Institutional Cash Management
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Municipal Cash Management Money Market Fund (EMMXX) 

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Daily performance as of 12-11-18

NAV 7-day current yield 7-day effective yield
1.0004 1.53% 1.54%

All data as of 10-31-18 unless otherwise noted.

Ticker EMMXX
CUSIP 949921217
Fund number 496
Weighted average maturity as of 11-30-18 6.00 days
Weighted average life as of 11-30-18 6.00 days
YTD return as of 12-11-18 1.25%
Investment minimum $10,000,000.00
Fund inception date 11-20-96
Share class inception date 11-20-96
Fitch rating as of 12-11-18 AAAmmf
Net fund assets as of 12-11-18 258974135

Fund highlights

    • Focuses primarily on preserving capital and maintaining a high level of liquidity by emphasizing fundamental credit research and risk management to actively manage a portfolio of high-quality, short-term municipal obligations that are issued by or on behalf of states, territories, and possessions of the U.S. or their political subdivisions or financing authorities.
    • Purchases securities across a range of eligible money market instruments that may have fixed, floating, or variable rates of interest, such as variable-rate demand notes.
    • Manages the fund in a tax-sensitive manner likely to generate an attractive tax-equivalent yield compared with taxable money market funds by primarily investing in municipal obligations that pay interest exempt from regular federal income tax, but not necessarily the federal alternative minimum tax (AMT); non-AMT-sensitive investors may potentially achieve higher, nontaxable income.
    • Portfolio management team: A tenured and broad-based portfolio management team, supported by dedicated credit analysts, applies a well-defined investment process that has evolved over a period of more than 25 years since the team's founding and inception of the funds.
    • Integrated, forward-looking credit analysis process: The team obtains an understanding of the risks associated with every issue considered for investment by thoroughly examining each issue's financial stability, its legal and structural situation, and the general credit and economic environment at any point in time. The credit analysis process is a repeatable, collaborative effort in which each issue is assigned a credit score by a primary analyst and is subsequently reviewed by a secondary analyst and credit committee before being approved for investment.
    • Disciplined risk management: The team uses proprietary risk models, which include both quantitative and qualitative factors, to identify investment opportunities and manage key risks.
    • Portfolio construction and ongoing monitoring: The team's highest priority is the preservation of capital and liquidity. To meet these objectives, the team relies on its credit analysis process and risk management and continuously performs stress tests on each portfolio to evaluate how the funds may react to market disruptions.

    Management

    Jeffrey Weaver, CFA
    27 years of investment experience

    James Randazzo
    25 years of investment experience

    Total returns (%)

        3 month Year to date 1 year 3 year 5 year 10 year Since inception
    Municipal Cash Management Money Market Fund NAV 0.36 1.07 1.23 0.76 0.46 0.35 1.68
    NAV
    as of 9-30-18
    0.32 0.94 1.18 0.71 0.44 0.37 1.68
    Lipper Instl Tax-Exempt Money Market Funds 0.24 0.52 0.74 0.43 0.26 0.25
    Expenses (%)
    Gross expense ratio as of 6-1-18 0.290
    Net expense ratio as of 6-1-18 0.200

    Three-month and year-to-date returns are not annualized.

    Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on a fund. Yields will fluctuate. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains.

    Net asset value (NAV) is the value of one share of the fund excluding any sales charges.

    Money market funds are sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the fund's current prospectus.

    Historical Form N-MFP Filings

    For floating NAV money market funds: You could lose money by investing in the fund. Because the share price of the fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

    Weighted average maturity (WAM): An average of the effective maturities of all securities held in the portfolio, weighted by each security's percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest-rate resets to be shortened. WAM is a way to measure a fund's sensitivity to potential interest-rate changes. WAM is subject to change and may have changed since the date specified.

    Weighted average life (WAL): An average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. The calculation of WAL allows for the maturities of certain securities with demand features to be shortened but, unlike the calculation of WAM, does not allow shortening of the maturities of certain securities with periodic interest-rate resets. WAL is a way to measure a fund's potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified.

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