United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-5950
(Investment Company Act File Number)
Federated Hermes Money Market Obligations Trust
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 10/31/21
Date of Reporting Period: 10/31/21
Item 1. | Reports to Stockholders |
![](https://capedge.com/proxy/N-CSR/0001623632-21-001646/img285701a61.gif)
Share Class | Ticker | Wealth | CAIXX | Service | CACXX | Cash II | CALXX |
Cash Series | CCSXX | Capital | CCCXX |
Federated Hermes California Municipal Cash Trust
A Portfolio of Federated Hermes Money Market Obligations Trust
![](https://capedge.com/proxy/N-CSR/0001623632-21-001646/donahuechrissigsmall.jpg)
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 74.3% |
Commercial Paper | 21.3% |
Municipal Notes | 4.4% |
Other Assets and Liabilities—Net2,3 | 0.0% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Represents less than 0.1%. |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 60.3% |
8-30 Days | 0.4% |
31-90 Days | 23.4% |
91-180 Days | 12.2% |
181 Days or more | 3.7% |
Other Assets and Liabilities—Net2,3 | 0.0% |
Total | 100% |
1 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Represents less than 0.1%. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— 100.0% | ||
California— 100.0% | |||
$ 2,530,000 | Alameda County, CA IDA (Santini Foods, Inc.), (Series 2010A) Weekly VRDNs, (Comerica Bank LOC), 0.090%, 11/4/2021 | $2,530,000 | |
335,000 | Alameda County, CA IDA Recovery Zone Facility (Dale Hardware, Inc.), (Series 2010) Weekly VRDNs, (Comerica Bank LOC), 0.090%, 11/4/2021 | 335,000 | |
9,960,000 | Alvord, CA USD, Tender Option Bond Trust Certificates (2016-XG0089) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Credit Suisse AG LIQ), 0.130%, 11/4/2021 | 9,960,000 | |
3,200,000 | Antelope Valley, CA CCD, Tender Option Bond Trust Receipts (Series 2020-XF0894) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.070%, 11/4/2021 | 3,200,000 | |
3,365,000 | Banning, CA USD, Tender Option Bond Trust Certificates (Series 2017-XF2440) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.100%, 11/4/2021 | 3,365,000 | |
4,000,000 | Beaumont, CA Public Improvement Authority, Tender Option Bond Trust Certificates (Series 2018-ZF2715) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.100%, 11/4/2021 | 4,000,000 | |
3,320,000 | Calexico, CA USD, Tender Option Bond Trust Certificates (2017-XG0118) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.100%, 11/4/2021 | 3,320,000 | |
17,500,000 | California Educational Facilities Authority (Stanford University), (Series S-1), CP, 0.100%, Mandatory Tender 4/5/2022 | 17,500,000 | |
1,200,000 | California Educational Facilities Authority (Stanford University), (Series S-4), CP, 0.100%, Mandatory Tender 4/5/2022 | 1,200,000 | |
5,900,000 | California Enterprise Development Authority (Regional Properties, Inc.), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (FHLB of San Francisco LOC), 0.080%, 11/4/2021 | 5,900,000 | |
52,245,000 | California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.170%, 11/4/2021 | 52,245,000 | |
15,000,000 | California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006D), CP, 0.110%, Mandatory Tender 2/8/2022 | 15,000,000 | |
5,000,000 | California Health Facilities Financing Authority (Kaiser Permanente), RBC Muni Products (Series G-44) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.200%, Optional Tender 11/1/2021 | 5,000,000 | |
4,180,000 | California Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Tender Option Bond Trust Receipts (2016-XF0451) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 11/4/2021 | 4,180,000 | |
2,295,000 | California Health Facilities Financing Authority (Providence St. Joseph Health), Tender Option Bond Trust Receipts (Series 2018-XM0696) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 11/4/2021 | 2,295,000 | |
4,000,000 | California Health Facilities Financing Authority (Stanford Health Care), (2008 Series B-2) TOBs, 0.120%, Mandatory Tender 3/2/2022 | 4,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$11,890,000 | California Health Facilities Financing Authority (Sutter Health), Tender Option Bond Trust Receipts (Series 2018-XF0622) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.100%, 11/4/2021 | $11,890,000 | |
4,260,000 | California HFA Multi-Family (Hope on Broadway LP), Tender Option Bond Trust Receipts (2021-XF2928) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.210%, 11/4/2021 | 4,260,000 | |
8,970,000 | California Infrastructure & Economic Development Bank (St. Margaret of Scotland Episcopal School), (Series 2008) Monthly VRDNs, (FHLB of San Francisco LOC), 0.160%, 11/1/2021 | 8,970,000 | |
11,900,000 | California Municipal Finance Authority (CHF-Davis II LLC), Tender Option Bond Trust Receipts (Series 2021-XL0173) Weekly VRDNs, (Build America Mutual Assurance INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.100%, 11/4/2021 | 11,900,000 | |
18,830,000 | California Municipal Finance Authority (Montague Parkway Associates LP), Tender Option Bond Trust Floater Certificates (2020-MIZ9041) Weekly VRDNs, (GTD by FHLMC)/(Mizuho Bank Ltd. LIQ), 0.100%, 11/4/2021 | 18,830,000 | |
2,235,000 | California State University (The Trustees of), Tender Option Bond Trust Receipts (Series 2018-ZF0673) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 11/4/2021 | 2,235,000 | |
2,000,000 | California State, RBC Muni Products, Inc. Trust Floater Certificates (Series G-1) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.070%, 11/4/2021 | 2,000,000 | |
4,000,000 | California State, RBC Muni Products, Inc. Trust Floater Certificates (Series G-2) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.070%, 11/4/2021 | 4,000,000 | |
2,220,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XF0924) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 11/4/2021 | 2,220,000 | |
2,000,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XF0933) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.070%, 11/4/2021 | 2,000,000 | |
1,360,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XF0935) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 11/4/2021 | 1,360,000 | |
2,000,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XF0953) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.070%, 11/4/2021 | 2,000,000 | |
2,225,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XM0848) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 11/4/2021 | 2,225,000 | |
3,185,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XM0849) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 11/4/2021 | 3,185,000 | |
3,220,000 | California State, Tender Option Bond Trust Receipts (Series 2020-ZF0932) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 11/4/2021 | 3,220,000 | |
2,992,000 | California Statewide Communities Development Authority (Essex Monarch La Brea Apartments LP), Tender Option Bond Trust Floater Certificates (Series 2019-MIZ9012) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 11/4/2021 | 2,992,000 | |
20,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 0.110%, Mandatory Tender 3/8/2022 | 20,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 3,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 0.100%, Mandatory Tender 1/13/2022 | $3,000,000 | |
5,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 0.110%, Mandatory Tender 2/3/2022 | 5,000,000 | |
16,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 0.120%, Mandatory Tender 11/4/2021 | 16,000,000 | |
25,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-1), CP, 0.120%, Mandatory Tender 3/9/2022 | 25,000,000 | |
5,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-2), CP, 0.110%, Mandatory Tender 1/11/2022 | 5,000,000 | |
12,500,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-4), CP, 0.140%, Mandatory Tender 5/3/2022 | 12,500,000 | |
10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009D), CP, 0.120%, Mandatory Tender 12/2/2021 | 10,000,000 | |
4,280,000 | California Statewide Communities Development Authority (Pacific Collegiate Foundation), (Series 2016) Weekly VRDNs, (Comerica Bank LOC), 0.070%, 11/4/2021 | 4,280,000 | |
2,000,000 | California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2017 Series BB: One Uptown Newport Apartments) Weekly VRDNs, (FHLB of Des Moines LOC), 0.090%, 11/4/2021 | 2,000,000 | |
5,600,000 | California Statewide Communities Development Authority MFH (Beaumont CA Leased Housing Associates I, LP), (2010 Series B: Mountain View Apartments) Weekly VRDNs, (FHLMC LOC), 0.120%, 11/4/2021 | 5,600,000 | |
37,500,000 | California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2017 Series AA: One Uptown Newport Apartments) Weekly VRDNs, (Comerica Bank LOC), 0.120%, 11/4/2021 | 37,500,000 | |
1,600,000 | California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2021 Series A: One Uptown Newport Apartments) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 0.110%, 11/4/2021 | 1,600,000 | |
7,500,000 | Central Basin Municipal Water District, CA, Tender Option Bond Trust Certificates (2016-XG0038) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.100%, 11/4/2021 | 7,500,000 | |
3,040,000 | Central, CA USD, Tender Option Bond Trust Receipts (Series 2019-XF0758) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.090%, 11/4/2021 | 3,040,000 | |
3,600,000 | Central, CA Union High School District, Tender Option Bond Trust Receipts (Series 2019-XF0759) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.090%, 11/4/2021 | 3,600,000 | |
2,000,000 | Chino Valley, CA USD, Tender Option Bond Trust Receipts (Series 2020-XF0922) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 11/4/2021 | 2,000,000 | |
11,440,000 | Clipper Tax-Exempt Certificates Trust (California Non-AMT) Series 2009-61 (California State) Weekly VRDNs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.080%, 11/4/2021 | 11,440,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 8,000,000 | Compton, CA USD, Tender Option Bond Trust Receipts (2019-XM0764) Weekly VRDNs, (Build America Mutual Assurance INS)/(Royal Bank of Canada LIQ), 0.100%, 11/4/2021 | $8,000,000 | |
4,655,000 | Davis Joint USD, CA, Tender Option Bond Trust Certificates (Series 2019-XM0730) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 0.080%, 11/4/2021 | 4,655,000 | |
3,730,000 | Downey, CA USD, Tender Option Bond Trust Receipts (Series 2021-XF1224) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.080%, 11/4/2021 | 3,730,000 | |
2,105,000 | Elk Grove, CA USD, Tender Option Bond Trust Receipts (Series 2017-XG0127) Weekly VRDNs, (Bank of America N.A. LIQ), 0.080%, 11/4/2021 | 2,105,000 | |
2,000,000 | Escondido, CA, RBC Muni Products (Series G-77) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.070%, 11/4/2021 | 2,000,000 | |
7,210,000 | Folsom Cordova, CA USD (School Facilities Improvement District No. 3), Tender Option Bond Trust Certificates (Series 2019-XM0744) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.090%, 11/4/2021 | 7,210,000 | |
8,875,000 | Foothill/Eastern Transportation Corridor Agency, CA, Tender Option Bond Trust Certificates (2019-XL011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 0.080%, 11/4/2021 | 8,875,000 | |
2,000,000 | Grossmont-Cuyamaca, CA CCD, Tender Option Bond Trust Receipts (Series 2018-XG0188) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.080%, 11/4/2021 | 2,000,000 | |
825,000 | Hollister, CA Redevelopment Agency (San Benito County Community Services Development Corp.), (Series 2004) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 0.090%, 11/4/2021 | 825,000 | |
1,875,000 | Long Beach, CA Harbor Department (Port of Long Beach), Tender Option Bond Trust Receipts (Series 2020-XM0865) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 11/4/2021 | 1,875,000 | |
2,250,000 | Los Angeles County, CA Facilities, Inc. (Los Angeles County, CA), Tender Option Bond Trust Receipts (2019-XM0750) Weekly VRDNs, (Bank of America N.A. LIQ), 0.080%, 11/4/2021 | 2,250,000 | |
34,770,000 | Los Angeles County, CA Housing Authority Multi Family Housing (The Solemint Heights Partnership), Tender Option Bond Trust Floater Certificates (Series 2020-MIZ9039) Weekly VRDNs, (GTD by FHLMC)/(Mizuho Bank Ltd. LIQ), 0.100%, 11/4/2021 | 34,770,000 | |
7,000,000 | Los Angeles County, CA Schools Financing Program, (Series C-3) TRANs, 2.000%, 12/30/2021 | 7,020,745 | |
6,025,000 | Los Angeles County, CA, Tender Option Bond Trust Receipts (Series 2015-ZF0183) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 11/4/2021 | 6,025,000 | |
3,000,000 | Los Angeles, CA Department of Water & Power (Water Works/System), Tender Option Bond Trust Receipts (Series 2017-XG0121) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 11/4/2021 | 3,000,000 | |
740,000 | Los Angeles, CA MFH Revenue Bonds (Hope on Broadway LP), Tender Option Bond Trust Receipts (Series 2021-XF2929) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.210%, 11/4/2021 | 740,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$10,000,000 | Los Angeles, CA TRANs, 4.000%, 6/23/2022 | $10,248,355 | |
2,885,000 | Los Angeles, CA USD, Tender Option Bond Trust Receipts (Series 2018-XM0703) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 11/4/2021 | 2,885,000 | |
4,985,000 | Lucia Mar, CA USD, Tender Option Bond Trust Receipts (Series 2018-XG0181) Weekly VRDNs, (Bank of America N.A. LIQ), 0.080%, 11/4/2021 | 4,985,000 | |
6,670,000 | Manteca, CA USD, Tender Option Bond Trust Certificates (2015-ZM0093) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.090%, 11/4/2021 | 6,670,000 | |
3,000,000 | Mountain House, CA Financing Authority (Mountain House, CA Community Services District), Tender Option Bond Trust Receipts (Series 2020-ZF2921) Weekly VRDNs, (Build America Mutual Assurance INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 11/4/2021 | 3,000,000 | |
3,000,000 | Municipal Improvement Corporation of Los Angeles, CA, (Series A-2), CP, (Bank of America N.A. LOC), 0.080%, Mandatory Tender 11/9/2021 | 3,000,000 | |
7,000,000 | Municipal Improvement Corporation of Los Angeles, CA, (Series A-3), CP, (U.S. Bank, N.A. LOC), 0.100%, Mandatory Tender 12/28/2021 | 7,000,000 | |
3,250,000 | Municipal Improvement Corporation of Los Angeles, CA, (Series A-3), CP, (U.S. Bank, N.A. LOC), 0.100%, Mandatory Tender 3/29/2022 | 3,250,000 | |
4,845,000 | New Haven, CA USD, Tender Option Bond Trust Receipts (Series 2020-XF0893) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.080%, 11/4/2021 | 4,845,000 | |
10,475,000 | Norwalk-La Mirada, CA USD, Tender Option Bond Trust Certificates (Series 2021-XL0171) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 0.070%, 11/4/2021 | 10,475,000 | |
2,490,000 | Norwalk-La Mirada, CA USD, Tender Option Bond Trust Receipts (Series 2020-XM0810) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.080%, 11/4/2021 | 2,490,000 | |
12,700,000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series 3) Weekly VRDPs, (Toronto Dominion Bank LIQ), 0.090%, 11/4/2021 | 12,700,000 | |
3,000,000 | Oakland, CA, Tender Option Bond Receipts (Series 2020-XF0898) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.070%, 11/4/2021 | 3,000,000 | |
2,505,000 | Oxnard, CA School District, (Series 2018 G-8) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.070%, 11/4/2021 | 2,505,000 | |
1,190,000 | Pittsburg, CA USD, Tender Option Bond Trust Receipts (Series 2017-XF0578) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.100%, 11/4/2021 | 1,190,000 | |
2,650,000 | Pomona, CA USD, Tender Option Bond Trust Certificates (2021-XG0337) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 0.110%, 11/4/2021 | 2,650,000 | |
17,690,000 | Pomona, CA USD, Tender Option Bond Trust Certificates (Series 2017-XF2446) Weekly VRDNs, (Build America Mutual Assurance INS)/(Citibank N.A., New York LIQ), 0.090%, 11/4/2021 | 17,690,000 | |
17,000,000 | River Islands, CA Public Financing Authority, Tender Option Bond Trust Floater Certificates (2019-MIZ9003) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 11/4/2021 | 17,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$10,500,000 | Riverside County, CA Public Financing Authority (Riverside County, CA), Tender Option Bond Trust Receipt (2017-ZF0538) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.150%, 11/4/2021 | $10,500,000 | |
5,000,000 | Riverside County, CA, (2021 Series A) BANs, 0.500%, 10/20/2022 | 5,016,876 | |
1,410,000 | Sacramento County, CA HDA (Shiloh Arms Partners LP), Mizuho 3a-7 (Series 2021 MIZ9058) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 11/4/2021 | 1,410,000 | |
2,000,000 | Sacramento, CA Area Flood Control Agency Consolidated Capital Assessment District No. 2, RBC Muni Products (Series G-118) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.200%, Optional Tender 4/1/2022 | 2,000,000 | |
6,000,000 | Sacramento, CA Municipal Utility District, Tender Option Bond Trust Receipts (Series 2020-ZF0943) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.070%, 11/4/2021 | 6,000,000 | |
2,101,000 | San Bernardino, CA CCD, Tender Option Bond Trust Receipts (Series 2019-XF0786) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 11/4/2021 | 2,101,000 | |
3,450,000 | San Diego County, CA (Museum of Contemporary Art San Diego), (Series 2004) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 0.070%, 11/4/2021 | 3,450,000 | |
10,000,000 | San Diego County, CA Water Authority, Commercial Paper Notes (Series 10), CP, 0.090%, Mandatory Tender 12/3/2021 | 10,000,000 | |
3,000,000 | San Diego, CA USD, RBC Muni Products (Series 2018-G51) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.070%, 11/4/2021 | 3,000,000 | |
4,550,000 | San Diego, CA USD, Tender Option Bond Trust Certificates (Series 2021-XL0175) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 0.070%, 11/4/2021 | 4,550,000 | |
5,241,000 | San Diego, CA Water Utility Fund, (Series B), CP, (Bank of America N.A. LOC), 0.080%, Mandatory Tender 12/9/2021 | 5,241,000 | |
25,000,000 | San Francisco, CA City and County (Transbay Block 8 Tower Apartments Obligated Group), Mizuho 3a-7 (2021-MIZ9063) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 11/4/2021 | 25,000,000 | |
3,330,000 | San Francisco, CA Public Utilities Commission (Water Enterprise), Tender Option Bond Trust Receipts (Series 2018-XF0607) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.070%, 11/4/2021 | 3,330,000 | |
2,230,000 | San Mateo County, CA CCD, Tender Option Bond Trust Certificates (Series 2018-XM0712) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.080%, 11/4/2021 | 2,230,000 | |
941,000 | Santa Barbara, CA USD, Tender Option Bond Trust Receipts (Series 2019-XF0791) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 11/4/2021 | 941,000 | |
3,600,000 | Santa Clara Valley, CA Water District, (Series A), CP, (MUFG Bank Ltd. LOC), 0.060%, Mandatory Tender 12/1/2021 | 3,600,000 | |
3,000,000 | Sonoma County, CA Junior College District, (Series 2018 G-6) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.070%, 11/4/2021 | 3,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 4,000,000 | South Coast, CA Water District, Tender Option Bond Trust Certificates (Series 2020-XL0151) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.080%, 11/4/2021 | $4,000,000 | |
2,410,000 | Southwestern CCD, CA, Tender Option Bond Trust Receipts (Series 2015-ZF0250) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 11/4/2021 | 2,410,000 | |
4,750,000 | Sweetwater, CA Union High School District, RBC Muni Products, Inc. Trust (Series G-95) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.070%, 11/4/2021 | 4,750,000 | |
2,675,000 | University of California (The Regents of), Tender Option Bond Trust Receipts (2016-XF0524) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.080%, 11/4/2021 | 2,675,000 | |
1,500,000 | University of California (The Regents of), Tender Option Bond Trust Receipts (Series 2018-ZM0660) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 11/4/2021 | 1,500,000 | |
2,220,000 | University of California (The Regents of), Tender Option Bond Trust Receipts (Series 2020-XF0921) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.080%, 11/4/2021 | 2,220,000 | |
6,800,000 | Victor Valley, CA CCD, Tender Option Bond Trust Receipts (Series 2020-XM0864) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 11/4/2021 | 6,800,000 | |
13,585,000 | Western Placer, CA USD, Tender Option Bond Trust Receipts (Series 2017-XG0152) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 0.080%, 11/4/2021 | 13,585,000 | |
19,875,000 | Whittier, CA Health Facility Revenue Bonds (Presbyterian Intercommunity Hospital Obligated Group), Golden Blue 3a-7 (Series 2018-030) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.170%, 11/4/2021 | 19,875,000 | |
3,350,000 | Yosemite, CA CCD, RBC Muni Products (Series 2018-G50) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.070%, 11/4/2021 | 3,350,000 | |
5,087,000 | Yosemite, CA CCD, Tender Option Bond Trust Receipts (Series 2019-XF0772) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 11/4/2021 | 5,087,000 | |
TOTAL INVESTMENT IN SECURITIES—100.0% (AT AMORTIZED COST)2 | 760,662,976 | ||
OTHER ASSETS AND LIABILITIES - NET—0.0%3 | 302,468 | ||
TOTAL NET ASSETS—100% | $760,965,444 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
BANs | —Bond Anticipation Notes | |
CCD | —Community College District | |
CP | —Commercial Paper | |
FHLB | —Federal Home Loan Bank | |
FHLMC | —Federal Home Loan Mortgage Corporation | |
GTD | —Guaranteed | |
HDA | —Hospital Development Authority | |
HFA | —Housing Finance Authority | |
IDA | —Industrial Development Authority | |
INS | —Insured | |
LIQ | —Liquidity Agreement | |
LOC | —Letter of Credit | |
MFH | —Multi-Family Housing | |
TOBs | —Tender Option Bonds | |
TRANs | —Tax and Revenue Anticipation Notes | |
USD | —Unified School District | |
VRDNs | —Variable Rate Demand Notes | |
VRDPs | —Variable Rate Demand Preferreds | |
VRENs | —Variable Rate Extendible Notes |
Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0001 | 0.005 | 0.013 | 0.011 | 0.006 |
Net realized gain (loss) | 0.0001 | 0.0001 | (0.000)1 | (0.000)1 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0001 | 0.005 | 0.013 | 0.011 | 0.006 |
Less Distributions: | |||||
Distributions from net investment income | (0.000)1 | (0.005) | (0.013) | (0.011) | (0.006) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.000)1 | (0.005) | (0.013) | (0.011) | (0.006) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.02% | 0.53% | 1.28% | 1.10% | 0.56% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.13% | 0.27% | 0.28% | 0.28% | 0.28% |
Net investment income | 0.01% | 0.54% | 1.25% | 1.10% | 0.58% |
Expense waiver/reimbursement4 | 0.29% | 0.15% | 0.14% | 0.19% | 0.29% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $333,923 | $584,821 | $678,115 | $372,325 | $156,974 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0001 | 0.004 | 0.010 | 0.008 | 0.003 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
Total From Investment Operations | 0.0001 | 0.004 | 0.010 | 0.008 | 0.003 |
Less Distributions: | |||||
Distributions from net investment income | (0.000)1 | (0.004) | (0.010) | (0.008) | (0.003) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
Total Distributions | (0.000)1 | (0.004) | (0.010) | (0.008) | (0.003) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.02% | 0.38% | 1.03% | 0.85% | 0.31% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.13% | 0.41% | 0.53% | 0.53% | 0.53% |
Net investment income | 0.01% | 0.37% | 1.02% | 0.82% | 0.30% |
Expense waiver/reimbursement4 | 0.62% | 0.34% | 0.21% | 0.27% | 0.38% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $106,973 | $149,764 | $146,624 | $140,179 | $150,916 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0001 | 0.003 | 0.009 | 0.007 | 0.002 |
Net realized gain (loss) | 0.0001 | 0.0001 | (0.000)1 | (0.000)1 | 0.0001 |
Total From Investment Operations | 0.0001 | 0.003 | 0.009 | 0.007 | 0.002 |
Less Distributions: | |||||
Distributions from net investment income | (0.000)1 | (0.003) | (0.009) | (0.007) | (0.002) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
Total Distributions | (0.000)1 | (0.003) | (0.009) | (0.007) | (0.002) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.02% | 0.30% | 0.88% | 0.70% | 0.16% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.13% | 0.47% | 0.68% | 0.68% | 0.68% |
Net investment income | 0.01% | 0.28% | 0.87% | 0.68% | 0.16% |
Expense waiver/reimbursement4 | 0.84% | 0.50% | 0.28% | 0.34% | 0.42% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $235,112 | $262,597 | $207,071 | $15,140 | $8,242 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0001 | 0.001 | 0.006 | 0.003 | 0.0001 |
Net realized gain (loss) | 0.0001 | 0.0001 | (0.001) | 0.0001 | 0.0001 |
Total From Investment Operations | 0.0001 | 0.001 | 0.005 | 0.003 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.000)1 | (0.001) | (0.005) | (0.003) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
Total Distributions | (0.000)1 | (0.001) | (0.005) | (0.003) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.02% | 0.15% | 0.53% | 0.35% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.13% | 0.59% | 1.03% | 1.03% | 0.83% |
Net investment income | 0.01% | 0.16% | 0.56% | 0.32% | 0.01% |
Expense waiver/reimbursement4 | 1.24% | 0.76% | 0.34% | 0.40% | 0.70% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $27,742 | $33,558 | $21,190 | $38,713 | $51,752 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0001 | 0.005 | 0.012 | 0.010 | 0.005 |
Net realized gain (loss) | 0.0001 | 0.0001 | (0.000)1 | (0.000)1 | (0.000)1 |
Total From Investment Operations | 0.0001 | 0.005 | 0.012 | 0.010 | 0.005 |
Less Distributions: | |||||
Distributions from net investment income | (0.000)1 | (0.005) | (0.012) | (0.010) | (0.005) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
Total Distributions | (0.000)1 | (0.005) | (0.012) | (0.010) | (0.005) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.02% | 0.46% | 1.18% | 1.00% | 0.46% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.13% | 0.32% | 0.38% | 0.38% | 0.38% |
Net investment income | 0.01% | 0.44% | 1.18% | 0.99% | 0.49% |
Expense waiver/reimbursement4 | 0.49% | 0.28% | 0.24% | 0.29% | 0.36% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $57,216 | $126,413 | $113,238 | $130,769 | $89,382 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
October 31, 2021
Assets: | |
Investment in securities, at amortized cost and fair value | $760,662,976 |
Cash | 74,138 |
Income receivable | 385,282 |
Total Assets | 761,122,396 |
Liabilities: | |
Payable for shares redeemed | 20,628 |
Income distribution payable | 338 |
Payable for investment adviser fee (Note 5) | 14,845 |
Payable for administrative fee (Note 5) | 4,891 |
Payable for legal fees | 21,072 |
Payable for portfolio accounting fees | 29,765 |
Payable for share registration costs | 40,583 |
Payable for printing and postage | 20,836 |
Accrued expenses (Note 5) | 3,994 |
Total Liabilities | 156,952 |
Net assets for 760,830,849 shares outstanding | $760,965,444 |
Net Assets Consist of: | |
Paid-in capital | $760,830,814 |
Total distributable earnings (loss) | 134,630 |
Total Net Assets | $760,965,444 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Wealth Shares: | |
$333,922,741 ÷ 333,863,681 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$106,973,259 ÷ 106,954,339 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash II Shares: | |
$235,111,684 ÷ 235,070,100 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash Series Shares: | |
$27,742,071 ÷ 27,737,160 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Capital Shares: | |
$57,215,689 ÷ 57,205,569 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Year Ended October 31, 2021
Investment Income: | |
Interest | $1,339,362 |
Expenses: | |
Investment adviser fee (Note 5) | 2,849,071 |
Administrative fee (Note 5) | 743,589 |
Custodian fees | 29,410 |
Transfer agent fees (Note 2) | 467,276 |
Directors’/Trustees’ fees (Note 5) | 5,963 |
Auditing fees | 21,000 |
Legal fees | 36,724 |
Portfolio accounting fees | 185,102 |
Distribution services fee (Note 5) | 688,944 |
Other service fees (Notes 2 and 5) | 1,119,767 |
Share registration costs | 96,240 |
Printing and postage | 35,131 |
Miscellaneous (Note 5) | 13,082 |
TOTAL EXPENSES | 6,291,299 |
Waivers and Reimbursements: | |
Waiver of investment adviser fee (Note 5) | (2,700,055) |
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (2,346,439) |
TOTAL WAIVERS AND REIMBURSEMENTS | (5,046,494) |
Net expenses | 1,244,805 |
Net investment income | 94,557 |
Net realized gain on investments | 113,902 |
Change in net assets resulting from operations | $208,459 |
Year Ended October 31 | 2021 | 2020 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $94,557 | $5,612,216 |
Net realized gain (loss) | 113,902 | 133,432 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 208,459 | 5,745,648 |
Distributions to Shareholders: | ||
Wealth Shares | (111,257) | (3,903,676) |
Service Shares | (29,754) | (553,743) |
Cash II Shares | (56,378) | (728,760) |
Cash Series Shares | (6,659) | (50,511) |
Capital Shares | (24,301) | (507,383) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (228,349) | (5,744,073) |
Share Transactions: | ||
Proceeds from sale of shares | 1,030,866,846 | 1,894,350,274 |
Net asset value of shares issued to shareholders in payment of distributions declared | 175,246 | 5,344,740 |
Cost of shares redeemed | (1,427,210,020) | (1,908,780,546) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (396,167,928) | (9,085,532) |
Change in net assets | (396,187,818) | (9,083,957) |
Net Assets: | ||
Beginning of period | 1,157,153,262 | 1,166,237,219 |
End of period | $760,965,444 | $1,157,153,262 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | Transfer Agent Fees Waived by Unaffiliated Third Parties | |
Wealth Shares | $15,914 | $(6,873) | $— |
Service Shares | 92,693 | — | (90,099) |
Cash II Shares | 233,223 | — | (228,015) |
Cash Series Shares | 29,545 | — | (28,919) |
Capital Shares | 95,901 | — | (93,983) |
TOTAL | $467,276 | $(6,873) | $(441,016) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $315,644 | $— | $(315,644) |
Cash II Shares | 633,163 | — | (633,163) |
Cash Series Shares | 75,720 | (29) | (75,691) |
Capital Shares | 95,240 | (118) | (95,122) |
TOTAL | $1,119,767 | $(147) | $(1,119,620) |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 292,821,927 | $292,821,927 | 1,017,560,763 | $1,017,560,763 |
Shares issued to shareholders in payment of distributions declared | 63,937 | 63,937 | 3,613,285 | 3,613,285 |
Shares redeemed | (543,765,669) | (543,765,669) | (1,114,456,355) | (1,114,456,355) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | (250,879,805) | $(250,879,805) | (93,282,307) | $(93,282,307) |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 162,153,743 | $162,153,743 | 271,796,390 | $271,796,390 |
Shares issued to shareholders in payment of distributions declared | 24,371 | 24,371 | 460,247 | 460,247 |
Shares redeemed | (204,967,112) | (204,967,112) | (269,118,074) | (269,118,074) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (42,788,998) | $(42,788,998) | 3,138,563 | $3,138,563 |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 368,018,766 | $368,018,766 | 319,438,665 | $319,438,665 |
Shares issued to shareholders in payment of distributions declared | 56,376 | 56,376 | 728,408 | 728,408 |
Shares redeemed | (395,567,211) | (395,567,211) | (264,648,897) | (264,648,897) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | (27,492,069) | $(27,492,069) | 55,518,176 | $55,518,176 |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 77,147,133 | $77,147,133 | 110,727,202 | $110,727,202 |
Shares issued to shareholders in payment of distributions declared | 6,449 | 6,449 | 50,250 | 50,250 |
Shares redeemed | (82,969,632) | (82,969,632) | (98,411,147) | (98,411,147) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | (5,816,050) | $(5,816,050) | 12,366,305 | $12,366,305 |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 130,725,277 | $130,725,277 | 174,827,254 | $174,827,254 |
Shares issued to shareholders in payment of distributions declared | 24,113 | 24,113 | 492,550 | 492,550 |
Shares redeemed | (199,940,396) | (199,940,396) | (162,146,073) | (162,146,073) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (69,191,006) | $(69,191,006) | 13,173,731 | $13,173,731 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (396,167,928) | $(396,167,928) | (9,085,532) | $(9,085,532) |
2021 | 2020 | |
Tax-exempt income | $94,930 | $5,598,468 |
Ordinary income1 | $68,218 | $14,271 |
Long-term capital gains | $65,201 | $131,334 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed tax-exempt income | $20,736 |
Undistributed ordinary income1 | $29,169 |
Undistributed long-term capital gains | $84,725 |
1 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Cash II Shares | 0.20% |
Cash Series Shares | 0.60% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Cash II Shares | $507,148 | $(507,148) |
Cash Series Shares | 181,796 | (181,796) |
TOTAL | $688,944 | $(688,944) |
![](https://capedge.com/proxy/N-CSR/0001623632-21-001646/ernstyoungsig.jpg)
December 23, 2021
Beginning Account Value 5/1/2021 | Ending Account Value 10/31/2021 | Expenses Paid During Period1 | |
Actual: | |||
Wealth Shares | $1,000 | $1,000.10 | $20.55 |
Service Shares | $1,000 | $1,000.10 | $30.55 |
Cash II Shares | $1,000 | $1,000.10 | $40.55 |
Cash Series Shares | $1,000 | $1,000.10 | $50.55 |
Capital Shares | $1,000 | $1,000.10 | $60.55 |
Hypothetical (assuming a 5% return before expenses): | |||
Wealth Shares | $1,000 | $1,024.65 | $20.56 |
Service Shares | $1,000 | $1,024.65 | $30.56 |
Cash II Shares | $1,000 | $1,024.65 | $40.56 |
Cash Series Shares | $1,000 | $1,024.65 | $50.56 |
Capital Shares | $1,000 | $1,024.65 | $60.56 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Wealth Shares | 0.11% |
Service Shares | 0.11% |
Cash II Shares | 0.11% |
Cash Series Shares | 0.11% |
Capital Shares | 0.11% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Wealth Shares current Fee Limit of 0.28% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.41 and $1.43, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Service Shares current Fee Limit of 0.53% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.67 and $2.70, respectively. |
4 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Cash II Shares current Fee Limit of 0.68% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $3.43 and $3.47, respectively. |
5 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Cash Series Shares current Fee Limit of 1.03% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.19 and $5.26, respectively. |
6 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Capital Shares current Fee Limit of 0.38% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.92 and $1.94, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor Emerita of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; Director and Chair, North Catholic High School, Inc.; and Director and Vice Chair, Our Campaign for the Church Alive!, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated Hermes’ tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated Hermes’ Tax-Free Money Markets in 2010. She joined Federated Hermes in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund’s Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
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Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N351
CUSIP 60934N179
CUSIP 608919403
CUSIP 608919502
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Share Class | Ticker | Wealth | CAIXX |
Federated Hermes California Municipal Cash Trust
A Portfolio of Federated Hermes Money Market Obligations Trust
![](https://capedge.com/proxy/N-CSR/0001623632-21-001646/donahuechrissigsmall.jpg)
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 74.3% |
Commercial Paper | 21.3% |
Municipal Notes | 4.4% |
Other Assets and Liabilities—Net2,3 | 0.0% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Represents less than 0.1%. |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 60.3% |
8-30 Days | 0.4% |
31-90 Days | 23.4% |
91-180 Days | 12.2% |
181 Days or more | 3.7% |
Other Assets and Liabilities—Net2,3 | 0.0% |
Total | 100% |
1 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Represents less than 0.1%. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— 100.0% | ||
California— 100.0% | |||
$ 2,530,000 | Alameda County, CA IDA (Santini Foods, Inc.), (Series 2010A) Weekly VRDNs, (Comerica Bank LOC), 0.090%, 11/4/2021 | $2,530,000 | |
335,000 | Alameda County, CA IDA Recovery Zone Facility (Dale Hardware, Inc.), (Series 2010) Weekly VRDNs, (Comerica Bank LOC), 0.090%, 11/4/2021 | 335,000 | |
9,960,000 | Alvord, CA USD, Tender Option Bond Trust Certificates (2016-XG0089) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Credit Suisse AG LIQ), 0.130%, 11/4/2021 | 9,960,000 | |
3,200,000 | Antelope Valley, CA CCD, Tender Option Bond Trust Receipts (Series 2020-XF0894) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.070%, 11/4/2021 | 3,200,000 | |
3,365,000 | Banning, CA USD, Tender Option Bond Trust Certificates (Series 2017-XF2440) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.100%, 11/4/2021 | 3,365,000 | |
4,000,000 | Beaumont, CA Public Improvement Authority, Tender Option Bond Trust Certificates (Series 2018-ZF2715) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.100%, 11/4/2021 | 4,000,000 | |
3,320,000 | Calexico, CA USD, Tender Option Bond Trust Certificates (2017-XG0118) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.100%, 11/4/2021 | 3,320,000 | |
17,500,000 | California Educational Facilities Authority (Stanford University), (Series S-1), CP, 0.100%, Mandatory Tender 4/5/2022 | 17,500,000 | |
1,200,000 | California Educational Facilities Authority (Stanford University), (Series S-4), CP, 0.100%, Mandatory Tender 4/5/2022 | 1,200,000 | |
5,900,000 | California Enterprise Development Authority (Regional Properties, Inc.), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (FHLB of San Francisco LOC), 0.080%, 11/4/2021 | 5,900,000 | |
52,245,000 | California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.170%, 11/4/2021 | 52,245,000 | |
15,000,000 | California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006D), CP, 0.110%, Mandatory Tender 2/8/2022 | 15,000,000 | |
5,000,000 | California Health Facilities Financing Authority (Kaiser Permanente), RBC Muni Products (Series G-44) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.200%, Optional Tender 11/1/2021 | 5,000,000 | |
4,180,000 | California Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Tender Option Bond Trust Receipts (2016-XF0451) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 11/4/2021 | 4,180,000 | |
2,295,000 | California Health Facilities Financing Authority (Providence St. Joseph Health), Tender Option Bond Trust Receipts (Series 2018-XM0696) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 11/4/2021 | 2,295,000 | |
4,000,000 | California Health Facilities Financing Authority (Stanford Health Care), (2008 Series B-2) TOBs, 0.120%, Mandatory Tender 3/2/2022 | 4,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$11,890,000 | California Health Facilities Financing Authority (Sutter Health), Tender Option Bond Trust Receipts (Series 2018-XF0622) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.100%, 11/4/2021 | $11,890,000 | |
4,260,000 | California HFA Multi-Family (Hope on Broadway LP), Tender Option Bond Trust Receipts (2021-XF2928) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.210%, 11/4/2021 | 4,260,000 | |
8,970,000 | California Infrastructure & Economic Development Bank (St. Margaret of Scotland Episcopal School), (Series 2008) Monthly VRDNs, (FHLB of San Francisco LOC), 0.160%, 11/1/2021 | 8,970,000 | |
11,900,000 | California Municipal Finance Authority (CHF-Davis II LLC), Tender Option Bond Trust Receipts (Series 2021-XL0173) Weekly VRDNs, (Build America Mutual Assurance INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.100%, 11/4/2021 | 11,900,000 | |
18,830,000 | California Municipal Finance Authority (Montague Parkway Associates LP), Tender Option Bond Trust Floater Certificates (2020-MIZ9041) Weekly VRDNs, (GTD by FHLMC)/(Mizuho Bank Ltd. LIQ), 0.100%, 11/4/2021 | 18,830,000 | |
2,235,000 | California State University (The Trustees of), Tender Option Bond Trust Receipts (Series 2018-ZF0673) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 11/4/2021 | 2,235,000 | |
2,000,000 | California State, RBC Muni Products, Inc. Trust Floater Certificates (Series G-1) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.070%, 11/4/2021 | 2,000,000 | |
4,000,000 | California State, RBC Muni Products, Inc. Trust Floater Certificates (Series G-2) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.070%, 11/4/2021 | 4,000,000 | |
2,220,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XF0924) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 11/4/2021 | 2,220,000 | |
2,000,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XF0933) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.070%, 11/4/2021 | 2,000,000 | |
1,360,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XF0935) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 11/4/2021 | 1,360,000 | |
2,000,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XF0953) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.070%, 11/4/2021 | 2,000,000 | |
2,225,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XM0848) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 11/4/2021 | 2,225,000 | |
3,185,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XM0849) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 11/4/2021 | 3,185,000 | |
3,220,000 | California State, Tender Option Bond Trust Receipts (Series 2020-ZF0932) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 11/4/2021 | 3,220,000 | |
2,992,000 | California Statewide Communities Development Authority (Essex Monarch La Brea Apartments LP), Tender Option Bond Trust Floater Certificates (Series 2019-MIZ9012) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 11/4/2021 | 2,992,000 | |
20,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 0.110%, Mandatory Tender 3/8/2022 | 20,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 3,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 0.100%, Mandatory Tender 1/13/2022 | $3,000,000 | |
5,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 0.110%, Mandatory Tender 2/3/2022 | 5,000,000 | |
16,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 0.120%, Mandatory Tender 11/4/2021 | 16,000,000 | |
25,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-1), CP, 0.120%, Mandatory Tender 3/9/2022 | 25,000,000 | |
5,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-2), CP, 0.110%, Mandatory Tender 1/11/2022 | 5,000,000 | |
12,500,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-4), CP, 0.140%, Mandatory Tender 5/3/2022 | 12,500,000 | |
10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009D), CP, 0.120%, Mandatory Tender 12/2/2021 | 10,000,000 | |
4,280,000 | California Statewide Communities Development Authority (Pacific Collegiate Foundation), (Series 2016) Weekly VRDNs, (Comerica Bank LOC), 0.070%, 11/4/2021 | 4,280,000 | |
2,000,000 | California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2017 Series BB: One Uptown Newport Apartments) Weekly VRDNs, (FHLB of Des Moines LOC), 0.090%, 11/4/2021 | 2,000,000 | |
5,600,000 | California Statewide Communities Development Authority MFH (Beaumont CA Leased Housing Associates I, LP), (2010 Series B: Mountain View Apartments) Weekly VRDNs, (FHLMC LOC), 0.120%, 11/4/2021 | 5,600,000 | |
37,500,000 | California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2017 Series AA: One Uptown Newport Apartments) Weekly VRDNs, (Comerica Bank LOC), 0.120%, 11/4/2021 | 37,500,000 | |
1,600,000 | California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2021 Series A: One Uptown Newport Apartments) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 0.110%, 11/4/2021 | 1,600,000 | |
7,500,000 | Central Basin Municipal Water District, CA, Tender Option Bond Trust Certificates (2016-XG0038) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.100%, 11/4/2021 | 7,500,000 | |
3,040,000 | Central, CA USD, Tender Option Bond Trust Receipts (Series 2019-XF0758) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.090%, 11/4/2021 | 3,040,000 | |
3,600,000 | Central, CA Union High School District, Tender Option Bond Trust Receipts (Series 2019-XF0759) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.090%, 11/4/2021 | 3,600,000 | |
2,000,000 | Chino Valley, CA USD, Tender Option Bond Trust Receipts (Series 2020-XF0922) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 11/4/2021 | 2,000,000 | |
11,440,000 | Clipper Tax-Exempt Certificates Trust (California Non-AMT) Series 2009-61 (California State) Weekly VRDNs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.080%, 11/4/2021 | 11,440,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 8,000,000 | Compton, CA USD, Tender Option Bond Trust Receipts (2019-XM0764) Weekly VRDNs, (Build America Mutual Assurance INS)/(Royal Bank of Canada LIQ), 0.100%, 11/4/2021 | $8,000,000 | |
4,655,000 | Davis Joint USD, CA, Tender Option Bond Trust Certificates (Series 2019-XM0730) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 0.080%, 11/4/2021 | 4,655,000 | |
3,730,000 | Downey, CA USD, Tender Option Bond Trust Receipts (Series 2021-XF1224) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.080%, 11/4/2021 | 3,730,000 | |
2,105,000 | Elk Grove, CA USD, Tender Option Bond Trust Receipts (Series 2017-XG0127) Weekly VRDNs, (Bank of America N.A. LIQ), 0.080%, 11/4/2021 | 2,105,000 | |
2,000,000 | Escondido, CA, RBC Muni Products (Series G-77) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.070%, 11/4/2021 | 2,000,000 | |
7,210,000 | Folsom Cordova, CA USD (School Facilities Improvement District No. 3), Tender Option Bond Trust Certificates (Series 2019-XM0744) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.090%, 11/4/2021 | 7,210,000 | |
8,875,000 | Foothill/Eastern Transportation Corridor Agency, CA, Tender Option Bond Trust Certificates (2019-XL011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 0.080%, 11/4/2021 | 8,875,000 | |
2,000,000 | Grossmont-Cuyamaca, CA CCD, Tender Option Bond Trust Receipts (Series 2018-XG0188) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.080%, 11/4/2021 | 2,000,000 | |
825,000 | Hollister, CA Redevelopment Agency (San Benito County Community Services Development Corp.), (Series 2004) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 0.090%, 11/4/2021 | 825,000 | |
1,875,000 | Long Beach, CA Harbor Department (Port of Long Beach), Tender Option Bond Trust Receipts (Series 2020-XM0865) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 11/4/2021 | 1,875,000 | |
2,250,000 | Los Angeles County, CA Facilities, Inc. (Los Angeles County, CA), Tender Option Bond Trust Receipts (2019-XM0750) Weekly VRDNs, (Bank of America N.A. LIQ), 0.080%, 11/4/2021 | 2,250,000 | |
34,770,000 | Los Angeles County, CA Housing Authority Multi Family Housing (The Solemint Heights Partnership), Tender Option Bond Trust Floater Certificates (Series 2020-MIZ9039) Weekly VRDNs, (GTD by FHLMC)/(Mizuho Bank Ltd. LIQ), 0.100%, 11/4/2021 | 34,770,000 | |
7,000,000 | Los Angeles County, CA Schools Financing Program, (Series C-3) TRANs, 2.000%, 12/30/2021 | 7,020,745 | |
6,025,000 | Los Angeles County, CA, Tender Option Bond Trust Receipts (Series 2015-ZF0183) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 11/4/2021 | 6,025,000 | |
3,000,000 | Los Angeles, CA Department of Water & Power (Water Works/System), Tender Option Bond Trust Receipts (Series 2017-XG0121) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 11/4/2021 | 3,000,000 | |
740,000 | Los Angeles, CA MFH Revenue Bonds (Hope on Broadway LP), Tender Option Bond Trust Receipts (Series 2021-XF2929) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.210%, 11/4/2021 | 740,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$10,000,000 | Los Angeles, CA TRANs, 4.000%, 6/23/2022 | $10,248,355 | |
2,885,000 | Los Angeles, CA USD, Tender Option Bond Trust Receipts (Series 2018-XM0703) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 11/4/2021 | 2,885,000 | |
4,985,000 | Lucia Mar, CA USD, Tender Option Bond Trust Receipts (Series 2018-XG0181) Weekly VRDNs, (Bank of America N.A. LIQ), 0.080%, 11/4/2021 | 4,985,000 | |
6,670,000 | Manteca, CA USD, Tender Option Bond Trust Certificates (2015-ZM0093) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.090%, 11/4/2021 | 6,670,000 | |
3,000,000 | Mountain House, CA Financing Authority (Mountain House, CA Community Services District), Tender Option Bond Trust Receipts (Series 2020-ZF2921) Weekly VRDNs, (Build America Mutual Assurance INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 11/4/2021 | 3,000,000 | |
3,000,000 | Municipal Improvement Corporation of Los Angeles, CA, (Series A-2), CP, (Bank of America N.A. LOC), 0.080%, Mandatory Tender 11/9/2021 | 3,000,000 | |
7,000,000 | Municipal Improvement Corporation of Los Angeles, CA, (Series A-3), CP, (U.S. Bank, N.A. LOC), 0.100%, Mandatory Tender 12/28/2021 | 7,000,000 | |
3,250,000 | Municipal Improvement Corporation of Los Angeles, CA, (Series A-3), CP, (U.S. Bank, N.A. LOC), 0.100%, Mandatory Tender 3/29/2022 | 3,250,000 | |
4,845,000 | New Haven, CA USD, Tender Option Bond Trust Receipts (Series 2020-XF0893) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.080%, 11/4/2021 | 4,845,000 | |
10,475,000 | Norwalk-La Mirada, CA USD, Tender Option Bond Trust Certificates (Series 2021-XL0171) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 0.070%, 11/4/2021 | 10,475,000 | |
2,490,000 | Norwalk-La Mirada, CA USD, Tender Option Bond Trust Receipts (Series 2020-XM0810) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.080%, 11/4/2021 | 2,490,000 | |
12,700,000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series 3) Weekly VRDPs, (Toronto Dominion Bank LIQ), 0.090%, 11/4/2021 | 12,700,000 | |
3,000,000 | Oakland, CA, Tender Option Bond Receipts (Series 2020-XF0898) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.070%, 11/4/2021 | 3,000,000 | |
2,505,000 | Oxnard, CA School District, (Series 2018 G-8) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.070%, 11/4/2021 | 2,505,000 | |
1,190,000 | Pittsburg, CA USD, Tender Option Bond Trust Receipts (Series 2017-XF0578) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.100%, 11/4/2021 | 1,190,000 | |
2,650,000 | Pomona, CA USD, Tender Option Bond Trust Certificates (2021-XG0337) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 0.110%, 11/4/2021 | 2,650,000 | |
17,690,000 | Pomona, CA USD, Tender Option Bond Trust Certificates (Series 2017-XF2446) Weekly VRDNs, (Build America Mutual Assurance INS)/(Citibank N.A., New York LIQ), 0.090%, 11/4/2021 | 17,690,000 | |
17,000,000 | River Islands, CA Public Financing Authority, Tender Option Bond Trust Floater Certificates (2019-MIZ9003) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 11/4/2021 | 17,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$10,500,000 | Riverside County, CA Public Financing Authority (Riverside County, CA), Tender Option Bond Trust Receipt (2017-ZF0538) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.150%, 11/4/2021 | $10,500,000 | |
5,000,000 | Riverside County, CA, (2021 Series A) BANs, 0.500%, 10/20/2022 | 5,016,876 | |
1,410,000 | Sacramento County, CA HDA (Shiloh Arms Partners LP), Mizuho 3a-7 (Series 2021 MIZ9058) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 11/4/2021 | 1,410,000 | |
2,000,000 | Sacramento, CA Area Flood Control Agency Consolidated Capital Assessment District No. 2, RBC Muni Products (Series G-118) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.200%, Optional Tender 4/1/2022 | 2,000,000 | |
6,000,000 | Sacramento, CA Municipal Utility District, Tender Option Bond Trust Receipts (Series 2020-ZF0943) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.070%, 11/4/2021 | 6,000,000 | |
2,101,000 | San Bernardino, CA CCD, Tender Option Bond Trust Receipts (Series 2019-XF0786) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 11/4/2021 | 2,101,000 | |
3,450,000 | San Diego County, CA (Museum of Contemporary Art San Diego), (Series 2004) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 0.070%, 11/4/2021 | 3,450,000 | |
10,000,000 | San Diego County, CA Water Authority, Commercial Paper Notes (Series 10), CP, 0.090%, Mandatory Tender 12/3/2021 | 10,000,000 | |
3,000,000 | San Diego, CA USD, RBC Muni Products (Series 2018-G51) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.070%, 11/4/2021 | 3,000,000 | |
4,550,000 | San Diego, CA USD, Tender Option Bond Trust Certificates (Series 2021-XL0175) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 0.070%, 11/4/2021 | 4,550,000 | |
5,241,000 | San Diego, CA Water Utility Fund, (Series B), CP, (Bank of America N.A. LOC), 0.080%, Mandatory Tender 12/9/2021 | 5,241,000 | |
25,000,000 | San Francisco, CA City and County (Transbay Block 8 Tower Apartments Obligated Group), Mizuho 3a-7 (2021-MIZ9063) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 11/4/2021 | 25,000,000 | |
3,330,000 | San Francisco, CA Public Utilities Commission (Water Enterprise), Tender Option Bond Trust Receipts (Series 2018-XF0607) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.070%, 11/4/2021 | 3,330,000 | |
2,230,000 | San Mateo County, CA CCD, Tender Option Bond Trust Certificates (Series 2018-XM0712) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.080%, 11/4/2021 | 2,230,000 | |
941,000 | Santa Barbara, CA USD, Tender Option Bond Trust Receipts (Series 2019-XF0791) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 11/4/2021 | 941,000 | |
3,600,000 | Santa Clara Valley, CA Water District, (Series A), CP, (MUFG Bank Ltd. LOC), 0.060%, Mandatory Tender 12/1/2021 | 3,600,000 | |
3,000,000 | Sonoma County, CA Junior College District, (Series 2018 G-6) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.070%, 11/4/2021 | 3,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
California— continued | |||
$ 4,000,000 | South Coast, CA Water District, Tender Option Bond Trust Certificates (Series 2020-XL0151) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.080%, 11/4/2021 | $4,000,000 | |
2,410,000 | Southwestern CCD, CA, Tender Option Bond Trust Receipts (Series 2015-ZF0250) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 11/4/2021 | 2,410,000 | |
4,750,000 | Sweetwater, CA Union High School District, RBC Muni Products, Inc. Trust (Series G-95) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.070%, 11/4/2021 | 4,750,000 | |
2,675,000 | University of California (The Regents of), Tender Option Bond Trust Receipts (2016-XF0524) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.080%, 11/4/2021 | 2,675,000 | |
1,500,000 | University of California (The Regents of), Tender Option Bond Trust Receipts (Series 2018-ZM0660) Weekly VRDNs, (Bank of America N.A. LIQ), 0.070%, 11/4/2021 | 1,500,000 | |
2,220,000 | University of California (The Regents of), Tender Option Bond Trust Receipts (Series 2020-XF0921) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.080%, 11/4/2021 | 2,220,000 | |
6,800,000 | Victor Valley, CA CCD, Tender Option Bond Trust Receipts (Series 2020-XM0864) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 11/4/2021 | 6,800,000 | |
13,585,000 | Western Placer, CA USD, Tender Option Bond Trust Receipts (Series 2017-XG0152) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 0.080%, 11/4/2021 | 13,585,000 | |
19,875,000 | Whittier, CA Health Facility Revenue Bonds (Presbyterian Intercommunity Hospital Obligated Group), Golden Blue 3a-7 (Series 2018-030) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.170%, 11/4/2021 | 19,875,000 | |
3,350,000 | Yosemite, CA CCD, RBC Muni Products (Series 2018-G50) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.070%, 11/4/2021 | 3,350,000 | |
5,087,000 | Yosemite, CA CCD, Tender Option Bond Trust Receipts (Series 2019-XF0772) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 11/4/2021 | 5,087,000 | |
TOTAL INVESTMENT IN SECURITIES—100.0% (AT AMORTIZED COST)2 | 760,662,976 | ||
OTHER ASSETS AND LIABILITIES - NET—0.0%3 | 302,468 | ||
TOTAL NET ASSETS—100% | $760,965,444 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
BANs | —Bond Anticipation Notes | |
CCD | —Community College District | |
CP | —Commercial Paper | |
FHLB | —Federal Home Loan Bank | |
FHLMC | —Federal Home Loan Mortgage Corporation | |
GTD | —Guaranteed | |
HDA | —Hospital Development Authority | |
HFA | —Housing Finance Authority | |
IDA | —Industrial Development Authority | |
INS | —Insured | |
LIQ | —Liquidity Agreement | |
LOC | —Letter of Credit | |
MFH | —Multi-Family Housing | |
TOBs | —Tender Option Bonds | |
TRANs | —Tax and Revenue Anticipation Notes | |
USD | —Unified School District | |
VRDNs | —Variable Rate Demand Notes | |
VRDPs | —Variable Rate Demand Preferreds | |
VRENs | —Variable Rate Extendible Notes |
Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0001 | 0.005 | 0.013 | 0.011 | 0.006 |
Net realized gain (loss) | 0.0001 | 0.0001 | (0.000)1 | (0.000)1 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0001 | 0.005 | 0.013 | 0.011 | 0.006 |
Less Distributions: | |||||
Distributions from net investment income | (0.000)1 | (0.005) | (0.013) | (0.011) | (0.006) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.000)1 | (0.005) | (0.013) | (0.011) | (0.006) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.02% | 0.53% | 1.28% | 1.10% | 0.56% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.13% | 0.27% | 0.28% | 0.28% | 0.28% |
Net investment income | 0.01% | 0.54% | 1.25% | 1.10% | 0.58% |
Expense waiver/reimbursement4 | 0.29% | 0.15% | 0.14% | 0.19% | 0.29% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $333,923 | $584,821 | $678,115 | $372,325 | $156,974 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
October 31, 2021
Assets: | |
Investment in securities, at amortized cost and fair value | $760,662,976 |
Cash | 74,138 |
Income receivable | 385,282 |
Total Assets | 761,122,396 |
Liabilities: | |
Payable for shares redeemed | 20,628 |
Income distribution payable | 338 |
Payable for investment adviser fee (Note 5) | 14,845 |
Payable for administrative fee (Note 5) | 4,891 |
Payable for legal fees | 21,072 |
Payable for portfolio accounting fees | 29,765 |
Payable for share registration costs | 40,583 |
Payable for printing and postage | 20,836 |
Accrued expenses (Note 5) | 3,994 |
Total Liabilities | 156,952 |
Net assets for 760,830,849 shares outstanding | $760,965,444 |
Net Assets Consist of: | |
Paid-in capital | $760,830,814 |
Total distributable earnings (loss) | 134,630 |
Total Net Assets | $760,965,444 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Wealth Shares: | |
$333,922,741 ÷ 333,863,681 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$106,973,259 ÷ 106,954,339 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash II Shares: | |
$235,111,684 ÷ 235,070,100 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash Series Shares: | |
$27,742,071 ÷ 27,737,160 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Capital Shares: | |
$57,215,689 ÷ 57,205,569 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Year Ended October 31, 2021
Investment Income: | |
Interest | $1,339,362 |
Expenses: | |
Investment adviser fee (Note 5) | 2,849,071 |
Administrative fee (Note 5) | 743,589 |
Custodian fees | 29,410 |
Transfer agent fees (Note 2) | 467,276 |
Directors’/Trustees’ fees (Note 5) | 5,963 |
Auditing fees | 21,000 |
Legal fees | 36,724 |
Portfolio accounting fees | 185,102 |
Distribution services fee (Note 5) | 688,944 |
Other service fees (Notes 2 and 5) | 1,119,767 |
Share registration costs | 96,240 |
Printing and postage | 35,131 |
Miscellaneous (Note 5) | 13,082 |
TOTAL EXPENSES | 6,291,299 |
Waivers and Reimbursements: | |
Waiver of investment adviser fee (Note 5) | (2,700,055) |
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (2,346,439) |
TOTAL WAIVERS AND REIMBURSEMENTS | (5,046,494) |
Net expenses | 1,244,805 |
Net investment income | 94,557 |
Net realized gain on investments | 113,902 |
Change in net assets resulting from operations | $208,459 |
Year Ended October 31 | 2021 | 2020 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $94,557 | $5,612,216 |
Net realized gain (loss) | 113,902 | 133,432 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 208,459 | 5,745,648 |
Distributions to Shareholders: | ||
Wealth Shares | (111,257) | (3,903,676) |
Service Shares | (29,754) | (553,743) |
Cash II Shares | (56,378) | (728,760) |
Cash Series Shares | (6,659) | (50,511) |
Capital Shares | (24,301) | (507,383) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (228,349) | (5,744,073) |
Share Transactions: | ||
Proceeds from sale of shares | 1,030,866,846 | 1,894,350,274 |
Net asset value of shares issued to shareholders in payment of distributions declared | 175,246 | 5,344,740 |
Cost of shares redeemed | (1,427,210,020) | (1,908,780,546) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (396,167,928) | (9,085,532) |
Change in net assets | (396,187,818) | (9,083,957) |
Net Assets: | ||
Beginning of period | 1,157,153,262 | 1,166,237,219 |
End of period | $760,965,444 | $1,157,153,262 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | Transfer Agent Fees Waived by Unaffiliated Third Parties | |
Wealth Shares | $15,914 | $(6,873) | $— |
Service Shares | 92,693 | — | (90,099) |
Cash II Shares | 233,223 | — | (228,015) |
Cash Series Shares | 29,545 | — | (28,919) |
Capital Shares | 95,901 | — | (93,983) |
TOTAL | $467,276 | $(6,873) | $(441,016) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $315,644 | $— | $(315,644) |
Cash II Shares | 633,163 | — | (633,163) |
Cash Series Shares | 75,720 | (29) | (75,691) |
Capital Shares | 95,240 | (118) | (95,122) |
TOTAL | $1,119,767 | $(147) | $(1,119,620) |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 292,821,927 | $292,821,927 | 1,017,560,763 | $1,017,560,763 |
Shares issued to shareholders in payment of distributions declared | 63,937 | 63,937 | 3,613,285 | 3,613,285 |
Shares redeemed | (543,765,669) | (543,765,669) | (1,114,456,355) | (1,114,456,355) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | (250,879,805) | $(250,879,805) | (93,282,307) | $(93,282,307) |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 162,153,743 | $162,153,743 | 271,796,390 | $271,796,390 |
Shares issued to shareholders in payment of distributions declared | 24,371 | 24,371 | 460,247 | 460,247 |
Shares redeemed | (204,967,112) | (204,967,112) | (269,118,074) | (269,118,074) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (42,788,998) | $(42,788,998) | 3,138,563 | $3,138,563 |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 368,018,766 | $368,018,766 | 319,438,665 | $319,438,665 |
Shares issued to shareholders in payment of distributions declared | 56,376 | 56,376 | 728,408 | 728,408 |
Shares redeemed | (395,567,211) | (395,567,211) | (264,648,897) | (264,648,897) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | (27,492,069) | $(27,492,069) | 55,518,176 | $55,518,176 |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 77,147,133 | $77,147,133 | 110,727,202 | $110,727,202 |
Shares issued to shareholders in payment of distributions declared | 6,449 | 6,449 | 50,250 | 50,250 |
Shares redeemed | (82,969,632) | (82,969,632) | (98,411,147) | (98,411,147) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | (5,816,050) | $(5,816,050) | 12,366,305 | $12,366,305 |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 130,725,277 | $130,725,277 | 174,827,254 | $174,827,254 |
Shares issued to shareholders in payment of distributions declared | 24,113 | 24,113 | 492,550 | 492,550 |
Shares redeemed | (199,940,396) | (199,940,396) | (162,146,073) | (162,146,073) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (69,191,006) | $(69,191,006) | 13,173,731 | $13,173,731 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (396,167,928) | $(396,167,928) | (9,085,532) | $(9,085,532) |
2021 | 2020 | |
Tax-exempt income | $94,930 | $5,598,468 |
Ordinary income1 | $68,218 | $14,271 |
Long-term capital gains | $65,201 | $131,334 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed tax-exempt income | $20,736 |
Undistributed ordinary income1 | $29,169 |
Undistributed long-term capital gains | $84,725 |
1 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Cash II Shares | 0.20% |
Cash Series Shares | 0.60% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Cash II Shares | $507,148 | $(507,148) |
Cash Series Shares | 181,796 | (181,796) |
TOTAL | $688,944 | $(688,944) |
![](https://capedge.com/proxy/N-CSR/0001623632-21-001646/ernstyoungsig.jpg)
December 23, 2021
Beginning Account Value 5/1/2021 | Ending Account Value 10/31/2021 | Expenses Paid During Period1 | |
Actual | $1,000.00 | $1,000.10 | $20.55 |
Hypothetical (assuming a 5% return before expenses) | $1,000.00 | $1,024.65 | $20.56 |
1 | Expenses are equal to the Fund annualized net expense ratio of 0.11%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Wealth Shares current Fee Limit of 0.28% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.41 and $1.43, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor Emerita of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; Director and Chair, North Catholic High School, Inc.; and Director and Vice Chair, Our Campaign for the Church Alive!, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated Hermes’ tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated Hermes’ Tax-Free Money Markets in 2010. She joined Federated Hermes in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund’s Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
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Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
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Share Class | Ticker | Institutional | FFTXX | Premier | FTFXX |
Federated Hermes Institutional Tax-Free Cash Trust
A Portfolio of Federated Hermes Money Market Obligations Trust
![](https://capedge.com/proxy/N-CSR/0001623632-21-001646/donahuechrissigsmall.jpg)
The Share Price will fluctuate. It is possible to lose money by investing in the Fund.
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 98.3% |
Commercial Paper | 1.7% |
Other Assets and Liabilities—Net2,3 | (0.0)% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Represents less than 0.1%. |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 100.0% |
8-30 Days | 0.0% |
31-90 Days | 0.0% |
91-180 Days | 0.0% |
181 Days or more | 0.0% |
Other Assets and Liabilities—Net2,3 | (0.0)% |
Total | 100% |
1 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Represents less than 0.1%. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— 100.0% | ||
Alabama— 5.9% | |||
$ 4,800,000 | Alabama HFA MFH (Double Lake Ventures LLC), (2000 Series A:Turtle Lake) Weekly VRDNs, (FNMA LOC), 0.070%, 11/4/2021 | $4,800,000 | |
28,000,000 | Mobile County, AL IDA Gulf Opportunity Zone (SSAB Alabama, Inc.), (Series 2011) Weekly VRDNs, (Nordea Bank Abp LOC), 0.090%, 11/4/2021 | 28,000,000 | |
4,880,000 | Mobile, AL IDB (HighProv, LLC), (Series 2006) Weekly VRDNs, (FHLB of Dallas LOC), 0.090%, 11/4/2021 | 4,880,000 | |
12,285,000 | Tuscaloosa County, AL Port Authority (Tuscaloosa Riverfront Development, LLC), (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs, (FHLB of Atlanta LOC), 0.100%, 11/4/2021 | 12,285,000 | |
TOTAL | 49,965,000 | ||
Arizona— 2.8% | |||
4,000,000 | Maricopa County, AZ, IDA Solid Waste Disposal (DC Paloma 2 LLC), (Series 2009) Weekly VRDNs, (CoBank, ACB LOC), 0.080%, 11/4/2021 | 4,000,000 | |
20,000,000 | Yavapai County, AZ IDA - Recovery Zone Facility (Skanon Investments, Inc.), (Series 2010: Drake Cement Project) Weekly VRDNs, (Bank of Nova Scotia, Toronto LOC), 0.090%, 11/4/2021 | 20,000,000 | |
TOTAL | 24,000,000 | ||
California— 11.8% | |||
4,945,000 | California Enterprise Development Authority (Humane Society Silicon Valley), (Series 2008) Weekly VRDNs, (FHLB of San Francisco LOC), 0.070%, 11/4/2021 | 4,945,000 | |
27,800,000 | California Enterprise Development Authority (Regional Properties, Inc.), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (FHLB of San Francisco LOC), 0.080%, 11/4/2021 | 27,800,000 | |
3,970,000 | California Infrastructure & Economic Development Bank (Los Angeles Society for the Prevention of Cruelty to Animals), (Series 2002A) Weekly VRDNs, (Bank of New York Mellon, N.A. LOC), 0.080%, 11/4/2021 | 3,970,000 | |
2,150,000 | California PCFA (Big Bear Disposal, Inc.), (Series 2010) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 0.070%, 11/3/2021 | 2,150,000 | |
25,520,000 | California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2017 Series BB: One Uptown Newport Apartments) Weekly VRDNs, (FHLB of Des Moines LOC), 0.090%, 11/4/2021 | 25,520,000 | |
35,705,000 | Victorville, CA Joint Powers Financing Authority (Victorville, CA), (Series 2007A: Cogeneration Facility) Weekly VRDNs, (BNP Paribas SA LOC), 0.080%, 11/4/2021 | 35,705,000 | |
TOTAL | 100,090,000 | ||
Florida— 11.5% | |||
3,310,000 | Coconut Creek, FL (Junior Achievement of South Florida, Inc.), (Series 2007) Weekly VRDNs, (TD Bank, N.A. LOC), 0.110%, 11/4/2021 | 3,310,000 | |
2,900,000 | Escambia County, FL Solid Waste Disposal (Gulf Power Co.), (First Series 2009) Daily VRDNs, 0.050%, 11/1/2021 | 2,900,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Florida— continued | |||
$10,000,000 | Florida HFA (Woodlands Apartments), (Series 1985-SS) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 0.100%, 11/3/2021 | $10,000,000 | |
7,700,000 | Hillsborough County, FL IDA (Baycare Health System), (Series 2020B) Daily VRDNs, (TD Bank, N.A. LOC), 0.030%, 11/1/2021 | 7,700,000 | |
14,770,000 | Jacksonville, FL EDC (JEA, FL Electric System), (Series 2000-A), CP, (U.S. Bank, N.A. LIQ), 0.100%, Mandatory Tender 11/5/2021 | 14,770,000 | |
17,475,000 | Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1995) Daily VRDNs, 0.070%, 11/1/2021 | 17,475,000 | |
9,855,000 | JEA, FL Electric System, (Series 2008 D) Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.040%, 11/1/2021 | 9,855,000 | |
6,400,000 | JEA, FL Electric System, (Series Three 2008A) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.060%, 11/3/2021 | 6,400,000 | |
4,965,000 | Orange County, FL, Health Facilities Authority (Lakeside Behavioral Healthcare, Inc.), (Series 2008) Weekly VRDNs, (Truist Bank LOC), 0.090%, 11/3/2021 | 4,965,000 | |
20,790,000 | St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 0.050%, 11/1/2021 | 20,790,000 | |
TOTAL | 98,165,000 | ||
Georgia— 0.3% | |||
3,000,000 | Monroe County, GA Development Authority Pollution Control (Gulf Power Co.), (1st Series Remarketing 2019) Daily VRDNs, 0.080%, 11/1/2021 | 3,000,000 | |
Indiana— 0.9% | |||
7,865,000 | Valparaiso, IN EDRB (Pines Village Retirement Community, Inc.), (Series 2008) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.140%, 11/4/2021 | 7,865,000 | |
Iowa— 9.7% | |||
2,035,000 | Iowa Finance Authority - Health Facilities (UnityPoint Health), (Series 2013B-1) Daily VRDNs, (TD Bank, N.A. LOC), 0.030%, 11/1/2021 | 2,035,000 | |
15,100,000 | Iowa Finance Authority (Cargill, Inc.), Midwestern Disaster Area EDRBs (Series 2009A) Weekly VRDNs, 0.080%, 11/4/2021 | 15,100,000 | |
27,200,000 | Iowa Finance Authority (Cargill, Inc.), Midwestern Disaster Area EDRBs (Series 2011A) Weekly VRDNs, 0.080%, 11/4/2021 | 27,200,000 | |
38,500,000 | Iowa Finance Authority (HF Chlor-Alkali, LLC), (Series 2012) Weekly VRDNs, (GTD by Cargill, Inc.), 0.090%, 11/4/2021 | 38,500,000 | |
TOTAL | 82,835,000 | ||
Louisiana— 2.8% | |||
1,195,000 | Hammond Area Economic & Industrial Development District, LA (AGEM Management Services LLC) Weekly VRDNs, (FHLB of Dallas LOC), 0.110%, 11/4/2021 | 1,195,000 | |
12,000,000 | Louisiana Local Government Environmental Facilities CDA (Isidore Newman School), (Series 2002) Weekly VRDNs, (FHLB of Dallas LOC), 0.090%, 11/3/2021 | 12,000,000 | |
3,040,000 | Louisiana Local Government Environmental Facilities CDA (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs, (FHLB of Dallas LOC), 0.090%, 11/3/2021 | 3,040,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Louisiana—��� continued | |||
$ 3,350,000 | Louisiana Local Government Environmental Facilities CDA (The Christ Episcopal Church in Covington), (Series 2004) Weekly VRDNs, (FHLB of Dallas LOC), 0.090%, 11/3/2021 | $3,350,000 | |
4,430,000 | St. Tammany Parish Development District, LA (Main Street Holdings of St.Tammany, LLC), (Series 2006A) Weekly VRDNs, (FHLB of Dallas LOC), 0.090%, 11/4/2021 | 4,430,000 | |
TOTAL | 24,015,000 | ||
Maryland— 0.1% | |||
510,000 | Maryland State Economic Development Corp. (Maryland Academy of Sciences), (Series 2003: Maryland Science Center) Weekly VRDNs, (Bank of America N.A. LOC), 0.100%, 11/4/2021 | 510,000 | |
Michigan— 6.3% | |||
16,200,000 | Michigan Strategic Fund (Kroger Co.), (Series 2010) Weekly VRDNs, (MUFG Bank Ltd. LOC), 0.090%, 11/4/2021 | 16,200,000 | |
13,040,000 | St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2002) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.060%, 11/4/2021 | 13,040,000 | |
24,320,000 | St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2006) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.060%, 11/4/2021 | 24,320,000 | |
TOTAL | 53,560,000 | ||
Minnesota— 0.9% | |||
7,500,000 | Moorhead, MN (American Crystal Sugar Co.), Series 2020 Weekly VRDNs, (CoBank, ACB LOC), 0.090%, 11/4/2021 | 7,500,000 | |
Mississippi— 4.4% | |||
37,400,000 | Perry County, MS (Leaf River Cellulose LLC), (Series 2021) Weekly VRDNs, (GTD by Georgia-Pacific LLC), 0.130%, 11/4/2021 | 37,400,000 | |
Multi-State— 17.3% | |||
24,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly VRDPs, (Societe Generale, Paris LIQ), 0.110%, 11/4/2021 | 24,000,000 | |
41,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 5) Weekly VRDPs, (Societe Generale, Paris LIQ), 0.100%, 11/4/2021 | 41,000,000 | |
6,000,000 | Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, (Series 2) Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 0.110%, 11/4/2021 | 6,000,000 | |
9,000,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 3) Weekly VRDPs, (TD Bank, N.A. LIQ), 0.100%, 11/4/2021 | 9,000,000 | |
47,100,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.100%, 11/4/2021 | 47,100,000 | |
20,000,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, VRDP(Series 5-1000) Weekly VRDPs, (Sumitomo Mitsui Banking Corp. LIQ)/(Sumitomo Mitsui Banking Corp. LOC), 0.100%, 11/4/2021 | 20,000,000 | |
TOTAL | 147,100,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Nebraska— 0.2% | |||
$ 1,400,000 | Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 0.090%, 11/4/2021 | $1,400,000 | |
New York— 10.6% | |||
2,000,000 | New York City, NY, (Subseries A-7) Daily VRDNs, (Bank of the West, San Francisco, CA LOC), 0.060%, 11/1/2021 | 2,000,000 | |
3,000,000 | New York State Dormitory Authority (Royal Charter Properties-East, Inc.), (Series 2006A) Weekly VRDNs, (FNMA LOC), 0.040%, 11/3/2021 | 3,000,000 | |
40,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 1) Weekly VRDPs, (Societe Generale, Paris LIQ), 0.100%, 11/4/2021 | 40,000,000 | |
10,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Royal Bank of Canada LIQ), 0.100%, 11/4/2021 | 10,000,000 | |
18,900,000 | Triborough Bridge & Tunnel Authority, NY, (Series B-2A) Weekly VRDNs, (State Street Bank and Trust Co. LOC), 0.080%, 11/3/2021 | 18,900,000 | |
16,200,000 | Triborough Bridge & Tunnel Authority, NY, (Series B-2B) Weekly VRDNs, (State Street Bank and Trust Co. LOC), 0.080%, 11/4/2021 | 16,200,000 | |
TOTAL | 90,100,000 | ||
North Carolina— 1.2% | |||
10,000,000 | Person County, NC Industrial Facilities & PCFA (Certainteed Gypsum, Inc.), (Series 2010) Weekly VRDNs, (Credit Industriel et Commercial LOC), 0.080%, 11/4/2021 | 10,000,000 | |
Oregon— 0.8% | |||
7,000,000 | Oregon State Facilities Authority (PeaceHealth), (2018 Series B) Daily VRDNs, (TD Bank, N.A. LOC), 0.030%, 11/1/2021 | 7,000,000 | |
Pennsylvania— 2.1% | |||
17,525,000 | Pennsylvania EDFA (PPL Energy Supply LLC), (Series C) Weekly VRDNs, (MUFG Bank Ltd. LOC), 0.180%, 11/3/2021 | 17,525,000 | |
Tennessee— 0.4% | |||
3,635,000 | Blount County, TN Public Building Authority (Bradley County, TN), (Series E-6-A) Weekly VRDNs, (Truist Bank LOC), 0.150%, 11/3/2021 | 3,635,000 | |
Texas— 2.0% | |||
6,000,000 | Gulf Coast, TX IDA (Exxon Mobil Corp.), (Series 2012) Daily VRDNs, 0.030%, 11/1/2021 | 6,000,000 | |
10,615,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Care System), (Series 2011C) Daily VRDNs, (TD Bank, N.A. LOC), 0.030%, 11/1/2021 | 10,615,000 | |
TOTAL | 16,615,000 | ||
Utah— 4.9% | |||
39,500,000 | Emery County, UT (Pacificorp), PCRB (Series 1994) Weekly VRDNs, 0.090%, 11/3/2021 | 39,500,000 | |
2,000,000 | St. George, UT IDRB (Apogee Enterprises, Inc.), (Series 2010) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.090%, 11/4/2021 | 2,000,000 | |
TOTAL | 41,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Virginia— 0.6% | |||
$ 5,475,000 | Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), (Series 2017C) Weekly VRDNs, (Truist Bank LOC), 0.150%, 11/4/2021 | $5,475,000 | |
West Virginia— 2.5% | |||
21,400,000 | West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 0.150%, 11/4/2021 | 21,400,000 | |
TOTAL INVESTMENT IN SECURITIES—100.0% (AT AMORTIZED COST)2 | 850,655,000 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.0)%3 | (23,507) | ||
TOTAL NET ASSETS—100% | $850,631,493 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost of investments for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
CDA | —Community Development Authority | |
CP | —Commercial Paper | |
EDC | —Economic Development Commission | |
EDFA | —Economic Development Finance Authority | |
EDRB | —Economic Development Revenue Bond | |
EDRBs | —Economic Development Revenue Bonds | |
FHLB | —Federal Home Loan Bank | |
FNMA | —Federal National Mortgage Association | |
GTD | —Guaranteed | |
HFA | —Housing Finance Authority | |
IDA | —Industrial Development Authority | |
IDB | —Industrial Development Bond | |
IDRB | —Industrial Development Revenue Bond | |
INS | —Insured | |
LIQ | —Liquidity Agreement | |
LOC | —Letter of Credit | |
MFH | —Multi-Family Housing | |
PCFA | —Pollution Control Finance Authority | |
PCR | —Pollution Control Revenue | |
PCRB | —Pollution Control Revenue Bond | |
UT | —Unlimited Tax | |
VRDNs | —Variable Rate Demand Notes | |
VRDPs | —Variable Rate Demand Preferreds |
Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $1.0000 | $1.0000 | $1.0000 | $1.0000 | $1.0000 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.0001 | 0.0060 | 0.0137 | 0.0114 | 0.0059 |
Total From Investment Operations | 0.0001 | 0.0060 | 0.0137 | 0.0114 | 0.0059 |
Less Distributions: | |||||
Distributions from net investment income | (0.0001) | (0.0060) | (0.0137) | (0.0114) | (0.0059) |
Net Asset Value, End of Period | $1.0000 | $1.0000 | $1.0000 | $1.0000 | $1.0000 |
Total Return1 | 0.01% | 0.60% | 1.38% | 1.15% | 0.59% |
Ratios to Average Net Assets: | |||||
Net expenses2 | 0.08% | 0.19% | 0.20% | 0.20% | 0.20% |
Net investment income | 0.01% | 0.64% | 1.36% | 1.17% | 0.59% |
Expense waiver/reimbursement3 | 0.29% | 0.18% | 0.16% | 0.18% | 0.20% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $549,366 | $735,236 | $855,998 | $594,047 | $301,268 |
1 | Based on net asset value. |
2 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $1.0000 | $1.0000 | $1.0000 | $1.0000 | $1.0000 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.0001 | 0.0063 | 0.0142 | 0.0119 | 0.0064 |
Total From Investment Operations | 0.0001 | 0.0063 | 0.0142 | 0.0119 | 0.0064 |
Less Distributions: | |||||
Distributions from net investment income | (0.0001) | (0.0063) | (0.0142) | (0.0119) | (0.0064) |
Net Asset Value, End of Period | $1.0000 | $1.0000 | $1.0000 | $1.0000 | $1.0000 |
Total Return1 | 0.01% | 0.64% | 1.43% | 1.20% | 0.64% |
Ratios to Average Net Assets: | |||||
Net expenses2 | 0.08% | 0.15% | 0.15% | 0.15% | 0.15% |
Net investment income | 0.01% | 0.72% | 1.42% | 1.21% | 0.65% |
Expense waiver/reimbursement3 | 0.24% | 0.17% | 0.16% | 0.18% | 0.20% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $301,266 | $398,163 | $515,446 | $420,808 | $254,460 |
1 | Based on net asset value. |
2 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
October 31, 2021
Assets: | |
Investment in securities, at amortized cost and fair value | $850,655,000 |
Cash | 122,413 |
Income receivable | 62,992 |
Receivable for shares sold | 967 |
Total Assets | 850,841,372 |
Liabilities: | |
Payable for shares redeemed | 88,488 |
Income distribution payable | 4,193 |
Payable to adviser (Note 5) | 21,811 |
Payable for administrative fee (Note 5) | 5,468 |
Payable for legal fees | 4,756 |
Payable for transfer agent fees | 9,292 |
Payable for portfolio accounting fees | 27,630 |
Payable for other service fees (Notes 2 and 5) | 9,537 |
Payable for share registration costs | 11,453 |
Payable for printing and postage | 19,131 |
Accrued expenses (Note 5) | 8,120 |
Total Liabilities | 209,879 |
Net assets for 850,622,936 shares outstanding | $850,631,493 |
Net Assets Consist of: | |
Paid-in capital | $850,622,936 |
Total distributable earnings (loss) | 8,557 |
Total Net Assets | $850,631,493 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Institutional Shares: | |
$549,365,766 ÷ 549,366,250 shares outstanding, no par value, unlimited shares authorized | $1.0000 |
Premier Shares: | |
$301,265,727 ÷ 301,256,686 shares outstanding, no par value, unlimited shares authorized | $1.0000 |
Year Ended October 31, 2021
Investment Income: | |
Interest | $898,973 |
Expenses: | |
Investment adviser fee (Note 5) | 2,022,115 |
Administrative fee (Note 5) | 790,785 |
Custodian fees | 31,843 |
Transfer agent fees | 54,881 |
Directors’/Trustees’ fees (Note 5) | 5,692 |
Auditing fees | 19,401 |
Legal fees | 11,029 |
Portfolio accounting fees | 169,459 |
Other service fees (Notes 2 and 5) | 318,773 |
Share registration costs | 50,467 |
Printing and postage | 24,882 |
Miscellaneous (Note 5) | 42,240 |
TOTAL EXPENSES | 3,541,567 |
Waivers and Reimbursements: | |
Waiver of investment adviser fee (Note 5) | (2,022,115) |
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (721,582) |
TOTAL WAIVERS AND REIMBURSEMENTS | (2,743,697) |
Net expenses | 797,870 |
Net investment income | 101,103 |
Change in net assets resulting from operations | $101,103 |
Year Ended October 31 | 2021 | 2020 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $101,103 | $8,889,292 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 101,103 | 8,889,292 |
Distributions to Shareholders: | ||
Institutional Shares | (63,749) | (4,991,509) |
Premier Shares | (37,230) | (3,892,000) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (100,979) | (8,883,509) |
Share Transactions: | ||
Proceeds from sale of shares | 2,850,722,643 | 4,946,146,680 |
Net asset value of shares issued to shareholders in payment of distributions declared | 44,183 | 3,833,826 |
Cost of shares redeemed | (3,133,534,477) | (5,188,031,333) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (282,767,651) | (238,050,827) |
Change in net assets | (282,767,527) | (238,045,044) |
Net Assets: | ||
Beginning of period | 1,133,399,020 | 1,371,444,064 |
End of period | $850,631,493 | $1,133,399,020 |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Institutional Shares | $318,773 | $(23,668) | $(295,105) |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 436,603,893 | $436,603,893 | 1,542,541,049 | $1,542,541,049 |
Shares issued to shareholders in payment of distributions declared | 26,899 | 26,899 | 1,427,123 | 1,427,123 |
Shares redeemed | (622,501,075) | (622,501,075) | (1,664,731,646) | (1,664,731,646) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (185,870,283) | $(185,870,283) | (120,763,474) | $(120,763,474) |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Premier Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,414,118,750 | $2,414,118,750 | 3,403,605,631 | $3,403,605,631 |
Shares issued to shareholders in payment of distributions declared | 17,284 | 17,284 | 2,406,703 | 2,406,703 |
Shares redeemed | (2,511,033,402) | (2,511,033,402) | (3,523,299,687) | (3,523,299,687) |
NET CHANGE RESULTING FROM PREMIER SHARE TRANSACTIONS | (96,897,368) | $(96,897,368) | (117,287,353) | $(117,287,353) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (282,767,651) | $(282,767,651) | (238,050,827) | $(238,050,827) |
2021 | 2020 | |
Tax-exempt income | $100,979 | $8,883,509 |
Undistributed tax-exempt income | $8,593 |
Capital loss carryforwards | $(36) |
Short-Term | Long-Term | Total |
$36 | $— | $36 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
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December 23, 2021
Beginning Account Value 5/1/2021 | Ending Account Value 10/31/2021 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $21,000 | $1,000.10 | $20.30 |
Premier Shares | $1,000 | $1,000.10 | $30.30 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,024.90 | $20.31 |
Premier Shares | $1,000 | $1,024.90 | $30.31 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Institutional Shares | 0.06% |
Premier Shares | 0.06% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Institutional Shares current Fee Limit of 0.20% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.01 and $1.02, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Premier Shares current Fee Limit of 0.15% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $0.76 and $0.77, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor Emerita of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; Director and Chair, North Catholic High School, Inc.; and Director and Vice Chair, Our Campaign for the Church Alive!, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004 | Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated Hermes’ tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated Hermes’ Tax-Free Money Markets in 2010. She joined Federated Hermes in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund’s Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
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Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N666
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Share Class | Ticker | Institutional | FFTXX |
Federated Hermes Institutional Tax-Free Cash Trust
A Portfolio of Federated Hermes Money Market Obligations Trust
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The Share Price will fluctuate. It is possible to lose money by investing in the Fund.
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 98.3% |
Commercial Paper | 1.7% |
Other Assets and Liabilities—Net2,3 | (0.0)% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Represents less than 0.1%. |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 100.0% |
8-30 Days | 0.0% |
31-90 Days | 0.0% |
91-180 Days | 0.0% |
181 Days or more | 0.0% |
Other Assets and Liabilities—Net2,3 | (0.0)% |
Total | 100% |
1 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Represents less than 0.1%. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— 100.0% | ||
Alabama— 5.9% | |||
$ 4,800,000 | Alabama HFA MFH (Double Lake Ventures LLC), (2000 Series A:Turtle Lake) Weekly VRDNs, (FNMA LOC), 0.070%, 11/4/2021 | $4,800,000 | |
28,000,000 | Mobile County, AL IDA Gulf Opportunity Zone (SSAB Alabama, Inc.), (Series 2011) Weekly VRDNs, (Nordea Bank Abp LOC), 0.090%, 11/4/2021 | 28,000,000 | |
4,880,000 | Mobile, AL IDB (HighProv, LLC), (Series 2006) Weekly VRDNs, (FHLB of Dallas LOC), 0.090%, 11/4/2021 | 4,880,000 | |
12,285,000 | Tuscaloosa County, AL Port Authority (Tuscaloosa Riverfront Development, LLC), (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs, (FHLB of Atlanta LOC), 0.100%, 11/4/2021 | 12,285,000 | |
TOTAL | 49,965,000 | ||
Arizona— 2.8% | |||
4,000,000 | Maricopa County, AZ, IDA Solid Waste Disposal (DC Paloma 2 LLC), (Series 2009) Weekly VRDNs, (CoBank, ACB LOC), 0.080%, 11/4/2021 | 4,000,000 | |
20,000,000 | Yavapai County, AZ IDA - Recovery Zone Facility (Skanon Investments, Inc.), (Series 2010: Drake Cement Project) Weekly VRDNs, (Bank of Nova Scotia, Toronto LOC), 0.090%, 11/4/2021 | 20,000,000 | |
TOTAL | 24,000,000 | ||
California— 11.8% | |||
4,945,000 | California Enterprise Development Authority (Humane Society Silicon Valley), (Series 2008) Weekly VRDNs, (FHLB of San Francisco LOC), 0.070%, 11/4/2021 | 4,945,000 | |
27,800,000 | California Enterprise Development Authority (Regional Properties, Inc.), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (FHLB of San Francisco LOC), 0.080%, 11/4/2021 | 27,800,000 | |
3,970,000 | California Infrastructure & Economic Development Bank (Los Angeles Society for the Prevention of Cruelty to Animals), (Series 2002A) Weekly VRDNs, (Bank of New York Mellon, N.A. LOC), 0.080%, 11/4/2021 | 3,970,000 | |
2,150,000 | California PCFA (Big Bear Disposal, Inc.), (Series 2010) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 0.070%, 11/3/2021 | 2,150,000 | |
25,520,000 | California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2017 Series BB: One Uptown Newport Apartments) Weekly VRDNs, (FHLB of Des Moines LOC), 0.090%, 11/4/2021 | 25,520,000 | |
35,705,000 | Victorville, CA Joint Powers Financing Authority (Victorville, CA), (Series 2007A: Cogeneration Facility) Weekly VRDNs, (BNP Paribas SA LOC), 0.080%, 11/4/2021 | 35,705,000 | |
TOTAL | 100,090,000 | ||
Florida— 11.5% | |||
3,310,000 | Coconut Creek, FL (Junior Achievement of South Florida, Inc.), (Series 2007) Weekly VRDNs, (TD Bank, N.A. LOC), 0.110%, 11/4/2021 | 3,310,000 | |
2,900,000 | Escambia County, FL Solid Waste Disposal (Gulf Power Co.), (First Series 2009) Daily VRDNs, 0.050%, 11/1/2021 | 2,900,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Florida— continued | |||
$10,000,000 | Florida HFA (Woodlands Apartments), (Series 1985-SS) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 0.100%, 11/3/2021 | $10,000,000 | |
7,700,000 | Hillsborough County, FL IDA (Baycare Health System), (Series 2020B) Daily VRDNs, (TD Bank, N.A. LOC), 0.030%, 11/1/2021 | 7,700,000 | |
14,770,000 | Jacksonville, FL EDC (JEA, FL Electric System), (Series 2000-A), CP, (U.S. Bank, N.A. LIQ), 0.100%, Mandatory Tender 11/5/2021 | 14,770,000 | |
17,475,000 | Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1995) Daily VRDNs, 0.070%, 11/1/2021 | 17,475,000 | |
9,855,000 | JEA, FL Electric System, (Series 2008 D) Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.040%, 11/1/2021 | 9,855,000 | |
6,400,000 | JEA, FL Electric System, (Series Three 2008A) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.060%, 11/3/2021 | 6,400,000 | |
4,965,000 | Orange County, FL, Health Facilities Authority (Lakeside Behavioral Healthcare, Inc.), (Series 2008) Weekly VRDNs, (Truist Bank LOC), 0.090%, 11/3/2021 | 4,965,000 | |
20,790,000 | St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 0.050%, 11/1/2021 | 20,790,000 | |
TOTAL | 98,165,000 | ||
Georgia— 0.3% | |||
3,000,000 | Monroe County, GA Development Authority Pollution Control (Gulf Power Co.), (1st Series Remarketing 2019) Daily VRDNs, 0.080%, 11/1/2021 | 3,000,000 | |
Indiana— 0.9% | |||
7,865,000 | Valparaiso, IN EDRB (Pines Village Retirement Community, Inc.), (Series 2008) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.140%, 11/4/2021 | 7,865,000 | |
Iowa— 9.7% | |||
2,035,000 | Iowa Finance Authority - Health Facilities (UnityPoint Health), (Series 2013B-1) Daily VRDNs, (TD Bank, N.A. LOC), 0.030%, 11/1/2021 | 2,035,000 | |
15,100,000 | Iowa Finance Authority (Cargill, Inc.), Midwestern Disaster Area EDRBs (Series 2009A) Weekly VRDNs, 0.080%, 11/4/2021 | 15,100,000 | |
27,200,000 | Iowa Finance Authority (Cargill, Inc.), Midwestern Disaster Area EDRBs (Series 2011A) Weekly VRDNs, 0.080%, 11/4/2021 | 27,200,000 | |
38,500,000 | Iowa Finance Authority (HF Chlor-Alkali, LLC), (Series 2012) Weekly VRDNs, (GTD by Cargill, Inc.), 0.090%, 11/4/2021 | 38,500,000 | |
TOTAL | 82,835,000 | ||
Louisiana— 2.8% | |||
1,195,000 | Hammond Area Economic & Industrial Development District, LA (AGEM Management Services LLC) Weekly VRDNs, (FHLB of Dallas LOC), 0.110%, 11/4/2021 | 1,195,000 | |
12,000,000 | Louisiana Local Government Environmental Facilities CDA (Isidore Newman School), (Series 2002) Weekly VRDNs, (FHLB of Dallas LOC), 0.090%, 11/3/2021 | 12,000,000 | |
3,040,000 | Louisiana Local Government Environmental Facilities CDA (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs, (FHLB of Dallas LOC), 0.090%, 11/3/2021 | 3,040,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Louisiana— continued | |||
$ 3,350,000 | Louisiana Local Government Environmental Facilities CDA (The Christ Episcopal Church in Covington), (Series 2004) Weekly VRDNs, (FHLB of Dallas LOC), 0.090%, 11/3/2021 | $3,350,000 | |
4,430,000 | St. Tammany Parish Development District, LA (Main Street Holdings of St.Tammany, LLC), (Series 2006A) Weekly VRDNs, (FHLB of Dallas LOC), 0.090%, 11/4/2021 | 4,430,000 | |
TOTAL | 24,015,000 | ||
Maryland— 0.1% | |||
510,000 | Maryland State Economic Development Corp. (Maryland Academy of Sciences), (Series 2003: Maryland Science Center) Weekly VRDNs, (Bank of America N.A. LOC), 0.100%, 11/4/2021 | 510,000 | |
Michigan— 6.3% | |||
16,200,000 | Michigan Strategic Fund (Kroger Co.), (Series 2010) Weekly VRDNs, (MUFG Bank Ltd. LOC), 0.090%, 11/4/2021 | 16,200,000 | |
13,040,000 | St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2002) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.060%, 11/4/2021 | 13,040,000 | |
24,320,000 | St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2006) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.060%, 11/4/2021 | 24,320,000 | |
TOTAL | 53,560,000 | ||
Minnesota— 0.9% | |||
7,500,000 | Moorhead, MN (American Crystal Sugar Co.), Series 2020 Weekly VRDNs, (CoBank, ACB LOC), 0.090%, 11/4/2021 | 7,500,000 | |
Mississippi— 4.4% | |||
37,400,000 | Perry County, MS (Leaf River Cellulose LLC), (Series 2021) Weekly VRDNs, (GTD by Georgia-Pacific LLC), 0.130%, 11/4/2021 | 37,400,000 | |
Multi-State— 17.3% | |||
24,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly VRDPs, (Societe Generale, Paris LIQ), 0.110%, 11/4/2021 | 24,000,000 | |
41,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 5) Weekly VRDPs, (Societe Generale, Paris LIQ), 0.100%, 11/4/2021 | 41,000,000 | |
6,000,000 | Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, (Series 2) Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 0.110%, 11/4/2021 | 6,000,000 | |
9,000,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 3) Weekly VRDPs, (TD Bank, N.A. LIQ), 0.100%, 11/4/2021 | 9,000,000 | |
47,100,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.100%, 11/4/2021 | 47,100,000 | |
20,000,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, VRDP(Series 5-1000) Weekly VRDPs, (Sumitomo Mitsui Banking Corp. LIQ)/(Sumitomo Mitsui Banking Corp. LOC), 0.100%, 11/4/2021 | 20,000,000 | |
TOTAL | 147,100,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Nebraska— 0.2% | |||
$ 1,400,000 | Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 0.090%, 11/4/2021 | $1,400,000 | |
New York— 10.6% | |||
2,000,000 | New York City, NY, (Subseries A-7) Daily VRDNs, (Bank of the West, San Francisco, CA LOC), 0.060%, 11/1/2021 | 2,000,000 | |
3,000,000 | New York State Dormitory Authority (Royal Charter Properties-East, Inc.), (Series 2006A) Weekly VRDNs, (FNMA LOC), 0.040%, 11/3/2021 | 3,000,000 | |
40,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 1) Weekly VRDPs, (Societe Generale, Paris LIQ), 0.100%, 11/4/2021 | 40,000,000 | |
10,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Royal Bank of Canada LIQ), 0.100%, 11/4/2021 | 10,000,000 | |
18,900,000 | Triborough Bridge & Tunnel Authority, NY, (Series B-2A) Weekly VRDNs, (State Street Bank and Trust Co. LOC), 0.080%, 11/3/2021 | 18,900,000 | |
16,200,000 | Triborough Bridge & Tunnel Authority, NY, (Series B-2B) Weekly VRDNs, (State Street Bank and Trust Co. LOC), 0.080%, 11/4/2021 | 16,200,000 | |
TOTAL | 90,100,000 | ||
North Carolina— 1.2% | |||
10,000,000 | Person County, NC Industrial Facilities & PCFA (Certainteed Gypsum, Inc.), (Series 2010) Weekly VRDNs, (Credit Industriel et Commercial LOC), 0.080%, 11/4/2021 | 10,000,000 | |
Oregon— 0.8% | |||
7,000,000 | Oregon State Facilities Authority (PeaceHealth), (2018 Series B) Daily VRDNs, (TD Bank, N.A. LOC), 0.030%, 11/1/2021 | 7,000,000 | |
Pennsylvania— 2.1% | |||
17,525,000 | Pennsylvania EDFA (PPL Energy Supply LLC), (Series C) Weekly VRDNs, (MUFG Bank Ltd. LOC), 0.180%, 11/3/2021 | 17,525,000 | |
Tennessee— 0.4% | |||
3,635,000 | Blount County, TN Public Building Authority (Bradley County, TN), (Series E-6-A) Weekly VRDNs, (Truist Bank LOC), 0.150%, 11/3/2021 | 3,635,000 | |
Texas— 2.0% | |||
6,000,000 | Gulf Coast, TX IDA (Exxon Mobil Corp.), (Series 2012) Daily VRDNs, 0.030%, 11/1/2021 | 6,000,000 | |
10,615,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Care System), (Series 2011C) Daily VRDNs, (TD Bank, N.A. LOC), 0.030%, 11/1/2021 | 10,615,000 | |
TOTAL | 16,615,000 | ||
Utah— 4.9% | |||
39,500,000 | Emery County, UT (Pacificorp), PCRB (Series 1994) Weekly VRDNs, 0.090%, 11/3/2021 | 39,500,000 | |
2,000,000 | St. George, UT IDRB (Apogee Enterprises, Inc.), (Series 2010) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.090%, 11/4/2021 | 2,000,000 | |
TOTAL | 41,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
Virginia— 0.6% | |||
$ 5,475,000 | Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), (Series 2017C) Weekly VRDNs, (Truist Bank LOC), 0.150%, 11/4/2021 | $5,475,000 | |
West Virginia— 2.5% | |||
21,400,000 | West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 0.150%, 11/4/2021 | 21,400,000 | |
TOTAL INVESTMENT IN SECURITIES—100.0% (AT AMORTIZED COST)2 | 850,655,000 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.0)%3 | (23,507) | ||
TOTAL NET ASSETS—100% | $850,631,493 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost of investments for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
CDA | —Community Development Authority | |
CP | —Commercial Paper | |
EDC | —Economic Development Commission | |
EDFA | —Economic Development Finance Authority | |
EDRB | —Economic Development Revenue Bond | |
EDRBs | —Economic Development Revenue Bonds | |
FHLB | —Federal Home Loan Bank | |
FNMA | —Federal National Mortgage Association | |
GTD | —Guaranteed | |
HFA | —Housing Finance Authority | |
IDA | —Industrial Development Authority | |
IDB | —Industrial Development Bond | |
IDRB | —Industrial Development Revenue Bond | |
INS | —Insured | |
LIQ | —Liquidity Agreement | |
LOC | —Letter of Credit | |
MFH | —Multi-Family Housing | |
PCFA | —Pollution Control Finance Authority | |
PCR | —Pollution Control Revenue | |
PCRB | —Pollution Control Revenue Bond | |
UT | —Unlimited Tax | |
VRDNs | —Variable Rate Demand Notes | |
VRDPs | —Variable Rate Demand Preferreds |
Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $1.0000 | $1.0000 | $1.0000 | $1.0000 | $1.0000 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.0001 | 0.0060 | 0.0137 | 0.0114 | 0.0059 |
Total From Investment Operations | 0.0001 | 0.0060 | 0.0137 | 0.0114 | 0.0059 |
Less Distributions: | |||||
Distributions from net investment income | (0.0001) | (0.0060) | (0.0137) | (0.0114) | (0.0059) |
Net Asset Value, End of Period | $1.0000 | $1.0000 | $1.0000 | $1.0000 | $1.0000 |
Total Return1 | 0.01% | 0.60% | 1.38% | 1.15% | 0.59% |
Ratios to Average Net Assets: | |||||
Net expenses2 | 0.08% | 0.19% | 0.20% | 0.20% | 0.20% |
Net investment income | 0.01% | 0.64% | 1.36% | 1.17% | 0.59% |
Expense waiver/reimbursement3 | 0.29% | 0.18% | 0.16% | 0.18% | 0.20% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $549,366 | $735,236 | $855,998 | $594,047 | $301,268 |
1 | Based on net asset value. |
2 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
3 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
October 31, 2021
Assets: | |
Investment in securities, at amortized cost and fair value | $850,655,000 |
Cash | 122,413 |
Income receivable | 62,992 |
Receivable for shares sold | 967 |
Total Assets | 850,841,372 |
Liabilities: | |
Payable for shares redeemed | 88,488 |
Income distribution payable | 4,193 |
Payable to adviser (Note 5) | 21,811 |
Payable for administrative fee (Note 5) | 5,468 |
Payable for legal fees | 4,756 |
Payable for transfer agent fees | 9,292 |
Payable for portfolio accounting fees | 27,630 |
Payable for other service fees (Notes 2 and 5) | 9,537 |
Payable for share registration costs | 11,453 |
Payable for printing and postage | 19,131 |
Accrued expenses (Note 5) | 8,120 |
Total Liabilities | 209,879 |
Net assets for 850,622,936 shares outstanding | $850,631,493 |
Net Assets Consist of: | |
Paid-in capital | $850,622,936 |
Total distributable earnings (loss) | 8,557 |
Total Net Assets | $850,631,493 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Institutional Shares: | |
$549,365,766 ÷ 549,366,250 shares outstanding, no par value, unlimited shares authorized | $1.0000 |
Premier Shares: | |
$301,265,727 ÷ 301,256,686 shares outstanding, no par value, unlimited shares authorized | $1.0000 |
Year Ended October 31, 2021
Investment Income: | |
Interest | $898,973 |
Expenses: | |
Investment adviser fee (Note 5) | 2,022,115 |
Administrative fee (Note 5) | 790,785 |
Custodian fees | 31,843 |
Transfer agent fees | 54,881 |
Directors’/Trustees’ fees (Note 5) | 5,692 |
Auditing fees | 19,401 |
Legal fees | 11,029 |
Portfolio accounting fees | 169,459 |
Other service fees (Notes 2 and 5) | 318,773 |
Share registration costs | 50,467 |
Printing and postage | 24,882 |
Miscellaneous (Note 5) | 42,240 |
TOTAL EXPENSES | 3,541,567 |
Waivers and Reimbursements: | |
Waiver of investment adviser fee (Note 5) | (2,022,115) |
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (721,582) |
TOTAL WAIVERS AND REIMBURSEMENTS | (2,743,697) |
Net expenses | 797,870 |
Net investment income | 101,103 |
Change in net assets resulting from operations | $101,103 |
Year Ended October 31 | 2021 | 2020 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $101,103 | $8,889,292 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 101,103 | 8,889,292 |
Distributions to Shareholders: | ||
Institutional Shares | (63,749) | (4,991,509) |
Premier Shares | (37,230) | (3,892,000) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (100,979) | (8,883,509) |
Share Transactions: | ||
Proceeds from sale of shares | 2,850,722,643 | 4,946,146,680 |
Net asset value of shares issued to shareholders in payment of distributions declared | 44,183 | 3,833,826 |
Cost of shares redeemed | (3,133,534,477) | (5,188,031,333) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (282,767,651) | (238,050,827) |
Change in net assets | (282,767,527) | (238,045,044) |
Net Assets: | ||
Beginning of period | 1,133,399,020 | 1,371,444,064 |
End of period | $850,631,493 | $1,133,399,020 |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Institutional Shares | $318,773 | $(23,668) | $(295,105) |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 436,603,893 | $436,603,893 | 1,542,541,049 | $1,542,541,049 |
Shares issued to shareholders in payment of distributions declared | 26,899 | 26,899 | 1,427,123 | 1,427,123 |
Shares redeemed | (622,501,075) | (622,501,075) | (1,664,731,646) | (1,664,731,646) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (185,870,283) | $(185,870,283) | (120,763,474) | $(120,763,474) |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Premier Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,414,118,750 | $2,414,118,750 | 3,403,605,631 | $3,403,605,631 |
Shares issued to shareholders in payment of distributions declared | 17,284 | 17,284 | 2,406,703 | 2,406,703 |
Shares redeemed | (2,511,033,402) | (2,511,033,402) | (3,523,299,687) | (3,523,299,687) |
NET CHANGE RESULTING FROM PREMIER SHARE TRANSACTIONS | (96,897,368) | $(96,897,368) | (117,287,353) | $(117,287,353) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (282,767,651) | $(282,767,651) | (238,050,827) | $(238,050,827) |
2021 | 2020 | |
Tax-exempt income | $100,979 | $8,883,509 |
Undistributed tax-exempt income | $8,593 |
Capital loss carryforwards | $(36) |
Short-Term | Long-Term | Total |
$36 | $— | $36 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
![](https://capedge.com/proxy/N-CSR/0001623632-21-001646/ernstyoungsig.jpg)
December 23, 2021
Beginning Account Value 5/1/2021 | Ending Account Value 10/31/2021 | Expenses Paid During Period1 | |
Actual | $1,000.00 | $1,000.10 | $20.30 |
Hypothetical (assuming a 5% return before expenses) | $1,000.00 | $1,024.90 | $20.31 |
1 | Expenses are equal to the Fund’s Institutional Shares annualized net expense ratio of 0.06%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Institutional Shares current Fee Limit of 0.20% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.01 and $1.02, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor Emerita of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; Director and Chair, North Catholic High School, Inc.; and Director and Vice Chair, Our Campaign for the Church Alive!, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004 | Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated Hermes’ tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated Hermes’ Tax-Free Money Markets in 2010. She joined Federated Hermes in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund’s Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
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Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
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Share Class | Ticker | Wealth | NISXX | Service | FNTXX | Cash II | NYCXX |
Cash Series | FNCXX |
Federated Hermes New York Municipal Cash Trust
A Portfolio of Federated Hermes Money Market Obligations Trust
![](https://capedge.com/proxy/N-CSR/0001623632-21-001646/donahuechrissigsmall.jpg)
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 82.7% |
Municipal Notes | 17.2% |
Other Assets and Liabilities—Net2 | 0.1% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 75.8% |
8-30 Days | 0.9% |
31-90 Days | 7.8% |
91-180 Days | 4.0% |
181 Days or more | 11.4% |
Other Assets and Liabilities—Net2 | 0.1% |
Total | 100% |
1 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— 99.9% | ||
New York— 99.9% | |||
$ 595,000 | Albany, NY IDA (Albany Local Development Corp.), (Series 2002: Corning Preserve/Hudson Riverfront) Weekly VRDNs, (KeyBank, N.A. LOC), 0.160%, 11/4/2021 | $595,000 | |
3,800,000 | Albany, NY IDA (Renaissance Corporation of Albany), (Series 2004) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 0.150%, 11/4/2021 | 3,800,000 | |
2,734,237 | Arlington, NY CSD BANs, 1.000%, 11/5/2021 | 2,734,386 | |
4,000,000 | Battery Park, NY City Authority, RBC Muni Products (Series 2019-E-137) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.080%, 11/4/2021 | 4,000,000 | |
1,500,000 | Cairo-Durham, NY CSD BANs, 1.500%, 6/29/2022 | 1,512,792 | |
2,948,540 | Chemung County, NY BANs, 1.000%, 10/14/2022 | 2,967,798 | |
2,263,050 | Cold Spring, NY BANs, 1.500%, 5/6/2022 | 2,276,381 | |
2,000,000 | Cooperstown, NY CSD BANs, 1.000%, 6/30/2022 | 2,010,548 | |
1,300,000 | Dansville, NY CSD BANs, 1.000%, 6/28/2022 | 1,306,793 | |
3,140,000 | Ellicottville, NY CSD, (Series A) BANs, 1.500%, 6/23/2022 | 3,165,287 | |
3,545,000 | Erie County, NY IDA (Our Lady of Victory Renaissance Corporation), (Series 2007A) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), 0.080%, 11/4/2021 | 3,545,000 | |
2,000,000 | Garrison, NY UFSD BANs, 1.000%, 6/30/2022 | 2,009,864 | |
1,600,000 | Great Neck Plaza, NY BANs, 1.500%, 4/20/2022 | 1,609,062 | |
2,880,000 | Hastings, NY BANs, 1.000%, 6/30/2022 | 2,894,034 | |
6,750,000 | Hudson Yards Infrastructure Corp. NY, Tender Option Bond Trust Certificates (Series 2020-XF2859) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 11/4/2021 | 6,750,000 | |
5,030,000 | Hudson Yards Infrastructure Corp. NY, Tender Option Bond Trust Receipts (Series 2019-ZM0737) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.100%, 11/4/2021 | 5,030,000 | |
3,000,000 | Keene, NY CSD BANs, 1.250%, 11/19/2021 | 3,001,392 | |
1,553,350 | Lima, NY BANs, 1.750%, 5/27/2022 | 1,565,903 | |
659,086 | Lloyd, NY BANs, 1.000%, 2/11/2022 | 660,377 | |
18,445,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Clipper Tax-Exempt Certificates Trust (Series 2009-71) Weekly VRDNs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.090%, 11/4/2021 | 18,445,000 | |
5,000,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2018-XM0697) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.100%, 11/4/2021 | 5,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$16,685,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2020-XF0917) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.100%, 11/4/2021 | $16,685,000 | |
16,670,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2020-XM0826) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.100%, 11/4/2021 | 16,670,000 | |
13,330,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2020-XM0835) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.100%, 11/4/2021 | 13,330,000 | |
2,685,000 | Monroe County, NY IDA (Continuing Developmental Services, Inc.), (Series 2007) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 0.190%, 11/4/2021 | 2,685,000 | |
3,725,000 | Nassau County, NY, RBC Muni Products (Series 2018 G-5) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.080%, 11/4/2021 | 3,725,000 | |
8,000,000 | Nassau County, NY, Tender Option Bond Trust Certificates (Series 2019-XF2815) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 0.100%, 11/4/2021 | 8,000,000 | |
8,700,000 | Nassau County, NY, Tender Option Bond Trust Certificates (Series 2019-XF2816) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.100%, 11/4/2021 | 8,700,000 | |
4,000,000 | New York City Housing Development Corp., Tender Option Bond Trust Certificates (Series 2019-ZF2787) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.080%, 11/4/2021 | 4,000,000 | |
3,400,000 | New York City Trust For Cultural Resources (American Museum of Natural History) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 0.060%, 11/4/2021 | 3,400,000 | |
2,535,000 | New York City, NY Municipal Water Finance Authority, Tender Option Bond Trust Receipts (Series 2021-XF2940) Weekly VRDNs, (UBS AG LIQ), 0.080%, 11/4/2021 | 2,535,000 | |
15,000,000 | New York City, NY Transitional Finance Authority, Stage Trust 3a-7 (Series 2020-002) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 11/4/2021 | 15,000,000 | |
1,000,000 | New York City, NY, (Subseries A-7) Daily VRDNs, (Bank of the West, San Francisco, CA LOC), 0.060%, 11/1/2021 | 1,000,000 | |
10,620,000 | New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 11/4/2021 | 10,620,000 | |
3,750,000 | New York State Dormitory Authority (New York State Personal Income Tax Revenue Bond Fund), Tender Option Bond Trust Receipts (Series 2020-XF0951) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.080%, 11/4/2021 | 3,750,000 | |
2,725,000 | New York State Dormitory Authority (Royal Charter Properties-East, Inc.), (Series 2006A) Weekly VRDNs, (FNMA LOC), 0.040%, 11/3/2021 | 2,725,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 9,400,000 | New York State Dormitory Authority (St. John’s University), Clipper Tax-Exempt Certificates Trust (2009-45) Weekly VRDNs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.080%, 11/4/2021 | $9,400,000 | |
5,600,000 | New York State Dormitory Authority State Personal Income Tax Revenue, Tender Option Bond Trust Receipts (Series 2018-XG0218) Weekly VRDNs, (Bank of America N.A. LIQ), 0.080%, 11/4/2021 | 5,600,000 | |
5,900,000 | New York State Energy Research & Development Authority (Consolidated Edison Co.), (Series 2005A-1) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 0.060%, 11/3/2021 | 5,900,000 | |
10,000,000 | New York State Energy Research & Development Authority (Consolidated Edison Co.), (Series 2005A-3) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 0.050%, 11/3/2021 | 10,000,000 | |
1,725,000 | New York State HFA (100 Maiden Lane), (2004 Series A) Weekly VRDNs, (FNMA LOC), 0.060%, 11/3/2021 | 1,725,000 | |
3,800,000 | New York State HFA (29 Flatbush Associates, LLC), (Series A) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 0.070%, 11/3/2021 | 3,800,000 | |
1,350,000 | New York State HFA (326 Riverdale Owners LLC), (Series 2008A: 330 Riverdale Avenue Apartments) Weekly VRDNs, (Bank of America N.A. LOC), 0.060%, 11/3/2021 | 1,350,000 | |
5,985,000 | New York State HFA (600 West 42nd Street), (2009 Series A) Weekly VRDNs, (FNMA LOC), 0.070%, 11/3/2021 | 5,985,000 | |
4,090,000 | New York State HFA (Liberty Street Realty LLC), (Series 2003A) Weekly VRDNs, (FHLMC LOC), 0.040%, 11/3/2021 | 4,090,000 | |
2,950,000 | New York State HFA, Tender Option Bond Trust Certificates (Series 2019-ZF2800) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.090%, 11/4/2021 | 2,950,000 | |
2,025,000 | New York State Power Authority, Tender Option Bond Trust Receipts (Series 2020-XF0945) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.080%, 11/4/2021 | 2,025,000 | |
2,250,000 | New York State Power Authority, Tender Option Bond Trust Receipts (Series 2020-XF0946) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.080%, 11/4/2021 | 2,250,000 | |
3,000,000 | New York State Power Authority, Tender Option Bond Trust Receipts (Series 2020-XF0947) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.080%, 11/4/2021 | 3,000,000 | |
5,000,000 | New York State Power Authority, Tender Option Bond Trust Receipts (Series 2020-ZF0949) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.080%, 11/4/2021 | 5,000,000 | |
5,500,000 | New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), Clipper Tax-Exempt Certificates Trust (Series 2009-35) Weekly VRDNs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.060%, 11/4/2021 | 5,500,000 | |
7,500,000 | New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), Tender Option Bond Trust Receipts (Series 2018-XM0636) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.080%, 11/4/2021 | 7,500,000 | |
4,010,560 | Niskayuna, NY BANs, 1.500%, 2/25/2022 | 4,027,091 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$14,500,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 1) Weekly VRDPs, (Societe Generale, Paris LIQ), 0.100%, 11/4/2021 | $14,500,000 | |
10,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 5) Weekly VRDPs, (TD Bank, N.A. LIQ), 0.090%, 11/4/2021 | 10,000,000 | |
4,230,000 | Onondaga County, NY IDA (Syracuse Research Corp.), (Series 2007) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 0.150%, 11/4/2021 | 4,230,000 | |
1,100,000 | Port Authority of New York and New Jersey, Tender Option Bond Trust Certificates (2015-ZM0099) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.130%, 11/4/2021 | 1,100,000 | |
2,000,000 | Prattsburgh, NY CSD BANs, 1.000%, 6/24/2022 | 2,009,891 | |
1,175,000 | Rensselaer County, NY IDA (WMHT Educational Telecommunications), Civic Facility Revenue Bonds (Series 2003A) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 0.150%, 11/4/2021 | 1,175,000 | |
6,435,000 | Romulus, NY CSD BANs, 1.000%, 6/24/2022 | 6,466,405 | |
2,229,095 | South Jefferson, NY CSD BANs, 0.750%, 2/11/2022 | 2,232,010 | |
2,100,000 | Triborough Bridge & Tunnel Authority, NY, (Series B-2A) Weekly VRDNs, (State Street Bank and Trust Co. LOC), 0.080%, 11/3/2021 | 2,100,000 | |
6,250,000 | Trust for Cultural Resources of the City of New York (American Museum of Natural History), (Series B1) TOBs, 0.090%, Mandatory Tender 5/13/2022 | 6,250,000 | |
4,030,000 | Utica, NY Industrial Development Agency Civic Facility (Munson-Williams- Proctor Arts Institute), (Series 2006) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 0.100%, 11/4/2021 | 4,030,000 | |
4,710,000 | Watertown, NY (Town of) BANs, 1.500%, 4/14/2022 | 4,734,234 | |
3,265,000 | Watertown, NY Enlarged City School District BANs, 1.000%, 6/28/2022 | 3,280,991 | |
TOTAL INVESTMENT IN SECURITIES—99.9% (AT AMORTIZED COST)2 | 329,915,239 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%3 | 194,126 | ||
TOTAL NET ASSETS—100% | $330,109,365 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
BANs | —Bond Anticipation Notes | |
CSD | —Central School District | |
FHLMC | —Federal Home Loan Mortgage Corporation | |
FNMA | —Federal National Mortgage Association | |
HFA | —Housing Finance Authority | |
IDA | —Industrial Development Authority | |
INS | —Insured | |
LIQ | —Liquidity Agreement | |
LOC | —Letter of Credit | |
TOBs | —Tender Option Bonds | |
UFSD | —Union Free School District | |
VRDNs | —Variable Rate Demand Notes | |
VRDPs | —Variable Rate Demand Preferreds | |
VRENs | —Variable Rate Extendible Notes |
Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0001 | 0.006 | 0.013 | 0.011 | 0.006 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | — | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0001 | 0.006 | 0.013 | 0.011 | 0.006 |
Less Distributions: | |||||
Distributions from net investment income | (0.000)1 | (0.006) | (0.013) | (0.011) | (0.006) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | — | (0.000)1 | — |
TOTAL DISTRIBUTIONS | (0.000)1 | (0.006) | (0.013) | (0.011) | (0.006) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.01% | 0.58% | 1.33% | 1.08% | 0.56% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.21% | 0.32% | 0.32% | 0.32% | 0.32% |
Net investment income | 0.01% | 0.64% | 1.31% | 1.10% | 0.58% |
Expense waiver/reimbursement4 | 0.34% | 0.19% | 0.17% | 0.25% | 0.34% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $111,555 | $179,225 | $326,684 | $211,511 | $111,061 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0001 | 0.004 | 0.011 | 0.009 | 0.003 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | — | 0.0001 |
Total From Investment Operations | 0.0001 | 0.004 | 0.011 | 0.009 | 0.003 |
Less Distributions: | |||||
Distributions from net investment income | (0.000)1 | (0.004) | (0.011) | (0.009) | (0.003) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | — | (0.000)1 | — |
Total Distributions | (0.000)1 | (0.004) | (0.011) | (0.009) | (0.003) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.01% | 0.43% | 1.11% | 0.86% | 0.34% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.20% | 0.46% | 0.54% | 0.54% | 0.54% |
Net investment income | 0.01% | 0.42% | 1.09% | 0.82% | 0.35% |
Expense waiver/reimbursement4 | 0.84% | 0.55% | 0.45% | 0.55% | 0.62% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $182,028 | $221,000 | $219,665 | $28,662 | $64,510 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0001 | 0.003 | 0.009 | 0.006 | 0.001 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | — | 0.0001 |
Total From Investment Operations | 0.0001 | 0.003 | 0.009 | 0.006 | 0.001 |
Less Distributions: | |||||
Distributions from net investment income | (0.000)1 | (0.003) | (0.009) | (0.006) | (0.001) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | — | (0.000)1 | — |
Total Distributions | (0.000)1 | (0.003) | (0.009) | (0.006) | (0.001) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.01% | 0.32% | 0.87% | 0.63% | 0.13% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.20% | 0.61% | 0.77% | 0.77% | 0.76% |
Net investment income | 0.01% | 0.37% | 0.87% | 0.62% | 0.13% |
Expense waiver/reimbursement4 | 0.85% | 0.40% | 0.22% | 0.32% | 0.41% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $8,058 | $7,515 | $9,952 | $9,535 | $10,982 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0001 | 0.002 | 0.006 | 0.004 | 0.0001 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | — | 0.0001 |
Total From Investment Operations | 0.0001 | 0.002 | 0.006 | 0.004 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.000)1 | (0.002) | (0.006) | (0.004) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | — | (0.000)1 | — |
Total Distributions | (0.000)1 | (0.002) | (0.006) | (0.004) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.01% | 0.21% | 0.62% | 0.38% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.19% | 0.71% | 1.02% | 1.02% | 0.86% |
Net investment income | 0.01% | 0.21% | 0.63% | 0.33% | 0.01% |
Expense waiver/reimbursement4 | 1.20% | 0.65% | 0.32% | 0.42% | 0.65% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $28,468 | $26,151 | $25,450 | $35,414 | $141,388 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
October 31, 2021
Assets: | |
Investment in securities, at amortized cost and fair value | $329,915,239 |
Cash | 43,256 |
Income receivable | 330,114 |
Receivable for shares sold | 56,414 |
Total Assets | 330,345,023 |
Liabilities: | |
Payable for shares redeemed | 63,909 |
Income distribution payable | 168 |
Payable for investment adviser fee (Note 5) | 6,724 |
Payable for administrative fee (Note 5) | 2,122 |
Payable for transfer agent fees | 71,638 |
Payable for legal fees | 11,651 |
Payable for portfolio accounting fees | 23,184 |
Payable for share registration costs | 34,018 |
Payable for printing and postage | 20,660 |
Accrued expenses (Note 5) | 1,584 |
Total Liabilities | 235,658 |
Net assets for 330,079,938 shares outstanding | $330,109,365 |
Net Assets Consist of: | |
Paid-in capital | $330,079,938 |
Total distributable earnings (loss) | 29,427 |
Total Net Assets | $330,109,365 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Wealth Shares: | |
$111,554,664 ÷ 111,544,720 outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$182,028,414 ÷ 182,012,188 outstanding, no par value, unlimited shares authorized | $1.00 |
Cash II Shares: | |
$8,058,328 ÷ 8,057,609 outstanding, no par value, unlimited shares authorized | $1.00 |
Cash Series Shares: | |
$28,467,959 ÷ 28,465,421 outstanding, no par value, unlimited shares authorized | $1.00 |
Year Ended October 31, 2021
Investment Income: | |
Interest | $787,505 |
Expenses: | |
Investment adviser fee (Note 5) | 1,121,854 |
Administrative fee (Note 5) | 293,225 |
Custodian fees | 12,247 |
Transfer agent fees (Note 2) | 299,137 |
Directors’/Trustees’ fees (Note 5) | 2,540 |
Auditing fees | 21,000 |
Legal fees | 18,563 |
Portfolio accounting fees | 134,327 |
Distribution services fee (Note 5) | 699,832 |
Other service fees (Notes 2 and 5) | 587,362 |
Share registration costs | 83,196 |
Printing and postage | 28,730 |
Miscellaneous (Note 5) | 9,643 |
TOTAL EXPENSES | 3,311,656 |
Waivers and Reimbursement: | |
Waiver of investment adviser fee (Note 5) | (1,084,807) |
Waivers/reimbursement of other operating expenses (Notes 2 and 5) | (1,472,381) |
TOTAL WAIVERS AND REIMBURSEMENT | (2,557,188) |
Net expenses | 754,468 |
Net investment income | 33,037 |
Net realized gain on investments | 20,869 |
Change in net assets resulting from operations | $53,906 |
Year Ended October 31 | 2021 | 2020 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $33,037 | $2,801,570 |
Net realized gain (loss) | 20,869 | 11 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 53,906 | 2,801,581 |
Distributions to Shareholders: | ||
Wealth Shares | (13,867) | (1,748,534) |
Service Shares | (19,522) | (989,900) |
Cash II Shares | (817) | (39,609) |
Cash Series Shares | (3,182) | (56,641) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (37,388) | (2,834,684) |
Share Transactions: | ||
Proceeds from sale of shares | 376,418,847 | 728,478,378 |
Net asset value of shares issued to shareholders in payment of distributions declared | 34,492 | 2,631,762 |
Cost of shares redeemed | (480,252,520) | (878,935,813) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (103,799,181) | (147,825,673) |
Change in net assets | (103,782,663) | (147,858,776) |
Net Assets: | ||
Beginning of period | 433,892,028 | 581,750,804 |
End of period | $330,109,365 | $433,892,028 |
Transfer Agent Fees Incurred | Transfer Agent Fees Waived by Unaffiliated Third Parties | |
Wealth Shares | $111,285 | $(1,844) |
Service Shares | 155,632 | (2,864) |
Cash II Shares | 6,566 | (133) |
Cash Series Shares | 25,654 | (502) |
TOTAL | $299,137 | $(5,343) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $487,274 | $(1,593) | $(485,681) |
Cash II Shares | 20,440 | — | (20,440) |
Cash Series Shares | 79,648 | (1) | (79,647) |
TOTAL | $587,362 | $(1,594) | $(585,768) |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 152,940,657 | $152,940,657 | 312,197,082 | $312,197,082 |
Shares issued to shareholders in payment of distributions declared | 11,089 | 11,089 | 1,568,473 | 1,568,473 |
Shares redeemed | (220,626,853) | (220,626,853) | (461,203,973) | (461,203,973) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | (67,675,107) | $(67,675,107) | (147,438,418) | $(147,438,418) |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 162,103,430 | $162,103,430 | 337,808,998 | $337,808,998 |
Shares issued to shareholders in payment of distributions declared | 19,426 | 19,426 | 968,768 | 968,768 |
Shares redeemed | (201,104,108) | (201,104,108) | (337,431,788) | (337,431,788) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (38,981,252) | $(38,981,252) | 1,345,978 | $1,345,978 |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 11,750,445 | $11,750,445 | 12,357,244 | $12,357,244 |
Shares issued to shareholders in payment of distributions declared | 816 | 816 | 39,403 | 39,403 |
Shares redeemed | (11,208,912) | (11,208,912) | (14,832,345) | (14,832,345) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | 542,349 | $542,349 | (2,435,698) | $(2,435,698) |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 49,624,315 | $49,624,315 | 66,115,054 | $66,115,054 |
Shares issued to shareholders in payment of distributions declared | 3,161 | 3,161 | 55,118 | 55,118 |
Shares redeemed | (47,312,647) | (47,312,647) | (65,467,707) | (65,467,707) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | 2,314,829 | $2,314,829 | 702,465 | $702,465 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (103,799,181) | $(103,799,181) | (147,825,673) | $(147,825,673) |
2021 | 2020 | |
Tax-exempt income | $37,380 | $2,793,986 |
Ordinary income1 | $8 | $40,698 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed tax-exempt income2 | $8,558 |
Undistributed long-term capital gains | $20,869 |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Service Shares | 0.25% |
Cash II Shares | 0.25% |
Cash Series Shares | 0.60% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Service Shares | $488,103 | $(488,103) |
Cash II Shares | 20,458 | (20,458) |
Cash Series Shares | 191,271 | (191,271) |
TOTAL | $699,832 | $(699,832) |
![](https://capedge.com/proxy/N-CSR/0001623632-21-001646/ernstyoungsig.jpg)
December 23, 2021
Beginning Account Value 5/1/2021 | Ending Account Value 10/31/2021 | Expenses Paid During Period1 | |
Actual: | |||
Wealth Shares | $1,000 | $1,000.10 | $20.71 |
Service Shares | $1,000 | $1,000.10 | $30.71 |
Cash II Shares | $1,000 | $1,000.10 | $40.71 |
Cash Series Shares | $1,000 | $1,000.10 | $50.71 |
Hypothetical (assuming a 5% return before expenses): | |||
Wealth Shares | $1,000 | $1,024.50 | $20.71 |
Service Shares | $1,000 | $1,024.50 | $30.71 |
Cash II Shares | $1,000 | $1,024.50 | $40.71 |
Cash Series Shares | $1,000 | $1,024.50 | $50.71 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Wealth Shares | 0.14% |
Service Shares | 0.14% |
Cash II Shares | 0.14% |
Cash Series Shares | 0.14% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Wealth Shares current Fee Limit of 0.32% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.61 and $1.63, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Service Shares current Fee Limit of 0.54% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.72 and $2.76, respectively. |
4 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Cash II Shares current Fee Limit of 0.77% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $3.88 and $3.93, respectively. |
5 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Cash Series Shares current Fee Limit of 1.02% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.14 and $5.20, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor Emerita of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; Director and Chair, North Catholic High School, Inc.; and Director and Vice Chair, Our Campaign for the Church Alive!, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004 | Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated Hermes’ tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated Hermes’ Tax-Free Money Markets in 2010. She joined Federated Hermes in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund’s Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
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Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N294
CUSIP 60934N310
CUSIP 608919866
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Share Class | Ticker | Wealth | NISXX |
Federated Hermes New York Municipal Cash Trust
A Portfolio of Federated Hermes Money Market Obligations Trust
![](https://capedge.com/proxy/N-CSR/0001623632-21-001646/donahuechrissigsmall.jpg)
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 82.7% |
Municipal Notes | 17.2% |
Other Assets and Liabilities—Net2 | 0.1% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 75.8% |
8-30 Days | 0.9% |
31-90 Days | 7.8% |
91-180 Days | 4.0% |
181 Days or more | 11.4% |
Other Assets and Liabilities—Net2 | 0.1% |
Total | 100% |
1 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— 99.9% | ||
New York— 99.9% | |||
$ 595,000 | Albany, NY IDA (Albany Local Development Corp.), (Series 2002: Corning Preserve/Hudson Riverfront) Weekly VRDNs, (KeyBank, N.A. LOC), 0.160%, 11/4/2021 | $595,000 | |
3,800,000 | Albany, NY IDA (Renaissance Corporation of Albany), (Series 2004) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 0.150%, 11/4/2021 | 3,800,000 | |
2,734,237 | Arlington, NY CSD BANs, 1.000%, 11/5/2021 | 2,734,386 | |
4,000,000 | Battery Park, NY City Authority, RBC Muni Products (Series 2019-E-137) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.080%, 11/4/2021 | 4,000,000 | |
1,500,000 | Cairo-Durham, NY CSD BANs, 1.500%, 6/29/2022 | 1,512,792 | |
2,948,540 | Chemung County, NY BANs, 1.000%, 10/14/2022 | 2,967,798 | |
2,263,050 | Cold Spring, NY BANs, 1.500%, 5/6/2022 | 2,276,381 | |
2,000,000 | Cooperstown, NY CSD BANs, 1.000%, 6/30/2022 | 2,010,548 | |
1,300,000 | Dansville, NY CSD BANs, 1.000%, 6/28/2022 | 1,306,793 | |
3,140,000 | Ellicottville, NY CSD, (Series A) BANs, 1.500%, 6/23/2022 | 3,165,287 | |
3,545,000 | Erie County, NY IDA (Our Lady of Victory Renaissance Corporation), (Series 2007A) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), 0.080%, 11/4/2021 | 3,545,000 | |
2,000,000 | Garrison, NY UFSD BANs, 1.000%, 6/30/2022 | 2,009,864 | |
1,600,000 | Great Neck Plaza, NY BANs, 1.500%, 4/20/2022 | 1,609,062 | |
2,880,000 | Hastings, NY BANs, 1.000%, 6/30/2022 | 2,894,034 | |
6,750,000 | Hudson Yards Infrastructure Corp. NY, Tender Option Bond Trust Certificates (Series 2020-XF2859) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 11/4/2021 | 6,750,000 | |
5,030,000 | Hudson Yards Infrastructure Corp. NY, Tender Option Bond Trust Receipts (Series 2019-ZM0737) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.100%, 11/4/2021 | 5,030,000 | |
3,000,000 | Keene, NY CSD BANs, 1.250%, 11/19/2021 | 3,001,392 | |
1,553,350 | Lima, NY BANs, 1.750%, 5/27/2022 | 1,565,903 | |
659,086 | Lloyd, NY BANs, 1.000%, 2/11/2022 | 660,377 | |
18,445,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Clipper Tax-Exempt Certificates Trust (Series 2009-71) Weekly VRDNs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.090%, 11/4/2021 | 18,445,000 | |
5,000,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2018-XM0697) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.100%, 11/4/2021 | 5,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$16,685,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2020-XF0917) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.100%, 11/4/2021 | $16,685,000 | |
16,670,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2020-XM0826) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.100%, 11/4/2021 | 16,670,000 | |
13,330,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2020-XM0835) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.100%, 11/4/2021 | 13,330,000 | |
2,685,000 | Monroe County, NY IDA (Continuing Developmental Services, Inc.), (Series 2007) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 0.190%, 11/4/2021 | 2,685,000 | |
3,725,000 | Nassau County, NY, RBC Muni Products (Series 2018 G-5) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.080%, 11/4/2021 | 3,725,000 | |
8,000,000 | Nassau County, NY, Tender Option Bond Trust Certificates (Series 2019-XF2815) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 0.100%, 11/4/2021 | 8,000,000 | |
8,700,000 | Nassau County, NY, Tender Option Bond Trust Certificates (Series 2019-XF2816) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.100%, 11/4/2021 | 8,700,000 | |
4,000,000 | New York City Housing Development Corp., Tender Option Bond Trust Certificates (Series 2019-ZF2787) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.080%, 11/4/2021 | 4,000,000 | |
3,400,000 | New York City Trust For Cultural Resources (American Museum of Natural History) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 0.060%, 11/4/2021 | 3,400,000 | |
2,535,000 | New York City, NY Municipal Water Finance Authority, Tender Option Bond Trust Receipts (Series 2021-XF2940) Weekly VRDNs, (UBS AG LIQ), 0.080%, 11/4/2021 | 2,535,000 | |
15,000,000 | New York City, NY Transitional Finance Authority, Stage Trust 3a-7 (Series 2020-002) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 11/4/2021 | 15,000,000 | |
1,000,000 | New York City, NY, (Subseries A-7) Daily VRDNs, (Bank of the West, San Francisco, CA LOC), 0.060%, 11/1/2021 | 1,000,000 | |
10,620,000 | New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 11/4/2021 | 10,620,000 | |
3,750,000 | New York State Dormitory Authority (New York State Personal Income Tax Revenue Bond Fund), Tender Option Bond Trust Receipts (Series 2020-XF0951) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.080%, 11/4/2021 | 3,750,000 | |
2,725,000 | New York State Dormitory Authority (Royal Charter Properties-East, Inc.), (Series 2006A) Weekly VRDNs, (FNMA LOC), 0.040%, 11/3/2021 | 2,725,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$ 9,400,000 | New York State Dormitory Authority (St. John’s University), Clipper Tax-Exempt Certificates Trust (2009-45) Weekly VRDNs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.080%, 11/4/2021 | $9,400,000 | |
5,600,000 | New York State Dormitory Authority State Personal Income Tax Revenue, Tender Option Bond Trust Receipts (Series 2018-XG0218) Weekly VRDNs, (Bank of America N.A. LIQ), 0.080%, 11/4/2021 | 5,600,000 | |
5,900,000 | New York State Energy Research & Development Authority (Consolidated Edison Co.), (Series 2005A-1) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 0.060%, 11/3/2021 | 5,900,000 | |
10,000,000 | New York State Energy Research & Development Authority (Consolidated Edison Co.), (Series 2005A-3) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 0.050%, 11/3/2021 | 10,000,000 | |
1,725,000 | New York State HFA (100 Maiden Lane), (2004 Series A) Weekly VRDNs, (FNMA LOC), 0.060%, 11/3/2021 | 1,725,000 | |
3,800,000 | New York State HFA (29 Flatbush Associates, LLC), (Series A) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 0.070%, 11/3/2021 | 3,800,000 | |
1,350,000 | New York State HFA (326 Riverdale Owners LLC), (Series 2008A: 330 Riverdale Avenue Apartments) Weekly VRDNs, (Bank of America N.A. LOC), 0.060%, 11/3/2021 | 1,350,000 | |
5,985,000 | New York State HFA (600 West 42nd Street), (2009 Series A) Weekly VRDNs, (FNMA LOC), 0.070%, 11/3/2021 | 5,985,000 | |
4,090,000 | New York State HFA (Liberty Street Realty LLC), (Series 2003A) Weekly VRDNs, (FHLMC LOC), 0.040%, 11/3/2021 | 4,090,000 | |
2,950,000 | New York State HFA, Tender Option Bond Trust Certificates (Series 2019-ZF2800) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.090%, 11/4/2021 | 2,950,000 | |
2,025,000 | New York State Power Authority, Tender Option Bond Trust Receipts (Series 2020-XF0945) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.080%, 11/4/2021 | 2,025,000 | |
2,250,000 | New York State Power Authority, Tender Option Bond Trust Receipts (Series 2020-XF0946) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.080%, 11/4/2021 | 2,250,000 | |
3,000,000 | New York State Power Authority, Tender Option Bond Trust Receipts (Series 2020-XF0947) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.080%, 11/4/2021 | 3,000,000 | |
5,000,000 | New York State Power Authority, Tender Option Bond Trust Receipts (Series 2020-ZF0949) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.080%, 11/4/2021 | 5,000,000 | |
5,500,000 | New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), Clipper Tax-Exempt Certificates Trust (Series 2009-35) Weekly VRDNs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.060%, 11/4/2021 | 5,500,000 | |
7,500,000 | New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), Tender Option Bond Trust Receipts (Series 2018-XM0636) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.080%, 11/4/2021 | 7,500,000 | |
4,010,560 | Niskayuna, NY BANs, 1.500%, 2/25/2022 | 4,027,091 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS— continued | ||
New York— continued | |||
$14,500,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 1) Weekly VRDPs, (Societe Generale, Paris LIQ), 0.100%, 11/4/2021 | $14,500,000 | |
10,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 5) Weekly VRDPs, (TD Bank, N.A. LIQ), 0.090%, 11/4/2021 | 10,000,000 | |
4,230,000 | Onondaga County, NY IDA (Syracuse Research Corp.), (Series 2007) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 0.150%, 11/4/2021 | 4,230,000 | |
1,100,000 | Port Authority of New York and New Jersey, Tender Option Bond Trust Certificates (2015-ZM0099) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.130%, 11/4/2021 | 1,100,000 | |
2,000,000 | Prattsburgh, NY CSD BANs, 1.000%, 6/24/2022 | 2,009,891 | |
1,175,000 | Rensselaer County, NY IDA (WMHT Educational Telecommunications), Civic Facility Revenue Bonds (Series 2003A) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 0.150%, 11/4/2021 | 1,175,000 | |
6,435,000 | Romulus, NY CSD BANs, 1.000%, 6/24/2022 | 6,466,405 | |
2,229,095 | South Jefferson, NY CSD BANs, 0.750%, 2/11/2022 | 2,232,010 | |
2,100,000 | Triborough Bridge & Tunnel Authority, NY, (Series B-2A) Weekly VRDNs, (State Street Bank and Trust Co. LOC), 0.080%, 11/3/2021 | 2,100,000 | |
6,250,000 | Trust for Cultural Resources of the City of New York (American Museum of Natural History), (Series B1) TOBs, 0.090%, Mandatory Tender 5/13/2022 | 6,250,000 | |
4,030,000 | Utica, NY Industrial Development Agency Civic Facility (Munson-Williams- Proctor Arts Institute), (Series 2006) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 0.100%, 11/4/2021 | 4,030,000 | |
4,710,000 | Watertown, NY (Town of) BANs, 1.500%, 4/14/2022 | 4,734,234 | |
3,265,000 | Watertown, NY Enlarged City School District BANs, 1.000%, 6/28/2022 | 3,280,991 | |
TOTAL INVESTMENT IN SECURITIES—99.9% (AT AMORTIZED COST)2 | 329,915,239 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%3 | 194,126 | ||
TOTAL NET ASSETS—100% | $330,109,365 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
BANs | —Bond Anticipation Notes | |
CSD | —Central School District | |
FHLMC | —Federal Home Loan Mortgage Corporation | |
FNMA | —Federal National Mortgage Association | |
HFA | —Housing Finance Authority | |
IDA | —Industrial Development Authority | |
INS | —Insured | |
LIQ | —Liquidity Agreement | |
LOC | —Letter of Credit | |
TOBs | —Tender Option Bonds | |
UFSD | —Union Free School District | |
VRDNs | —Variable Rate Demand Notes | |
VRDPs | —Variable Rate Demand Preferreds | |
VRENs | —Variable Rate Extendible Notes |
Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0001 | 0.006 | 0.013 | 0.011 | 0.006 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | — | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0001 | 0.006 | 0.013 | 0.011 | 0.006 |
Less Distributions: | |||||
Distributions from net investment income | (0.000)1 | (0.006) | (0.013) | (0.011) | (0.006) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | — | (0.000)1 | — |
TOTAL DISTRIBUTIONS | (0.000)1 | (0.006) | (0.013) | (0.011) | (0.006) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.01% | 0.58% | 1.33% | 1.08% | 0.56% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.21% | 0.32% | 0.32% | 0.32% | 0.32% |
Net investment income | 0.01% | 0.64% | 1.31% | 1.10% | 0.58% |
Expense waiver/reimbursement4 | 0.34% | 0.19% | 0.17% | 0.25% | 0.34% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $111,555 | $179,225 | $326,684 | $211,511 | $111,061 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
October 31, 2021
Assets: | |
Investment in securities, at amortized cost and fair value | $329,915,239 |
Cash | 43,256 |
Income receivable | 330,114 |
Receivable for shares sold | 56,414 |
Total Assets | 330,345,023 |
Liabilities: | |
Payable for shares redeemed | 63,909 |
Income distribution payable | 168 |
Payable for investment adviser fee (Note 5) | 6,724 |
Payable for administrative fee (Note 5) | 2,122 |
Payable for transfer agent fees | 71,638 |
Payable for legal fees | 11,651 |
Payable for portfolio accounting fees | 23,184 |
Payable for share registration costs | 34,018 |
Payable for printing and postage | 20,660 |
Accrued expenses (Note 5) | 1,584 |
Total Liabilities | 235,658 |
Net assets for 330,079,938 shares outstanding | $330,109,365 |
Net Assets Consist of: | |
Paid-in capital | $330,079,938 |
Total distributable earnings (loss) | 29,427 |
Total Net Assets | $330,109,365 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Wealth Shares: | |
$111,554,664 ÷ 111,544,720 outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$182,028,414 ÷ 182,012,188 outstanding, no par value, unlimited shares authorized | $1.00 |
Cash II Shares: | |
$8,058,328 ÷ 8,057,609 outstanding, no par value, unlimited shares authorized | $1.00 |
Cash Series Shares: | |
$28,467,959 ÷ 28,465,421 outstanding, no par value, unlimited shares authorized | $1.00 |
Year Ended October 31, 2021
Investment Income: | |
Interest | $787,505 |
Expenses: | |
Investment adviser fee (Note 5) | 1,121,854 |
Administrative fee (Note 5) | 293,225 |
Custodian fees | 12,247 |
Transfer agent fees (Note 2) | 299,137 |
Directors’/Trustees’ fees (Note 5) | 2,540 |
Auditing fees | 21,000 |
Legal fees | 18,563 |
Portfolio accounting fees | 134,327 |
Distribution services fee (Note 5) | 699,832 |
Other service fees (Notes 2 and 5) | 587,362 |
Share registration costs | 83,196 |
Printing and postage | 28,730 |
Miscellaneous (Note 5) | 9,643 |
TOTAL EXPENSES | 3,311,656 |
Waivers and Reimbursement: | |
Waiver of investment adviser fee (Note 5) | (1,084,807) |
Waivers/reimbursement of other operating expenses (Notes 2 and 5) | (1,472,381) |
TOTAL WAIVERS AND REIMBURSEMENT | (2,557,188) |
Net expenses | 754,468 |
Net investment income | 33,037 |
Net realized gain on investments | 20,869 |
Change in net assets resulting from operations | $53,906 |
Year Ended October 31 | 2021 | 2020 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $33,037 | $2,801,570 |
Net realized gain (loss) | 20,869 | 11 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 53,906 | 2,801,581 |
Distributions to Shareholders: | ||
Wealth Shares | (13,867) | (1,748,534) |
Service Shares | (19,522) | (989,900) |
Cash II Shares | (817) | (39,609) |
Cash Series Shares | (3,182) | (56,641) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (37,388) | (2,834,684) |
Share Transactions: | ||
Proceeds from sale of shares | 376,418,847 | 728,478,378 |
Net asset value of shares issued to shareholders in payment of distributions declared | 34,492 | 2,631,762 |
Cost of shares redeemed | (480,252,520) | (878,935,813) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (103,799,181) | (147,825,673) |
Change in net assets | (103,782,663) | (147,858,776) |
Net Assets: | ||
Beginning of period | 433,892,028 | 581,750,804 |
End of period | $330,109,365 | $433,892,028 |
Transfer Agent Fees Incurred | Transfer Agent Fees Waived by Unaffiliated Third Parties | |
Wealth Shares | $111,285 | $(1,844) |
Service Shares | 155,632 | (2,864) |
Cash II Shares | 6,566 | (133) |
Cash Series Shares | 25,654 | (502) |
TOTAL | $299,137 | $(5,343) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $487,274 | $(1,593) | $(485,681) |
Cash II Shares | 20,440 | — | (20,440) |
Cash Series Shares | 79,648 | (1) | (79,647) |
TOTAL | $587,362 | $(1,594) | $(585,768) |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 152,940,657 | $152,940,657 | 312,197,082 | $312,197,082 |
Shares issued to shareholders in payment of distributions declared | 11,089 | 11,089 | 1,568,473 | 1,568,473 |
Shares redeemed | (220,626,853) | (220,626,853) | (461,203,973) | (461,203,973) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | (67,675,107) | $(67,675,107) | (147,438,418) | $(147,438,418) |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 162,103,430 | $162,103,430 | 337,808,998 | $337,808,998 |
Shares issued to shareholders in payment of distributions declared | 19,426 | 19,426 | 968,768 | 968,768 |
Shares redeemed | (201,104,108) | (201,104,108) | (337,431,788) | (337,431,788) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (38,981,252) | $(38,981,252) | 1,345,978 | $1,345,978 |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 11,750,445 | $11,750,445 | 12,357,244 | $12,357,244 |
Shares issued to shareholders in payment of distributions declared | 816 | 816 | 39,403 | 39,403 |
Shares redeemed | (11,208,912) | (11,208,912) | (14,832,345) | (14,832,345) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | 542,349 | $542,349 | (2,435,698) | $(2,435,698) |
Year Ended 10/31/2021 | Year Ended 10/31/2020 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 49,624,315 | $49,624,315 | 66,115,054 | $66,115,054 |
Shares issued to shareholders in payment of distributions declared | 3,161 | 3,161 | 55,118 | 55,118 |
Shares redeemed | (47,312,647) | (47,312,647) | (65,467,707) | (65,467,707) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | 2,314,829 | $2,314,829 | 702,465 | $702,465 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (103,799,181) | $(103,799,181) | (147,825,673) | $(147,825,673) |
2021 | 2020 | |
Tax-exempt income | $37,380 | $2,793,986 |
Ordinary income1 | $8 | $40,698 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed tax-exempt income2 | $8,558 |
Undistributed long-term capital gains | $20,869 |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Service Shares | 0.25% |
Cash II Shares | 0.25% |
Cash Series Shares | 0.60% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Service Shares | $488,103 | $(488,103) |
Cash II Shares | 20,458 | (20,458) |
Cash Series Shares | 191,271 | (191,271) |
TOTAL | $699,832 | $(699,832) |
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December 23, 2021
Beginning Account Value 5/1/2021 | Ending Account Value 10/31/2021 | Expenses Paid During Period1 | |
Actual | $1,000.00 | $1,000.10 | $20.71 |
Hypothetical (assuming a 5% return before expenses) | $1,000.00 | $1,024.50 | $20.71 |
1 | Expenses are equal to the Fund annualized net expense ratio of 0.14%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Wealth Shares current Fee Limit of 0.32% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.61 and $1.63, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor Emerita of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; Director and Chair, North Catholic High School, Inc.; and Director and Vice Chair, Our Campaign for the Church Alive!, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
Madelyn A. Reilly Birth Date: February 2, 1956 Trustee Indefinite Term Began serving: November 2020 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Senior Vice President for Legal Affairs, General Counsel and Secretary of the Board of Trustees, Duquesne University. Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Director of Risk Management and Associate General Counsel, Duquesne University. Prior to her work at Duquesne University, Ms. Reilly served as Assistant General Counsel of Compliance and Enterprise Risk as well as Senior Counsel of Environment, Health and Safety, PPG Industries. |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. (now split into two separate publicly traded companies known as CONSOL Energy Inc. and CNX Resources Corp.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc. and CNX Gas Company; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004 | Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated Hermes’ tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated Hermes’ Tax-Free Money Markets in 2010. She joined Federated Hermes in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund’s Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
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Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Item 2. | Code of Ethics |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: G. Thomas Hough and Thomas M. O'Neill.
Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 – $362,080
Fiscal year ended 2020 - $441,860
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 - $0
Fiscal year ended 2020 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $5,569 respectively. Fiscal year ended 2020- Audit consent fee for N-14 merger document.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 - $0
Fiscal year ended 2020 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2021 - $0
Fiscal year ended 2020 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate to management its responsibilities to pre-approve services performed by the independent auditor.
The Audit Committee has delegated pre-approval authority to its chairman (the “Chairman”) for services that do not exceed a specified dollar threshold. The Chairman or Chief Audit Executive will report any such pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain audit services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the RIC’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of permissible services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | With respect to such services rendered to the Funds, the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the audit client to its accountant during the fiscal year in which the services are provided; and, |
(2) | With respect to such services rendered to the Fund’s investment adviser ( the “Adviser”)and any entity controlling, controlled by to under common control with the Adviser such as affiliated non-U.S. and U.S. funds not under the Audit Committee’s purview and which do not fall within a category of service which has been determined by the Audit Committee not to have a direct impact on the operations or financial reporting of the RIC, the aggregate amount of all services provided constitutes no more than five percent of the total amount of revenues paid to the RIC’s auditor by the RIC, its Adviser and any entity controlling, controlled by, or under common control with the Adviser during the fiscal year in which the services are provided; and |
(3) | Such services were not recognized by the issuer or RIC at the time of the engagement to be non-audit services; and |
(4) | Such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services, and would not impair the independence of the auditor.
The Securities and Exchange Commission’s (the “SEC”) rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Accounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2021 – 0%
Fiscal year ended 2020 - 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2021 – 0%
Fiscal year ended 2020 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2021 – 0%
Fiscal year ended 2020 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s Adviser, and certain entities controlling, controlled by or under common control with the Adviser: |
Fiscal year ended 2021 - $90,188
Fiscal year ended 2020 - $122,735
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s Adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes Money Market Obligations Trust
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date December 23, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
Date December 23, 2021
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date December 23, 2021