Massachusetts Municipal Depository Trust

What Massachusetts Municipal Depository Trust does

Massachusetts Municipal Depository Trust (MMDT) is a Local Government Investment Pool (LGIP) created under Massachusetts General Law Chapter 38A to serve the cash and short-term investment needs of Massachusetts public entities. MMDT operates as a public trust entity and is managed by Federated Hermes, which provides investment management, administration, portfolio research, and participant services through offices in Boston, Pittsburgh, and Houston. The trust is restricted by statute to serving public entities within the Commonwealth of Massachusetts, including state agencies, municipalities, school districts, and other government bodies.

MMDT offers two core investment pools: the MMDT Cash Portfolio, a money market fund designed to preserve principal and provide daily liquidity, with $32.95 billion in daily assets and a 3.86% seven-day net yield as of July 5, 2026; and the MMDT Short Term Bond Portfolio, a fixed-income vehicle offering higher yield with managed duration risk, holding $719.6 million in daily assets with a 3.98% daily distribution yield on the same date. Participants access these pools through the proprietary MyMMDT online account portal, supplemented by the MMDT Academy educational platform (delivered via Percipio) and tools such as an unrealized gain-loss calculator. MMDT is also participating with BNY Mellon and Goldman Sachs in a blockchain-based initiative exploring tokenized record-keeping for money market shares.

MMDT generates revenue through management fees embedded in net yields on assets under management in its two pools; pricing is not publicly disclosed on the website and is detailed in participant Investment Circulars. The go-to-market model is direct enterprise field sales: dedicated Federated Hermes sales representatives (Caroline Kafafian, Justin Fein) and a participant services team (Wayne Perry) build and maintain relationships with Massachusetts public entity treasurers, with no intermediaries and no minimum account size. MMDT Academy and regular market insights content (weekly commentary, webcasts) serve as top-of-funnel engagement and retention tools. The trust is GASB Statement 79 compliant, positioning it for participants whose reporting standards favor qualifying LGIPs.

Name

Massachusetts Municipal Depository Trust

Legal name

Massachusetts Municipal Depository Trust

Website

https://mymmdt.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Massachusetts Municipal Depository Trust (MMDT) is a Massachusetts-chartered Local Government Investment Pool, managed by Federated Hermes, offering two investment pools — a $32.95B Cash Portfolio and a $719.6M Short Term Bond Portfolio — exclusively to Massachusetts public entities.

Ownership category

akta.pro rank

Product category

Public Fund Investment Management

NAICS

Open-End Investment Funds (525910), Other Financial Vehicles (52599), Funds, Trusts, and Other Financial Vehicles (525)

akta.pro primary industry

Money Market Funds (FSAAAEAC)

akta.pro secondary industry

Money Market Funds & Ultra-Short Duration (FSAAAHAK)

Keywords

• Local government investment pool
• Public fund management
• Money market fund
• Short-term bond portfolio
• Municipal cash management

Headquarters

HQ city

Kansas City

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Investment Management Fees: MMDT generates revenue through management fees charged to the investment pools. The Cash Portfolio and Short Term Bond Portfolio accrue fees based on assets under management. Fees are embedded in the net yield calculations provided to participants.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

MMDT operates as a Local Government Investment Pool (LGIP) offering two core investment pools for Massachusetts public entities: the MMDT Cash Portfolio, a money market fund seeking safety of principal and liquidity with competitive yield, and the MMDT Short Term Bond Portfolio, a fixed-income pool offering higher yields with managed duration risk. Participants access both pools through the MyMMDT online portal, which supports transactions, account information, and reporting, with the offering supplemented by MMDT Academy for participant education.

Product overview

MMDT operates as a Local Government Investment Pool (LGIP) offering two core investment pools: the MMDT Cash Portfolio (a money market fund with approximately $33 billion in assets seeking safety of principal and liquidity) and the MMDT Short Term Bond Portfolio (a fixed-income pool with approximately $720 million in assets). Participants access these pools through the MyMMDT online account access portal. The offering is supplemented by MMDT Academy for participant education and various financial tools including an unrealized gain-loss calculator. MMDT is managed by Federated Hermes and is designed specifically for Massachusetts public entities to combine investment dollars in pools seeking safety of principal, liquidity, and competitive yield.

Differentiator

Problem solved

Functional benefit

Brands

• MMDT Cash Portfolio: A money market investment pool that seeks safety of principal and liquidity with competitive yield, with daily assets of approximately $32.95 billion as of July 2026.
• MMDT Short Term Bond Portfolio
• MMDT Academy

Products and services

• MMDT Cash Portfolio A money market investment pool designed for Massachusetts public entities seeking safety of principal, liquidity, and competitive yield. As of July 5, 2026, the portfolio had $32.95 billion in daily assets with a 7-day net yield of 3.86% and NAV of $1.00.
• MMDT Short Term Bond Portfolio A short-term bond investment pool offering public entities exposure to fixed-income securities with daily liquidity. As of July 5, 2026, the portfolio had $719.6 million in daily assets with a 30-day distribution yield of 4.09% and NAV of $10.32.
• MyMMDT Online Account Access MMDT's exclusive platform for participants to conduct transactions, access account information, and view reports, providing a redesigned, personalized, and dynamic participant experience.
• MMDT Academy An educational platform designed to support the educational needs of MMDT participants, offering 24/7 access to guided courses covering business challenges, opportunities, cybersecurity awareness, and AI topics.
• MMDT Unrealized Gain-Loss Calculator A calculator tool available in the resources section to help participants calculate unrealized gains and losses on their investments.

Quantifiable outcome

• 1.98% YTD Total Return NAV for Cash Portfolio
• +1 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature3 records

Partnerships

One partnership is on record.

• Federated HermescoreImplementation/ SI/ Consulting PartnerFederated Hermes serves as the investment manager and administrator for MMDT pools. They provide portfolio management, research, and participant services including 24/7 account access through the MyMMDT platform. The partnership includes sales representatives, participant services team, and operational support across Boston, Pittsburgh, and Houston offices.

Scale indicators6 records

Recent moves1 record

Expansion highlights4 records

Market position

Strengths4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Massachusetts Municipal Depository Trust