOMC) meetings, the Fed raised rates by 25 basis points. This brought the federal funds target rate to 6.0% on March 21, 2000. Despite the rate increases, however, economic growth continued to be strong into the second quarter of the year. In fact, there were signs that inflationary pressures were building. The Fed then reacted more aggressively to the economic indicators and raised the federal funds target rate by 50 basis points following the May 16, 2000 FOMC meeting. Following this rate increase, the Fed seemed content to let the effects of the prior rate hikes filter through the economy. The FOMC left rates unchanged following its June 28, 2000 meeting and the federal funds target rate ended the reporting period at 6.5%.
Gross Domestic Product (GDP) growth in recent quarters is a good example of the economic activity that confronted the Fed. Following exceptional growth of 5.7% and 7.3% in the third and fourth quarters of 1999, GDP growth in the first quarter of 2000 was 5.4% and preliminary second quarter GDP was measured at 5.2%. The second quarter number was much stronger than expected and resulted in an extraordinary 6.0% year-over-year growth rate. Labor markets remained tight during the reporting period as well. Year-to-date ending July 31, 2000, non-farm payrolls (ex-census workers) increased by an average of 182,000, while the unemployment rate hovered between 4.0% and 4.1%, and average hourly earnings showed year-over-year growth of 3.7%. Inflation measures kept the lid on interest rate hikes and there were unprecedented increases in productivity growth. Energy prices had a roller coaster ride during the reporting period and the Consumer Price Index (CPI) followed its lead, rising as much as 0.7% in March and remaining flat in April. The Core CPI measure, excluding the food and energy sectors, was more steady and remained benign. Productivity gains were the real story, particularly in the second quarter. A lower than expected increase in hours worked, coupled with the jump in output, translated into a 5.3% gain in productivity and a 0.1% decline in unit labor costs. Unit labor costs were down 0.4% year-over-year, the first annual decline since 1984.
1 An AAAm rating is obtained after S&P evaluates a number of factors, including credit quality, market price exposure, and management. S&P monitors the portfolio weekly for developments that could cause changes in the ratings. Money market funds and bond funds rated Aaa by Moody's are judged to be of an investment quality similar to Aaa-rated fixed income obligations; that is, they are judged to be of the best quality. Fitch's money market fund ratings are an assessment of the safety of invested principal ad the ability to maintain a stable market value of the fund's shares. Ratings are based on an evaluation of several factors, including credit quality, diversification, and maturity of assets in the portfolio, as well as managed strength and operational capabilities. Ratings are subject to change and do not remove interest rate risk.
Movements in short-term rates through the reporting period reflected domestic economic activity and resulting Fed expectations. Already building in expectations of Fed rate hikes, the yield on a one-year agency discount note began the reporting period yielding 6.51%, up from 6.08% at the beginning of 2000. The yield on the security drifted up to the 6.60% level and traded around that level throughout April. Then, as the market began to anticipate a more aggressive Fed, yields increased substantially in May and peaked at 7.26% on June 2, 2000. Signs of a moderating economy and a steady Fed caused yields to decline and remain stable between 6.80% and 6.90% through June and July.
The fund was managed within a 35- to 45-day average maturity target range during the reporting period. We moved within that range according to relative value opportunities, comparing yields among investment alternatives for the fund. The fund remained barbelled in structure throughout the reporting period, combining a significant position in repurchase agreements and floating rate securities with holdings of longer-term securities. Treasury securities continued to be well bid by investors. Thus, purchases for the fund were concentrated in the agency sector.
We will continue to monitor economic and market developments for signs that the recent interest rate increases have taken hold and for indications of what the next Fed action may be. We will attempt to derive an appropriate average maturity target range for the fund and to maximize performance through ongoing relative value analysis.
Government Obligations Tax-Managed Fund, which is rated AAAm2 by Standard & Poor's (S&P) and Aaa2 by Moody's Investors Service, (Moody's) invests only in U.S. Treasury and U.S. Government agency obligations. The fund invests in issues of the Student Loan Marketing Association, the Federal Farm Credit Bank System, the Federal Home Loan Bank System and the Tennessee Valley Authority. The fund may maintain a small Treasury security position for liquidity purposes, does not invest in repurchase agreements, and is managed to provide distributions that may be exempt from state and local taxes.
In response to the continuing robust economic growth in the United States, the Federal Reserve Board (the "Fed") tightened monetary policy three times during the 12-month reporting period ended July 31, 2000. Following both the February and March Federal Open Market Committee (FOMC) meetings, the Fed raised rates by 25 basis points. This brought the federal funds target rate to 6.0% on March 21, 2000. Despite the rate increases, however, economic growth continued to be strong into the second quarter of the year. In fact, there were signs that inflationary pressures were building. The Fed then reacted more aggressively to the economic indicators and raised the federal funds target rate by 50 basis points following the May 16, 2000 FOMC meeting. Following this rate increase, growth appeared to slow, equity market gains moderated, and the Fed seemed content to let the effects of the prior rate hikes filter through the economy. The FOMC left rates unchanged following its June 28, 2000 meeting and the federal funds target rate ended the reporting period at 6.5%.
2 An AAAm rating is obtained after S&P evaluates a number of factors, including credit quality, market price exposure, and management. S&P monitors the portfolio weekly for developments that could cause changes in the ratings. Money market funds and bond funds rated Aaa by Moody's are judged to be of an investment quality similar to Aaa-rated fixed income obligations; that is, they are judged to be of the best quality.
Gross Domestic Product (GDP) growth is a good example of the economic activity that confronted the Fed. Following exceptional growth of 5.7% and 7.3% in the third and fourth quarters of 1999, respectively, GDP growth in the first quarter of 2000 was 5.4% and preliminary second quarter GDP was measured at 5.3%. The second quarter number was much stronger than expected and resulted in an extraordinary 6% year-over-year growth rate. Labor markets remained tight during the reporting period as well. Year-to-date ending July 31, 2000, non-farm payrolls (ex-census workers) increased by an average of 182,000, the unemployment rate hovered between 4.0% and 4.1%, and average hourly earnings showed year-over-year growth of 3.7%. Inflation measures kept the lid on interest rate hikes and there were unprecedented increases in productivity growth. Energy prices had a roller coaster ride during the reporting period and the Consumer Price Index (CPI) followed its lead, rising as much as 0.7% in March and remaining flat in April. The Core CPI measure, excluding the food and energy sectors, was steadier and remained benign. Productivity gains were the real story, particularly in the second quarter. A lower than expected increase in hours worked, coupled with the jump in output, translated into a 5.3% gain in productivity and a 0.1% decline in unit labor costs. Unit labor costs were down 0.4% year-over-year, the first annual decline since 1984.
Movements in short-term rates through the reporting period reflected domestic economic activity and resulting Fed expectations. The yield on one-year agency discount note drifted up to the 6.60% level and traded around that level throughout April. Then, as the market began to anticipate a more aggressive Fed, yields increased substantially in May and peaked at 7.26% on June 2, 2000. Signs of a moderating economy and a steady Fed caused yields to decline and remain stable between 6.80% and 6.90% through June and July.
The fund was managed within a 35- to 45-day average maturity target range during the reporting period. We moved within that range according to relative value opportunities, comparing yields among investment alternatives for the fund. The fund remained barbelled in structure throughout the reporting period, combining short-term agency and floating rate securities with holdings of longer-term securities. For example, at period-end, 25% of the fund was invested in floating rate paper.
We will continue to monitor economic and market developments for signs that the recent interest rate increases have taken hold and for indications of what the next Fed action may be. We will attempt to derive an appropriate average maturity target range for the fund and to maximize performance through ongoing relative value analysis.
Municipal Obligations Fund invests in high-quality, short-term, tax-exempt securities. Typical investments include, but are not limited to, variable rate demand notes, commercial paper equivalents, fixed-rate notes and bonds. Over the 12-month reporting period, the net assets of the fund increased from $535.3 million to $784.5 million, while the seven-day net yield increased from 3.22% to 4.30%3 for Institutional Shares and 2.97% to 4.05%3 for Institutional Service Shares. The average maturity of the fund as of July 31, 2000, was 34 days.
Over the 12-month reporting period, the Federal Reserve Board (the "Fed") increased interest rates three times, in February and March of 2000 by a quarter of a point each and in May by one half of one point. At the end of the reporting period, the federal funds target rate stood at 6.50%, its highest level since 1990. Over the past 13 months, the Fed has increased interest rates six times, moving the rate from 4.75% to 6.50%. The Fed has raised interest rates in an effort to slow the rapid pace of economic growth and prevent the emergence of late cycle inflationary pressures. At the end of the reporting period, the economy had finally begun to show signs of growth slowing to sustainable rates led by slower consumer spending. Strong productivity growth has played an important role in raising non-inflationary potential growth rates and in containing costs. Despite strong growth early in the reporting period and in 1999, meaningful inflationary pressures have yet to appear. Risks for the economy over the near-term include imbalances between demand and potential supply at a time when the available pool of workers continues to dwindle. The unemployment rate at the end of the reporting period remained at 4.0%, a 30-year low.
Interest rates in the tax-exempt money markets over the reporting period were influenced by the Fed's actions as well as the market's expectations of future actions. Supply and demand (cash inflows/outflows) imbalances also played a large role in the absolute level of municipal interest rates, as demand was rather strong early in the year and in June and July. Record tax payments by individuals in April resulted in considerable redemptions in the municipal money markets, leaving the market with a "low demand" overhang into mid-May. Over the reporting period, new supply of fixed-rate notes was low relative to demand as municipalities continued to benefit from a strong economy and record tax collections.
Yields on variable rate demand notes (VRDNs), which comprise over 80% of the fund's net assets, started the reporting period at a low of 2.97%, but traded in a range between 3.5% and 4.0% until April. In April, rates moved up sharply to over 5.80% before falling in mid-May to 4.25%. From May though July, VRDN range yields remained between 3.5% and 4.5% as demand stabilized and supply became more plentiful.
Going forward, the average maturity of the fund will continue to be managed in accordance with our expectations of neutral Fed policy. We plan to be selective in our buying of fixed-rate notes and slightly lengthen the average maturity of the fund to "lock-in" attractive fixed-rate note levels. We will continue to watch, with great interest, market developments in order to best serve our municipal clients.
Prime Cash Obligations Fund invests in money market instruments maturing in 13 months or less. The average maturity of these securities, computed on a dollar-weighted basis, is restricted to 90 days or less. Portfolio securities must be rated in the highest short-term rating category by one or more of the nationally recognized statistical rating organizations or be of comparable quality to securities having such ratings. Typical security types include, but are not limited to, commercial paper, certificates of deposit, time deposits, variable rate instruments and repurchase agreements.
During the past year, we have seen strong economic growth in the United States. Thirty-year lows in the unemployment number, strong retail sales, increased home buying and strong productivity numbers led the Federal Reserve Board (the "Fed") to increase the federal funds target rate by 175 basis points. The Fed increased the interest rate in 25 basis point increments until May 2000, when it raised rates 50 basis points to 6.50%. During the past month, we began to see signs of a moderate economic slowdown. Although we still think there is a risk of inflationary pressure, we think the Fed will remain on hold in the short term.
Thirty-day commercial paper started the reporting period at 5.11% on August 1, 1999, and then increased in anticipation of the federal funds target rate increases. Thirty-day commercial paper rates on July 31, 2000, were 6.55%.
The target average maturity range for the fund remained at 40-50 days throughout the entire time period. In structuring the fund, there is continued emphasis placed on positioning 30-35% of the fund's assets in variable rate demand notes and accomplishing a modest barbell structure.
During the 12-month reporting period ended July 31, 2000, the net assets of the fund increased from $3.1 billion to $3.7 billion, while the seven-day net yield increased from 4.96% to 6.51%3 for Institutional Shares and 4.71% to 6.26%3 for Institutional Service Shares. The average maturity of the fund on July 31, 2000, was 51 days.
Prime Value Obligations Fund invests in money market instruments maturing in 13 months or less. The average maturity of these securities, computed on a dollar-weighted basis, is restricted to 90 days or less. Portfolio securities must be rated in one of the two highest short-term rating categories by one or more nationally recognized statistical rating organizations or be of comparable quality to securities having such ratings. Typical security types include, but are not limited to: commercial paper, certificates of deposit, time deposits, variable rate instruments and repurchase agreements.
During the past year, we have seen strong economic growth in the United States. Thirty-year lows in the unemployment number, strong retail sales, increased home buying and strong productivity numbers led the Federal Reserve Board (the "Fed") to increase the federal funds target rate by 175 basis points. The Fed increased the interest rate in 25 basis point increments until May 2000, when it raised rates 50 basis points to 6.50%. During the past month, we began to see signs of a moderate economic slowdown. Although we still think there is a risk of inflationary pressure, we think the Fed will remain on hold in the short term.
Thirty-day commercial paper started the reporting period at 5.11% on August 1, 1999, and then increased in anticipation of the federal funds target rate increases. Thirty-day commercial paper rates on July 31, 2000, were 6.55%.
The target average maturity range for the fund remained at 40-50 days throughout the entire reporting period. In structuring the fund, there is continued emphasis placed on positioning 30-35% of the fund's assets in variable rate demand notes and accomplishing a modest barbell structure.
During the 12-month reporting period ended July 31, 2000, the net assets of the fund increased from $2.1 billion to $3.0 billion, while the seven-day net yield increased from 4.99% to 6.54%3 for Institutional Shares and 4.74% to 6.29%3 for Institutional Service Shares. The average maturity of the fund as of July 31, 2000, was 54 days.
Tax-Free Obligations Fund invests in high-quality, short-term tax-exempt securities. Typical investments include, but are not limited to, variable rate demand notes, commercial paper equivalents, and fixed-rate notes and bonds. Over the 12-month reporting period, the net assets of the fund increased from $3.5 billion to $3.6 billion, while the seven-day net yield increased from 3.00% to 4.09%3 for Institutional Shares and 2.75% to 3.84%3 for Institutional Service Shares. The average maturity of the fund on July 31, 2000, was 43 days.
3 Past performance does not guarantee of future results. Yield will vary. Yields quoted for money market funds most closely reflect the fund's current earnings.
Over the 12-month reporting period, the Federal Reserve Board (the "Fed") increased interest rates by 1.5% on five separate occasions. At the end of the reporting period, the federal funds target rate stood at 6.50%, its highest level since 1990. The Fed has raised interest rates in an effort to slow the rapid pace of economic growth and prevent the emergence of late cycle inflationary pressures. At the end of the reporting period, the economy had finally begun to show signs of growth slowing to sustainable rates led by slower consumer spending. Strong productivity growth has played an important role in raising non-inflationary potential growth rates and in containing costs. Despite strong growth early in the reporting period and in 1999, meaningful inflationary pressures have yet to appear. Risks for the economy over the near-term include imbalances between demand and potential supply at a time when the available pool of workers continues to dwindle. The unemployment rate at the end of the reporting period remained at 4.0%, a 30 year low.
Interest rates in the tax-exempt money markets over the reporting period were influenced by the Fed's actions as well as the market's expectations of future actions. Supply and demand (cash inflows/outflows) imbalances also played a large role in the absolute level of municipal interest rates, as demand was rather strong early in the year and in June and July. Record tax payments by individuals in April resulted in considerable redemptions in the municipal money markets leaving the market with a "low demand" overhang into mid-May. Over the reporting period, new supply of fixed-rate notes was low relative to demand as municipalities continued to benefit from a strong economy and record tax collections.
Yields on variable rate demand notes (VRDNs), which comprise 77% of the fund's net assets, started the reporting period at 2.96%, but drifted slowly upward until December, trading in a range between 3.50% and 4.00%. In late December, yields spiked higher to over 5.50%, reflecting the reluctance of dealers to position these instruments over year-end. Strong demand in January brought yields down to 3.00%. From January to April, rates again traded in a range between 3.50%-4.00%. In April, rates moved up sharply to over 5.80% before falling in mid-May to 4.25%. From May through July, VRDN yields remained range bound between 3.50% and 4.50% as demand stabilized and supply became more plentiful.
Going forward, the average maturity of the fund will continue to be managed in accordance with our expectations of a neutral monetary policy. We plan to be selective in our buying of fixed rate notes and to slightly lengthen the average maturities on the fund as we take advantage of the summer cash flow notes. We continue to watch, with great interest, market developments in order to best serve our municipal clients.
JULY 31, 2000
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM OBLIGATIONS--46.4% |
|
|
|
|
$ |
59,000,000 |
1 |
Federal Farm Credit Bank, Discount Notes, 5.940% - 6.290%, 1/23/2001 - 4/3/2001 |
|
$ |
56,962,008 |
|
|
38,000,000 |
1 |
Federal Home Loan Bank, Discount Notes, 5.950%, 1/12/2001 |
|
|
36,969,989 |
|
|
386,000,000 |
2 |
Federal Home Loan Bank, Floating Rate Notes, 6.426% - 6.523%, 8/1/2000 - 8/15/2000 |
|
|
385,807,301 |
|
|
258,000,000 |
|
Federal Home Loan Bank, Notes, 5.750% - 7.150%, 9/28/2000 - 6/29/2001 |
|
|
257,943,134 |
|
|
422,000,000 |
1 |
Federal Home Loan Mortgage Corp., Discount Notes, 5.410% - 6.550%, 8/4/2000 - 5/2/2001 |
|
|
416,151,034 |
|
|
148,000,000 |
2 |
Federal Home Loan Mortgage Corp., Floating Rate Notes, 6.410% - 6.420%, 8/21/2000 |
|
|
147,903,272 |
|
|
54,500,000 |
|
Federal Home Loan Mortgage Corp., Notes, 7.080% - 7.190%, 7/5/2001 - 8/14/2001 |
|
|
54,496,133 |
|
|
502,693,000 |
1 |
Federal National Mortgage Association, Discount Notes, 6.090% - 6.550%, 8/17/2000 - 1/25/2001 |
|
|
495,956,543 |
|
|
587,000,000 |
2 |
Federal National Mortgage Association, Floating Rate Notes, 6.280% - 6.590%, 8/5/2000 - 9/1/2000 |
|
|
586,726,327 |
|
|
162,800,000 |
|
Federal National Mortgage Association, Notes, 5.000% - 7.250%, 1/11/2001 - 5/25/2001 |
|
|
162,583,660 |
|
|
155,159,000 |
|
Housing and Urban Development, Floating Rate Notes, 6.978%, 8/1/2001 |
|
|
155,159,000 |
|
|
504,000,000 |
2 |
Student Loan Marketing Association, Floating Rate Notes, 6.505% - 6.887%, 8/1/2000 |
|
|
503,907,477 |
|
|
24,800,000 |
|
Student Loan Marketing Association, Notes, 6.045%, 11/3/2000 |
|
|
24,796,242 |
|
|
||||||
|
|
|
|
TOTAL SHORT-TERM OBLIGATIONS |
|
|
3,285,362,120 |
|
|
||||||
|
|
|
|
REPURCHASE AGREEMENTS--54.9%3 |
|
|
|
|
|
1,465,000,000 |
|
Bank of America, 6.630%, dated 7/31/2000, due 8/1/2000 |
|
|
1,465,000,000 |
|
|
210,000,000 |
|
Barclays Capital, Inc., 6.630%, dated 7/31/2000, due 8/1/2000 |
|
|
210,000,000 |
|
|
50,000,000 |
|
Barclays Capital, Inc., 6.680%, dated 7/31/2000, due 8/1/2000 |
|
|
50,000,000 |
|
|
175,000,000 |
|
Countrywide Securities Corp., 6.630%, dated 7/31/2000, due 8/1/2000 |
|
|
175,000,000 |
|
|
182,000,000 |
4 |
Deutsche Bank AG, 6.500%, dated 7/6/2000, due 8/7/2000 |
|
|
182,000,000 |
|
|
169,000,000 |
4 |
Deutsche Bank AG, 6.500%, dated 7/19/2000, due 8/18/2000 |
|
|
169,000,000 |
|
|
145,000,000 |
|
First Union Capital Markets, 6.630%, dated 7/31/2000, due 8/1/2000 |
|
|
145,000,000 |
|
|
198,000,000 |
4 |
Goldman Sachs Group, LP, 6.500%, dated 7/10/2000, due 8/9/2000 |
|
|
198,000,000 |
|
|
100,000,000 |
|
Goldman Sachs Group, LP, 6.630%, dated 7/31/2000, due 8/1/2000 |
|
|
100,000,000 |
|
|
252,000,000 |
4 |
Lehman Brothers, Inc., 6.550%, dated 6/12/2000, due 8/11/2000 |
|
|
252,000,000 |
|
|
225,000,000 |
|
Morgan Stanley Group, Inc., 6.625%, dated 7/31/2000, due 8/1/2000 |
|
|
225,000,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
REPURCHASE AGREEMENTS--continued3 |
|
|
|
|
$ |
255,000,000 |
|
Paribas Corp., 6.630%, dated 7/31/2000, due 8/1/2000 |
|
$ |
255,000,000 |
|
|
350,000,000 |
|
Salomon Smith Barney, Inc., 6.640%, dated 7/31/2000, due 8/1/2000 |
|
|
350,000,000 |
|
|
25,000,000 |
|
Warburg Dillon Read LLC, 6.520%, dated 7/31/2000, due 8/1/2000 |
|
|
25,000,000 |
|
|
83,753,000 |
|
Warburg Dillon Read LLC, 6.570%, dated 7/31/2000, due 8/1/2000 |
|
|
83,753,000 |
|
|
||||||
|
|
|
|
TOTAL REPURCHASE AGREEMENTS |
|
|
3,884,753,000 |
|
|
||||||
|
|
|
|
TOTAL INVESTMENTS (AT AMORTIZED COST)5 |
|
$ |
7,170,115,120 |
|
|
||||||
1 Each issue shows the rate of discount at the time of purchase.
2 Current rate and next reset date shown.
3 The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of the portfolio. The investments in the repurchase agreements are through participation in joint accounts with other Federated funds.
4 Although final maturity falls beyond seven days, a liquidity feature is included in each transaction to permit termination of the repurchase agreement within seven days.
5 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets ($7,074,292,820) at July 31, 2000.
See Notes which are an integral part of the Financial Statements
JULY 31, 2000
|
Principal |
|
|
|
Value |
||
|
|
|
|
GOVERNMENT AGENCIES--101.5% |
|
|
|
|
$ |
14,200,000 |
|
Federal Farm Credit Bank, Notes, 6.350%, 2/1/2001 |
|
$ |
14,187,074 |
|
|
592,299,000 |
1 |
Federal Farm Credit Bank, Discount Notes, 5.940% - 6.710%, 8/3/2000 - 6/1/2001 |
|
|
586,716,459 |
|
|
74,000,000 |
2 |
Federal Farm Credit Bank, Floating Rate Notes, 6.465%, 8/1/2000 |
|
|
73,989,845 |
|
|
187,780,000 |
|
Federal Home Loan Bank, Notes, 5.390% - 7.150%, 9/1/2000 - 6/29/2001 |
|
|
187,672,780 |
|
|
1,231,296,000 |
1 |
Federal Home Loan Bank, Discount Notes, 6.050% - 6.550%, 8/1/2000 - 1/24/2001 |
|
|
1,221,448,778 |
|
|
355,500,000 |
2 |
Federal Home Loan Bank, Floating Rate Notes, 6.426% - 6.587%, 8/1/2000 - 11/1/2000 |
|
|
355,372,976 |
|
|
9,000,000 |
|
Student Loan Marketing Association, Notes, 6.045%, 11/3/2000 |
|
|
8,998,636 |
|
|
81,250,000 |
1 |
Student Loan Marketing Association, Discount Note, 6.390%, 8/22/2000 |
|
|
80,947,141 |
|
|
249,000,000 |
2 |
Student Loan Marketing Association, Floating Rate Notes, 6.505% - 6.887%, 8/1/2000 |
|
|
248,957,547 |
|
|
136,500,000 |
2 |
Student Loan Marketing Association, Master Note, 6.537%, 8/1/2000 |
|
|
136,500,000 |
|
|
374,000,000 |
1 |
Tennessee Valley Authority, Discount Notes, 6.330% - 6.410%, 8/2/2000 - 9/8/2000 |
|
|
372,642,169 |
|
|
||||||
|
|
|
|
TOTAL INVESTMENTS (AT AMORTIZED COST)3 |
|
$ |
3,287,433,405 |
|
|
||||||
1 The issue shows the rate of discount at time of purchase.
2 Current rate and next reset date shown.
3 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets ($3,239,345,217) at July 31, 2000.
See Notes which are an integral part of the Financial Statements
JULY 31, 2000
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--99.4%1 |
|
|
|
|
|
|
|
Alabama--1.7% |
|
|
|
|
$ |
3,000,000 |
|
Birmingham, AL IDA, Series 1997, Weekly VRDNs (Millcraft, AL, Inc.)/(Regions Bank, Alabama LOC) |
|
$ |
3,000,000 |
|
|
5,600,000 |
|
Columbia, AL IDB, Series 1999 C, Daily VRDNs (Alabama Power Co.) |
|
|
5,600,000 |
|
|
5,000,000 |
|
Hoover, AL Board of Education, Series 1999 C, 3.80% BANs, 8/1/2000 |
|
|
5,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
13,600,000 |
|
|
||||||
|
|
|
|
Arizona--0.5% |
|
|
|
|
|
1,940,000 |
|
Phoenix, AZ IDA, PT-1032 Weekly VRDNs (GNMA COL)/(Merrill Lynch & Co., Inc. LIQ) |
|
|
1,940,000 |
|
|
1,800,000 |
|
Yuma County, AZ Airport Authority, Inc., Series 1997 A, Weekly VRDNs (Bank One, Arizona N.A. LOC) |
|
|
1,800,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
3,740,000 |
|
|
||||||
|
|
|
|
Arkansas--1.8% |
|
|
|
|
|
1,000,000 |
|
Arkadelphia, AR IDRB, Series 1996, Weekly VRDNs (Siplast, Inc.)/(Den Danske Bank AS LOC) |
|
|
1,000,000 |
|
|
4,000,000 |
|
Arkansas Development Finance Authority, Series 1995, Weekly VRDNs (Paco Steel & Engineering Corporation Project)/(Union Bank of California LOC) |
|
|
4,000,000 |
|
|
1,600,000 |
|
Hope, AR Solid Waste Disposal Revenue Bonds, Series 1994, 4.55% CP (Temple-Inland Forest Products Corp.)/(Temple-Inland, Inc. GTD), Mandatory Tender 9/8/2000 |
|
|
1,600,000 |
|
|
7,400,000 |
|
Siloam Springs, AR IDRB, Series 1994, Weekly VRDNs (La-Z Boy Chair Co.)/(Bank One, Michigan LOC) |
|
|
7,400,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
14,000,000 |
|
|
||||||
|
|
|
|
California--0.5% |
|
|
|
|
|
4,000,000 |
|
Los Angeles, CA Unified School District, Series FR/RI-A19, Weekly VRDNs (Bank of New York LIQ) |
|
|
4,000,000 |
|
|
||||||
|
|
|
|
Colorado--1.1% |
|
|
|
|
|
8,500,000 |
|
Denver (City & County), CO Single Family Mortgage, Roaring Fork, Series 1999-4, Weekly VRDNs (GNMA COL)/(Bank of New York LIQ) |
|
|
8,500,000 |
|
|
||||||
|
|
|
|
District of Columbia--1.3% |
|
|
|
|
|
3,000,000 |
|
District of Columbia Housing Finance Agency, Series 2000 E, 4.60% TOBs (Trinity Funding Co.), Mandatory Tender 7/10/2001 |
|
|
3,000,000 |
|
|
7,500,000 |
|
District of Columbia Housing Finance Agency, Roaring Fork, Series 1999-7, Weekly VRDNs (GNMA COL)/(Bank of New York LIQ) |
|
|
7,500,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
10,500,000 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Florida--2.8% |
|
|
|
|
$ |
9,561,000 |
|
Clipper Tax-Exempt Certificates Trust (Florida AMT), Series 1999-5, Weekly VRDNs (State Street Bank and Trust Co. LIQ) |
|
$ |
9,561,000 |
|
|
8,675,000 |
|
Escambia County, FL HFA, PT-121 Weekly VRDNs (GNMA COL)/(Banco Santander Central Hispano, SA LIQ) |
|
|
8,675,000 |
|
|
3,500,000 |
|
Jacksonville, FL IDA, IDRB, Series 1996, Weekly VRDNs (Portion Pac, Inc.)/(Heinz (H.J.) Co. GTD) |
|
|
3,500,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
21,736,000 |
|
|
||||||
|
|
|
|
Georgia--7.4% |
|
|
|
|
|
9,500,000 |
|
Clayton County, GA Development Authority, Series 1994, Weekly VRDNs (Lear Seating Corp.)/(Chase Manhattan Bank N.A., New York LOC) |
|
|
9,500,000 |
|
|
10,000,000 |
|
Clayton County, GA Housing Authority, Series 2000, Villages at Lake Ridge Apartments, Weekly VRDNs (Timber Mills Partners, LP)/(Amsouth Bank N.A., Birmingham LOC) |
|
|
10,000,000 |
|
|
5,000,000 |
|
Crisp County - Cordele, GA IDA, Series 2000, Weekly VRDNs (Georgia Ductile Foundries LLC)/(Columbus Bank and Trust Co., GA LOC) |
|
|
5,000,000 |
|
|
8,795,000 |
|
Crisp County, GA Solid Waste Management Authority, Series 1998, Weekly VRDNs (FSA INS)/(First Union National Bank, Charlotte, NC LIQ) |
|
|
8,795,000 |
|
|
6,740,000 |
|
Franklin County, GA Industrial Building Authority, Series 1995, Weekly VRDNs (Bosal Industries, Inc.)/(Bank of New York LOC) |
|
|
6,740,000 |
|
|
2,300,000 |
|
Rome-Floyd County, GA Development Authority, Series 2000 A, Weekly VRDNs (Packaging Products Corp.)/(Commerce Bank, Kansas City, N.A. LOC) |
|
|
2,300,000 |
|
|
13,750,000 |
|
Savannah, GA EDA, Series 1995 A, Weekly VRDNs (Home Depot, Inc.) |
|
|
13,750,000 |
|
|
2,000,000 |
|
Savannah, GA EDA, Series 2000, Weekly VRDNs (Republic Services of Georgia)/(SunTrust Bank LOC) |
|
|
2,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
58,085,000 |
|
|
||||||
|
|
|
|
Hawaii--1.4% |
|
|
|
|
|
11,000,000 |
|
Honolulu, HI City & County, Series 1999, Block J, 5.605% TOBs (Bayerische Landesbank Girozentrale), Mandatory Tender 12/1/2000 |
|
|
11,000,000 |
|
|
||||||
|
|
|
|
Illinois--6.5% |
|
|
|
|
|
3,960,000 |
2 |
Chicago, IL Single Family Mortgage, PT-290, 3.90% TOBs (GNMA COL)/(Landesbank Hessen-Thueringen, Frankfurt LIQ), Optional Tender 10/5/2000 |
|
|
3,960,000 |
|
|
3,100,000 |
|
Chicago, IL Series 1997, Weekly VRDNs (Trendler Components, Inc.)/(American National Bank & Trust Co., Chicago LOC) |
|
|
3,100,000 |
|
|
10,500,000 |
|
Chicago, IL Chicago Midway Airport Special Facility Revenue Bonds, Series 1998, 4.70% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 12/1/2000 |
|
|
10,500,000 |
|
|
3,000,000 |
|
Chicago, IL Gas Supply Revenue Bonds, 1993 Series B, 4.05% TOBs (Peoples Gas Light & Coke Co.), Optional Tender 12/1/2000 |
|
|
3,000,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Illinois--continued |
|
|
|
|
$ |
1,200,000 |
|
Galva, IL Series 1999, Weekly VRDNs (John H. Best & Sons, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
$ |
1,200,000 |
|
|
6,000,000 |
|
Illinois Development Finance Authority, Series 1997, Weekly VRDNs (Toyal America, Inc.)/(Bank of Tokyo-Mitsubishi Ltd. LOC) |
|
|
6,000,000 |
|
|
2,000,000 |
|
Illinois Development Finance Authority, EDRB, Series 1995, Weekly VRDNs (Evapco, Inc. Project)/(Bank of America, N.A. LOC) |
|
|
2,000,000 |
|
|
3,000,000 |
|
Illinois Development Finance Authority, IDRB, Series 1995, Weekly VRDNs (Dickson Weatherproof Nail Co.)/(Bank of America, N.A. LOC) |
|
|
3,000,000 |
|
|
11,765,000 |
|
Illinois Housing Development Authority, PT-7 Weekly VRDNs (AMBAC INS) (Commerzbank AG, Frankfurt LIQ) |
|
|
11,765,000 |
|
|
1,620,000 |
|
Martinsville, IL IDRB, Series 1995, Weekly VRDNs (PAP-R Products Company Project)/(Bank One, Illinois, N.A. LOC) |
|
|
1,620,000 |
|
|
2,415,000 |
|
Peoria, IL, Series 1995, Weekly VRDNs (Praise and Leadership Elementary School)/(Bank One, Illinois, N.A. LOC) |
|
|
2,415,000 |
|
|
2,230,000 |
|
Rockford, IL EDRB, 4.20% TOBs (Independence Village of Rockford)/(U.S. Bank, NA, Minneapolis LOC), Optional Tender 12/1/2000 |
|
|
2,230,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
50,790,000 |
|
|
||||||
|
|
|
|
Indiana--3.5% |
|
|
|
|
|
1,750,000 |
|
Clarksville, IN, Series 1997, Weekly VRDNs (Metal Sales Manufacturing Corp.)/(Firstar Bank, N.A. LOC) |
|
|
1,750,000 |
|
|
3,435,000 |
|
Elkhart County, IN, Series 1997, Weekly VRDNs (Hart Housing Group, Inc.)/(KeyBank, N.A. LOC) |
|
|
3,435,000 |
|
|
1,500,000 |
|
Huntington, IN, Series 1999, Weekly VRDNs (DK Enterprises LLC)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
1,500,000 |
|
|
2,500,000 |
|
Indiana State Educational Facilities Authority, Series 2000 A, 4.90% BANs (Wabash College), 5/3/2001 |
|
|
2,506,289 |
|
|
3,400,000 |
|
Indianapolis, IN, Series 1999, Weekly VRDNs (Chip Ganassi Racing Teams)/(PNC Bank, Delaware LOC) |
|
|
3,400,000 |
|
|
2,105,000 |
|
Kendallville, IN IDRB, Series 1995, Weekly VRDNs (Rivnut Real Estate, Ltd. Project)/(National City Bank, Ohio LOC) |
|
|
2,105,000 |
|
|
1,385,000 |
|
Richmond, IN EDRBs, Series 1996, Weekly VRDNs (Holland Colors Americas, Inc. Project)/(Bank One, Indiana, N.A. LOC) |
|
|
1,385,000 |
|
|
4,000,000 |
|
Rushville, IN, Series 1996, Weekly VRDNs (Fujitsu Ten Corp. of America)/(Bank of Tokyo-Mitsubishi Ltd. LOC) |
|
|
4,000,000 |
|
|
4,000,000 |
|
Westfield, IN IDR, Series 1998, Weekly VRDNs (Standard Locknut, Inc.)/(Bank One, Indiana, N.A. LOC) |
|
|
4,000,000 |
|
|
3,200,000 |
|
Whitley County, IN, Series 1999, Weekly VRDNs (Undersea Sensor Systems, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
3,200,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
27,281,289 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Iowa--0.3% |
|
|
|
|
$ |
2,000,000 |
|
Iowa Falls, IA, Series 1998, Weekly VRDNs (Heartland Pork Enterprises, Inc.)/(Bank of Nova Scotia, Toronto LOC) |
|
$ |
2,000,000 |
|
|
||||||
|
|
|
|
Kansas--1.9% |
|
|
|
|
|
1,900,000 |
|
Olathe, KS IDRB, Series 1995, Weekly VRDNs (Garmin International, Inc. Project)/(Bank of America, N.A. LOC) |
|
|
1,900,000 |
|
|
12,995,000 |
|
Sedgwick & Shawnee Counties, KS, Series 1999 W, Weekly VRDNs (GNMA COL)/(Bank of America, N.A. LIQ) |
|
|
12,995,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
14,895,000 |
|
|
||||||
|
|
|
|
Kentucky--0.7% |
|
|
|
|
|
1,610,000 |
|
Jefferson County, KY Industrial Building Revenue Bonds, Series 1995, Weekly VRDNs (Derby Industries, Inc.)/(Bank One, Kentucky LOC) |
|
|
1,610,000 |
|
|
3,960,000 |
|
Paris, KY Weekly VRDNs (Monessen Holdings, LLC)/(Bank One, Kentucky LOC) |
|
|
3,960,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
5,570,000 |
|
|
||||||
|
|
|
|
Louisiana--1.7% |
|
|
|
|
|
3,500,000 |
|
Jefferson Parish, LA Home Mortgage Authority, Series 2000 D-2, 4.65% BANs (Caisse des Depots et Consignations (CDC), Paris INV), 6/28/2001 |
|
|
3,500,000 |
|
|
5,000,000 |
|
Lake Charles, LA Harbor & Terminal District, Revenue Bonds, Series 1995 A, Weekly VRDNs (Polycom-Huntsman, Inc.)/(National City, Pennsylvania LOC) |
|
|
5,000,000 |
|
|
3,400,000 |
|
Louisiana HFA, Trust Receipts, Series 1999 FR/RI-52, Weekly VRDNs (GNMA COL)/(Bayerische Hypotheken-und Vereinsbank AG LIQ) |
|
|
3,400,000 |
|
|
1,600,000 |
|
Ouachita Parish, LA IDB, Series 1998, Weekly VRDNs (Dixie Carbonic, Inc.)/(Bank One, Illinois, N.A. LOC) |
|
|
1,600,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
13,500,000 |
|
|
||||||
|
|
|
|
Maine--1.5% |
|
|
|
|
|
4,600,000 |
|
Biddeford, ME Weekly VRDNs (DK Associates & Volk Packaging)/(Fleet Bank of Maine LOC) |
|
|
4,600,000 |
|
|
3,000,000 |
|
Biddeford, ME, Series 2000, Weekly VRDNs (Volk Packaging)/(Fleet Bank of Maine LOC) |
|
|
3,000,000 |
|
|
1,800,000 |
|
Trenton, ME, Series 1998, Weekly VRDNs (Hinckley Co.)/(KeyBank, N.A. LOC) |
|
|
1,800,000 |
|
|
2,465,000 |
|
Westbrook, ME Weekly VRDNs (D & G Group)/(Fleet Bank of Maine LOC) |
|
|
2,465,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
11,865,000 |
|
|
||||||
|
|
|
|
Maryland--2.6% |
|
|
|
|
|
2,448,000 |
|
Frederick County, MD, Series 1998A, Weekly VRDNs (Thogar, LLC)/(Allfirst LOC) |
|
|
2,448,000 |
|
|
6,500,000 |
|
Harford County, MD, Series 1989, Weekly VRDNs (Harford Commons Associates Facility)/(Allfirst LOC) |
|
|
6,500,000 |
|
|
1,386,000 |
|
Harford County, MD, Variable Rate Demand/Fixed Rate Refunding Bond (1989 Issue) Weekly VRDNs (Harford Commons Associates Facility)/(Allfirst LOC) |
|
|
1,386,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Maryland--continued |
|
|
|
|
$ |
4,375,000 |
|
Maryland Industrial Development Financing Authority, Special Facility Airport Revenue Bonds, Series 1999, 4.70% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 12/1/2000 |
|
$ |
4,375,000 |
|
|
2,520,000 |
|
Maryland State Community Development Administration, Series 1990 A, Weekly VRDNs (College Estates)/(Allfirst LOC) |
|
|
2,520,000 |
|
|
2,950,000 |
|
Maryland State Community Development Administration, Series 1990 B, Weekly VRDNs (Cherry Hill Apartment Ltd.)/(Bank of America, N.A. LOC) |
|
|
2,950,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
20,179,000 |
|
|
||||||
|
|
|
|
Massachusetts--0.9% |
|
|
|
|
|
4,850,000 |
|
Fall River, MA, 5.25% BANs, 6/1/2001 |
|
|
4,863,484 |
|
|
2,500,000 |
|
Massachusetts IFA, IDRB, Series 1995, Weekly VRDNs (Dunsirn Industries, Inc. Project)/(Firstar Bank, N.A. LOC) |
|
|
2,500,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
7,363,484 |
|
|
||||||
|
|
|
|
Minnesota--2.5% |
|
|
|
|
|
1,350,000 |
|
Blaine, MN, Series 1997, Weekly VRDNs (Plastic Enterprises, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
1,350,000 |
|
|
3,600,000 |
|
Brooklyn Center, MN, Shingle Creek Tower, Series 1999, 5.51% TOBs (Bank of America, N.A.), Optional Tender 5/1/2001 |
|
|
3,600,000 |
|
|
4,000,000 |
|
Coon Rapids, MN, Series 1999, Weekly VRDNs (Assurance Mfg. Co., Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
4,000,000 |
|
|
2,500,000 |
|
Minneapolis, MN IDA, Series 1999, Weekly VRDNs (Viking Materials, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
2,500,000 |
|
|
2,560,000 |
|
Savage, MN, Series 1998, Weekly VRDNs (Fabcon, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
2,560,000 |
|
|
1,740,000 |
|
Springfield, MN, Series 1998, Weekly VRDNs (Ochs Brick Co.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
1,740,000 |
|
|
2,250,000 |
|
White Bear Lake, MN, Series 1999, Weekly VRDNs (Taylor Corp.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
2,250,000 |
|
|
2,000,000 |
|
White Bear Lake, MN, Century Townhomes, Series 1997, 5.795% TOBs (Westdeutsche Landesbank Girozentrale), Optional Tender 6/1/2001 |
|
|
2,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
20,000,000 |
|
|
||||||
|
|
|
|
Mississippi--4.2% |
|
|
|
|
|
6,400,000 |
|
Mississippi Business Finance Corp., Series 1995, Weekly VRDNs (Mississippi Baking Company LLC Project)/(Allfirst LOC) |
|
|
6,400,000 |
|
|
5,400,000 |
|
Mississippi Business Finance Corp., Series 1995, Weekly VRDNs (Schuller International, Inc.)/(Bank of New York LOC) |
|
|
5,400,000 |
|
|
7,500,000 |
|
Mississippi Home Corp., Multifamily Housing Adjustable/Fixed Rate Revenue Bonds, Series 1997, Weekly VRDNs (Windsor Park Apartments)/(SouthTrust Bank of Alabama, Birmingham LOC) |
|
|
7,500,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Mississippi--continued |
|
|
|
|
$ |
9,790,000 |
|
Mississippi Regional Housing Authorithy No. II, Series 1998, 4.00% TOBs (Bradford Park Apartments)/(Amsouth Bank N.A., Birmingham LOC), Mandatory Tender 10/1/2000 |
|
$ |
9,790,000 |
|
|
4,000,000 |
|
Warren County, MS IDA Weekly VRDNs (Vesper Corp.)/(PNC Bank, N.A. LOC) |
|
|
4,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
33,090,000 |
|
|
||||||
|
|
|
|
Missouri--1.2% |
|
|
|
|
|
1,750,000 |
|
Kansas City, MO IDA, Series 1999, Weekly VRDNs (B&B Investments LLC)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
1,750,000 |
|
|
1,545,000 |
|
Springfield, MO IDA, Series 1999, Weekly VRDNs (Dabryan Coach Builders, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
1,545,000 |
|
|
1,000,000 |
|
St. Louis, MO IDA, Series 1997, Weekly VRDNs (Cee Kay Supply)/(Commerce Bank, Kansas City, N.A. LOC) |
|
|
1,000,000 |
|
|
5,000,000 |
|
St. Louis, MO IDA, Homer G. Phillips Dignity House, Series 1999, 5.70% TOBs (Bayerische Landesbank Girozentrale), Mandatory Tender 12/1/2000 |
|
|
5,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
9,295,000 |
|
|
||||||
|
|
|
|
Montana--1.1% |
|
|
|
|
|
8,500,000 |
|
Forsyth, Rosebud County, MT PCR, Daily VRDNs (Pacificorp)/(Deutsche Bank AG LOC) |
|
|
8,500,000 |
|
|
||||||
|
|
|
|
Multi State--9.3% |
|
|
|
|
|
20,000,000 |
|
Charter Mac Floater Certificates Trust I, (Fifth Tranche) Weekly VRDNs (MBIA INS)/(Bayerische Landesbank Girozentrale, Dexia Bank, Brussels and Toronto Dominion Bank LIQ) |
|
|
20,000,000 |
|
|
2,000,000 |
|
Charter Mac Floater Certificates Trust I, (First Tranche) Weekly VRDNs (MBIA INS)/(Bayerische Landesbank Girozentrale, Dexia Bank, Brussels and Toronto Dominion Bank LIQ) |
|
|
2,000,000 |
|
|
6,000,000 |
|
Charter Mac Floater Certificates Trust I, (Sixth Tranche) Weekly VRDNs (MBIA INS)/(Bayerische Landesbank Girozentrale, Dexia Bank, Brussels and Toronto Dominion Bank LIQ) |
|
|
6,000,000 |
|
|
22,100,000 |
|
Charter Mac Floater Certificates Trust I, (Third Tranche) Weekly VRDNs (MBIA INS)/(Bayerische Landesbank Girozentrale, Dexia Bank, Brussels and Toronto Dominion Bank LIQ) |
|
|
22,100,000 |
|
|
22,886,000 |
|
Clipper Tax-Exempt Certificates Trust (AMT MultiState) Series 1999-3, Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ) |
|
|
22,886,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
72,986,000 |
|
|
||||||
|
|
|
|
Nebraska--2.4% |
|
|
|
|
|
3,000,000 |
|
Douglas County, NE, Series 2000, Weekly VRDNs (Majors Plastics, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
3,000,000 |
|
|
4,650,000 |
|
Douglas County, NE IDRB, Series 1997, Weekly VRDNs (American Laboratories, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
4,650,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Nebraska--continued |
|
|
|
|
$ |
3,970,000 |
|
Nebraska Investment Finance Authority, Series 2000-O, Weekly VRDNs (GNMA COL)/(First Union National Bank, Charlotte, NC LIQ) |
|
$ |
3,970,000 |
|
|
6,995,000 |
|
Nebraska Investment Finance Authority, MERLOTS, Series 1999 A, Weekly VRDNs (GNMA COL)/(First Union National Bank, Charlotte, NC LIQ) |
|
|
6,995,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
18,615,000 |
|
|
||||||
|
|
|
|
Nevada--0.2% |
|
|
|
|
|
500,000 |
|
Nevada State Department of Community & Industrial Development Weekly VRDNs (Kinplex Company)/(Credit Commercial De France, Paris LOC) |
|
|
500,000 |
|
|
855,000 |
|
Sparks, NV Industrial Development Revenue Bonds, Series 1996, Weekly VRDNs (The Antioch Publishing Co. Project)/(National City Bank, Ohio LOC) |
|
|
855,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
1,355,000 |
|
|
||||||
|
|
|
|
New Hampshire--0.4% |
|
|
|
|
|
3,475,000 |
|
New Hampshire Business Finance Authority, IDRB, Series A, Weekly VRDNs (Upper Valley Press)/(KeyBank, N.A. LOC) |
|
|
3,475,000 |
|
|
||||||
|
|
|
|
New Jersey--2.5% |
|
|
|
|
|
2,500,000 |
|
Egg Harbor Township, NJ Board of Education, 5.50% BANs, 6/1/2001 |
|
|
2,512,889 |
|
|
3,560,150 |
|
Haddonfield, NJ, 5.370% BANs, 5/31/2001 |
|
|
3,572,123 |
|
|
3,000,000 |
|
Livingston Township, NJ Board of Education, 5.00% BANs, 3/7/2001 |
|
|
3,005,198 |
|
|
4,795,000 |
2 |
New Jersey Housing & Mortgage Financing Authority, (PT-285), 3.80% TOBs (MBIA INS)/(Landesbank Hessen-Thueringen, Frankfurt LIQ), Optional Tender 8/10/2000 |
|
|
4,795,000 |
|
|
6,000,000 |
|
Trenton, NJ, 5.375% BANs, 5/18/2001 |
|
|
6,021,547 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
19,906,757 |
|
|
||||||
|
|
|
|
New Mexico--2.7% |
|
|
|
|
|
4,460,000 |
|
Albuquerque, NM, Series 1996, Weekly VRDNs (Rose's Southwest Papers, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
4,460,000 |
|
|
5,000,000 |
|
Los Lunas Village, NM, Series 1998, Weekly VRDNs (Wall Colmonoy Corp.)/(Michigan National Bank, Farmington Hills LOC) |
|
|
5,000,000 |
|
|
11,600,000 |
|
New Mexico Mortgage Finance Authority, Roaring Forks Class A Certificates, Series 2000-1, Weekly VRDNs (GNMA COL)/(Bank of New York LIQ) |
|
|
11,600,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
21,060,000 |
|
|
||||||
|
|
|
|
New York--3.9% |
|
|
|
|
|
11,300,000 |
|
New York City, NY (PA-156) Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC) |
|
|
11,300,000 |
|
|
5,000,000 |
|
New York State Local Government Assistance Corp., Bonds, Series 1993A, Weekly VRDNs (Bayerische Landesbank Girozentrale and Westdeutsche Landesbank Girozentrale LOC) |
|
|
5,000,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
New York--continued |
|
|
|
|
$ |
10,000,000 |
|
New York State Thruway Authority, (PA-532) Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) |
|
$ |
10,000,000 |
|
|
4,000,000 |
|
VRDC/IVRC Trust, Series 1993 B, Weekly VRDNs (Metropolitan Transportation Authority, NY)/(AMBAC INS)/(Citibank N.A., NY LIQ) |
|
|
4,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
30,300,000 |
|
|
||||||
|
|
|
|
North Carolina--2.0% |
|
|
|
|
|
10,995,000 |
2 |
North Carolina State, (PT-413), 4.55% TOBs (Merrill Lynch & Co., Inc. LIQ), Optional Tender 6/14/2001 |
|
|
10,995,000 |
|
|
4,600,000 |
|
Person County, NC Industrial Facilities & Pollution Control Financing Authority Daily VRDNs (Carolina Power & Light Co.)/(SunTrust Bank LOC) |
|
|
4,600,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
15,595,000 |
|
|
||||||
|
|
|
|
Ohio--2.2% |
|
|
|
|
|
2,735,000 |
|
Cuyahoga County, OH IDA, Series 1997, Weekly VRDNs (Northstar Plastics, Inc.)/(Bank One, N.A. (Ohio) LOC) |
|
|
2,735,000 |
|
|
1,500,000 |
|
Mahoning County, OH IDA, Series 1999, Weekly VRDNs (Modern Builders Supply, Inc.)/(PNC Bank, N.A. LOC) |
|
|
1,500,000 |
|
|
2,250,000 |
|
Medina County, OH, Series 1998, Weekly VRDNs (Mack Industries)/(Huntington National Bank, Columbus, OH LOC) |
|
|
2,250,000 |
|
|
2,800,000 |
|
Mentor, OH Adjustable Rate IDRBs, Series 1997, Weekly VRDNs (Risch Investments/Roll Kraft, Inc.)/(KeyBank, N.A. LOC) |
|
|
2,800,000 |
|
|
970,000 |
|
Stark County, OH IDR Weekly VRDNs (Shearer's Foods, Inc.)/(Bank One, N.A. (Ohio) LOC) |
|
|
970,000 |
|
|
3,500,000 |
|
Wood County, OH, Series 1999, Weekly VRDNs (Dowa THT America, Inc.)/(Comerica Bank LOC) |
|
|
3,500,000 |
|
|
3,490,000 |
|
Youngstown, OH, Adjustable Rate Demand IDRBs, Series 1996A, Weekly VRDNs (Cantar/Polyair Corp./Performa Corp.)/(HSBC Bank USA LOC) |
|
|
3,490,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
17,245,000 |
|
|
||||||
|
|
|
|
Oklahoma--1.2% |
|
|
|
|
|
6,000,000 |
|
Broken Arrow, OK EDA Weekly VRDNs (Blue Bell Creameries)/(BNP Paribas LOC) |
|
|
6,000,000 |
|
|
3,000,000 |
|
Cleveland County, OK Home Loan Authority, Tecumseh Pointe Apartments, 5.70% TOBs (HSBC Bank USA), Mandatory Tender 3/1/2001 |
|
|
3,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
9,000,000 |
|
|
||||||
|
|
|
|
Oregon--0.0% |
|
|
|
|
|
330,000 |
|
Oregon State, EDRBs, Series1988B, Weekly VRDNs (Domaine Drouhin Oregon, Inc.)/(Wells Fargo Bank, N.A. LOC) |
|
|
330,000 |
|
|
||||||
|
|
|
|
Pennsylvania--0.6% |
|
|
|
|
|
5,000,000 |
|
Clinton County, PA IDA, Solid Waste Disposal Revenue Bonds, Series 1992A, 4.70% TOBs (International Paper Co.), Optional Tender 1/15/2001 |
|
|
5,000,000 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
South Carolina--3.6% |
|
|
|
|
$ |
1,700,000 |
|
Berkeley County, SC IDB, Series 1989, Weekly VRDNs (W.W. Williams Co. Project)/(Bank One, N.A. (Ohio) LOC) |
|
$ |
1,700,000 |
|
|
14,100,000 |
|
Berkeley County, SC IDB, Series 1998, Weekly VRDNs (Nucor Corp.) |
|
|
14,100,000 |
|
|
3,690,000 |
|
South Carolina Job Development Authority Weekly VRDNs (Boozer Lumber Co.)/(SouthTrust Bank of Alabama, Birmingham LOC) |
|
|
3,690,000 |
|
|
200,000 |
|
South Carolina Job Development Authority, Series 1988B, Weekly VRDNs (Seacord Corp.)/(Credit Commercial De France, Paris LOC) |
|
|
200,000 |
|
|
450,000 |
|
South Carolina Job Development Authority, Series 1990, Weekly VRDNs (NMFO Associates)/(Wachovia Bank of NC, N.A. LOC) |
|
|
450,000 |
|
|
850,000 |
|
South Carolina Job Development Authority, Series 1990, Weekly VRDNs (Old Claussen's Bakery)/(Wachovia Bank of NC, N.A. LOC) |
|
|
850,000 |
|
|
500,000 |
|
South Carolina Job Development Authority, Series 1990, Weekly VRDNs (Rice Street Association)/(Wachovia Bank of NC, N.A. LOC) |
|
|
500,000 |
|
|
3,700,000 |
|
South Carolina Job Development Authority, Series 1996, Weekly VRDNs (PVC Container Corp. Project)/(Fleet Bank N.A. LOC) |
|
|
3,700,000 |
|
|
660,000 |
|
South Carolina Job Development Authority, Series B, Weekly VRDNs (Osmose Wood Preserving)/(Credit Commercial De France, Paris LOC) |
|
|
660,000 |
|
|
2,620,000 |
|
York County, SC IDA, IDRBs, Series1989, Weekly VRDNs (Sediver Inc.)/(BNP Paribas LOC) |
|
|
2,620,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
28,470,000 |
|
|
||||||
|
|
|
|
South Dakota--2.2% |
|
|
|
|
|
11,055,000 |
|
South Dakota Housing Development Authority, (CDC-2000 D) Weekly VRDNs (Caisse des Depots et Consignations (CDC), Paris LIQ) |
|
|
11,055,000 |
|
|
4,230,000 |
|
South Dakota Housing Development Authority, Series 1999I, 3.85% BANs, 9/28/2000 |
|
|
4,230,000 |
|
|
2,000,000 |
|
South Dakota Housing Development Authority, Series G, 4.60% BANs, 6/28/2001 |
|
|
2,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
17,285,000 |
|
|
||||||
|
|
|
|
Tennessee--2.7% |
|
|
|
|
|
4,000,000 |
|
Carter County, TN IDB, Series 1983, Monthly VRDNs (Inland Container Corp.)/(Temple-Inland, Inc. GTD) |
|
|
4,000,000 |
|
|
1,500,000 |
|
Cheatham County, TN IDB, Series 1997B, Weekly VRDNs (Triton Boat Co.)/(First American National Bank, Nashville, TN LOC) |
|
|
1,500,000 |
|
|
2,000,000 |
|
Covington, TN IDB, Series 1992, Weekly VRDNs (Wallace Computer Services, Inc.)/(Wachovia Bank of NC, N.A. LOC) |
|
|
2,000,000 |
|
|
4,670,000 |
|
Hawkins County, TN IDB, Series 1995, Weekly VRDNs (Sekisui Ta Industries, Inc.)/(Bank of Tokyo-Mitsubishi Ltd. LOC) |
|
|
4,670,000 |
|
|
1,750,000 |
|
Knox County, TN IDB, Series 1996, Weekly VRDNs (Health Ventures, Inc.)/(SunTrust Bank LOC) |
|
|
1,750,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Tennessee--continued |
|
|
|
|
$ |
4,000,000 |
|
Morristown, TN IDB, Series 1999, Weekly VRDNs (Tuff Torq Corp.)/(Bank of Tokyo-Mitsubishi Ltd. LOC) |
|
$ |
4,000,000 |
|
|
2,600,000 |
|
Shelby County, TN Health Education & Housing Facilities Board, Multifamily Housing Revenue Bonds, Series 1988, Weekly VRDNs (Arbor Lake Project)/(PNC Bank, N.A. LOC) |
|
|
2,600,000 |
|
|
700,000 |
|
South Pittsburg, TN IDB, Series 1996, Weekly VRDNs (Lodge Manufacturing Co.)/(SunTrust Bank LOC) |
|
|
700,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
21,220,000 |
|
|
||||||
|
|
|
|
Texas--9.5% |
|
|
|
|
|
7,400,000 |
|
ABIA Development Corp., TX (PT-117) Weekly VRDNs (Austin Airport)/(Asset Guaranty INS)/(Merrill Lynch & Co., Inc. LIQ) |
|
|
7,400,000 |
|
|
15,750,000 |
|
ABN AMRO MuniTOPS Certificates Trust (Multistate AMT), Series 1998-15, Weekly VRDNs (Houston, TX Airport System)/(FGIC INS)/(ABN AMRO Bank N.V., Amsterdam LIQ) |
|
|
15,750,000 |
|
|
1,600,000 |
|
Angelina and Neches River Authority, Texas, Waste Disposal Revenue Bonds, Series 1998, 4.55% CP (Temple-Inland Forest Products Corp.)/(Temple-Inland, Inc. GTD), Mandatory Tender 8/7/2000 |
|
|
1,600,000 |
|
|
12,000,000 |
|
Austin, TX Airport System, MERLOTS, Series 2000 J, Weekly VRDNs (MBIA INS)/(First Union National Bank, Charlotte, NC LIQ) |
|
|
12,000,000 |
|
|
7,000,000 |
|
Colorado County, TX IDC, Series 2000, Weekly VRDNs (Great Southern Wood Preserving Inc.)/(SouthTrust Bank of Alabama, Birmingham LOC) |
|
|
7,000,000 |
|
|
6,500,000 |
|
Harris County, TX HFDC, Series 1997 A, Daily VRDNs (St. Luke's Episcopal Hospital)/(Bank of America, N.A., Morgan Guaranty Trust Co., New York and Toronto Dominion Bank LIQ) |
|
|
6,500,000 |
|
|
2,100,000 |
|
Lubbock, TX IDC, Daily VRDNs (McLane Co., Inc.)/(Bank of America, N.A. LOC) |
|
|
2,100,000 |
|
|
8,000,000 |
|
McAllen, TX IDA, Series 1998, Weekly VRDNs (NiTek McAllen, LLC)/(Bank of Tokyo-Mitsubishi Ltd. LOC) |
|
|
8,000,000 |
|
|
4,545,000 |
|
Saginaw, TX IDA, Series 1998, Weekly VRDNs (Glad Investing Partners, Ltd.)/(Bank One, Texas N.A. LOC) |
|
|
4,545,000 |
|
|
5,500,000 |
|
Tarrant County, TX IDC, Series 1997, Weekly VRDNs (Lear Operations Corp.)/(Chase Manhattan Bank N.A., New York LOC) |
|
|
5,500,000 |
|
|
3,850,000 |
|
Waxahachie, TX IDA, Series 1998, Weekly VRDNs (Rock-Tenn Converting Co.)/(SunTrust Bank LOC) |
|
|
3,850,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
74,245,000 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Virginia--2.2% |
|
|
|
|
$ |
3,000,000 |
|
Campbell County, VA IDA, Solid Waste Disposal Facilities Revenue, ACES, Weekly VRDNs (Georgia-Pacific Corp.)/(SunTrust Bank LOC) |
|
$ |
3,000,000 |
|
|
4,200,000 |
|
Dinwiddie County, VA IDA, Series 1999A, Daily VRDNs (Chaparral Steel Co.)/(Bank of America, N.A. LOC) |
|
|
4,200,000 |
|
|
4,000,000 |
|
Fairfax County, VA EDA, Series A, 5.55% Bonds (Ogden Martin Systems of Fairfax, Inc.)/(AMBAC INS), 2/1/2001 |
|
|
4,021,197 |
|
|
6,000,000 |
|
Halifax, VA IDA, MMMs, PCR, 4.05% CP (Virginia Electric Power Co.), Mandatory Tender 8/10/2000 |
|
|
6,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
17,221,197 |
|
|
||||||
|
|
|
|
Washington--0.9% |
|
|
|
|
|
4,000,000 |
2 |
Washington State (PT-1187), 3.95% TOBs (Merrill Lynch & Co., Inc. LIQ), Optional Tender 10/19/2000 |
|
|
4,000,000 |
|
|
3,000,000 |
|
Yakima County, WA Public Corp., Series 1999, Weekly VRDNs (John I. Haas, Inc.)/(Bayerische Hypotheken-und Vereinsbank AG and Deutsche Bank AG LOCs) |
|
|
3,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
7,000,000 |
|
|
||||||
|
|
|
|
West Virginia--1.9% |
|
|
|
|
|
2,335,000 |
|
Berkeley County, WV County Commission, Series 1994, Weekly VRDNs (Brentwood Industries, Inc.)/(First Union National Bank, Charlotte, NC LOC) |
|
|
2,335,000 |
|
|
1,750,000 |
|
West Virginia Public Energy Authority, Energy Revenue Bonds, Series 1989 A, 4.00% CP (Morgantown Energy Associates) /(Dexia Credit Local de France LOC), Mandatory Tender 8/10/2000 |
|
|
1,750,000 |
|
|
11,150,000 |
|
West Virginia Public Energy Authority, Energy Revenue Bonds, Series 1989 A, 4.35% CP (Morgantown Energy Associates) /(Dexia Credit Local de France LOC), Mandatory Tender 8/8/2000 |
|
|
11,150,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
15,235,000 |
|
|
||||||
|
|
|
|
Wisconsin--1.9% |
|
|
|
|
|
3,000,000 |
|
La Crosse, WI IDA, Series 2000, Weekly VRDNs (Pacal Industries)/(Wells Fargo Bank Minnesota, N.A. LOC) |
|
|
3,000,000 |
|
|
2,000,000 |
|
Milwaukee, WI, Series 1997, 4.70% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 12/1/2000 |
|
|
2,000,000 |
|
|
5,000,000 |
|
Milwaukee, WI, Trust Receipts, Series 2000 FR/RI-A8, Weekly VRDNs (Bank of New York LIQ) |
|
|
5,000,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Wisconsin--continued |
|
|
|
|
$ |
1,000,000 |
|
New Berlin, WI, Series 1997A, Weekly VRDNs (Sunraider LLC/New Berlin Plastics, Inc.)/(Bank One, Wisconsin, N.A. LOC) |
|
$ |
1,000,000 |
|
|
4,080,000 |
|
Sussex, WI IDB, Series 2000, Weekly VRDNs (Sharp Packaging Systems, Inc.)/(Marshall & Ilsley Bank, Milwaukee LOC) |
|
|
4,080,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
15,080,000 |
|
|
||||||
|
|
|
|
TOTAL INVESTMENTS (AT AMORTIZED COST)3 |
|
$ |
780,113,727 |
|
|
||||||
Securities that are subject to alternative minimum tax represent 87.2% of the portfolio as calculated based upon total portfolio market value.
1 The fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical rating organizations ("NRSROs" ) or unrated securities of comparable quality. An NRSRO's two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 or SP-2 by Standard & Poor's, MIG-1 or MIG-2 by Moody's Investors Service, or F-1+, F-1 or F-2 by Fitch IBCA, Inc., are all considered rated in one of the two highest short-term rating categories. Securities rated in the highest short-term rating category (and unrated securities of comparable quality) are identified as First Tier securities. Securities rated in the second highest short-term rating category (and unrated securities of comparable quality) are identified as Second Tier securities. The fund follows applicable regulations in determining whether a security is rated and whether a security rated by multiple NRSROs in different rating categories should be identified as a First or Second Tier security. At July 31, 2000, the portfolio securities were as follows:
Tier Rating Based on Total Market Value (Unaudited)
|
First Tier |
|
Second Tier |
|
97.8% |
|
2.2% |
2 Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid based upon criteria approved by the fund's Board of Trustees. At July 31, 2000, these securities amounted to $23,750,000 which represents 3.0% of net assets.
3 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets ($784,475,782) at July 31, 2000.
Following the Portfolios of Investments is a glossary of acronyms used throughout the portfolios.
See Notes which are an integral part of the Financial Statements
JULY 31, 2000
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM NOTES--12.4% |
|
|
|
|
|
|
|
Banking--4.9% |
|
|
|
|
$ |
30,000,000 |
|
Bank One, Illinois, N.A., 6.025% - 6.070%, 10/10/2000 - 11/13/2000 |
|
$ |
29,994,938 |
|
|
63,000,000 |
|
Bank One, N.A., 6.860%, 1/10/2001 - 1/12/2001 |
|
|
63,000,000 |
|
|
73,200,000 |
|
Bank of America, N.A., 6.870%, 12/22/2000 - 1/17/2001 |
|
|
73,200,000 |
|
|
16,000,000 |
|
Westpac Banking Corp. Ltd., Sydney, 6.220%, 11/30/2000 |
|
|
15,995,901 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
182,190,839 |
|
|
||||||
|
|
|
|
Finance - Automotive--0.4% |
|
|
|
|
|
14,399,243 |
|
Ford Credit Auto Owner Trust 2000-A, Class A2, 6.217%, 12/15/2000 |
|
|
14,399,243 |
|
|
||||||
|
|
|
|
Finance - Commercial--5.8% |
|
|
|
|
|
55,100,000 |
|
Beta Finance, Inc., 7.110% - 7.240%, 5/8/2001 - 7/24/2001 |
|
|
55,100,000 |
|
|
161,000,000 |
|
Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 6.000% - 7.125%, 8/11/2000 - 7/24/2001 |
|
|
161,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
216,100,000 |
|
|
||||||
|
|
|
|
Finance - Equipment--0.7% |
|
|
|
|
|
13,411,559 |
|
CIT Equipment Collateral 2000-1, Class A1, 6.723%, 5/21/2001 |
|
|
13,412,003 |
|
|
483,882 |
|
Copelco Capital Funding LLC 1999-B, Class A-1, 5.937%, 10/18/2000 |
|
|
483,882 |
|
|
11,794,051 |
|
Copelco Capital Funding LLC Series 2000-A, Class A-1, 6.507%, 5/14/2001 |
|
|
11,794,051 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
25,689,936 |
|
|
||||||
|
|
|
|
Insurance--0.6% |
|
|
|
|
|
4,145,363 |
|
Americredit Automobile Receivables Trust 2000-A, Class A1, 6.040%, 2/5/2001 |
|
|
4,145,363 |
|
|
18,194,631 |
|
Continental Auto Receivables Owner Trust 2000-A, Class A-1, (Insured by MBIA), 6.445%, 4/15/2001 |
|
|
18,194,631 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
22,339,994 |
|
|
||||||
|
|
|
|
TOTAL SHORT-TERM NOTES |
|
|
460,720,012 |
|
|
||||||
|
|
|
|
CERTIFICATES OF DEPOSIT--8.3% |
|
|
|
|
|
|
|
Banking--8.3% |
|
|
|
|
|
1,000,000 |
|
ABN AMRO Bank N.V., Amsterdam, 6.780%, 3/20/2001 |
|
|
999,761 |
|
|
38,200,000 |
|
Australia & New Zealand Banking Group, Melbourne, 6.310% - 6.540%, 9/13/2000 - 10/27/2000 |
|
|
38,189,327 |
|
|
10,000,000 |
|
BNP Paribas, 6.410%, 10/13/2000 |
|
|
9,988,936 |
|
|
50,000,000 |
|
Bank of Nova Scotia, Toronto, 6.880%, 4/3/2001 |
|
|
49,990,460 |
|
|
11,000,000 |
|
Bayerische Landesbank Girozentrale, 5.930% - 6.870%, 10/2/2000 - 4/3/2001 |
|
|
10,994,007 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
CERTIFICATES OF DEPOSIT--continued |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
3,000,000 |
|
Commerzbank AG, Frankfurt, 7.150%, 6/29/2001 |
|
$ |
2,998,711 |
|
|
10,000,000 |
|
Credit Agricole Indosuez, 6.870%, 3/28/2001 |
|
|
9,998,138 |
|
|
10,000,000 |
|
Deutsche Bank AG, 6.700%, 2/5/2001 |
|
|
9,997,557 |
|
|
10,000,000 |
|
Michigan National Bank, Farmington Hills, 6.900%, 4/3/2001 |
|
|
9,998,728 |
|
|
50,000,000 |
|
Royal Bank of Canada, Montreal, 6.460%, 10/23/2000 |
|
|
50,001,114 |
|
|
60,200,000 |
|
Svenska Handelsbanken, Stockholm, 6.765% - 7.120%, 3/22/2001 - 5/4/2001 |
|
|
60,187,491 |
|
|
55,000,000 |
|
UBS AG, 6.020% - 6.950%, 11/13/2000 - 5/2/2001 |
|
|
54,990,174 |
|
|
||||||
|
|
|
|
TOTAL CERTIFICATES OF DEPOSIT |
|
|
308,334,404 |
|
|
||||||
|
|
|
|
COMMERCIAL PAPER--45.0%1 |
|
|
|
|
|
|
|
Banking--21.8% |
|
|
|
|
|
10,000,000 |
|
Abbey National N.A. Corp., (Guaranteed by Abbey National Bank PLC, London), 6.760%, 11/27/2000 |
|
|
9,778,422 |
|
|
135,003,000 |
|
Barton Capital Corp., 6.520% - 6.530%, 8/8/2000 - 8/11/2000 |
|
|
134,793,211 |
|
|
25,000,000 |
|
Commonwealth Bank of Australia, Sydney, 6.235%, 10/13/2000 |
|
|
24,683,920 |
|
|
41,000,000 |
|
Den Danske Bank A/S, 6.245%, 10/10/2000 |
|
|
40,502,135 |
|
|
65,000,000 |
|
Den Danske Corp., Inc., (Guaranteed by Den Danske Bank A/S), 6.030% - 6.630%, 8/3/2000 - 12/26/2000 |
|
|
64,432,774 |
|
|
19,500,000 |
|
Fountain Square Commercial Funding Corp., (Fifth Third Bank, Cincinnati SA), 6.510%, 8/21/2000 |
|
|
19,429,475 |
|
|
10,000,000 |
|
Internationale Nederlanden U.S. Funding Corp., (Guaranteed by ING Bank N.V.), 6.370%, 12/28/2000 |
|
|
9,736,353 |
|
|
19,902,000 |
|
Market Street Funding Corp., (PNC Bank, N.A. SA), 6.530%, 8/15/2000 |
|
|
19,851,460 |
|
|
190,000,000 |
|
Park Avenue Receivables Corp., 6.520%, 8/8/2000 - 8/22/2000 |
|
|
189,518,244 |
|
|
86,285,000 |
|
Three Rivers Funding Corp., 6.510% - 6.530%, 8/16/2000 - 8/22/2000 |
|
|
86,006,208 |
|
|
85,000,000 |
|
Variable Funding Capital Corp., 6.530%, 8/25/2000 |
|
|
84,629,967 |
|
|
101,500,000 |
|
Westpac Trust Securities NZ Ltd., (Guaranteed by Westpac Banking Corp. Ltd., Sydney), 6.200%, 11/29/2000 - 12/4/2000 |
|
|
99,345,069 |
|
|
28,715,000 |
|
Wood Street Funding Corp., 6.530%, 8/8/2000 |
|
|
28,678,540 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
811,385,778 |
|
|
||||||
|
|
|
|
Electric Power--1.1% |
|
|
|
|
|
41,325,000 |
|
Southern Electric Generating Co. 6.650%, 9/12/2000 |
|
|
41,004,387 |
|
|
||||||
|
|
|
|
Finance - Commercial--7.7% |
|
|
|
|
|
131,000,000 |
|
Eureka Securitization, Inc., 6.520% - 6.530%, 8/4/2000 - 8/21/2000 |
|
|
130,647,797 |
|
|
150,000,000 |
|
Falcon Asset Securitization Corp., 6.510% - 6.520%, 8/11/2000 - 8/28/2000 |
|
|
149,633,528 |
|
|
10,000,000 |
|
General Electric Capital Corp., 6.070%, 8/18/2000 |
|
|
9,971,336 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
290,252,661 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
COMMERCIAL PAPER--continued1 |
|
|
|
|
|
|
|
Finance - Retail--5.6% |
|
|
|
|
$ |
182,853,000 |
|
Amsterdam Funding Corp., 6.530% - 6.550%, 8/1/2000 - 8/14/2000 |
|
$ |
182,666,531 |
|
|
25,000,000 |
|
Windmill Funding Corp., 6.520%, 8/3/2000 |
|
|
24,990,944 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
207,657,475 |
|
|
||||||
|
|
|
|
Insurance--8.8% |
|
|
|
|
|
125,000,000 |
|
Galaxy Funding, Inc., 6.540% - 6.570%, 8/3/2000 - 8/24/2000 |
|
|
124,662,901 |
|
|
20,000,000 |
|
Marsh USA, Inc., 6.240%, 10/10/2000 |
|
|
19,757,333 |
|
|
182,950,000 |
|
Sheffield Receivables Corp., 6.520% - 6.530%, 8/4/2000 - 8/21/2000 |
|
|
182,539,752 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
326,959,986 |
|
|
||||||
|
|
|
|
TOTAL COMMERCIAL PAPER |
|
|
1,677,260,287 |
|
|
||||||
|
|
|
|
LOAN PARTICIPATION--5.0% |
|
|
|
|
|
|
|
Electrical Equipment--0.5% |
|
|
|
|
|
16,700,000 |
|
Mt. Vernon Phenol Plant Partnership, (Guaranteed by General Electric Co.), 6.810%, 5/17/2001 |
|
|
16,700,000 |
|
|
||||||
|
|
|
|
Finance - Automotive--2.7% |
|
|
|
|
|
50,000,000 |
|
General Motors Acceptance Corp., Mortgage of PA, (Guaranteed by General Motors Acceptance Corp.), 6.610%, 8/7/2000 |
|
|
50,000,000 |
|
|
53,000,000 |
|
General Motors Acceptance Corp., Mortgage of PA, (Guaranteed by General Motors Acceptance Corp.), 6.674% - 6.723%, 10/2/2000 |
|
|
52,392,411 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
102,392,411 |
|
|
||||||
|
|
|
|
Food & Beverage--0.5% |
|
|
|
|
|
20,000,000 |
|
Sara Lee Corp., 6.550%, 8/10/2000 |
|
|
20,000,000 |
|
|
||||||
|
|
|
|
Oil & Oil Finance--1.3% |
|
|
|
|
|
50,000,000 |
|
Amoco Energy Company of Trinidad and Tobago, (Guaranteed by BP Amoco Corp.), 6.610%, 8/10/2000 |
|
|
50,000,000 |
|
|
||||||
|
|
|
|
TOTAL LOAN PARTICIPATION |
|
|
189,092,411 |
|
|
||||||
|
|
|
|
VARIABLE RATE OBLIGATIONS--28.4%2 |
|
|
|
|
|
|
|
Banking--14.4% |
|
|
|
|
|
3,000,000 |
|
6380 Brackbill Associates LP, Series 2000, (Allfirst LOC), 6.670%, 8/4/2000 |
|
|
3,000,000 |
|
|
25,000,000 |
|
Abbey National Treasury Services PLC, (Guaranteed by Abbey National Bank PLC, London), 6.606%, 8/15/2000 |
|
|
24,983,033 |
|
|
2,000,000 |
|
Albuquerque, NM, Series 1997, El Canto, Inc., (Norwest Bank, Minnesota, N.A. LOC), 6.960%, 8/3/2000 |
|
|
2,000,000 |
|
|
50,000,000 |
|
Bayerische Landesbank Girozentrale, 6.579%, 8/2/2000 |
|
|
49,977,186 |
|
|
1,275,000 |
|
Beech Grove, IN, Series 1997, Poster Display Co, Project, (Bank One, Indiana, N.A. LOC), 6.700%, 8/3/2000 |
|
|
1,275,000 |
|
|
6,000,000 |
|
Bing Steel Management, Inc., Series 2000, (Michigan National Bank, Farmington Hills LOC), 6.720%, 8/2/2000 |
|
|
6,000,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
VARIABLE RATE OBLIGATIONS--continued2 |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
1,745,000 |
|
C.W. Caldwell, Inc., Sweetbriar Assisted Living Facility, Project, (Huntington National Bank, Columbus, OH LOC), 6.620%, 8/20/2000 |
|
$ |
1,745,000 |
|
|
5,100,000 |
|
Capital One Funding Corp., Series 1993-A, (Bank One Ohio, N.A. LOC), 6.700%, 8/3/2000 |
|
|
5,100,000 |
|
|
21,044,000 |
|
Capital One Funding Corp., Series 1999-A, (Bank One, Kentucky LOC), 6.700%, 8/3/2000 |
|
|
21,044,000 |
|
|
2,845,000 |
|
Casna LP, Series 1997, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
2,845,000 |
|
|
9,670,000 |
|
Cedarville College OH, Series 1998, (KeyBank, N.A. LOC), 6.760%, 8/3/2000 |
|
|
9,670,000 |
|
|
4,250,000 |
|
Charapp Family LP, Series 2000, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
4,250,000 |
|
|
15,000 |
|
Chartiers Valley, PA, Industrial & Commercial Development Authority, Woodhaven Convalescent Center, Series 1997-B, (Bank One, Ohio, N.A. LOC), 6.750%, 8/3/2000 |
|
|
15,000 |
|
|
1,410,000 |
|
Children's Defense Fund, (Allfirst LOC), 6.780%, 8/1/2000 |
|
|
1,410,000 |
|
|
5,715,000 |
|
Colonie, NY IDA, Mechanical Technology, Inc. Project, Series 1998 A, (KeyBank, N.A. LOC), 6.750%, 8/3/2000 |
|
|
5,715,000 |
|
|
56,000,000 |
|
Comerica Bank, 6.630% - 6.670%, 9/25/2000 - 11/9/2000 |
|
|
55,991,490 |
|
|
9,700,000 |
|
Cuyahoga County, OH, Gateway Arena Project, Series 1992-B, (Canadian Imperial Bank of Commerce LOC), 6.700%, 8/3/2000 |
|
|
9,700,000 |
|
|
9,450,000 |
|
Elsinore Properties LP, Series 1999, (Fifth Third Bank, Cincinnati LOC), 6.640%, 8/3/2000 |
|
|
9,450,000 |
|
|
850,000 |
|
Flowform, Inc., (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
850,000 |
|
|
4,000,000 |
|
Frank Parsons Paper Co., Inc., Series 1999, (Allfirst LOC), 6.670%, 8/4/2000 |
|
|
4,000,000 |
|
|
3,930,000 |
|
Georgia Ports Authority, Colonel's Island Terminal Project, Series 1996-A, Revenue Bonds, (SunTrust Bank, Atlanta LOC), 6.650%, 8/2/2000 |
|
|
3,930,000 |
|
|
1,380,000 |
|
Gerald T. Thom, Trustee U.A.D., March 27, 1997, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
1,380,000 |
|
|
1,480,000 |
|
Gettysburg Area IDA, Hanover Lantern, Inc. Project, Series 1998-B, (Allfirst LOC), 6.680%, 8/2/2000 |
|
|
1,480,000 |
|
|
10,030,000 |
|
Healthcare Network Properties LLC, Series A, (National City Bank, Michigan/Illinois LOC), 6.670%, 8/3/2000 |
|
|
10,030,000 |
|
|
7,350,000 |
|
IT Spring Wire LLC, Series 1997, (Fifth Third Bank, Cincinnati LOC), 6.700%, 8/3/2000 |
|
|
7,350,000 |
|
|
3,635,000 |
|
International Processing Corp., (Bank One, Kentucky LOC), 6.750%, 8/3/2000 |
|
|
3,635,000 |
|
|
8,500,000 |
|
KinderCare Learning Centers, Inc., Series B, (Chase Manhattan Bank N.A., New York LOC), 6.750%, 8/2/2000 |
|
|
8,500,000 |
|
|
1,945,000 |
|
Kit Carson County, CO, Midwest Farms LLC Project, (Norwest Bank Minnesota, N.A. LOC), 6.700%, 8/2/2000 |
|
|
1,945,000 |
|
|
6,000,000 |
|
La Verne, CA, IDA, Mobile Tool International, Inc. Project, Series 1998-B, (Fleet Bank N.A. LOC), 6.670%, 8/3/2000 |
|
|
6,000,000 |
|
|
2,125,000 |
|
Lincoln Park Associates LP, (Bank One, N.A. LOC), 6.800%, 8/3/2000 |
|
|
2,125,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
VARIABLE RATE OBLIGATIONS--continued2 |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
50,504,863 |
|
Liquid Asset Backed Securities Trust, Series 1997-1, (Westdeutsche Landesbank Girozentrale Swap Agreement), 6.630%, 8/19/2000 |
|
$ |
50,504,863 |
|
|
7,730,000 |
|
Lombard, IL, Multifamily Housing, MHRV Series 1999, Clover Creek Apartments, (Bank One, Arizona N.A. LOC), 6.750%, 8/3/2000 |
|
|
7,730,000 |
|
|
5,000,000 |
|
Los Angeles, CA, MERLOTS, Series 2000A, (H&H Theatre), (Guaranteed by First Union National Bank, Charlotte, NC), 6.720%, 8/2/2000 |
|
|
5,000,000 |
|
|
32,410,000 |
|
M/S Land LLC, (Bank One, Illinois, N.A. LOC), 6.750%, 8/3/2000 |
|
|
32,410,000 |
|
|
4,000,000 |
|
MBE Investment Co. LLC, EH Investment Company, Series 2000A, (Michigan National Bank, Farmington Hills LOC), 6.730%, 8/3/2000 |
|
|
4,000,000 |
|
|
5,900,000 |
|
MMR Funding I, Series A, (Bayerische Hypotheken-und Vereinsbank AG LOC), 6.700%, 8/3/2000 |
|
|
5,900,000 |
|
|
10,000,000 |
|
Maples Industries, Inc., (Regions Bank, Alabama LOC), 6.650%, 8/3/2000 |
|
|
10,000,000 |
|
|
4,375,000 |
|
Maryland EDC, Human Genome Sciences, Series 1999A, (Allfirst LOC), 6.680%, 8/1/2000 |
|
|
4,375,000 |
|
|
13,125,000 |
|
Maryland EDC, Human Genome Sciences, Series 1999B, (First Union National Bank, Charlotte, NC LOC), 6.680%, 8/1/2000 |
|
|
13,125,000 |
|
|
4,770,000 |
|
Medilodge Group, Meadowbrook Project, (KeyBank, N.A. LOC), 6.800%, 8/3/2000 |
|
|
4,770,000 |
|
|
1,280,000 |
|
Michigan State Housing Development Authority, Series 1999B, Lexington Place Apartments, (Bank of America, N.A. LOC), 6.640%, 8/3/2000 |
|
|
1,280,000 |
|
|
4,100,000 |
|
New Jersey EDA, Morey Organization, Inc. Project Series 1997, (First Union National Bank, Charlotte, NC LOC), 6.750%, 8/2/2000 |
|
|
4,100,000 |
|
|
2,565,000 |
|
New Jersey EDA, Pheonix Realty Partners, (First Union National Bank, Charlotte, NC LOC), 6.750%, 8/2/2000 |
|
|
2,565,000 |
|
|
8,760,000 |
|
O.K.I. Supply Co., Series 1998, (Fifth Third Bank, Cincinnati LOC), 6.640%, 8/3/2000 |
|
|
8,760,000 |
|
|
45,000 |
|
Oakwoods Master LP, Series 1997, (AmSouth Bank N.A., Birmingham LOC), 6.710%, 8/3/2000 |
|
|
45,000 |
|
|
4,920,000 |
|
P.C.I. Paper Conversions, Inc., Series 2000, (KeyBank, N.A. LOC), 6.760%, 8/3/2000 |
|
|
4,920,000 |
|
|
1,000,000 |
|
Poseyville, IN, North American Green, Series 1999, (Fifth Third Bank, Cincinnati LOC), 6.710%, 8/3/2000 |
|
|
1,000,000 |
|
|
3,800,000 |
|
Primex Funding Corp., Series 1997-A, (Bank One, Indiana, N.A. LOC), 6.700%, 8/3/2000 |
|
|
3,800,000 |
|
|
1,278,610 |
|
Rabobank Optional Redemption Trust, Series 1997-101, 6.734%, 10/17/2000 |
|
|
1,278,610 |
|
|
9,445,000 |
|
Royal Wine Corp./KFP International Ltd., Series 1998, (KeyBank, N.A. LOC), 6.760%, 8/3/2000 |
|
|
9,445,000 |
|
|
15,000,000 |
|
SMM Trust, Series 2000-B Class A-1, (Morgan Guaranty Trust Co., New York Swap Agreement), 6.650%, 8/14/2000 |
|
|
15,000,000 |
|
|
8,460,000 |
|
Sandridge Food Corp., (Bank One, Ohio, N.A. LOC), 6.750%, 8/3/2000 |
|
|
8,460,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
VARIABLE RATE OBLIGATIONS--continued2 |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
9,360,000 |
|
Smith Land & Improvement Corp., Series 1999, (Allfirst LOC), 6.680%, 8/1/2000 |
|
$ |
9,360,000 |
|
|
3,630,000 |
|
Solon Properties LLC, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
3,630,000 |
|
|
2,080,000 |
|
Spitzer Group, Series 1998-C, (Bank One Ohio, N.A. LOC), 6.750%, 8/3/2000 |
|
|
2,080,000 |
|
|
1,100,000 |
|
TDB Realty Ltd., (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
1,100,000 |
|
|
1,800,000 |
|
Tallahassee-Leon County Civic Center Authority, Series 1998-C, (SunTrust Bank LOC), 6.650%, 8/2/2000 |
|
|
1,800,000 |
|
|
3,195,000 |
|
Team Rahal of Pittsburgh, Inc., Series 1997, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
3,195,000 |
|
|
2,050,000 |
|
Trap Rock Industries, Inc., Series 1997, (First Union National Bank, Charlotte, NC LOC), 6.750%, 8/2/2000 |
|
|
2,050,000 |
|
|
865,000 |
|
Triple O LLC, Series 1999, (Huntington National Bank, Columbus, OH LOC), 6.800%, 8/3/2000 |
|
|
865,000 |
|
|
35,000,000 |
|
Westdeutsche Landesbank Girozentrale, 6.546%, 8/17/2000 |
|
|
34,987,006 |
|
|
9,740,000 |
|
Wildcat Management Ltd., Inc., Series 1999, (Firstar Bank, Cincinnati, N.A. LOC), 6.700%, 8/3/2000 |
|
|
9,740,000 |
|
|
3,525,000 |
|
YMCA of Greater Cleveland, Series 2000, (Fifth Third Bank of Northwestern, OH LOC), 6.640%, 8/3/2000 |
|
|
3,525,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
536,196,188 |
|
|
||||||
|
|
|
|
Brokerage--3.8% |
|
|
|
|
|
70,000,000 |
|
Merrill Lynch & Co., Inc., 6.590%, 8/14/2000 |
|
|
69,991,310 |
|
|
73,000,000 |
|
Morgan Stanley, Dean Witter & Co., 6.610%, 8/1/2000 |
|
|
73,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
142,991,310 |
|
|
||||||
|
|
|
|
Finance - Automotive--0.5% |
|
|
|
|
|
20,000,000 |
|
General Motors Acceptance Corp., 6.818%, 8/30/2000 |
|
|
19,999,339 |
|
|
||||||
|
|
|
|
Finance - Commercial--0.9% |
|
|
|
|
|
31,700,000 |
|
Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 6.626% - 6.888%, 8/15/2000 - 9/28/2000 |
|
|
31,700,000 |
|
|
||||||
|
|
|
|
Finance - Equipment--1.1% |
|
|
|
|
|
25,000,000 |
|
CIT Equipment Collateral Trust 2000-1, Class A2A, 6.620%, 8/20/2000 |
|
|
25,000,000 |
|
|
15,000,000 |
|
Copelco Capital Receivables LLC, Series 2000-A, Class A2A, 6.628%, 8/19/2000 |
|
|
15,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
40,000,000 |
|
|
||||||
|
|
|
|
Government Agency--0.4% |
|
|
|
|
|
15,500,000 |
|
Direct One Funding Corp., Series 2000 (Sexton Properties), (Insured by FNMA), 6.690%, 8/3/2000 |
|
|
15,500,000 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
VARIABLE RATE OBLIGATIONS--continued2 |
|
|
|
|
|
|
|
Insurance--7.3% |
|
|
|
|
$ |
24,000,000 |
|
Allstate Life Insurance Co., 6.785% - 6.800%, 8/1/2000 |
|
$ |
24,000,000 |
|
|
20,000,000 |
|
Anchor National Life Insurance Co., 6.869%, 9/30/2000 |
|
|
20,000,000 |
|
|
27,000,000 |
|
First Allmerica Financial Life Insurance Co., 6.648%, 8/3/2000 |
|
|
27,000,000 |
|
|
15,000,000 |
|
GE Life and Annuity Assurance Co., 6.940%, 9/1/2000 |
|
|
15,000,000 |
|
|
62,400,000 |
|
Jackson National Life Insurance Co., 6.720% - 6.940%, 8/22/2000 - 10/1/2000 |
|
|
62,400,000 |
|
|
44,000,000 |
|
Monumental Life Insurance Co., 6.760% - 6.966%, 8/1/2000 - 8/31/2000 |
|
|
44,000,000 |
|
|
20,000,000 |
|
Principal Life Insurance Co., 6.990%, 9/1/2000 |
|
|
20,000,000 |
|
|
15,000,000 |
|
Protective Life Insurance Co., 6.541%, 8/1/2000 |
|
|
15,000,000 |
|
|
10,000,000 |
|
Security Life of Denver Insurance Co., 6.773%, 10/28/2000 |
|
|
10,000,000 |
|
|
25,000,000 |
|
Transamerica Occidental Life Insurance Co., 6.919%, 8/3/2000 |
|
|
25,000,000 |
|
|
10,000,000 |
|
Travelers Insurance Co., 6.869%, 9/30/2000 |
|
|
10,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
272,400,000 |
|
|
||||||
|
|
|
|
TOTAL VARIABLE RATE OBLIGATIONS |
|
|
1,058,786,837 |
|
|
||||||
|
|
|
|
REPURCHASE AGREEMENTS--0.2%3 |
|
|
|
|
|
8,930,000 |
|
Salomon Brothers, Inc., 6.640%, dated 7/31/2000, due 8/1/2000 |
|
|
8,930,000 |
|
|
||||||
|
|
|
|
TOTAL INVESTMENTS (AT AMORTIZED COST)4 |
|
$ |
3,703,123,951 |
|
|
||||||
1 Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues.
2 Current rate and next reset date shown.
3 The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of the portfolio. The investment in the repurchase agreement is through participation in a joint account with other Federated funds.
4 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets ($3,729,698,816) at July 31, 2000.
Following the Portfolios of Investments is a glossary of acronyms used throughout the portfolios.
See Notes which are an integral part of the Financial Statements
JULY 31, 2000
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM NOTES--9.6% |
|
|
|
|
|
|
|
Banking--4.1% |
|
|
|
|
$ |
15,000,000 |
|
Bank One, Illinois, N.A., 6.025% - 6.070%, 10/10/2000 - 11/13/2000 |
|
$ |
14,997,698 |
|
|
63,000,000 |
|
Bank One, N.A., 6.860%, 1/10/2001 - 1/12/2001 |
|
|
63,000,000 |
|
|
41,000,000 |
|
Bank of America, N.A., 6.870%, 1/3/2001 - 1/17/2001 |
|
|
41,000,000 |
|
|
5,000,000 |
|
Westpac Banking Corp. Ltd., Sydney, 6.220%, 11/30/2000 |
|
|
4,998,719 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
123,996,417 |
|
|
||||||
|
|
|
|
Finance - Automotive--1.4% |
|
|
|
|
|
28,126,026 |
|
Associates Automobile Receivables Trust 2000-1, Class A-1, 6.854%, 6/15/2001 |
|
|
28,126,026 |
|
|
12,793,102 |
|
Chevy Chase Auto Receivables Trust 2000-1, Class A-1, 6.870%, 7/12/2001 |
|
|
12,793,102 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
40,919,128 |
|
|
||||||
|
|
|
|
Finance - Commercial--3.0% |
|
|
|
|
|
24,900,000 |
|
Beta Finance, Inc., 7.110% - 7.200%, 6/28/2001 - 7/24/2001 |
|
|
24,900,000 |
|
|
63,000,000 |
|
Sigma Finance, Inc., 6.000% - 7.125%, 8/11/2000 -- 7/24/2001 |
|
|
63,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
87,900,000 |
|
|
||||||
|
|
|
|
Finance - Equipment--0.2% |
|
|
|
|
|
6,705,780 |
|
CIT Equipment Collateral Trust, Series 2000-1, Class A-1, 6.723%, 5/21/2001 |
|
|
6,706,002 |
|
|
203,740 |
|
Copelco Capital Funding LLC, Series 1999-B Class A-1, 5.937%, 10/18/2000 |
|
|
203,740 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
6,909,742 |
|
|
||||||
|
|
|
|
Insurance--0.9% |
|
|
|
|
|
1,899,958 |
|
Americredit Automobile Receivables Trust, Series 2000-A Class A1, (Insured by FSA), 6.040%, 2/5/2001 |
|
|
1,899,958 |
|
|
25,000,000 |
|
WFS Financial Owner Trust, Series 2000-B Class A-1, (Insured by FSA), 6.910%, 5/21/2001 |
|
|
25,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
26,899,958 |
|
|
||||||
|
|
|
|
TOTAL SHORT-TERM NOTES |
|
|
286,625,245 |
|
|
||||||
|
|
|
|
CERTIFICATES OF DEPOSIT--11.4% |
|
|
|
|
|
|
|
Banking--11.4% |
|
|
|
|
|
20,000,000 |
|
ABN AMRO Bank N.V., Amsterdam, 6.780%, 3/20/2001 |
|
|
19,995,222 |
|
|
25,800,000 |
|
Australia & New Zealand Banking Group, Melbourne, 6.310% - 6.540%, 9/13/2000 - 10/27/2000 |
|
|
25,789,646 |
|
|
17,000,000 |
|
BNP Paribas, 6.410%, 10/13/2000 |
|
|
16,981,191 |
|
|
50,000,000 |
|
Bank One, Illinois, N.A., 5.955%, 11/13/2000 |
|
|
49,989,794 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
CERTIFICATES OF DEPOSIT--continued |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
6,000,000 |
|
Bank of Nova Scotia, Toronto, 6.880%, 4/30/2001 |
|
$ |
5,999,153 |
|
|
5,000,000 |
|
Bayerische Landesbank Girozentrale, 5.930%, 10/2/2000 |
|
|
4,995,135 |
|
|
1,300,000 |
|
Commerzbank AG, Frankfurt, 7.150%, 6/29/2001 |
|
|
1,299,441 |
|
|
50,000,000 |
|
Royal Bank of Canada, Montreal, 6.460%, 10/23/2000 |
|
|
50,001,114 |
|
|
88,800,000 |
|
Svenska Handelsbanken, Stockholm, 6.765% - 6.940%, 3/22/2001 - 5/2/2001 |
|
|
88,784,791 |
|
|
5,000,000 |
|
UBS AG, 6.950%, 5/2/2001 |
|
|
4,999,645 |
|
|
50,000,000 |
|
Westdeutsche Landesbank Girozentrale, 7.160% - 7.260%, 5/8/2001 - 5/9/2001 |
|
|
50,062,816 |
|
|
22,000,000 |
|
Westpac Banking Corp. Ltd., Sydney, 6.750%, 4/17/2001 |
|
|
21,997,066 |
|
|
||||||
|
|
|
|
TOTAL CERTIFICATES OF DEPOSIT |
|
|
340,895,014 |
|
|
||||||
|
|
|
|
COMMERCIAL PAPER--34.6%1 |
|
|
|
|
|
|
|
Banking--15.7% |
|
|
|
|
|
15,000,000 |
|
Abbey National N.A. Corp., (Guaranteed by Abbey National Bank PLC, London), 6.760%, 11/27/2000 |
|
|
14,667,633 |
|
|
25,275,000 |
|
Barton Capital Corp., 6.520%, 8/11/2000 |
|
|
25,229,224 |
|
|
25,000,000 |
|
Commonwealth Bank of Australia, Sydney, 6.235%, 10/13/2000 |
|
|
24,683,920 |
|
|
25,438,000 |
|
Den Danske Bank A/S, 6.245%, 10/10/2000 |
|
|
25,129,105 |
|
|
65,000,000 |
|
Den Danske Corp., Inc., (Guaranteed by Den Danske Bank A/S), 6.065% - 6.630%, 9/5/2000 - 12/26/2000 |
|
|
64,299,086 |
|
|
132,366,000 |
|
Gotham Funding Corp., 6.570% - 6.630%, 8/2/2000 - 8/28/2000 |
|
|
132,168,986 |
|
|
20,000,000 |
|
Internationale Nederlanden U.S. Funding Corp., (Guaranteed by ING Bank N.V.), 6.370%, 12/29/2000 |
|
|
19,469,167 |
|
|
75,917,000 |
|
Park Avenue Receivables Corp., 6.520%, 8/17/2000 - 8/23/2000 |
|
|
75,668,706 |
|
|
33,055,000 |
|
Three Rivers Funding Corp., 6.550%, 8/1/2000 |
|
|
33,055,000 |
|
|
22,000,000 |
|
Westpac Capital Corp., (Guaranteed by Westpac Banking Corp. Ltd., Sydney), 6.200%, 11/29/2000 |
|
|
21,545,333 |
|
|
34,000,000 |
|
Westpac Trust Securities NZ Ltd., (Guaranteed by Westpac Banking Corp. Ltd., Sydney), 6.200%, 12/4/2000 |
|
|
33,268,056 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
469,184,216 |
|
|
||||||
|
|
|
|
Chemicals--0.1% |
|
|
|
|
|
3,100,000 |
|
IMC Global, Inc., 6.800%, 8/21/2000 |
|
|
3,088,289 |
|
|
||||||
|
|
|
|
Electrical Equipment--0.8% |
|
|
|
|
|
25,000,000 |
|
Whirlpool Corp., 6.650%, 8/14/2000 |
|
|
24,939,965 |
|
|
||||||
|
|
|
|
Finance - Commercial--4.4% |
|
|
|
|
|
25,000,000 |
|
General Electric Capital Corp., 6.060%, 8/29/2000 |
|
|
24,882,167 |
|
|
106,000,000 |
|
Sheffield Receivables Corp., 6.530%, 8/10/2000 - 8/15/2000 |
|
|
105,772,538 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
130,654,705 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
COMMERCIAL PAPER--continued1 |
|
|
|
|
|
|
|
Finance - Retail--4.6% |
|
|
|
|
$ |
113,000,000 |
|
Amsterdam Funding Corp., 6.530%, 8/7/2000 - 8/21/2000 |
|
$ |
112,716,671 |
|
|
24,750,000 |
|
Windmill Funding Corp., 6.520%, 8/11/2000 |
|
|
24,705,175 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
137,421,846 |
|
|
||||||
|
|
|
|
Homebuilding--0.8% |
|
|
|
|
|
25,000,000 |
|
Centex Corp., 6.700% - 6.730%, 8/21/2000 - 8/24/2000 |
|
|
24,898,282 |
|
|
||||||
|
|
|
|
Industrial Products--0.2% |
|
|
|
|
|
7,000,000 |
|
Praxair, Inc., 6.620%, 8/10/2000 |
|
|
6,988,415 |
|
|
||||||
|
|
|
|
Insurance--5.9% |
|
|
|
|
|
159,066,000 |
|
Galaxy Funding, Inc., 6.540% - 6.550%, 8/16/2000 - 8/24/2000 |
|
|
158,510,869 |
|
|
19,000,000 |
|
Marsh USA, Inc., 6.240%, 10/10/2000 |
|
|
18,769,467 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
177,280,336 |
|
|
||||||
|
|
|
|
Retail--1.0% |
|
|
|
|
|
30,999,000 |
|
Safeway, Inc., 6.700% - 6.790%, 8/3/2000 - 10/10/2000 |
|
|
30,681,960 |
|
|
||||||
|
|
|
|
Transportation--1.1% |
|
|
|
|
|
31,450,000 |
|
FDX Corp., 6.700%, 8/11/2000 - 8/23/2000 |
|
|
31,355,307 |
|
|
||||||
|
|
|
|
TOTAL COMMERCIAL PAPER |
|
|
1,036,493,321 |
|
|
||||||
|
|
|
|
LOAN PARTICIPATION--9.5% |
|
|
|
|
|
|
|
Auto--1.0% |
|
|
|
|
|
32,000,000 |
|
Visteon Corp., 6.830%, 8/8/2000 |
|
|
32,000,000 |
|
|
||||||
|
|
|
|
Electrical Equipment--0.4% |
|
|
|
|
|
12,100,000 |
|
Mt. Vernon Phenol Plant Partnership, (Guaranteed by General Electric Co.), 6.810%, 5/17/2001 |
|
|
12,100,000 |
|
|
||||||
|
|
|
|
Finance - Automotive--4.5% |
|
|
|
|
|
104,000,000 |
|
General Motors Acceptance Corp., Mortgage of PA, (Guaranteed by General Motors Acceptance Corp.), 6.570% - 6.645%, 8/1/2000 - 8/17/2000 |
|
|
104,000,000 |
|
|
30,000,000 |
|
General Motors Acceptance Corp., Mortgage of PA, (Guaranteed by General Motors Acceptance Corp.), 6.674% - 6.723%, 10/2/2000 |
|
|
29,656,321 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
133,656,321 |
|
|
||||||
|
|
|
|
Finance - Retail--1.9% |
|
|
|
|
|
57,000,000 |
|
Countrywide Home Loans, Inc., 6.670%, 8/17/2000 |
|
|
57,000,000 |
|
|
||||||
|
|
|
|
Oil & Oil Finance--1.7% |
|
|
|
|
|
50,000,000 |
|
Amoco Energy Company of Trinidad and Tobago, (Guaranteed by BP Amoco Corp.), 6.610%, 8/10/2000 |
|
|
50,000,000 |
|
|
||||||
|
|
|
|
TOTAL LOAN PARTICIPATION |
|
|
284,756,321 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
NOTES - VARIABLE--31.5%2 |
|
|
|
|
|
|
|
Banking--18.8% |
|
|
|
|
$ |
5,500,000 |
|
35 North Fourth St. Ltd., Series 2000, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
$ |
5,500,000 |
|
|
9,410,000 |
|
500 South Front St. LP, Series A, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
9,410,000 |
|
|
5,075,000 |
|
500 South Front Street LP, Series B, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
5,075,000 |
|
|
25,000,000 |
|
Abbey National Treasury Services PLC, (Guaranteed by Abbey National Bank PLC, London), 6.606%, 8/15/2000 |
|
|
24,983,033 |
|
|
1,112,500 |
|
Alabama State IDA, Nichols Research Corp., (SouthTrust Bank of Alabama, Birmingham LOC), 6.760%, 8/4/2000 |
|
|
1,112,500 |
|
|
1,205,000 |
|
American Health Care Centers Inc., Series 1998, (FirstMerit Bank, N.A. LOC), 6.780%, 8/3/2000 |
|
|
1,205,000 |
|
|
8,800,000 |
|
Anchor Holdings LLC, Series 2000, (Firstar Bank, N.A. LOC), 6.700%, 8/3/2000 |
|
|
8,800,000 |
|
|
25,000,000 |
|
Bayerische Landesbank Girozentrale, 6.579%, 8/2/2000 |
|
|
24,988,593 |
|
|
16,135,000 |
|
Beverly Hills Nursing Center, Inc., Medilodge Project Series 1996, (KeyBank, N.A. LOC), 6.800%, 8/3/2000 |
|
|
16,135,000 |
|
|
5,890,000 |
|
Bond Holdings LP, (SouthTrust Bank of Alabama, Birmingham LOC), 6.720%, 8/4/2000 |
|
|
5,890,000 |
|
|
6,535,000 |
|
Briarwood LP, Series 1999, (Bank One, N.A. (Ohio) LOC), 6.710%, 8/3/2000 |
|
|
6,535,000 |
|
|
1,570,000 |
|
Campbell Enterprises, (Huntington National Bank, Columbus, OH LOC), 6.800%, 8/3/2000 |
|
|
1,570,000 |
|
|
9,622,000 |
|
Capital One Funding Corp., Series 1999-B, (Bank One, N.A. (Ohio) LOC), 6.700%, 8/3/2000 |
|
|
9,622,000 |
|
|
480,000 |
|
Carmel, IN, Telamon Corp., Series 1996-C, (Huntington National Bank, Columbus, OH LOC), 6.850%, 8/3/2000 |
|
|
480,000 |
|
|
930,000 |
|
Carmel, IN, Telamon Corp., Series A, (Huntington National Bank, Columbus, OH LOC), 6.850%, 8/3/2000 |
|
|
930,000 |
|
|
1,005,000 |
|
Carmel, IN, Telamon Corp., Series B, (Huntington National Bank, Columbus, OH LOC), 6.850%, 8/3/2000 |
|
|
1,005,000 |
|
|
900,000 |
|
Colorado Health Facilities Authority, Series B, (Bank One, Colorado LOC), 6.800%, 8/3/2000 |
|
|
900,000 |
|
|
111,900,000 |
|
Comerica Bank, 6.590% - 6.670%, 8/9/2000 -- 8/25/2000 |
|
|
111,875,114 |
|
|
1,900,000 |
|
Continental Downtown Properties, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
1,900,000 |
|
|
7,300,000 |
|
Continental Downtown Properties, Series 2000, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
7,300,000 |
|
|
10,955,000 |
|
Coventry Madison LLC, Series A, (National City Bank, Michigan/Illinois LOC), 6.670%, 8/3/2000 |
|
|
10,955,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
NOTES - VARIABLE--continued2 |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
4,925,000 |
|
DLR Investments, Inc., Series 2000, Ripley Crossing Project, (Bank One, Indiana, N.A. LOC), 6.720%, 8/3/2000 |
|
$ |
4,925,000 |
|
|
5,000,000 |
|
Damascus-Bishop Tube Co., Series 1998 A, (National City, Pennsylvania LOC), 6.700%, 8/3/2000 |
|
|
5,000,000 |
|
|
5,685,000 |
|
Dellridge Care Center LP, Series 1997, (Allfirst LOC), 6.680%, 8/1/2000 |
|
|
5,685,000 |
|
|
9,245,000 |
|
ERC Real Estate LLC, (KeyBank, N.A. LOC), 6.760%, 8/3/2000 |
|
|
9,245,000 |
|
|
4,000,000 |
|
Frank Parsons Paper Co., Inc., Series 1999, (Allfirst LOC), 6.670%, 8/4/2000 |
|
|
4,000,000 |
|
|
5,000,000 |
|
Greene County Development Authority, Reynolds Lodge LLC, Series 2000A, (Firstar Bank, N.A. LOC), 6.700%, 8/2/2000 |
|
|
5,000,000 |
|
|
2,900,000 |
|
Hannah Boulevard LP, (Comerica Bank LOC), 6.760%, 8/3/2000 |
|
|
2,900,000 |
|
|
20,895,000 |
|
Healthcare Funding LLC, Series 1998A, (National City Bank, Michigan/Illinois LOC), 6.670%, 8/3/2000 |
|
|
20,895,000 |
|
|
9,975,000 |
|
Healthcare Funding LLC, Series 1999A, (National City Bank, Michigan/Illinois LOC), 6.670%, 8/3/2000 |
|
|
9,975,000 |
|
|
4,500,000 |
|
Industrial Dimensions, Inc., Series 1999, (Fifth Third Bank of Northwestern OH LOC), 6.640%, 8/3/2000 |
|
|
4,500,000 |
|
|
7,615,000 |
|
International Processing Corp., (Bank One, Kentucky LOC), 6.750%, 8/3/2000 |
|
|
7,615,000 |
|
|
1,485,000 |
|
J.W. Harris, Inc. Series 1999, (Fifth Third Bank, Cincinnati LOC), 6.640%, 8/3/2000 |
|
|
1,485,000 |
|
|
1,500,000 |
|
Jeffersonville, IN, Series 1997-B, Wayne Steel, Inc., (Bank One, N.A. (Ohio) LOC), 6.700%, 8/3/2000 |
|
|
1,500,000 |
|
|
5,500,000 |
|
Kenwood Country Club, Inc., Series 1999, (Firstar Bank, N.A. LOC), 6.700%, 8/3/2000 |
|
|
5,500,000 |
|
|
4,000,000 |
|
Lake Sherwood Senior Living Center LLC, (Union Planters National Bank Memphis, TN LOC), 6.960%, 8/3/2000 |
|
|
4,000,000 |
|
|
6,900,000 |
|
Lee County, FL IDA, Bonita Community Health Center, Series 1999B, (Fifth Third Bank, Cincinnati LOC), 6.670%, 8/4/2000 |
|
|
6,900,000 |
|
|
2,100,000 |
|
Lincoln Park Associates LP, (Bank One, N.A. LOC), 6.800%, 8/3/2000 |
|
|
2,100,000 |
|
|
2,000,000 |
|
Liquid Asset Backed Securities Trust, Series 1996-3, (Westdeutsche Landesbank Girozentrale Swap Agreement), 6.646%, 8/15/2000 |
|
|
2,000,000 |
|
|
8,912,623 |
|
Liquid Asset Backed Securities Trust, Series 1997-1, (Westdeutsche Landesbank Girozentrale Swap Agreement), 6.630%, 8/19/2000 |
|
|
8,912,623 |
|
|
5,000,000 |
|
Maryland Industrial Development Financing Authority, Gen-Vee, Inc. Facility, Series 1999, (Allfirst LOC), 6.670%, 8/4/2000 |
|
|
5,000,000 |
|
|
5,000,000 |
|
McCullough Snappy Service Oil Co., Inc., (SouthTrust Bank of Alabama, Birmingham LOC), 6.713%, 8/4/2000 |
|
|
5,000,000 |
|
|
3,200,000 |
|
Melberger, Clifford K. and Ruth B., (PNC Bank, N.A. LOC), 6.510%, 8/7/2000 |
|
|
3,200,000 |
|
|
6,860,000 |
|
Pine Ridge Associates Ltd., (Mellon Bank N.A., Pittsburgh LOC), 6.700%, 8/2/2000 |
|
|
6,860,000 |
|
|
6,805,000 |
|
Rubloff-Rockford LLC, Series 1997, (National City Bank, Michigan/Illinois LOC), 6.670%, 8/3/2000 |
|
|
6,805,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
NOTES - VARIABLE--continued2 |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
50,000,000 |
|
SMM Trust, Series 2000-E Class A-1, (Morgan Guaranty Trust Co., New York Swap Agreement), 6.649%, 8/14/2000 |
|
$ |
50,000,000 |
|
|
10,000,000 |
|
SMM Trust, Series 2000-B Class A-1, (Morgan Guaranty Trust Co., New York Swap Agreement), 6.650%, 8/14/2000 |
|
|
10,000,000 |
|
|
15,640,000 |
|
Scranton Times LP, Series 1997, (PNC Bank, N.A. LOC), 6.520%, 8/7/2000 |
|
|
15,640,000 |
|
|
2,595,000 |
|
Solon, OH, Schneps Family LP, (Bank One, Ohio N.A. LOC), 6.700%, 8/3/2000 |
|
|
2,595,000 |
|
|
6,480,000 |
|
Southern Coil Processing, Inc. Series 1996-A, (AmSouth Bank N.A., Birmingham LOC), 6.690%, 8/3/2000 |
|
|
6,480,000 |
|
|
1,750,000 |
|
Team Rahal, Inc., Series 1997, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
1,750,000 |
|
|
1,600,000 |
|
Team Rahal of Mechanicsburg, Inc., Series 1997, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
1,600,000 |
|
|
7,300,000 |
|
Tift County, GA Development Authority, Chickasha of Georgia Project, Series 1997, (Bank of Tokyo-Mitsubishi Ltd. LOC), 6.830%, 8/2/2000 |
|
|
7,300,000 |
|
|
1,700,000 |
|
Village Green Finance Co. LLC, Series 1997, (Wachovia Bank of NC, N.A. LOC), 6.620%, 8/2/2000 |
|
|
1,700,000 |
|
|
1,122,000 |
|
Vista Funding Corp., Series 1995-A, (Firstar Bank, N.A. LOC), 6.880%, 8/3/2000 |
|
|
1,122,000 |
|
|
68,800,000 |
|
Westdeutsche Landesbank Girozentrale, 6.546%, 8/17/2000 |
|
|
68,774,457 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
562,135,320 |
|
|
||||||
|
|
|
|
Brokerage--3.1% |
|
|
|
|
|
44,400,000 |
|
Merrill Lynch & Co., Inc., 6.590%, 8/14/2000 |
|
|
44,394,488 |
|
|
50,000,000 |
|
Morgan Stanley, Dean Witter & Co., 6.610%, 8/1/2000 |
|
|
50,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
94,394,488 |
|
|
||||||
|
|
|
|
Finance - Commercial--1.5% |
|
|
|
|
|
45,200,000 |
|
Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 6.745%, 8/15/2000 |
|
|
45,200,000 |
|
|
||||||
|
|
|
|
Finance - Retail--0.3% |
|
|
|
|
|
8,000,000 |
|
AFS Insurance Premium Receivables Trust, Series 1994-A, 7.182%, 8/15/2000 |
|
|
8,000,000 |
|
|
||||||
|
|
|
|
Finance - Securities--0.8% |
|
|
|
|
|
24,000,000 |
|
Sigma Finance, Inc., 6.706%, 10/17/2000 |
|
|
23,996,548 |
|
|
||||||
|
|
|
|
Insurance--7.0% |
|
|
|
|
|
12,000,000 |
|
Allstate Life Insurance Co., 6.785%, 8/1/2000 |
|
|
12,000,000 |
|
|
22,500,000 |
|
First Allmerica Financial Life Insurance Co., 6.648%, 8/3/2000 |
|
|
22,500,000 |
|
|
55,000,000 |
|
GE Life and Annuity Assurance Co., 6.716% - 6.940%, 9/1/2000 |
|
|
55,000,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
NOTES - VARIABLE--continued2 |
|
|
|
|
|
|
|
Insurance--continued |
|
|
|
|
$ |
30,000,000 |
|
Jackson National Life Insurance Co., 6.720% - 6.910%, 8/1/2000 -- 8/22/2000 |
|
$ |
30,000,000 |
|
|
7,543,178 |
|
Liquid Asset Backed Securities Trust, Series 1997-3, (Guaranteed by AMBAC), 6.217%, 9/27/2000 |
|
|
7,543,178 |
|
|
10,000,000 |
|
Monumental Life Insurance Co., 6.966%, 8/1/2000 |
|
|
10,000,000 |
|
|
25,000,000 |
|
People's Security Life Insurance Co., 6.890%, 8/3/2000 |
|
|
25,000,000 |
|
|
15,000,000 |
|
Principal Life Insurance Co., 6.990%, 9/1/2000 |
|
|
15,000,000 |
|
|
13,000,000 |
|
Protective Life Insurance Co., 6.541%, 8/1/2000 |
|
|
13,000,000 |
|
|
15,000,000 |
|
Security Life of Denver Insurance Co., 6.773%, 10/28/2000 |
|
|
15,000,000 |
|
|
5,000,000 |
|
Transamerica Occidental Life Insurance Co., 6.919%, 8/3/2000 |
|
|
5,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
210,043,178 |
|
|
||||||
|
|
|
|
TOTAL NOTES - VARIABLE |
|
|
943,769,534 |
|
|
||||||
|
|
|
|
REPURCHASE AGREEMENTS--2.9%3 |
|
|
|
|
|
25,000,000 |
|
Bank of America, 6.630%, dated 7/31/2000, due 8/1/2000 |
|
|
25,000,000 |
|
|
13,450,000 |
|
Salomon Brothers, Inc., 6.640%, dated 7/31/2000, due 8/1/2000 |
|
|
13,450,000 |
|
|
50,000,000 |
|
Societe Generale Securities Corp., 6.570%, dated 7/31/2000, due 8/1/2000 |
|
|
50,000,000 |
|
|
||||||
|
|
|
|
TOTAL REPURCHASE AGREEMENTS |
|
|
88,450,000 |
|
|
||||||
|
|
|
|
TOTAL INVESTMENTS (AT AMORTIZED COST)4 |
|
$ |
2,980,989,435 |
|
|
||||||
1 Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues.
2 Current rate and next reset date shown.
3 The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of the portfolio. The investments in the repurchase agreements are through participation in joint accounts with other Federated funds.
4 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets ($2,997,247,955) at July 31, 2000.
Following the Portfolios of Investments is a glossary of acronyms used throughout the portfolios.
See Notes which are an integral part of the Financial Statements
JULY 31, 2000
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--99.9%1 |
|
|
|
|
|
|
|
Alabama--4.2% |
|
|
|
|
$ |
6,000,000 |
|
Alabama HFA, Series 2000 A, Turtle Lake Weekly VRDNs (Double Lake Ventures LLC)/(FNMA LOC) |
|
$ |
6,000,000 |
|
|
3,635,000 |
|
Alabama HFA, Series 1995 E, Weekly VRDNs (Royal Gardens Apartments)/(SouthTrust Bank of Alabama, Birmingham, AL LOC) |
|
|
3,635,000 |
|
|
5,000,000 |
|
Alabama State Public School & College Authority, Series D, 5.00% Bonds, 8/1/2000 |
|
|
5,000,000 |
|
|
5,000,000 |
|
Alabama State Public School & College Authority, PUTTERs, Series 124, Weekly VRDNs (FGIC INS)/(J.P. Morgan & Co., Inc. LIQ) |
|
|
5,000,000 |
|
|
7,215,000 |
|
Anniston, AL IDB, Series 1989 A, Weekly VRDNs (Union Foundry Co.)/(AmSouth Bank N.A., Birmingham, AL LOC) |
|
|
7,215,000 |
|
|
1,125,000 |
|
Birmingham, AL IDA, Revenue Refunding Bonds Weekly VRDNs (S.P. Hotel Co.)/(AmSouth Bank N.A., Birmingham, AL LOC) |
|
|
1,125,000 |
|
|
3,500,000 |
|
Birmingham, AL Medical Clinic Board, Medical Clinic Revenue Bonds, Series 1996, Weekly VRDNs (St. Martin's In The Pines)/(Regions Bank, Alabama LOC) |
|
|
3,500,000 |
|
|
6,500,000 |
|
Birmingham, AL, Tax Increment Financing District I, Weekly VRDNs (MBIA INS)/(SouthTrust Bank of Alabama, Birmingham, AL LIQ) |
|
|
6,500,000 |
|
|
8,400,000 |
|
Columbia, AL IDB, Series 1999 C, Daily VRDNs (Alabama Power Co.) |
|
|
8,400,000 |
|
|
3,300,000 |
|
Homewood, AL IDA Weekly VRDNs (Mountain Brook Inn, Homewood, AL)/(SouthTrust Bank of Alabama, Birmingham, AL LOC) |
|
|
3,300,000 |
|
|
30,000,000 |
|
Hoover, AL Board of Education, Series 1999 C, 3.80% BANs, 8/1/2000 |
|
|
30,000,000 |
|
|
26,500,000 |
|
Jefferson County, AL, Series 1999, Weekly VRDNs (Bayerische Landesbank Girozentrale LOC) |
|
|
26,500,000 |
|
|
20,700,000 |
|
Jefferson County, AL, GO Warrants, Series 1996, Weekly VRDNs (Bayerische Landesbank Girozentrale LOC) |
|
|
20,700,000 |
|
|
7,845,000 |
|
Marshall County, AL Special Obligation School Refunding Warrant, Series 1994, Weekly VRDNs (Marshall County, AL Board of Education)/(Regions Bank, Alabama LOC) |
|
|
7,845,000 |
|
|
2,500,000 |
|
Mobile, AL IDA Weekly VRDNs (McRae's Industries, Inc.)/(Bank of America, N.A. LOC) |
|
|
2,500,000 |
|
|
7,500,000 |
|
Mobile, AL IDB, PCR, Series 1993 B, Weekly VRDNs (Alabama Power Co.) |
|
|
7,500,000 |
|
|
1,190,000 |
|
Tuscaloosa County, AL Port Authority, Series 1989 A, Weekly VRDNs (Capstone Hotel Ltd.)/(SouthTrust Bank of Alabama, Birmingham, AL LOC) |
|
|
1,190,000 |
|
|
130,000 |
|
Tuscaloosa, AL IDB, Revenue Refunding Bonds, Series 1994, Weekly VRDNs (Harco, Inc.)/(AmSouth Bank N.A., Birmingham, AL LOC) |
|
|
130,000 |
|
|
3,870,000 |
|
Vincent, AL IDB Weekly VRDNs (Headquarters Partnership Project)/(National Australia Bank Ltd., Melbourne LOC) |
|
|
3,870,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
149,910,000 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Alaska--0.6% |
|
|
|
|
$ |
8,865,000 |
2 |
Alaska State Housing Finance Corp., (PT-39), 4.45% TOBs (AMBAC INS)/(Merrill Lynch & Co., Inc. LIQ), Mandatory Tender 3/29/2001 |
|
$ |
8,865,000 |
|
|
11,000,000 |
|
Alaska State Housing Finance Corp., MERLOTS, Series 1999 D, Weekly VRDNs (First Union National Bank, Charlotte, NC LIQ) |
|
|
11,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
19,865,000 |
|
|
||||||
|
|
|
|
Arizona--2.2% |
|
|
|
|
|
6,200,000 |
|
Apache County, AZ IDA, Series 1983 B, Weekly VRDNs (Tucson Electric Power Co.)/(Bank of New York LOC) |
|
|
6,200,000 |
|
|
1,250,000 |
|
Apache County, AZ IDA, Series 1983 A, Weekly VRDNs (Tucson Electric Power Co.)/(Toronto Dominion Bank LOC) |
|
|
1,250,000 |
|
|
1,800,000 |
|
Arizona Health Facilities Authority Weekly VRDNs (University Physicians, Inc.)/(Bank One, Arizona, N.A. LOC) |
|
|
1,800,000 |
|
|
8,000,000 |
|
Arizona Health Facilities Authority, Series 2000 A, Weekly VRDNs (Arizona Healthcare Pooled Financing Program)/(Caisse des Depots et Consignations (CDC), Paris INV)/(Landesbank Hessen-Thueringen, Frankfurt LIQ) |
|
|
8,000,000 |
|
|
6,700,000 |
|
Arizona Health Facilities Authority, Pooled Loan Program Revenue Bonds, Series 1985 B, Weekly VRDNs (FGIC INS)/(Chase Manhattan Bank N.A., New York LIQ) |
|
|
6,700,000 |
|
|
4,900,000 |
|
Chandler, AZ IDA Weekly VRDNs (SMP II LP)/(Bank One, Arizona N.A. LOC) |
|
|
4,900,000 |
|
|
5,925,000 |
|
Chandler, AZ IDA, Series 2000, Weekly VRDNs (River Ranch Apartments)/ (FHLMC INS) |
|
|
5,925,000 |
|
|
3,180,000 |
|
Gila County, AZ IDA Weekly VRDNs (Cobre Valley Hospital)/(Bank One, Arizona N.A. LOC) |
|
|
3,180,000 |
|
|
5,780,000 |
|
Glendale, AZ IDA Variable Rate Senior Living Facilities Revenue Bonds, Weekly VRDNs (Friendship Retirement Corp.)/(Norwest Bank Minnesota, N.A. LOC) |
|
|
5,780,000 |
|
|
21,000,000 |
2 |
Maricopa County, AZ Community College District, (PT-388), 4.50% TOBs (Merrill Lynch & Co., Inc. LIQ), Optional Tender 6/14/2001 |
|
|
21,000,000 |
|
|
1,000,000 |
|
Maricopa County, AZ Pollution Control Corp., Series 1984, Weekly VRDNs (El Paso Electric Co.)/(Barclays Bank PLC, London LOC) |
|
|
1,000,000 |
|
|
435,000 |
|
Maricopa County, AZ, IDA, Series 1999 A, Daily VRDNs (Orangewood CCRC)/(BNP Paribas LOC) |
|
|
435,000 |
|
|
4,500,000 |
|
Maricopa County, AZ, IDA, Series 2000 A, Weekly VRDNs (Gran Victoria Housing LLC)/(FNMA LOC) |
|
|
4,500,000 |
|
|
1,920,000 |
|
Phoenix, AZ Civic Improvement Corp., PA-405, Series 1998 A, Weekly VRDNs (FSA INS)/(Merrill Lynch Capital Services, Inc. LIQ) |
|
|
1,920,000 |
|
|
2,500,000 |
|
Salt River Project, AZ Agricultural Improvement & Power District, Floater Certificates, Series 2000-208, Weekly VRDNs (Morgan Stanley, Dean Witter & Co. LIQ) |
|
|
2,500,000 |
|
|
1,750,000 |
|
Tolleson, AZ Municipal Finance Corp., Revenue Refunding Bonds, Series 1998, Weekly VRDNs (Citizens Utilities Co.) |
|
|
1,750,000 |
|
|
950,000 |
|
Yavapai, AZ IDA, Series 1997 B, Weekly VRDNs (Yavapai Regional Medical Center)/(FSA INS)/(Dexia Credit Local de France LIQ) |
|
|
950,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
77,790,000 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Arkansas--0.1% |
|
|
|
|
$ |
2,000,000 |
|
Sheridan, AR IDA, Series A, Weekly VRDNs (H.H. Robertson Co.)/(PNC Bank, N.A. LOC) |
|
$ |
2,000,000 |
|
|
||||||
|
|
|
|
California--3.0% |
|
|
|
|
|
10,000,000 |
|
Clipper Tax-Exempt Certificates Trust (California Non-AMT), Series A, Weekly VRDNs (California HFA)/(MBIA INS)/(State Street Bank and Trust Co. LIQ) |
|
|
10,000,000 |
|
|
6,000,000 |
|
Los Angeles, CA Unified School District, Series FR/RI-A19, Weekly VRDNs (Bank of New York LIQ) |
|
|
6,000,000 |
|
|
63,300,000 |
|
Los Angeles, CA Unified School District, 2000-2001 TRANs, Trust Receipts, Series 2000 FR/RI-L13, Weekly VRDNs (Lehman Brothers, Inc. LIQ) |
|
|
63,300,000 |
|
|
19,950,000 |
|
Riverside County, CA School Financing Authority, Trust Receipts, Series 2000 FR/RI-N9, Weekly VRDNs (Bank of New York LIQ) |
|
|
19,950,000 |
|
|
7,000,000 |
|
Stanislaus County, CA Office of Education, 4.00% TRANs, 8/1/2000 |
|
|
7,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
106,250,000 |
|
|
||||||
|
|
|
|
Colorado--0.9% |
|
|
|
|
|
3,670,000 |
|
Colorado Health Facilities Authority, Series 1998 C-1, Weekly VRDNs (Developmental Disabilities Center)/(Bank One, Colorado, N.A. LOC) |
|
|
3,670,000 |
|
|
2,275,000 |
|
Denver (City & County), CO, 4.40% TOBs (Blake Street Compendium)/(Norwest Bank Minnesota, N.A. LOC), Optional Tender 12/15/2000 |
|
|
2,275,000 |
|
|
14,660,000 |
|
Denver (City & County), CO, MERLOTS, Series 1997E, Weekly VRDNs (Department of Aviation Airport System)/(MBIA INS)/(First Union National Bank, Charlotte, NC LIQ) |
|
|
14,660,000 |
|
|
9,725,000 |
2 |
Eagle County School District No. RE50J, CO, PT-1155, 4.65% TOBs (FGIC INS)/(Merrill Lynch Capital Services, Inc. LIQ), Optional Tender 6/14/2001 |
|
|
9,725,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
30,330,000 |
|
|
||||||
|
|
|
|
Connecticut--0.4% |
|
|
|
|
|
4,000,000 |
2 |
Connecticut State HFA, Variable Rate Certificates, Series 1998 S, 3.70% TOBs (Bank of America, N.A. LIQ), Optional Tender 8/17/2000 |
|
|
4,000,000 |
|
|
10,100,000 |
|
Connecticut State, PUTTERs, Series 110, Weekly VRDNs (FGIC INS)/(J.P. Morgan & Co., Inc. LIQ) |
|
|
10,100,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
14,100,000 |
|
|
||||||
|
|
|
|
District of Columbia--1.0% |
|
|
|
|
|
4,270,000 |
|
District of Columbia Housing Finance Agency, Multifamily Housing, 4.65% TOBs (Chastleton Project)/(Citibank N.A., New York LOC), Optional Tender 7/1/2001 |
|
|
4,270,000 |
|
|
9,290,000 |
|
District of Columbia, Series 1999, Weekly VRDNs (Association of American Medical Colleges)/(AMBAC INS)/(Bank of America, N.A. LIQ) |
|
|
9,290,000 |
|
|
6,175,000 |
|
District of Columbia, Series 1999, Weekly VRDNs (Young Men's Christian Association of Metropolitan Washington)/(Allfirst LOC) |
|
|
6,175,000 |
|
|
11,000,000 |
|
District of Columbia, Series 2000, Weekly VRDNs (Public Welfare Foundation, Inc.)/(SunTrust Bank, LOC) |
|
|
11,000,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
District of Columbia--continued |
|
|
|
|
$ |
3,575,000 |
|
District of Columbia, Revenue Bonds, Series 1997 B, Weekly VRDNs (Association of American Medical Colleges)/(AMBAC INS)/(Chase Manhattan Bank N.A., New York LIQ) |
|
$ |
3,575,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
34,310,000 |
|
|
||||||
|
|
|
|
Florida--11.4% |
|
|
|
|
|
6,995,000 |
|
ABN AMRO MuniTOPS Certificates Trust (Florida Non-AMT), Series 1998-8, Weekly VRDNs (Dade County, FL Water & Sewer System)/(FGIC INS)/(ABN AMRO Bank N.V., Amsterdam LIQ) |
|
|
6,995,000 |
|
|
8,000,000 |
|
ABN AMRO MuniTOPS Certificates Trust (Florida Non-AMT), Series 1998-9, Weekly VRDNs (Florida State Board of Education Capital Outlay)/(FSA INS)/(ABN AMRO Bank N.V., Amsterdam LIQ) |
|
|
8,000,000 |
|
|
6,920,000 |
2 |
ABN AMRO MuniTOPS Certificates Trust (Florida Non-AMT), Series 1999-11, 4.40% TOBs (Tampa Bay Water Utility System, FL)/(FGIC INS)/(ABN AMRO Bank N.V., Amsterdam LIQ), Optional Tender 9/27/2000 |
|
|
6,920,000 |
|
|
2,830,000 |
|
Brevard County, FL Weekly VRDNs (Greywater Investments Ltd.)/(Huntington National Bank, Columbus, OH LOC) |
|
|
2,830,000 |
|
|
6,500,000 |
|
Broward County, FL HFA, Series 1997, Weekly VRDNs (Jacaranda Village Apartments)/(HSBC Bank USA LOC) |
|
|
6,500,000 |
|
|
2,440,000 |
|
Broward County, FL Health Facility Authority, Revenue Bonds Weekly VRDNs (John Knox Village of Florida)/(First Union National Bank, Charlotte, NC LOC) |
|
|
2,440,000 |
|
|
5,500,000 |
|
Collier County, FL HFA, Multifamily Revenue Bonds, Series 1985, Weekly VRDNs (River Reach Project)/(Banco Santander Central Hispano, S.A. LOC) |
|
|
5,500,000 |
|
|
5,000,000 |
|
Dade County, FL HFA, Hospital Revenue Bonds, Series 1995, Weekly VRDNs (Miami Children's Hospital Project)/(AMBAC INS)/(SunTrust Bank LIQ) |
|
|
5,000,000 |
|
|
3,830,000 |
|
Eustis Health Facilities Authority, FL, Series 1985, Weekly VRDNs (Waterman Medical Center)/(SunTrust Bank, Central Florida LOC) |
|
|
3,830,000 |
|
|
8,300,000 |
|
Eustis Health Facilities Authority, FL, Series 1992, Weekly VRDNs (Florida Hospital/Waterman, Inc.)/(SunTrust Bank, Central Florida LOC) |
|
|
8,300,000 |
|
|
5,000,000 |
|
Florida Gulf Coast University, Dormitory Systems Master Operating Lease, Series 1999, Weekly VRDNs (First Union National Bank, Charlotte, NC LOC) |
|
|
5,000,000 |
|
|
1,400,000 |
|
Florida HFA, Series 1989 E, Weekly VRDNs (Fairmont Oaks Project)/(Comerica Bank LOC) |
|
|
1,400,000 |
|
|
6,500,000 |
|
Florida HFA, Multifamily Housing Revenue Bonds, Series 1985 YY, Weekly VRDNs (Monterey Meadows Apartments, FL)/(FNMA INS) |
|
|
6,500,000 |
|
|
1,530,000 |
|
Fort Lauderdale, FL Performing Arts Center Authority Weekly VRDNs (SunTrust Bank, Central Florida LOC) |
|
|
1,530,000 |
|
|
64,500,000 |
|
Highlands County, FL Health Facilities, Series 1996 A, Weekly VRDNs (Adventist Health System)/(MBIA INS)/(Bank One, N.A. LIQ) |
|
|
64,500,000 |
|
|
42,385,000 |
|
Highlands County, FL Health Facilities, Variable Rate Demand Revenue Bonds, Series 1996 A, Weekly VRDNs (Adventist Health System)/(SunTrust Bank, Central Florida LOC) |
|
|
42,385,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Florida--continued |
|
|
|
|
$ |
24,600,000 |
|
Highlands County, FL Health Facilities, Variable Rate Demand Revenue Bonds, Series 1997A, Weekly VRDNs (Adventist Health System)/(SunTrust Bank, Central Florida LOC) |
|
$ |
24,600,000 |
|
|
7,570,000 |
|
Jacksonville Transportation Authority, (PA-146) Weekly VRDNs (Florida State)/(Merrill Lynch Capital Services, Inc. LIQ) |
|
|
7,570,000 |
|
|
1,700,000 |
|
Jacksonville, FL HFDC, Revenue Bonds, Series 1996, Weekly VRDNs (Jacksonville Faculty Practice Association)/(Bank of America, N.A. LOC) |
|
|
1,700,000 |
|
|
6,000,000 |
|
Lee County, FL IDA, Facilities Revenue Bonds, Series 1999 B, Weekly VRDNs (Shell Point Village, FL)/(Bank of America, N.A. LOC) |
|
|
6,000,000 |
|
|
5,465,000 |
|
Manatee County, FL HFA Weekly VRDNs (Carriage Club)/(Mellon Bank N.A., Pittsburgh, PA LOC) |
|
|
5,465,000 |
|
|
6,025,000 |
|
Manatee County, FL HFA, Weekly Adjustable/Fixed Rate Multifamily Housing Revenue Refunding Bonds, Series 1990 A, Weekly VRDNs (Harbour Pointe)/(HSBC Bank USA LOC) |
|
|
6,025,000 |
|
|
8,000,000 |
|
Mount Dora, FL Health Facility Authority, Series 1996 A, Weekly VRDNs (Waterman Village (Mount Dora, FL))/(Bank of America, N.A. LOC) |
|
|
8,000,000 |
|
|
2,130,000 |
|
Orange County, FL HFA, Variable Rate Certificates, Series 1997G, Weekly VRDNs (GNMA COL)/(Bank of America, N.A. LIQ) |
|
|
2,130,000 |
|
|
31,410,000 |
|
Orange County, FL School District, Lehman, Series 1999-A49, Weekly VRDNs (Bayerische Hypotheken-und Vereinsbank AG LIQ) |
|
|
31,410,000 |
|
|
44,000,000 |
|
Orange County, FL Health Facilities Authority, Series 2000A, Weekly VRDNs (Florida Hospital Association Health Facilities Loan Program)/(Caisse des Depots et Consignations (CDC), Paris INV)/(BNP Paribas, Bank of New York and Bank of Nova Scotia, Toronto LIQs) |
|
|
44,000,000 |
|
|
13,750,000 |
|
Palm Beach County, FL Airport System, FR/RI, Series 1999 A-30, Weekly VRDNs (MBIA INS)/(Bank of New York LIQ) |
|
|
13,750,000 |
|
|
44,910,000 |
|
Palm Beach County, FL School District, Lehman, Series 1999/FR/RI-40, Weekly VRDNs (Bank of New York LIQ) |
|
|
44,910,000 |
|
|
2,650,000 |
|
Pasco County, FL Educational Facilities Authority, Series 1999, Weekly VRDNs (Saint Leo University, FL)/(Allied Irish Banks PLC LOC) |
|
|
2,650,000 |
|
|
3,775,000 |
|
Putnam County, FL Development Authority, PCR Bonds, Pooled Series 1984S, Weekly VRDNs (Seminole Electric Cooperative, Inc. (FL))/(National Rural Utilities Cooperative Finance Corp. LOC) |
|
|
3,775,000 |
|
|
3,730,000 |
|
Sarasota, FL, Educational Facilities Revenue Bonds, Series 1996, Weekly VRDNs (Ringling School of Art and Design, Inc.)/(SunTrust Bank, Central Florida LOC) |
|
|
3,730,000 |
|
|
2,000,000 |
|
St. Petersburg, FL HFA Weekly VRDNs (Florida Blood Services, Inc.)/(SouthTrust Bank of Alabama, Birmingham LOC) |
|
|
2,000,000 |
|
|
7,685,000 |
|
St. Petersburg, FL HFA, Refunding Revenue Bonds, Series 1997, Weekly VRDNs (Manorah Manor)/(SunTrust Bank, Central Florida LOC) |
|
|
7,685,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Florida--continued |
|
|
|
|
$ |
5,400,000 |
|
Titusville, FL, Multipurpose Revenue Bonds, Installment 1995A Weekly VRDNs (Bank of America, N.A. LOC) |
|
$ |
5,400,000 |
|
|
5,810,000 |
|
Volusia County, FL HFA Weekly VRDNs (Fisherman's Landing)/(Mellon Bank N.A., Pittsburgh, PA LOC) |
|
|
5,810,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
404,240,000 |
|
|
||||||
|
|
|
|
Georgia--3.6% |
|
|
|
|
|
2,710,000 |
|
Cedartown, GA Development Authority, Series 1998, Weekly VRDNs (Rome Plow Co.)/(SunTrust Bank, Atlanta, GA LOC) |
|
|
2,710,000 |
|
|
2,000,000 |
|
Clayton County, GA Housing Authority, Revenue Refunding Bonds, Series 1992, Weekly VRDNs (Oxford Townhomes Project)/(AmSouth Bank N.A., Birmingham, AL LOC) |
|
|
2,000,000 |
|
|
8,000,000 |
|
Cobb County, GA IDA, Series 1997, Weekly VRDNs (Wyndham Gardens)/(Bankers Trust Co., New York LOC) |
|
|
8,000,000 |
|
|
4,200,000 |
|
Cobb-Marietta, GA Coliseum & Exhibit Hall Authority, Junior Lien Revenue Bonds, Series 1996 A, Weekly VRDNs (MBIA INS)/(SunTrust Bank, Atlanta, GA LIQ) |
|
|
4,200,000 |
|
|
5,600,000 |
|
Columbus, GA Hospital Authority, Series 2000, Weekly VRDNs (St. Francis Hospital, Inc.)/(SunTrust Bank, Atlanta, GA LOC) |
|
|
5,600,000 |
|
|
3,895,000 |
|
De Kalb County, GA Development Authority Weekly VRDNs (Lifesouth Community Blood Centers, Inc.)/(SunTrust Bank, Atlanta, GA LOC) |
|
|
3,895,000 |
|
|
1,400,000 |
|
De Kalb County, GA Development Authority, Series 1992, Weekly VRDNs (American Cancer Society, GA)/(SunTrust Bank, Atlanta, GA LOC) |
|
|
1,400,000 |
|
|
2,500,000 |
|
De Kalb County, GA Development Authority, Series 1999, Weekly VRDNs (Boy's and Girl's Clubs)/(SunTrust Bank, Atlanta, GA LOC) |
|
|
2,500,000 |
|
|
4,000,000 |
|
De Kalb Private Hospital Authority, GA, Revenue Anticipation Certificates, Series 1994B, Weekly VRDNs (Egleston Children's Hospital at Emory University, Inc.)/(SunTrust Bank, Atlanta, GA LOC) |
|
|
4,000,000 |
|
|
3,400,000 |
|
Fulton County, GA Development Authority, Series 1998, Weekly VRDNs (Morehouse School of Medicine)/(SunTrust Bank, Atlanta, GA LOC) |
|
|
3,400,000 |
|
|
6,000,000 |
|
Fulton County, GA Development Authority, Series 1999, Weekly VRDNs (Boy's and Girl's Clubs)/(SunTrust Bank, Atlanta, GA LOC) |
|
|
6,000,000 |
|
|
2,200,000 |
|
Fulton County, GA IDA Weekly VRDNs (Automatic Data Processing, Inc.) |
|
|
2,200,000 |
|
|
5,000,000 |
|
Gainesville and Hall County, GA Development Authority, Series 1999A, Weekly VRDNs (Lanier Village Estates, Inc.)/(Regions Bank, Alabama LOC) |
|
|
5,000,000 |
|
|
11,500,000 |
|
Gainesville, GA Redevelopment Authority, Series 1999, Weekly VRDNs (Brenau University, Inc.)/(SunTrust Bank, Atlanta, GA LOC) |
|
|
11,500,000 |
|
|
31,071,000 |
|
Georgia Municipal Association Weekly VRDNs (MBIA INS)/(Credit Suisse First Boston LIQ) |
|
|
31,071,000 |
|
|
4,925,000 |
2 |
Gwinnett County, GA Water and Sewer Authority, (PT-1169), 4.50% TOBs (Gwinnett County, GA)/(Merrill Lynch Capital Services, Inc. LIQ), Optional Tender 7/26/2001 |
|
|
4,925,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Georgia--continued |
|
|
|
|
$ |
6,740,000 |
|
Gwinnett County, GA Water and Sewer Authority, Floater Certificates, Series 1998-70, Weekly VRDNs (Gwinnett County, GA)/(Morgan Stanley, Dean Witter, & Co. LIQ) |
|
$ |
6,740,000 |
|
|
5,470,000 |
|
Metropolitan Atlanta Rapid Transit Authority, Floater Certificates, Series 1998-59, Weekly VRDNs (MBIA INS)/(Morgan Stanley, Dean Witter, & Co. LIQ) |
|
|
5,470,000 |
|
|
12,000,000 |
|
Rabun County, GA Development Authority, Series 1999, Weekly VRDNs (Rabun Gap-Nacoochee, Inc.)/(SunTrust Bank, Atlanta, GA LOC) |
|
|
12,000,000 |
|
|
7,340,000 |
|
Rockdale County, GA Hospital Authority, Revenue Anticipation Certificates, Series 1994, Weekly VRDNs (Rockdale Hospital)/(SunTrust Bank, Atlanta, GA LOC) |
|
|
7,340,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
129,951,000 |
|
|
||||||
|
|
|
|
Idaho--0.4% |
|
|
|
|
|
15,000,000 |
|
Idaho Health Facilities Authority, Series 1995, 4.30% CP (Holy Cross Health System Corp.), Mandatory Tender 9/11/2000 |
|
|
15,000,000 |
|
|
||||||
|
|
|
|
Illinois--6.4% |
|
|
|
|
|
10,000,000 |
|
ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT), Series 1998-14, Weekly VRDNs (Cook County, IL)/(FGIC INS)/(ABN AMRO Bank N.V., Amsterdam LIQ) |
|
|
10,000,000 |
|
|
12,500,000 |
|
Chicago, IL Board of Education, MERLOTS, Series 1997 E, Weekly VRDNs (AMBAC INS)/(First Union National Bank, Charlotte, NC LIQ) |
|
|
12,500,000 |
|
|
10,000,000 |
|
Chicago, IL Board of Education, Variable Rate Certificates, Series 1996 BB, Weekly VRDNs (MBIA INS)/(Bank of America, N.A. LIQ) |
|
|
10,000,000 |
|
|
5,170,000 |
|
Chicago, IL O'Hare International Airport, Second Lien Revenue Bonds, Series 1984B, Weekly VRDNs (Societe Generale, Paris LOC) |
|
|
5,170,000 |
|
|
8,400,000 |
|
Chicago, IL Public Building Commission, Series 1997, Lehman TR/FR-15 Weekly VRDNs (Chicago, IL Board of Education)/(MBIA INS)/(Bank of New York, NY LIQ) |
|
|
8,400,000 |
|
|
2,760,000 |
|
Chicago, IL Weekly VRDNs (Canadian Imperial Bank of Commerce LOC) |
|
|
2,760,000 |
|
|
15,000,000 |
|
Chicago, IL, Series 2000 A, Weekly VRDNs (Peoples Gas Light & Coke Co.) |
|
|
15,000,000 |
|
|
20,000,000 |
|
Chicago, IL, MERLOTS, Series 1997V, Weekly VRDNs (Chicago, IL Water Revenue)/(FGIC INS)/(First Union National Bank, Charlotte, NC LIQ) |
|
|
20,000,000 |
|
|
20,000,000 |
2 |
Chicago, IL, Variable Rate Certificates, Series 1998M, 4.45% TOBs (FGIC INS)/(Bank of America, N.A. LIQ), Optional Tender 3/22/2001 |
|
|
20,000,000 |
|
|
9,940,000 |
2 |
Cook County, IL, (PT-1111) 4.75% TOBs (FGIC INS)/(Merrill Lynch Capital Services, Inc. LIQ), Optional Tender 5/17/2001 |
|
|
9,940,000 |
|
|
3,800,000 |
|
Galesburg, IL, Series 1996, Weekly VRDNs (Knox College, Project National Bank)/(LaSalle National Bank, Chicago, IL LOC) |
|
|
3,800,000 |
|
|
140,000 |
|
Hopedale Village, IL, Series 1998, Weekly VRDNs (Hopedale Medical Foundation)/(Bank One, Illinois, N.A. LOC) |
|
|
140,000 |
|
|
3,100,000 |
|
Illinois Development Finance Authority Weekly VRDNs (Lyric Opera of Chicago)/(Bank One Michigan, N.A., Caisse Nationale De Credit Agricole, Paris, Harris Trust & Savings Bank, Chicago and Northern Trust Co., Chicago, IL LOCs) |
|
|
3,100,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Illinois--continued |
|
|
|
|
$ |
3,000,000 |
|
Illinois Development Finance Authority Weekly VRDNs (Newlywed Food)/(Mellon Bank N.A., Pittsburgh, PA LOC) |
|
$ |
3,000,000 |
|
|
2,400,000 |
|
Illinois Development Finance Authority, Series 1997, Weekly VRDNs (Ada S. McKinley Community Services, Inc.)/(Harris Trust & Savings Bank, Chicago, IL LOC) |
|
|
2,400,000 |
|
|
3,800,000 |
|
Illinois Development Finance Authority, Cultural Facilities Revenue Bonds Weekly VRDNs (Burpee Museum of Natural History)/(American National Bank & Trust Co., Chicago, IL LOC) |
|
|
3,800,000 |
|
|
7,000,000 |
|
Illinois Development Finance Authority, PCR, Series 1999, Weekly VRDNs (North Shore Senior Center)/(American National Bank & Trust Co., Chicago, IL LOC) |
|
|
7,000,000 |
|
|
3,780,000 |
|
Illinois Development Finance Authority, PCR, Series A, Weekly VRDNs (McCormick Theological Seminary)/(Northern Trust Co., Chicago, IL LOC) |
|
|
3,780,000 |
|
|
1,000,000 |
|
Illinois Educational Facilities Authority, Revenue Bonds, Series 1995, Weekly VRDNs (Ravinia Festival Association, (IL))/(Bank One, N.A. Michigan LOC) |
|
|
1,000,000 |
|
|
10,000,000 |
|
Illinois Health Facilities Authority, Series 1998 B, Weekly VRDNs (Rush-Presbyterian St. Luke's Medical)/(MBIA INS)/(First National Bank of Chicago LIQ) |
|
|
10,000,000 |
|
|
3,000,000 |
|
Illinois Health Facilities Authority, Revenue Bonds, Series 1985 B, Weekly VRDNs (OSF Health Care Systems)/(Bank of America, N.A. LOC) |
|
|
3,000,000 |
|
|
26,500,000 |
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Series 1997B, Weekly VRDNs (Advocate Health Care Network)/(Bank One, N.A., Bank of America, N.A. and Northern Trust Co., Chicago, IL LIQs) |
|
|
26,500,000 |
|
|
1,000,000 |
|
Illinois Health Facilities Authority, Revolving Fund Pooled Financing Program, Series 1985 F, Weekly VRDNs (Bank One, Michigan, N.A. LOC) |
|
|
1,000,000 |
|
|
4,350,000 |
|
Illinois Housing Development Authority, Housing Bonds, Series 1999 B-1, 4.20% TOBs, Mandatory Tender 12/22/2000 |
|
|
4,350,000 |
|
|
9,995,000 |
2 |
Illinois State, (PT-380), 4.50% TOBs (Merrill Lynch & Co., Inc. LIQ), Optional Tender 6/14/2001 |
|
|
9,995,000 |
|
|
8,740,000 |
2 |
Lake County, IL Forest Preserve District, (PT-1171), 4.50% TOBs (Merrill Lynch Capital Services, Inc. LIQ), Optional Tender 7/26/2001 |
|
|
8,740,000 |
|
|
11,915,000 |
|
Lombard, IL, Series 1985, 4.05% TOBs (Clover Creek Apartments)/(Bank One, Arizona N.A. LOC), Mandatory Tender 12/15/2000 |
|
|
11,915,000 |
|
|
1,725,000 |
2 |
Metropolitan Pier & Exposition Authority, IL, (PT-1079), 4.60% TOBs (McCormick Place)/(FGIC INS)/(Bank of America, N.A. LIQ), Optional Tender 11/29/2000 |
|
|
1,725,000 |
|
|
8,000,000 |
|
Springfield, IL, Series 1999, Weekly VRDNs (Oak Terrace Joint Venture LP)/(Credit Suisse First Boston LOC) |
|
|
8,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
227,015,000 |
|
|
||||||
|
|
|
|
Indiana--1.7% |
|
|
|
|
|
335,000 |
|
Dale, IN IDA Weekly VRDNs (Spencer Industries)/(National City Bank, Kentucky LOC) |
|
|
335,000 |
|
|
4,000,000 |
|
Fort Harrison, IN Reuse Authority, Series 2000, Weekly VRDNs (Fort Harrison Military Reuse District)/(Fifth Third Bank, Cincinnati, OH LOC) |
|
|
4,000,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Indiana--contiued |
|
|
|
|
$ |
8,800,000 |
|
Franklin, IN, EDR Bonds, Series 1999, Weekly VRDNs (Franklin United Methodist Home, Inc.)/(Firstar Bank, Milwaukee, WI LOC) |
|
$ |
8,800,000 |
|
|
5,000,000 |
|
Hamilton, IN Southeastern Schools, 4.50% RANs, 12/29/2000 |
|
|
5,003,958 |
|
|
1,245,000 |
|
Indiana Health Facilities Finance Authority Rehabilitation Center Weekly VRDNs (Crossroads Rehabilitation Center)/(Bank One, Indiana, N.A. LOC) |
|
|
1,245,000 |
|
|
4,235,000 |
|
Indianapolis, IN, Variable Rate Demand EDR Bonds, Series 1995, Weekly VRDNs (Pleasant Run Children's Homes, Inc.)/(Fifth Third Bank, Cincinnati, OH LOC) |
|
|
4,235,000 |
|
|
1,935,000 |
|
Linton, IN, EDR Bonds, Series 1999, Weekly VRDNs (Franklin-Glenburn Home, Inc.)/(Firstar Bank, Milwaukee, WI LOC) |
|
|
1,935,000 |
|
|
9,645,000 |
|
Marion County, IN Convention and Recreational Facilities Authority, Series B, 7.00% Bonds (United States Treasury PRF), 6/1/2001 (@102) |
|
|
10,022,576 |
|
|
13,000,000 |
|
Rockport, IN, Series 1985 A, Weekly VRDNs (Indiana Michigan Power Company Project)/(UBS AG LOC) |
|
|
13,000,000 |
|
|
4,900,000 |
|
Rockport, IN, PCR Refunding Bonds, Series 1995 B, Weekly VRDNs (Indiana Michigan Power Company Project)/(AMBAC INS)/(Bank of New York LIQ) |
|
|
4,900,000 |
|
|
2,005,000 |
|
St. Joseph County, IN Multimode Variable Rate EDR Bonds, Series 1998, Weekly VRDNs (South Bend Heritage Foundation, Inc.)/(KeyBank, N.A. LOC) |
|
|
2,005,000 |
|
|
6,105,000 |
|
Winona Lake, IN, Series 1999A, Weekly VRDNs (Grace Village Retirement Community)/(Firstar Bank, Milwaukee, WI LOC) |
|
|
6,105,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
61,586,534 |
|
|
||||||
|
|
|
|
Kansas--0.9% |
|
|
|
|
|
21,000,000 |
|
Burlington, KS, Series 2000 FR/RI-A15, Weekly VRDNs (Kansas Gas and Electric Co.)/(MBIA INS)/(Bank of New York LIQ) |
|
|
21,000,000 |
|
|
10,405,000 |
2 |
Kansas State Department of Transportation, (PT-384), 4.50% TOBs (Merrill Lynch Capital Services, Inc. LIQ), Optional Tender 6/14/2001 |
|
|
10,405,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
31,405,000 |
|
|
||||||
|
|
|
|
Kentucky--2.3% |
|
|
|
|
|
780,000 |
|
Boone County, KY, Revenue Refunding Bonds Weekly VRDNs (Spring Meadow Associates)/(Huntington National Bank, Columbus, OH LOC) |
|
|
780,000 |
|
|
7,500,000 |
|
Jefferson County, KY, Adjustable Rate Industrial Building Revenue Refunding Bonds, Series 1997, Weekly VRDNs (Kosmos Cement Co. Partnership)/(Societe Generale, Paris LOC) |
|
|
7,500,000 |
|
|
4,665,000 |
|
Kentucky EDFA Weekly VRDNs (Henderson County Health Care, Inc.)/(Federal Home Loan Bank of Cincinnati LOC) |
|
|
4,665,000 |
|
|
34,600,000 |
|
Kentucky EDFA, Series 1999B, Weekly VRDNs (Baptist Healthcare System)/(MBIA INS)/(Bank One, Michigan LIQ) |
|
|
34,600,000 |
|
|
35,000,000 |
|
Owensboro, KY, Series 1996, Weekly VRDNs (Owensboro Mercy Health System, Inc.)/(Bank of America, N.A., Ilinois LOC) |
|
|
35,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
82,545,000 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Louisiana--0.5% |
|
|
|
|
$ |
14,000,000 |
|
Calcasieu Parish, LA IDB, Series 1999, Weekly VRDNs (PPG Industries, Inc.) |
|
$ |
14,000,000 |
|
|
800,000 |
|
Calcasieu Parish, LA IDB, PCR Bonds Weekly VRDNs (Citgo Petroleum Corp.)/(Westdeutsche Landesbank Girozentrale LOC) |
|
|
800,000 |
|
|
2,010,000 |
|
Louisiana PFA, Advance Funding Notes, Series 1999E, 4.25% TRANs (St. James Parish, LA), 10/24/2000 |
|
|
2,011,863 |
|
|
2,000,000 |
|
Louisiana PFA, Advance Funding Notes, Series 1999D, 4.25% TRANs (St. Charles Parish, LA), 10/24/2000 |
|
|
2,001,853 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
18,813,716 |
|
|
||||||
|
|
|
|
Maine--0.3% |
|
|
|
|
|
5,000,000 |
|
Cumberland County, ME, 4.75% TANs, 12/29/2000 |
|
|
5,008,954 |
|
|
7,000,000 |
|
Maine Health & Higher Educational Facilities Authority, Series 2000B, Weekly VRDNs (AMBAC INS)/(Fleet National Bank, Springfield, MA LIQ) |
|
|
7,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
12,008,954 |
|
|
||||||
|
|
|
|
Maryland--3.3% |
|
|
|
|
|
4,100,000 |
|
Anne Arundel County, MD, Series 1988, Weekly VRDNs (Oakland Hills LP Facility)/(Allfirst LOC) |
|
|
4,100,000 |
|
|
5,000,000 |
|
Anne Arundel County, MD, 4.50% TOBs (Baltimore Gas & Electric Co.), Mandatory Tender 7/1/2001 |
|
|
5,000,000 |
|
|
3,690,000 |
|
Baltimore County, MD, Series 1999, Weekly VRDNs (Calvert Hall College Facility)/(Allfirst LOC) |
|
|
3,690,000 |
|
|
12,250,000 |
|
Baltimore County, MD, Series 2000, Weekly VRDNs (St. Paul's School for Girls)/(Allfirst LOC) |
|
|
12,250,000 |
|
|
4,035,000 |
|
Baltimore, MD EDA, Series 1985, Weekly VRDNs (Mt. Washington Hospital, Inc.)/(Mellon Bank N.A., Pittsburgh, PA LOC) |
|
|
4,035,000 |
|
|
1,900,000 |
|
Baltimore, MD, Variable Rate Demand/Fixed Rate Refunding Bond, Series 1988, Weekly VRDNs (University West LP)/(Allfirst LOC) |
|
|
1,900,000 |
|
|
10,000,000 |
|
Frederick County, MD, Series 1997, Weekly VRDNs (Homat Frederick MD, Inc. Facility)/(Allfirst LOC) |
|
|
10,000,000 |
|
|
1,950,000 |
|
Harford County, MD, Series 1988, Weekly VRDNs (1001 Partnership Facility)/(Allfirst LOC) |
|
|
1,950,000 |
|
|
5,490,000 |
|
Howard County, MD, Series 1995, Weekly VRDNs (Bluffs at Clarys Forest Apartments)/(Allfirst LOC) |
|
|
5,490,000 |
|
|
3,220,000 |
|
Howard County, MD, Series 1999, Weekly VRDNs (Howard Development LP Facility)/(Allfirst LOC) |
|
|
3,220,000 |
|
|
3,510,000 |
|
Maryland EDC, Series 1997, Weekly VRDNs (Jenkins Memorial Nursing Home, Inc. Facility)/(Allfirst LOC) |
|
|
3,510,000 |
|
|
100,000 |
|
Maryland EDC, Pooled Financing Revenue Bonds, Series 1995, Weekly VRDNs (Maryland Municipal Bond Fund)/(Bank of America, N.A. LOC) |
|
|
100,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Maryland--continued |
|
|
|
|
$ |
11,700,000 |
|
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Series 1994, Weekly VRDNs (University Physicians, Inc.)/(Allfirst LOC) |
|
$ |
11,700,000 |
|
|
5,700,000 |
|
Maryland Health & Higher Educational Facilities Authority, Series 1999, Weekly VRDNs (Boys' Latin School)/(Allfirst LOC) |
|
|
5,700,000 |
|
|
8,135,000 |
|
Maryland Health & Higher Educational Facilities Authority, Series 1997, Weekly VRDNs (Augsburg Lutheran Home of MD., Inc.)/(Allfirst LOC) |
|
|
8,135,000 |
|
|
20,975,000 |
2 |
Maryland State Community Development Administration, (PT-123), 3.80% TOBs (Commerzbank AG, Frankfurt LIQ), Optional Tender 10/5/2000 |
|
|
20,975,000 |
|
|
2,319,000 |
|
Montgomery County, MD Housing Opportunities Commission, Variable Rate Housing Revenue Bonds, Series 1998, Weekly VRDNs (Byron House, Inc. Facility)/(Allfirst LOC) |
|
|
2,319,000 |
|
|
11,780,000 |
|
Westminster, MD, Series 1997, Weekly VRDNs (Western Maryland College, Inc. Facilities)/(Allfirst LOC) |
|
|
11,780,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
115,854,000 |
|
|
||||||
|
|
|
|
Massachusetts--1.9% |
|
|
|
|
|
3,000,000 |
|
Massachusetts HEFA, Series 1985 H, Weekly VRDNs (Boston University)/(Landesbank Hessen-Thueringen, Frankfurt LOC) |
|
|
3,000,000 |
|
|
310,000 |
|
Massachusetts HEFA, Series I, Weekly VRDNs (Harvard University) |
|
|
310,000 |
|
|
8,422,000 |
|
Westborough, MA, 5.25% BANs, 5/25/2001 |
|
|
8,456,015 |
|
|
15,650,000 |
|
Westwood, MA, 5.25% BANs, 6/1/2001 |
|
|
15,714,651 |
|
|
28,000,000 |
|
Wilmington, MA, 4.80% BANs, 6/29/2001 |
|
|
28,077,934 |
|
|
11,250,000 |
|
Woburn, MA, 5.00% BANs, 6/15/2001 |
|
|
11,282,737 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
66,841,337 |
|
|
||||||
|
|
|
|
Michigan--3.8% |
|
|
|
|
|
4,878,000 |
|
ABN AMRO MuniTOPS Certificates Trust (Michigan Non-AMT), Series 1998-13, Weekly VRDNs (Michigan State Trunk Line)/(MBIA INS)/(ABN AMRO Bank N.V., Amsterdam LIQ) |
|
|
4,878,000 |
|
|
4,909,000 |
|
Battle Creek, MI EDC, Series 1992, Weekly VRDNs (Michigan Carton & Paperboard Co.)/(American National Bank & Trust Co., Chicago LOC) |
|
|
4,909,000 |
|
|
2,100,000 |
|
Bruce Township, MI Hospital Finance Authority, Tender Securities Weekly VRDNs (Sisters of Charity Health Care System)/(MBIA INS)/(Morgan Guaranty Trust Co., New York LIQ) |
|
|
2,100,000 |
|
|
28,600,000 |
|
Detroit, MI Sewage Disposal System, Trust Receipts Series 1999 FR/RI-A75, Weekly VRDNs (FGIC INS)/(Bayerische Hypotheken-und Vereinsbank AG LIQ) |
|
|
28,600,000 |
|
|
800,000 |
|
Detroit, MI Water Supply System, Water Supply System Revenue and Revenue Refunding Bonds, Series 1993, Weekly VRDNs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ) |
|
|
800,000 |
|
|
6,000,000 |
|
Detroit, MI Water Supply System, MERLOTS, Series 2000 D, Weekly VRDNs (FGIC INS)/(First Union National Bank, Charlotte, NC LIQ) |
|
|
6,000,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Michigan--continued |
|
|
|
|
$ |
1,740,000 |
|
Garden City, MI HFA, Hospital Revenue Bonds, Series 1996 A, Weekly VRDNs (Garden City Hospital, Osteopathic)/(National City Bank, Michigan/Illinois LOC) |
|
$ |
1,740,000 |
|
|
2,100,000 |
|
Grand Rapids, MI EDR, Floating/Fixed Rate Demand Bonds, Series 1983 B, Weekly VRDNs (Amway Grand Plaza Hotel Facilities)/(Old Kent Bank & Trust Co., Grand Rapids, MI LOC) |
|
|
2,100,000 |
|
|
2,000,000 |
|
Grand Rapids, MI, EDR Refunding Bonds, Series 1991 A, Weekly VRDNs (Amway Hotel Corp.)/(Michigan National Bank, Farmington Hills, MI LOC) |
|
|
2,000,000 |
|
|
1,000,000 |
|
Grand Rapids, MI Water Supply System, Series 1993, Weekly VRDNs (FGIC INS)/(Societe Generale, Paris LIQ) |
|
|
1,000,000 |
|
|
6,800,000 |
|
Ingham County, MI, Adjustable Demand LO Revenue Bonds, Series 1995, Weekly VRDNs (Martin Luther Memorial Home, Inc.)/(Bank One, Indiana, N.A. LOC) |
|
|
6,800,000 |
|
|
750,000 |
|
Michigan Higher Education Facilities Authority Variable Rate Demand LO Revenue Bonds, Series 1997, Weekly VRDNs (Davenport College of Business)/(Old Kent Bank & Trust Co., Grand Rapids, MI LOC) |
|
|
750,000 |
|
|
20,000,000 |
|
Michigan State Building Authority, Series 1, 4.20% CP (Bank of New York, Canadian Imperial Bank of Commerce and Commerzbank AG, Frankfurt LOCs), Mandatory Tender 9/21/2000 |
|
|
20,000,000 |
|
|
3,000,000 |
|
Michigan State Hospital Finance Authority, Series 1999A, Weekly VRDNs (Covenant Retirement Communities, Inc.)/(LaSalle Bank, Chicago, IL LOC) |
|
|
3,000,000 |
|
|
19,650,000 |
|
Michigan State Hospital Finance Authority, MERLOTS, Series 1997A, Weekly VRDNs (Detroit Medical Center Obligated Group)/(AMBAC INS)/(First Union National Bank, Charlotte, NC LIQ) |
|
|
19,650,000 |
|
|
11,000,000 |
|
Michigan State Housing Development Authority, MERLOTS, Series G, Weekly VRDNs (MBIA INS)/(First Union National Bank, Charlotte, NC LIQ) |
|
|
11,272,910 |
|
|
3,500,000 |
|
Michigan State, 5.00% BANs, 4/23/2001 |
|
|
3,518,270 |
|
|
7,295,000 |
|
Michigan Strategic Fund, (PA-334), COL Series 1998 AA, Weekly VRDNs (Detroit Edison Co.)/(MBIA INS)/(Merrill Lynch Capital Services Inc. LIQ) |
|
|
7,295,000 |
|
|
1,500,000 |
|
Michigan Strategic Fund, (PT-244), Weekly VRDNs (Detroit Edison Co.)/(FGIC INS)/(BNP Paribas LIQ) |
|
|
1,500,000 |
|
|
2,000,000 |
|
Oakland County, MI EDC, Series 1998, Weekly VRDNs (Lourdes Assisted Living, Inc.)/(Allied Irish Banks PLC LOC) |
|
|
2,000,000 |
|
|
5,350,000 |
|
Wayne Westland Community Schools, MI, Floater Certificates, Series 1998-67, Weekly VRDNs (FGIC INS)/(Morgan Stanley, Dean Witter, & Co. LIQ) |
|
|
5,350,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
135,263,180 |
|
|
||||||
|
|
|
|
Minnesota--2.5% |
|
|
|
|
|
14,000,000 |
|
ABN AMRO MuniTOPS Certificates Trust (Minnesota Non-AMT) Series 2000-8, Weekly VRDNs (Minneapolis/St. Paul, MN Airport Commission)/(FGIC INS)/(ABN AMRO Bank N.V., Amsterdam LIQ) |
|
|
14,000,000 |
|
|
2,475,000 |
|
Albert Lea, MN ISD No. 241, 3.90% TRANs (Minnesota State GTD), 9/30/2000 |
|
|
2,475,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Minnesota--continued |
|
|
|
|
$ |
3,420,000 |
|
Chicago Lakes, MN Area Schools No. 2144, 3.84% TRANs (Minnesota State GTD), 9/30/2000 |
|
$ |
3,420,000 |
|
|
4,530,000 |
|
Forest Lake, MN ISD No. 831, Series 1999 A, 3.65% TANs (Minnesota State GTD), 8/1/2000 |
|
|
4,530,000 |
|
|
3,075,000 |
|
Lakeville, MN ISD 194, 3.82% TRANs (Minnesota State GTD), 9/26/2000 |
|
|
3,075,000 |
|
|
3,540,000 |
|
Little Falls, MN ISD 482, 3.85% TRANs (Minnesota State GTD), 9/30/2000 |
|
|
3,540,278 |
|
|
1,125,000 |
|
Mendota Heights, MN, Series 1999, Weekly VRDNs (St. Thomas Academy)/(Allied Irish Banks PLC LOC) |
|
|
1,125,000 |
|
|
2,500,000 |
|
Minneapolis, MN, Housing Development Revenue Refunding Bonds, Series 1988, Weekly VRDNs (Symphony Place)/(FHLMC LOC) |
|
|
2,500,000 |
|
|
20,000,000 |
|
Minneapolis/St. Paul, MN Metropolitan Airports Commission, MERLOTS Series 2000 ZZ, Weekly VRDNs (FGIC INS)/(First Union National Bank, Charlotte, NC LIQ) |
|
|
20,000,000 |
|
|
5,000,000 |
|
Minnesota Public Facilities Authority, Morgan Stanley Floater Certificate, Series 1998 73, Weekly VRDNs (Morgan Stanley, Dean Witter & Co. LIQ) |
|
|
5,000,000 |
|
|
6,000,000 |
|
Oak Park Heights, MN, Elderly Housing Revenue Bonds, Series 1998B, 5.225% TOBs (Bayerische Landesbank Girozentrale), Mandatory Tender 12/1/2000 |
|
|
6,000,000 |
|
|
14,000,000 |
|
Seaway Port Authority of Duluth, MN Series 2000, Weekly VRDNs (St. Lawrence Cement Inc.)/(First Union National Bank, Charlotte, NC LOC) |
|
|
14,000,000 |
|
|
10,000,000 |
|
University of Minnesota, Series 1999 A, Weekly VRDNs |
|
|
10,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
89,665,278 |
|
|
||||||
|
|
|
|
Mississippi--0.0% |
|
|
|
|
|
1,240,000 |
|
Hinds County, MS, Series 1991, Weekly VRDNs (North State St. Project)/(AmSouth Bank N.A., Birmingham, AL LOC) |
|
|
1,240,000 |
|
|
||||||
|
|
|
|
Missouri--1.7% |
|
|
|
|
|
32,200,000 |
|
Missouri State HEFA, Series 1998, Weekly VRDNs (Stowers Institute for Medical Research)/(Morgan Guaranty Trust Co., New York LOC) |
|
|
32,200,000 |
|
|
4,200,000 |
|
Missouri State HEFA, Series 1999 F, 4.25% TRANs (Grandview Consolidated School District #4, MO), 9/19/2000 |
|
|
4,202,697 |
|
|
5,000,000 |
|
Missouri State HEFA, Series 1999 H, 4.25% TRANs (Mehville R-9 School District, MO), 9/19/2000 |
|
|
5,003,210 |
|
|
8,500,000 |
|
Missouri State HEFA, Series 2000, Weekly VRDNs (Stowers Institute for Medical Research)/(MBIA INS)/(Morgan Guaranty Trust Co., New York LOC) |
|
|
8,500,000 |
|
|
4,200,000 |
|
Poplar Bluff, MO IDA, Series 1987, Weekly VRDNs (Gates Rubber Co.)/(Bank One, Michigan LOC) |
|
|
4,200,000 |
|
|
7,000,000 |
|
St. Louis, Series 2000, 5.25% TRANs, 6/28/2001 |
|
|
7,040,676 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
61,146,583 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Multi State--3.2% |
|
|
|
|
$ |
25,473,363 |
|
ABN AMRO Chicago Corp., Series 1997-1, LeaseTOPS Trust Weekly VRDNs (LaSalle National Bank, Chicago LIQ)/(LaSalle National Bank, Chicago, IL LOC) |
|
$ |
25,473,363 |
|
|
33,409,000 |
|
Clipper Tax-Exempt Trust (Non-AMT Multistate), Series A, Weekly VRDNs (State Street Bank and Trust Co. LIQ) |
|
|
33,409,000 |
|
|
19,081,010 |
|
Equity Trust II, Series 1996, Weekly VRDNs (Republic National Bank of New York LOC) |
|
|
19,081,010 |
|
|
12,885,019 |
|
PBCC LeaseTOPS Trust (Multistate Non-AMT), Series 1998-2, Weekly VRDNs (AMBAC INS)/(Pitney Bowes Credit Corp. LIQ) |
|
|
12,885,019 |
|
|
22,717,803 |
|
PBCC LeaseTOPS Trust (Multistate Non-AMT) Series 1999-2, Weekly VRDNs (AMBAC INS)/(Pitney Bowes Credit Corp. LIQ) |
|
|
22,717,803 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
113,566,195 |
|
|
||||||
|
|
|
|
Nevada--0.2% |
|
|
|
|
|
7,500,000 |
|
ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT), Series 1998-1, Weekly VRDNs (Nevada State)/(MBIA INS)/(ABN AMRO Bank N.V., Amsterdam LIQ) |
|
|
7,500,000 |
|
|
1,000,000 |
|
Clark County, NV School District, 4.25% Bonds (FGIC INS), 6/15/2001 |
|
|
998,240 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
8,498,240 |
|
|
||||||
|
|
|
|
New Jersey--0.9% |
|
|
|
|
|
15,385,000 |
|
New Jersey State, CDC, Series 1997L, Weekly VRDNs (Caisse des Depots et Consignations (CDC), Paris LIQ) |
|
|
15,385,000 |
|
|
4,225,000 |
|
Ocean Township, NJ Series 2000A, 5.375% BANs, 5/25/2001 |
|
|
4,241,202 |
|
|
14,000,000 |
|
Patterson, NJ, 5.25% BANs, 6/15/2001 |
|
|
14,066,963 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
33,693,165 |
|
|
||||||
|
|
|
|
New York--6.7% |
|
|
|
|
|
9,500,000 |
|
Gorham-Middlesex, NY Central School District, 4.50% BANs, 4/27/2001 |
|
|
9,512,042 |
|
|
25,000,000 |
|
Nassau County, NY, Series 1999 B, 4.75% TANs (First Union National Bank, Charlotte, NC LOC), 8/31/2000 |
|
|
25,014,941 |
|
|
10,000,000 |
|
New York City Municipal Water Finance Authority, (PT-523) Weekly VRDNs (FGIC INS)/(Merrill Lynch Capital Services, Inc. LIQ) |
|
|
10,000,000 |
|
|
10,000,000 |
|
New York City Municipal Water Finance Authority Series 5, 4.75% CP (Bayerische Landesbank Girozentrale, Landesbank Hessen-Thueringen, Frankfurt and Westdeutsche Landesbank Girozentrale LOCs), Mandatory Tender 8/31/2000 |
|
|
10,000,000 |
|
|
22,000,000 |
|
New York City Municipal Water Finance Authority, Trust Receipts, Series 1997 FR/RI-6, Weekly VRDNs (MBIA INS)/(Bank of New York LIQ) |
|
|
22,000,000 |
|
|
10,000,000 |
|
New York City Municipal Water Finance Authority, Trust Receipts, Series 1998 FR/RI-11 Weekly VRDNs (FSA INS)/(Bank of New York LIQ) |
|
|
10,000,000 |
|
|
12,000,000 |
|
New York City Trust For Cultural Resources, Series 2000, Weekly VRDNs (Manhattan School of Music)/(Asset Guaranty INS)/(First Union National Bank, Charlotte, NC LIQ) |
|
|
12,000,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
New York--continued |
|
|
|
|
$ |
30,300,000 |
|
New York City, NY Transitional Finance Authority, BANs, Series 2000 FR/RI-A16, Daily VRDNs (Bayerische Hypotheken-und Vereinsbank AG LIQ) |
|
$ |
30,300,000 |
|
|
10,000,000 |
|
New York City, NY, GO Bonds, Series 1995 F and G, Weekly VRDNs (Morgan Guaranty Trust Co., New York LOC) |
|
|
10,000,000 |
|
|
11,500,000 |
|
New York City, NY, UT GO Bonds, Series B, 7.50% Bonds, 2/1/2001 |
|
|
11,672,690 |
|
|
14,735,000 |
2 |
New York State Thruway Authority, (PT-1158), 4.60% TOBs (Merrill Lynch Capital Services, Inc. LIQ), Optional Tender 2/15/2001 |
|
|
14,735,000 |
|
|
21,000,000 |
|
Triborough Bridge & Tunnel Authority, NY, Trust Receipt, Series FR/RI-N15, Weekly VRDNs (Bank of New York LIQ) |
|
|
21,000,000 |
|
|
25,000,000 |
2 |
Triborough Bridge & Tunnel Authority, NY, Trust Receipt, Series FR/RI-N16, 4.35% TOBs (Bank of New York LIQ), Optional Tender 10/25/2000 |
|
|
25,000,000 |
|
|
12,000,000 |
|
VRDC/IVRC Trust, Series 1992A, Weekly VRDNs (NY City Municipal Water Finance Authority)/(MBIA INS)/(Citibank N.A., New York LIQ) |
|
|
12,000,000 |
|
|
13,400,000 |
|
VRDC/IVRC Trust, Series 1993G, Weekly VRDNs (St. Luke's Roosevelt Hospital Center)/(FHA INS)/(Chase Manhattan Bank N.A., New York LIQ) |
|
|
13,400,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
236,634,673 |
|
|
||||||
|
|
|
|
North Carolina--0.5% |
|
|
|
|
|
15,000,000 |
|
Martin County, NC IFA, Series 1993, Weekly VRDNs (Weyerhaeuser Co.) |
|
|
15,000,000 |
|
|
2,400,000 |
|
North Carolina Medical Care Commission, Revenue Bonds, Series 1992B, Weekly VRDNs (North Carolina Baptist)/(Wachovia Bank of NC, N.A. LIQ) |
|
|
2,400,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
17,400,000 |
|
|
||||||
|
|
|
|
Ohio--5.7% |
|
|
|
|
|
8,338,000 |
|
ABN AMRO MuniTOPS Certificates Trust (Ohio Non-AMT), Series 1998-18, Weekly VRDNs (Cleveland, OH Waterworks)/(FSA INS)/(ABN AMRO Bank N.V., Amsterdam LIQ) |
|
|
8,338,000 |
|
|
2,530,000 |
|
Akron, Bath & Copley, OH Joint Township Weekly VRDNs (Visiting Nurses)/(National City Bank, Ohio LOC) |
|
|
2,530,000 |
|
|
6,250,000 |
|
Anthony Wayne School District, OH, 4.61% BANs, 12/21/2000 |
|
|
6,257,752 |
|
|
12,685,000 |
|
Ashland County, OH Health Care Weekly VRDNs (Brethren Care, Inc.)/(FirstMerit Bank, N.A. LOC) |
|
|
12,685,000 |
|
|
3,300,000 |
|
Brecksville City, OH, 5.10% BANs, 6/7/2001 |
|
|
3,305,325 |
|
|
4,500,000 |
|
Cuyahoga County, OH Health Care Facilities, Series 1999, Weekly VRDNs (Hospice of the Western Reserve)/(Fifth Third Bank, Cincinnati, OH LOC) |
|
|
4,500,000 |
|
|
1,500,000 |
|
Cuyahoga County, OH Hospital Authority, Series C, Weekly VRDNs (Cleveland Clinic) |
|
|
1,500,000 |
|
|
13,865,000 |
|
Cuyahoga County, OH, Series 1999, Weekly VRDNs (The Renaissance)/(LaSalle National Bank, Chicago, IL LOC) |
|
|
13,865,000 |
|
|
4,850,000 |
|
Erie County, OH, Adjustable Rate Demand Health Care Facilities Bonds, Series 1996A, Weekly VRDNs (Providence Care Center)/(Bank One, N.A. (Ohio) LOC) |
|
|
4,850,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Ohio--continued |
|
|
|
|
$ |
3,445,000 |
|
Franklin County, OH Health Care Facilities, Series 1999A, Weekly VRDNs (National Church Residences)/(Fifth Third Bank, Cincinnati, OH LOC) |
|
$ |
3,445,000 |
|
|
1,555,000 |
|
Franklin County, OH Health Care Facilities, Series 1999B, Weekly VRDNs (National Church Residences)/(Fifth Third Bank, Cincinnati, OH LOC) |
|
|
1,555,000 |
|
|
13,445,000 |
|
Franklin County, OH Hospital Facility Authority, Series A, Weekly VRDNs (U.S. Health Corp. of Columbus)/(Morgan Guaranty Trust Co., New York LOC) |
|
|
13,445,000 |
|
|
12,700,000 |
|
Franklin County, OH Hospital Revenue Bonds, Series 1995, Weekly VRDNs (Holy Cross Health System Corp.)/(Morgan Guaranty Trust Co., New York LIQ) |
|
|
12,700,000 |
|
|
1,605,000 |
|
Genoa Village, OH, Series 1999, Weekly VRDNs (Genoa Health Care Center)/(Fifth Third Bank of Northwestern, OH LOC) |
|
|
1,605,000 |
|
|
6,870,000 |
|
Henry County, OH, Series 1996, Weekly VRDNs (Automatic Feed Co.)/(Huntington National Bank, Columbus, OH LOC) |
|
|
6,870,000 |
|
|
2,000,000 |
|
Louisville City, OH, Series 1999A, Weekly VRDNs (St. Joseph Care Center)/(FirstMerit Bank, N.A. LOC) |
|
|
2,000,000 |
|
|
4,450,000 |
|
Louisville City, OH, Series 1999B, Weekly VRDNs (St. Joseph Care Center)/(FirstMerit Bank, N.A. LOC) |
|
|
4,450,000 |
|
|
8,090,000 |
|
Lucas County, OH Weekly VRDNs (Lutheran Homes Society)/(Bank One, N.A., Ohio LOC) |
|
|
8,090,000 |
|
|
165,000 |
|
Lucas County, OH, Hospital Improvement Revenue Weekly VRDNs (Sunshine Children's Home)/(National City Bank, OH LOC) |
|
|
165,000 |
|
|
6,230,000 |
|
Mahoning County, OH HFA, Housing Revenue Bonds, Series 1995, Weekly VRDNs (Copeland Oaks Project)/(Bank One, Ohio N.A. LOC) |
|
|
6,230,000 |
|
|
3,000,000 |
|
Mayfield Village, OH IDA Weekly VRDNs (Beta Campus Co.)/(KeyBank, N.A. LOC) |
|
|
3,000,000 |
|
|
7,400,000 |
|
Medina County, OH, Series 1997, Weekly VRDNs (Plaza 71 Associates Ltd.)/(Westdeutsche Landesbank Girozentrale LOC) |
|
|
7,400,000 |
|
|
550,000 |
|
Montgomery County, OH IDA Weekly VRDNs (Center-Plex Venture)/(KeyBank, N.A. LOC) |
|
|
550,000 |
|
|
3,220,000 |
|
Montgomery, OH IDA Weekly VRDNs (Bethesda Two LP)/(Huntington National Bank, Columbus, OH LOC) |
|
|
3,220,000 |
|
|
8,700,000 |
|
New Albany, OH Community Authority, Infrastructure Improvement, Series B, Weekly VRDNs (Huntington National Bank, Columbus, OH LOC) |
|
|
8,700,000 |
|
|
1,000,000 |
|
Ohio State Air Quality Development Authority Weekly VRDNs (Timken Co.)/(Credit Suisse First Boston LOC) |
|
|
1,000,000 |
|
|
3,800,000 |
|
Ohio State Air Quality Development Authority, Series 1988A, Weekly VRDNs (PPG Industries, Inc.) |
|
|
3,800,000 |
|
|
10,000,000 |
|
Ohio State Higher Education Facility, Series 1999, Weekly VRDNs (Higher Education Pooled Financing 1999 Program) /(Fifth Third Bank, Cincinnati, OH LOC) |
|
|
10,000,000 |
|
|
1,395,000 |
|
Ohio State Higher Education Facility, Revenue Bonds Weekly VRDNs (Notre Dame College)/(National City Bank, OH LOC) |
|
|
1,395,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Ohio--continued |
|
|
|
|
$ |
6,000,000 |
|
Rickenbacker, OH Port Authority, Series 1992, Weekly VRDNs (Rickenbacker Holdings, Inc.)/(Bank One, Ohio N.A. LOC) |
|
$ |
6,000,000 |
|
|
5,185,000 |
|
Ross County, OH, Hospital Facilities Revenue Bonds, Series 1995, Weekly VRDNs (Medical Center Hospital Project)/(Fifth Third Bank, Cincinnati, OH LOC) |
|
|
5,185,000 |
|
|
5,665,000 |
|
Ross County, OH, Hospital Revenue Bonds Weekly VRDNs (Adena Health System)/(Fifth Third Bank, Cincinnati, OH LOC) |
|
|
5,665,000 |
|
|
5,200,000 |
|
Scioto County, OH Hospital Authority, Series G, Weekly VRDNs (Volunteer Hospitals of America)/(AMBAC INS)/(Mellon Bank N.A., Pittsburgh, PA LIQ) |
|
|
5,200,000 |
|
|
3,500,000 |
|
Solon City School District, OH, 5.10% BANs, 1/18/2001 |
|
|
3,505,499 |
|
|
6,475,000 |
|
Solon, OH, Series 2000, 5.10% BANs, 5/31/2001 |
|
|
6,485,241 |
|
|
3,075,000 |
|
Summit County, OH, Adjustable Rate Healthcare Facilities Revenue Bonds Series 1996, Weekly VRDNs (United Disability Services, Inc.)/(FirstMerit Bank, N.A. LOC) |
|
|
3,075,000 |
|
|
3,000,000 |
|
Teays Valley, OH Local School District, Series B, 5.00% BANs, 11/14/2000 |
|
|
3,003,788 |
|
|
4,800,000 |
|
Walnut Hills, OH High School Alumni Foundation, Series 1998, Weekly VRDNs (Fifth Third Bank, Cincinnati, OH LOC) |
|
|
4,800,000 |
|
|
1,440,000 |
|
Wayne County, OH, Health Care Facility Revenue Bonds, Series 1995, Weekly VRDNs (D & M Realty Project)/(Bank One, Ohio N.A. LOC) |
|
|
1,440,000 |
|
|
2,350,000 |
|
Wood County, OH, Series 1998, Weekly VRDNs (IMCO Carbide Tool, Inc.)/(Huntington National Bank, Columbus, OH LOC) |
|
|
2,350,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
204,160,605 |
|
|
||||||
|
|
|
|
Oklahoma--0.5% |
|
|
|
|
|
18,640,000 |
|
Tulsa, OK International Airport, Variable Rate Certificates, Series 1997 B-2, Weekly VRDNs (MBIA INS)/(Bank of America, N.A. LIQ) |
|
|
18,640,000 |
|
|
||||||
|
|
|
|
Pennsylvania--7.1% |
|
|
|
|
|
5,000,000 |
|
Allegheny County, PA HDA, Series 2000 A, 5.50% TOBs (South Hills Health System)/(PNC Bank, N.A. LOC), Mandatory Tender 6/1/2001 |
|
|
5,030,941 |
|
|
5,025,000 |
|
Allegheny County, PA HDA, Revenue Bonds, Series B1, Daily VRDNs (Presbyterian University Hospital)/(Bank One, Michigan N.A. LOC) |
|
|
5,025,000 |
|
|
9,600,000 |
|
Allegheny County, PA IDA, Series B, Weekly VRDNs (Zoological Society of Pittsburgh)/(PNC Bank, N.A. LOC) |
|
|
9,600,000 |
|
|
1,225,000 |
|
Allegheny County, PA IDA, Commercial Development Revenue Bonds, Series 1992, Weekly VRDNs (Eleven Parkway Center Associates)/(Mellon Bank N.A., Pittsburgh, PA LOC) |
|
|
1,225,000 |
|
|
4,835,000 |
|
Allegheny County, PA IDA, Variable Rate Demand Revenue Bonds, Series 1997B, Weekly VRDNs (Jewish Community Center)/(National City, PA LOC) |
|
|
4,835,000 |
|
|
3,050,000 |
|
Commonwealth of Pennsylvania, Floater Certificate, Series 1998-53, Weekly VRDNs (FGIC INS)/(Morgan Stanley, Dean Witter, & Co. LIQ) |
|
|
3,050,000 |
|
|
24,295,000 |
|
Commonwealth of Pennsylvania, TOCs Trust, Series 1999-3, Weekly VRDNs (FGIC INS)/(Chase Manhattan Bank N.A., New York LIQ) |
|
|
24,295,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Pennsylvania--continued |
|
|
|
|
$ |
36,955,000 |
|
Dauphin County, PA General Authority, Education and Health Loan Program, Series 1997, Weekly VRDNs (AMBAC INS)/(Chase Manhattan Bank N.A., New York LIQ) |
|
$ |
36,955,000 |
|
|
15,500,000 |
|
Doylestown Hospital Authority, PA, Doylestown Hospital Revenue Bonds Weekly VRDNs (AMBAC INS)/(PNC Bank, N.A. LIQ) |
|
|
15,500,000 |
|
|
3,900,000 |
|
East Hempfield Township, PA IDA, Series 1985, Weekly VRDNs (Yellow Freight System)/(Wachovia Bank of NC, N.A. LOC) |
|
|
3,900,000 |
|
|
15,000,000 |
|
East Hempfield Township, PA IDA, Series 1997, Weekly VRDNs (Mennonite Home)/(Dauphin Deposit Bank and Trust LOC) |
|
|
15,000,000 |
|
|
19,500,000 |
|
Easton Area School District, PA, Series 1997, Weekly VRDNs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ) |
|
|
19,500,000 |
|
|
1,500,000 |
|
Erie County, PA Hospital Authority Weekly VRDNs (St. Vincent Health System)/(Mellon Bank N.A., Pittsburgh, PA LOC) |
|
|
1,500,000 |
|
|
20,560,000 |
|
Lancaster County, PA Hospital Authority, Health Center Revenue Bonds, Series 1996, Weekly VRDNs (Masonic Homes) |
|
|
20,560,000 |
|
|
7,000,000 |
|
Lehigh County, PA General Purpose Authority, Series 2000, Weekly VRDNs (The Good Shepherd Group)/(AMBAC INS)/(First Union National Bank, Charlotte, NC LIQ) |
|
|
7,000,000 |
|
|
2,000,000 |
|
Mercersburg Borough General Purpose Authority, Series 2000A, Weekly VRDNs (Regents of the Mercersburg College)/(First Union National Bank, Charlotte, NC LOC) |
|
|
2,000,000 |
|
|
9,300,000 |
|
Mercersburg Borough General Purpose Authority, Series 2000B, Weekly VRDNs (Regents of the Mercersburg College)/(First Union National Bank, Charlotte, NC LOC) |
|
|
9,300,000 |
|
|
6,290,000 |
|
Montgomery County, PA IDA, Commercial Development Revenue Bonds, Series 1992, Weekly VRDNs (Hickory Pointe Project)/(First Union National Bank, Charlotte, NC LOC) |
|
|
6,290,000 |
|
|
9,535,000 |
|
New Castle, PA Area Hospital Authority, Series 1996, Weekly VRDNs (Jameson Memorial Hospital)/(FSA INS)/(PNC Bank, N.A. LIQ) |
|
|
9,535,000 |
|
|
8,760,000 |
|
Pennsylvania State Higher Education Assistance Agency, Revenue Refunding Bonds, 6.80% Bonds (FGIC INS), 12/1/2000 |
|
|
8,843,567 |
|
|
1,250,000 |
|
Philadelphia, PA IDA, Variable Rate Revenue Bonds, Series 1998, Weekly VRDNs (Philadelphia Academy of Music)/(First Union National Bank, Charlotte, NC LOC) |
|
|
1,250,000 |
|
|
1,875,000 |
|
Philadelphia, PA IDA, Refunding Revenue Bonds, Series 1991, Weekly VRDNs (Tom James Co.)/(SunTrust Bank LOC) |
|
|
1,875,000 |
|
|
13,175,000 |
|
Philadelphia, PA Water & Sewer, Lehman Trust Receipts, Series 2000 FR/RI-N4, Weekly VRDNs (United States Treasury COL)/(Bank of New York LIQ) |
|
|
13,175,000 |
|
|
2,000,000 |
|
Philadelphia, PA Water & Wastewater System, (CDC) Series 1997Q, Weekly VRDNs (MBIA INS)/(Caisse des Depots et Consignations (CDC), Paris LIQ) |
|
|
2,000,000 |
|
|
5,000,000 |
|
Southcentral Pennsylvania General Authority, Series 2000A, Weekly VRDNs (York County, PA)/(AMBAC INS)/(First Union National Bank, Charlotte, NC LIQ) |
|
|
5,000,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Pennsylvania--continued |
|
|
|
|
$ |
10,000,000 |
|
University of Pittsburgh, Series 2000B, Weekly VRDNs |
|
$ |
10,000,000 |
|
|
4,800,000 |
|
University of Pittsburgh, Series 2000B, Weekly VRDNs |
|
|
4,800,000 |
|
|
2,200,000 |
|
Washington County, PA Authority, Series B-1D, Daily VRDNs (Eye & Ear Hospital)/(PNC Bank, N.A. LOC) |
|
|
2,200,000 |
|
|
4,500,000 |
|
Washington County, PA Authority, Series B-1E, Daily VRDNs (Eye & Ear Hospital)/(PNC Bank, N.A. LOC) |
|
|
4,500,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
253,744,508 |
|
|
||||||
|
|
|
|
South Carolina--1.0% |
|
|
|
|
|
20,000,000 |
|
South Carolina State Public Service Authority, 4.15% CP (Bank of America, N.A., Bank of Nova Scotia, Toronto, Commerzbank AG, Frankfurt and Toronto Dominion Bank LIQs), Mandatory Tender 9/14/2000 |
|
|
20,000,000 |
|
|
6,500,000 |
|
South Carolina State Public Service Authority, MERLOTS, Series 2000 L, Weekly VRDNs (MBIA INS)/(First Union National Bank, Charlotte, NC LIQ) |
|
|
6,500,000 |
|
|
7,700,000 |
|
Spartanburg County, SC School District (No. 6), 4.875% BANs, 4/1/2001 |
|
|
7,725,786 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
34,225,786 |
|
|
||||||
|
|
|
|
South Dakota--0.1% |
|
|
|
|
|
5,000,000 |
|
South Dakota Housing Development Authority, Series F, 4.50% BANs, 6/28/2001 |
|
|
5,000,000 |
|
|
||||||
|
|
|
|
Tennessee--5.1% |
|
|
|
|
|
13,071,000 |
|
ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT), Series 1999-1, Weekly VRDNs (Metropolitan Government Nashville & Davidson County, TN)/(FGIC INS)/(ABN AMRO Bank N.V., Amsterdam LIQ) |
|
|
13,071,000 |
|
|
16,000,000 |
|
Chattanooga, TN HEFA Weekly VRDNs (McCallie School)/(SunTrust Bank, Nashville, TN LOC) |
|
|
16,000,000 |
|
|
7,800,000 |
|
Chattanooga, TN HEFA Weekly VRDNs (Sisken Hospital)/(Bank of America, N.A. LOC) |
|
|
7,800,000 |
|
|
3,200,000 |
|
Chattanooga, TN IDB, Series 1997, Weekly VRDNs (YMCA Projects)/(SunTrust Bank, Nashville, TN LOC) |
|
|
3,200,000 |
|
|
17,785,000 |
|
Elizabethton, TN Health & Educational Facilities Board, MERLOTS Series 2000 GG, Weekly VRDNs (Mountain States Health Alliance)/(MBIA INS)/(First Union National Bank, Charlotte, NC LIQ) |
|
|
17,785,000 |
|
|
6,300,000 |
|
Jackson County, TN IDB, Series B, Daily VRDNs (Esselte AB)/(Bank of America, N.A. LOC) |
|
|
6,300,000 |
|
|
14,750,000 |
|
Knox County, TN Health Education & Housing Facilities Board, Series 2000, Weekly VRDNs (Johnson Bible College)/(AmSouth Bank N.A., Birmingham, AL LOC) |
|
|
14,750,000 |
|
|
2,200,000 |
|
Knox County, TN IDB, Series 1999, Weekly VRDNs (Educational Services of the South, Inc.)/(SunTrust Bank, Nashville, TN LOC) |
|
|
2,200,000 |
|
|
4,900,000 |
|
Maury County, TN HEFA, Series 1996 E, Weekly VRDNs (Southern Healthcare Systems, Inc.)/(Bank One, Texas N.A. LOC) |
|
|
4,900,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Tennessee--continued |
|
|
|
|
$ |
8,775,000 |
|
Memphis, TN Center City Revenue Finance Corp., Series 1996A, Weekly VRDNs (South Bluffs)/(National Bank of Commerce, Memphis, TN LOC) |
|
$ |
8,775,000 |
|
|
2,700,000 |
|
Memphis, TN, General Improvement Refunding Bonds, Series 1995A, Weekly VRDNs (Westdeutsche Landesbank Girozentrale LIQ) |
|
|
2,700,000 |
|
|
1,000,000 |
|
Memphis, TN, General Improvement Refunding Bonds, Series 1995A, Weekly VRDNs (Westdeutsche Landesbank Girozentrale LIQ) |
|
|
1,000,000 |
|
|
1,500,000 |
|
Metropolitan Government Nashville & Davidson County, TN HEFA, Series 1996, Weekly VRDNs (Dede Wallace Center)/(SunTrust Bank, Nashville, TN LOC) |
|
|
1,500,000 |
|
|
2,770,000 |
|
Metropolitan Government Nashville & Davidson County, TN IDB, Series 1995, Weekly VRDNs (Hickory Trace Apartments)/(National City Bank, Kentucky LOC) |
|
|
2,770,000 |
|
|
970,000 |
|
Montgomery Co, TN Public Building Authority, Pooled Financing Revenue Bonds, Series 1996, Weekly VRDNs (Montgomery County Loan)/(Bank of America, N.A. LOC) |
|
|
970,000 |
|
|
3,380,000 |
|
Sevier County, TN Public Building Authority, Local Government Public Improvement Bonds, Series II-G-3, Weekly VRDNs (Maryville, TN)/(AMBAC INS)/(KBC Bank N.V. LIQ) |
|
|
3,380,000 |
|
|
30,000,000 |
|
Shelby County, TN Health Education & Housing Facilities Board, Series 2000, 4.65% CP (Baptist Memorial Hospital)/(Bank of America, N.A. LOC), Mandatory Tender 11/20/2000 |
|
|
30,000,000 |
|
|
15,000,000 |
|
Shelby County, TN Health Education & Housing Facilities Board, Series 2000, 4.65% CP (Baptist Memorial Hospital)/(Bank of America, N.A. LOC), Mandatory Tender 11/21/2000 |
|
|
15,000,000 |
|
|
2,470,000 |
|
Tennessee State, Series B, 5.00% Bonds, 5/1/2001 |
|
|
2,483,364 |
|
|
11,250,000 |
|
Tennessee State, PUTTERs, Series 113, Weekly VRDNs (J.P. Morgan & Co., Inc. LIQ) |
|
|
11,250,000 |
|
|
1,530,000 |
|
Washington County, TN IDB, Revenue Refunding Bonds, Series 1996, Weekly VRDNs (Springbrook Properties Project)/(SunTrust Bank, Nashville, TN LOC) |
|
|
1,530,000 |
|
|
12,900,000 |
|
Wilson County, TN Sports Authority, Series 1999, Weekly VRDNs (PNC Bank, N.A. LOC) |
|
|
12,900,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
180,264,364 |
|
|
||||||
|
|
|
|
Texas--5.3% |
|
|
|
|
|
20,996,000 |
|
ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT), Series 1998-19, Weekly VRDNs (Dallas, TX Waterworks & Sewer System)/(FSA INS)/(ABN AMRO Bank N.V., Amsterdam LIQ) |
|
|
20,996,000 |
|
|
10,890,000 |
|
Aldine, TX ISD, Series 1997 SGB-30, Weekly VRDNs (Texas Permanent School Fund Guarantee Program GTD)/(Societe Generale, Paris LIQ) |
|
|
10,890,000 |
|
|
9,365,000 |
2 |
Collin County, TX, (PT-1156), 4.65% TOBs (Merrill Lynch Capital Services, Inc. LIQ), Optional Tender 6/14/2001 |
|
|
9,365,000 |
|
|
5,575,000 |
2 |
Conroe, TX ISD, (PT-1168), 4.50% TOBs (Texas Permanent School Fund Guarantee Program GTD)/(Merrill Lynch Capital Services, Inc. LIQ), Optional Tender 7/26/2001 |
|
|
5,575,000 |
|
|
10,000,000 |
2 |
Dallas, TX, (PT-369), 4.50% TOBs (Merrill Lynch Capital Services., Inc. LIQ), Optional Tender 6/14/2001 |
|
|
10,000,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Texas--continued |
|
|
|
|
$ |
400,000 |
|
Grapevine, TX, IDC, SimuFlite Training International Project, Series 1993, Weekly VRDNs (Southern Air Transport, Inc.)/(Bank of Montreal LOC) |
|
$ |
400,000 |
|
|
2,700,000 |
|
Harris County, TX HFDC Adjustable Revenue Bonds, Series 1997B, Daily VRDNs (St. Luke's Episcopal Hospital)/(Bank of America, N.A., Morgan Guaranty Trust Co., New York and Toronto Dominion Bank LIQs) |
|
|
2,700,000 |
|
|
10,750,000 |
|
Harris County, TX HFDC, Series 2000, Weekly VRDNs (Brazos Presbyterian Homes, Inc.)/(Allied Irish Banks PLC LOC) |
|
|
10,750,000 |
|
|
5,000,000 |
|
Harris County, TX HFDC, Series 2000, Weekly VRDNs (St. Dominic Village)/(Chase Bank of Texas LOC) |
|
|
5,000,000 |
|
|
10,000,000 |
|
Harris County, TX, Trust Receipts, Series 2000 FR/RI-N1, Weekly VRDNs (United States Treasury COL)/(Bank of New York LIQ) |
|
|
10,000,000 |
|
|
1,470,000 |
|
North Richland Hills, TX IDC Weekly VRDNs (Tecnol, Inc.)/(Bank of America, N.A. LOC) |
|
|
1,470,000 |
|
|
10,000,000 |
2 |
San Antonio ISD, TX, (PT-1184), 3.80% TOBs (Texas Permanent School Fund Guarantee Program GTD)/(Merrill Lynch Capital Services, Inc. LIQ), Optional Tender 9/7/2000 |
|
|
10,000,000 |
|
|
4,000,000 |
|
San Antonio, TX Electric & Gas, Municipal Securities Trust Receipts, Series 1997 SG 101, Weekly VRDNs (Societe Generale, Paris LIQ) |
|
|
4,000,000 |
|
|
9,890,000 |
2 |
San Antonio, TX Electric & Gas, (PT-1110), 4.75% TOBs (Merrill Lynch Capital Services, Inc. LIQ), Optional Tender 5/3/2001 |
|
|
9,890,000 |
|
|
3,735,000 |
|
TX Pooled Tax Exempt Trust, Certificates of Participation, Series 1996, Weekly VRDNs (Bank One, Texas N.A. LOC) |
|
|
3,735,000 |
|
|
70,000,000 |
|
Texas State, 4.50% TRANs, 8/31/2000 |
|
|
70,036,939 |
|
|
3,000,000 |
|
Texas Turnpike Authority, Trust Receipt, Series 2000 FR/RI-N2, Weekly VRDNs (Bank of New York LIQ)/(United States Treasury PRF) |
|
|
3,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
187,807,939 |
|
|
||||||
|
|
|
|
Utah--0.1% |
|
|
|
|
|
4,300,000 |
|
Emery County, UT, PCR Refunding Bonds, Series 1994, Daily VRDNs (Pacificorp)/(AMBAC INS)/(Bank of Nova Scotia, Toronto LIQ) |
|
|
4,300,000 |
|
|
||||||
|
|
|
|
Vermont--0.0% |
|
|
|
|
|
700,000 |
|
Vermont Educational and Health Buildings Financing Agency, Series 1995 A, Weekly VRDNs (KeyBank, N.A. LOC) |
|
|
700,000 |
|
|
||||||
|
|
|
|
Virginia--3.5% |
|
|
|
|
|
33,910,000 |
|
ABN AMRO MuniTOPS Certificates Trust (Virginia Non-AMT), Series 1998-21, Weekly VRDNs (Norfolk, VA Water Revenue)/(FSA INS)/(ABN AMRO Bank N.V., Amsterdam LIQ) |
|
|
33,910,000 |
|
|
4,340,000 |
|
Alexandria, VA IDA, Series 1999, Weekly VRDNs (Church Schools in the Diocese of Virginia)/(SunTrust Bank, Richmond, VA LOC) |
|
|
4,340,000 |
|
|
13,000,000 |
|
Arlington County, VA, Series 2000, 5.05% BANs, 7/1/2001 |
|
|
13,003,855 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Virginia--continued |
|
|
|
|
$ |
3,125,000 |
|
Arlington County, VA, Series 2000A, Weekly VRDNs (National Science Teachers Association)/(SunTrust Bank, Richmond, VA LOC) |
|
$ |
3,125,000 |
|
|
3,500,000 |
|
Fairfax County, VA EDA, Series 1995, Weekly VRDNs (American Society of Civil Engineers Foundation, Inc.)/(Mellon Bank N.A., Pittsburgh, PA LOC) |
|
|
3,500,000 |
|
|
3,000,000 |
|
Fauquier County, VA IDA, Refunding Revenue Bonds Weekly VRDNs (Warrenton Development Co.)/(Fleet Bank N.A. LOC) |
|
|
3,000,000 |
|
|
5,000,000 |
|
Hampton, VA Redevelopment & Housing Authority, Series 1998, Weekly VRDNs (Township Apartments)/(AmSouth Bank N.A., Birmingham, AL LOC) |
|
|
5,000,000 |
|
|
12,000,000 |
|
Henrico County, VA EDA, Series 2000, Weekly VRDNs (Westminster-Canterbury of Richmond)/(SunTrust Bank, Richmond, VA LOC) |
|
|
12,000,000 |
|
|
22,000,000 |
|
James City County, VA IDA, Series 1997, Weekly VRDNs (Riverside Health System-Patriots Colony) |
|
|
22,000,000 |
|
|
1,500,000 |
|
Newport News, VA Redevelopment & Housing Authority, Series 1999, Weekly VRDNs (River Park Towers)/(Bank One, Arizona N.A. LOC) |
|
|
1,500,000 |
|
|
13,000,000 |
|
Norfolk, VA Water Revenue, Series 2000, 5.30% BANs, 6/30/2001 |
|
|
13,003,863 |
|
|
2,830,000 |
|
Richmond, VA Redevelopment & Housing Authority, Series 1989, Weekly VRDNs (Belmont Apartment)/(First Union National Bank, Charlotte, NC LOC) |
|
|
2,830,000 |
|
|
6,500,000 |
|
Spotsylvania County, VA IDA, Series 1993, Weekly VRDNs (Carlisle Corp.)/(SunTrust Bank, Richmond, VA LOC) |
|
|
6,500,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
123,712,718 |
|
|
||||||
|
|
|
|
Washington--1.6% |
|
|
|
|
|
4,000,000 |
|
ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT), Series 1998-16, Weekly VRDNs (Port of Seattle, WA)/(MBIA INS)/(ABN AMRO Bank N.V., Amsterdam LIQ) |
|
|
4,000,000 |
|
|
11,957,000 |
|
ABN AMRO MuniTops Certificates Trust (Multistate Non-AMT), Series 1999-12, Weekly VRDNs (Washington State)/(MBIA INS)/(ABN AMRO Bank N.V., Amsterdam LIQ) |
|
|
11,957,000 |
|
|
10,000,000 |
|
King County, WA, MERLOTS, Series 2000E, Weekly VRDNs (FGIC INS)/(First Union National Bank, Charlotte, NC LIQ) |
|
|
10,000,000 |
|
|
2,200,000 |
|
Port of Seattle, WA, IDR Bonds, Series 1985, Weekly VRDNs (Douglas Management Co. Project)/(Mellon Bank N.A., Pittsburgh, PA LOC) |
|
|
2,200,000 |
|
|
24,000,000 |
|
Port of Seattle, WA, Series 1999A, Weekly VRDNs (Commerzbank AG, Frankfurt LOC) |
|
|
24,000,000 |
|
|
2,930,000 |
|
Seattle, WA, Solid Waste Utility Revenue Bonds, 4.75% Bonds (FSA INS), 8/1/2000 |
|
|
2,930,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
55,087,000 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
West Virginia--0.6% |
|
|
|
|
$ |
7,005,000 |
|
Cabell County Commission, WV, Life Care Facilities Multi-Option Revenue Bonds, Series 1995, Weekly VRDNs (Foster Foundation)/(Huntington National Bank, Columbus, OH LOC) |
|
$ |
7,005,000 |
|
|
14,500,000 |
|
Marshall County, WV, PCR, Series 1992, Weekly VRDNs (PPG Industries, Inc.) |
|
|
14,500,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
21,505,000 |
|
|
||||||
|
|
|
|
Wisconsin--4.6% |
|
|
|
|
|
10,000,000 |
|
Appleton, WI Area School District, 4.25% TRANs, 9/25/2000 |
|
|
10,006,510 |
|
|
19,000,000 |
|
Fond Du Lac, WI School District, 4.65% BANs, 12/1/2000 |
|
|
19,018,141 |
|
|
3,250,000 |
|
Hancock, WI, IDRB, Series 1996, Weekly VRDNs (Ore-Ida Foods, Inc.)/(Heinz (H.J.) Co. GTD) |
|
|
3,250,000 |
|
|
4,400,000 |
|
Kettle Moraine, WI School District, 4.00% TRANs, 9/1/2000 |
|
|
4,400,933 |
|
|
5,900,000 |
|
Middleton-Cross Plains Area School District, 4.10% TRANs, 8/23/2000 |
|
|
5,901,194 |
|
|
15,000,000 |
|
Milwaukee, WI Trust Receipts, Series 1999 FR/RI-A37, Weekly VRDNs (Milwaukee, WI Public Schools)/(Bank of New York LIQ) |
|
|
15,000,000 |
|
|
40,250,000 |
|
Milwaukee, WI Trust Receipts, Series 2000 FR/RI-A8, Weekly VRDNs (Bank of New York LIQ) |
|
|
40,250,000 |
|
|
9,450,000 |
|
New Berlin, WI School District, 4.25% TRANs (New Berlin, WI), 8/24/2000 |
|
|
9,452,702 |
|
|
4,650,000 |
|
Oconto Falls, WI Public School District, 4.80% BANs, 4/1/2001 |
|
|
4,652,828 |
|
|
4,975,000 |
|
Stevens Point, WI Area Public School District, 4.25% TRANs, 10/13/2000 |
|
|
4,978,914 |
|
|
3,500,000 |
|
Tomah, WI Area School District, 4.15% TRANs, 9/26/2000 |
|
|
3,501,700 |
|
|
3,680,000 |
|
Two Rivers, WI Public School District, 5.10% BANs, 3/1/2001 |
|
|
3,681,509 |
|
|
2,000,000 |
|
Wisconsin HEFA, Series 1997, Weekly VRDNs (Cedar Crest, Inc.)/(Bank One, Wisconsin, N.A. LOC) |
|
|
2,000,000 |
|
|
6,000,000 |
|
Wisconsin HEFA, Series 1999C, Weekly VRDNs (Aurora Health Care, Inc.)/(Bank One, Wisconsin, N.A. LOC) |
|
|
6,000,000 |
|
|
21,590,000 |
|
Wisconsin HEFA, MERLOTS, Series 1997B, Weekly VRDNs (Sinai Samaritan Medical Center, Inc.)/(MBIA INS)/(First Union National Bank, Charlotte, NC LIQ) |
|
|
21,590,000 |
|
|
9,030,000 |
2 |
Wisconsin State, (PT-1137), 4.30% TOBs (Merrill Lynch Capital Services, Inc. LIQ), Optional Tender 2/15/2001 |
|
|
9,030,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
162,714,431 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM MUNICIPALS--continued1 |
|
|
|
|
|
|
|
Wyoming--0.1% |
|
|
|
|
$ |
1,845,000 |
|
Douglas, WY, 4.75% TOBs (Safeway, Inc.)/(Bankers Trust Co., New York LOC), Mandatory Tender 12/1/2000 |
|
$ |
1,845,000 |
|
|
1,125,000 |
|
Natrona County, WY Hospital Revenue, 6.175% TOBs (Grainger (W.W.), Inc.), Optional Tender 12/1/2000 |
|
|
1,125,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
2,970,000 |
|
|
||||||
|
|
|
|
TOTAL INVESTMENTS (AT AMORTIZED COST)3 |
|
$ |
3,551,755,206 |
|
|
||||||
1 The fund invests in securities rated in the highest short-term rating category by one or more nationally recognized statistical rating organizations ("NRSROs") or unrated securities of comparable quality. An NRSRO's highest rating category is determined without regard for sub-categories and gradations. For example, securities rated SP-1+ or SP-1 by Standard & Poor's, MIG-1 or VMIG-1 by Moody's Investors Service, or F-1+ or F-1 by Fitch IBCA, Inc. are all considered rated in the highest short-term rating category. Securities rated in the highest short-term rating category (and unrated securities of comparable quality) are identified as First Tier securities. The fund follows applicable regulations in determining whether a security rated by multiple NRSROs in different rating categories should be identified as a First Tier security. At July 31, 2000, the portfolio securities were rated as follows:
Tier Rating Based on Total Market Value (Unaudited)
|
First Tier |
|
Second Tier |
|
100.0% |
|
0% |
2 Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid based upon criteria approved by the fund's Board of Directors. At July 31, 2000 these securities amounted to $230,810,000 which represents 6.5% of net assets.
3 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets ($3,555,951,923) at July 31, 2000.
Following the Portfolios of Investments is a glossary of acronyms used throughout the portfolios.
See Notes which are an integral part of the Financial Statements
|
Glossary of Acronyms |
|
|
ACES |
--Adjustable Convertible Extendable Securities |
|
AMBAC |
--American Municipal Bond Assurance Corporation |
|
AMT |
--Alternative Minimum Tax |
|
BANs |
--Bond Anticipation Notes |
|
COL |
--Collateralized |
|
CP |
--Commercial Paper |
|
EDA |
--Economic Development Authority |
|
EDC |
--Economic Development Commission |
|
EDFA |
--Economic Development Finance Authority |
|
EDR |
--Economic Development Revenue |
|
EDRB(s) |
--Economic Development Revenue Bond(s) |
|
FGIC |
--Financial Guaranty Insurance Company |
|
FHA |
--Federal Housing Administration |
|
FHLMC |
--Federal Home Loan Mortgage Corporation |
|
FNMA |
--Federal National Mortgage Association |
|
FSA |
--Financial Security Assurance |
|
GNMA |
--Government National Mortgage Association |
|
GO |
--General Obligation |
|
GTD |
--Guaranteed |
|
HDA |
--Hospital Development Authority |
|
HEFA |
--Health and Education Facilities Authority |
|
HFA |
--Housing Finance Authority |
|
HFDC |
--Health Facility Development Corporation |
|
IDA |
--Industrial Development Authority |
|
IDB |
--Industrial Development Bond |
|
IDC |
--Industrial Development Corporation |
|
IDR |
--Industrial Development Revenue |
|
IDRB(s) |
--Industrial Development Revenue Bond(s) |
|
Glossary of Acronyms--continued |
|
|
IFA |
--Industrial Finance Authority |
|
INS |
--Insured |
|
INV |
--Investment Agreement |
|
ISD |
--Independent School District |
|
LIQ |
--Liquidity Agreement |
|
LO |
--Limited Option |
|
LOC |
--Letter of Credit |
|
MBIA |
--Municipal Bond Investors Assurance |
|
MERLOTS |
--Municipal Exempt Receipts -- Liquidity Optional Tender Series |
|
MMMs |
--Money Market Municipals |
|
PCR |
--Pollution Control Revenue |
|
PFA |
--Public Facility Authority |
|
PRF |
--Prerefunded |
|
PUTTERs |
--Puttable Tax Exempt Receipts |
|
RANs |
--Revenue Anticipation Notes |
|
SA |
--Support Agreement |
|
TANs |
--Tax Anticipation Notes |
|
TOBs |
--Tender Option Bonds |
|
TOCs |
--Tender Option Certificates |
|
TRANs |
--Tax and Revenue Anticipation Notes |
|
UT |
--Unlimited Tax |
|
VRDNs |
--Variable Rate Demand Notes |
See Notes which are an integral part of the Financial Statements
JULY 31, 2000
|
|
|
Government |
|
Government |
|
Municipal |
|||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
Investments in repurchase agreements |
|
$ |
3,884,753,000 |
|
$ |
-- |
|
$ |
-- |
|
Investments in securities |
|
|
3,285,362,120 |
|
|
3,287,433,405 |
|
|
780,113,727 |
|
|
|||||||||
|
Total investments in securities, at amortized cost and value |
|
|
7,170,115,120 |
|
|
3,287,433,405 |
|
|
780,113,727 |
|
Cash |
|
|
-- |
|
|
5,749,783 |
|
|
679,091 |
|
Income receivable |
|
|
29,401,468 |
|
|
11,041,950 |
|
|
5,018,536 |
|
Receivable for shares sold |
|
|
18,510,492 |
|
|
24,174 |
|
|
1,750 |
|
|
|||||||||
|
TOTAL ASSETS |
|
|
7,218,027,080 |
|
|
3,304,249,312 |
|
|
785,813,104 |
|
|
|||||||||
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
Payable for investments purchased |
|
|
118,721,133 |
|
|
49,970,000 |
|
|
-- |
|
Payable for shares redeemed |
|
|
84,091 |
|
|
743,662 |
|
|
25,614 |
|
Income distribution payable |
|
|
24,182,568 |
|
|
13,666,451 |
|
|
1,196,407 |
|
Payable to Bank |
|
|
33,052 |
|
|
-- |
|
|
-- |
|
Accrued expenses |
|
|
713,416 |
|
|
523,982 |
|
|
115,301 |
|
|
|||||||||
|
TOTAL LIABILITIES |
|
|
143,734,260 |
|
|
64,904,095 |
|
|
1,337,322 |
|
|
|||||||||
|
TOTAL NET ASSETS |
|
$ |
7,074,292,820 |
|
$ |
3,239,345,217 |
|
$ |
784,475,782 |
|
|
|||||||||
|
Net Assets Consist of: |
|
|
|
|
|
|
|
|
|
|
Paid in capital |
|
|
7,074,292,820 |
|
|
3,239,345,217 |
|
|
784,475,782 |
|
|
|||||||||
|
TOTAL NET ASSETS |
|
$ |
7,074,292,820 |
|
$ |
3,239,345,217 |
|
$ |
784,475,782 |
|
|
|||||||||
|
Net Assets: |
|
|
|
|
|
|
|
|
|
|
Institutional Shares |
|
$ |
4,431,985,360 |
|
$ |
1,298,674,023 |
|
$ |
445,658,751 |
|
Institutional Service Shares |
|
|
2,642,307,460 |
|
|
1,940,671,194 |
|
|
266,102,937 |
|
Institutional Capital Shares |
|
|
-- |
|
|
-- |
|
|
72,714,094 |
|
|
|||||||||
|
TOTAL NET ASSETS |
|
$ |
7,074,292,820 |
|
$ |
3,239,345,217 |
|
$ |
784,475,782 |
|
|
|||||||||
|
Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
Institutional Shares |
|
|
4,431,985,360 |
|
|
1,298,674,023 |
|
|
445,658,751 |
|
Institutional Service Shares |
|
|
2,642,307,460 |
|
|
1,940,671,194 |
|
|
266,102,937 |
|
Institutional Capital Shares |
|
|
-- |
|
|
-- |
|
|
72,714,094 |
|
Net Asset Value, Offering Price and Redemption |
|
|
|
|
|
|
|
|
|
|
Proceeds Per Share: |
|
|
|
|
|
|
|
|
|
|
Institutional Shares |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
|||||||||
|
Institutional Service Shares |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
|||||||||
|
Institutional Capital Shares |
|
|
$ -- |
|
|
$ -- |
|
|
$1.00 |
|
|
|||||||||
See Notes which are an integral part of the Financial Statements
JULY 31, 2000
|
|
|
Prime Cash |
|
Prime Value |
|
Tax-Free |
|
|||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Investments in repurchase agreements |
|
$ |
8,930,000 |
|
$ |
88,450,000 |
|
$ |
-- |
|
|
Investments in securities |
|
|
3,694,193,951 |
|
|
2,892,539,435 |
|
|
3,551,755,206 |
|
|
|
||||||||||
|
Total investments in securities, at amortized cost and value |
|
|
3,703,123,951 |
|
|
2,980,989,435 |
|
|
3,551,755,206 |
|
|
Cash |
|
|
-- |
|
|
7,442,936 |
|
|
2,141,119 |
|
|
Income receivable |
|
|
24,630,168 |
|
|
17,284,936 |
|
|
28,215,399 |
|
|
Receivable for shares sold |
|
|
9,772,969 |
|
|
639,898 |
|
|
-- |
|
|
|
||||||||||
|
TOTAL ASSETS |
|
|
3,737,527,088 |
|
|
3,006,357,205 |
|
|
3,582,111,724 |
|
|
|
||||||||||
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Payable for investments purchased |
|
|
-- |
|
|
-- |
|
|
12,234,738 |
|
|
Payable for shares redeemed |
|
|
-- |
|
|
3,778,064 |
|
|
3,282,270 |
|
|
Income distribution payable |
|
|
7,484,451 |
|
|
5,034,968 |
|
|
10,122,085 |
|
|
Accrued expenses |
|
|
343,821 |
|
|
296,218 |
|
|
520,708 |
|
|
|
||||||||||
|
TOTAL LIABILITIES |
|
|
7,828,272 |
|
|
9,109,250 |
|
|
26,159,801 |
|
|
|
||||||||||
|
TOTAL NET ASSETS |
|
$ |
3,729,698,816 |
|
$ |
2,997,247,955 |
|
$ |
3,555,951,923 |
|
|
|
||||||||||
|
Net Assets Consist of: |
|
|
|
|
|
|
|
|
|
|
|
Paid in Capital |
|
$ |
3,729,698,816 |
|
$ |
2,997,247,955 |
|
$ |
3,555,890,932 |
|
|
Accumulated net realized loss on investments |
|
|
-- |
|
|
-- |
|
|
(9,417 |
) |
|
Undistributed net investment income |
|
|
-- |
|
|
-- |
|
|
70,408 |
|
|
|
||||||||||
|
TOTAL NET ASSETS |
|
$ |
3,729,698,816 |
|
$ |
2,997,247,955 |
|
$ |
3,555,951,923 |
|
|
|
||||||||||
|
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares |
|
$ |
2,471,383,016 |
|
$ |
2,051,666,475 |
|
$ |
2,464,779,243 |
|
|
Institutional Service Shares |
|
|
1,095,033,986 |
|
|
708,801,350 |
|
|
1,091,172,680 |
|
|
Institutional Capital Shares |
|
|
163,281,814 |
|
|
236,780,130 |
|
|
-- |
|
|
|
||||||||||
|
TOTAL NET ASSETS |
|
$ |
3,729,698,816 |
|
$ |
2,997,247,955 |
|
$ |
3,555,951,923 |
|
|
|
||||||||||
|
Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares |
|
|
2,471,383,016 |
|
|
2,051,666,475 |
|
|
2,464,764,207 |
|
|
Institutional Service Shares |
|
|
1,095,033,986 |
|
|
708,801,350 |
|
|
1,091,146,138 |
|
|
Institutional Capital Shares |
|
|
163,281,814 |
|
|
236,780,130 |
|
|
-- |
|
|
Net Asset Value, Offering Price and Redemption |
|
|
|
|
|
|
|
|
|
|
|
Proceeds Per Share: |
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
|
||||||||||
|
Institutional Service Shares |
|
|
$1.00 |
|
|
$1.00 |
|
|
$1.00 |
|
|
|
||||||||||
|
Institutional Capital Shares |
|
|
$1.00 |
|
|
$1.00 |
|
|
-- |
|
|
|
||||||||||
See Notes which are an integral part of the Financial Statements
JULY 31, 2000
|
|
|
Government |
|
|
Government |
|
|
Municipal |
|
|||
|
Investment Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
414,323,510 |
|
|
$ |
162,343,996 |
|
|
$ |
26,146,683 |
|
|
|
||||||||||||
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment adviser fee |
|
|
14,132,895 |
|
|
|
5,535,690 |
|
|
|
1,301,299 |
|
|
Administrative personnel and services fee |
|
|
5,323,322 |
|
|
|
2,085,054 |
|
|
|
486,501 |
|
|
Custodian fees |
|
|
377,121 |
|
|
|
190,007 |
|
|
|
30,586 |
|
|
Transfer and dividend disbursing agent fees and expenses |
|
|
146,656 |
|
|
|
84,483 |
|
|
|
82,326 |
|
|
Directors'/Trustees' fees |
|
|
49,161 |
|
|
|
19,328 |
|
|
|
6,666 |
|
|
Auditing fees |
|
|
14,676 |
|
|
|
14,781 |
|
|
|
11,636 |
|
|
Legal fees |
|
|
16,733 |
|
|
|
8,171 |
|
|
|
29,718 |
|
|
Portfolio accounting fees |
|
|
512,434 |
|
|
|
242,456 |
|
|
|
125,075 |
|
|
Shareholder services fee--Institutional Shares |
|
|
11,925,637 |
|
|
|
3,146,797 |
|
|
|
-- |
|
|
Shareholder services fee--Institutional Service Shares |
|
|
5,742,900 |
|
|
|
3,772,815 |
|
|
|
408,054 |
|
|
Shareholder services fee-Institutional Capital Shares |
|
|
-- |
|
|
|
-- |
|
|
|
230,961 |
|
|
Share registration costs |
|
|
52,005 |
|
|
|
62,819 |
|
|
|
50,483 |
|
|
Printing and postage |
|
|
54,491 |
|
|
|
14,448 |
|
|
|
25,323 |
|
|
Insurance premiums |
|
|
12,148 |
|
|
|
5,377 |
|
|
|
38,455 |
|
|
Miscellaneous |
|
|
39,209 |
|
|
|
24,861 |
|
|
|
5,690 |
|
|
|
||||||||||||
|
TOTAL EXPENSES |
|
|
38,399,388 |
|
|
|
15,207,087 |
|
|
|
2,832,773 |
|
|
|
||||||||||||
|
Waivers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Waiver of investment adviser fee |
|
|
(6,285,417 |
) |
|
|
(2,634,198 |
) |
|
|
(979,272 |
) |
|
Waiver of shareholder services fee--Institutional Shares |
|
|
(11,925,637 |
) |
|
|
(3,146,797 |
) |
|
|
-- |
|
|
Waiver of shareholder services fee--Institutional Capital Shares |
|
|
-- |
|
|
|
-- |
|
|
|
(138,576 |
) |
|
|
||||||||||||
|
TOTAL WAIVERS |
|
|
(18,211,054 |
) |
|
|
(5,780,995 |
) |
|
|
(1,117,848 |
) |
|
|
||||||||||||
|
Net expenses |
|
|
20,188,334 |
|
|
|
9,426,092 |
|
|
|
1,714,925 |
|
|
|
||||||||||||
|
Net investment income |
|
$ |
394,135,176 |
|
|
$ |
152,917,904 |
|
|
$ |
24,431,758 |
|
|
|
||||||||||||
See Notes which are an integral part of the Financial Statements
JULY 31, 2000
|
|
|
Prime Cash |
|
|
Prime Value |
|
|
Tax-Free |
|
|||
|
Investment Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
232,090,422 |
|
|
$ |
151,276,927 |
|
|
$ |
134,345,754 |
|
|
|
||||||||||||
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment adviser fee |
|
|
7,788,941 |
|
|
|
5,022,821 |
|
|
|
7,024,249 |
|
|
Administrative personnel and services fee |
|
|
2,933,840 |
|
|
|
1,891,884 |
|
|
|
2,645,825 |
|
|
Custodian fees |
|
|
242,126 |
|
|
|
201,131 |
|
|
|
151,628 |
|
|
Transfer and dividend disbursing agent fees and expenses |
|
|
123,788 |
|
|
|
171,594 |
|
|
|
98,993 |
|
|
Directors'/Trustees' fees |
|
|
30,227 |
|
|
|
18,354 |
|
|
|
26,827 |
|
|
Auditing fees |
|
|
11,637 |
|
|
|
12,065 |
|
|
|
15,298 |
|
|
Legal fees |
|
|
34,972 |
|
|
|
22,154 |
|
|
|
78,087 |
|
|
Portfolio accounting fees |
|
|
321,786 |
|
|
|
235,815 |
|
|
|
285,857 |
|
|
Shareholder services fee--Institutional Shares |
|
|
-- |
|
|
|
-- |
|
|
|
6,208,414 |
|
|
Shareholder services fee--Institutional Service Shares |
|
|
2,567,496 |
|
|
|
1,619,780 |
|
|
|
2,571,897 |
|
|
Shareholder services fee--Institutional Capital Shares |
|
|
596,792 |
|
|
|
687,445 |
|
|
|
-- |
|
|
Share registration costs |
|
|
50,230 |
|
|
|
51,042 |
|
|
|
60,127 |
|
|
Printing and postage |
|
|
28,663 |
|
|
|
25,450 |
|
|
|
22,176 |
|
|
Insurance premiums |
|
|
215,639 |
|
|
|
130,758 |
|
|
|
273,428 |
|
|
Miscellaneous |
|
|
36,479 |
|
|
|
20,301 |
|
|
|
40,660 |
|
|
|
||||||||||||
|
TOTAL EXPENSES |
|
|
14,982,616 |
|
|
|
10,110,594 |
|
|
|
19,503,466 |
|
|
|
||||||||||||
|
Waivers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Waiver of investment adviser fee |
|
|
(4,589,181 |
) |
|
|
(3,619,609 |
) |
|
|
(3,544,373 |
) |
|
Waiver of shareholder services fee--Institutional Shares |
|
|
-- |
|
|
|
-- |
|
|
|
(6,208,414 |
) |
|
Waiver of shareholder services fee--Institutional Capital Shares |
|
|
(358,075 |
) |
|
|
(412,467 |
) |
|
|
-- |
|
|
|
||||||||||||
|
TOTAL WAIVERS |
|
|
(4,947,256 |
) |
|
|
(4,032,076 |
) |
|
|
(9,752,787 |
) |
|
|
||||||||||||
|
Net expenses |
|
|
10,035,360 |
|
|
|
6,078,518 |
|
|
|
9,750,679 |
|
|
|
||||||||||||
|
Net investment income |
|
|
222,055,062 |
|
|
|
145,198,409 |
|
|
|
124,595,075 |
|
|
|
||||||||||||
|
Realized and Unrealized Gain on Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net realized gain on investments |
|
|
-- |
|
|
|
-- |
|
|
|
38,568 |
|
|
|
||||||||||||
|
Change in net assets resulting from operations |
|
$ |
222,055,062 |
|
|
$ |
145,198,409 |
|
|
$ |
124,633,643 |
|
|
|
||||||||||||
See Notes which are an integral part of the Financial Statements
|
|
|
Government |
|
|
Government Obligations |
|
||||||||||
|
|
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
||||
|
Increase (Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
394,135,176 |
|
|
$ |
305,404,334 |
|
|
$ |
152,917,904 |
|
|
$ |
105,399,317 |
|
|
|
||||||||||||||||
|
Distributions to Shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares |
|
|
(269,225,314 |
) |
|
|
(222,751,323 |
) |
|
|
(71,118,765 |
) |
|
|
(50,768,000 |
) |
|
Institutional Service Shares |
|
|
(124,909,862 |
) |
|
|
(82,653,011 |
) |
|
|
(81,799,139 |
) |
|
|
(54,631,317 |
) |
|
|
||||||||||||||||
|
CHANGE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS |
|
|
(394,135,176 |
) |
|
|
(305,404,334 |
) |
|
|
(152,917,904 |
) |
|
|
(105,399,317 |
) |
|
|
||||||||||||||||
|
Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
71,999,908,474 |
|
|
|
51,401,497,598 |
|
|
|
11,914,254,814 |
|
|
|
9,394,668,858 |
|
|
Net asset value of shares issued to shareholders in payment of distribution declared |
|
|
142,169,798 |
|
|
|
97,236,668 |
|
|
|
30,935,152 |
|
|
|
24,328,475 |
|
|
Cost of shares redeemed |
|
|
(71,653,620,419 |
) |
|
|
(50,292,422,340 |
) |
|
|
(11,101,812,043 |
) |
|
|
(8,806,949,621 |
) |
|
|
||||||||||||||||
|
CHANGE IN NET ASSETS FROM SHARE TRANSACTIONS |
|
|
488,457,853 |
|
|
|
1,206,311,926 |
|
|
|
843,377,923 |
|
|
|
612,047,712 |
|
|
|
||||||||||||||||
|
Change in net assets |
|
|
488,457,853 |
|
|
|
1,206,311,926 |
|
|
|
843,377,923 |
|
|
|
612,047,712 |
|
|
|
||||||||||||||||
|
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
6,585,834,967 |
|
|
|
5,379,523,041 |
|
|
|
2,395,967,294 |
|
|
|
1,783,919,582 |
|
|
|
||||||||||||||||
|
End of period |
|
$ |
7,074,292,820 |
|
|
$ |
6,585,834,967 |
|
|
$ |
3,239,345,217 |
|
|
$ |
2,395,967,294 |
|
|
|
||||||||||||||||
See Notes which are an integral part of the Financial Statements
|
|
|
Municipal Obligations Fund |
|
|||||||||
|
|
|
Year Ended |
|
|
Period Ended |
1 |
|
Year Ended |
|
|||
|
Increase (Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
24,431,758 |
|
|
$ |
8,046,126 |
|
|
$ |
13,575,634 |
|
|
|
||||||||||||
|
Distributions to Shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares |
|
|
(14,946,883 |
) |
|
|
(5,706,072 |
) |
|
|
(9,176,860 |
) |
|
Institutional Service Shares |
|
|
(6,115,738 |
) |
|
|
(1,210,234 |
) |
|
|
(2,031,566 |
) |
|
Institutional Capital Shares |
|
|
(3,369,137 |
) |
|
|
(1,129,820 |
) |
|
|
(2,367,208 |
) |
|
|
||||||||||||
|
CHANGE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS |
|
|
(24,431,758 |
) |
|
|
(8,046,126 |
) |
|
|
(13,575,634 |
) |
|
|
||||||||||||
|
Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
7,539,409,734 |
|
|
|
3,686,794,227 |
|
|
|
6,671,442,391 |
|
|
Net asset value of shares issued to shareholders in payment of distribution declared |
|
|
10,150,680 |
|
|
|
2,790,181 |
|
|
|
4,797,681 |
|
|
Cost of shares redeemed |
|
|
(7,300,410,711 |
) |
|
|
(3,640,523,643 |
) |
|
|
(6,466,730,133 |
) |
|
|
||||||||||||
|
CHANGE IN NET ASSETS FROM SHARE TRANSACTIONS |
|
|
249,149,703 |
|
|
|
49,060,765 |
|
|
|
209,509,939 |
|
|
|
||||||||||||
|
Change in net assets |
|
|
249,149,703 |
|
|
|
49,060,765 |
|
|
|
209,509,939 |
|
|
|
||||||||||||
|
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
535,326,079 |
|
|
|
486,265,314 |
|
|
|
276,755,375 |
|
|
|
||||||||||||
|
End of period |
|
$ |
784,475,782 |
|
|
$ |
535,326,079 |
|
|
$ |
486,265,314 |
|
|
|
||||||||||||
1 The fund changed its fiscal year-end from January 31 to July 31.
See Notes which are an integral part of the Financial Statements
|
|
|
Prime Cash Obligations Fund |
|
|||||||||
|
|
|
Year Ended |
|
|
Period Ended |
1 |
|
Year Ended |
|
|||
|
Increase (Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
222,055,062 |
|
|
$ |
85,879,759 |
|
|
$ |
122,009,606 |
|
|
|
||||||||||||
|
Distributions to Shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution from net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares |
|
|
(151,779,545 |
) |
|
|
(52,994,564 |
) |
|
|
(73,059,518 |
) |
|
Institutional Service Shares |
|
|
(56,953,675 |
) |
|
|
(21,202,105 |
) |
|
|
(36,684,622 |
) |
|
Institutional Capital Shares |
|
|
(13,321,842 |
) |
|
|
(11,683,090 |
) |
|
|
(12,265,466 |
) |
|
|
||||||||||||
|
CHANGE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS |
|
|
(222,055,062 |
) |
|
|
(85,879,759 |
) |
|
|
(122,009,606 |
) |
|
|
||||||||||||
|
Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
54,690,380,490 |
|
|
|
24,795,354,445 |
|
|
|
33,162,916,740 |
|
|
Net asset value of shares issued to shareholders in payment of distribution declared |
|
|
130,063,721 |
|
|
|
35,271,569 |
|
|
|
55,512,391 |
|
|
Cost of shares redeemed |
|
|
(54,224,446,043 |
) |
|
|
(24,647,235,068 |
) |
|
|
(32,428,562,553 |
) |
|
|
||||||||||||
|
CHANGE IN NET ASSETS FROM SHARE TRANSACTIONS |
|
|
595,998,168 |
|
|
|
183,390,946 |
|
|
|
789,866,578 |
|
|
|
||||||||||||
|
Change in net assets |
|
|
595,998,168 |
|
|
|
183,390,946 |
|
|
|
789,866,578 |
|
|
|
||||||||||||
|
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
3,133,700,648 |
|
|
|
2,950,309,702 |
|
|
|
2,160,443,124 |
|
|
|
||||||||||||
|
End of period |
|
$ |
3,729,698,816 |
|
|
$ |
3,133,700,648 |
|
|
$ |
2,950,309,702 |
|
|
|
||||||||||||
1 The fund changed its fiscal year-end from January 31 to July 31.
See Notes which are an integral part of the Financial Statements
|
|
|
Prime Value |
|
|
Tax-Free |
|
||||||||||||||
|
|
|
|
Year Ended |
|
|
|
Period Ended |
1 |
|
|
Year Ended |
|
|
|
Year Ended |
|
|
|
Year Ended |
|
|
Increase (Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
145,198,409 |
|
|
$ |
57,197,837 |
|
|
$ |
86,540,164 |
|
|
$ |
124,595,075 |
|
|
$ |
105,505,939 |
|
|
Net realized gain (loss) on investments |
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
38,568 |
|
|
|
(30,299) |
|
|
|
||||||||||||||||||||
|
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
145,198,409 |
|
|
|
57,197,837 |
|
|
|
86,540,164 |
|
|
|
124,633,643 |
|
|
|
105,475,640 |
|
|
|
||||||||||||||||||||
|
Distributions to Shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares |
|
|
(93,855,530 |
) |
|
|
(38,874,779 |
) |
|
|
(60,707,164 |
) |
|
|
(89,762,257 |
) |
|
|
(76,303,750 |
) |
|
Institutional Service Shares |
|
|
(35,790,514 |
) |
|
|
(12,570,275 |
) |
|
|
(19,716,305 |
) |
|
|
(34,832,818 |
) |
|
|
(29,202,189 |
) |
|
Institutional Capital Shares |
|
|
(15,552,365 |
) |
|
|
(5,752,783 |
) |
|
|
(6,116,695 |
) |
|
|
-- |
|
|
|
-- |
|
|
|
||||||||||||||||||||
|
CHANGE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS |
|
|
(145,198,409 |
) |
|
|
(57,197,837 |
) |
|
|
(86,540,164 |
) |
|
|
(124,595,075 |
) |
|
|
(105,505,939 |
) |
|
|
||||||||||||||||||||
|
Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
39,573,731,184 |
|
|
|
17,356,187,248 |
|
|
|
26,516,611,802 |
|
|
|
16,225,780,727 |
|
|
|
19,112,974,988 |
|
|
Net asset value of shares issued to shareholders in payment of distribution declared |
|
|
95,258,257 |
|
|
|
39,241,753 |
|
|
|
51,764,190 |
|
|
|
12,617,904 |
|
|
|
12,430,534 |
|
|
Cost of shares redeemed |
|
|
(38,802,951,219 |
) |
|
|
(17,433,612,169 |
) |
|
|
(25,657,179,044 |
) |
|
|
(16,199,832,538 |
) |
|
|
(18,828,314,145 |
) |
|
|
||||||||||||||||||||
|
CHANGE IN NET ASSETS FROM SHARE TRANSACTIONS |
|
|
866,038,222 |
|
|
|
(38,183,168 |
) |
|
|
911,196,948 |
|
|
|
38,566,093 |
|
|
|
297,091,377 |
|
|
|
||||||||||||||||||||
|
Change in net assets |
|
|
866,038,222 |
|
|
|
(38,183,168 |
) |
|
|
911,196,948 |
|
|
|
38,604,661 |
|
|
|
297,061,078 |
|
|
|
||||||||||||||||||||
|
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
2,131,209,733 |
|
|
|
2,169,392,901 |
|
|
|
1,258,195,953 |
|
|
|
3,517,347,262 |
|
|
|
3,220,286,184 |
|
|
|
||||||||||||||||||||
|
End of period |
|
$ |
2,997,247,955 |
|
|
$ |
2,131,209,733 |
|
|
$ |
2,169,392,901 |
|
|
$ |
3,555,951,923 |
|
|
$ |
3,517,347,262 |
|
|
|
||||||||||||||||||||
1 The fund changed its fiscal year-end from January 31 to July 31.
See Notes which are an integral part of the Financial Statements
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
|
|
|
|
|
|
|
|
|
|
|
Period Ended |
|
Net Asset |
|
Net |
|
Distributions |
|
Distributions |
|
Government Obligations Fund |
|
|
|
|
|
|
|
|
|
July 31, 1996 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
-- |
|
July 31, 1997 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
-- |
|
July 31, 1998 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
-- |
|
July 31, 1999 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
-- |
|
July 31, 20003 |
|
$1.00 |
|
0.06 |
|
(0.06) |
|
-- |
|
|
|
|
|
|
|
|
|
|
|
Government Obligations Tax-Managed Fund |
|
|
|
|
|
|
|
|
|
July 31, 1996 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
-- |
|
July 31, 1997 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
-- |
|
July 31, 1998 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
-- |
|
July 31, 1999 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
-- |
|
July 31, 20003 |
|
$1.00 |
|
0.06 |
|
(0.06) |
|
-- |
|
|
|
|
|
|
|
|
|
|
|
Municipal Obligations Fund |
|
|
|
|
|
|
|
|
|
January 31, 1996 |
|
$1.00 |
|
0.04 |
|
(0.04) |
|
(0.00)4 |
|
January 31, 19975 |
|
$1.00 |
|
0.04 |
|
(0.04) |
|
-- |
|
January 31, 1998 |
|
$1.00 |
|
0.04 |
|
(0.04) |
|
-- |
|
January 31, 1999 |
|
$1.00 |
|
0.03 |
|
(0.03) |
|
-- |
|
July 31, 19996 |
|
$1.00 |
|
0.02 |
|
(0.02) |
|
-- |
|
July 31, 20003 |
|
$1.00 |
|
0.04 |
|
(0.04) |
|
-- |
1 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
2 This voluntary expense decrease is reflected in both the expense and net investment income ratios shown.
3 For the year ended July 31, 2000, the Fund was audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.
4 Amount represents less than ($0.01) per share.
5 Federated Investment Management Company, formerly Federated Management, became the fund's investment adviser on November 15, 1996. Prior to November 15, 1996, Lehman Brothers Global Asset Management served as the fund's investment adviser.
6 The fund changed its fiscal year-end from January 31 to July 31.
7 Computed on an annualized basis.
See Notes which are an integral part of the Financial Statements
|
|
|
|
|
|
|
|
|
||||
|
Net Asset Value, |
|
Total Return |
1 |
Expenses |
|
Net |
|
Expense Waiver/ |
2 |
Net Assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1.00 |
|
5.55% |
|
0.20% |
|
5.41% |
|
0.36% |
|
$ |
2,182,999 |
|
$1.00 |
|
5.43% |
|
0.20% |
|
5.32% |
|
0.35% |
|
$ |
3,293,392 |
|
$1.00 |
|
5.59% |
|
0.20% |
|
5.45% |
|
0.35% |
|
$ |
3,707,106 |
|
$1.00 |
|
5.04% |
|
0.20% |
|
4.92% |
|
0.34% |
|
$ |
4,498,581 |
|
$1.00 |
|
5.80% |
|
0.20% |
|
5.64% |
|
0.34% |
|
$ |
4,431,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1.00 |
|
5.50% |
|
0.17% |
|
5.28% |
|
0.44% |
|
$ |
199,243 |
|
$1.00 |
|
5.35% |
|
0.20% |
|
5.26% |
|
0.38% |
|
$ |
510,683 |
|
$1.00 |
|
5.49% |
|
0.20% |
|
5.35% |
|
0.37% |
|
$ |
953,268 |
|
$1.00 |
|
5.00% |
|
0.20% |
|
4.88% |
|
0.35% |
|
$ |
1,066,412 |
|
$1.00 |
|
5.77% |
|
0.20% |
|
5.65% |
|
0.35% |
|
$ |
1,298,674 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1.00 |
|
4.03% |
|
0.18% |
|
3.95% |
|
0.12% |
|
$ |
135,120 |
|
$1.00 |
|
3.56% |
|
0.18% |
|
3.48% |
|
0.20% |
|
$ |
159,561 |
|
$1.00 |
|
3.68% |
|
0.18% |
|
3.57% |
|
0.23% |
|
$ |
217,838 |
|
$1.00 |
|
3.53% |
|
0.18% |
|
3.41% |
|
0.41% |
|
$ |
303,899 |
|
$1.00 |
|
1.59% |
|
0.18% |
7 |
3.17% |
7 |
0.18% |
7 |
$ |
354,034 |
|
$1.00 |
|
3.92% |
|
0.18% |
|
3.78% |
|
0.15% |
|
$ |
445,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
|
|
|
|
|
|
|
|
|
Period Ended |
|
Net Asset |
|
Net |
|
Distributions |
|
Prime Cash Obligations Fund |
|
|
|
|
|
|
|
January 31, 1996 |
|
$1.00 |
|
0.06 |
|
(0.06) |
|
January 31, 19973 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
January 31, 1998 |
|
$1.00 |
|
0.06 |
|
(0.06) |
|
January 31, 1999 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
July 31, 19994 |
|
$1.00 |
|
0.02 |
|
(0.02) |
|
July 31, 20006 |
|
$1.00 |
|
0.06 |
|
(0.06) |
|
|
|
|
|
|
|
|
|
Prime Value Obligations Fund |
|
|
|
|
|
|
|
January 31, 1996 |
|
$1.00 |
|
0.06 |
|
(0.06) |
|
January 31, 19973 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
January 31, 1998 |
|
$1.00 |
|
0.06 |
|
(0.06) |
|
January 31, 1999 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
July 31, 19994 |
|
$1.00 |
|
0.02 |
|
(0.02) |
|
July 31, 20006 |
|
$1.00 |
|
0.06 |
|
(0.06) |
|
|
|
|
|
|
|
|
|
Tax-Free Obligations Fund |
|
|
|
|
|
|
|
July 31, 1996 |
|
$1.00 |
|
0.03 |
|
(0.03) |
|
July 31, 1997 |
|
$1.00 |
|
0.03 |
|
(0.03) |
|
July 31, 1998 |
|
$1.00 |
|
0.03 |
|
(0.03) |
|
July 31, 1999 |
|
$1.00 |
|
0.03 |
|
(0.03) |
|
July 31, 20006 |
|
$1.00 |
|
0.04 |
|
(0.04) |
1 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
2 This voluntary expense decrease is reflected in both the expense and net investment income ratios shown.
3 Federated Investment Management Company, formerly Federated Management, became the fund's investment adviser on November 15, 1996. Prior to November 15, 1996, Lehman Brothers Global Asset Management served as the fund's investment adviser.
4 The fund changed its fiscal year-end from January 31 to July 31.
5 Computed on an annualized basis.
6 For the year ended July 31, 2000, the Fund was audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.
See Notes which are an integral part of the Financial Statements
|
Net Asset Value, |
|
Total Return |
1 |
Expenses |
|
Net |
|
Expense Waiver/ |
2 |
Net Assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1.00 |
|
6.08% |
|
0.17% |
|
5.90% |
|
0.08% |
|
$ |
3,919,186 |
|
$1.00 |
|
5.38% |
|
0.18% |
|
5.25% |
|
0.14% |
|
$ |
1,572,912 |
|
$1.00 |
|
5.61% |
|
0.18% |
|
5.44% |
|
0.12% |
|
$ |
1,100,620 |
|
$1.00 |
|
5.50% |
|
0.18% |
|
5.29% |
|
0.37% |
|
$ |
1,825,266 |
|
$1.00 |
|
2.42% |
|
0.18% |
5 |
4.81% |
5 |
0.13% |
5 |
$ |
1,929,887 |
|
$1.00 |
|
5.91% |
|
0.18% |
|
5.77% |
|
0.12% |
|
$ |
2,471,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1.00 |
|
6.10% |
|
0.17% |
|
5.93% |
|
0.08% |
|
$ |
2,754,390 |
|
$1.00 |
|
5.41% |
|
0.16% |
|
5.29% |
|
0.15% |
|
$ |
387,994 |
|
$1.00 |
|
5.68% |
|
0.14% |
|
5.59% |
|
0.18% |
|
$ |
865,742 |
|
$1.00 |
|
5.53% |
|
0.16% |
|
5.37% |
|
0.40% |
|
$ |
1,474,123 |
|
$1.00 |
|
2.44% |
|
0.16% |
5 |
4.87% |
5 |
0.15% |
5 |
$ |
1,147,717 |
|
$1.00 |
|
5.92% |
|
0.16% |
|
5.91% |
|
0.15% |
|
$ |
2,051,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1.00 |
|
3.55% |
|
0.20% |
|
3.46% |
|
0.36% |
|
$ |
1,514,979 |
|
$1.00 |
|
3.49% |
|
0.20% |
|
3.43% |
|
0.35% |
|
$ |
1,474,180 |
|
$1.00 |
|
3.50% |
|
0.20% |
|
3.45% |
|
0.35% |
|
$ |
2,279,770 |
|
$1.00 |
|
3.14% |
|
0.20% |
|
3.08% |
|
0.35% |
|
$ |
2,461,697 |
|
$1.00 |
|
3.69% |
|
0.20% |
|
3.61% |
|
0.35% |
|
$ |
2,464,779 |
JULY 31, (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
|
|
|
|
|
|
|
|
|
|
Period Ended |
|
Net Asset |
|
Net |
|
Distributions |
|
|
Government Obligations Fund |
|
|
|
|
|
|
|
|
July 31, 1996 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
July 31, 1997 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
July 31, 1998 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
July 31, 1999 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
July 31, 20003 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
|
|
|
|
|
|
|
|
|
Government Obligations Tax-Managed Fund |
|
|
|
|
|
|
|
|
July 31, 1996 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
July 31, 1997 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
July 31, 1998 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
July 31, 1999 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
July 31, 20003 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
|
|
|
|
|
|
|
|
|
Municipal Obligations Fund |
|
|
|
|
|
|
|
|
|
|||||||
|
January 31, 19974, 5 |
|
$1.00 |
|
0.03 |
|
(0.03) |
|
|
January 31, 1998 |
|
$1.00 |
|
0.03 |
|
(0.03) |
|
|
January 31, 1999 |
|
$1.00 |
|
0.03 |
|
(0.03) |
|
|
July 31, 19996 |
|
$1.00 |
|
0.01 |
|
(0.01) |
|
|
July 31, 20003 |
|
$1.00 |
|
0.04 |
|
(0.04) |
|
1 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
2 This voluntary expense decrease is reflected in both the expense and net investment income ratios shown.
3 For the year ended July 31, 2000, the Fund was audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.
4 Federated Investment Management Company, formerly Federated Management, became the fund's investment adviser on November 15, 1996. Prior to November 15, 1996, Lehman Brothers Global Asset Management served as the fund's investment adviser.
5 Reflects operations for the period from February 1, 1996 (date of initial public offering) to January 31, 1997.
6 The fund changed its fiscal year-end from January 31 to July 31.
7 Computed on an annualized basis.
See Notes which are an integral part of the Financial Statements
|
|
|
|
|
|
|
|
|
||||
|
Net Asset Value, |
|
Total Return |
1 |
Expenses |
|
Net |
|
Expense Waiver/ |
2 |
Net Assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1.00 |
|
5.29% |
|
0.45% |
|
5.14% |
|
0.11% |
|
$ |
702,274 |
|
$1.00 |
|
5.16% |
|
0.45% |
|
5.06% |
|
0.10% |
|
$ |
936,869 |
|
$1.00 |
|
5.33% |
|
0.45% |
|
5.23% |
|
0.10% |
|
$ |
1,672,417 |
|
$1.00 |
|
4.78% |
|
0.45% |
|
4.67% |
|
0.09% |
|
$ |
2,087,254 |
|
$1.00 |
|
5.54% |
|
0.45% |
|
5.44% |
|
0.09% |
|
$ |
2,642,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1.00 |
|
5.23% |
|
0.42% |
|
5.00% |
|
0.19% |
|
$ |
322,698 |
|
$1.00 |
|
5.09% |
|
0.45% |
|
4.97% |
|
0.13% |
|
$ |
421,095 |
|
$1.00 |
|
5.23% |
|
0.45% |
|
5.11% |
|
0.12% |
|
$ |
830,652 |
|
$1.00 |
|
4.74% |
|
0.45% |
|
4.63% |
|
0.10% |
|
$ |
1,329,556 |
|
$1.00 |
|
5.50% |
|
0.45% |
|
5.42% |
|
0.10% |
|
$ |
1,940,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
$1.00 |
|
3.31% |
|
0.43% |
|
3.08% |
|
0.21% |
|
$ |
0.30 |
|
$1.00 |
|
3.43% |
|
0.43% |
|
3.48% |
|
0.23% |
|
$ |
41,216 |
|
$1.00 |
|
3.27% |
|
0.43% |
|
3.22% |
|
0.16% |
|
$ |
67,832 |
|
$1.00 |
|
1.47% |
|
0.43% |
7 |
2.98% |
7 |
0.18% |
7 |
$ |
106,684 |
|
$1.00 |
|
3.66% |
|
0.43% |
|
3.75% |
|
0.15% |
|
$ |
266,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
|
|
|
|
|
|
|
|
|
|
Period Ended |
|
Net Asset |
|
Net |
|
Distributions |
|
|
Prime Cash Obligations Fund |
|
|
|
|
|
|
|
|
January 31, 1996 |
|
$1.00 |
|
0.06 |
|
(0.06) |
|
|
January 31, 19973 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
January 31, 1998 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
January 31, 1999 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
July 31, 19994 |
|
$1.00 |
|
0.02 |
|
(0.02) |
|
|
July 31, 20006 |
|
$1.00 |
|
0.06 |
|
(0.06) |
|
|
|
|
|
|
|
|
|
|
|
Prime Value Obligations Fund |
|
|
|
|
|
|
|
|
January 31, 1996 |
|
$1.00 |
|
0.06 |
|
(0.06) |
|
|
January 31, 19973 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
January 31, 1998 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
January 31, 1999 |
|
$1.00 |
|
0.05 |
|
(0.05) |
|
|
July 31, 19994 |
|
$1.00 |
|
0.02 |
|
(0.02) |
|
|
July 31, 20006 |
|
$1.00 |
|
0.06 |
|
(0.06) |
|
|
|
|
|
|
|
|
|
|
|
Tax-Free Obligations Fund |
|
|
|
|
|
|
|
|
July 31, 1996 |
|
$1.00 |
|
0.03 |
|
(0.03) |
|
|
July 31, 1997 |
|
$1.00 |
|
0.03 |
|
(0.03) |
|
|
July 31, 1998 |
|
$1.00 |
|
0.03 |
|
(0.03) |
|
|
July 31, 1999 |
|
$1.00 |
|
0.03 |
|
(0.03) |
|
|
July 31, 20006 |
|
$1.00 |
|
0.03 |
|
(0.03) |
|
1 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
2 This voluntary expense decrease is reflected in both the expense and net investment income ratios shown.
3 Federated Investment Management Company, formerly Federated Management, became the fund's investment adviser on November 15, 1996. Prior to November 15, 1996, Lehman Brothers Global Asset Management served as the fund's investment adviser.
4 The fund changed its fiscal year-end from January 31 to July 31.
5 Computed on an annualized basis.
6 For the year ended July 31, 2000, the Fund was audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.
See Notes which are an integral part of the Financial Statements
|
|
|
|
|
|
|
|
|
||||
|
Net Asset Value, |
|
Total Return |
1 |
Expenses |
|
Net |
|
Expense Waiver/ |
2 |
Net Assets, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1.00 |
|
5.83% |
|
0.42% |
|
5.65% |
|
0.08% |
|
$ |
324,474 |
|
$1.00 |
|
5.11% |
|
0.43% |
|
5.02% |
|
0.14% |
|
$ |
412,762 |
|
$1.00 |
|
5.34% |
|
0.43% |
|
5.29% |
|
0.12% |
|
$ |
668,665 |
|
$1.00 |
|
5.23% |
|
0.43% |
|
5.09% |
|
0.12% |
|
$ |
894,851 |
|
$1.00 |
|
2.29% |
|
0.43% |
5 |
4.63% |
5 |
0.13% |
5 |
$ |
957,998 |
|
$1.00 |
|
5.65% |
|
0.43% |
|
5.55% |
|
0.12% |
|
$ |
1,095,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1.00 |
|
5.84% |
|
0.42% |
|
5.68% |
|
0.08% |
|
$ |
20,372 |
|
$1.00 |
|
5.15% |
|
0.41% |
|
5.05% |
|
0.16% |
|
$ |
18,415 |
|
$1.00 |
|
5.41% |
|
0.39% |
|
5.32% |
|
0.17% |
|
$ |
325,390 |
|
$1.00 |
|
5.27% |
|
0.41% |
|
5.13% |
|
0.15% |
|
$ |
495,172 |
|
$1.00 |
|
2.31% |
|
0.41% |
5 |
4.64% |
5 |
0.15% |
5 |
$ |
707,737 |
|
$1.00 |
|
5.66% |
|
0.41% |
|
5.52% |
|
0.15% |
|
$ |
708,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1.00 |
|
3.29% |
|
0.45% |
|
3.22% |
|
0.11% |
|
$ |
406,408 |
|
$1.00 |
|
3.24% |
|
0.45% |
|
3.19% |
|
0.10% |
|
$ |
587,983 |
|
$1.00 |
|
3.25% |
|
0.45% |
|
3.20% |
|
0.10% |
|
$ |
940,516 |
|
$1.00 |
|
2.89% |
|
0.45% |
|
2.83% |
|
0.10% |
|
$ |
1,055,650 |
|
$1.00 |
|
3.43% |
|
0.45% |
|
3.39% |
|
0.10% |
|
$ |
1,091,173 |
JULY 31, 2000
Money Market Obligations Trust, (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act") as an open-end, management investment company. The Trust consist of 40 portfolios. The financial statements of the following portfolios (individually referred to as the "Fund" or collectively as the "Funds") are presented herein:
|
Portfolio Name |
|
Diversification |
|
Class of Shares |
|
Investment Objective |
|
Government Obligations Fund |
|
diversified |
|
Institutional Shares |
|
To provide current income consistent |
|
Government Obligations Tax-Managed Fund |
|
non-diversified |
|
Institutional Shares |
|
To provide current income consistent |
|
Municipal Obligations Fund |
|
diversified |
|
Institutional Shares |
|
To provide current income exempt |
|
Prime Cash Obligations Fund |
|
diversified |
|
Institutional Shares |
|
To provide current income consistent |
|
Prime Value Obligations Fund |
|
diversified |
|
Institutional Shares |
|
To provide current income consistent |
|
Tax-Free Obligations Fund |
|
non-diversified |
|
Institutional Shares |
|
To provide dividend income exempt |
The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held.
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles.
The Funds use the amortized cost method to value their portfolio securities in accordance with Rule 2a-7 under the Act.
It is the policy of the Funds to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Funds to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement.
The Funds will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Funds' adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Board of Trustees (the "Trustees"). Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Funds could receive less than the repurchase price on the sale of collateral securities. The Funds, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.
Interest income and expenses are accrued daily. Bond premium and discount, if applicable, are amortized as required by the Internal Revenue Code, as amended (the "Code"). Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. The Funds offer multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Funds based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; difference in per share dividend rates are generally due to differences in separate class expenses.
It is the Funds' policy to comply with the provisions of the Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of their income. Accordingly, no provision for federal tax is necessary.
At July 31, 2000, the Tax-Free Obligations Fund for federal tax purposes, had a capital loss carryforward of $797, which will reduce the Fund's taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire in 2007.
Additionally, net capital losses of $8,620 attributable to security transactions incurred after October 31, 1999 are treated as arising on the first day of the next taxable year.
The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. Many restricted securities may be resold in the secondary market in transactions exempt from registration. In some cases, the restricted securities may be resold without registration upon exercise of a demand feature. Such restricted securities may be determined to be liquid under criteria established by the Trustees. The Funds will not incur any registration costs upon such resales. Restricted securities are valued at amortized cost in accordance with Rule 2a-7 under the Act.
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.
Investment transactions are accounted for on a trade date basis.
The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares.
Transactions in shares were as follows:
|
Government Obligations Fund |
|
Year Ended |
|
|
Year Ended |
|
|
Institutional Shares: |
|
|
|
|
|
|
|
Shares sold |
|
42,321,529,617 |
|
|
36,151,964,653 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
82,665,569 |
|
|
61,202,566 |
|
|
Shares redeemed |
|
(42,470,790,676 |
) |
|
(35,421,691,944 |
) |
|
|
||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS |
|
(66,595,490 |
) |
|
791,475,275 |
|
|
|
||||||
|
|
|
|
|
|
|
|
|
Institutional Service Shares: |
|
|
|
|
|
|
|
Shares sold |
|
29,678,378,857 |
|
|
15,249,532,945 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
59,504,229 |
|
|
36,034,102 |
|
|
Shares redeemed |
|
(29,182,829,743 |
) |
|
(14,870,730,396 |
) |
|
|
||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS |
|
555,053,343 |
|
|
414,836,651 |
|
|
|
||||||
|
NET CHANGE RESULTING FROM SHARE TRANSACTIONS |
|
488,457,853 |
|
|
1,206,311,926 |
|
|
|
||||||
|
Government Obligations Tax-Managed Fund |
|
Year Ended |
|
|
Year Ended |
|
|
Institutional Shares: |
|
|
|
|
|
|
|
Shares sold |
|
4,857,084,465 |
|
|
3,078,610,269 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
6,602,562 |
|
|
8,784,273 |
|
|
Shares redeemed |
|
(4,631,424,664 |
) |
|
(2,974,250,945 |
) |
|
|
||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS |
|
232,262,363 |
|
|
113,143,597 |
|
|
|
||||||
|
|
|
|
|
|
|
|
|
Institutional Service Shares: |
|
|
|
|
|
|
|
Shares sold |
|
7,057,170,349 |
|
|
6,316,058,589 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
24,332,590 |
|
|
15,544,202 |
|
|
Shares redeemed |
|
(6,470,387,379 |
) |
|
(5,832,698,676 |
) |
|
|
||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS |
|
611,115,560 |
|
|
498,904,115 |
|
|
|
||||||
|
NET CHANGE RESULTING FROM SHARE TRANSACTIONS |
|
843,377,923 |
|
|
612,047,712 |
|
|
|
||||||
|
Municipal Obligations Fund |
|
Year Ended |
|
|
Period Ended |
|
|
Year Ended |
|
|
Institutional Shares: |
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
6,101,965,080 |
|
|
3,220,783,476 |
|
|
5,212,142,622 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
3,137,331 |
|
|
1,004,656 |
|
|
1,302,615 |
|
|
Shares redeemed |
|
(6,013,477,287 |
) |
|
(3,171,653,273 |
) |
|
(5,127,376,711 |
) |
|
|
|||||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS |
|
91,625,124 |
|
|
50,134,859 |
|
|
86,068,526 |
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Service Shares: |
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
766,373,008 |
|
|
217,443,628 |
|
|
422,524,378 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
5,225,410 |
|
|
1,080,682 |
|
|
1,503,612 |
|
|
Shares redeemed |
|
(612,179,039 |
) |
|
(179,672,680 |
) |
|
(397,415,401 |
) |
|
|
|||||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS |
|
159,419,379 |
|
|
38,851,630 |
|
|
26,612,589 |
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Capital Shares: |
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
671,071,646 |
|
|
248,567,123 |
|
|
1,036,775,391 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
1,787,939 |
|
|
704,843 |
|
|
1,991,454 |
|
|
Shares redeemed |
|
(674,754,385 |
) |
|
(289,197,690 |
) |
|
(941,938,021 |
) |
|
|
|||||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL CAPITAL SHARE TRANSACTIONS |
|
(1,894,800 |
) |
|
(39,925,724 |
) |
|
96,828,824 |
|
|
|
|||||||||
|
NET CHANGE RESULTING FROM SHARE TRANSACTIONS |
|
249,149,703 |
|
|
49,060,765 |
|
|
209,509,939 |
|
|
|
|||||||||
1 The Fund has changed its fiscal year-end from January 31 to July 31.
|
Prime Cash Obligations Fund |
|
Year Ended |
|
|
Period |
1 |
|
Year Ended |
|
|
Institutional Shares: |
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
43,306,204,878 |
|
|
18,081,938,275 |
|
|
23,532,773,371 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
107,697,226 |
|
|
26,581,479 |
|
|
44,134,116 |
|
|
Shares redeemed |
|
(42,872,406,455 |
) |
|
(18,003,898,560 |
) |
|
(22,852,260,827 |
) |
|
|
|||||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS |
|
541,495,649 |
|
|
104,621,194 |
|
|
724,646,660 |
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Service Shares: |
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
9,407,726,653 |
|
|
4,467,896,195 |
|
|
7,290,975,466 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
16,605,386 |
|
|
3,350,044 |
|
|
5,275,668 |
|
|
Shares redeemed |
|
(9,287,296,105 |
) |
|
(4,408,099,082 |
) |
|
(7,070,064,987 |
) |
|
|
|||||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS |
|
137,035,934 |
|
|
63,147,157 |
|
|
226,186,147 |
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Capital Shares: |
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
1,976,448,959 |
|
|
2,245,519,975 |
|
|
2,339,167,903 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
5,761,109 |
|
|
5,340,046 |
|
|
6,102,607 |
|
|
Shares redeemed |
|
(2,064,743,483 |
) |
|
(2,235,237,426 |
) |
|
(2,506,236,739 |
) |
|
|
|||||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL CAPITAL SHARE TRANSACTIONS |
|
(82,533,415 |
) |
|
15,622,595 |
|
|
(160,966,229 |
) |
|
|
|||||||||
|
NET CHANGE RESULTING FROM SHARE TRANSACTIONS |
|
595,998,168 |
|
|
183,390,946 |
|
|
789,866,578 |
|
|
|
|||||||||
1 The Fund has changed its fiscal year-end from January 31 to July 31.
|
Prime Value Obligations Fund |
|
Year Ended |
|
|
Period Ended |
1 |
|
Year Ended |
|
|
Institutional Shares: |
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
26,890,024,779 |
|
|
11,553,124,074 |
|
|
19,781,464,858 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
63,502,442 |
|
|
27,134,621 |
|
|
34,346,178 |
|
|
Shares redeemed |
|
(26,049,577,802 |
) |
|
(11,906,664,823 |
) |
|
(19,207,430,021 |
) |
|
|
|||||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS |
|
903,949,419 |
|
|
(326,406,128 |
) |
|
608,381,015 |
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Service Shares: |
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
10,601,515,629 |
|
|
4,750,407,849 |
|
|
5,129,107,787 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
22,846,623 |
|
|
8,335,094 |
|
|
12,725,748 |
|
|
Shares redeemed |
|
(10,623,297,952 |
) |
|
(4,546,178,066 |
) |
|
(4,972,051,133 |
) |
|
|
|||||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS |
|
1,064,300 |
|
|
212,564,877 |
|
|
169,782,402 |
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Capital Shares: |
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
2,082,190,776 |
|
|
1,052,655,325 |
|
|
1,606,039,157 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
8,909,192 |
|
|
3,772,038 |
|
|
4,692,264 |
|
|
Shares redeemed |
|
(2,130,075,465 |
) |
|
(980,769,280 |
) |
|
(1,477,697,890 |
) |
|
|
|||||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL CAPITAL SHARE TRANSACTIONS |
|
(38,975,497 |
) |
|
75,658,083 |
|
|
133,033,531 |
|
|
|
|||||||||
|
NET CHANGE RESULTING FROM SHARE TRANSACTIONS |
|
866,038,222 |
|
|
(38,183,168 |
) |
|
911,196,948 |
|
|
|
|||||||||
1 The Fund has changed its fiscal year-end from January 31 to July 31.
|
Tax-Free Obligations Fund |
|
Year Ended |
|
|
Year Ended |
|
|
Institutional Shares: |
|
|
|
|
|
|
|
Shares sold |
|
12,549,021,068 |
|
|
15,059,862,985 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
8,484,959 |
|
|
9,142,522 |
|
|
Shares redeemed |
|
(12,554,449,399 |
) |
|
(14,887,054,802 |
) |
|
|
||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS |
|
3,056,628 |
|
|
181,950,705 |
|
|
|
||||||
|
|
|
|
|
|
|
|
|
Institutional Service Shares: |
|
|
|
|
|
|
|
Shares sold |
|
3,676,759,659 |
|
|
4,053,112,003 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
4,132,945 |
|
|
3,288,012 |
|
|
Shares redeemed |
|
(3,645,383,139 |
) |
|
(3,941,259,343 |
) |
|
|
||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS |
|
35,509,465 |
|
|
115,140,672 |
|
|
|
||||||
|
NET CHANGE RESULTING FROM SHARE TRANSACTIONS |
|
38,566,093 |
|
|
297,091,377 |
|
|
|
||||||
Federated Investment Management Company, the Funds' investment adviser (the "Adviser"), receives for its services an annual investment adviser fee equal to the percentage of the Funds' average daily net assets as follows.
|
Fund |
|
Investment Adviser |
|
Government Obligations Fund |
|
0.20% |
|
Government Obligations Tax-Managed Fund |
|
0.20% |
|
Municipal Obligations Fund |
|
0.20% |
|
Prime Cash Obligations Fund |
|
0.20% |
|
Prime Value Obligations Fund |
|
0.20% |
|
Tax-Free Obligations Fund |
|
0.20% |
The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.
Federated Services Company ("FServ"), under the Administrative Services Agreement, provides the Funds with administrative personnel and services. The fee paid to FServ is based on a scale that ranges from 0.15% to 0.075% of the average aggregate daily net assets of all funds advised by subsidiaries of Federated Investors, Inc., subject to a $125,000 minimum per portfolio and $30,000 per each additional class.
Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Funds will pay FSSC up to 0.25% of average daily net assets of the Funds for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.
For the year ended July 31, 2000, Institutional Shares for the Municipal Obligations Fund, Prime Cash Obligations Fund and Prime Value Obligations Fund did not incur a shareholder services fee. The Institutional Shares of these funds have no present intention of accruing a shareholder services fee in the year ending July 31, 2001.
FServ, through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Funds. The fee paid to FSSC is based on the size, type, and number of accounts and transactions made by shareholders.
FServ maintains the Funds' accounting records for which it receives a fee. The fee is based on the level of each of the Fund's average daily net assets for the period, plus out-of-pocket expenses.
Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.
During the year ended July 31, 2000, the Funds engaged in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Directors/Trustees, and/or common Officers. These purchase and sale transactions complied with Rule 17a-7 under the Act. Interfund transactions were as follows:
|
Fund |
|
|
Purchases |
|
|
Sales |
|
Municipal Obligations Fund |
|
$ |
2,283,330,000 |
|
$ |
2,711,889,000 |
|
|
||||||
|
Prime Cash Obligations Fund |
|
$ |
177,845,000 |
|
$ |
231,041,949 |
|
|
||||||
|
Prime Value Obligations Fund |
|
$ |
139,974,000 |
|
$ |
155,874,000 |
|
|
||||||
|
Tax-Free Obligations Fund |
|
$ |
5,452,715,000 |
|
$ |
4,479,189,160 |
|
|
||||||
On May 19, 1999, the Trustees, upon the recommendation of the Audit Committee of the Trustees, requested and subsequently accepted the resignation of Ernst & Young LLP ("E&Y") as the independent auditors for the Municipal Obligations Fund, the Prime Cash Obligations Fund and the Prime Value Obligations Fund. E&Y's reports on the Funds' financial statements for the fiscal year ended January 31, 1999 and the period ended July 31, 1999 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Funds' fiscal year ended January 31, 1999 and the period ended July 31, 1999, (i) there were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of E&Y, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the financial statements for such year and period; and (ii) there were no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Act of 1934, as amended.
The Funds, by action of their Trustees, upon the recommendation of the Audit Committee of the Trustees, engaged Deloitte & Touche LLP ("D&T") as the independent auditors to audit the financial statements of the Municipal Obligations Fund, the Prime Cash Obligations Fund and the Prime Value Obligations Fund for the fiscal year ended July 31, 2000. During the Funds' fiscal year ended January 31, 1999 and the period ended July 31, 1999, neither the Funds nor anyone on their behalf have consulted D&T on items which (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Funds' financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) of reportable events (as described in paragraph (a)(1)(v) of said Item 304).
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
MONEY MARKET OBLIGATIONS TRUST:
Government Obligations Fund
Government Obligations Tax-Managed Fund
Municipal Obligations Fund
Prime Cash Obligations Fund
Prime Value Obligations Fund
Tax-Free Obligations Fund
We have audited the accompanying statements of assets and liabilities, including the portfolio of investments, of Government Obligations Fund, Government Obligations Tax-Managed Fund, Municipal Obligations Fund, Prime Cash Obligations Fund, Prime Value Obligations Fund and Tax-Free Obligations Fund (the "Funds"), as of July 31, 2000, and the related statements of operations, statements of changes in net assets and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. The statement of changes in net assets for the year ended July 31, 1999, and the financial highlights for each of the periods in the four years then ended were audited by other auditors whose reports, dated September 29, 1999, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to provide reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of the securities owned at July 31, 2000, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present fairly, in all material respects, the financial position of Government Obligations Fund, Government Obligations Tax-Managed Fund, Municipal Obligations Fund, Prime Cash Obligations Fund, Prime Value Obligations Fund and Tax-Free Obligations Fund as of July 31, 2000, the results of their operations, the changes in their net assets and the financial highlights for the respective stated periods in conformity with accounting principles generally accepted in the United States of America.
Deloitte & Touche LLP
Boston, Massachusetts
September 8, 2000
Chairman
President
Executive Vice President
Executive Vice President and Secretary
Vice President
Vice President
Vice President
Treasurer
Assistant Secretary
Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.
This report is authorized for distribution to prospective investors only when preceded or accompanied by the funds' prospectuses which contains facts concerning its objective and policies, management fees, expenses and other information.
Federated
World-Class Investment Manager
ANNUAL REPORT
Institutional Shares
Institutional Service Shares
JULY 31, 2000
Federated
Money Market Obligations Trust
Federated Investors
Funds
5800 Corporate Drive
Pittsburgh, PA
15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated
Securities Corp., Distributor
Cusip 60934N104 Cusip 60934N625
Cusip 60934N807 Cusip 60934N617
Cusip 60934N856 Cusip 60934N583
Cusip 60934N849 Cusip 60934N575
Cusip 60934N658 Cusip 60934N401
Cusip 60934N641 Cusip 60934N880
25716 (9/00)
Federated is a registered mark of Federated Investors, Inc. 2000 ©Federated Investors, Inc.
ANNUAL REPORT
Dear Shareholder:
I am pleased to present the Annual Report to Shareholders for Prime Obligations Fund (the "fund"), a portfolio of Money Market Obligations Trust, which covers the 12-month reporting period from August 1, 1999, through July 31, 2000. The report begins with an investment review of the short-term market from the fund's portfolio manager. Following the investment review are the fund's portfolio of investments and its financial statements.
In the fund, your ready cash is at work pursuing daily income along with the additional advantages of daily liquidity and stability of principal.1 At the end of the reporting period, the fund's $10.9 billion portfolio was invested across a wide range of high-quality, short-term money market securities, including commercial paper (35.3%), variable rate instruments (30.3%), certificates of deposit (10.5%), short-term notes (10.0%), time deposits (6.7%), repurchase agreements (3.8%) and loan participation notes (3.0%).
Over the 12-month reporting period, dividends paid to shareholders totaled $0.057 for Institutional Shares and $0.055 for Institutional Service Shares. The 30-day net yields on the last day of the reporting period for Institutional Shares and Institutional Service Shares were 6.46% and 6.21%, respectively.2
Thank you for your confidence in the daily earning power of Prime Obligations Fund. Your questions and comments are always welcome.
Sincerely,
J. Christopher Donahue
J. Christopher Donahue
President
September 15, 2000
1 An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
2 Performance quoted represents past performance and is no guarantee of future results. Yields will vary. Yields quoted for money market funds most closely reflect the fund's current earnings.
Prime Obligations Fund invests in money market instruments which mature in 397 days or less. The average maturity of these securities, computed on a dollar-weighted basis, is restricted to 90 days or less. Portfolio securities must be rated in the highest short-term rating category by one or more of the nationally recognized statistical rating organizations or be of comparable quality to securities having such ratings. Typical security types include, but are not limited to: commercial paper, certificates of deposit, time deposits, variable rate instruments and repurchase agreements.
During the past year we have seen strong economic growth in the United States. Thirty-year lows in the unemployment number, strong retail sales, increased home buying and strong productivity numbers led the Federal Reserve Board (the "Fed") to increase the federal funds target rate by 175 basis points. The Fed increased the interest rate in 25 basis point increments until May 2000, when it raised rates 50 basis points to 6.50%. During the past month, we began to see signs of a moderate economic slowdown. Although we still think there is a risk of inflationary pressure, we think the Fed will remain on hold in the short term.
Thirty-day commercial paper started the reporting period at 5.11% on August 1, 1999, and then increased in anticipation of the federal funds target rate increases. Thirty-day commercial paper rates on July 31, 2000, were 6.55%.
The target average maturity range for the fund remained at 40-50 days throughout the entire time period. In structuring the fund, there is continued emphasis placed on positioning 30-35% of the fund's assets in variable rate demand notes and accomplishing a modest barbell structure.
During the 12 months ended July 31, 2000, the net assets of the fund increased from $9,401.0 million to $10,873.3 million, while the 7-day net yield increased from 5.01% to 6.48% for Institutional Shares and from 4.76% to 6.23% for Institutional Service Shares.1 The effective average maturity of the fund on July 31, 2000, was 50 days.
1 Performance quoted represents past performance and is no guarantee of future results. Yields will vary. Yields quoted for money market funds most closely reflect the fund's current earnings.
JULY 31, 2000
|
Principal |
|
|
|
Value |
||
|
|
|
|
CERTIFICATES OF DEPOSIT--10.5% |
|
|
|
|
|
|
|
Banking--10.5% |
|
|
|
|
$ |
12,000,000 |
|
ABN AMRO Bank N.V., Amsterdam, 6.780%, 3/20/2001 |
|
$ |
11,997,133 |
|
|
50,000,000 |
|
Australia & New Zealand Banking Group, Melbourne, 6.310%, 9/13/2000 |
|
|
49,998,714 |
|
|
50,000,000 |
|
Bank One, Illinois, N.A., 5.955%, 11/13/2000 |
|
|
49,989,794 |
|
|
68,000,000 |
|
Bank of Nova Scotia, Toronto, 6.880%, 4/30/2001 |
|
|
67,990,400 |
|
|
295,000,000 |
|
Bayerische Landesbank Girozentrale, 5.930% - 6.870%, 10/2/2000 - 4/3/2001 |
|
|
294,826,799 |
|
|
136,600,000 |
|
Commerzbank AG, Frankfurt, 6.510% - 7.400%, 12/13/2000 - 6/29/2001 |
|
|
136,655,512 |
|
|
19,000,000 |
|
Deutsche Bank AG, 6.700%, 2/5/2001 |
|
|
18,995,358 |
|
|
50,000,000 |
|
Michigan National Bank, Farmington Hills, 6.790%, 4/12/2001 |
|
|
49,993,400 |
|
|
228,000,000 |
|
Svenska Handelsbanken, Stockholm, 6.765% - 7.100%, 3/22/2001 - 6/20/2001 |
|
|
227,975,449 |
|
|
185,000,000 |
|
UBS AG, 6.020% - 6.950%, 11/13/2000 -- 5/2/2001 |
|
|
184,968,894 |
|
|
46,000,000 |
|
Westpac Banking Corp. Ltd., Sydney, 6.750%, 4/17/2001 |
|
|
45,993,865 |
|
|
||||||
|
|
|
|
TOTAL CERTIFICATES OF DEPOSIT |
|
|
1,139,385,318 |
|
|
||||||
|
|
|
|
COMMERCIAL PAPER--35.3%1 |
|
|
|
|
|
|
|
Banking--10.4% |
|
|
|
|
|
150,000,000 |
|
ABN AMRO N.A., Finance, Inc., (Guaranteed by ABN AMRO Bank N.V., Amsterdam), 6.189%, 12/8/2000 |
|
|
146,673,413 |
|
|
181,336,000 |
|
Barton Capital Corp., 6.520% - 6.530%, 8/4/2000 - 8/14/2000 |
|
|
180,995,064 |
|
|
35,000,000 |
|
CBA (Delaware) Finance Inc., (Guaranteed by Commonwealth Bank of Australia, Sydney), 6.087%, 8/28/2000 |
|
|
34,840,216 |
|
|
89,600,000 |
|
Den Danske Corp., Inc., (Guaranteed by Den Danske Bank A/S), 6.030% - 6.630%, 8/3/2000 -- 12/26/2000 |
|
|
88,366,790 |
|
|
17,500,000 |
|
Fountain Square Commercial Funding Corp., (Fifth Third Bank, Cincinnati Support Agreement), 6.530%, 8/25/2000 |
|
|
17,423,817 |
|
|
128,361,000 |
|
Greenwich Funding Corp., 6.530%, 8/15/2000 |
|
|
128,035,034 |
|
|
80,000,000 |
|
Internationale Nederlanden U.S. Funding Corp., (Guaranteed by ING Bank N.V.), 6.370%, 12/29/2000 |
|
|
77,876,667 |
|
|
15,000,000 |
|
Los Angeles County, CA Metropolitan Transportation Authority, (Landesbank Hessen-Thueringen, Frankfurt LOC), 6.580%, 8/8/2000 |
|
|
15,000,000 |
|
|
86,000,000 |
|
Market Street Funding Corp., (PNC Bank, N.A. LOC), 6.520%, 8/21/2000 |
|
|
85,688,489 |
|
|
186,440,000 |
|
Park Avenue Receivables Corp., 6.520% - 6.530%, 8/10/2000 -- 8/23/2000 |
|
|
185,990,191 |
|
|
113,095,000 |
|
Three Rivers Funding Corp., 6.510%, 8/22/2000 |
|
|
112,665,522 |
|
|
54,000,000 |
|
Westpac Capital Corp., (Guaranteed by Westpac Banking Corp. Ltd., Sydney), 6.200%, 11/29/2000 |
|
|
52,884,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
1,126,439,203 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
COMMERCIAL PAPER--continued1 |
|
|
|
|
|
|
|
Electric Power--0.0% |
|
|
|
|
$ |
7,070,000 |
|
Southern Electric Generating Co. (SEGCO), 6.700%, 9/12/2000 |
|
$ |
7,014,736 |
|
|
||||||
|
|
|
|
Finance - Commercial--9.6% |
|
|
|
|
|
19,600,000 |
|
CIT Group, Inc., 6.500%, 10/30/2000 |
|
|
19,281,500 |
|
|
47,000,000 |
|
Eureka Securitization Inc., 6.530%, 8/24/2000 |
|
|
46,803,919 |
|
|
563,308,000 |
|
Falcon Asset Securitization Corp., 6.510% - 6.520%, 8/14/2000 - 8/28/2000 |
|
|
561,424,577 |
|
|
181,800,000 |
|
General Electric Capital Corp., 6.060% - 6.640%, 8/18/2000 -- 1/8/2001 |
|
|
178,967,429 |
|
|
239,183,000 |
|
Receivables Capital Corp., 6.520% - 6.530%, 8/7/2000 -- 8/25/2000 |
|
|
238,516,887 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
1,044,994,312 |
|
|
||||||
|
|
|
|
Finance -- Retail--6.9% |
|
|
|
|
|
404,349,000 |
|
Amsterdam Funding Corp., 6.520% - 6.550%, 8/1/2000 -- 8/14/2000 |
|
|
403,701,322 |
|
|
100,000,000 |
|
Bishop's Gate Residential Mortgage Trust, 6.540%, 8/7/2000 |
|
|
99,891,000 |
|
|
89,350,000 |
|
Edison Asset Securitization LLC, 6.520%, 8/8/2000 |
|
|
89,236,724 |
|
|
112,137,000 |
|
PREFCO-Preferred Receivables Funding Co., 6.520%, 8/15/2000 |
|
|
111,852,670 |
|
|
50,000,000 |
|
Windmill Funding Corp., 6.520%, 8/3/2000 |
|
|
49,981,889 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
754,663,605 |
|
|
||||||
|
|
|
|
Insurance--8.4% |
|
|
|
|
|
100,000,000 |
|
Aspen Funding Corp., (MBIA INS), 6.530%, 8/18/2000 |
|
|
99,691,639 |
|
|
61,000,000 |
|
CXC, Inc., 6.090%, 8/25/2000 -- 8/28/2000 |
|
|
60,726,965 |
|
|
187,763,000 |
|
Galaxy Funding, Inc., 6.530% - 6.580%, 8/14/2000 -- 8/24/2000 |
|
|
187,173,051 |
|
|
20,000,000 |
|
Marsh USA Inc., 6.240%, 10/10/2000 |
|
|
19,757,333 |
|
|
541,475,000 |
|
Sheffield Receivables Corp., 6.520% - 6.530%, 8/4/2000 -- 8/21/2000 |
|
|
540,591,372 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
907,940,360 |
|
|
||||||
|
|
|
|
TOTAL COMMERCIAL PAPER |
|
|
3,841,052,216 |
|
|
||||||
|
|
|
|
SHORT-TERM NOTES--10.0% |
|
|
|
|
|
|
|
Banking--3.7% |
|
|
|
|
|
89,000,000 |
|
Bank One, Illinois, N.A., 6.025% - 6.070%, 10/10/2000 - 11/13/2000 |
|
|
88,987,222 |
|
|
191,400,000 |
|
Bank One, N.A., 6.840% - 6.860%, 1/10/2001 - 1/25/2001 |
|
|
191,402,564 |
|
|
117,500,000 |
|
Bank of America, N.A., 6.870%, 12/22/2000 - 1/17/2001 |
|
|
117,500,000 |
|
|
4,000,000 |
|
Westpac Banking Corp. Ltd., Sydney, 6.220%, 11/30/2000 |
|
|
3,998,975 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
401,888,761 |
|
|
||||||
|
|
|
|
Finance - Automotive--0.6% |
|
|
|
|
|
19,053,114 |
|
Associates Automobile Receivables Trust 2000-1, Class A1, 6.854%, 6/15/2001 |
|
|
19,053,114 |
|
|
48,134,611 |
|
Ford Credit Auto Owner Trust 2000-A, Class A2, 6.217%, 12/15/2000 |
|
|
48,134,611 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
67,187,725 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM NOTES--continued |
|
|
|
|
|
|
|
Finance - Commercial--4.7% |
|
|
|
|
$ |
87,400,000 |
|
Beta Finance, Inc., 6.000% - 7.180%, 8/14/2000 -- 7/24/2001 |
|
$ |
87,400,000 |
|
|
424,000,000 |
|
Sigma Finance, Inc., 6.000% - 7.125%, 8/11/2000 -- 7/24/2001 |
|
|
424,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
511,400,000 |
|
|
||||||
|
|
|
|
Finance - Equipment--0.7% |
|
|
|
|
|
39,284,870 |
|
CIT Equipment Collateral 2000-1, Class A1, 6.723%, 5/21/2001 |
|
|
39,286,170 |
|
|
12,606,899 |
|
CNH Equipment Trust 2000-A, Class A1, 6.178%, 4/9/2001 |
|
|
12,606,899 |
|
|
626,500 |
|
Copelco Capital Funding LLC 1999-B, Class A-1, 5.937%, 10/18/2000 |
|
|
626,500 |
|
|
18,870,481 |
|
Copelco Capital Receivables LLC Series 2000-A, Class A-1, 6.507%, 5/14/2001 |
|
|
18,870,481 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
71,390,050 |
|
|
||||||
|
|
|
|
Insurance--0.3% |
|
|
|
|
|
8,636,173 |
|
Americredit Automobile Receivables Trust 2000-A, Class A1, (FSA INS), 6.040%, 2/5/2001 |
|
|
8,636,172 |
|
|
25,000,000 |
|
WFS Financial 2000-B Owner Trust, Class A-1, (FSA INS), 6.910%, 5/21/2001 |
|
|
25,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
33,636,172 |
|
|
||||||
|
|
|
|
TOTAL SHORT-TERM NOTES |
|
|
1,085,502,708 |
|
|
||||||
|
|
|
|
LOAN PARTICIPATION--3.0% |
|
|
|
|
|
|
|
Electrical Equipment--0.3% |
|
|
|
|
|
29,300,000 |
|
Mt. Vernon Phenol Plant Partnership, (Guaranteed by General Electric Co.), 6.810%, 5/17/2001 |
|
|
29,300,000 |
|
|
||||||
|
|
|
|
Finance - Automotive--1.8% |
|
|
|
|
|
199,000,000 |
|
General Motors Acceptance Corp., Mortgage of PA, (Guaranteed by General Motors Acceptance Corp.), 6.570% - 6.645%, 8/1/2000 - 8/17/2000 |
|
|
199,000,000 |
|
|
||||||
|
|
|
|
Oil & Oil Finance--0.9% |
|
|
|
|
|
95,000,000 |
|
Amoco Energy Company of Trinidad and Tobago, (Guaranteed by BP Amoco Corp.), 6.580% - 6.610%, 8/10/2000 - 8/30/2000 |
|
|
95,000,000 |
|
|
||||||
|
|
|
|
TOTAL LOAN PARTICIPATION |
|
|
323,300,000 |
|
|
||||||
|
|
|
|
VARIABLE RATE INSTRUMENTS--30.3%2 |
|
|
|
|
|
|
|
Banking--15.2% |
|
|
|
|
|
8,740,000 |
|
4 C's LLC, Series 1998, (KeyBank, N.A. LOC), 6.760%, 8/3/2000 |
|
|
8,740,000 |
|
|
3,700,000 |
|
500 South Front St. LP, Series A, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
3,700,000 |
|
|
2,905,000 |
|
550 West 14th Place, Series 1999-A, (Harris Trust & Savings Bank, Chicago LOC), 6.750%, 8/3/2000 |
|
|
2,905,000 |
|
|
45,000,000 |
|
Abbey National Treasury Services, PLC, (Guaranteed by Abbey National Bank PLC, London), 6.606%, 8/15/2000 |
|
|
44,969,459 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
VARIABLE RATE INSTRUMENTS--continued2 |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
5,110,000 |
|
Abbott Foods, Series 1996, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
$ |
5,110,000 |
|
|
13,200,000 |
|
Active Living of Glenview, LLC, Series 1998, (Firstar Bank, N.A. LOC), 6.710%, 8/2/2000 |
|
|
13,200,000 |
|
|
3,860,000 |
|
Alabama State IDA, Series 1994, Miltope Project, (Regions Bank, Alabama LOC), 6.710%, 8/3/2000 |
|
|
3,860,000 |
|
|
5,210,000 |
|
Alabama State IDA, (Wellborn Cabinet, Inc.), Tax Revenue Bonds, (Fleet Bank N.A. LOC), 6.690%, 8/3/2000 |
|
|
5,210,000 |
|
|
1,980,000 |
|
Alabama State IDA, Standard Furniture Project, Series 1995, (Amsouth Bank N.A., Birmingham, AL LOC), 6.690%, 8/3/2000 |
|
|
1,980,000 |
|
|
7,500,000 |
|
Aliceville, AL IDB, Buchanan Hardwood Flooring Co., Series 1999, (Regions Bank, Alabama LOC), 6.810%, 8/3/2000 |
|
|
7,500,000 |
|
|
2,850,000 |
|
Allegheny County, PA IDA, Series 1999-B, (Bank One, Ohio, N.A. LOC), 6.750%, 8/3/2000 |
|
|
2,850,000 |
|
|
10,555,000 |
|
American Xtal Technology, Inc., Xtal Project, Series 1998, (U.S. Bank, N.A., Minneapolis, MN LOC), 6.640%, 8/3/2000 |
|
|
10,555,000 |
|
|
7,800,000 |
|
Arrow N.A., Inc., (Bank of America, N.A. LOC), 6.750%, 8/3/2000 |
|
|
7,800,000 |
|
|
3,500,000 |
|
Asset Holdings V, (Bayerische Hypotheken-und Vereinsbank AG LOC), 6.700%, 8/3/2000 |
|
|
3,500,000 |
|
|
12,000,000 |
|
Association of American Medical Colleges, (Chase Manhattan Bank N.A., New York), 6.710%, 8/2/2000 |
|
|
12,000,000 |
|
|
3,000,000 |
|
Auth Family, LLC, 1998 Issue, (Allfirst LOC), 6.680%, 8/1/2000 |
|
|
3,000,000 |
|
|
3,800,000 |
|
Balboa Investment Group V, Series 1997, (Amsouth Bank N.A., Birmingham, AL LOC), 6.690%, 8/3/2000 |
|
|
3,800,000 |
|
|
4,000,000 |
|
Bardstown City, KY, (RJ Tower Project), Series 1995, (Comerica Bank LOC), 6.670%, 8/3/2000 |
|
|
4,000,000 |
|
|
25,000,000 |
|
Bayerische Landesbank Girozentrale, 6.579%, 8/2/2000 |
|
|
24,988,593 |
|
|
7,875,000 |
|
Bethesda Country Club, Inc., Series 1997, (Allfirst LOC), 6.680%, 8/1/2000 |
|
|
7,875,000 |
|
|
2,000,000 |
|
Bethesda Healthcare, Inc., Series 1999, (Firstar Bank, N.A. LOC), 6.700%, 8/3/2000 |
|
|
2,000,000 |
|
|
18,025,000 |
|
Beverly Hills Nursing Center, Inc., Medilodge Project, Series 1996, (KeyBank, N.A. LOC), 6.800%, 8/3/2000 |
|
|
18,025,000 |
|
|
1,557,790 |
|
Bowling Green Manor LP, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
1,557,790 |
|
|
9,670,000 |
|
Brentlinger Real Esate Co., (Huntington National Bank, Columbus, OH LOC), 6.840%, 8/3/2000 |
|
|
9,670,000 |
|
|
2,660,000 |
|
Broadway Investments, Inc., Series 1999, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
2,660,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
VARIABLE RATE INSTRUMENTS--continued2 |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
1,280,000 |
|
Burlington, WI Community Development Authority, Hi Liter Graphics, Series 1998-B, (Bank One, Wisconsin, N.A. LOC), 6.750%, 8/3/2000 |
|
$ |
1,280,000 |
|
|
8,849,000 |
|
Capital One Funding Corp., Series 1998-C, (Bank One, Ohio, N.A. LOC), 6.700%, 8/3/2000 |
|
|
8,849,000 |
|
|
21,353,000 |
|
Capital One Funding Corp., Series 1999-B, (Bank One, Ohio, N.A. LOC), 6.700%, 8/3/2000 |
|
|
21,353,000 |
|
|
2,112,000 |
|
Capital One Funding Corp., Series 1994-A, (Bank One, Ohio, N.A. LOC), 6.700%, 8/3/2000 |
|
|
2,112,000 |
|
|
11,290,000 |
|
Capital One Funding Corp., Series 1994-C, (Bank One, Ohio, N.A. LOC), 6.700%, 8/3/2000 |
|
|
11,290,000 |
|
|
7,991,000 |
|
Capital One Funding Corp., Series 1994-D, (Bank One, Kentucky LOC), 6.700%, 8/3/2000 |
|
|
7,991,000 |
|
|
207,000 |
|
Capital One Funding Corp., Series 1995-A, (Bank One, Indiana, N.A. LOC), 6.700%, 8/3/2000 |
|
|
207,000 |
|
|
7,854,000 |
|
Capital One Funding Corp., Series 1995-B, (Bank One, Kentucky LOC), 6.700%, 8/3/2000 |
|
|
7,854,000 |
|
|
18,601,000 |
|
Capital One Funding Corp., Series 1995-F, (Bank One, N.A. (Ohio) LOC), 6.700%, 8/3/2000 |
|
|
18,601,000 |
|
|
7,863,000 |
|
Capital One Funding Corp., Series 1996-H, (Bank One, West Virginia, N.A. LOC), 6.700%, 8/3/2000 |
|
|
7,863,000 |
|
|
795,000 |
|
Carpenter, Thomas E., Series 1998, (Huntington National Bank, Columbus, OH LOC), 6.800%, 8/3/2000 |
|
|
795,000 |
|
|
9,000,000 |
|
Carport, Inc., Series 1997, (AmSouth Bank N.A., Birmingham LOC), 6.690%, 8/3/2000 |
|
|
9,000,000 |
|
|
3,950,000 |
|
Cattail Creek Country Club, Series 1999, (Allfirst LOC), 6.680%, 8/1/2000 |
|
|
3,950,000 |
|
|
3,500,000 |
|
Chemi-Trol Chemical Co., (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
3,500,000 |
|
|
3,600,000 |
|
Cleveland Sportsplex Ltd., (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
3,600,000 |
|
|
5,140,000 |
|
Clinton County, NY IDA, Bombardier Project, Series 1998-B, (HSBC Bank USA LOC), 6.750%, 8/3/2000 |
|
|
5,140,000 |
|
|
1,007,337 |
|
Clyde Manor LP, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
1,007,337 |
|
|
475,000 |
|
Colorado Health Facilities Authority, Development Disabilities Center Project, Series 1998-F1, (Bank One, Colorado LOC), 6.800%, 8/3/2000 |
|
|
475,000 |
|
|
1,035,000 |
|
Colorado Health Facilities Authority, Development Disabilities Resource Center, Series 1998-C1, (Bank One, Colorado LOC), 6.700%, 8/3/2000 |
|
|
1,035,000 |
|
|
2,825,000 |
|
Colorado Health Facilities Authority, Goodwill Industries of Denver Project, Series 1998-G1, (Bank One, Colorado LOC), 6.750%, 8/3/2000 |
|
|
2,825,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
VARIABLE RATE INSTRUMENTS--continued2 |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
2,585,000 |
|
Columbia County, GA Development Authority, Series 1993, (SunTrust Banks, Inc. LOC), 6.650%, 8/2/2000 |
|
$ |
2,585,000 |
|
|
140,300,000 |
|
Comerica Bank, 6.630% - 6.670%, 9/25/2000 - 11/9/2000 |
|
|
140,278,590 |
|
|
7,750,000 |
|
Commercial Contractors, Inc., Series 1998, (Allfirst LOC), 6.680%, 8/1/2000 |
|
|
7,750,000 |
|
|
7,000,000 |
|
Communications Corp. of America, Series 1998, (Wachovia Bank of NC, N.A. LOC), 6.620%, 8/2/2000 |
|
|
7,000,000 |
|
|
7,040,000 |
|
Cruiser Properties, LLC, Series 1999, (Huntington National Bank, Columbus, OH LOC), 6.800%, 8/3/2000 |
|
|
7,040,000 |
|
|
5,690,000 |
|
Damascus Co. Ltd., Series 1998, (Huntington National Bank, Columbus, OH LOC), 6.800%, 8/3/2000 |
|
|
5,690,000 |
|
|
11,000,000 |
|
David Lipscomb University, Series 1998, (SunTrust Bank, Nashville, TN LOC), 6.650%, 8/2/2000 |
|
|
11,000,000 |
|
|
18,000,000 |
|
Decatur, AL IDB, Bailey-PVS Oxides Project, Series 1998, (SunTrust Bank LOC), 6.760%, 8/3/2000 |
|
|
18,000,000 |
|
|
8,210,000 |
|
Dewberry IV LP, Series 1997, (Allfirst LOC), 6.680%, 8/1/2000 |
|
|
8,210,000 |
|
|
5,050,000 |
|
Die-Matic Corp., (Huntington National Bank, Columbus, OH LOC), 6.800%, 8/3/2000 |
|
|
5,050,000 |
|
|
4,095,000 |
|
Double H Plastics, Inc., Series 1998, (First Union National Bank, Charlotte, NC LOC), 6.700%, 8/2/2000 |
|
|
4,095,000 |
|
|
2,915,000 |
|
Douglas County, GA Development Authority, Heritage Bag Project, Series 1998 B, (Wachovia Bank of NC, N.A. LOC), 6.710%, 8/3/2000 |
|
|
2,915,000 |
|
|
3,500,000 |
|
EPCO Carbondioxide Products, Inc., Series 2000, (Amsouth Bank N.A., Birmingham LOC), 6.710%, 8/3/2000 |
|
|
3,500,000 |
|
|
3,600,000 |
|
Eastwinds Investment, Ltd., (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
3,600,000 |
|
|
7,000,000 |
|
Elsinore Properties, LP, Series 1998, (Fifth Third Bank, Cincinnati LOC), 6.640%, 8/3/2000 |
|
|
7,000,000 |
|
|
6,000,000 |
|
Fannin County IDA, Series 1998 Georgia Crown Distibuting Co., (SunTrust Bank LOC), 6.650%, 8/2/2000 |
|
|
6,000,000 |
|
|
4,690,000 |
|
Foothill Development Group, LLC, Series 1998, (U.S. Bank, N.A., Minneapolis, MN LOC), 6.700%, 8/3/2000 |
|
|
4,690,000 |
|
|
4,142,000 |
|
Frank Parsons Paper Co., Inc., Series 1999, (Allfirst LOC), 6.670%, 8/4/2000 |
|
|
4,142,000 |
|
|
6,360,000 |
|
Franklin County, OH, Edison Welding, Series 1995, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
6,360,000 |
|
|
1,295,000 |
|
Frederick County, MD, Thogar, LLC Facility, Series 1998-B, (Allfirst LOC), 6.680%, 8/1/2000 |
|
|
1,295,000 |
|
|
3,400,000 |
|
G.M.H. Enterprises, Inc., Series 1995, (National City Bank, Ohio LOC), 6.700%, 8/3/2000 |
|
|
3,400,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
VARIABLE RATE INSTRUMENTS--continued2 |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
16,300,000 |
|
Galasso Materials, LLC and Galasso Holdings, LLC, Series 1998, (KeyBank, N.A. LOC), 6.760%, 8/3/2000 |
|
$ |
16,300,000 |
|
|
2,420,000 |
|
Gerken Materials, Inc., Series 1995, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
2,420,000 |
|
|
3,210,000 |
|
Gerken Materials, Inc., Series 1997, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
3,210,000 |
|
|
10,840,000 |
|
Grand Aire Express, Inc., Series 1997, (National City Bank, Ohio LOC), 6.700%, 8/3/2000 |
|
|
10,840,000 |
|
|
1,045,000 |
|
Great Lakes Brewing Co., (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
1,045,000 |
|
|
2,000,000 |
|
Grote Family LP, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
2,000,000 |
|
|
7,350,000 |
|
Gwinnett County, GA, Newell Recycling of Atlanta, Series 1998, (Bank One, Texas N.A. LOC), 6.700%, 8/3/2000 |
|
|
7,350,000 |
|
|
9,810,000 |
|
Hamilton Farm Bureau Cooperative, Inc., Series 1999, (Huntington National Bank, Columbus, OH LOC), 6.800%, 8/3/2000 |
|
|
9,810,000 |
|
|
4,920,000 |
|
Hazlet Manor Associates, Series 1998, (Allfirst LOC), 6.680%, 8/1/2000 |
|
|
4,920,000 |
|
|
4,255,000 |
|
Historical Preservation Authority of Birmingham, Series 1993, (Amsouth Bank N.A., Birmingham, AL LOC), 6.690%, 8/3/2000 |
|
|
4,255,000 |
|
|
10,200,000 |
|
Hunt Club Apartments, Inc., (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
10,200,000 |
|
|
170,000 |
|
Illinois Development Finance Authority, Series 1996B, Nimlok Co., Project, (Bank One, Illinois, N.A. LOC), 6.850%, 8/3/2000 |
|
|
170,000 |
|
|
4,500,000 |
|
J.P. Plymouth Properties, LLC, Series 1999, (Michigan National Bank, Farmington Hills, MI LOC), 6.720%, 8/2/2000 |
|
|
4,500,000 |
|
|
11,490,000 |
|
J.W. Harris, Series 1999 & 2000, (Fifth Third Bank, Cincinnati, OH LOC), 6.640%, 8/3/2000 |
|
|
11,490,000 |
|
|
17,295,000 |
|
JFK Family Borrowing, LLP, Series 1997, (Allfirst LOC), 6.680%, 8/1/2000 |
|
|
17,295,000 |
|
|
10,480,000 |
|
Kendall Health Care Properties, Series 1997, (SunTrust Bank, Miami, FL LOC), 6.700%, 8/2/2000 |
|
|
10,480,000 |
|
|
6,350,000 |
|
Kendall Health Care Properties, Series 1998-A, (SunTrust Bank, Miami, FL LOC), 6.700%, 8/2/2000 |
|
|
6,350,000 |
|
|
5,350,000 |
|
Kendall Health Care Properties, Series 1998-B, (SunTrust Bank, Miami, FL LOC), 6.700%, 8/2/2000 |
|
|
5,350,000 |
|
|
4,055,000 |
|
Kings Creek Country Club, Inc., Series 1997, (First Union National Bank, Charlotte, NC LOC), 6.750%, 8/2/2000 |
|
|
4,055,000 |
|
|
2,325,000 |
|
L.H. Kroh, Inc., Series 1998, (First Union National Bank, Charlotte, NC LOC), 6.750%, 8/2/2000 |
|
|
2,325,000 |
|
|
157,000,000 |
|
Liquid Asset Backed Securities Trust, Series 1996-3, (Westdeutsche Landesbank Girozentrale Swap Agreement), 6.646%, 8/15/2000 |
|
|
157,000,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
VARIABLE RATE INSTRUMENTS--continued2 |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
34,462,142 |
|
Liquid Asset Backed Securities Trust, Series 1997-1, (Westdeutsche Landesbank Girozentrale Swap Agreement), 6.630%, 8/15/2000 |
|
$ |
34,462,142 |
|
|
5,165,000 |
|
Los Angeles, CA, MERLOT, Series 2000-A, (H&H Theatre), (Guaranteed by First Union National Bank, Charlotte, NC), 6.720%, 8/2/2000 |
|
|
5,165,000 |
|
|
7,370,000 |
|
Mack Industries, Series 1998, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
7,370,000 |
|
|
22,685,000 |
|
Maryland Economic Development Corp., Human Genome, Series 1997, (Allfirst LOC), 6.680%, 8/1/2000 |
|
|
22,685,000 |
|
|
3,900,000 |
|
McClatchy-Avondale Corp., Series 1999, (Allfirst LOC), 6.680%, 8/1/2000 |
|
|
3,900,000 |
|
|
1,440,000 |
|
McClellan Management, Inc., Genoa Health Care Center Project, Series 1999, (Fifth Third Bank of Northwestern OH LOC), 6.710%, 8/3/2000 |
|
|
1,440,000 |
|
|
5,990,000 |
|
Medford Convalescent & Nursing Center, Series 1997, (Allfirst LOC), 6.680%, 8/1/2000 |
|
|
5,990,000 |
|
|
2,734,000 |
|
Midwest Funding Corp., Series 1991 A Class A-1, (Bank One, Ohio, N.A. LOC), 6.750%, 8/3/2000 |
|
|
2,734,000 |
|
|
2,984,000 |
|
Midwest Funding Corp., Series 1991-C, (Bank One, Ohio, N.A. LOC), 6.700%, 8/3/2000 |
|
|
2,984,000 |
|
|
2,527,000 |
|
Midwest Funding Corp., Series 1992-B, (Bank One, Ohio, N.A. LOC), 6.700%, 8/3/2000 |
|
|
2,527,000 |
|
|
1,989,000 |
|
Midwest Funding Corp., Series 1992-C, (Bank One, Ohio, N.A. LOC), 6.750%, 8/3/2000 |
|
|
1,989,000 |
|
|
4,650,000 |
|
Miller, James & Deborah, Series 1997, (Allfirst LOC), 6.680%, 8/1/2000 |
|
|
4,650,000 |
|
|
9,600,000 |
|
Mississippi Business Finance Corp., Choctaw Foods,Inc, (Rabobank Nederland, Utrecht LOC), 6.650%, 8/2/2000 |
|
|
9,600,000 |
|
|
10,000,000 |
|
Mississippi Business Finance Corp., Kohler Project, (Wachovia Bank of NC, N.A. LOC), 6.580%, 8/3/2000 |
|
|
10,000,000 |
|
|
17,000,000 |
|
Mississippi Business Finance Corp., Series 1994 Georgia Gulf, (Wachovia Bank of NC, N.A. LOC), 6.620%, 8/2/2000 |
|
|
17,000,000 |
|
|
2,000,000 |
|
Mississippi Business Finance Corp., Series 1995 Plantation Pointe, LP Project, (SunTrust Bank, Atlanta LOC), 6.710%, 8/3/2000 |
|
|
2,000,000 |
|
|
13,085,000 |
|
North Oaks Partnership, Series 1998, (Lasalle Bank, N.A. LOC), 6.680%, 8/3/2000 |
|
|
13,085,000 |
|
|
1,395,000 |
|
Nova University, Inc. Lease Revenue Bonds, Series 1993, Miami Dolphins Training Facility, (SunTrust Bank, South Florida LOC), 6.650%, 8/2/2000 |
|
|
1,395,000 |
|
|
3,280,000 |
|
Oakwoods Master Ltd. Partnership, Series 1997, (Amsouth Bank N.A., Birmingham, AL LOC), 6.710%, 8/3/2000 |
|
|
3,280,000 |
|
|
4,889,000 |
|
Oceana County Freezer Storage, Inc., Series 1998, (Huntington National Bank, Columbus, OH LOC), 6.850%, 8/3/2000 |
|
|
4,889,000 |
|
|
1,150,000 |
|
Oceana County Freezer Storage, Inc., Series 1999, (Huntington National Bank, Columbus, OH LOC), 6.850%, 8/3/2000 |
|
|
1,150,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
VARIABLE RATE INSTRUMENTS--continued2 |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
9,965,000 |
|
Ohio Solid Waste Facility, Bailey-PVS Oxides, LLC,Series 1998, (KeyBank, N.A. LOC), 6.760%, 8/3/2000 |
|
$ |
9,965,000 |
|
|
5,370,000 |
|
Old South Country Club, Inc., Series 1999, (Allfirst LOC), 6.680%, 8/1/2000 |
|
|
5,370,000 |
|
|
11,500,000 |
|
One Renaissance Hamilton, Inc., Series 1999, (Bank One, Ohio, N.A. LOC), 6.700%, 8/3/2000 |
|
|
11,500,000 |
|
|
1,815,000 |
|
Orangeburg Convalescent Care Center, Inc., Series A 1995, (PNC Bank, N.A. LOC), 6.520%, 8/7/2000 |
|
|
1,815,000 |
|
|
1,985,000 |
|
P & P Investment Co., Inc., Series 1998, (Fifth Third Bank, Cincinnati, OH LOC), 6.640%, 8/3/2000 |
|
|
1,985,000 |
|
|
2,080,000 |
|
PV Communications, Inc., Series 1998, (Huntington National Bank, Columbus, OH LOC), 6.800%, 8/3/2000 |
|
|
2,080,000 |
|
|
1,800,000 |
|
Port Authority of Saint Paul, MN, Bix Fruit Co., Series 1998-B, (U.S. Bank, N.A., Minneapolis LOC), 6.870%, 8/3/2000 |
|
|
1,800,000 |
|
|
3,150,000 |
|
Port Authority of Saint Paul, MN, National Checking Co. Project, Series 1998-B, (U.S. Bank, N.A., Minneapolis, MN LOC), 6.770%, 8/3/2000 |
|
|
3,150,000 |
|
|
7,600,000 |
|
Primex Funding Corp., Series 1997-A, (Bank One, Indiana, N.A. LOC), 6.700%, 8/3/2000 |
|
|
7,600,000 |
|
|
1,905,000 |
|
R.M.D.H. Properties LLC, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
1,905,000 |
|
|
15,124,016 |
|
Rabobank Optional Redemption Trust, Series 1997-101, (Guaranteed by Rabobank Nederland), 6.734%, 10/17/2000 |
|
|
15,124,016 |
|
|
6,580,000 |
|
Roby Company Ltd. Partnership, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
6,580,000 |
|
|
2,710,000 |
|
Roby Company Ltd. Partnership, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
2,710,000 |
|
|
8,800,000 |
|
Rollins College, Series 1998, (SunTrust Bank LOC), 6.650%, 8/2/2000 |
|
|
8,800,000 |
|
|
11,350,000 |
|
Rooker, J.W., (Wachovia Bank of NC, N.A. LOC), 6.620%, 8/2/2000 |
|
|
11,350,000 |
|
|
50,000,000 |
|
SMM Trust, Class A-1, Series 2000-E, (Morgan Guaranty Trust Co., New York Swap Agreement), 6.649%, 8/14/2000 |
|
|
50,000,000 |
|
|
33,500,000 |
|
SMM Trust, Series 2000-B, Class A-1, (Morgan Guaranty Trust Co., New York Swap Agreement), 6.650%, 8/14/2000 |
|
|
33,500,000 |
|
|
2,600,000 |
|
San Jose, CA Multifamily Housing Revenue Bonds, Carlton Plaza of San Jose, Series1998 A-T, (Commerzbank AG, Frankfurt LOC), 6.750%, 8/3/2000 |
|
|
2,600,000 |
|
|
3,236,000 |
|
Sawmill Creek Lodge Co., Series 1996, (Fifth Third Bank of Northwestern OH LOC), 6.640%, 8/3/2000 |
|
|
3,236,000 |
|
|
3,360,000 |
|
Scranton Times LP, Series 1997, (PNC Bank, N.A. LOC), 5.520%, 8/7/2000 |
|
|
3,360,000 |
|
|
780,000 |
|
Solon, OH, Custom Graphics, (Bank One, Ohio, N.A. LOC), 6.700%, 8/3/2000 |
|
|
780,000 |
|
|
1,730,000 |
|
Souser Family LP, Series 1998, (Dauphin Deposit Bank and Trust LOC), 6.650%, 8/2/2000 |
|
|
1,730,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
VARIABLE RATE INSTRUMENTS--continued2 |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
6,450,000 |
|
Special Care Facilities, Daphne AL, Presbyterian Retirement Corp., Series 1998 B, 6.650%, 8/3/2000 |
|
$ |
6,450,000 |
|
|
2,710,000 |
|
Spitzer Group, Series 1996-A, (Bank One, Ohio, N.A. LOC), 6.700%, 8/3/2000 |
|
|
2,710,000 |
|
|
1,827,000 |
|
Spitzer Group, Series 1996-B, (Bank One, Ohio, N.A. LOC), 6.700%, 8/3/2000 |
|
|
1,827,000 |
|
|
14,000,000 |
|
Spitzer Group, Series 1998-A, (Bank One, Ohio, N.A. LOC), 6.700%, 8/3/2000 |
|
|
14,000,000 |
|
|
8,728,000 |
|
Spitzer Group, Series 1998-B, (Bank One, Ohio, N.A. LOC), 6.700%, 8/3/2000 |
|
|
8,728,000 |
|
|
6,150,000 |
|
Springfield Ltd. Series A, (UBS AG LOC), 6.700%, 8/3/2000 |
|
|
6,150,000 |
|
|
2,680,000 |
|
Stratford Properties, LP, Series 1998, (Allfirst LOC), 6.680%, 8/1/2000 |
|
|
2,680,000 |
|
|
4,320,000 |
|
TNT Co., Series 1998, (Huntington National Bank, Columbus, OH LOC), 6.800%, 8/3/2000 |
|
|
4,320,000 |
|
|
46,100,000 |
|
Terry Griffin Gate Partners, Ltd., Series 1995, (Bank One, Kentucky LOC), 6.700%, 8/2/2000 |
|
|
46,100,000 |
|
|
5,565,000 |
|
VLF, LLC, The Village of Lovejoy,Fountain Project, (KeyBank, N.A. LOC), 6.880%, 8/3/2000 |
|
|
5,565,000 |
|
|
5,015,000 |
|
Van Dyne Crotty Co., Series 1996, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
5,015,000 |
|
|
8,580,000 |
|
Van Dyne Crotty Co., Series 1998, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
8,580,000 |
|
|
2,135,000 |
|
Van Wyk Enterprises, Inc., (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
2,135,000 |
|
|
3,060,000 |
|
Van Wyk Enterprises, Inc., Series 1998-A, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
3,060,000 |
|
|
2,115,000 |
|
Van Wyk Enterprises, Inc., Series 1998-B, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
2,115,000 |
|
|
415,000 |
|
Van Wyk Enterprises, Inc., Series 1998-C, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
415,000 |
|
|
3,490,000 |
|
Van Wyk Enterprises, Inc., Series 1998-D, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
3,490,000 |
|
|
630,000 |
|
Van Wyk Enterprises, Inc., Series 1998-E, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
630,000 |
|
|
795,000 |
|
Van Wyk Enterprises, Inc., Series 1998-F, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
795,000 |
|
|
975,000 |
|
Van Wyk, Bruce M., Series 1998, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
975,000 |
|
|
2,147,000 |
|
Vista Funding Corp., (Bank One, Ohio, N.A. LOC), 6.750%, 8/3/2000 |
|
|
2,147,000 |
|
|
2,318,000 |
|
Vista Funding Corp., Series 1994-A, (Fifth Third Bank of Northwestern OH LOC), 6.750%, 8/3/2000 |
|
|
2,318,000 |
|
|
1,182,000 |
|
Vista Funding Corp., Series 1995-B, (Fifth Third Bank of Northwestern OH LOC), 6.750%, 8/3/2000 |
|
|
1,182,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
VARIABLE RATE INSTRUMENTS--continued2 |
|
|
|
|
|
|
|
Banking--continued |
|
|
|
|
$ |
8,793,000 |
|
Vista Funding Corp., Series 1995-D, (Fifth Third Bank of Northwestern OH LOC), 6.700%, 8/3/2000 |
|
$ |
8,793,000 |
|
|
3,808,000 |
|
Vista Funding Corp., Series 1995-E, (Bank One, Ohio, N.A. LOC), 6.700%, 8/3/2000 |
|
|
3,808,000 |
|
|
6,896,000 |
|
Vista Funding Corp., Series 1998-B, (Fifth Third Bank of Northwestern OH LOC), 6.700%, 8/3/2000 |
|
|
6,896,000 |
|
|
3,990,000 |
|
Vulcan, Inc., (Amsouth Bank N.A., Birmingham, AL LOC), 6.690%, 8/3/2000 |
|
|
3,990,000 |
|
|
956,431 |
|
Wauseon Manor II LP, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
956,431 |
|
|
199,900,000 |
|
Westdeutsche Landesbank Girozentrale, 6.546%, 8/17/2000 |
|
|
199,825,785 |
|
|
5,990,000 |
|
Westminster Village Terre Haute, Inc., (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
5,990,000 |
|
|
2,715,000 |
|
Wexner Heritage House, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
2,715,000 |
|
|
13,025,000 |
|
Whetstone Care Center, LLC, Series 1998, (Fifth Third Bank, Cincinnati, OH LOC), 6.850%, 8/3/2000 |
|
|
13,025,000 |
|
|
2,100,000 |
|
White Bear Lake, MN, Series 1993, (Wells Fargo Bank Minnesota, N.A. LOC), 6.960%, 8/3/2000 |
|
|
2,100,000 |
|
|
9,800,000 |
|
Willacoochee, City of, Development Authority, Longboard, Inc. Project, Series 1997, (Wachovia Bank of NC, N.A. LOC), 6.620%, 8/2/2000 |
|
|
9,800,000 |
|
|
15,955,000 |
|
William Hill Manor, Inc., Series 1998, (Allfirst LOC), 6.680%, 8/1/2000 |
|
|
15,955,000 |
|
|
8,385,000 |
|
Willow Hill Industries, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
8,385,000 |
|
|
8,730,000 |
|
Wilsbach Distributors, Inc., Series 1999, (Allfirst LOC), 6.650%, 8/2/2000 |
|
|
8,730,000 |
|
|
2,095,000 |
|
YMCA of Central, OH, (Huntington National Bank, Columbus, OH LOC), 6.750%, 8/3/2000 |
|
|
2,095,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
1,650,835,143 |
|
|
||||||
|
|
|
|
Brokerage--4.0% |
|
|
|
|
|
215,000,000 |
|
Merrill Lynch & Co., Inc., 6.590%, 8/10/2000 |
|
|
214,973,308 |
|
|
218,400,000 |
|
Morgan Stanley, Dean Witter & Co., 6.610%, 8/1/2000 |
|
|
218,400,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
433,373,308 |
|
|
||||||
|
|
|
|
Electrical Equipment--0.6% |
|
|
|
|
|
3,655,000 |
|
Alabama State IDA, General Electric Project, (General Electric Co. LOC), 6.590%, 8/3/2000 |
|
|
3,655,000 |
|
|
65,786,454 |
|
Northwest Airlines, Inc., (Guaranteed by General Electric Co.), 6.620%, 8/7/2000 |
|
|
65,786,454 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
69,441,454 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
VARIABLE RATE INSTRUMENTS--continued2 |
|
|
|
|
|
|
|
Finance - Automotive--1.5% |
|
|
|
|
$ |
20,000,000 |
|
General Motors Acceptance Corp., 6.818%, 8/29/2000 |
|
$ |
19,999,339 |
|
|
150,000,000 |
|
General Motors Acceptance Corp., Mortgage of PA, (Guaranteed by General Motors Acceptance Corp.), 6.674% - 6.723%, 10/2/2000 |
|
|
148,278,717 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
168,278,056 |
|
|
||||||
|
|
|
|
Finance -- Commercial--0.7% |
|
|
|
|
|
74,500,000 |
|
Sigma Finance, Inc., 6.626% - 6.888%, 8/8/2000 -- 10/27/2000 |
|
|
74,500,000 |
|
|
||||||
|
|
|
|
Finance - Equipment--0.5% |
|
|
|
|
|
33,291,800 |
|
CIT Equipment Collateral 2000-1, Class A2A, 6.620%, 8/20/2000 |
|
|
33,291,800 |
|
|
15,000,000 |
|
Copelco Capital Receivables LLC Series 2000-A, Class A2A, 6.628%, 8/18/2000 |
|
|
15,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
48,291,800 |
|
|
||||||
|
|
|
|
Government Agency--0.0% |
|
|
|
|
|
3,750,000 |
|
Grand Pointe II Ltd. Partnership, Series 1999, Globe Apartments, (Federal Home Loan Bank of Indianapolis LOC), 6.750%, 8/3/2000 |
|
|
3,750,000 |
|
|
||||||
|
|
|
|
Insurance--7.8% |
|
|
|
|
|
10,000,000 |
|
Albuquerque, NM, Series 2000 A, (MBIA INS), 6.590%, 8/2/2000 |
|
|
10,000,000 |
|
|
84,000,000 |
|
Allstate Life Insurance Co., 6.785% - 6.800%, 8/1/2000 |
|
|
84,000,000 |
|
|
40,000,000 |
|
Anchor National Life Insurance Co., 6.869%, 9/30/2000 |
|
|
40,000,000 |
|
|
85,500,000 |
|
First Allmerica Financial Life Insurance Co., 6.648% - 6.814%, 8/3/2000 - 0/16/2000 |
|
|
85,500,000 |
|
|
40,000,000 |
|
GE Life and Annuity Assurance Co., 6.940%, 9/1/2000 |
|
|
40,000,000 |
|
|
158,600,000 |
|
Jackson National Life Insurance Co., 6.720% - 6.890%, 8/1/2000 -- 8/22/2000 |
|
|
158,600,000 |
|
|
60,345,411 |
|
Liquid Asset Backed Securities Trust, Series 1997-3, Senior Notes, (AMBAC INS), 6.218%, 9/28/2000 |
|
|
60,345,411 |
|
|
117,000,000 |
|
Monumental Life Insurance Co., 6.760% - 6.966%, 8/1/2000 - 8/31/2000 |
|
|
117,000,000 |
|
|
75,000,000 |
|
Principal Life Insurance Co., 6.990%, 9/1/2000 |
|
|
75,000,000 |
|
|
49,000,000 |
|
Protective Life Insurance Co., 6.541%, 8/1/2000 |
|
|
49,000,000 |
|
|
15,000,000 |
|
Security Life of Denver Insurance Co., 6.773%, 10/28/2000 |
|
|
15,000,000 |
|
|
70,000,000 |
|
Transamerica Occidental Life Insurance Co., 6.919%, 10/7/2000 |
|
|
70,000,000 |
|
|
44,000,000 |
|
Travelers Insurance Company, 6.869%, 8/1/2000 |
|
|
44,000,000 |
|
|
||||||
|
|
|
|
TOTAL |
|
|
848,445,411 |
|
|
||||||
|
|
|
|
TOTAL VARIABLE RATE INSTRUMENTS |
|
|
3,296,915,172 |
|
|
||||||
|
Principal |
|
|
|
Value |
||
|
|
|
|
TIME DEPOSITS--6.7% |
|
|
|
|
$ |
150,000,000 |
|
Bayerische Hypotheken-und Vereinsbank AG, 6.656%, 8/1/2000 |
|
$ |
150,000,000 |
|
|
150,000,000 |
|
Chase Manhattan Bank (USA) N.A., Wilmington, 6.688%, 8/1/2000 |
|
|
150,000,000 |
|
|
100,000,000 |
|
Deutsche Bank AG, 6.688%, 8/1/2000 |
|
|
100,000,000 |
|
|
73,000,000 |
|
Mellon Bank N.A., Pittsburgh, 6.688%, 8/1/2000 |
|
|
73,000,000 |
|
|
200,000,000 |
|
Societe Generale, Paris, 6.688%, 8/1/2000 |
|
|
200,000,000 |
|
|
55,000,000 |
|
Westdeutsche Landesbank Girozentrale, 6.688%, 8/1/2000 |
|
|
55,000,000 |
|
|
||||||
|
|
|
|
TOTAL TIME DEPOSITS |
|
|
728,000,000 |
|
|
||||||
|
|
|
|
REPURCHASE AGREEMENTS--3.8%3 |
|
|
|
|
|
63,000,000 |
|
Bank of America, 6.630%, dated 7/31/2000, due 8/1/2000 |
|
|
63,000,000 |
|
|
78,890,000 |
|
Deutsche Bank Financial, Inc., 6.630%, dated 7/31/2000, due 8/1/2000 |
|
|
78,890,000 |
|
|
119,170,000 |
|
Salomon Brothers, Inc., 6.640%, dated 7/31/2000, due 8/1/2000 |
|
|
119,170,000 |
|
|
108,000,000 |
|
Societe Generale Securities Corp., 6.570%, dated 7/31/2000, due 8/1/2000 |
|
|
108,000,000 |
|
|
50,000,000 |
|
Warburg Dillon Read LLC, 6.520%, dated 7/31/2000, due 8/1/2000 |
|
|
50,000,000 |
|
|
||||||
|
|
|
|
TOTAL REPURCHASE AGREEMENTS |
|
|
419,060,000 |
|
|
||||||
|
|
|
|
TOTAL INVESTMENTS (AT AMORTIZED COST)4 |
|
$ |
10,833,215,414 |
|
|
||||||
1 Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues.
2 Current rate and next reset date shown.
3 The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of the portfolio. The investments in the repurchase agreements are through participation in joint accounts with other Federated funds.
4 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets ($10,873,295,345) at July 31, 2000.
The following acronyms are used throughout this portfolio:
|
AMBAC |
--American Municipal Bond Assurance Corporation |
|
FSA |
--Financial Security Assurance |
|
IDA |
--Industrial Development Authority |
|
IDB |
--Industrial Development Bond |
|
INS |
--Insured |
|
LOC |
--Letter of Credit |
|
MBIA |
--Municipal Bond Investors Assurance |
See Notes which are an integral part of the Financial Statements
JULY 31, 2000
|
Assets: |
|
|
|
|
|
|
|
Total investments in securities, at amortized cost and value |
|
|
|
|
$ |
10,833,215,414 |
|
Cash |
|
|
|
|
|
26,055 |
|
Income receivable |
|
|
|
|
|
75,586,219 |
|
Receivable for shares sold |
|
|
|
|
|
1,614,472 |
|
|
||||||
|
TOTAL ASSETS |
|
|
|
|
|
10,910,442,160 |
|
|
||||||
|
Liabilities: |
|
|
|
|
|
|
|
Payable for shares redeemed |
|
$ |
730,948 |
|
|
|
|
Income distribution payable |
|
|
35,266,599 |
|
|
|
|
Accrued expenses |
|
|
1,149,268 |
|
|
|
|
|
||||||
|
TOTAL LIABILITIES |
|
|
|
|
|
37,146,815 |
|
|
||||||
|
Net assets for 10,873,295,345 shares outstanding |
|
|
|
|
$ |
10,873,295,345 |
|
|
||||||
|
Net Asset Value, Offering Price and Redemption Proceeds Per Share |
|
|
|
|
|
|
|
Institutional Shares: |
|
|
|
|
|
|
|
$6,630,923,694 ÷ 6,630,923,694 shares outstanding |
|
|
|
|
|
$1.00 |
|
|
||||||
|
Institutional Service Shares: |
|
|
|
|
|
|
|
$4,242,371,651 ÷ 4,242,371,651 shares outstanding |
|
|
|
|
|
$1.00 |
|
|
||||||
See Notes which are an integral part of the Financial Statements
YEAR ENDED JULY 31, 2000
|
Investment Income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
$ |
622,294,900 |
|
|
|||||||||||
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Investment adviser fee |
|
|
|
|
|
$ |
20,887,196 |
|
|
|
|
|
Administrative personnel and services fee |
|
|
|
|
|
|
7,867,407 |
|
|
|
|
|
Custodian fees |
|
|
|
|
|
|
600,040 |
|
|
|
|
|
Transfer and dividend disbursing agent fees and expenses |
|
|
|
|
|
|
240,859 |
|
|
|
|
|
Directors'/Trustees' fees |
|
|
|
|
|
|
67,848 |
|
|
|
|
|
Auditing fees |
|
|
|
|
|
|
14,714 |
|
|
|
|
|
Legal fees |
|
|
|
|
|
|
66,355 |
|
|
|
|
|
Portfolio accounting fees |
|
|
|
|
|
|
718,351 |
|
|
|
|
|
Shareholder services fee--Institutional Shares |
|
|
|
|
|
|
15,770,486 |
|
|
|
|
|
Shareholder services fee--Institutional Service Shares |
|
|
|
|
|
|
10,269,236 |
|
|
|
|
|
Share registration costs |
|
|
|
|
|
|
42,311 |
|
|
|
|
|
Printing and postage |
|
|
|
|
|
|
52,348 |
|
|
|
|
|
Insurance premiums |
|
|
|
|
|
|
602,068 |
|
|
|
|
|
Miscellaneous |
|
|
|
|
|
|
54,024 |
|
|
|
|
|
|
|||||||||||
|
TOTAL EXPENSES |
|
|
|
|
|
|
57,253,243 |
|
|
|
|
|
|
|||||||||||
|
Waivers: |
|
|
|
|
|
|
|
|
|
|
|
|
Waiver of investment adviser fee |
|
$ |
(9,866,809 |
) |
|
|
|
|
|
|
|
|
Waiver of shareholder services fee--Institutional Shares |
|
|
(15,770,486 |
) |
|
|
|
|
|
|
|
|
|
|||||||||||
|
TOTAL WAIVERS |
|
|
|
|
|
|
(25,637,295 |
) |
|
|
|
|
|
|||||||||||
|
Net expenses |
|
|
|
|
|
|
|
|
|
|
31,615,948 |
|
|
|||||||||||
|
Net investment income |
|
|
|
|
|
|
|
|
|
$ |
590,678,952 |
|
|
|||||||||||
See Notes which are an integral part of the Financial Statements
|
Year Ended July 31 |
|
|
2000 |
|
|
|
1999 |
|
|
Increase (Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
590,678,952 |
|
|
$ |
445,961,130 |
|
|
|
||||||||
|
Distributions to Shareholders: |
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
|
|
|
|
|
|
|
|
Institutional Shares |
|
|
(364,888,490 |
) |
|
|
(266,999,113 |
) |
|
Institutional Service Shares |
|
|
(225,790,462 |
) |
|
|
(178,962,017 |
) |
|
|
||||||||
|
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS |
|
|
(590,678,952 |
) |
|
|
(445,961,130 |
) |
|
|
||||||||
|
Share Transactions: |
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
123,070,717,609 |
|
|
|
123,404,105,177 |
|
|
Net asset value of shares issued to shareholders in payment of distributions declared |
|
|
198,873,331 |
|
|
|
125,920,596 |
|
|
Cost of shares redeemed |
|
|
(121,797,253,049 |
) |
|
|
(121,577,629,746 |
) |
|
|
||||||||
|
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS |
|
|
1,472,337,891 |
|
|
|
1,952,396,027 |
|
|
|
||||||||
|
Change in net assets |
|
|
1,472,337,891 |
|
|
|
1,952,396,027 |
|
|
|
||||||||
|
Net Assets: |
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
9,400,957,454 |
|
|
|
7,448,561,427 |
|
|
|
||||||||
|
End of period |
|
$ |
10,873,295,345 |
|
|
$ |
9,400,957,454 |
|
|
|
||||||||
See Notes which are an integral part of the Financial Statements
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
|
Year Ended July 31 |
|
2000 |
1 |
|
1999 |
|
|
1998 |
|
|
1997 |
|
|
1996 |
|
|
Net Asset Value, Beginning of Period |
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
Income From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
0.06 |
|
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
(0.06 |
) |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.05 |
) |
|
|
|||||||||||||||
|
Net Asset Value, End of Period |
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
|
|||||||||||||||
|
Total Return2 |
|
5.88 |
% |
|
5.14 |
% |
|
5.64 |
% |
|
5.45 |
% |
|
5.58 |
% |
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Expenses |
|
0.20 |
% |
|
0.20 |
% |
|
0.20 |
% |
|
0.20 |
% |
|
0.20 |
% |
|
|
|||||||||||||||
|
Net investment income |
|
5.76 |
% |
|
4.99 |
% |
|
5.51 |
% |
|
5.35 |
% |
|
5.43 |
% |
|
|
|||||||||||||||
|
Expense waiver/reimbursement3 |
|
0.35 |
% |
|
0.35 |
% |
|
0.35 |
% |
|
0.36 |
% |
|
0.36 |
% |
|
|
|||||||||||||||
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net assets, end of period (000 omitted) |
|
$6,630,924 |
|
$5,185,448 |
|
$3,980,339 |
|
$3,588,082 |
|
$3,032,602 |
|
||||
|
|
|||||||||||||||
1 For the year ended July 31, 2000, the Fund was audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.
2 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
3 This voluntary expense decrease is reflected in both the expense and the net investment income ratios shown above.
See Notes which are an integral part of the Financial Statements
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
|
Year Ended July 31 |
|
2000 |
1 |
|
1999 |
|
|
1998 |
|
|
1997 |
|
|
1996 |
|
|
Net Asset Value, Beginning of Period |
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
Income From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.05 |
) |
|
|
|||||||||||||||
|
Net Asset Value, End of Period |
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
|
|||||||||||||||
|
Total Return2 |
|
5.62 |
% |
|
4.88 |
% |
|
5.37 |
% |
|
5.19 |
% |
|
5.32 |
% |
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Expenses |
|
0.45 |
% |
|
0.45 |
% |
|
0.45 |
% |
|
0.45 |
% |
|
0.45 |
% |
|
|
|||||||||||||||
|
Net investment income |
|
5.50 |
% |
|
4.77 |
% |
|
5.24 |
% |
|
5.11 |
% |
|
5.13 |
% |
|
|
|||||||||||||||
|
Expense waiver/reimbursement3 |
|
0.10 |
% |
|
0.10 |
% |
|
0.10 |
% |
|
0.11 |
% |
|
0.11 |
% |
|
|
|||||||||||||||
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net assets, end of period (000 omitted) |
|
$4,242,371 |
|
$4,215,510 |
|
$3,468,222 |
|
$2,236,997 |
|
$1,297,019 |
|
||||
|
|
|||||||||||||||
1 For the year ended July 31, 2000, the Fund was audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.
2 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
3 This voluntary expense decrease is reflected in both the expense and the net investment income ratios shown above.
See Notes which are an integral part of the Financial Statements
JULY 31, 2000
Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act") as an open-end, management investment company. The Trust consists of 40 portfolios. The financial statements included herein are only those of Prime Obligations Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The investment objective of the Fund is to provide current income consistent with stability of principal.
The Fund offers two classes of shares: Institutional Shares and Institutional Service Shares.
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles.
The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Act.
It is the policy of the Fund to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Fund to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement.
The Fund will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Fund's adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Board of Trustees (the "Trustees"). Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Fund could receive less than the repurchase price on the sale of collateral securities. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.
Interest income and expenses are accrued daily. Bond premium and discount, if applicable, are amortized as required by the Internal Revenue Code, as amended (the "Code"). Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value.
The Fund offers multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Fund based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.
It is the Fund's policy to comply with the provisions of the Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is necessary.
The Fund may engage in when-issued or delayed delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.
Investment transactions are accounted for on a trade date basis.
The Declaration of Trust permits the Board of Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares. At July 31, 2000, capital paid-in aggregated $10,873,295,345.
Transactions in shares were as follows:
|
Year Ended July 31 |
|
2000 |
|
|
1999 |
|
|
Institutional Shares: |
|
|
|
|
|
|
|
Shares sold |
|
90,434,281,491 |
|
|
95,897,980,619 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
132,692,451 |
|
|
77,869,797 |
|
|
Shares redeemed |
|
(89,121,497,969) |
|
|
(94,770,741,882 |
) |
|
|
||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS |
|
1,445,475,973 |
|
|
1,205,108,534 |
|
|
|
||||||
|
|
|
|
|
|
|
|
|
Year Ended July 31 |
|
2000 |
|
|
1999 |
|
|
Institutional Service Shares: |
|
|
|
|
|
|
|
Shares sold |
|
32,636,436,118 |
|
|
27,506,124,558 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
66,180,880 |
|
|
48,050,799 |
|
|
Shares redeemed |
|
(32,675,755,080) |
|
|
(26,806,887,864 |
) |
|
|
||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE |
|
26,861,918 |
|
|
747,287,493 |
|
|
|
||||||
|
NET CHANGE RESULTING FROM SHARE TRANSACTIONS |
|
1,472,337,891 |
|
|
1,952,396,027 |
|
|
|
||||||
Federated Investment Management Company, the Fund's investment adviser (the "Adviser"), receives for its services an annual investment adviser fee equal to 0.20% of the Fund's average daily net assets. The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.
Federated Services Company ("FServ"), under the Administrative Services Agreement, provides the Funds with administrative personnel and services. The fee paid to FServ is based on a scale that ranges from 0.15% to 0.075% of the average aggregate daily net assets of all funds advised by subsidiaries of Federated Investors, Inc., subject to a $125,000 minimum per portfolio and $30,000 per each additional class.
Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily net assets of the Fund for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.
FServ, through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC is based on the size, type, and number of accounts and transactions made by shareholders.
FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.
Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.
TO THE BOARD OF TRUSTEES OF MONEY MARKET OBLIGATIONS TRUST AND
SHAREHOLDERS OF PRIME OBLIGATIONS FUND:
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments of Prime Obligations Fund (the "Fund"), a portfolio of Money Market Obligations Trust, as of July 31, 2000, and the related statement of operations, the statement of changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The statement of changes in net assets for the year ended July 31, 1999, and the financial highlights for each of the periods in the four years then ended were audited by other auditors, whose report, dated September 29, 1999, expressed an unqualified opinion on these statements.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to provide reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of the securities owned at July 31, 2000, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present fairly, in all material respects, the financial position of Prime Obligations Fund as of July 31, 2000, the results of its operations, the changes in its net assets and its financial highlights for the respective stated periods in conformity with accounting principles generally accepted in the United States of America.
Deloitte & Touche LLP
Boston, Massachusetts
September 8, 2000
Chairman
President
Chief Investment Officer
Executive Vice President
Executive Vice President and Secretary
Vice President
Treasurer
Assistant Secretary
Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.
This report is authorized for distribution to prospective investors only when preceded or accompanied by the fund's prospectus which contains facts concerning its objective and policies, management fees, expenses and other information.
Federated
World-Class Investment Manager
ANNUAL REPORT
JULY 31, 2000
Federated
Prime Obligations Fund
Federated Investors Funds
5800
Corporate Drive
Pittsburgh, PA
15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated
Securities Corp., Distributor
Cusip 60934N203
Cusip 60934N708
G00645-06 (9/00)
Federated is a registered mark of Federated Investors, Inc. 2000 ©Federated Investors, Inc.
ANNUAL REPORT
Dear Shareholder:
I am pleased to present the Annual Report to Shareholders for Treasury Obligations Fund (the "fund"), a portfolio of Money Market Obligations Trust, which covers the 12-month reporting period from August 1, 1999 through July 31, 2000. The report begins with an investment review on the short-term treasury market from the fund's portfolio manager. Following the investment review are the fund's portfolio of investments and its financial statements.
In the fund your ready cash is at work pursuing daily income--along with the additional advantages of daily liquidity and stability of principal1-- by investing exclusively in short-term U.S treasury obligations and in repurchase agreements collateralized by these obligations. At the end of the reporting period, the fund's net assets totaled $10.1 billion.
Over the 12-month reporting period, the fund paid dividends totaling $0.054 per share to shareholders of Institutional Shares, $0.052 per share to shareholders of Institutional Service Shares and $0.053 per share to shareholders of Institutional Capital Shares. The 30-day net yields on the last day of the reporting period for Institutional Shares, Institutional Service Shares and Institutional Capital Shares were 6.24%, 5.99% and 6.14%, respectively.2
Thank you for your confidence in the daily earning power of Treasury Obligations Fund. Your questions and comments are always welcome.
Sincerely,
J. Christopher Donahue
J. Christopher Donahue
President
September 15, 2000
1 An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
2 Performance quoted represents past performance and is no guarantee of future results. Yields will vary. Yields quoted from money market funds most closely reflect the fund's current earnings.
Treasury Obligations Fund, which is rated AAAm1 by Standard & Poor's and Aaa1 by Moody's, is invested in direct obligations of the U.S. treasury either in the form of notes and bills or as collateral for repurchase agreements.
The Federal Reserve Board (the "Fed") tightened monetary policy five times over the course of the fiscal year ended July 31, 2000, raising the federal funds target rate from 5% to its current 6.5% level. Combined with the initial 25 basis point tightening step taken at the end of June 1999, by November 1999, the Fed had reversed the liquidity that it had needed to infuse into the market during the global economic crisis in late 1998. After taking a break to minimize disruptions around the time of the century date change, the Fed resumed its tightening path in early 2000 as economic growth continued to be robust. After voting to restrict monetary policy further at three consecutive Federal Open Market Committee (FOMC) meetings in February, March, and May, the Fed left interest rates unchanged at its meeting in late June as signs that economic growth might be slowing had begun to surface.
Gross Domestic Product (GDP) grew at 5.7% and 8.3% in the third and fourth quarters of last year, and 4.8% and 5.3% in the first two quarters of 2000. This phenomenal growth was driven by formidable consumer demand. Although remarkable gains in productivity have raised expectations of a non-inflationary potential rate of growth to close to 4%, this stronger pace of actual economic activity made the Fed and the markets uncomfortable. Retail sales grew over 8% over the reporting period, and non-farm payrolls added an average of about 220,000 jobs per month over the same time frame. Driven higher by rising energy costs, the Producer Price Index and Consumer Price Index increased by 4.1% and 3.5% over the reporting period. Inflation remained relatively well-behaved on a core basis, however, as these measures rose by a more benign 1.5% and 2.4%, respectively.
Short-term interest rates reflected--and largely anticipated--the actions from the Fed over the reporting period. The yield on the three-month treasury bill, for instance, began the reporting period at 4.8% and ended close to 140 basis points higher by the end of July at 6.2%. Although these movements reflected economic fundamentals, the bill sector also remained heavily influenced by technical factors. In particular, changing supply as a result of the bountiful projected surpluses in the federal budget and investor interest in this sector as a refuge from the equity markets played major roles in yield movements as well, keeping this area of the curve well-bid.
We maintained a 40- to 50-day average maturity target range for the fund through the end of 1999, then moved to a 35- to 45-day target range in January, as expectations of additional Fed tightenings grew. We continued to pursue a barbelled structure for the fund, combining a significant position in repurchase agreements--primarily on an overnight basis--with purchases of treasury securities in the 6 to 13 month area. As has been the case for some time, due to the technical influences in the treasury bill market that have kept this sector of the curve quite expensive, we concentrated our direct purchases of treasury securities in treasury notes that met our maturity guidelines.
Going forward, our expectations are for the Fed to hold monetary policy steady--while keeping an eye out for inflationary pressure--until the effect on the economy of the actions taken to date are more fully understood.
1 An AAAm rating is obtained after S&P evaluates a number of factors, including credit quality, market price exposure and management. S&P monitors the portfolio weekly for developments that could cause changes in the ratings. Money market funds and bond funds rated Aaa by Moody's are judged to be an investment quality similar to Aaa-rated fixed obligations, that is, they are judged to be of the best quality. Ratings are subject to change, and do not remove market risks.
JULY 31, 2000
|
Principal |
|
|
|
Value |
||
|
|
|
|
SHORT-TERM U.S. TREASURY OBLIGATIONS--13.4% |
|
|
|
|
|
|
|
U.S. Treasury Bills--0.5%1 |
|
|
|
|
$ |
52,500,000 |
|
5.210%, 11/9/2000 |
|
$ |
51,740,208 |
|
|
||||||
|
|
|
|
U.S. Treasury Notes--12.9%1 |
|
|
|
|
|
1,320,250,000 |
|
4.000% - 6.500%, 8/15/2000 -- 5/31/2001 |
|
|
1,311,003,225 |
|
|
||||||
|
|
|
|
TOTAL SHORT-TERM U.S. TREASURY OBLIGATIONS |
|
|
1,362,743,433 |
|
|
||||||
|
|
|
|
REPURCHASE AGREEMENTS--86.7%2 |
|
|
|
|
|
490,000,000 |
|
ABN AMRO, Chicago Corp., 6.560%, dated 7/31/2000, due 8/1/2000 |
|
|
490,000,000 |
|
|
60,000,000 |
|
Banc One Capital Markets, 6.550%, dated 7/31/2000, due 8/1/2000 |
|
|
60,000,000 |
|
|
40,000,000 |
|
Bank of New York, 6.550%, dated 7/31/2000, due 8/1/2000 |
|
|
40,000,000 |
|
|
507,700,000 |
|
Barclays de Zoete Wedd Securities, Inc., 6.570%, dated 7/31/2000, due 8/1/2000 |
|
|
507,700,000 |
|
|
315,000,000 |
|
Bear, Stearns and Co., 6.580%, dated 7/31/2000, due 8/1/2000 |
|
|
315,000,000 |
|
|
375,000,000 |
|
CIBC Wood Gundy Securities Corp., 6.570%, dated 7/31/2000, due 8/1/2000 |
|
|
375,000,000 |
|
|
359,000,000 |
3 |
Credit Suisse First Boston, Inc., 6.400%, dated 6/29/2000, due 9/5/2000 |
|
|
359,000,000 |
|
|
541,000,000 |
|
Deutsche Bank Government Securities, 6.560%, dated 7/31/2000, due 8/1/2000 |
|
|
541,000,000 |
|
|
515,000,000 |
|
Donaldson, Lufkin and Jenrette Securities Corp., 6.550%, dated 7/31/2000, due 8/1/2000 |
|
|
515,000,000 |
|
|
200,000,000 |
|
First Union Capital Markets, 6.550%, dated 7/31/2000, due 8/1/2000 |
|
|
200,000,000 |
|
|
155,000,000 |
|
Greenwich Capital Markets, Inc., 6.570%, dated 7/31/2000, due 8/1/2000 |
|
|
155,000,000 |
|
|
334,000,000 |
3 |
J.P. Morgan & Co., Inc., 6.370%, dated 7/13/2000, due 8/11/2000 |
|
|
334,000,000 |
|
|
455,000,000 |
|
Paribas Corp., 6.570%, dated 7/31/2000, due 8/1/2000 |
|
|
455,000,000 |
|
|
515,000,000 |
|
Salomon Brothers, Inc., 6.570%, dated 7/31/2000, due 8/1/2000 |
|
|
515,000,000 |
|
|
330,000,000 |
|
Scotia McLeod (USA), Inc., 6.550%, dated 7/31/2000, due 8/1/2000 |
|
|
330,000,000 |
|
|
647,000,000 |
|
SG Cowen Securities Corp., 6.570%, dated 7/31/2000, due 8/1/2000 |
|
|
647,000,000 |
|
|
665,000,000 |
|
Societe Generale Securities Corp., 6.570%, dated 7/31/2000, due 8/1/2000 |
|
|
665,000,000 |
|
|
315,000,000 |
|
State Street Bank and Trust Co., 6.550%, dated 7/31/2000, due 8/1/2000 |
|
|
315,000,000 |
|
|
315,000,000 |
|
Toronto Dominion Holdings (USA), Inc., 6.550%, dated 7/31/2000, due 8/1/2000 |
|
|
315,000,000 |
|
|
357,000,000 |
3 |
Warburg Dillon Reed LLC, 6.380%, dated 7/18/2000, due 8/17/2000 |
|
|
357,000,000 |
|
|
352,000,000 |
3 |
Warburg Dillon Reed LLC, 6.450%, dated 6/9/2000, due 9/11/2000 |
|
|
352,000,000 |
|
|
263,000,000 |
3 |
Warburg Dillon Reed LLC, 6.450%, dated 7/27/2000, due 8/23/2000 |
|
|
263,000,000 |
|
|
75,000,000 |
|
Warburg Dillon Reed LLC, 6.470%, dated 7/31/2000, due 8/1/2000 |
|
|
75,000,000 |
|
|
250,000,000 |
|
Warburg Dillon Reed LLC, 6.480%, dated 7/31/2000, due 8/1/2000 |
|
|
250,000,000 |
|
Principal |
|
|
|
Value |
||
|
|
|
|
REPURCHASE AGREEMENTS--continued2 |
|
|
|
|
$ |
139,479,000 |
|
Warburg Dillon Reed LLC, 6.570%, dated 7/31/2000, due 8/1/2000 |
|
$ |
139,479,000 |
|
|
215,000,000 |
|
Westdeutsche Landesbank Girozentrale, 6.570%, dated 7/31/2000, due 8/1/2000 |
|
|
215,000,000 |
|
|
||||||
|
|
|
|
TOTAL REPURCHASE AGREEMENTS |
|
|
8,785,179,000 |
|
|
||||||
|
|
|
|
TOTAL INVESTMENTS (AT AMORTIZED COST)4 |
|
$ |
10,147,922,433 |
|
|
||||||
1 The issue shows the rate of discount at the time of purchase.
2 The repurchase agreements are fully collateralized by U.S. treasury government obligations based on market prices at the date of the portfolio. The investments in the repurchase agreements are through participation in joint accounts with other Federated funds.
3 Although final maturity falls beyond seven days, a liquidity feature is included in each transaction to permit termination of the repurchase agreement within seven days.
4 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets ($10,134,966,893) at July 31, 2000.
See Notes which are an integral part of the Financial Statements
JULY 31, 2000
|
Assets: |
|
|
|
|
|
|
|
Investments in repurchase agreements |
|
$ |
8,785,179,000 |
|
|
|
|
Investments in securities |
|
|
1,362,743,433 |
|
|
|
|
|
||||||
|
Total investments in securities, at amortized cost and value |
|
|
|
|
$ |
10,147,922,433 |
|
Income receivable |
|
|
|
|
|
23,593,983 |
|
Receivable for shares sold |
|
|
|
|
|
3,747,026 |
|
|
||||||
|
TOTAL ASSETS |
|
|
|
|
|
10,175,263,442 |
|
|
||||||
|
Liabilities: |
|
|
|
|
|
|
|
Payable for shares redeemed |
|
|
93,724 |
|
|
|
|
Income distribution payable |
|
|
38,991,073 |
|
|
|
|
Accrued expenses |
|
|
1,211,752 |
|
|
|
|
|
||||||
|
TOTAL LIABILITIES |
|
|
|
|
|
40,296,549 |
|
|
||||||
|
Net assets for 10,134,966,893 shares outstanding |
|
|
|
|
$ |
10,134,966,893 |
|
|
||||||
|
Net Asset Value, Offering Price and Redemption Proceeds Per Share |
|
|
|
|
|
|
|
Institutional Shares: |
|
|
|
|
|
|
|
$5,400,131,977 ÷ 5,400,131,977 shares outstanding |
|
|
|
|
|
$1.00 |
|
|
||||||
|
Institutional Service Shares: |
|
|
|
|
|
|
|
$4,400,815,935 ÷ 4,400,815,935 shares outstanding |
|
|
|
|
|
$1.00 |
|
|
||||||
|
Institutional Capital Shares: |
|
|
|
|
|
|
|
$334,018,981 ÷ 334,018,981 shares outstanding |
|
|
|
|
|
$1.00 |
|
|
||||||
See Notes which are an integral part of the Financial Statements
YEAR ENDED JULY 31, 2000
|
Investment Income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
$ |
604,370,060 |
|
|
|||||||||||
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Investment adviser fee |
|
|
|
|
|
$ |
21,482,621 |
|
|
|
|
|
Administrative personnel and services fee |
|
|
|
|
|
|
8,092,019 |
|
|
|
|
|
Custodian fees |
|
|
|
|
|
|
575,530 |
|
|
|
|
|
Transfer and dividend disbursing agent fees and expenses |
|
|
|
|
|
|
183,412 |
|
|
|
|
|
Directors'/Trustees' fees |
|
|
|
|
|
|
78,164 |
|
|
|
|
|
Auditing fees |
|
|
|
|
|
|
15,024 |
|
|
|
|
|
Legal fees |
|
|
|
|
|
|
27,430 |
|
|
|
|
|
Portfolio accounting fees |
|
|
|
|
|
|
729,678 |
|
|
|
|
|
Shareholder services fee--Institutional Shares |
|
|
|
|
|
|
14,533,527 |
|
|
|
|
|
Shareholder services fee--Institutional Service Shares |
|
|
|
|
|
|
11,385,120 |
|
|
|
|
|
Shareholder services fee--Institutional Capital Shares |
|
|
|
|
|
|
934,629 |
|
|
|
|
|
Share registration costs |
|
|
|
|
|
|
44,934 |
|
|
|
|
|
Printing and postage |
|
|
|
|
|
|
26,083 |
|
|
|
|
|
Insurance premiums |
|
|
|
|
|
|
19,364 |
|
|
|
|
|
Miscellaneous |
|
|
|
|
|
|
58,833 |
|
|
|
|
|
|
|||||||||||
|
TOTAL EXPENSES |
|
|
|
|
|
|
58,186,368 |
|
|
|
|
|
|
|||||||||||
|
Waivers: |
|
|
|
|
|
|
|
|
|
|
|
|
Waiver of investment adviser fee |
|
$ |
(9,372,587 |
) |
|
|
|
|
|
|
|
|
Waiver of shareholder services fee--Institutional Shares |
|
|
(14,533,527 |
) |
|
|
|
|
|
|
|
|
Waiver of shareholder services fee--Institutional Capital Shares |
|
|
(560,778 |
) |
|
|
|
|
|
|
|
|
|
|||||||||||
|
TOTAL WAIVERS |
|
|
|
|
|
|
(24,466,892 |
) |
|
|
|
|
|
|||||||||||
|
Net expenses |
|
|
|
|
|
|
|
|
|
|
33,719,476 |
|
|
|||||||||||
|
Net investment income |
|
|
|
|
|
|
|
|
|
$ |
570,650,584 |
|
|
|||||||||||
See Notes which are an integral part of the Financial Statements
|
Year Ended July 31 |
|
2000 |
|
|
1999 |
|
||
|
Increase (Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
570,650,584 |
|
|
$ |
528,606,628 |
|
|
|
||||||||
|
Distributions to Shareholders: |
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
|
|
|
|
|
|
|
|
Institutional Shares |
|
|
(315,812,495 |
) |
|
|
(276,806,316 |
) |
|
Institutional Service Shares |
|
|
(235,203,016 |
) |
|
|
(235,867,234 |
) |
|
Institutional Capital Shares |
|
|
(19,635,073 |
) |
|
|
(15,933,078 |
) |
|
|
||||||||
|
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS |
|
|
(570,650,584 |
) |
|
|
(528,606,628 |
) |
|
|
||||||||
|
Share Transactions: |
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
62,433,586,372 |
|
|
|
68,176,770,225 |
|
|
Net asset value of shares issued to shareholders in payment of distributions declared |
|
|
145,648,369 |
|
|
|
126,585,254 |
|
|
Cost of shares redeemed |
|
|
(63,418,490,566 |
) |
|
|
(67,696,134,650 |
) |
|
|
||||||||
|
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS |
|
|
(839,255,825 |
) |
|
|
607,220,829 |
|
|
|
||||||||
|
Change in net assets |
|
|
(839,255,825 |
) |
|
|
607,220,829 |
|
|
|
||||||||
|
Net Assets: |
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
10,974,222,718 |
|
|
|
10,367,001,889 |
|
|
|
||||||||
|
End of period |
|
$ |
10,134,966,893 |
|
|
$ |
10,974,222,718 |
|
|
|
||||||||
See Notes which are an integral part of the Financial Statements
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
|
Year Ended July 31 |
|
2000 |
1 |
|
1999 |
|
|
1998 |
|
|
1997 |
|
|
1996 |
|
|
Net Asset Value, Beginning of Period |
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
Income From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.05 |
) |
|
|
|||||||||||||||
|
Net Asset Value, End of Period |
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
|
|||||||||||||||
|
Total Return2 |
|
5.58 |
% |
|
4.91 |
% |
|
5.54 |
% |
|
5.36 |
% |
|
5.53 |
% |
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Expenses |
|
0.20 |
% |
|
0.20 |
% |
|
0.20 |
% |
|
0.20 |
% |
|
0.20 |
% |
|
|
|||||||||||||||
|
Net investment income |
|
5.43 |
% |
|
4.79 |
% |
|
5.40 |
% |
|
5.24 |
% |
|
5.37 |
% |
|
|
|||||||||||||||
|
Expense waiver/reimbursement3 |
|
0.34 |
% |
|
0.34 |
% |
|
0.35 |
% |
|
0.35 |
% |
|
0.36 |
% |
|
|
|||||||||||||||
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net assets, end of period (000 omitted) |
|
$5,400,132 |
|
|
$5,477,028 |
|
|
$5,289,871 |
|
|
$4,814,583 |
|
|
$4,649,870 |
|
|
|
|||||||||||||||
1 For the year ended July 31, 2000, the Fund was audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.
2 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
3 This voluntary expense decrease is reflected in both the expense and the net investment income ratios shown above.
See Notes which are an integral part of the Financial Statements
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
|
Year Ended July 31 |
|
2000 |
1 |
|
1999 |
|
|
1998 |
|
|
1997 |
|
|
1996 |
|
|
Net Asset Value, Beginning of Period |
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
Income From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.05 |
) |
|
|
|||||||||||||||
|
Net Asset Value, End of Period |
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
|
|||||||||||||||
|
Total Return2 |
|
5.32 |
% |
|
4.65 |
% |
|
5.28 |
% |
|
5.10 |
% |
|
5.26 |
% |
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Expenses |
|
0.45 |
% |
|
0.45 |
% |
|
0.45 |
% |
|
0.45 |
% |
|
0.45 |
% |
|
|
|||||||||||||||
|
Net investment income |
|
5.16 |
% |
|
4.54 |
% |
|
5.15 |
% |
|
5.03 |
% |
|
5.12 |
% |
|
|
|||||||||||||||
|
Expense waiver/reimbursement3 |
|
0.09 |
% |
|
0.09 |
% |
|
0.10 |
% |
|
0.10 |
% |
|
0.11 |
% |
|
|
|||||||||||||||
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net assets, end of period (000 omitted) |
|
$4,400,816 |
|
|
$5,034,388 |
|
|
$5,045,428 |
|
|
$3,054,110 |
|
|
$1,516,839 |
|
|
|
|||||||||||||||
1 For the year ended July 31, 2000, the Fund was audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.
2 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
3 This voluntary expense decrease is reflected in both the expense and the net investment income ratios shown above.
See Notes which are an integral part of the Financial Statements
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
|
Year Ended July 31 |
|
2000 |
1 |
|
1999 |
|
|
1998 |
|
|
1997 |
2 |
|
Net Asset Value, Beginning of Period |
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
Income From Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
0.02 |
|
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net investment income |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.05 |
) |
|
(0.02 |
) |
|
|
||||||||||||
|
Net Asset Value, End of Period |
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
$ 1.00 |
|
|
|
||||||||||||
|
Total Return3 |
|
5.47 |
% |
|
4.81 |
% |
|
5.43 |
% |
|
1.58 |
% |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Expenses |
|
0.30 |
% |
|
0.30 |
% |
|
0.30 |
% |
|
0.30 |
%4 |
|
|
||||||||||||
|
Net investment income |
|
5.25 |
% |
|
4.61 |
% |
|
5.30 |
% |
|
5.42 |
%4 |
|
|
||||||||||||
|
Expense waiver/reimbursement5 |
|
0.24 |
% |
|
0.24 |
% |
|
0.25 |
% |
|
0.25 |
%4 |
|
|
||||||||||||
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net assets, end of period (000 omitted) |
|
$334,019 |
|
|
$462,807 |
|
|
$31,703 |
|
|
$42,505 |
|
|
|
||||||||||||
1 For the year ended July 31, 2000, the Fund was audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.
2 Reflects operations for the period from April 14, 1997 (date of initial public investment) to July 31, 1997.
3 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
4 Computed on an annualized basis.
5 This voluntary expense decrease is reflected in both the expense and the net investment income ratios shown above.
See Notes which are an integral part of the Financial Statements
JULY 31, 2000
Money Market Obligations Trust, (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act") as an open-end, management investment company. The Trust consist of 40 portfolios. The financial statements included herein are only those of Treasury Obligations Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The investment objective of the Fund is current income consistent with stability of principal.
The Fund offers three classes of shares: Institutional Shares, Institutional Service Shares and Institutional Capital Shares.
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles.
The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Act.
It is the policy of the Fund to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Fund to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement.
The Fund will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Fund's adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Board of Trustees (the "Trustees"). Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Fund could receive less than the repurchase price on the sale of collateral securities. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.
Interest income and expenses are accrued daily. Bond premium and discount, if applicable, are amortized as required by the Internal Revenue Code, as amended (the "Code"). Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. The Fund offers multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Fund based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.
It is the Fund's policy to comply with the provisions of the Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is necessary.
The Fund may engage in when-issued or delayed delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under contract.
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.
Investment transactions are accounted for on a trade date basis.
The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares. At July 31, 2000, capital paid-in aggregated $10,134,966,893.
Transactions in shares were as follows:
|
Year Ended July 31 |
|
2000 |
|
|
1999 |
|
|
Institutional Shares: |
|
|
|
|
|
|
|
Shares sold |
|
31,151,429,016 |
|
|
33,252,567,453 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
76,576,895 |
|
|
52,447,463 |
|
|
Shares redeemed |
|
(31,304,901,682 |
) |
|
(33,117,858,112 |
) |
|
|
||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS |
|
(76,895,771 |
) |
|
187,156,804 |
|
|
|
||||||
|
|
|
|
|
|
|
|
|
Year Ended July 31 |
|
2000 |
|
|
1999 |
|
|
Institutional Service Shares: |
|
|
|
|
|
|
|
Shares sold |
|
28,766,507,789 |
|
|
32,219,870,036 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
66,129,406 |
|
|
71,770,419 |
|
|
Shares redeemed |
|
(29,466,208,868 |
) |
|
(32,302,680,974 |
) |
|
|
||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARES TRANSACTIONS |
|
(633,571,673 |
) |
|
(11,040,519 |
) |
|
|
||||||
|
|
|
|
|
|
|
|
|
Year Ended July 31 |
|
2000 |
|
|
1999 |
|
|
Institutional Capital Shares: |
|
|
|
|
|
|
|
Shares sold |
|
2,515,649,567 |
|
|
2,704,332,736 |
|
|
Shares issued to shareholders in payment of distributions declared |
|
2,942,068 |
|
|
2,367,372 |
|
|
Shares redeemed |
|
(2,647,380,016 |
) |
|
(2,275,595,564 |
) |
|
|
||||||
|
NET CHANGE RESULTING FROM INSTITUTIONAL CAPITAL SHARES TRANSACTIONS |
|
(128,788,381 |
) |
|
431,104,544 |
|
|
|
||||||
|
NET CHANGE RESULTING FROM SHARE TRANSACTIONS |
|
(839,255,825 |
) |
|
607,220,829 |
|
|
|
||||||
Federated Investment Management Company, the Fund's investment adviser (the "Adviser"), receives for its services an annual investment adviser fee equal to 0.20% of the Fund's average daily net assets. The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.
Federated Services Company ("FServ"), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. The fee paid to FServ is based on a scale that ranges from 0.15% to 0.075% of the average aggregate daily net assets of all funds advised by subsidiaries of Federated Investors, Inc., subject to a $125,000 minimum per portfolio and $30,000 per each additional class.
Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily net assets of the Fund for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.
FServ, through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC is based on the size, type, and number of accounts and transactions made by shareholders.
FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of each of the Fund's average daily net assets for the period, plus out-of-pocket expenses.
Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.
TO THE BOARD OF TRUSTEES OF MONEY MARKET OBLIGATIONS TRUST
AND SHAREHOLDERS OF TREASURY OBLIGATIONS FUND:
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments of Treasury Obligations Fund (the "Fund"), a portfolio of Money Market Obligations Trust as of July 31, 2000, and the related statement of operations, the statement of changes in net assets and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The statement of changes in net assets for the year ended July 31, 1999, and the financial highlights for each of the periods in the four years then ended were audited by other auditors, whose report dated September 29, 1999, expressed unqualified opinion on these statements.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to provide reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of the securities owned at July 31, 2000 by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present fairly, in all material respects, the financial position of Treasury Obligations Fund as of July 31, 2000, the results of its operations, the changes in its net assets and its financial highlights for the respective stated periods in conformity with accounting principles generally accepted in the United States of America.
Deloitte & Touche LLP
Boston, Massachusetts
September 8, 2000
Chairman
President
Chief Investment Officer
Executive Vice President
Executive Vice President and Secretary
Vice President
Treasurer
Assistant Secretary
Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.
This report is authorized for distribution to prospective investors only when preceded or accompanied by the fund's prospectus which contains facts concerning its objective and policies, management fees, expenses and other information.
Federated
World-Class Investment Manager
ANNUAL REPORT
JULY 31, 2000
Federated
Treasury Obligations Fund
Federated Investors Funds
5800
Corporate Drive
Pittsburgh, PA
15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated
Securities Corp., Distributor
Cusip 60934N500
Cusip 60934N872
Cusip 60934N823
G00645-07 (9/00)
Federated is a registered mark of Federated Investors, Inc. 2000 ©Federated Investors, Inc.
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