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: 07/31/22
Date of Reporting Period: 07/31/22
Item 1. | Reports to Stockholders |
Ticker FRFXX |
Federated Hermes Capital Reserves Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
Security Type | Percentage of Total Net Assets |
Commercial Paper | 32.6% |
Variable Rate Instruments | 36.4% |
Bank Instruments | 12.5% |
Other Repurchase Agreements and Repurchase Agreements | 17.7% |
U.S. Treasury | 0.2% |
Cash Equivalent2 | 0.6% |
Other Assets and Liabilities—Net3 | 0.0%4 |
TOTAL | 100% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 69.9%6 |
8-30 Days | 15.1% |
31-90 Days | 11.2% |
91-180 Days | 0.5% |
181 Days or more | 3.3% |
Other Assets and Liabilities—Net3 | 0.0%4 |
TOTAL | 100% |
Principal Amount or Shares | Value | ||
1 | COMMERCIAL PAPER—32.6% | ||
Aerospace / Auto—1.9% | |||
$85,000,000 | American Honda Finance Corp., (Honda Motor Co., Ltd. Support Agreement), 2.201%—2.680%, 8/3/2022 - 9/12/2022 | $84,786,914 | |
Banking—7.6% | |||
200,000,000 | Anglesea Funding LLC, 2.321%, 8/4/2022 - 8/5/2022 | 199,953,278 | |
13,000,000 | Canadian Imperial Bank of Commerce, 2.069%, 3/20/2023 | 12,830,831 | |
15,000,000 | National Australia Bank Ltd., Melbourne, 3.865%, 6/15/2023 | 14,507,100 | |
94,000,000 | Nationwide Building Society, 2.200%, 8/3/2022 | 93,988,511 | |
12,000,000 | Toronto Dominion Bank, 2.051%, 3/17/2023 | 11,847,240 | |
TOTAL | 333,126,960 | ||
Chemicals—4.6% | |||
100,000,000 | BASF SE, 1.852%, 8/2/2022 | 99,994,861 | |
60,000,000 | DuPont de Nemours, Inc., 1.953%—2.374%, 8/1/2022 - 8/15/2022 | 59,967,742 | |
40,000,000 | PPG Industries, Inc., 2.103%, 8/1/2022 | 40,000,000 | |
TOTAL | 199,962,603 | ||
Electric Power—8.4% | |||
35,000,000 | Avangrid, Inc., 2.500%, 8/1/2022 | 35,000,000 | |
217,500,000 | Duke Energy Corp., 2.004%—2.501%, 8/1/2022 - 8/2/2022 | 217,497,639 | |
115,500,000 | NextEra Energy Capital Holdings, Inc., 2.501%—2.553%, 8/1/2022 - 8/12/2022 | 115,461,041 | |
TOTAL | 367,958,680 | ||
Food & Beverage—2.9% | |||
125,000,000 | Mondelez International, Inc., 2.231%—2.655%, 8/4/2022 - 8/23/2022 | 124,869,250 | |
Mining—1.1% | |||
50,000,000 | Nutrien Ltd., 2.810%, 9/15/2022 | 49,825,000 | |
Telecommunications—4.8% | |||
50,000,000 | Bell Canada, 2.153%, 8/11/2022 | 49,970,139 | |
160,000,000 | Verizon Communications, Inc., 2.054%—2.760%, 8/11/2022 - 9/13/2022 | 159,689,139 | |
TOTAL | 209,659,278 | ||
Utility Gas—1.3% | |||
55,000,000 | Southern Co. Gas Capital, 2.152%—2.253%, 8/2/2022 - 8/3/2022 | 54,995,083 | |
TOTAL COMMERCIAL PAPER | 1,425,183,768 |
Principal Amount or Shares | Value | ||
2 | NOTES-VARIABLE—36.4% | ||
Banking—32.5% | |||
$75,000,000 | Bank of Montreal, 2.840% (SOFR +0.560%), 8/1/2022 | $75,000,000 | |
50,000,000 | Bank of Nova Scotia, Toronto, 2.810% (SOFR +0.530%), 8/1/2022 | 50,000,000 | |
50,000,000 | Bank of Nova Scotia, Toronto, 2.950% (SOFR +0.670%), 8/1/2022 | 50,000,000 | |
9,200,000 | Bragg 2019 Family Trust No. 1, Series 2019, (BOKF, N.A. LOC), 2.520%, 8/4/2022 | 9,200,000 | |
67,210,000 | Byron H. Rubin as Trustee of the Gerald J. Rubin Special Trust No. 1, UAD June 23, 2016, (Comerica Bank LOC), 2.500%, 8/4/2022 | 67,210,000 | |
75,000,000 | Canadian Imperial Bank of Commerce, 2.840% (SOFR +0.560%), 8/1/2022 | 75,000,000 | |
35,080,000 | Carol Allen Family Liquidity Trust, (Comerica Bank LOC), 2.480%, 8/4/2022 | 35,080,000 | |
13,225,000 | Catholic Health Initiatives, Taxable Municipal Funding Trust (Series 2019-007) VRDNs, (Barclays Bank plc LOC), 2.550%, 8/4/2022 | 13,225,000 | |
25,000,000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 2.460% (SOFR +0.180%), 8/1/2022 | 25,000,000 | |
50,000,000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 2.780% (SOFR +0.500%), 8/1/2022 | 50,000,000 | |
1,915,000 | Colorado Health Facilities Authority, Series 2016B, (UMB Bank, N.A. LOC), 2.760%, 8/4/2022 | 1,915,000 | |
11,300,000 | Connecticut Water Co., Series 2004, (Citizens Bank, N.A., Providence LOC), 2.620%, 8/3/2022 | 11,300,000 | |
6,750,000 | CT 2019 Irrevocable Trust, (BOKF, N.A. LOC), 2.520%, 8/4/2022 | 6,750,000 | |
17,625,000 | EG Irrevocable Life Insurance Trust, (BOKF, N.A. LOC), 1.710%, 8/4/2022 | 17,625,000 | |
9,590,000 | Eric and Lizzie Bommer Insurance Trust, (BOKF, N.A. LOC), 2.520%, 8/4/2022 | 9,590,000 | |
2,090,000 | Gannett Fleming, Inc., Series 2001, (Manufacturers & Traders Trust Co., Buffalo LOC), 2.420%, 8/5/2022 | 2,090,000 | |
4,725,000 | GM Enterprises of Oregon, Inc., Series 2017, (Bank of the West, San Francisco, CA LOC), 2.782%, 8/4/2022 | 4,725,000 | |
23,445,000 | J.R. Adventures Insurance Trust, (BOKF, N.A. LOC), 2.792%, 8/4/2022 | 23,445,000 | |
8,120,000 | MBW Legacy Investments, LLC, (BOKF, N.A. LOC), 2.520%, 8/4/2022 | 8,120,000 | |
75,000,000 | MUFG Bank Ltd., 1.720% (SOFR +0.190%), 8/1/2022 | 75,000,000 | |
25,000,000 | MUFG Bank Ltd., 2.140% (SOFR +0.610%), 8/1/2022 | 25,000,000 | |
15,000,000 | New York State Energy Research & Development Authority (National Grid Generation LLC), (1997 Series A) Weekly VRDNs, (NatWest Markets plc LOC), 1.620%, 8/3/2022 | 15,000,000 | |
11,255,000 | NLS 2015 Irrevocable Trust, (BOKF, N.A. LOC), 2.520%, 8/4/2022 | 11,255,000 |
Principal Amount or Shares | Value | ||
2 | NOTES-VARIABLE—continued | ||
Banking—continued | |||
$15,000,000 | Nuveen Credit Strategies Income Fund, Taxable Preferred Shares (Series A), (Societe Generale, Paris LOC), 2.470%, 8/3/2022 | $15,000,000 | |
50,000,000 | Nuveen Preferred Securities Income Fund, Variable Rate Demand Note (Series A), (Barclays Bank plc LIQ), 2.470%, 8/4/2022 | 50,000,000 | |
9,280,000 | Opler 2013 Irrevocable Trust, (BOKF, N.A. LOC), 2.520%, 8/4/2022 | 9,280,000 | |
30,565,000 | RBS Insurance Trust, (BOKF, N.A. LOC), 2.520%, 8/4/2022 | 30,565,000 | |
50,000,000 | Regatta Funding Co., LLC, (Credit Suisse AG LIQ), 2.680% (SOFR +0.400%), 10/14/2022 | 50,000,000 | |
11,240,000 | Richard F. Wilks Spousal Gifting Trust, (BOKF, N.A. LOC), 2.520%, 8/4/2022 | 11,240,000 | |
30,000,000 | Ridgefield Funding Company, LLC Series A, (BNP Paribas SA COL), 2.470% (SOFR +0.190%), 8/1/2022 | 30,000,000 | |
25,000,000 | Royal Bank of Canada, 2.530% (SOFR +0.250%), 8/1/2022 | 25,000,000 | |
90,000,000 | Royal Bank of Canada, 2.840% (SOFR +0.560%), 8/1/2022 | 90,000,000 | |
13,875,000 | Steel Dust Recycling, LLC, Series 2016, (Comerica Bank LOC), 2.500%, 8/4/2022 | 13,875,000 | |
50,000,000 | Sumitomo Mitsui Banking Corp., 2.680% (SOFR +0.400%), 8/1/2022 | 50,000,000 | |
50,000,000 | Sumitomo Mitsui Banking Corp., 2.730% (SOFR +0.450%), 8/1/2022 | 50,000,000 | |
25,000,000 | Sumitomo Mitsui Banking Corp., 2.790% (SOFR +0.510%), 8/1/2022 | 25,000,000 | |
38,415,000 | Taxable Muni Funding Trust 2020-011, (Series 2020-011) VRDNs, (Barclays Bank plc LOC), 2.550%, 8/4/2022 | 38,415,000 | |
2,300,000 | Taxable Muni Funding Trust 2021-002, Barclays Taxable Muni Funding Trust (Series 2021-002) VRDNs, (Barclays Bank plc LOC), 2.550%, 8/4/2022 | 2,300,000 | |
2,800,000 | Taxable Muni Funding Trust 2021-007, (Series 2021-007) VRDNs, (Barclays Bank plc LOC), 2.550%, 8/4/2022 | 2,800,000 | |
21,000,000 | Taxable Muni Funding Trust 2021-008, Barclays Taxable Trust (Series 2021-008) VRDNs, (Barclays Bank plc LOC), 2.550%, 8/4/2022 | 21,000,000 | |
25,600,000 | Taxable Muni Funding Trust 2021-010, (Series 2021-010) VRDNs, (Barclays Bank plc LOC), 2.550%, 8/4/2022 | 25,600,000 | |
6,145,000 | Taxable Municipal Funding Trust 2020-001, Barclays Taxable Muni Funding Trust (Series 2020-001) VRDNs, (Barclays Bank plc LOC), 2.550%, 8/4/2022 | 6,145,000 | |
5,501,055 | Taxable Tender Option Bond Trust 2021-MIZ9060TX, (Series 2021-MIZ9060TX) VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.590%, 8/1/2022 | 5,501,055 |
Principal Amount or Shares | Value | ||
2 | NOTES-VARIABLE—continued | ||
Banking—continued | |||
$6,500,000 | Taxable Tender Option Bond Trust 2021-MIZ9064TX, (Series 2021-MIZ9064TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.640%, 8/4/2022 | $6,500,000 | |
3,944,201 | Taxable Tender Option Bond Trust 2021-MIZ9083TX, (Series 2021-MIZ9083TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.590%, 8/1/2022 | 3,944,201 | |
5,150,000 | Taxable Tender Option Bond Trust 2022-MIZ9084TX, (Series 2022-MIZ-9084TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.640%, 8/4/2022 | 5,150,000 | |
18,750,000 | Taxable Tender Option Bond Trust 2022-MIZ9087TX, (Series 2022-MIZ9096TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.640%, 8/4/2022 | 18,750,000 | |
3,800,000 | Taxable Tender Option Bond Trust 2022-MIZ9094TX, (Series 2022-MIZ9094TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.640%, 8/4/2022 | 3,800,000 | |
20,000,000 | Taxable Tender Option Bond Trust2021-MIZ9070TX, (Series 2021-MIZ9070TX) VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.720%, 8/1/2022 | 20,000,000 | |
9,825,000 | The KVR Insurance Trust, Series 2014, (BOKF, N.A. LOC), 2.520%, 8/4/2022 | 9,825,000 | |
7,145,000 | The Raymon Lee Ince Irrevocable Trust, (BOKF, N.A. LOC), 2.520%, 8/4/2022 | 7,145,000 | |
25,000,000 | Toronto Dominion Bank, 1.780% (SOFR +0.250%), 8/1/2022 | 25,000,000 | |
90,000,000 | Toronto Dominion Bank, 2.050% (SOFR +0.520%), 8/1/2022 | 90,000,000 | |
7,305,000 | Tuttle Insurance Trust No. 2, Series 2015, (BOKF, N.A. LOC), 2.520%, 8/4/2022 | 7,305,000 | |
13,000,000 | Yavapai County, AZ IDA—Recovery Zone Facility (Drake Cement LLC), Taxable (Series 2015) Weekly VRDNs, (Bank of Nova Scotia, Toronto LOC), 2.000%, 8/4/2022 | 13,000,000 | |
TOTAL | 1,423,670,256 | ||
Finance—Commercial—1.2% | |||
50,000,000 | Atlantic Asset Securitization LLC, 2.730% (SOFR +0.450%), 8/1/2022 | 49,997,847 | |
Finance—Retail—2.3% | |||
50,000,000 | Barton Capital S.A., 2.700% (SOFR +0.420%), 8/1/2022 | 50,000,000 | |
50,000,000 | Thunder Bay Funding, LLC, 1.980% (SOFR +0.450%), 12/8/2022 | 50,000,000 | |
TOTAL | 100,000,000 | ||
Government Agency—0.4% | |||
3,935,000 | Jerry P. Himmel Irrevocable Trust No. 1, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 3,935,000 | |
7,365,000 | Millbrook, AL Redevelopment Authority, RAM Millbrook Hospitality LLC Project, Series 2017, (Federal Home Loan Bank of New York LOC), 2.500%, 8/4/2022 | 7,365,000 |
Principal Amount or Shares | Value | ||
2 | NOTES-VARIABLE—continued | ||
Government Agency—continued | |||
$6,060,000 | Roberts Insurance Trusts, LLC, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | $6,060,000 | |
TOTAL | 17,360,000 | ||
TOTAL NOTES-VARIABLE | 1,591,028,103 | ||
CERTIFICATES OF DEPOSIT—12.5% | |||
Banking—12.5% | |||
45,000,000 | Canadian Imperial Bank of Commerce, 0.240%—0.350%, 10/12/2022 - 11/2/2022 | 45,000,000 | |
75,000,000 | Credit Agricole Corporate and Investment Bank, 1.420%—1.730%, 8/2/2022 - 8/18/2022 | 75,000,000 | |
135,000,000 | Credit Agricole Corporate and Investment Bank, 1.420%—1.730%, 8/2/2022 - 8/18/2022 | 135,000,000 | |
20,000,000 | DNB Bank ASA, 1.100%, 9/6/2022 | 20,000,000 | |
50,000,000 | Landesbank Hessen-Thuringen, 1.730%, 8/2/2022 | 50,000,000 | |
75,000,000 | Sumitomo Mitsui Trust Bank Ltd., 1.450%, 8/17/2022 | 75,000,000 | |
30,000,000 | Toronto Dominion Bank, 3.750%—4.070%, 6/15/2023 - 7/18/2023 | 30,000,000 | |
115,000,000 | Westpac Banking Corp. Ltd., Sydney, 0.270%—3.000%, 10/13/2022 - 6/9/2023 | 115,000,000 | |
TOTAL CERTIFICATES OF DEPOSIT | 545,000,000 | ||
OTHER REPURCHASE AGREEMENTS—11.4% | |||
46,000,000 | Repurchase agreement, 2.40% dated 7/29/2022 under which BNP Paribas SA will repurchase the securities provided as collateral for $50,010,000 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. government agency and U.S. Treasury with various maturities to 1/1/2999 and the market value of those underlying securities was $51,010,200. | 46,000,000 | |
50,000,000 | Repurchase agreement, 2.39% dated 7/29/2022 under which BofA Securities, Inc will repurchase the securities provided as collateral for $50,009,958 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were corporate bonds and medium-term notes with various maturities to 1/1/2999 and the market value of those underlying securities was $51,010,279. | 50,000,000 | |
75,000,000 | Repurchase agreement, 2.35% dated 7/29/2022 under which BofA Securities, Inc will repurchase the securities provided as collateral for $125,024,479 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were corporate bonds and medium-term notes with various maturities to 11/2/2022 and the market value of those underlying securities was $127,500,001. | 75,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
$125,000,000 | Repurchase agreement, 2.45% dated 7/29/2022 under which Credit Suisse Securities (USA) LLC will repurchase the securities provided as collateral for $150,071,458 on 8/5/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were asset-backed securities with various maturities to 9/27/2060 and the market value of those underlying securities was $153,031,238. | $125,000,000 | |
60,000,000 | Repurchase agreement, 2.42% dated 7/29/2022 under which HSBC Securities (USA), Inc will repurchase the securities provided as collateral for $60,012,100 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were corporate bonds, medium-term notes and sovereign debt securities with various maturities to 2/15/2048 and the market value of those underlying securities was $61,200,063. | 60,000,000 | |
20,000,000 | Repurchase agreement, 2.14% dated 2/3/2022 under which Mizuho Securities USA LLC will repurchase the securities provided as collateral for $70,902,961 on 9/8/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were asset-backed securities with various maturities to 11/25/2050 and the market value of those underlying securities was $71,675,882. | 20,000,000 | |
25,000,000 | Repurchase agreement, 2.91% dated 4/27/2021 under which Wells Fargo Securities LLC will repurchase the securities provided as collateral for $26,075,083 on 10/11/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were convertible bonds with various maturities to 6/8/2023 and the market value of those underlying securities was $25,539,940. | 25,000,000 | |
25,000,000 | Repurchase agreement, 3.20% dated 2/3/2022 under which Wells Fargo Securities LLC will repurchase the securities provided as collateral for $25,575,556 on 10/20/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were convertible bonds with various maturities to 3/4/2026 and the market value of those underlying securities was $25,522,667. | 25,000,000 | |
25,000,000 | Repurchase agreement, 2.63% dated 6/24/2022 under which Wells Fargo Securities LLC will repurchase the securities provided as collateral for $25,164,375 on 9/22/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were convertible bonds with various maturities to 2/15/2027 and the market value of those underlying securities was $25,571,105. | 25,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
$50,000,000 | Repurchase agreement, 3.12% dated 3/23/2022 under which Wells Fargo Securities LLC will repurchase the securities provided as collateral for $50,884,000 on 10/13/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were convertible bonds with various maturities to 1/1/2999 and the market value of those underlying securities was $51,075,141. | $50,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS | 501,000,000 | ||
REPURCHASE AGREEMENTS—6.3% | |||
50,000,000 | Interest in $200,000,000 joint repurchase agreement, 2.30% dated 7/29/2022 under which BMO Harris Bank will repurchase the securities provided as collateral for $200,038,333 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. government agency with various maturities to 5/1/2032 and the market value of those underlying securities was $205,616,343. | 50,000,000 | |
75,000,000 | Interest in $250,000,000 joint repurchase agreement, 2.305% dated 7/29/2022 under which ABN Amro Bank N.V. will repurchase the securities provided as collateral for $250,048,021 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. government agency and U.S. Treasury with various maturities to 6/1/2052 and the market value of those underlying securities was $255,130,159. | 75,000,000 | |
150,000,000 | Interest in $600,000,000 joint repurchase agreement, 2.25% dated 7/29/2022 under which Natixis Financial Products LLC will repurchase the securities provided as collateral for $600,112,500 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury with various maturities to 5/15/2052 and the market value of those underlying securities was $612,114,799. | 150,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 275,000,000 | ||
U.S. TREASURY—0.2% | |||
10,000,000 | United States Treasury Floating Rate Notes, 2.570% (91-day T-Bill +0.034%), 8/2/2022 | 10,000,604 | |
INVESTMENT COMPANY—0.6% | |||
26,997,300 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 1.84%3 | 27,000,103 | |
TOTAL INVESTMENT IN SECURITIES—100.0% (AT AMORTIZED COST)4 | 4,374,212,578 | ||
OTHER ASSETS AND LIABILITIES—0.0%5 | 1,700,558 | ||
TOTAL NET ASSETS—100% | $4,375,913,136 |
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | |
Value as of 7/31/2021 | $27,000,102 |
Purchases at Cost | $1,995,100 |
Proceeds from Sales | $(1,995,099) |
Change in Unrealized Appreciation/Depreciation | $— |
Net Realized Gain/(Loss) | $— |
Value as of 7/31/2022 | $27,000,103 |
Shares Held as of 7/31/2022 | 26,997,300 |
Dividend Income | $96,533 |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Commercial Paper | $— | $1,425,183,768 | $— | $1,425,183,768 |
Certificates of Deposit | — | 545,000,000 | — | 545,000,000 |
Notes-Variable | — | 1,591,028,103 | — | 1,591,028,103 |
Other Repurchase Agreements | — | 501,000,000 | — | 501,000,000 |
Repurchase Agreements | — | 275,000,000 | — | 275,000,000 |
U.S. Treasury | — | 10,000,604 | — | 10,000,604 |
Investment Company | 27,000,103 | — | — | 27,000,103 |
TOTAL SECURITIES | $27,000,103 | $4,347,212,475 | $— | $4,374,212,578 |
Year Ended July 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from Investment Operations: | |||||
Net investment income | 0.001 | 0.0001 | 0.007 | 0.016 | 0.007 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.001 | 0.0001 | 0.007 | 0.016 | 0.007 |
Less Distributions: | |||||
Distributions from net income | (0.001) | (0.000)1 | (0.007) | (0.016) | (0.007) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.001) | (0.000)1 | (0.007) | (0.016) | (0.007) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.11% | 0.01% | 0.68% | 1.58% | 0.75% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.45% | 0.23%4 | 0.94%4 | 1.02%4 | 1.02%4 |
Net investment income | 0.11% | 0.01% | 0.65% | 1.58% | 0.70% |
Expense waiver/reimbursement5 | 0.76% | 0.97% | 0.28% | 0.19% | 0.19% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $4,375,913 | $4,295,924 | $4,312,748 | $4,030,191 | $4,220,884 |
July 31, 2022
Assets: | ||
Investment in securities, at value including $27,000,103 of investment in an affiliated holding* | $3,598,212,578 | |
Investments in other repurchase agreements and repurchase agreements | 776,000,000 | |
Investment in securities, at amortized cost and fair value | $4,374,212,578 | |
Income receivable | 4,826,207 | |
Cash | 221,803 | |
Income receivable from affiliated holding | 36,124 | |
Receivable for shares sold | 102 | |
TOTAL ASSETS | 4,379,296,814 | |
Liabilities: | ||
Payable for shares redeemed | 147 | |
Payable for distribution services fee (Note 5) | 1,690,203 | |
Payable for other service fees (Notes 2 and 5) | 1,068,491 | |
Payable for transfer agent fee | 365,086 | |
Payable for custodian fees | 76,941 | |
Payable for investment adviser fee (Note 5) | 37,440 | |
Payable for administrative fee (Note 5) | 28,050 | |
Payable for Directors’/Trustees’ fees (Note 5) | 1,140 | |
Accrued expenses (Note 5) | 116,180 | |
TOTAL LIABILITIES | 3,383,678 | |
Net assets for 4,375,884,152 shares outstanding | $4,375,913,136 | |
Net Assets Consists of: | ||
Paid-in capital | $4,375,871,595 | |
Total distributable earnings (loss) | 41,541 | |
TOTAL NET ASSETS | $4,375,913,136 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
$4,375,913,136 ÷ 4,375,884,152 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Year Ended July 31, 2022
Investment Income: | |||
Interest | $24,541,421 | ||
Dividends received from an affiliated holding* | 96,533 | ||
TOTAL INCOME | 24,637,954 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $8,724,094 | ||
Administrative fee (Note 5) | 3,414,678 | ||
Custodian fees | 154,692 | ||
Transfer agent fees (Note 2) | 4,377,664 | ||
Directors’/Trustees’ fees (Note 5) | 24,236 | ||
Auditing fees | 22,400 | ||
Legal fees | 7,358 | ||
Distribution services fee (Note 5) | 23,991,259 | ||
Other service fees (Notes 2 and 5) | 10,905,118 | ||
Portfolio accounting fees | 183,117 | ||
Share registration costs | 536,904 | ||
Printing and postage | 300,605 | ||
Miscellaneous (Note 5) | 37,133 | ||
TOTAL EXPENSES | 52,679,258 | ||
Waivers and Reimbursements: | |||
Waivers/reimbursements of investment adviser fee (Note 5) | $(4,950,899) | ||
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (28,086,359) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (33,037,258) | ||
Net expenses | 19,642,000 | ||
Net investment income | 4,995,954 | ||
Net realized gain on investments | 16,180 | ||
Change in net assets resulting from operations | $5,012,134 |
Year Ended July 31 | 2022 | 2021 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $4,995,954 | $449,256 |
Net realized gain | 16,180 | 7,910 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 5,012,134 | 457,166 |
Distributions to Shareholders | (4,972,760) | (446,155) |
Share Transactions: | ||
Proceeds from sale of shares | 1,758,477,348 | 1,667,943,463 |
Net asset value of shares issued to shareholders in payment of distributions declared | 4,899,871 | 436,441 |
Cost of shares redeemed | (1,683,427,684) | (1,685,214,367) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 79,949,535 | (16,834,463) |
Change in net assets | 79,988,909 | (16,823,452) |
Net Assets: | ||
Beginning of period | 4,295,924,227 | 4,312,747,679 |
End of period | $4,375,913,136 | $4,295,924,227 |
Year Ended July 31 | 2022 | 2021 |
Shares sold | 1,758,477,348 | 1,667,943,463 |
Shares issued to shareholders in payment of distributions declared | 4,899,871 | 436,441 |
Shares redeemed | (1,683,427,684) | (1,685,214,367) |
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS | 79,949,535 | (16,834,463) |
2022 | 2021 | |
Ordinary Income | $4,972,760 | $446,155 |
Undistributed ordinary income | $37,957 |
Undistributed long term capital gains | $3,584 |
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 |
September 23, 2022
Beginning Account Value 2/1/2022 | Ending Account Value 7/31/2022 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,001.10 | $3.622 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,021.17 | $3.662 |
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: 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). |
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.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, 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. |
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 |
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.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director, Saint Francis University. |
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. 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); Director, The Golisano Children’s Museum of Naples, Florida; and Director, Midway Pacific (lumber). |
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 |
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; formerly, Executive Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors and Assistant General Counsel and Director of Risk Management, 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. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy Hospital. |
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. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Share Class | Ticker | A | GRAXX | B | GRBXX | C | GRCXX |
F | GRGXX | P | GRFXX |
Federated Hermes Government Reserves Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
Security Type | Percentage of Total Net Assets |
Repurchase Agreements | 64.7% |
U.S. Treasury Securities | 20.1% |
U.S. Government Agency Securities | 14.6% |
Other Assets and Liabilities—Net2 | 0.6% |
TOTAL | 100% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 83.5%4 |
8-30 Days | 2.8% |
31-90 Days | 3.0% |
91-180 Days | 7.3% |
181 Days or more | 2.8% |
Other Assets and Liabilities—Net2 | 0.6% |
TOTAL | 100% |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—64.7% | |||
$175,000,000 | Interest in $250,000,000 joint repurchase agreement, 2.305% dated 7/29/2022 under which ABN Amro Bank N.V. will repurchase the securities provided as collateral for $250,048,021 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency and U.S. Treasury Securities with various maturities to 6/1/2052 and the market value of those underlying securities was $255,130,159. | $175,000,000 | |
150,000,000 | Interest in $200,000,000 joint repurchase agreement, 2.300% dated 7/29/2022 under which BMO Harris Bank, N.A. will repurchase the securities provided as collateral for $200,038,333 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency Securities with various maturities to 5/1/2032 and the market value of those underlying securities was $205,616,343. | 150,000,000 | |
150,000,000 | Repurchase agreement, 1.470% dated 6/7/2022 under which BNP Paribas SA will repurchase the securities provided as collateral for $150,575,750 on 9/9/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency and U.S. Treasury Securities with various maturities to 2/15/2046 and the market value of those underlying securities was $153,337,377. | 150,000,000 | |
115,000,000 | Repurchase agreement, 1.650% dated 5/16/2022 under which BNP Paribas SA will repurchase the securities provided as collateral for $115,969,833 on 11/16/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency Securities with various maturities to 6/1/2052 and the market value of those underlying securities was $117,742,582. | 115,000,000 | |
60,000,000 | Repurchase agreement, 1.700% dated 5/20/2022 under which BNP Paribas SA will repurchase the securities provided as collateral for $60,524,167 on 11/21/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency and U.S. Treasury Securities with various maturities to 6/20/2052 and the market value of those underlying securities was $61,420,495. | 60,000,000 | |
50,000,000 | Repurchase agreement, 1.800% dated 6/1/2022 under which BNP Paribas SA will repurchase the securities provided as collateral for $50,460,000 on 12/2/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency and U.S. Treasury Securities with various maturities to 7/1/2052 and the market value of those underlying securities was $51,159,916 | 50,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$328,565,000 | Interest in $330,000,000 joint repurchase agreement, 2.240% dated 7/29/2022 under which BNP Paribas SA will repurchase the securities provided as collateral for $330,061,600 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury Securities with various maturities to 2/15/2047 and the market value of those underlying securities was $336,662,870. | $328,565,000 | |
172,000,000 | Repurchase agreement, 2.240% dated 7/29/2022 under which BNP Paribas SA will repurchase the securities provided as collateral for $172,032,107 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury Securities with various maturities to 5/15/2032 and the market value of those underlying securities was $175,481,672. | 172,000,000 | |
150,000,000 | Repurchase agreement, 2.270% dated 7/29/2022 under which Bank Of America Securities, Inc. will repurchase the securities provided as collateral for $150,028,375 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury Securities with various maturities to 8/15/2026 and the market value of those underlying securities was $153,028,943. | 150,000,000 | |
150,000,000 | Repurchase agreement, 2.270% dated 7/29/2022 under which Bank Of America Securities, Inc. will repurchase the securities provided as collateral for $150,028,375 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury Securities with various maturities to 8/15/2026 and the market value of those underlying securities was $153,029,019. | 150,000,000 | |
72,787,000 | Interest in $1,800,000,000 joint repurchase agreement, 2.300% dated 7/29/2022 under which Bank Of America Securities, Inc. will repurchase the securities provided as collateral for $1,800,345,000 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency Securities with various maturities to 7/25/2052 and the market value of those underlying securities was $1,854,355,350. | 72,787,000 | |
500,000,000 | Repurchase agreement, 2.310% dated 3/4/2020 under which Citigroup Global Markets, Inc. will repurchase the securities provided as collateral for $528,490,000 on 8/9/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency and U.S. Treasury Securities with various maturities to 4/20/2063 and the market value of those underlying securities was $510,599,888. | 500,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$250,000,000 | Repurchase agreement, 2.320% dated 7/28/2022 under which Citigroup Global Markets, Inc. will repurchase the securities provided as collateral for $250,902,222 on 9/22/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury Securities with various maturities to 2/15/2050 and the market value of those underlying securities was $255,065,773. | $250,000,000 | |
4,500,000,000 | Repurchase agreement, 2.300% dated 7/29/2022 under which Federal Reserve Bank of New York will repurchase the securities provided as collateral for $4,500,862,500 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury Securities with various maturities to 2/15/2042 and the market value of those underlying securities was $4,500,862,543. | 4,500,000,000 | |
50,000,000 | Repurchase agreement, 2.305% dated 7/29/2022 under which HSBC Securities (USA), Inc. will repurchase the securities provided as collateral for $50,009,604 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency Securities with various maturities to 9/1/2051 and the market value of those underlying securities was $51,000,000. | 50,000,000 | |
252,600,000 | Interest in $600,000,000 joint repurchase agreement, 2.250% dated 7/29/2022 under which Natixis Financial Products LLC will repurchase the securities provided as collateral for $600,112,500 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency Securities with various maturities to 5/15/2052 and the market value of those underlying securities was $612,114,799. | 252,600,000 | |
TOTAL REPURCHASE AGREEMENTS | 7,125,952,000 | ||
U.S. TREASURY—20.1% | |||
50,000,000 | 1 | United States Treasury Bill, 0.074%, 9/8/2022 | 49,996,042 |
200,000,000 | 1 | United States Treasury Bill, 0.080%, 8/11/2022 | 199,995,555 |
75,500,000 | 1 | United States Treasury Bill, 0.160%, 11/3/2022 | 75,468,458 |
50,000,000 | 1 | United States Treasury Bill, 0.630%, 1/26/2023 | 49,844,250 |
95,000,000 | 1 | United States Treasury Bill, 0.770%, 8/18/2022 | 94,965,457 |
22,000,000 | 1 | United States Treasury Bill, 0.935%, 9/22/2022 | 21,970,288 |
90,000,000 | 1 | United States Treasury Bill, 1.530%, 11/25/2022 | 89,556,300 |
47,000,000 | 1 | United States Treasury Bill, 3.020%, 6/15/2023 | 45,746,196 |
103,500,000 | 1 | United States Treasury Bills, 0.240%—1.580%, 12/1/2022 | 103,072,966 |
110,000,000 | 1 | United States Treasury Bills, 1.465%—1.490%, 11/17/2022 | 109,511,300 |
141,000,000 | 2 | United States Treasury Floating Rate Notes, 2.461% (91-day T-Bill -0.075%), 8/2/2022 | 140,906,637 |
107,000,000 | 2 | United States Treasury Floating Rate Notes, 2.521% (91-day T-Bill -0.015%), 8/2/2022 | 107,077,485 |
Principal Amount | Value | ||
U.S. TREASURY—continued | |||
$179,000,000 | 2 | United States Treasury Floating Rate Notes, 2.565% (91-day T-Bill +0.029%), 8/2/2022 | $179,027,974 |
117,760,000 | 2 | United States Treasury Floating Rate Notes, 2.570% (91-day T-Bill +0.034%), 8/2/2022 | 117,761,669 |
81,000,000 | 2 | United States Treasury Floating Rate Notes, 2.571% (91-day T-Bill +0.035%), 8/2/2022 | 80,997,912 |
165,150,000 | 2 | United States Treasury Floating Rate Notes, 2.585% (91-day T-Bill +0.049%), 8/2/2022 | 165,154,654 |
28,000,000 | 1 | United States Treasury Note, 0.125%, 9/30/2022 | 27,997,369 |
85,000,000 | 1 | United States Treasury Note, 0.125%, 11/30/2022 | 84,992,388 |
15,000,000 | United States Treasury Note, 0.125%, 2/28/2023 | 14,867,202 | |
16,000,000 | United States Treasury Note, 0.125%, 5/31/2023 | 15,734,573 | |
30,000,000 | United States Treasury Note, 1.500%, 9/15/2022 | 30,052,225 | |
13,600,000 | United States Treasury Note, 1.625%, 8/15/2022 | 13,607,960 | |
15,000,000 | United States Treasury Note, 1.625%, 11/15/2022 | 15,065,826 | |
28,000,000 | United States Treasury Note, 2.125%, 12/31/2022 | 28,208,802 | |
22,000,000 | United States Treasury Note, 2.500%, 3/31/2023 | 22,124,551 | |
170,000,000 | United States Treasury Notes, 0.125%—2.000%, 10/31/2022 | 170,266,036 | |
165,000,000 | United States Treasury Notes, 1.625%—1.875%, 8/31/2022 | 165,227,878 | |
TOTAL U.S. TREASURY | 2,219,197,953 | ||
GOVERNMENT AGENCIES—14.6% | |||
15,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.630% (Secured Overnight Financing Rate +0.100%), 8/2/2022 | 15,000,000 |
33,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 2.300% (Secured Overnight Financing Rate +0.020%), 8/1/2022 | 33,000,000 |
139,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 2.305% (Secured Overnight Financing Rate +0.025%), 8/1/2022 | 138,998,639 |
60,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 2.307% (Secured Overnight Financing Rate +0.027%), 8/1/2022 | 59,991,843 |
23,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 2.310% (Secured Overnight Financing Rate +0.030%), 8/1/2022 | 23,000,000 |
10,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 2.315% (Secured Overnight Financing Rate +0.035%), 8/1/2022 | 9,999,521 |
68,800,000 | 2 | Federal Farm Credit System Floating Rate Notes, 2.320% (Secured Overnight Financing Rate +0.040%), 8/1/2022 | 68,800,000 |
82,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 2.325% (Secured Overnight Financing Rate +0.045%), 8/1/2022 | 81,999,813 |
151,775,000 | 2 | Federal Farm Credit System Floating Rate Notes, 2.330% (Secured Overnight Financing Rate +0.050%), 8/1/2022 | 151,775,725 |
63,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 2.335% (Secured Overnight Financing Rate +0.055%), 8/1/2022 | 62,999,058 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
$57,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 2.340% (Secured Overnight Financing Rate +0.060%), 8/1/2022 | $57,000,000 |
20,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 2.345% (Secured Overnight Financing Rate +0.065%), 8/1/2022 | 20,000,000 |
25,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 2.355% (Secured Overnight Financing Rate +0.075%), 8/1/2022 | 25,000,000 |
25,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 2.360% (Secured Overnight Financing Rate +0.080%), 8/1/2022 | 24,997,726 |
18,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 2.365% (Secured Overnight Financing Rate +0.085%), 8/1/2022 | 18,000,000 |
34,000,000 | Federal Farm Credit System Notes, 0.100%, 10/19/2022 | 33,999,338 | |
18,350,000 | Federal Farm Credit System Notes, 0.160%, 12/5/2022 | 18,349,233 | |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.620% (Secured Overnight Financing Rate +0.100%), 8/1/2022 | 25,000,000 |
35,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 2.315% (Secured Overnight Financing Rate +0.035%), 8/1/2022 | 35,000,000 |
48,100,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 2.320% (Secured Overnight Financing Rate +0.040%), 8/1/2022 | 48,100,000 |
87,500,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 2.335% (Secured Overnight Financing Rate +0.055%), 8/1/2022 | 87,500,000 |
188,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 2.340% (Secured Overnight Financing Rate +0.060%), 8/1/2022 | 188,000,000 |
27,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 2.345% (Secured Overnight Financing Rate +0.065%), 8/1/2022 | 27,000,000 |
269,000,000 | Federal Home Loan Bank System, 1.738%—2.350%, 12/23/2022 - 7/5/2023 | 268,995,904 | |
70,000,000 | 2 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 2.345% (Secured Overnight Financing Rate +0.065%), 8/1/2022 | 70,000,000 |
21,300,000 | 2 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 2.370% (Secured Overnight Financing Rate +0.090%), 8/1/2022 | 21,300,000 |
TOTAL GOVERNMENT AGENCIES | 1,613,806,800 | ||
TOTAL INVESTMENT IN SECURITIES—99.4% (AT AMORTIZED COST)3 | 10,958,956,753 | ||
OTHER ASSETS AND LIABILITIES - NET—0.6%4 | 62,950,048 | ||
TOTAL NET ASSETS—100% | $11,021,906,801 |
Year Ended July 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
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 | 0.0001 | 0.006 | 0.015 | 0.006 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | 0.0001 | (0.000)1 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0001 | 0.0001 | 0.006 | 0.015 | 0.006 |
Less Distributions: | |||||
Distributions from net investment income | (0.000)1 | (0.000)1 | (0.006) | (0.015) | (0.006) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | — | — | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.000)1 | (0.000)1 | (0.006) | (0.015) | (0.006) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.09% | 0.01% | 0.61% | 1.47% | 0.56% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.29% | 0.11%4 | 0.64%4 | 0.87%4 | 0.87%4 |
Net investment income | 0.08% | 0.01% | 0.54% | 1.48% | 0.54% |
Expense waiver/reimbursement5 | 0.73% | 0.92% | 0.41% | 0.14% | 0.15% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $132,620 | $133,442 | $150,878 | $103,120 | $73,428 |
Year Ended July 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
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 | 0.0001 | 0.004 | 0.011 | 0.002 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | 0.0001 | (0.000)1 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0001 | 0.0001 | 0.004 | 0.011 | 0.002 |
Less Distributions: | |||||
Distributions from net investment income | (0.000)1 | (0.000)1 | (0.004) | (0.011) | (0.002) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | — | — | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.000)1 | (0.000)1 | (0.004) | (0.011) | (0.002) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.04% | 0.01% | 0.36% | 1.07% | 0.23% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.29% | 0.11%4 | 0.95%4 | 1.27%4 | 1.19%4 |
Net investment income | 0.03% | 0.01% | 0.40% | 1.07% | 0.20% |
Expense waiver/reimbursement5 | 1.06% | 1.26% | 0.43% | 0.11% | 0.17% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $480 | $843 | $1,139 | $1,682 | $2,024 |
Year Ended July 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
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 | 0.0001 | 0.004 | 0.011 | 0.002 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | 0.0001 | (0.000)1 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0001 | 0.0001 | 0.004 | 0.011 | 0.002 |
Less Distributions: | |||||
Distributions from net investment income | (0.000)1 | (0.000)1 | (0.004) | (0.011) | (0.002) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | — | — | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.000)1 | (0.000)1 | (0.004) | (0.011) | (0.002) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.04% | 0.01% | 0.38% | 1.08% | 0.23% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.38% | 0.10%4 | 0.69%4 | 1.26%4 | 1.20%4 |
Net investment income | 0.04% | 0.01% | 0.22% | 1.09% | 0.19% |
Expense waiver/reimbursement5 | 0.94% | 1.23% | 0.65% | 0.08% | 0.16% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $5,543 | $5,677 | $8,299 | $4,505 | $6,007 |
Year Ended July 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
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 | 0.0001 | 0.006 | 0.015 | 0.006 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | 0.0001 | (0.000)1 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0001 | 0.0001 | 0.006 | 0.015 | 0.006 |
Less Distributions: | |||||
Distributions from net investment income | (0.000)1 | (0.000)1 | (0.006) | (0.015) | (0.006) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | — | — | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.000)1 | (0.000)1 | (0.006) | (0.015) | (0.006) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.09% | 0.01% | 0.61% | 1.47% | 0.56% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.30% | 0.11%4 | 0.62%4 | 0.87%4 | 0.87%4 |
Net investment income | 0.09% | 0.01% | 0.53% | 1.49% | 0.54% |
Expense waiver/reimbursement5 | 0.66% | 0.89% | 0.42% | 0.16% | 0.16% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,692 | $1,609 | $1,743 | $1,556 | $1,071 |
Year Ended July 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
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 | 0.0001 | 0.005 | 0.013 | 0.004 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | 0.0001 | (0.000)1 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0001 | 0.0001 | 0.005 | 0.013 | 0.004 |
Less Distributions: | |||||
Distributions from net investment income | (0.000)1 | (0.000)1 | (0.005) | (0.013) | (0.004) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | — | — | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.000)1 | (0.000)1 | (0.005) | (0.013) | (0.004) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.07% | 0.01% | 0.52% | 1.32% | 0.41% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.30% | 0.11%4 | 0.72%4 | 1.02%4 | 1.02%4 |
Net investment income | 0.06% | 0.01% | 0.47% | 1.31% | 0.40% |
Expense waiver/reimbursement5 | 0.89% | 1.09% | 0.48% | 0.18% | 0.18% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $10,881,572 | $11,417,910 | $10,706,195 | $8,069,420 | $8,626,983 |
July 31, 2022
Assets: | ||
Investment in securities | $3,833,004,753 | |
Investments in repurchase agreements | 7,125,952,000 | |
Investment in securities, at amortized cost and fair value | $10,958,956,753 | |
Cash | 531,377 | |
Income receivable | 11,283,519 | |
Receivable for investments sold | 75,500,000 | |
Receivable for shares sold | 199,204 | |
TOTAL ASSETS | 11,046,470,853 | |
Liabilities: | ||
Payable for investments purchased | 15,000,000 | |
Payable for shares redeemed | 1,305,583 | |
Income distribution payable | 1,587 | |
Payable for distribution services fee (Note 5) | 4,322,752 | |
Payable for other service fees (Notes 2 and 5) | 2,417,472 | |
Payable for transfer agent fee (Notes 2 and 5) | 990,256 | |
Payable for investment adviser fee (Note 5) | 116,349 | |
Payable for administrative fee (Note 5) | 70,896 | |
Accrued expenses (Note 5) | 339,157 | |
TOTAL LIABILITIES | 24,564,052 | |
Net assets for 11,021,905,448 shares outstanding | $11,021,906,801 | |
Net Assets Consists of: | ||
Paid-in capital | $11,021,904,312 | |
Total distributable earnings (loss) | 2,489 | |
TOTAL NET ASSETS | $11,021,906,801 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
Net asset value per share ($132,619,728 ÷ 132,619,878 shares outstanding), no par value, unlimited shares authorized | $1.00 | |
Offering price per share | $1.00 | |
Redemption proceeds per share | $1.00 | |
Class B Shares: | ||
Net asset value per share ($480,414 ÷ 480,419 shares outstanding), no par value, unlimited shares authorized | $1.00 | |
Offering price per share | $1.00 | |
Redemption proceeds per share (94.50/100 of $1.00)1 | $0.95 | |
Class C Shares: | ||
Net asset value per share ($5,542,595 ÷ 5,542,594 shares outstanding), no par value, unlimited shares authorized | $1.00 | |
Offering price per share | $1.00 | |
Redemption proceeds per share (99.00/100 of $1.00)1 | $0.99 | |
Class F Shares: | ||
Net asset value per share ($1,691,656 ÷ 1,691,656 shares outstanding), no par value, unlimited shares authorized | $1.00 | |
Offering price per share | $1.00 | |
Redemption proceeds per share (99.00/100 of $1.00)1 | $0.99 | |
Class P Shares: | ||
Net asset value per share ($10,881,572,408 ÷ 10,881,570,901 shares outstanding), no par value, unlimited shares authorized | $1.00 | |
Offering price per share | $1.00 | |
Redemption proceeds per share | $1.00 |
Year Ended July 31, 2022
Investment Income: | |||
Interest | $42,602,184 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $23,147,329 | ||
Administrative fee (Note 5) | 9,058,762 | ||
Custodian fees | 324,261 | ||
Transfer agent fees (Notes 2 and 5) | 11,564,620 | ||
Directors’/Trustees’ fees (Note 5) | 63,232 | ||
Auditing fees | 22,400 | ||
Legal fees | 7,358 | ||
Distribution services fee (Note 5) | 63,533,224 | ||
Other service fees (Notes 2 and 5) | 28,754,768 | ||
Portfolio accounting fees | 197,643 | ||
Share registration costs | 673,171 | ||
Printing and postage | 696,125 | ||
Miscellaneous (Note 5) | 50,287 | ||
TOTAL EXPENSES | 138,093,180 | ||
Waivers and Reimbursements: | |||
Waiver of investment adviser fee (Note 5) | $(19,057,942) | ||
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (83,748,434) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (102,806,376) | ||
Net expenses | 35,286,804 | ||
Net investment income | 7,315,380 | ||
Net realized gain on investments | 1,517 | ||
Change in net assets resulting from operations | $7,316,897 |
Year Ended July 31 | 2022 | 2021 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $7,315,380 | $1,370,207 |
Net realized gain | 1,517 | 14,886 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 7,316,897 | 1,385,093 |
Distributions to Shareholders: | ||
Class A Shares | (116,462) | (13,570) |
Class B Shares | (198) | (92) |
Class C Shares | (2,468) | (895) |
Class F Shares | (1,463) | (168) |
Class P Shares | (7,518,693) | (1,067,900) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (7,639,284) | (1,082,625) |
Share Transactions: | ||
Proceeds from sale of shares | 9,137,625,168 | 8,148,572,146 |
Net asset value of shares issued to shareholders in payment of distributions declared | 7,474,688 | 1,049,111 |
Cost of shares redeemed | (9,682,351,270) | (7,458,696,904) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (537,251,414) | 690,924,353 |
Change in net assets | (537,573,801) | 691,226,821 |
Net Assets: | ||
Beginning of period | 11,559,480,602 | 10,868,253,781 |
End of period | $11,021,906,801 | $11,559,480,602 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | Transfer Agent Fees Waived by Unaffiliated Third Parties | |
Class A Shares | $37,549 | $(19,773) | $(15,500) |
Class B Shares | 335 | (266) | — |
Class C Shares | 2,130 | (124) | (838) |
Class F Shares | 403 | (333) | (47) |
Class P Shares | 11,524,203 | (701,998) | (6,583,718) |
TOTAL | $11,564,620 | $(722,494) | $(6,600,103) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Class A Shares | $331,998 | $(17,293) | $(249,710) |
Class B Shares | 1,458 | (1,306) | — |
Class C Shares | 16,121 | — | (13,788) |
Class F Shares | 2,837 | (170) | (1,878) |
Class P Shares | 28,402,354 | (118,417) | (24,564,584) |
TOTAL | $28,754,768 | $(137,186) | $(24,829,960) |
Year Ended July 31 | 2022 | 2021 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 73,725,006 | $73,725,006 | 81,657,832 | $81,657,832 |
Shares issued to shareholders in payment of distributions declared | 113,787 | 113,787 | 13,091 | 13,091 |
Shares redeemed | (74,657,374) | (74,657,374) | (99,109,836) | (99,109,836) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | (818,581) | $(818,581) | (17,438,913) | $(17,438,913) |
Year Ended July 31 | 2022 | 2021 | ||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 26,434 | $26,434 | 324,777 | $324,777 |
Shares issued to shareholders in payment of distributions declared | 170 | 170 | 87 | 87 |
Shares redeemed | (388,664) | (388,664) | (621,739) | (621,739) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (362,060) | $(362,060) | (296,875) | $(296,875) |
Year Ended July 31 | 2022 | 2021 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 8,302,537 | $8,302,537 | 15,818,992 | $15,818,992 |
Shares issued to shareholders in payment of distributions declared | 2,453 | 2,453 | 889 | 889 |
Shares redeemed | (8,438,969) | (8,438,969) | (18,442,707) | (18,442,707) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | (133,979) | $(133,979) | (2,622,826) | $(2,622,826) |
Year Ended July 31 | 2022 | 2021 | ||
Class F Shares: | Shares | Amount | Shares | Amount |
Shares sold | 639,953 | $639,953 | 601,358 | $601,358 |
Shares issued to shareholders in payment of distributions declared | 997 | 997 | 119 | 119 |
Shares redeemed | (558,280) | (558,280) | (735,128) | (735,128) |
NET CHANGE RESULTING FROM CLASS F SHARE TRANSACTIONS | 82,670 | $82,670 | (133,651) | $(133,651) |
Year Ended July 31 | 2022 | 2021 | ||
Class P Shares: | Shares | Amount | Shares | Amount |
Shares sold | 9,054,931,238 | $9,054,931,238 | 8,050,169,194 | $8,050,169,187 |
Shares issued to shareholders in payment of distributions declared | 7,357,281 | 7,357,281 | 1,034,925 | 1,034,925 |
Shares redeemed | (9,598,307,983) | (9,598,307,983) | (7,339,787,494) | (7,339,787,494) |
NET CHANGE RESULTING FROM CLASS P SHARE TRANSACTIONS | (536,019,464) | $(536,019,464) | 711,416,625 | $711,416,618 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (537,251,414) | $(537,251,414) | 690,924,360 | $690,924,353 |
2022 | 2021 | |
Ordinary income1 | $7,639,284 | $1,082,625 |
Ordinary income | $972 |
Long-term capital gains | $1,517 |
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 |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class A Shares | 0.45% |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Class F Shares | 0.45% |
Class P Shares | 0.55% |
Distribution Service Fees Incurred | Distribution Services Fees Waived | |
Class A Shares | $605,537 | $(455,682) |
Class B Shares | 4,374 | (3,605) |
Class C Shares | 48,706 | (36,403) |
Class F Shares | 6,842 | (5,095) |
Class P Shares | 62,867,765 | (50,957,906) |
TOTAL | $63,533,224 | $(51,458,691) |
September 23, 2022
Beginning Account Value 2/1/2022 | Ending Account Value 7/31/2022 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000.00 | $1,000.80 | $2.532 |
Class B Shares | $1,000.00 | $1,000.30 | $2.933 |
Class C Shares | $1,000.00 | $1,000.30 | $3.124 |
Class F Shares | $1,000.00 | $1,000.80 | $2.635 |
Class P Shares | $1,000.00 | $1,000.60 | $2.636 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000.00 | $1,022.27 | $2.562 |
Class B Shares | $1,000.00 | $1,021.87 | $2.963 |
Class C Shares | $1,000.00 | $1,021.67 | $3.164 |
Class F Shares | $1,000.00 | $1,022.17 | $2.665 |
Class P Shares | $1,000.00 | $1,022.17 | $2.666 |
Class A Shares | 0.51% |
Class B Shares | 0.59% |
Class C Shares | 0.63% |
Class F Shares | 0.53% |
Class P Shares | 0.53% |
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: 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.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, 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.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director, Saint Francis University. |
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. 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); Director, The Golisano Children’s Museum of Naples, Florida; 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; formerly, Executive Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors and Assistant General Counsel and Director of Risk Management, 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. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy 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 |
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 Portfolio Manager since: December 2009 | Principal Occupations: Deborah A. Cunningham has been the Fund’s Portfolio Manager since December 2009. Ms. 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. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 608919536
CUSIP 608919528
CUSIP 608919510
CUSIP 608919205
Shares | Ticker | Select | GRTXX | Institutional | GOIXX |
Service | GOSXX | Administrative | GOEXX | |
Cash II | GFYXX | Cash Series | GFSXX | |
Capital | GOCXX | Trust | GORXX | |
Premier | GOFXX | Advisor | GOVXX | |
SDG | GPHXX |
Federated Hermes Government Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
Security Type | Percentage of Total Net Assets |
U.S. Government Agency Securities | 13.2% |
U.S. Treasury Securities | 9.8% |
Repurchase Agreements | 73.7% |
Other Assets and Liabilities—Net2 | 3.3% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of the principal types of securities in which the Fund invests. |
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 | 89.3% |
8-30 Days | 0.9% |
31-90 Days | 0.9% |
91-180 Days | 3.1% |
181 Days or more | 2.5% |
Other Assets and Liabilities—Net2 | 3.3% |
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 | ||
GOVERNMENT AGENCIES— 13.2% | |||
$ 45,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 1.630% (Secured Overnight Financing Rate +0.100%), 8/2/2022 | $ 45,000,000 |
160,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.290% (Secured Overnight Financing Rate +0.010%), 8/1/2022 | 159,999,045 |
20,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.297% (Secured Overnight Financing Rate +0.017%), 8/1/2022 | 19,993,739 |
595,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.300% (Secured Overnight Financing Rate +0.020%), 8/1/2022 | 594,995,146 |
1,794,550,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.305% (Secured Overnight Financing Rate +0.025%), 8/1/2022 | 1,794,534,011 |
178,600,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.307% (Secured Overnight Financing Rate +0.027%), 8/1/2022 | 178,575,719 |
773,900,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.310% (Secured Overnight Financing Rate +0.030%), 8/1/2022 | 773,802,862 |
350,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.312% (Secured Overnight Financing Rate +0.032%), 8/1/2022 | 349,994,476 |
2,152,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.315% (Secured Overnight Financing Rate +0.035%), 8/1/2022 | 2,151,974,183 |
599,850,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.320% (Secured Overnight Financing Rate +0.040%), 8/1/2022 | 599,850,000 |
934,650,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.325% (Secured Overnight Financing Rate +0.045%), 8/1/2022 | 934,647,879 |
662,650,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.330% (Secured Overnight Financing Rate +0.050%), 8/1/2022 | 662,650,000 |
479,600,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.335% (Secured Overnight Financing Rate +0.055%), 8/1/2022 | 479,599,669 |
1,144,575,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.340% (Secured Overnight Financing Rate +0.060%), 8/1/2022 | 1,144,628,835 |
65,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.345% (Secured Overnight Financing Rate +0.065%), 8/1/2022 | 65,000,000 |
259,850,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.360% (Secured Overnight Financing Rate +0.080%), 8/1/2022 | 259,826,366 |
218,875,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.365% (Secured Overnight Financing Rate +0.085%), 8/1/2022 | 218,875,000 |
389,000,000 | Federal Farm Credit System Notes, 0.100%, 10/19/2022 | 388,992,428 | |
559,000,000 | Federal Farm Credit System, 0.070% - 3.000%, 10/13/2022 - 7/11/2023 | 558,921,049 | |
500,000,000 | 2 | Federal Home Loan Bank System Discount Notes, 1.800%, 2/2/2023 | 495,375,000 |
399,750,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 1.620% (Secured Overnight Financing Rate +0.100%), 8/1/2022 | 399,750,000 |
25,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 2.295% (Secured Overnight Financing Rate +0.015%), 8/1/2022 | 24,999,342 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES— continued | |||
$ 95,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 2.310% (Secured Overnight Financing Rate +0.030%), 8/1/2022 | $ 95,000,000 |
399,750,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 2.335% (Secured Overnight Financing Rate +0.055%), 8/1/2022 | 399,750,000 |
1,121,775,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 2.340% (Secured Overnight Financing Rate +0.060%), 8/1/2022 | 1,121,775,000 |
280,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 2.345% (Secured Overnight Financing Rate +0.065%), 8/1/2022 | 280,000,000 |
2,905,090,000 | Federal Home Loan Bank System Floating Rate Notes, 1.738% - 2.350%, 9/9/2022 - 7/5/2023 | 2,905,119,342 | |
627,000,000 | 1 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 2.345% (Secured Overnight Financing Rate +0.065%), 8/1/2022 | 627,000,000 |
304,000,000 | 1 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 2.370% (Secured Overnight Financing Rate +0.090%), 8/1/2022 | 304,000,000 |
281,890,000 | 1 | Housing and Urban Development Floating Rate Notes, 1.750% (91-day T-Bill +0.350%), 8/1/2022 | 281,890,000 |
TOTAL GOVERNMENT AGENCIES | 18,316,519,091 | ||
U.S. TREASURIES— 9.8% | |||
2 | U.S. Treasury Bills—3.5% | ||
355,700,000 | United States Treasury Bills, 0.074%, 9/8/2022 | 355,671,841 | |
65,000,000 | United States Treasury Bills, 0.080%, 8/11/2022 | 64,998,556 | |
512,000,000 | United States Treasury Bills, 0.630%, 1/26/2023 | 510,405,120 | |
1,010,400,000 | United States Treasury Bills, 0.770%, 8/18/2022 | 1,010,032,607 | |
1,051,000,000 | United States Treasury Bills, 1.465% - 1.490%, 11/17/2022 | 1,046,333,529 | |
1,020,000,000 | United States Treasury Bills, 1.530%, 11/25/2022 | 1,014,971,400 | |
854,000,000 | United States Treasury Bills, 1.580%, 12/1/2022 | 849,427,303 | |
TOTAL | 4,851,840,356 | ||
U.S. Treasury Notes—6.3% | |||
671,000,000 | 1 | United States Treasury Floating Rate Notes, 2.461% (91-day T-Bill -0.075%), 8/2/2022 | 670,999,945 |
1,359,290,000 | 1 | United States Treasury Floating Rate Notes, 2.521% (91-day T-Bill -0.015%), 8/2/2022 | 1,360,365,908 |
1,555,500,000 | 1 | United States Treasury Floating Rate Notes, 2.565% (91-day T-Bill +0.029%), 8/2/2022 | 1,555,823,899 |
2,149,000,000 | 1 | United States Treasury Floating Rate Notes, 2.570% (91-day T-Bill +0.034%), 8/2/2022 | 2,149,046,378 |
976,200,000 | 1 | United States Treasury Floating Rate Notes, 2.571% (91-day T-Bill +0.035%), 8/2/2022 | 976,174,386 |
910,920,000 | 1 | United States Treasury Floating Rate Notes, 2.585% (91-day T-Bill +0.049%), 8/2/2022 | 910,967,315 |
20,000,000 | United States Treasury Notes, 0.125%, 10/31/2022 | 20,001,440 | |
159,000,000 | United States Treasury Notes, 0.125%, 2/28/2023 | 157,592,345 | |
175,000,000 | United States Treasury Notes, 0.125%, 5/31/2023 | 172,096,895 | |
144,000,000 | United States Treasury Notes, 1.625%, 8/15/2022 | 144,084,281 |
Principal Amount | Value | ||
U.S. TREASURIES— continued | |||
U.S. Treasury Notes—6.3% | |||
$ 392,250,000 | United States Treasury Notes, 1.625% - 1.875%, 8/31/2022 | $ 392,776,305 | |
188,439,000 | United States Treasury Notes, 2.500%, 3/31/2023 | 189,505,829 | |
TOTAL | 8,699,434,926 | ||
TOTAL U.S. TREASURIES | 13,551,275,282 | ||
REPURCHASE AGREEMENTS— 73.7% | |||
849,447,000 | Interest in $975,000,000 joint repurchase agreement 2.31%, dated 7/29/2022 under which ABN Amro Bank N.V., Netherlands will repurchase securities provided as collateral for $975,187,688 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 7/1/2052 and the market value of those underlying securities was $997,119,148. | 849,447,000 | |
1,075,000,000 | Repurchase agreement 2.31%, dated 7/29/2022 under which HSBC Securities (USA), Inc. will repurchase securities provided as collateral for $1,075,206,938 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 2/1/2056 and the market value of those underlying securities was $1,096,500,000. | 1,075,000,000 | |
1,150,000,000 | Interest in $1,350,000,000 joint repurchase agreement 2.31%, dated 7/29/2022 under which Bank of Nova Scotia will repurchase securities provided as collateral for $1,350,259,875 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/1/2052 and the market value of those underlying securities was $1,377,265,073. | 1,150,000,000 | |
498,068,000 | Interest in $650,000,000 joint repurchase agreement 2.31%, dated 7/29/2022 under which Mizuho Securities USA, Inc. will repurchase securities provided as collateral for $650,125,125 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/1/2052 and the market value of those underlying securities was $663,127,628. | 498,068,000 | |
850,000,000 | Repurchase agreement 2.31%, dated 7/29/2022 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $850,163,625 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 7/1/2052 and the market value of those underlying securities was $867,166,997. | 850,000,000 | |
750,000,000 | Repurchase agreement 2.30%, dated 7/29/2022 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $750,143,750 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 4/20/2072 and the market value of those underlying securities was $772,648,063. | 750,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS— continued | |||
$ 723,999,000 | Interest in $1,650,000,000 joint repurchase agreement 2.29%, dated 7/29/2022 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $1,650,314,875 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2057 and the market value of those underlying securities was $1,683,321,173. | $ 723,999,000 | |
2,056,576,000 | Interest in $3,000,000,000 joint repurchase agreement 2.30%, dated 7/29/2022 under which Sumitomo Mitsui Banking Corp. will repurchase securities provided as collateral for $3,000,575,000 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2050 and the market value of those underlying securities was $3,060,586,535. | 2,056,576,000 | |
50,000,000 | Repurchase agreement 2.30%, dated 7/29/2022 under which ING Financial Markets LLC will repurchase securities provided as collateral for $50,009,583 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 6/20/2051 and the market value of those underlying securities was $51,009,775. | 50,000,000 | |
949,000,000 | Interest in $1,850,000,000 joint repurchase agreement 1.47%, dated 6/7/2022 under which BNP Paribas S.A. will repurchase securities provided as collateral for $1,857,025,375 on 9/9/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2051 and the market value of those underlying securities was $1,891,160,894. | 949,000,000 | |
400,000,000 | Interest in $800,000,000 joint repurchase agreement 2.25%, dated 7/29/2022 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $800,150,000 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2052 and the market value of those underlying securities was $816,153,045. | 400,000,000 | |
150,000,000 | Repurchase agreement 2.33%, dated 7/29/2022 under which Barclays Capital, Inc. will repurchase a security provided as collateral for $150,029,125 on 8/1/2022. The security provided as collateral at the end of the period held with BNY Mellon as tri-party agent, was a U.S. Treasury security maturing on 11/15/2048 and the market value of that underlying security was $153,028,498. | 150,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS— continued | |||
$ 150,000,000 | Interest in $1,800,000,000 joint repurchase agreement 2.30%, dated 7/29/2022 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $1,800,345,000 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 6/16/2064 and the market value of those underlying securities was $1,841,376,235. | $ 150,000,000 | |
550,000,000 | Interest in $750,000,000 joint repurchase agreement 2.30%, dated 7/29/2022 under which Bank of Montreal will repurchase securities provided as collateral for $750,143,750 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 5/20/2072 and the market value of those underlying securities was $768,906,178. | 550,000,000 | |
500,000,000 | Interest in $700,000,000 joint repurchase agreement 2.31%, dated 7/28/2022 under which Bank of Montreal will repurchase securities provided as collateral for $701,437,333 on 8/29/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 6/20/2072 and the market value of those underlying securities was $718,454,092. | 500,000,000 | |
116,782,508 | Repurchase agreement 2.32%, dated 7/29/2022 under which Prudential Insurance Co. of America will repurchase securities provided as collateral for $116,805,086 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 10/1/2048 and the market value of those underlying securities was $119,500,914. | 116,782,508 | |
82,218,750 | Repurchase agreement 2.31%, dated 7/29/2022 under which Prudential Legacy Insurance Co. of NJ will repurchase securities provided as collateral for $82,234,577 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2031 and the market value of those underlying securities was $84,157,800. | 82,218,750 | |
398,000,000 | Interest in $500,000,000 joint repurchase agreement 2.34%, dated 5/12/2022 under which Royal Bank of Canada, New York Branch will repurchase securities provided as collateral for $504,582,500 on 9/30/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities and a U.S. Treasury security with various maturities to 2/1/2057 and the market value of those underlying securities was $513,884,250. | 398,000,000 | |
580,000,000 | Interest in $740,000,000 joint repurchase agreement 1.70%, dated 5/20/2022 under which BNP Paribas S.A. will repurchase securities provided as collateral for $746,464,722 on 11/21/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 6/1/2056 and the market value of those underlying securities was $757,916,422. | 580,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS— continued | |||
$ 600,000,000 | Interest in $750,000,000 joint repurchase agreement 1.80%, dated 6/1/2022 under which BNP Paribas S.A. will repurchase securities provided as collateral for $756,862,500 on 12/2/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 6/1/2056 and the market value of those underlying securities was $767,496,568. | $ 600,000,000 | |
482,000,000 | Repurchase agreement 2.24%, dated 7/29/2022 under which BNP Paribas S.A. will repurchase securities provided as collateral for $482,089,973 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2046 and the market value of those underlying securities was $491,731,786. | 482,000,000 | |
250,000,000 | Repurchase agreement 2.31%, dated 7/29/2022 under which Credit Agricole Corporate and Investment Bank will repurchase a security provided as collateral for $250,048,125 on 8/1/2022. The security provided as collateral at the end of the period held with BNY Mellon as tri-party agent, was a U.S. Treasury security maturing on 1/20/2051 and the market value of that underlying security was $255,048,982. | 250,000,000 | |
90,407,000 | Repurchase agreement 2.22%, dated 7/29/2022 under which BofA Securities, Inc. will repurchase a security provided as collateral for $90,423,725 on 8/1/2022. The security provided as collateral at the end of the period held with BNY Mellon as tri-party agent, was a U.S. Treasury security maturing on 4/30/2027 and the market value of that underlying security was $92,232,282. | 90,407,000 | |
1,000,000,000 | Repurchase agreement 2.30%, dated 7/29/2022 under which BofA Securities, Inc. will repurchase securities provided as collateral for $1,000,191,667 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 10/16/2055 and the market value of those underlying securities was $1,030,197,417. | 1,000,000,000 | |
800,000,000 | Repurchase agreement 2.30%, dated 7/29/2022 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $800,153,333 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities and a U.S. Treasury security with various maturities to 3/20/2051 and the market value of those underlying securities was $816,156,471. | 800,000,000 | |
1,250,000,000 | Interest in $1,750,000,000 joint repurchase agreement 2.31%, dated 3/4/2020 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $1,750,786,042 on 8/9/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities and a U.S. Treasury security with various maturities to 7/20/2072 and the market value of those underlying securities was $1,793,157,590. | 1,250,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS— continued | |||
$ 1,259,187,000 | Interest in $1,547,000,000 joint repurchase agreement 2.30%, dated 7/29/2022 under which Bank of America, N.A. will repurchase securities provided as collateral for $1,547,296,508 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 4/20/2050 and the market value of those underlying securities was $1,578,242,439. | $ 1,259,187,000 | |
350,000,000 | Interest in $500,000,000 joint repurchase agreement 2.31%, dated 7/27/2022 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $501,796,667 on 9/22/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, was a U.S. Government Agency security and U.S. Treasury securities with various maturities to 5/15/2052 and the market value of those underlying securities was $510,130,900. | 350,000,000 | |
400,000,000 | Interest in $500,000,000 joint repurchase agreement 2.31%, dated 7/28/2022 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $501,026,667 on 8/29/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities and a U.S. Treasury security with various maturities to 1/20/2072 and the market value of those underlying securities was $515,123,960. | 400,000,000 | |
425,000,000 | Interest in $1,000,000,000 joint repurchase agreement 2.30%, dated 7/29/2022 under which TD Securities (USA), LLC will repurchase securities provided as collateral for $1,000,191,667 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/25/2052 and the market value of those underlying securities was $1,029,990,424. | 425,000,000 | |
300,000,000 | Repurchase agreement 2.30%, dated 7/29/2022 under which ING Financial Markets LLC will repurchase securities provided as collateral for $300,057,500 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2045 and the market value of those underlying securities was $306,798,858. | 300,000,000 | |
1,000,000,000 | Interest in $1,250,000,000 joint repurchase agreement 2.32%, dated 7/28/2022 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $1,254,511,111 on 9/22/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 6/20/2049 and the market value of those underlying securities was $1,279,105,662. | 1,000,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS— continued | |||
$79,000,000,000 | Repurchase agreement 2.30%, dated 7/29/2022 under which Federal Reserve Bank of New York will repurchase securities provided as collateral for $79,015,141,667 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2045 and the market value of those underlying securities was $79,015,141,760. | $ 79,000,000,000 | |
2,000,000,000 | Repurchase agreement 2.31%, dated 7/29/2022 under which Fixed Income Clearing Corp. will repurchase securities provided as collateral for $2,000,385,000 on 8/1/2022. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. tri-party agent, were U.S. Government Agency securities with various maturities to 8/15/2062 and the market value of those underlying securities was $2,040,000,000. | 2,000,000,000 | |
250,000,000 | Repurchase agreement 2.29%, dated 7/29/2022 under which Standard Chartered Bank will repurchase securities provided as collateral for $250,047,708 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 4/1/2052 and the market value of those underlying securities was $255,048,732. | 250,000,000 | |
250,000,000 | Repurchase agreement 2.30%, dated 7/29/2022 under which Australia & New Zealand Banking Group, will repurchase securities provided as collateral for $250,047,917 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2049 and the market value of those underlying securities was $255,147,489. | 250,000,000 | |
450,003,250 | Repurchase agreement 2.30%, dated 7/29/2022 under which Metropolitan Life Insurance Co. will repurchase securities provided as collateral for $450,089,501 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2047 and the market value of those underlying securities was $459,297,661. | 450,003,250 | |
TOTAL REPURCHASE AGREEMENTS | 102,035,688,508 | ||
TOTAL INVESTMENT IN SECURITIES—96.7% (AT AMORTIZED COST)3 | 133,903,482,881 | ||
OTHER ASSETS AND LIABILITIES - NET—3.3%4 | 4,560,295,520 | ||
TOTAL NET ASSETS—100% | $138,463,778,401 |
1 | Floating/variable note with current rate and current maturity or next reset date shown. |
2 | Discount rate(s) at time of purchase. |
3 | Also represents cost of investments for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.003 | 0.0002 | 0.012 | 0.012 | 0.003 |
Net realized gain (loss) | (0.000)2 | 0.0002 | (0.001) | (0.000)2 | 0.0002 |
Total From Investment Operations | 0.003 | 0.0002 | 0.011 | 0.012 | 0.003 |
Less Distributions: | |||||
Distributions from net investment income | (0.003) | (0.000)2 | (0.011) | (0.012) | (0.003) |
Distributions from net realized gain | — | — | (0.000)2 | — | (0.000)2 |
Total Distributions | (0.003) | (0.000)2 | (0.011) | (0.012) | (0.003) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.31% | 0.02% | 1.12% | 1.23% | 0.31% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.09% | 0.11% | 0.17% | 1.15% | 1.11% |
Net investment income | 0.25% | 0.02% | 0.74% | 1.21% | 0.24% |
Expense waiver/reimbursement5 | 0.22% | 0.20% | 0.14% | 0.13% | 0.17% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $5,921,339 | $8,073,883 | $7,328,261 | $3,307 | $2,365 |
1 | Effective August 1, 2019, the Class R Shares were re-designated as Select Shares. |
2 | Represents less than $0.001. |
3 | Based on net asset value. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.003 | 0.0001 | 0.011 | 0.021 | 0.013 |
Net realized gain (loss) | (0.000)1 | — | (0.000)1 | (0.000)1 | 0.0001 |
Total From Investment Operations | 0.003 | 0.0001 | 0.011 | 0.021 | 0.013 |
Less Distributions: | |||||
Distributions from net investment income | (0.003) | (0.000)1 | (0.011) | (0.021) | (0.013) |
Distributions from net realized gain | — | — | (0.000)1 | — | (0.000)1 |
Total Distributions | (0.003) | (0.000)1 | (0.011) | (0.021) | (0.013) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.30% | 0.02% | 1.09% | 2.17% | 1.26% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.10% | 0.10% | 0.19% | 0.19% | 0.19% |
Net investment income | 0.28% | 0.02% | 0.97% | 2.15% | 1.24% |
Expense waiver/reimbursement4 | 0.23% | 0.23% | 0.15% | 0.14% | 0.15% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $31,227,810 | $31,176,397 | $29,928,127 | $23,667,498 | $23,308,693 |
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 July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.002 | 0.0001 | 0.009 | 0.019 | 0.010 |
Net realized gain (loss) | (0.000)1 | — | 0.0001 | (0.000)1 | 0.0001 |
Total From Investment Operations | 0.002 | 0.0001 | 0.009 | 0.019 | 0.010 |
Less Distributions: | |||||
Distributions from net investment income | (0.002) | (0.000)1 | (0.009) | (0.019) | (0.010) |
Distributions from net realized gain | — | — | (0.000)1 | — | (0.000)1 |
Total Distributions | (0.002) | (0.000)1 | (0.009) | (0.019) | (0.010) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.22% | 0.02% | 0.91% | 1.94% | 1.03% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.17% | 0.11% | 0.38% | 0.42% | 0.41% |
Net investment income | 0.19% | 0.01% | 0.83% | 1.93% | 1.02% |
Expense waiver/reimbursement4 | 0.38% | 0.43% | 0.17% | 0.13% | 0.13% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $10,082,923 | $13,157,890 | $12,300,069 | $10,249,258 | $7,828,028 |
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 July 31, | Period Ended 7/31/20181 | ||||
2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.046 | 0.024 | 0.009 | 0.019 | 0.009 |
Net realized gain (loss) | (0.044) | (0.024) | (0.000)2 | (0.000)2 | — |
Total From Investment Operations | 0.002 | 0.000 | 0.009 | 0.019 | 0.009 |
Less Distributions: | |||||
Distributions from net investment income | (0.002) | (0.000)2 | (0.009) | (0.019) | (0.009) |
Distributions from net realized gain | — | — | (0.000)2 | — | — |
Total Distributions | (0.002) | (0.000)2 | (0.009) | (0.019) | (0.009) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.22% | 0.02% | 0.88% | 1.90% | 0.91% |
Ratios to Average Net Assets: | |||||
Net Expenses4 | 0.14% | 0.19% | 0.41% | 0.45% | 0.45%5 |
Net investment income | 0.14% | 0.01% | 0.89% | 1.97% | 1.23%5 |
Expense waiver/reimbursement6 | 0.43% | 0.39% | 0.18% | 0.13% | 0.15%5 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $78 | $219 | $253,981 | $176,438 | $12,413 |
1 | Reflects operations for the period from September 28, 2017 (date of initial investment) to July 31, 2018. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | Computed on an annualized basis. |
6 | 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 July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.001 | 0.0001 | 0.006 | 0.015 | 0.006 |
Net realized gain (loss) | (0.000)1 | — | 0.0001 | (0.000)1 | (0.000)1 |
Total From Investment Operations | 0.001 | 0.0001 | 0.006 | 0.015 | 0.006 |
Less Distributions: | |||||
Distributions from net investment income | (0.001) | (0.000)1 | (0.006) | (0.015) | (0.006) |
Distributions from net realized gain | — | — | (0.000)1 | — | (0.000)1 |
Total Distributions | (0.001) | (0.000)1 | (0.006) | (0.015) | (0.006) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.12% | 0.02% | 0.63% | 1.51% | 0.60% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.27% | 0.11% | 0.64% | 0.84% | 0.84% |
Net investment income | 0.11% | 0.01% | 0.61% | 1.51% | 0.60% |
Expense waiver/reimbursement4 | 0.70% | 0.86% | 0.34% | 0.13% | 0.13% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $567,676 | $625,477 | $599,710 | $534,565 | $494,899 |
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 July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.001 | 0.0001 | 0.005 | 0.013 | 0.004 |
Net realized gain (loss) | (0.000)1 | — | 0.0001 | (0.000)1 | (0.000)1 |
Total From Investment Operations | 0.001 | 0.0001 | 0.005 | 0.013 | 0.004 |
Less Distributions: | |||||
Distributions from net investment income | (0.001) | (0.000)1 | (0.005) | (0.013) | (0.004) |
Distributions from net realized gain | — | — | (0.000)1 | — | (0.000)1 |
Total Distributions | (0.001) | (0.000)1 | (0.005) | (0.013) | (0.004) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.10% | 0.02% | 0.54% | 1.35% | 0.39% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.26% | 0.11% | 0.71% | 1.00% | 1.05% |
Net investment income | 0.08% | 0.01% | 0.48% | 1.35% | 0.31% |
Expense waiver/reimbursement4 | 0.93% | 1.07% | 0.47% | 0.18% | 0.18% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $307,895 | $526,713 | $349,935 | $259,284 | $96,724 |
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 July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.003 | 0.0001 | 0.010 | 0.020 | 0.011 |
Net realized gain (loss) | (0.000)1 | — | (0.000)1 | (0.000)1 | (0.000)1 |
Total From Investment Operations | 0.003 | 0.0001 | 0.010 | 0.020 | 0.011 |
Less Distributions: | |||||
Distributions from net investment income | (0.003) | (0.000)1 | (0.010) | (0.020) | (0.011) |
Distributions from net realized gain | — | — | (0.000)1 | — | (0.000)1 |
Total Distributions | (0.003) | (0.000)1 | (0.010) | (0.020) | (0.011) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.26% | 0.02% | 0.99% | 2.05% | 1.14% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.14% | 0.12% | 0.30% | 0.30% | 0.30% |
Net investment income | 0.24% | 0.01% | 0.94% | 2.04% | 1.15% |
Expense waiver/reimbursement4 | 0.30% | 0.32% | 0.14% | 0.13% | 0.13% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $3,094,786 | $3,044,642 | $3,454,165 | $3,399,696 | $3,078,850 |
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 July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.002 | 0.0001 | 0.007 | 0.017 | 0.008 |
Net realized gain (loss) | (0.000)1 | — | (0.000)1 | (0.000)1 | 0.0001 |
Total From Investment Operations | 0.002 | 0.0001 | 0.007 | 0.017 | 0.008 |
Less Distributions: | |||||
Distributions from net investment income | (0.002) | (0.000)1 | (0.007) | (0.017) | (0.008) |
Distributions from net realized gain | — | — | (0.000)1 | — | (0.000)1 |
Total Distributions | (0.002) | (0.000)1 | (0.007) | (0.017) | (0.008) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.16% | 0.02% | 0.73% | 1.67% | 0.76% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.24% | 0.12% | 0.54% | 0.69% | 0.68% |
Net investment income | 0.13% | 0.01% | 0.66% | 1.71% | 0.74% |
Expense waiver/reimbursement4 | 0.59% | 0.71% | 0.29% | 0.13% | 0.13% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,276,028 | $2,658,370 | $3,303,066 | $2,472,153 | $597,348 |
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 July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.003 | 0.0001 | 0.011 | 0.022 | 0.013 |
Net realized gain (loss) | (0.000)1 | — | 0.0001 | (0.000)1 | (0.000)1 |
Total From Investment Operations | 0.003 | 0.0001 | 0.011 | 0.022 | 0.013 |
Less Distributions: | |||||
Distributions from net investment income | (0.003) | (0.000)1 | (0.011) | (0.022) | (0.013) |
Distributions from net realized gain | — | — | (0.000)1 | — | (0.000)1 |
Total Distributions | (0.003) | (0.000)1 | (0.011) | (0.022) | (0.013) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.31% | 0.03% | 1.14% | 2.21% | 1.29% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.09% | 0.10% | 0.15% | 0.15% | 0.15% |
Net investment income | 0.33% | 0.02% | 0.96% | 2.20% | 1.28% |
Expense waiver/reimbursement4 | 0.20% | 0.18% | 0.14% | 0.13% | 0.13% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $83,546,204 | $69,590,226 | $76,682,858 | $42,873,211 | $29,053,580 |
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 July 31, | Period Ended 7/31/20191 | |||
2022 | 2021 | 2020 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||
Net investment income | 0.003 | 0.0002 | 0.011 | 0.012 |
Net realized gain (loss) | (0.000)2 | — | 0.0002 | (0.000)2 |
Total From Investment Operations | 0.003 | 0.0002 | 0.011 | 0.012 |
Less Distributions: | ||||
Distributions from net investment income | (0.003) | (0.000)2 | (0.011) | (0.012) |
Distributions from net realized gains | — | — | (0.000)2 | — |
Total Distributions | (0.003) | (0.000)2 | (0.011) | (0.012) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.31% | 0.03% | 1.14% | 1.24% |
Ratios to Average Net Assets: | ||||
Net expenses4 | 0.10% | 0.11% | 0.15% | 0.15%5 |
Net investment income | 0.54% | 0.03% | 0.81% | 2.29%5 |
Expense waiver/reimbursement6 | 0.18% | 0.17% | 0.14% | 0.13%5 |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $1,942,655 | $571,121 | $1,089 | $356 |
1 | Reflects operations for the period from January 18, 2019 (commencement of operations) to July 31, 2019. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | Computed on an annualized basis. |
6 | 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. |
Period Ended 7/31/20221 | |
Net Asset Value, Beginning of Period | $1.00 |
Income From Investment Operations: | |
Net investment income | 0.003 |
Net realized gain (loss) | (0.000)2 |
Total From Investment Operations | 0.003 |
Less Distributions: | |
Distributions from net investment income | (0.003) |
Net Asset Value, End of Period | $1.00 |
Total Return3 | 0.29% |
Ratios to Average Net Assets: | |
Net expenses4 | 0.14%5 |
Net investment income | 0.92%5 |
Expense waiver/reimbursement6 | 0.15%5 |
Supplemental Data: | |
Net assets, end of period (000 omitted) | $496,384 |
1 | Reflects operations for the period from March 30, 2022 (commencement of operations) to July 31, 2022. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | Computed on an annualized basis. |
6 | 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. |
July 31, 2022
Assets: | |
Investment in repurchase agreements | $102,035,688,508 |
Investment in securities | 31,867,794,373 |
Investment in securities, at amortized cost | 133,903,482,881 |
Cash | 3,500,252,071 |
Income receivable | 104,642,065 |
Receivable for investments sold | 1,111,000,000 |
Receivable for shares sold | 117,859,922 |
Total Assets | 138,737,236,939 |
Liabilities: | |
Payable for investments purchased | 45,000,000 |
Payable for shares redeemed | 124,230,839 |
Income distribution payable | 94,606,118 |
Payable for investment adviser fee (Note 5) | 799,271 |
Payable for administrative fee (Note 5) | 892,939 |
Payable for Directors’/Trustees’ fees (Note 5) | 20,913 |
Payable for distribution services fee (Note 5) | 744,315 |
Payable for other service fees (Notes 2 and 5) | 5,251,349 |
Accrued expenses (Note 5) | 1,912,794 |
Total Liabilities | 273,458,538 |
Net assets for 138,514,079,730 shares outstanding | $138,463,778,401 |
Net Assets Consist of: | |
Paid-in capital | $138,514,257,340 |
Total distributable earnings (loss) | (50,478,939) |
Total Net Assets | $138,463,778,401 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Select Shares: | |
$5,921,338,755 ÷ 5,923,490,877 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Institutional Shares: | |
$31,227,809,876 ÷ 31,239,143,752 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$10,082,923,176 ÷ 10,086,586,102 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Administrative Shares: | |
$78,177 ÷ 78,205 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash II Shares: | |
$567,676,450 ÷ 567,882,621 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash Series Shares: | |
$307,895,001 ÷ 308,006,847 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Capital Shares: | |
$3,094,785,928 ÷ 3,095,922,643 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Trust Shares: | |
$1,276,027,821 ÷ 1,276,491,146 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Premier Shares: | |
$83,546,203,825 ÷ 83,576,549,916 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Advisor Shares: | |
$1,942,655,311 ÷ 1,943,363,419 shares outstanding, no par value, unlimited shares authorized | $1.00 |
SDG Shares: | |
$496,384,081 ÷ 496,564,202 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Year Ended July 31, 2022
Investment Income: | |
Interest | $512,498,418 |
Expenses: | |
Investment adviser fee (Note 5) | 257,830,933 |
Administrative fee (Note 5) | 100,898,482 |
Custodian fees | 3,602,177 |
Transfer agent fees (Note 2) | 4,820,082 |
Directors’/Trustees’ fees (Note 5) | 754,647 |
Auditing fees | 25,029 |
Legal fees | 7,362 |
Portfolio accounting fees | 329,007 |
Distribution services fee (Note 5) | 11,132,047 |
Other service fees (Notes 2 and 5) | 59,526,934 |
Share registration costs | 389,969 |
Printing and postage | 994,022 |
Miscellaneous (Note 5) | 606,787 |
TOTAL EXPENSES | 440,917,478 |
Waivers and Reimbursements: | |
Waiver of investment adviser fee (Note 5) | (232,085,764) |
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (75,629,165) |
TOTAL WAIVERS AND REIMBURSEMENTS | (307,714,929) |
Net expenses | 133,202,549 |
Net investment income | 379,295,869 |
Net realized loss on investments | (50,482,982) |
Change in net assets resulting from operations | $328,812,887 |
Year Ended July 31 | 2022 | 2021 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $379,295,869 | $24,909,877 |
Net realized gain (loss) | (50,482,982) | 9,077,458 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 328,812,887 | 33,987,335 |
Distributions to Shareholders: | ||
Select Shares | (19,758,181) | (1,828,331) |
Institutional Shares | (88,014,519) | (5,856,051) |
Service Shares | (22,610,113) | (2,296,400) |
Administrative Shares | (254) | (6,621) |
Cash II Shares | (689,048) | (115,528) |
Cash Series Shares | (314,780) | (68,462) |
Capital Shares | (8,282,207) | (570,369) |
Trust Shares | (3,682,995) | (554,628) |
Premier Shares | (232,988,258) | (20,496,173) |
Advisor Shares | (4,070,279) | (245,060) |
SDG Shares1 | (1,726,104) | — |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (382,136,738) | (32,037,623) |
Share Transactions: | ||
Proceeds from sale of shares | 858,728,766,875 | 746,976,858,957 |
Net asset value of shares issued to shareholders in payment of distributions declared | 160,712,048 | 12,956,511 |
Cost of shares redeemed | (849,797,315,713) | (752,855,672,951) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 9,092,163,210 | (5,865,857,483) |
Change in net assets | 9,038,839,359 | (5,863,907,771) |
Net Assets: | ||
Beginning of period | 129,424,939,042 | 135,288,846,813 |
End of period | $138,463,778,401 | $129,424,939,042 |
1 | The Fund’s SDG Shares commenced operations on March 30, 2022. |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | Transfer Agent Fees Waived by Unaffiliated Third Parties | |
Select Shares | $50,319 | $— | $— |
Institutional Shares | 198,685 | — | (268) |
Service Shares | 2,208,530 | — | (1,241,138) |
Administrative Shares | 1 | — | — |
Cash II Shares | 558,069 | (2,756) | (338,580) |
Cash Series Shares | 232,137 | — | (161,257) |
Capital Shares | 22,046 | — | — |
Trust Shares | 1,095,521 | (8,623) | (670,503) |
Premier Shares | 448,770 | (822) | — |
Advisor Shares | 4,791 | — | — |
SDG Shares | 1,213 | — | — |
TOTAL | $4,820,082 | $(12,201) | $(2,411,746) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Select Shares | $1,402,752 | $— | $(917,814) |
Institutional Shares | 15,038,644 | — | (9,817,207) |
Service Shares | 28,677,669 | (25,404) | (19,769,064) |
Administrative Shares | 64 | — | (50) |
Cash II Shares | 1,527,621 | — | (1,184,372) |
Cash Series Shares | 924,227 | (5,321) | (791,552) |
Capital Shares | 5,181,593 | — | (3,371,246) |
Trust Shares | 6,774,364 | (4,551) | (5,204,539) |
TOTAL | $59,526,934 | $(35,276) | $(41,055,844) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Select Shares: | Shares | Amount | Shares | Amount |
Shares sold | 13,629,752,471 | $13,629,752,471 | 11,534,377,670 | $11,534,389,592 |
Shares issued to shareholders in payment of distributions declared | 441,651 | 441,651 | 57,230 | 57,230 |
Shares redeemed | (15,780,397,892) | (15,780,397,892) | (10,788,951,388) | (10,788,951,388) |
NET CHANGE RESULTING FROM SELECT SHARE TRANSACTIONS | (2,150,203,770) | $(2,150,203,770) | 745,483,512 | $745,495,434 |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 224,829,179,654 | $224,829,179,654 | 180,086,920,529 | $180,086,956,684 |
Shares issued to shareholders in payment of distributions declared | 31,988,578 | 31,988,578 | 2,026,188 | 2,026,188 |
Shares redeemed | (224,797,693,663) | (224,797,693,663) | (178,841,202,810) | (178,841,202,810) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 63,474,569 | $63,474,569 | 1,247,743,907 | $1,247,780,062 |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 27,391,276,505 | $27,391,276,505 | 33,550,470,325 | $33,550,489,325 |
Shares issued to shareholders in payment of distributions declared | 9,246,109 | 9,246,109 | 754,237 | 754,237 |
Shares redeemed | (30,471,519,424) | (30,471,519,424) | (32,693,627,797) | (32,693,627,797) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (3,070,996,810) | $(3,070,996,810) | 857,596,765 | $857,615,765 |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Administrative Shares: | Shares | Amount | Shares | Amount |
Shares sold | 860,627 | $860,627 | 154,066,827 | $154,066,827 |
Shares issued to shareholders in payment of distributions declared | 169 | 169 | 1,024 | 1,024 |
Shares redeemed | (1,001,455) | (1,001,455) | (407,828,140) | (407,828,140) |
NET CHANGE RESULTING FROM ADMINISTRATIVE SHARE TRANSACTIONS | (140,659) | $(140,659) | (253,760,289) | $(253,760,289) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 384,359,199 | $384,359,199 | 1,108,325,759 | $1,108,326,840 |
Shares issued to shareholders in payment of distributions declared | 677,732 | 677,732 | 113,869 | 113,869 |
Shares redeemed | (442,616,478) | (442,616,478) | (1,082,683,108) | (1,082,683,108) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | (57,579,547) | $(57,579,547) | 25,756,520 | $25,757,601 |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,250,402,484 | $1,250,402,484 | 1,974,548,300 | $1,974,548,756 |
Shares issued to shareholders in payment of distributions declared | 314,098 | 314,098 | 68,051 | 68,051 |
Shares redeemed | (1,469,410,905) | (1,469,410,905) | (1,797,848,066) | (1,797,848,066) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | (218,694,323) | $(218,694,323) | 176,768,285 | $176,768,741 |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 11,576,723,757 | $11,576,723,757 | 10,680,533,074 | $10,680,537,870 |
Shares issued to shareholders in payment of distributions declared | 5,965,112 | 5,965,112 | 395,798 | 395,798 |
Shares redeemed | (11,531,336,929) | (11,531,336,929) | (11,090,499,803) | (11,090,499,803) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 51,351,940 | $51,351,940 | (409,570,931) | $(409,566,135) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Trust Shares: | Shares | Amount | Shares | Amount |
Shares sold | 4,116,626,629 | $4,116,626,629 | 5,919,821,773 | $5,919,827,230 |
Shares issued to shareholders in payment of distributions declared | 2,947,861 | 2,947,861 | 481,041 | 481,041 |
Shares redeemed | (5,501,391,334) | (5,501,391,334) | (6,565,038,268) | (6,565,038,268) |
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | (1,381,816,844) | $(1,381,816,844) | (644,735,454) | $(644,729,997) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Premier Shares: | Shares | Amount | Shares | Amount |
Shares sold | 566,602,630,504 | $566,602,630,504 | 501,565,158,244 | $501,565,237,176 |
Shares issued to shareholders in payment of distributions declared | 103,686,462 | 103,686,462 | 8,814,730 | 8,814,730 |
Shares redeemed | (552,718,368,752) | (552,718,368,752) | (508,667,711,171) | (508,667,711,171) |
NET CHANGE RESULTING FROM PREMIER SHARE TRANSACTIONS | 13,987,948,214 | $13,987,948,214 | (7,093,738,197) | $(7,093,659,265) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Advisor Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,274,388,161 | $2,274,388,161 | 402,477,521 | $402,478,657 |
Shares issued to shareholders in payment of distributions declared | 3,940,957 | 3,940,957 | 244,343 | 244,343 |
Shares redeemed | (906,072,880) | (906,072,880) | (920,282,400) | (920,282,400) |
NET CHANGE RESULTING FROM ADVISOR SHARES TRANSACTIONS | 1,372,256,238 | $1,372,256,238 | (517,560,536) | $(517,559,400) |
Year Ended 7/31/20221 | Year Ended 7/31/2021 | |||
SDG Shares: | Shares | Amount | Shares | Amount |
Shares sold | 6,672,566,884 | $6,672,566,884 | — | $— |
Shares issued to shareholders in payment of distributions declared | 1,503,319 | 1,503,319 | — | — |
Shares redeemed | (6,177,506,001) | (6,177,506,001) | — | — |
NET CHANGE RESULTING FROM SDG SHARE TRANSACTIONS | 496,564,202 | $496,564,202 | — | $— |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 9,092,163,210 | $9,092,163,210 | (5,866,016,418) | $(5,865,857,483) |
1 | Reflects operations for the period from March 30, 2022 (commencement of operations) to July 31, 2022. |
2022 | 2021 | |
Ordinary income1 | $382,136,738 | $32,037,623 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income | $4,043 |
Capital loss carryforwards | $(50,482,982) |
Short-Term | Long-Term | Total |
$50,482,982 | $— | $50,482,982 |
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 | |
Administrative Shares | 0.25% |
Cash II Shares | 0.35% |
Cash Series Shares | 0.60% |
Trust Shares | 0.25% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Administrative Shares | $439 | $(336) |
Cash II Shares | 2,138,912 | (1,547,594) |
Cash Series Shares | 2,218,145 | (1,745,834) |
Trust Shares | 6,774,551 | (4,585,955) |
TOTAL | $11,132,047 | $(7,879,719) |
September 23, 2022
Beginning Account Value 2/1/2022 | Ending Account Value 7/31/2022 | Expenses Paid During Period1 | |
Actual: | |||
Select Shares | $1,000 | $1,002.90 | $0.702 |
Institutional Shares | $1,000 | $1,002.80 | $0.793 |
Service Shares | $1,000 | $1,002.10 | $1.544 |
Administrative Shares | $1,000 | $1,002.00 | $1.495 |
Cash II Shares | $1,000 | $1,001.10 | $2.536 |
Cash Series Shares | $1,000 | $1,000.80 | $2.737 |
Capital Shares | $1,000 | $1,002.50 | $1.148 |
Trust Shares | $1,000 | $1,001.40 | $2.139 |
Premier Shares | $1,000 | $1,003.00 | $0.6010 |
Advisor Shares | $1,000 | $1,003.00 | $0.6511 |
SDG Shares | $1,000 | $1,002.90 | $0.4812 |
Hypothetical (assuming a 5% return before expenses): | |||
Select Shares | $1,000 | $1,024.10 | $0.702 |
Institutional Shares | $1,000 | $1,024.00 | $0.803 |
Service Shares | $1,000 | $1,023.26 | $1.564 |
Administrative Shares | $1,000 | $1,023.31 | $1.515 |
Cash II Shares | $1,000 | $1,022.27 | $2.566 |
Cash Series Shares | $1,000 | $1,022.07 | $2.767 |
Capital Shares | $1,000 | $1,023.65 | $1.158 |
Trust Shares | $1,000 | $1,022.66 | $2.169 |
Premier Shares | $1,000 | $1,024.20 | $0.6010 |
Advisor Shares | $1,000 | $1,024.15 | $0.6511 |
SDG Shares | $1,000 | $1,024.10 | $0.7012 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Select Shares | 0.14% |
Institutional Shares | 0.16% |
Service Shares | 0.31% |
Administrative Shares | 0.30% |
Cash II Shares | 0.51% |
Cash Series Shares | 0.55% |
Capital Shares | 0.23% |
Trust Shares | 0.43% |
Premier Shares | 0.12% |
Advisor Shares | 0.13% |
SDG Shares | 0.14% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Select Shares current Fee Limit of 0.17% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $0.84 and $0.85, respectively. |
3 | 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 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $0.99 and $1.00, respectively. |
4 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Service Shares current Fee Limit of 0.45% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.23 and $2.26, respectively. |
5 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Administrative Shares current Fee Limit of 0.45% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.23 and $2.26, respectively. |
6 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Cash II Shares current Fee Limit of 0.85% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $4.22 and $4.26, respectively. |
7 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Cash Series Shares current Fee Limit of 1.05% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.21 and $5.26, respectively. |
8 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Capital Shares current Fee Limit of 0.30% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.49 and $1.51, respectively. |
9 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Trust Shares current Fee Limit of 0.70% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $3.47 and $3.51, respectively. |
10 | 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 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $0.74 and $0.75, respectively. |
11 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Advisor 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 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $0.74 and $0.75, respectively. |
12 | “Actual” expense information for the SDG Shares is for the period from March 30, 2022 (date of initial investment) to July 31, 2022. Actual expenses are equal to the SDG’s Shares annualized net expense ratio of 0.14% multiplied by 124/365 (to reflect the period from initial investment to July 31, 2022). “Hypothetical” expense information for the Fund is presented on the basis of the full one-half year period to enable comparison to other funds. It is based on assuming the same net expense ratio and average account value over the period, but it is multiplied by 181/365 (to reflect the full half-year period). |
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: 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.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, 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.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director, Saint Francis University. |
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. 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); Director, The Golisano Children’s Museum of Naples, Florida; 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; formerly, Executive Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors and Assistant General Counsel and Director of Risk Management, 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. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy 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 |
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 Portfolio Manager since: January 1994 | Principal Occupations: Deborah A. Cunningham has been the Fund’s Portfolio Manager since January 1994. Ms. 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. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N104
CUSIP 60934N807
CUSIP 608919395
CUSIP 608919676
CUSIP 608919684
CUSIP 608919809
CUSIP 60934N153
CUSIP 608919718
CUSIP 608919437
CUSIP 31423R104
Share Class | Ticker | Automated | GOAXX | Institutional | GOTXX | Service | GTSXX |
Federated Hermes Government Obligations Tax-Managed Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
Security Type | Percentage of Total Net Assets |
U.S. Treasury Securities | 60.5% |
U.S. Government Agency Securities | 51.3% |
Other Assets and Liabilities—Net2 | (11.8)% |
TOTAL | 100% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 37.2% |
8-30 Days | 26.9% |
31-90 Days | 38.0% |
91-180 Days | 7.9% |
181 Days or more | 1.8% |
Other Assets and Liabilities—Net2 | (11.8)% |
TOTAL | 100% |
Principal Amount | Value | ||
U.S. TREASURY—60.5% | |||
$44,000,000 | United States Treasury Bill, 0.080%, 8/11/2022 | $43,999,022 | |
100,000,000 | United States Treasury Bill, 0.910%, 8/4/2022 | 99,992,417 | |
25,000,000 | United States Treasury Bill, 1.070%, 1/26/2023 | 24,867,736 | |
75,000,000 | United States Treasury Bill, 1.230%, 9/8/2022 | 74,902,625 | |
141,000,000 | United States Treasury Bill, 1.240%, 8/2/2022 | 140,995,143 | |
100,000,000 | United States Treasury Bill, 1.250%, 9/20/2022 | 99,826,389 | |
100,000,000 | United States Treasury Bill, 1.485%, 11/17/2022 | 99,554,500 | |
200,000,000 | United States Treasury Bill, 1.510%, 10/11/2022 | 199,404,389 | |
50,000,000 | United States Treasury Bill, 1.580%, 12/1/2022 | 49,732,278 | |
100,000,000 | United States Treasury Bill, 1.640%, 9/15/2022 | 99,795,000 | |
275,000,000 | United States Treasury Bill, 1.750%, 9/29/2022 | 274,211,285 | |
50,000,000 | United States Treasury Bill, 2.110%, 10/13/2022 | 49,786,070 | |
500,000,000 | United States Treasury Bill, 2.140%, 8/30/2022 | 499,167,780 | |
50,000,000 | United States Treasury Bill, 2.230%, 11/8/2022 | 49,693,375 | |
150,000,000 | United States Treasury Bill, 2.520%, 10/27/2022 | 149,086,500 | |
134,320,000 | United States Treasury Bill, 2.600%, 11/15/2022 | 133,291,706 | |
29,000,000 | United States Treasury Bill, 3.020%, 6/15/2023 | 28,226,377 | |
200,000,000 | United States Treasury Bills, 0.870%—1.670%, 9/22/2022 | 199,604,222 | |
300,000,000 | United States Treasury Bills, 1.280%—2.210%, 9/27/2022 | 299,109,777 | |
500,000,000 | United States Treasury Bills, 1.780%—1.980%, 8/16/2022 | 499,588,750 | |
490,000,000 | United States Treasury Bills, 2.050%—2.120%, 8/23/2022 | 489,368,004 | |
35,000,000 | 1 | United States Treasury Floating Rate Notes, 2.461% (91-day T-Bill -0.075%), 8/2/2022 | 34,999,997 |
65,000,000 | 1 | United States Treasury Floating Rate Notes, 2.470% (91-day T-Bill +0.037%), 8/2/2022 | 64,999,970 |
42,000,000 | 1 | United States Treasury Floating Rate Notes, 2.521% (91-day T-Bill -0.015%), 8/2/2022 | 42,013,229 |
45,000,000 | 1 | United States Treasury Floating Rate Notes, 2.565% (91-day T-Bill +0.029%), 8/2/2022 | 45,020,677 |
120,000,000 | 1 | United States Treasury Floating Rate Notes, 2.570% (91-day T-Bill +0.034%), 8/2/2022 | 120,002,416 |
25,000,000 | 1 | United States Treasury Floating Rate Notes, 2.585% (91-day T-Bill +0.049%), 8/2/2022 | 25,000,000 |
25,000,000 | United States Treasury Note, 0.125%, 11/30/2022 | 24,997,761 | |
10,000,000 | United States Treasury Note, 1.625%, 11/15/2022 | 10,043,889 | |
10,000,000 | United States Treasury Note, 2.500%, 3/31/2023 | 10,056,614 | |
TOTAL U.S. TREASURY | 3,981,337,898 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—51.3% | |||
$233,000,000 | 2 | Federal Farm Credit System Discount Notes, 0.090%—2.400%, 8/24/2022 - 4/21/2023 | $232,181,391 |
75,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.290% (SOFR +0.010%), 8/1/2022 | 75,000,000 |
71,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.305% (SOFR +0.025%), 8/1/2022 | 71,000,000 |
11,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.307% (SOFR +0.027%), 8/1/2022 | 10,998,505 |
50,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.310% (SOFR +0.030%), 8/1/2022 | 50,000,000 |
70,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.315% (SOFR +0.035%), 8/1/2022 | 70,000,000 |
69,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.320% (SOFR +0.040%), 8/1/2022 | 69,002,493 |
145,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.325% (SOFR +0.045%), 8/1/2022 | 145,001,317 |
33,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.335% (SOFR +0.055%), 8/1/2022 | 32,999,623 |
49,198,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.340% (SOFR +0.060%), 8/1/2022 | 49,198,260 |
16,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.345% (SOFR +0.065%), 8/1/2022 | 16,000,000 |
109,500,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.350% (SOFR +0.070%), 8/1/2022 | 109,502,270 |
15,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.355% (SOFR +0.075%), 8/1/2022 | 15,000,000 |
5,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.400% (SOFR +0.120%), 8/1/2022 | 5,004,044 |
2,230,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.415% (SOFR +0.135%), 8/1/2022 | 2,232,004 |
1,288,000,000 | 2 | Federal Home Loan Bank System Discount Notes, 0.940%—2.530%, 8/2/2022 - 10/26/2022 | 1,285,950,684 |
50,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 1.570% (SOFR +0.040%), 8/2/2022 | 50,000,000 |
100,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 2.280% (SOFR +0.000%), 8/1/2022 | 100,000,000 |
100,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 2.285% (SOFR +0.005%), 8/1/2022 | 100,000,943 |
458,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 2.290% (SOFR +0.010%), 8/1/2022 | 458,000,765 |
105,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 2.310% (SOFR +0.030%), 8/1/2022 | 105,000,000 |
114,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 2.315% (SOFR +0.035%), 8/1/2022 | 114,000,000 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
$35,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 2.335% (SOFR +0.055%), 8/1/2022 | $35,000,000 |
30,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 2.340% (SOFR +0.060%), 8/1/2022 | 30,000,000 |
17,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 2.345% (SOFR +0.065%), 8/1/2022 | 17,000,000 |
78,500,000 | Federal Home Loan Bank System, 1.738%—2.350%, 12/23/2022 - 7/5/2023 | 78,500,000 | |
50,000,000 | 2 | Tennessee Valley Authority Discount Note, 2.100%, 8/3/2022 | 49,994,167 |
TOTAL GOVERNMENT AGENCIES | 3,376,566,466 | ||
TOTAL INVESTMENT IN SECURITIES—111.8% (AT AMORTIZED COST)3 | 7,357,904,364 | ||
OTHER ASSETS AND LIABILITIES - NET—(11.8)%4 | (774,122,633) | ||
TOTAL NET ASSETS—100% | $6,583,781,731 |
SOFR | —Secured Overnight Financing Rate |
Year Ended July 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.001 | 0.0001 | 0.008 | 0.018 | 0.009 |
Net realized gain (loss) | (0.000)1 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.001 | 0.0001 | 0.008 | 0.018 | 0.009 |
Less Distributions: | |||||
Distributions from net investment income | (0.001) | (0.000)1 | (0.008) | (0.018) | (0.009) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.001) | (0.000)1 | (0.008) | (0.018) | (0.009) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.14% | 0.01% | 0.83% | 1.81% | 0.93% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.23% | 0.10% | 0.47%4 | 0.52%4 | 0.51%4 |
Net investment income | 0.15% | 0.02% | 0.84% | 1.79% | 0.93% |
Expense waiver/reimbursement5 | 0.39% | 0.52% | 0.15% | 0.09% | 0.09% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $192,603 | $141,092 | $154,561 | $182,939 | $176,028 |
Year Ended July 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.002 | 0.0001 | 0.011 | 0.021 | 0.012 |
Net realized gain (loss) | (0.000)1 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.002 | 0.0001 | 0.011 | 0.021 | 0.012 |
Less Distributions: | |||||
Distributions from net investment income | (0.002) | (0.000)1 | (0.011) | (0.021) | (0.012) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.002) | (0.000)1 | (0.011) | (0.021) | (0.012) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.23% | 0.01% | 1.10% | 2.13% | 1.23% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.12% | 0.10% | 0.20%4 | 0.20%4 | 0.20%4 |
Net investment income | 0.21% | 0.02% | 0.95% | 2.11% | 1.21% |
Expense waiver/reimbursement5 | 0.17% | 0.19% | 0.09% | 0.09% | 0.09% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $3,507,901 | $3,805,176 | $4,366,142 | $3,019,468 | $2,739,607 |
Year Ended July 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.002 | 0.0001 | 0.009 | 0.019 | 0.010 |
Net realized gain (loss) | (0.000)1 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.002 | 0.0001 | 0.009 | 0.019 | 0.010 |
Less Distributions: | |||||
Distributions from net investment income | (0.002) | (0.000)1 | (0.009) | (0.019) | (0.010) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.002) | (0.000)1 | (0.009) | (0.019) | (0.010) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.16% | 0.01% | 0.89% | 1.88% | 0.98% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.19% | 0.10% | 0.41%4 | 0.45%4 | 0.45%4 |
Net investment income | 0.15% | 0.02% | 0.86% | 1.86% | 0.96% |
Expense waiver/reimbursement5 | 0.34% | 0.43% | 0.13% | 0.09% | 0.09% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $2,883,277 | $2,825,555 | $2,950,794 | $2,698,641 | $2,651,637 |
July 31, 2022
Assets: | ||
Investment in securities, at amortized cost and fair value | $7,357,904,364 | |
Cash | 3,462,641 | |
Receivable from investments sold | 35,000,000 | |
Income receivable | 4,789,041 | |
Receivable for shares sold | 2,647,036 | |
TOTAL ASSETS | 7,403,803,082 | |
Liabilities: | ||
Payable for investments purchased | $813,484,840 | |
Income distribution payable | 5,267,656 | |
Payable for shares redeemed | 234,761 | |
Payable for other service fees (Notes 2 and 5) | 641,321 | |
Payable for investment adviser fee (Note 5) | 63,485 | |
Payable for administrative fee (Note 5) | 42,336 | |
Accrued expenses (Note 5) | 286,952 | |
TOTAL LIABILITIES | 820,021,351 | |
Net assets for 6,583,842,035 shares outstanding | $6,583,781,731 | |
Net Assets Consists of: | ||
Paid-in capital | $6,583,851,410 | |
Total distributable earnings (loss) | (69,679) | |
TOTAL NET ASSETS | $6,583,781,731 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Automated Shares: | ||
$192,603,045 ÷ 192,604,937 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Institutional Shares: | ||
$3,507,901,301 ÷ 3,507,932,837 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$2,883,277,385 ÷ 2,883,304,261 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Year Ended July 31, 2022
Investment Income: | |||
Interest | $22,795,455 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $13,585,259 | ||
Administrative fee (Note 5) | 5,316,816 | ||
Custodian fees | 204,044 | ||
Transfer agent fees (Note 2) | 190,635 | ||
Directors’/Trustees’ fees (Note 5) | 39,953 | ||
Auditing fees | 23,960 | ||
Legal fees | 7,358 | ||
Other service fees (Notes 2 and 5) | 7,711,951 | ||
Portfolio accounting fees | 184,557 | ||
Share registration costs | 58,216 | ||
Printing and postage | 35,901 | ||
Miscellaneous (Note 5) | 108,641 | ||
TOTAL EXPENSES | 27,467,291 | ||
Waivers and Reimbursements: | |||
Waiver of investment adviser fee (Note 5) | $(10,455,365) | ||
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (6,653,530) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (17,108,895) | ||
Net expenses | 10,358,396 | ||
Net investment income | 12,437,059 | ||
Net realized loss on investments | (64,848) | ||
Change in net assets resulting from operations | $12,372,211 |
Year Ended July 31 | 2022 | 2021 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $12,437,059 | $1,199,172 |
Net realized gain (loss) | (64,848) | 51,584 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 12,372,211 | 1,250,756 |
Distributions to Shareholders: | ||
Automated Shares | (247,878) | (19,918) |
Institutional Shares | (8,114,259) | (618,743) |
Service Shares | (4,561,767) | (393,226) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (12,923,904) | (1,031,887) |
Share Transactions: | ||
Proceeds from sale of shares | 15,309,584,999 | 18,391,229,782 |
Net asset value of shares issued to shareholders in payment of distributions declared | 2,588,694 | 277,007 |
Cost of shares redeemed | (15,499,663,571) | (19,091,398,983) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (187,489,878) | (699,892,194) |
Change in net assets | (188,041,571) | (699,673,325) |
Net Assets: | ||
Beginning of period | 6,771,823,302 | 7,471,496,627 |
End of period | $6,583,781,731 | $6,771,823,302 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | Transfer Agent Fees Waived by Unaffiliated Third Parties | |
Automated Shares | $128,812 | $(12,067) | $(58,541) |
Institutional Shares | 34,438 | — | — |
Service Shares | 27,385 | — | — |
TOTAL | $190,635 | $(12,067) | $(58,541) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Automated Shares | $388,608 | $(6,792) | $(272,064) |
Service Shares | 7,323,343 | (47,801) | (5,153,165) |
TOTAL | $7,711,951 | $(54,593) | $(5,425,229) |
Year Ended July 31 | 2022 | 2021 | ||
Automated Shares | Shares | Amount | Shares | Amount |
Shares sold | 265,079,347 | $265,079,347 | 235,508,877 | $235,508,877 |
Shares issued to shareholders in payment of distributions declared | 236,937 | 236,937 | 18,691 | 18,691 |
Shares redeemed | (213,792,818) | (213,792,818) | (249,001,474) | (249,001,474) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | 51,523,466 | $51,523,466 | (13,473,906) | $(13,473,906) |
Year Ended July 31 | 2022 | 2021 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 10,486,533,291 | $10,486,533,291 | 11,095,755,149 | $11,095,755,147 |
Shares issued to shareholders in payment of distributions declared | 2,115,195 | 2,115,195 | 233,374 | 233,374 |
Shares redeemed | (10,785,612,159) | (10,785,612,159) | (11,657,069,766) | (11,657,069,766) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (296,963,673) | $(296,963,673) | (561,081,243) | $(561,081,245) |
Year Ended July 31 | 2022 | 2021 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 4,557,972,361 | $4,557,972,361 | 7,059,965,758 | $7,059,965,758 |
Shares issued to shareholders in payment of distributions declared | 236,562 | 236,562 | 24,942 | 24,942 |
Shares redeemed | (4,500,258,594) | (4,500,258,594) | (7,185,327,743) | (7,185,327,743) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 57,950,329 | $57,950,329 | (125,337,043) | $(125,337,043) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (187,489,878) | $(187,489,878) | (699,892,192) | $(699,892,194) |
2022 | 2021 | |
Ordinary income1 | $12,923,904 | $1,028,692 |
Long-term capital gains | $— | $3,195 |
Distributions payable | $(4,831) |
Net unrealized depreciation | $(10,547) |
Capital loss carryforwards | $(54,301) |
Short-Term | Long-Term | Total |
$54,301 | $— | $54,301 |
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 |
September 23, 2022
Beginning Account Value 2/1/2022 | Ending Account Value 7/31/2022 | Expenses Paid During Period1 | |
Actual: | |||
Automated Shares | $1,000 | $1,001.30 | $1.942 |
Institutional Shares | $1,000 | $1,002.20 | $0.94 |
Service Shares | $1,000 | $1,001.50 | $1.643 |
Hypothetical (assuming a 5% return before expenses): | |||
Automated Shares | $1,000 | $1,022.86 | $1.962 |
Institutional Shares | $1,000 | $1,023.85 | $0.95 |
Service Shares | $1,000 | $1,023.16 | $1.663 |
Automated Shares | 0.39% |
Institutional Shares | 0.19% |
Service Shares | 0.33% |
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: 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.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, 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.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director, Saint Francis University. |
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. 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); Director, The Golisano Children’s Museum of Naples, Florida; 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; formerly, Executive Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors and Assistant General Counsel and Director of Risk Management, 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. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy 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 |
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. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N856
CUSIP 60934N849
Share Class | Ticker | Institutional | GOTXX |
Federated Hermes Government Obligations Tax-Managed Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
Security Type | Percentage of Total Net Assets |
U.S. Treasury Securities | 60.5% |
U.S. Government Agency Securities | 51.3% |
Other Assets and Liabilities—Net2 | (11.8)% |
TOTAL | 100% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 37.2% |
8-30 Days | 26.9% |
31-90 Days | 38.0% |
91-180 Days | 7.9% |
181 Days or more | 1.8% |
Other Assets and Liabilities—Net2 | (11.8)% |
TOTAL | 100% |
Principal Amount | Value | ||
U.S. TREASURY—60.5% | |||
$44,000,000 | United States Treasury Bill, 0.080%, 8/11/2022 | $43,999,022 | |
100,000,000 | United States Treasury Bill, 0.910%, 8/4/2022 | 99,992,417 | |
25,000,000 | United States Treasury Bill, 1.070%, 1/26/2023 | 24,867,736 | |
75,000,000 | United States Treasury Bill, 1.230%, 9/8/2022 | 74,902,625 | |
141,000,000 | United States Treasury Bill, 1.240%, 8/2/2022 | 140,995,143 | |
100,000,000 | United States Treasury Bill, 1.250%, 9/20/2022 | 99,826,389 | |
100,000,000 | United States Treasury Bill, 1.485%, 11/17/2022 | 99,554,500 | |
200,000,000 | United States Treasury Bill, 1.510%, 10/11/2022 | 199,404,389 | |
50,000,000 | United States Treasury Bill, 1.580%, 12/1/2022 | 49,732,278 | |
100,000,000 | United States Treasury Bill, 1.640%, 9/15/2022 | 99,795,000 | |
275,000,000 | United States Treasury Bill, 1.750%, 9/29/2022 | 274,211,285 | |
50,000,000 | United States Treasury Bill, 2.110%, 10/13/2022 | 49,786,070 | |
500,000,000 | United States Treasury Bill, 2.140%, 8/30/2022 | 499,167,780 | |
50,000,000 | United States Treasury Bill, 2.230%, 11/8/2022 | 49,693,375 | |
150,000,000 | United States Treasury Bill, 2.520%, 10/27/2022 | 149,086,500 | |
134,320,000 | United States Treasury Bill, 2.600%, 11/15/2022 | 133,291,706 | |
29,000,000 | United States Treasury Bill, 3.020%, 6/15/2023 | 28,226,377 | |
200,000,000 | United States Treasury Bills, 0.870%—1.670%, 9/22/2022 | 199,604,222 | |
300,000,000 | United States Treasury Bills, 1.280%—2.210%, 9/27/2022 | 299,109,777 | |
500,000,000 | United States Treasury Bills, 1.780%—1.980%, 8/16/2022 | 499,588,750 | |
490,000,000 | United States Treasury Bills, 2.050%—2.120%, 8/23/2022 | 489,368,004 | |
35,000,000 | 1 | United States Treasury Floating Rate Notes, 2.461% (91-day T-Bill -0.075%), 8/2/2022 | 34,999,997 |
65,000,000 | 1 | United States Treasury Floating Rate Notes, 2.470% (91-day T-Bill +0.037%), 8/2/2022 | 64,999,970 |
42,000,000 | 1 | United States Treasury Floating Rate Notes, 2.521% (91-day T-Bill -0.015%), 8/2/2022 | 42,013,229 |
45,000,000 | 1 | United States Treasury Floating Rate Notes, 2.565% (91-day T-Bill +0.029%), 8/2/2022 | 45,020,677 |
120,000,000 | 1 | United States Treasury Floating Rate Notes, 2.570% (91-day T-Bill +0.034%), 8/2/2022 | 120,002,416 |
25,000,000 | 1 | United States Treasury Floating Rate Notes, 2.585% (91-day T-Bill +0.049%), 8/2/2022 | 25,000,000 |
25,000,000 | United States Treasury Note, 0.125%, 11/30/2022 | 24,997,761 | |
10,000,000 | United States Treasury Note, 1.625%, 11/15/2022 | 10,043,889 | |
10,000,000 | United States Treasury Note, 2.500%, 3/31/2023 | 10,056,614 | |
TOTAL U.S. TREASURY | 3,981,337,898 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—51.3% | |||
$233,000,000 | 2 | Federal Farm Credit System Discount Notes, 0.090%—2.400%, 8/24/2022 - 4/21/2023 | $232,181,391 |
75,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.290% (SOFR +0.010%), 8/1/2022 | 75,000,000 |
71,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.305% (SOFR +0.025%), 8/1/2022 | 71,000,000 |
11,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.307% (SOFR +0.027%), 8/1/2022 | 10,998,505 |
50,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.310% (SOFR +0.030%), 8/1/2022 | 50,000,000 |
70,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.315% (SOFR +0.035%), 8/1/2022 | 70,000,000 |
69,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.320% (SOFR +0.040%), 8/1/2022 | 69,002,493 |
145,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.325% (SOFR +0.045%), 8/1/2022 | 145,001,317 |
33,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.335% (SOFR +0.055%), 8/1/2022 | 32,999,623 |
49,198,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.340% (SOFR +0.060%), 8/1/2022 | 49,198,260 |
16,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.345% (SOFR +0.065%), 8/1/2022 | 16,000,000 |
109,500,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.350% (SOFR +0.070%), 8/1/2022 | 109,502,270 |
15,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.355% (SOFR +0.075%), 8/1/2022 | 15,000,000 |
5,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.400% (SOFR +0.120%), 8/1/2022 | 5,004,044 |
2,230,000 | 1 | Federal Farm Credit System Floating Rate Notes, 2.415% (SOFR +0.135%), 8/1/2022 | 2,232,004 |
1,288,000,000 | 2 | Federal Home Loan Bank System Discount Notes, 0.940%— 2.530%, 8/2/2022 - 10/26/2022 | 1,285,950,684 |
50,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 1.570% (SOFR +0.040%), 8/2/2022 | 50,000,000 |
100,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 2.280% (SOFR +0.000%), 8/1/2022 | 100,000,000 |
100,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 2.285% (SOFR +0.005%), 8/1/2022 | 100,000,943 |
458,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 2.290% (SOFR +0.010%), 8/1/2022 | 458,000,765 |
105,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 2.310% (SOFR +0.030%), 8/1/2022 | 105,000,000 |
114,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 2.315% (SOFR +0.035%), 8/1/2022 | 114,000,000 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
$35,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 2.335% (SOFR +0.055%), 8/1/2022 | $35,000,000 |
30,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 2.340% (SOFR +0.060%), 8/1/2022 | 30,000,000 |
17,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 2.345% (SOFR +0.065%), 8/1/2022 | 17,000,000 |
78,500,000 | Federal Home Loan Bank System, 1.738%—2.350%, 12/23/2022 - 7/5/2023 | 78,500,000 | |
50,000,000 | 2 | Tennessee Valley Authority Discount Note, 2.100%, 8/3/2022 | 49,994,167 |
TOTAL GOVERNMENT AGENCIES | 3,376,566,466 | ||
TOTAL INVESTMENT IN SECURITIES—111.8% (AT AMORTIZED COST)3 | 7,357,904,364 | ||
OTHER ASSETS AND LIABILITIES - NET—(11.8)%4 | (774,122,633) | ||
TOTAL NET ASSETS—100% | $6,583,781,731 |
SOFR | —Secured Overnight Financing Rate |
Year Ended July 31 | 2022 | 2021 | 2020 | 2019 | 2018 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.002 | 0.0001 | 0.011 | 0.021 | 0.012 |
Net realized gain (loss) | (0.000)1 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.002 | 0.0001 | 0.011 | 0.021 | 0.012 |
Less Distributions: | |||||
Distributions from net investment income | (0.002) | (0.000)1 | (0.011) | (0.021) | (0.012) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.002) | (0.000)1 | (0.011) | (0.021) | (0.012) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.23% | 0.01% | 1.10% | 2.13% | 1.23% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.12% | 0.10% | 0.20%4 | 0.20%4 | 0.20%4 |
Net investment income | 0.21% | 0.02% | 0.95% | 2.11% | 1.21% |
Expense waiver/reimbursement5 | 0.17% | 0.19% | 0.09% | 0.09% | 0.09% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $3,507,901 | $3,805,176 | $4,366,142 | $3,019,468 | $2,739,607 |
July 31, 2022
Assets: | ||
Investment in securities, at amortized cost and fair value | $7,357,904,364 | |
Cash | 3,462,641 | |
Receivable from investments sold | 35,000,000 | |
Income receivable | 4,789,041 | |
Receivable for shares sold | 2,647,036 | |
TOTAL ASSETS | 7,403,803,082 | |
Liabilities: | ||
Payable for investments purchased | $813,484,840 | |
Income distribution payable | 5,267,656 | |
Payable for shares redeemed | 234,761 | |
Payable for other service fees (Notes 2 and 5) | 641,321 | |
Payable for investment adviser fee (Note 5) | 63,485 | |
Payable for administrative fee (Note 5) | 42,336 | |
Accrued expenses (Note 5) | 286,952 | |
TOTAL LIABILITIES | 820,021,351 | |
Net assets for 6,583,842,035 shares outstanding | $6,583,781,731 | |
Net Assets Consists of: | ||
Paid-in capital | $6,583,851,410 | |
Total distributable earnings (loss) | (69,679) | |
TOTAL NET ASSETS | $6,583,781,731 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Automated Shares: | ||
$192,603,045 ÷ 192,604,937 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Institutional Shares: | ||
$3,507,901,301 ÷ 3,507,932,837 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$2,883,277,385 ÷ 2,883,304,261 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Year Ended July 31, 2022
Investment Income: | |||
Interest | $22,795,455 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $13,585,259 | ||
Administrative fee (Note 5) | 5,316,816 | ||
Custodian fees | 204,044 | ||
Transfer agent fees (Note 2) | 190,635 | ||
Directors’/Trustees’ fees (Note 5) | 39,953 | ||
Auditing fees | 23,960 | ||
Legal fees | 7,358 | ||
Other service fees (Notes 2 and 5) | 7,711,951 | ||
Portfolio accounting fees | 184,557 | ||
Share registration costs | 58,216 | ||
Printing and postage | 35,901 | ||
Miscellaneous (Note 5) | 108,641 | ||
TOTAL EXPENSES | 27,467,291 | ||
Waivers and Reimbursements: | |||
Waiver of investment adviser fee (Note 5) | $(10,455,365) | ||
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (6,653,530) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (17,108,895) | ||
Net expenses | 10,358,396 | ||
Net investment income | 12,437,059 | ||
Net realized loss on investments | (64,848) | ||
Change in net assets resulting from operations | $12,372,211 |
Year Ended July 31 | 2022 | 2021 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $12,437,059 | $1,199,172 |
Net realized gain (loss) | (64,848) | 51,584 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 12,372,211 | 1,250,756 |
Distributions to Shareholders: | ||
Automated Shares | (247,878) | (19,918) |
Institutional Shares | (8,114,259) | (618,743) |
Service Shares | (4,561,767) | (393,226) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (12,923,904) | (1,031,887) |
Share Transactions: | ||
Proceeds from sale of shares | 15,309,584,999 | 18,391,229,782 |
Net asset value of shares issued to shareholders in payment of distributions declared | 2,588,694 | 277,007 |
Cost of shares redeemed | (15,499,663,571) | (19,091,398,983) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (187,489,878) | (699,892,194) |
Change in net assets | (188,041,571) | (699,673,325) |
Net Assets: | ||
Beginning of period | 6,771,823,302 | 7,471,496,627 |
End of period | $6,583,781,731 | $6,771,823,302 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | Transfer Agent Fees Waived by Unaffiliated Third Parties | |
Automated Shares | $128,812 | $(12,067) | $(58,541) |
Institutional Shares | 34,438 | — | — |
Service Shares | 27,385 | — | — |
TOTAL | $190,635 | $(12,067) | $(58,541) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Automated Shares | $388,608 | $(6,792) | $(272,064) |
Service Shares | 7,323,343 | (47,801) | (5,153,165) |
TOTAL | $7,711,951 | $(54,593) | $(5,425,229) |
Year Ended July 31 | 2022 | 2021 | ||
Automated Shares | Shares | Amount | Shares | Amount |
Shares sold | 265,079,347 | $265,079,347 | 235,508,877 | $235,508,877 |
Shares issued to shareholders in payment of distributions declared | 236,937 | 236,937 | 18,691 | 18,691 |
Shares redeemed | (213,792,818) | (213,792,818) | (249,001,474) | (249,001,474) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | 51,523,466 | $51,523,466 | (13,473,906) | $(13,473,906) |
Year Ended July 31 | 2022 | 2021 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 10,486,533,291 | $10,486,533,291 | 11,095,755,149 | $11,095,755,147 |
Shares issued to shareholders in payment of distributions declared | 2,115,195 | 2,115,195 | 233,374 | 233,374 |
Shares redeemed | (10,785,612,159) | (10,785,612,159) | (11,657,069,766) | (11,657,069,766) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (296,963,673) | $(296,963,673) | (561,081,243) | $(561,081,245) |
Year Ended July 31 | 2022 | 2021 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 4,557,972,361 | $4,557,972,361 | 7,059,965,758 | $7,059,965,758 |
Shares issued to shareholders in payment of distributions declared | 236,562 | 236,562 | 24,942 | 24,942 |
Shares redeemed | (4,500,258,594) | (4,500,258,594) | (7,185,327,743) | (7,185,327,743) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 57,950,329 | $57,950,329 | (125,337,043) | $(125,337,043) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (187,489,878) | $(187,489,878) | (699,892,192) | $(699,892,194) |
2022 | 2021 | |
Ordinary income1 | $12,923,904 | $1,028,692 |
Long-term capital gains | $— | $3,195 |
Distributions payable | $(4,831) |
Net unrealized depreciation | $(10,547) |
Capital loss carryforwards | $(54,301) |
Short-Term | Long-Term | Total |
$54,301 | $— | $54,301 |
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 |
September 23, 2022
Beginning Account Value 2/1/2022 | Ending Account Value 7/31/2022 | Expenses Paid During Period1 | |
Actual: | $1,000 | $1,002.20 | $0.94 |
Hypothetical (assuming a 5% return before expenses): | $1,000 | $1,023.85 | $0.95 |
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: 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.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, 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.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director, Saint Francis University. |
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. 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); Director, The Golisano Children’s Museum of Naples, Florida; 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; formerly, Executive Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors and Assistant General Counsel and Director of Risk Management, 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. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy 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 |
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. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Share Class | Ticker | Institutional | MMPXX | Service | MMSXX | Capital | MMLXX |
Eagle | MMMXX |
Federated Hermes Institutional Money Market Management
A Portfolio of Federated Hermes Money Market Obligations Trust
The Share Price will fluctuate. It is possible to lose money by investing in the Fund.
Security Type | Percentage of Total Net Assets |
Variable Instruments | 29.1% |
Commercial Paper | 21.5% |
Bank Instruments | 20.1% |
Other Repurchase Agreements and Repurchase Agreement | 30.1% |
Other Assets and Liabilities—Net2 | (0.8)% |
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 | 77.4%2 |
8-30 Days | 5.7% |
31-90 Days | 11.5% |
91-180 Days | 2.4% |
181 Days or more | 3.8% |
Other Assets and Liabilities—Net3 | (0.8)% |
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 | Overnight securities comprised 34.4% of the Fund’s portfolio. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
1 | NOTES - VARIABLE— 29.1% | ||
Finance - Banking— 23.8% | |||
$ 5,000,000 | Anglesea Funding LLC, (Bank of Nova Scotia, Toronto COL)/(Nordea Bank Abp COL)/(Societe Generale, Paris COL), 2.460% (SOFR +0.180%), 8/10/2022 | $ 5,000,000 | |
3,500,000 | Anglesea Funding LLC, (Bank of Nova Scotia, Toronto COL)/(Nordea Bank Abp COL)/(Societe Generale, Paris COL), 2.680% (Overnight Banking Fund Rate +0.360%), 12/23/2022 | 3,500,000 | |
2,500,000 | Anglesea Funding LLC, (Bank of Nova Scotia, Toronto COL)/(Nordea Bank Abp COL)/(Societe Generale, Paris COL), 2.720% (SOFR +0.440%), 11/18/2022 | 2,500,000 | |
5,000,000 | ASB Bank Ltd., 2.000% (SOFR +0.470%), 8/2/2022 | 5,001,357 | |
5,000,000 | Australia & New Zealand Banking Group, Melbourne, 2.430% (SOFR +0.150%), 8/1/2022 | 4,999,249 | |
10,000,000 | Bank of Montreal, 2.230% (SOFR +0.700%), 8/1/2022 | 10,003,329 | |
2,000,000 | Bank of Montreal, 2.430% (SOFR +0.150%), 8/1/2022 | 1,999,151 | |
5,000,000 | Bank of Montreal, 2.530% (SOFR +0.250%), 8/1/2022 | 4,995,886 | |
1,500,000 | Bank of Montreal, 2.580% (SOFR +0.300%), 8/1/2022 | 1,496,576 | |
5,000,000 | Bank of Montreal, 2.840% (SOFR +0.560%), 8/1/2022 | 4,993,837 | |
5,000,000 | Bank of Montreal, 2.930% (SOFR +0.650%), 8/1/2022 | 5,000,289 | |
10,000,000 | Bank of Nova Scotia, Toronto, 2.430% (SOFR +0.150%), 8/1/2022 | 9,995,109 | |
7,500,000 | Bank of Nova Scotia, Toronto, 2.780% (SOFR +0.500%), 8/1/2022 | 7,490,593 | |
5,000,000 | Bank of Nova Scotia, Toronto, 2.800% (SOFR +0.520%), 8/2/2022 | 5,000,000 | |
4,000,000 | Bank of Nova Scotia, Toronto, 2.950% (SOFR +0.670%), 8/1/2022 | 3,999,208 | |
15,000,000 | Canadian Imperial Bank of Commerce, 2.780% (SOFR +0.500%), 8/1/2022 | 14,978,682 | |
5,000,000 | Canadian Imperial Bank of Commerce, 2.830% (SOFR +0.550%), 8/1/2022 | 4,993,459 | |
3,500,000 | Canadian Imperial Bank of Commerce, 2.920% (SOFR +0.640%), 8/1/2022 | 3,500,000 | |
4,500,000 | City Furniture, Inc., (Wells Fargo Bank, N.A. LOC), 2.390%, 8/4/2022 | 4,500,000 | |
5,000,000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 2.780% (SOFR +0.500%), 8/1/2022 | 5,001,275 | |
5,000,000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 2.830% (SOFR +0.550%), 8/1/2022 | 5,000,000 | |
5,000,000 | Commonwealth Bank of Australia, 2.710% (SOFR +0.430%), 8/2/2022 | 4,995,375 | |
5,000,000 | Commonwealth Bank of Australia, 2.780% (SOFR +0.500%), 8/1/2022 | 4,997,332 | |
5,000,000 | Commonwealth Bank of Australia, 2.820% (SOFR +0.540%), 8/1/2022 | 4,998,130 | |
10,000,000 | MUFG Bank Ltd., 1.860% (SOFR +0.330%), 8/1/2022 | 10,000,000 | |
10,000,000 | National Australia Bank Ltd., Melbourne, 2.460% (SOFR +0.180%), 8/2/2022 | 10,000,000 | |
10,000,000 | Nordea Bank Abp, 1.680% (SOFR +0.150%), 8/1/2022 | 10,000,000 |
Principal Amount | Value | ||
1 | NOTES - VARIABLE— continued | ||
Finance - Banking— continued | |||
$ 10,000,000 | Nordea Bank Abp, 1.690% (SOFR +0.160%), 8/1/2022 | $ 10,000,000 | |
10,000,000 | Nordea Bank Abp, 2.080% (SOFR +0.550%), 8/1/2022 | 10,000,000 | |
10,000,000 | Royal Bank of Canada, 2.830% (SOFR +0.550%), 8/1/2022 | 9,989,145 | |
10,000,000 | Royal Bank of Canada, 3.030% (SOFR +0.750%), 8/1/2022 | 10,000,000 | |
5,000,000 | Royal Bank of Canada, New York Branch, 2.430% (SOFR +0.150%), 8/2/2022 | 4,997,636 | |
10,000,000 | Svenska Handelsbanken, Stockholm, 2.080% (SOFR +0.550%), 8/1/2022 | 10,000,000 | |
6,500,000 | Taxable Tender Option Bond Trust 2021-MIZ9064TX, (Series 2021-MIZ9064TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.640%, 8/4/2022 | 6,500,000 | |
5,150,000 | Taxable Tender Option Bond Trust 2022-MIZ9084TX, (Series 2022-MIZ-9084TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.640%, 8/4/2022 | 5,150,000 | |
5,400,000 | Taxable Tender Option Bond Trust 2022-MIZ9087TX, (Series 2022-MIZ9096TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.640%, 8/4/2022 | 5,400,000 | |
3,800,000 | Taxable Tender Option Bond Trust 2022-MIZ9094TX, (Series 2022-MIZ9094TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.640%, 8/4/2022 | 3,800,000 | |
2,000,000 | Toronto Dominion Bank, 1.930% (SOFR +0.400%), 8/1/2022 | 1,997,530 | |
10,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.780% (SOFR +0.500%), 8/1/2022 | 10,000,521 | |
12,500,000 | Westpac Banking Corp. Ltd., Sydney, 2.780% (SOFR +0.500%), 8/2/2022 | 12,492,450 | |
TOTAL | 259,266,119 | ||
Finance - Retail— 1.8% | |||
5,000,000 | Chariot Funding LLC, 1.710% (SOFR +0.180%), 8/1/2022 | 5,000,000 | |
10,000,000 | Chariot Funding LLC, 2.680% (SOFR +0.400%), 8/1/2022 | 9,999,471 | |
5,000,000 | Thunder Bay Funding, LLC, 2.080% (SOFR +0.550%), 9/26/2022 | 5,000,000 | |
TOTAL | 19,999,471 | ||
Government Agency— 3.5% | |||
8,000,000 | Archer 1 LLC, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 8,000,000 | |
30,000,000 | HW Hellman Building, L.P., (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 30,000,000 | |
TOTAL | 38,000,000 | ||
TOTAL NOTES - VARIABLE (IDENTIFIED COST $317,349,250) | 317,265,590 | ||
2 | COMMERCIAL PAPER— 21.5% | ||
Finance - Banking— 15.3% | |||
5,000,000 | Bank of Montreal, 2.800%, 5/9/2023 | 4,969,413 | |
2,500,000 | Bank of Nova Scotia, Toronto, 0.200%, 9/1/2022 | 2,494,437 |
Principal Amount | Value | ||
2 | COMMERCIAL PAPER— continued | ||
Finance - Banking— continued | |||
$ 15,000,000 | Bennington Stark Capital Co., LLC, (Societe Generale, Paris LIQ), 2.120%, 8/2/2022 | $ 14,999,117 | |
3,000,000 | Canadian Imperial Bank of Commerce, 0.503% - 2.070%, 12/1/2022 - 3/20/2023 | 2,944,888 | |
7,500,000 | Chesham Finance LLC Series III, (Societe Generale, Paris COL), 2.404%, 8/31/2022 | 7,485,000 | |
14,000,000 | Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 1.405% - 2.416%, 8/1/2022 - 10/3/2022 | 13,980,611 | |
40,000,000 | Lloyds Bank PLC, London, 1.413% - 2.419%, 8/5/2022 - 9/23/2022 | 39,942,862 | |
1,000,000 | LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 1.455%, 8/12/2022 | 999,557 | |
35,000,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 2.310% - 2.567%, 8/1/2022 - 10/11/2022 | 34,945,014 | |
6,500,000 | National Australia Bank Ltd., Melbourne, 1.005% - 3.844%, 9/6/2022 - 6/15/2023 | 6,438,609 | |
15,000,000 | Nationwide Building Society, 2.020%, 8/1/2022 | 15,000,000 | |
2,000,000 | Royal Bank of Canada, 0.250%, 10/14/2022 | 1,988,283 | |
6,000,000 | Royal Bank of Canada, New York Branch, 0.371% - 0.402%, 11/9/2022 - 11/15/2022 | 5,946,779 | |
15,000,000 | Toronto Dominion Bank, 2.051% - 2.903%, 3/17/2023 - 5/31/2023 | 14,558,610 | |
TOTAL | 166,693,180 | ||
Finance - Retail— 3.4% | |||
5,000,000 | Fairway Finance Co. LLC, 1.005%, 9/6/2022 | 4,986,778 | |
7,500,000 | Old Line Funding, LLC, 1.659%, 9/13/2022 | 7,475,544 | |
7,500,000 | Old Line Funding, LLC, 1.659%, 9/19/2022 | 7,471,898 | |
10,000,000 | Sheffield Receivables Company LLC, 1.976%, 8/18/2022 | 9,990,697 | |
7,500,000 | Thunder Bay Funding, LLC, 1.659%, 9/19/2022 | 7,472,971 | |
TOTAL | 37,397,888 | ||
Oil & Oil Finance— 0.9% | |||
10,000,000 | TotalEnergies Capital Canada Ltd., 2.200%, 8/3/2022 | 9,998,778 | |
Sovereign— 1.9% | |||
20,000,000 | BNG Bank N.V., 2.311%, 8/4/2022 | 19,996,150 | |
TOTAL COMMERCIAL PAPER (IDENTIFIED COST $234,378,470) | 234,085,996 | ||
CERTIFICATES OF DEPOSIT— 12.3% | |||
Finance - Banking— 12.3% | |||
2,500,000 | Bank of Montreal, 2.850%, 5/24/2023 | 2,484,601 | |
18,500,000 | Canadian Imperial Bank of Commerce, 0.350%, 11/7/2022 - 11/10/2022 | 18,380,140 | |
2,000,000 | Credit Agricole Corporate and Investment Bank, 1.560%, 8/12/2022 | 2,000,000 | |
10,000,000 | DNB Bank ASA, 1.100%, 9/6/2022 | 9,986,399 | |
2,500,000 | Mizuho Bank Ltd., 2.600%, 10/20/2022 | 2,499,070 |
Principal Amount | Value | ||
CERTIFICATES OF DEPOSIT— continued | |||
Finance - Banking— continued | |||
$ 18,000,000 | MUFG Bank Ltd., 1.420% - 1.450%, 8/18/2022 - 8/19/2022 | $ 18,000,000 | |
15,000,000 | Sumitomo Mitsui Banking Corp., 1.450%, 8/5/2022 | 15,000,000 | |
47,500,000 | Sumitomo Mitsui Trust Bank Ltd., 1.450% - 2.530%, 8/17/2022 - 9/27/2022 | 47,500,000 | |
19,000,000 | Toronto Dominion Bank, 0.220% - 4.070%, 10/14/2022 - 7/18/2023 | 18,938,234 | |
TOTAL CERTIFICATES OF DEPOSIT (IDENTIFIED COST $135,000,000) | 134,788,444 | ||
TIME DEPOSITS— 7.8% | |||
Finance - Banking— 7.8% | |||
55,000,000 | ABN Amro Bank NV, 2.010%, 8/1/2022 | 55,000,000 | |
30,000,000 | Mizuho Bank Ltd., 2.320%, 8/1/2022 | 30,000,000 | |
TOTAL TIME DEPOSITS (IDENTIFIED COST $85,000,000) | 85,000,000 | ||
OTHER REPURCHASE AGREEMENTS— 17.3% | |||
Finance - Banking— 17.3% | |||
10,000,000 | BMO Capital Markets Corp., 2.42%, dated 7/29/2022, interest in a $90,000,000 collateralized loan agreement will repurchase securities provided as collateral for $90,018,150 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, treasury notes, medium-term notes and sovereign debt with a market value of $91,818,514 have been received as collateral and held with BNY Mellon as tri-party agent. | 10,000,000 | |
15,000,000 | BNP Paribas S.A., 2.40%, dated 7/29/2022, interest in a $500,000,000 collateralized loan agreement will repurchase securities provided as collateral for $500,100,000 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $510,102,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 15,000,000 | |
50,000,000 | BofA Securities, Inc., 2.39%, dated 7/29/2022, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,029,875 on 8/1/2022, in which corporate bonds and medium-term notes with a market value of $153,030,602 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
45,000,000 | Credit Agricole S.A., 2.47%, dated 6/24/2022, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,144,083 on 8/9/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, commercial paper, treasury notes, treasury bills, medium-term notes, U.S. Government Agency securities and sovereign debt with a market value of $306,063,090 have been received as collateral and held with BNY Mellon as tri-party agent. | 45,000,000 | |
5,000,000 | HSBC Securities (USA), Inc., 2.52%, dated 7/29/2022, interest in a $5,000,000 collateralized loan agreement will repurchase securities provided as collateral for $5,001,050 on 8/1/2022, in which corporate bonds and medium-term notes with a market value of $5,100,357 have been received as collateral and held with BNY Mellon as tri-party agent. | 5,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 25,000,000 | J.P. Morgan Securities LLC, 2.56%, dated 7/6/2022, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,480,000 on 8/2/2022, in which corporate bonds and medium-term notes with a market value of $255,000,001 have been received as collateral and held with JPMorgan Chase as tri-party agent. | $ 25,000,000 | |
15,000,000 | Pershing LLC, 2.57%, dated 7/14/2022, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,0149,917 on 8/9/2022, in which asset-backed securities, collateralized mortgage obligations, common stocks, corporate bonds, convertible bonds, commercial paper, certificates of deposit, exchange-traded funds, medium-term notes, municipal bonds and U.S. Government Agency securities with a market value of $306,100,946 have been received as collateral and held with BNY Mellon as tri-party agent. | 15,000,000 | |
24,000,000 | Societe Generale, Paris., 2.47%, dated 7/29/2022, interest in a $650,000,000 collateralized loan agreement will repurchase securities provided as collateral for $650,133,792 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, treasury bills and medium-term notes with a market value of $663,136,856 have been received as collateral and held with BNY Mellon as tri-party agent. | 24,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS (IDENTIFIED COST $189,000,000) | 189,000,000 | ||
REPURCHASE AGREEMENT— 12.8% | |||
Finance - Banking— 12.8% | |||
139,324,000 | Interest in $3,000,000,000 joint repurchase agreement 2.30%, dated 7/29/2022 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,575,000 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 5/1/2052 and the market value of those underlying securities was $3,060,586,510. (IDENTIFIED COST $139,324,000) | 139,324,000 | |
TOTAL INVESTMENT IN SECURITIES—100.8% (IDENTIFIED COST $1,100,051,720)3 | 1,099,464,030 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.8)%4 | (9,084,087) | ||
TOTAL NET ASSETS—100% | $1,090,379,943 |
1 | Floating/variable note with current rate and current maturity or next reset date shown. |
2 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
3 | Also represents cost for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
COL | —Collateralized | |
LIQ | —Liquidity Agreement | |
LOC | —Letter of Credit | |
SOFR | —Secured Overnight Financing Rate | |
VRDNs | —Variable Rate Demand Notes |
Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $0.9998 | $1.0000 | $0.9998 | $0.9997 | $1.0001 |
Income From Investment Operations: | |||||
Net investment income | 0.0036 | 0.0006 | 0.0141 | 0.0238 | 0.0157 |
Net realized and unrealized gain (loss) | (0.0006) | (0.0002) | 0.0002 | 0.0001 | (0.0004) |
Total From Investment Operations | 0.0030 | 0.0004 | 0.0143 | 0.0239 | 0.0153 |
Less Distributions: | |||||
Distributions from net investment income | (0.0036) | (0.0006) | (0.0141) | (0.0238) | (0.0157) |
Distributions from net realized gain | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.0000)1 |
Total Distributions | (0.0036) | (0.0006) | (0.0141) | (0.0238) | (0.0157) |
Net Asset Value, End of Period | $0.9992 | $0.9998 | $1.0000 | $0.9998 | $0.9997 |
Total Return2 | 0.30% | 0.04% | 1.44% | 2.42% | 1.54% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
Net investment income | 0.37% | 0.07% | 1.20% | 2.39% | 1.47% |
Expense waiver/reimbursement4 | 0.18% | 0.17% | 0.21% | 1.02% | 0.81% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,085,231 | $1,033,664 | $1,353,697 | $66,410 | $34,986 |
1 | Represents less than $0.0001. |
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 July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $0.9998 | $0.9999 | $0.9997 | $0.9997 | $1.0001 |
Income From Investment Operations: | |||||
Net investment income | 0.0027 | 0.0001 | 0.0115 | 0.0213 | 0.0133 |
Net realized and unrealized gain (loss) | (0.0008) | (0.0001) | 0.0003 | 0.00001 | (0.0005) |
Total From Investment Operations | 0.0019 | 0.00001 | 0.0118 | 0.0213 | 0.0128 |
Less Distributions: | |||||
Distributions from net investment income | (0.0026) | (0.0001) | (0.0116) | (0.0213) | (0.0132) |
Distributions from net realized gain | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.0000)1 |
Total Distributions | (0.0026) | (0.0001) | (0.0116) | (0.0213) | (0.0132) |
Net Asset Value, End of Period | $0.9991 | $0.9998 | $0.9999 | $0.9997 | $0.9997 |
Total Return2 | 0.19% | 0.00%3 | 1.18% | 2.15% | 1.28% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.22% | 0.20% | 0.40% | 0.40% | 0.40% |
Net investment income | 0.17% | 0.01% | 0.98% | 2.16% | 1.25% |
Expense waiver/reimbursement5 | 0.36% | 0.38% | 0.27% | 1.02% | 0.85% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $420 | $1,138 | $781 | $560 | $499 |
1 | Represents less than $0.0001. |
2 | Based on net asset value. |
3 | Represents less than 0.01%. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $0.9998 | $1.0000 | $0.9998 | $0.9997 | $1.0001 |
Income From Investment Operations: | |||||
Net investment income | 0.0031 | 0.0002 | 0.0131 | 0.0228 | 0.0147 |
Net realized and unrealized gain (loss) | (0.0006) | (0.0002) | 0.0002 | 0.0001 | (0.0004) |
Total From Investment Operations | 0.0025 | 0.00001 | 0.0133 | 0.0229 | 0.0143 |
Less Distributions: | |||||
Distributions from net investment income | (0.0031) | (0.0002) | (0.0131) | (0.0228) | (0.0147) |
Distributions from net realized gain | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.0000)1 |
Total Distributions | (0.0031) | (0.0002) | (0.0131) | (0.0228) | (0.0147) |
Net Asset Value, End of Period | $0.9992 | $0.9998 | $1.0000 | $0.9998 | $0.9997 |
Total Return2 | 0.26% | 0.00%3 | 1.33% | 2.32% | 1.44% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.19% | 0.20% | 0.25% | 0.25% | 0.25% |
Net investment income | 0.31% | 0.02% | 1.31% | 2.28% | 1.44% |
Expense waiver/reimbursement5 | 0.24% | 0.23% | 0.28% | 1.04% | 0.86% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $179 | $178 | $181 | $178 | $174 |
1 | Represents less than $0.0001. |
2 | Based on net asset value. |
3 | Represents less than 0.01%. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $0.9998 | $1.0000 | $0.9998 | $0.9997 | $1.0001 |
Income From Investment Operations: | |||||
Net investment income | 0.0026 | 0.0001 | 0.0122 | 0.0218 | 0.0137 |
Net realized and unrealized gain (loss) | (0.0006) | (0.0002) | 0.0001 | 0.0001 | (0.0004) |
Total From Investment Operations | 0.0020 | (0.0001) | 0.0123 | 0.0219 | 0.0133 |
Less Distributions: | |||||
Distributions from net investment income | (0.0026) | (0.0001) | (0.0121) | (0.0218) | (0.0137) |
Distributions from net realized gain | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.0000)1 |
Total Distributions | (0.0026) | (0.0001) | (0.0121) | (0.0218) | (0.0137) |
Net Asset Value, End of Period | $0.9992 | $0.9998 | $1.0000 | $0.9998 | $0.9997 |
Total Return2 | 0.20% | (0.01)% | 1.23% | 2.21% | 1.33% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.24% | 0.20% | 0.35% | 0.35% | 0.35% |
Net investment income | 0.24% | 0.01% | 1.21% | 2.18% | 1.32% |
Expense waiver/reimbursement4 | 0.33% | 0.37% | 0.29% | 1.04% | 0.85% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $4,550 | $4,781 | $4,918 | $5,216 | $6,275 |
1 | Represents less than $0.0001. |
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. |
July 31, 2022
Assets: | |
Investment in repurchase agreements and other repurchase agreements | $328,324,000 |
Investment in securities | 771,140,030 |
Investment in securities, at value (identified cost $1,100,051,720) | 1,099,464,030 |
Income receivable | 1,048,782 |
Prepaid expenses | 161 |
Total Assets | 1,100,512,973 |
Liabilities: | |
Payable for investments purchased | 8,485,000 |
Payable to bank | 925 |
Income distribution payable | 1,474,414 |
Payable for investment adviser fee (Note 5) | 4,340 |
Payable for administrative fee (Note 5) | 7,034 |
Accrued expenses (Note 5) | 161,317 |
Total Liabilities | 10,133,030 |
Net assets for 1,091,266,980 shares outstanding | $1,090,379,943 |
Net Assets Consist of: | |
Paid-in capital | $1,090,962,331 |
Total distributable earnings (loss) | (582,388) |
Total Net Assets | $1,090,379,943 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | |
Institutional Shares: | |
$1,085,231,042 ÷ 1,086,113,994 shares outstanding, no par value, unlimited shares authorized | $0.9992 |
Service Shares: | |
$420,181 ÷ 420,545 shares outstanding, no par value, unlimited shares authorized | $0.9991 |
Capital Shares: | |
$178,675 ÷ 178,821 shares outstanding, no par value, unlimited shares authorized | $0.9992 |
Eagle Shares: | |
$4,550,045 ÷ 4,553,620 shares outstanding, no par value, unlimited shares authorized | $0.9992 |
Year Ended July 31, 2022
Investment Income: | |
Interest | $5,519,943 |
Expenses: | |
Investment adviser fee (Note 5) | 2,120,691 |
Administrative fee (Note 5) | 830,449 |
Custodian fees | 48,564 |
Transfer agent fees | 92,934 |
Directors’/Trustees’ fees (Note 5) | 6,230 |
Auditing fees | 20,299 |
Legal fees | 7,363 |
Portfolio accounting fees | 213,321 |
Other service fees (Notes 2 and 5) | 13,672 |
Share registration costs | 74,350 |
Printing and postage | 19,436 |
Miscellaneous (Note 5) | 54,134 |
TOTAL EXPENSES | 3,501,443 |
Waivers and Reimbursements: | |
Waiver of investment adviser fee (Note 5) | (1,899,061) |
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (34,500) |
TOTAL WAIVERS AND REIMBURSEMENTS | (1,933,561) |
Net expenses | 1,567,882 |
Net investment income | 3,952,061 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments | 2,780 |
Net change in unrealized appreciation of investments | (674,073) |
Net realized and unrealized gain (loss) on investments | (671,293) |
Change in net assets resulting from operations | $3,280,768 |
Year Ended July 31 | 2022 | 2021 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,952,061 | $758,730 |
Net realized gain (loss) | 2,780 | 630 |
Net change in unrealized appreciation/depreciation | (674,073) | (301,143) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 3,280,768 | 458,217 |
Distributions to Shareholders: | ||
Institutional Shares | (3,938,343) | (760,505) |
Service Shares | (1,396) | (129) |
Capital Shares | (562) | (36) |
Eagle Shares | (11,262) | (439) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (3,951,563) | (761,109) |
Share Transactions: | ||
Proceeds from sale of shares | 272,244,134 | 549,730,962 |
Net asset value of shares issued to shareholders in payment of distributions declared | 148,948 | 99,962 |
Cost of shares redeemed | (221,103,337) | (869,343,957) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 51,289,745 | (319,513,033) |
Change in net assets | 50,618,950 | (319,815,925) |
Net Assets: | ||
Beginning of period | 1,039,760,993 | 1,359,576,918 |
End of period | $1,090,379,943 | $1,039,760,993 |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $2,050 | $— | $(1,402) |
Capital Shares | 179 | — | (96) |
Eagle Shares | 11,443 | (13) | (6,923) |
TOTAL | $13,672 | $(13) | $(8,421) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 263,484,507 | $263,336,933 | 540,618,930 | $540,592,436 |
Shares issued to shareholders in payment of distributions declared | 137,289 | 137,190 | 99,498 | 99,485 |
Shares redeemed | (211,358,360) | (211,239,946) | (860,513,380) | (860,423,549) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 52,263,436 | $52,234,177 | (319,794,952) | $(319,731,628) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 8,119,057 | $8,114,658 | 8,490,909 | $8,488,527 |
Shares issued to shareholders in payment of distributions declared | 52 | 52 | 4 | 4 |
Shares redeemed | (8,836,748) | (8,831,908) | (8,133,990) | (8,131,632) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (717,639) | $(717,198) | 356,923 | $356,899 |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | — | $— | — | $— |
Shares issued to shareholders in payment of distributions declared | 562 | 562 | 36 | 36 |
Shares redeemed | — | — | (2,451) | (2,451) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 562 | $562 | (2,415) | $(2,415) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Eagle Shares: | Shares | Amount | Shares | Amount |
Shares sold | 792,916 | $792,543 | 650,122 | $649,999 |
Shares issued to shareholders in payment of distributions declared | 11,152 | 11,144 | 437 | 437 |
Shares redeemed | (1,032,026) | (1,031,483) | (786,474) | (786,325) |
NET CHANGE RESULTING FROM EAGLE SHARE TRANSACTIONS | (227,958) | $(227,796) | (135,915) | $(135,889) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 51,318,401 | $51,289,745 | (319,576,359) | $(319,513,033) |
2022 | 2021 | |
Ordinary income1 | $3,951,563 | $761,109 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income1 | $5,302 |
Net unrealized depreciation | $(587,690) |
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 |
September 23, 2022
Beginning Account Value 2/1/2022 | Ending Account Value 7/31/2022 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $1,003.10 | $0.75 |
Service Shares | $1,000 | $1,002.10 | $1.742 |
Capital Shares | $1,000 | $1,002.70 | $1.19 |
Eagle Shares | $1,000 | $1,002.10 | $1.743 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,024.05 | $0.75 |
Service Shares | $1,000 | $1,023.06 | $1.762 |
Capital Shares | $1,000 | $1,023.60 | $1.20 |
Eagle Shares | $1,000 | $1,023.06 | $1.763 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Institutional Shares | 0.15% |
Service Shares | 0.35% |
Capital Shares | 0.24% |
Eagle Shares | 0.35% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Service Shares current Fee Limit of 0.40% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.99 and $2.01, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Eagle Shares current Fee Limit of 0.40% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.99 and $2.01, 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: 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.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, 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.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director, Saint Francis University. |
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. 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); Director, The Golisano Children’s Museum of Naples, Florida; 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; formerly, Executive Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors and Assistant General Counsel and Director of Risk Management, 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. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy 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 |
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. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 608919742
CUSIP 608919759
CUSIP 60934N211
Share Class | Ticker | Automated | PTAXX | R | PTRXX | Wealth | PCOXX |
Advisor | PCVXX | Service | PRCXX | Cash II | PCDXX | |
Cash Series | PTSXX | Capital | PCCXX | Trust | PTTXX |
Federated Hermes Prime Cash Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
Security Type | Percentage of Total Net Assets |
Other Repurchase Agreements and Repurchase Agreements | 32.8% |
Variable Rate Instruments | 22.3% |
Bank Instruments | 22.2% |
Commercial Paper | 12.0% |
U.S. Treasury Securities | 0.3% |
Cash Equivalent2 | 8.0% |
Other Assets and Liabilities—Net3 | 2.4% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for more complete information regarding these security types. With respect to this table, Commercial Paper includes commercial paper with interest rates that are fixed or that reset periodically. |
2 | Cash Equivalents include any investments in money market mutual funds. |
3 | 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 Days2 | 76.6% |
8-30 Days | 6.2% |
31-90 Days | 8.9% |
91-180 Days | 3.1% |
181 Days or more | 2.8% |
Other Assets and Liabilities—Net3 | 2.4% |
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 | Overnight securities comprised 37.3% of the Fund’s portfolio. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount or Shares | Value | ||
1 | NOTES - VARIABLE— 22.3% | ||
Finance - Banking— 19.8% | |||
$ 95,000,000 | Anglesea Funding LLC, (Bank of Nova Scotia, Toronto COL)/(Nordea Bank Abp COL)/(Societe Generale, Paris COL), 2.460% (SOFR +0.180%), 8/10/2022 | $ 95,000,000 | |
15,000,000 | Anglesea Funding LLC, (Bank of Nova Scotia, Toronto COL)/(Nordea Bank Abp COL)/(Societe Generale, Paris COL), 2.500% (SOFR +0.220%), 8/5/2022 | 15,000,000 | |
90,000,000 | Anglesea Funding LLC, (Bank of Nova Scotia, Toronto COL)/(Nordea Bank Abp COL)/(Societe Generale, Paris COL), 2.680% (SOFR +0.360%), 12/23/2022 | 90,000,000 | |
15,000,000 | Anglesea Funding LLC, (Bank of Nova Scotia, Toronto COL)/(Nordea Bank Abp COL)/(Societe Generale, Paris COL), 2.720% (SOFR +0.440%), 11/18/2022 | 15,000,000 | |
13,000,000 | ASB Bank Ltd., 2.000% (SOFR +0.470%), 8/2/2022 | 13,000,000 | |
60,000,000 | Australia & New Zealand Banking Group, Melbourne, 2.430% (SOFR +0.150%), 8/1/2022 | 59,990,994 | |
195,000,000 | Bank of Montreal, 2.230% (SOFR +0.700%), 8/1/2022 | 195,000,000 | |
100,000,000 | 2 | Bank of Montreal, 2.430% (SOFR +0.150%), 8/1/2022 | 100,000,000 |
45,000,000 | Bank of Montreal, 2.530% (SOFR +0.250%), 8/1/2022 | 45,000,000 | |
50,000,000 | Bank of Montreal, 2.580% (SOFR +0.300%), 8/1/2022 | 50,000,000 | |
73,500,000 | Bank of Montreal, 2.580% (SOFR +0.300%), 8/1/2022 | 73,500,000 | |
85,000,000 | Bank of Montreal, 2.930% (SOFR +0.650%), 8/1/2022 | 85,000,000 | |
150,000,000 | 2 | Bank of Nova Scotia, Toronto, 2.430% (SOFR +0.150%), 8/1/2022 | 150,000,000 |
20,000,000 | Bank of Nova Scotia, Toronto, 2.530% (SOFR +0.250%), 8/1/2022 | 20,000,000 | |
50,000,000 | 2 | Bank of Nova Scotia, Toronto, 2.530% (SOFR +0.250%), 8/1/2022 | 50,000,000 |
206,000,000 | 2 | Bank of Nova Scotia, Toronto, 2.780% (SOFR +0.500%), 8/1/2022 | 206,000,000 |
40,000,000 | 2 | Bank of Nova Scotia, Toronto, 2.860% (SOFR +0.580%), 8/1/2022 | 40,000,000 |
73,300,000 | Bank of Nova Scotia, Toronto, 2.950% (SOFR +0.670%), 8/1/2022 | 73,300,000 | |
25,000,000 | 2 | Canadian Imperial Bank of Commerce, 2.490% (SOFR +0.210%), 8/1/2022 | 25,000,000 |
18,750,000 | 2 | Canadian Imperial Bank of Commerce, 2.780% (SOFR +0.500%), 8/1/2022 | 18,749,999 |
250,000,000 | 2 | Canadian Imperial Bank of Commerce, 2.780% (SOFR +0.500%), 8/1/2022 | 250,000,000 |
80,000,000 | 2 | Canadian Imperial Bank of Commerce, 2.830% (SOFR +0.550%), 8/1/2022 | 80,000,000 |
71,500,000 | 2 | Canadian Imperial Bank of Commerce, 2.920% (SOFR +0.640%), 8/1/2022 | 71,500,000 |
70,000,000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 2.780% (SOFR +0.500%), 8/1/2022 | 70,000,000 |
Principal Amount or Shares | Value | ||
1 | NOTES - VARIABLE— continued | ||
Finance - Banking— continued | |||
$ 60,000,000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 2.830% (SOFR +0.550%), 8/1/2022 | $ 60,000,000 | |
45,000,000 | Commonwealth Bank of Australia, 2.780% (SOFR +0.500%), 8/1/2022 | 45,000,000 | |
39,000,000 | Commonwealth Bank of Australia, 2.820% (SOFR +0.540%), 8/1/2022 | 39,000,000 | |
6,725,000 | Fiore Capital LLC, (Wells Fargo Bank, N.A. LOC), 2.420%, 8/4/2022 | 6,725,000 | |
1,075,000 | Gadsden, AL Airport Authority, Series 2004, (Wells Fargo Bank, N.A. LOC), 1.860%, 8/4/2022 | 1,075,000 | |
355,000 | Montgomery, AL IDB, (Wells Fargo Bank, N.A. LOC), 2.630%, 8/4/2022 | 355,000 | |
89,500,000 | 2 | MUFG Bank Ltd., 1.860% (SOFR +0.330%), 8/1/2022 | 89,500,000 |
110,000,000 | National Australia Bank Ltd., Melbourne, 2.460% (SOFR +0.180%), 8/2/2022 | 110,000,000 | |
80,000,000 | 2 | Nordea Bank Abp, 1.680% (SOFR +0.150%), 8/1/2022 | 80,000,000 |
175,000,000 | 2 | Nordea Bank Abp, 1.690% (SOFR +0.160%), 8/1/2022 | 175,000,000 |
50,000,000 | 2 | Nordea Bank Abp, 2.080% (SOFR +0.550%), 8/1/2022 | 50,000,000 |
19,670,000 | Osprey Properties Limited Partnership, LLLP & Nighthawk Properties, LLC, Series 2008, (Wells Fargo Bank, N.A. LOC), 2.370%, 8/4/2022 | 19,670,000 | |
29,435,000 | Panel Rey S.A., Series 2016, (Citibank N.A., New York LOC), 2.450%, 8/4/2022 | 29,435,000 | |
90,000,000 | Royal Bank of Canada, 2.830% (SOFR +0.550%), 8/1/2022 | 90,000,000 | |
200,000,000 | Royal Bank of Canada, 3.030% (SOFR +0.750%), 8/1/2022 | 200,000,000 | |
100,000,000 | Royal Bank of Canada, New York Branch, 2.430% (SOFR +0.150%), 8/2/2022 | 100,000,000 | |
75,000,000 | Royal Bank of Canada, New York Branch, 2.430% (SOFR +0.150%), 8/2/2022 | 75,000,000 | |
405,000 | Spira Millennium LLC, Series 2001, (Bank of America N.A. LOC), 2.380%, 8/4/2022 | 405,000 | |
100,000,000 | Svenska Handelsbanken, Stockholm, 2.030% (SOFR +0.500%), 8/1/2022 | 100,000,000 | |
39,000,000 | 2 | Svenska Handelsbanken, Stockholm, 2.080% (SOFR +0.550%), 8/1/2022 | 39,000,000 |
36,732,455 | Taxable Tender Option Bond Trust 2021-MIZ9060TX, (Series 2021-MIZ9060TX) VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.590%, 8/1/2022 | 36,732,455 | |
25,000,000 | Taxable Tender Option Bond Trust 2021-MIZ9071TX, (Series 2021-MIZ9071TX) VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.720%, 8/1/2022 | 25,000,000 | |
3,954,173 | Taxable Tender Option Bond Trust 2021-MIZ9083TX, (Series 2021-MIZ9083TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.590%, 8/1/2022 | 3,954,173 |
Principal Amount or Shares | Value | ||
1 | NOTES - VARIABLE— continued | ||
Finance - Banking— continued | |||
$ 18,750,000 | Taxable Tender Option Bond Trust 2022-MIZ9087TX, (Series 2022-MIZ9096TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.640%, 8/4/2022 | $ 18,750,000 | |
30,000,000 | Taxable Tender Option Bond Trust2021-MIZ9070TX, (Series 2021-MIZ9070TX) VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.720%, 8/1/2022 | 30,000,000 | |
118,000,000 | 2 | Toronto Dominion Bank, 1.930% (SOFR +0.400%), 8/1/2022 | 118,000,000 |
18,290,000 | Triborough Bridge & Tunnel Authority, NY, (Taxable Series E) Weekly VRDNs, (Bank of America N.A. LOC), 2.310%, 8/4/2022 | 18,290,000 | |
20,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.780% (SOFR +0.500%), 8/1/2022 | 20,000,000 | |
20,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.780% (SOFR +0.500%), 8/1/2022 | 20,000,000 | |
250,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.780% (SOFR +0.500%), 8/2/2022 | 250,000,000 | |
TOTAL | 3,741,932,621 | ||
Finance - Retail— 0.7% | |||
25,000,000 | Chariot Funding LLC, 1.710% (SOFR +0.180%), 8/1/2022 | 25,000,000 | |
50,000,000 | Chariot Funding LLC, 2.680% (SOFR +0.400%), 8/1/2022 | 50,000,000 | |
15,000,000 | Thunder Bay Funding, LLC, 2.080% (SOFR +0.550%), 1/20/2023 | 15,000,000 | |
20,000,000 | Thunder Bay Funding, LLC, 2.080% (SOFR +0.550%), 9/26/2022 | 20,000,000 | |
25,000,000 | Thunder Bay Funding, LLC, 2.880% (SOFR +0.600%), 10/20/2022 | 25,000,000 | |
TOTAL | 135,000,000 | ||
Government Agency— 1.8% | |||
5,915,000 | 1320 W Jefferson LLC, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/3/2022 | 5,915,000 | |
4,925,000 | Andrew Long Irrevocable Family Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 4,925,000 | |
2,700,000 | Archer 1 LLC, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 2,700,000 | |
2,100,000 | BWF Forge TL Properties Owner LLC, (Federal Home Loan Bank of Des Moines LOC)/(Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 2,100,000 | |
1,695,000 | CMR LLC, CMR LLC Project Series 2017, (Federal Home Loan Bank of Indianapolis LOC), 2.610%, 8/4/2022 | 1,695,000 | |
5,635,000 | Dennis Wesley Company, Inc., The Dennis Wesley Company, Inc. Project, (Federal Home Loan Bank of Indianapolis LOC), 2.450%, 8/4/2022 | 5,635,000 | |
6,130,000 | Frank Dale Insurance Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 6,130,000 | |
11,100,000 | Ivy Row at South, LLC, (Federal Home Loan Bank of Atlanta LOC), 2.450%, 8/4/2022 | 11,100,000 | |
6,740,000 | Mason Harrison Ratliff Enterprises, LLC, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 6,740,000 |
Principal Amount or Shares | Value | ||
1 | NOTES - VARIABLE— continued | ||
Government Agency— continued | |||
$ 30,200,000 | Mike P. Sturdivant, Sr. Family Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | $ 30,200,000 | |
25,622,500 | Naples SI, LLC, (Federal Home Loan Bank of Indianapolis LOC), 2.450%, 8/4/2022 | 25,622,500 | |
35,960,000 | Park Stanton Place LP, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 35,960,000 | |
6,215,000 | Phenix City, AL Downtown Redevelopment Authority, Series 2013-A, (Federal Home Loan Bank of New York LOC), 2.450%, 8/4/2022 | 6,215,000 | |
21,000,000 | Pittsburg Fox Creek Associates L.P., Series 2011-A, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 21,000,000 | |
5,225,000 | Public Finance Authority, Series 2015-A Ram Eufaula Hospitality, LLC, (Federal Home Loan Bank of New York LOC), 2.500%, 8/4/2022 | 5,225,000 | |
6,000,000 | Riverview Project, Series 2021, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | 6,000,000 | |
15,150,000 | Rohnert Park 668, L.P., (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 15,150,000 | |
7,600,000 | Sandy Jacobs Irrevocable Insurance Trust, Series 2019, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | 7,600,000 | |
22,065,000 | Sendra Family Irrevocable Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 22,065,000 | |
11,260,000 | Shawn R. Trapuzzano Irrevocable Insurance Trust, (Federal Home Loan Bank of Pittsburgh LOC), 2.450%, 8/4/2022 | 11,260,000 | |
4,860,000 | Spingola Insurance Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 4,860,000 | |
2,560,000 | The J.G. Aguirre Master Trust, (Federal Home Loan Bank of Atlanta LOC), 2.450%, 8/4/2022 | 2,560,000 | |
23,765,000 | The Jacob Rosenstein Irrevocable Life Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | 23,765,000 | |
4,150,000 | The Mary Jane Beauregard Irrevocable Insurance Trust of 2017, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/3/2022 | 4,150,000 | |
4,710,000 | The Mulberry Family Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 4,710,000 | |
20,330,000 | The Murray D. Berry Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/3/2022 | 20,330,000 | |
20,945,000 | The Ray L. Berry Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/3/2022 | 20,945,000 | |
16,400,000 | Wingo Family Master Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | 16,400,000 | |
TOTAL | 330,957,500 | ||
TOTAL NOTES - VARIABLE | 4,207,890,121 |
Principal Amount or Shares | Value | ||
TIME DEPOSITS— 12.3% | |||
Finance - Banking— 12.3% | |||
$ 945,000,000 | ABN Amro Bank NV, 2.010% - 2.220%, 8/1/2022 - 8/3/2022 | $ 945,000,000 | |
850,000,000 | Australia & New Zealand Banking Group, Melbourne, 2.210%, 8/3/2022 | 850,000,000 | |
525,000,000 | Mizuho Bank Ltd., 2.320%, 8/1/2022 | 525,000,000 | |
TOTAL TIME DEPOSITS | 2,320,000,000 | ||
3 | COMMERCIAL PAPER— 12.0% | ||
Finance - Banking— 9.7% | |||
40,000,000 | Antalis S.A., (Societe Generale, Paris LIQ), 1.772%, 8/1/2022 | 40,000,000 | |
40,000,000 | Bank of Montreal, 2.800%, 5/9/2023 | 40,000,000 | |
112,500,000 | Bank of Nova Scotia, Toronto, 0.200% - 0.205%, 9/7/2022 - 9/16/2022 | 112,475,678 | |
167,500,000 | Bennington Stark Capital Co., LLC, (Societe Generale, Paris LIQ), 2.120%, 8/2/2022 | 167,490,136 | |
165,000,000 | Canadian Imperial Bank of Commerce, 0.503% - 2.070%, 12/1/2022 - 3/20/2023 | 164,267,674 | |
100,000,000 | Canadian Imperial Holdings, Inc., 0.351%, 11/8/2022 | 99,903,750 | |
100,000,000 | Chesham Finance LLC Series III, (Societe Generale, Paris COL), 2.404%, 8/31/2022 | 99,800,000 | |
116,995,000 | Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 1.405% - 2.416%, 8/1/2022 - 10/3/2022 | 116,624,483 | |
150,000,000 | Lloyds Bank PLC, London, 1.413% - 2.419%, 8/5/2022 - 9/23/2022 | 149,722,146 | |
23,000,000 | LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 1.455%, 8/12/2022 | 22,989,810 | |
140,000,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 2.310% - 2.567%, 8/1/2022 - 10/11/2022 | 139,798,833 | |
124,000,000 | National Australia Bank Ltd., Melbourne, 1.005% - 3.866%, 9/6/2022 - 6/15/2023 | 121,805,100 | |
125,000,000 | Nationwide Building Society, 2.020%, 8/1/2022 | 125,000,000 | |
65,000,000 | Royal Bank of Canada, 0.250%, 10/14/2022 | 64,966,597 | |
197,000,000 | Royal Bank of Canada, New York Branch, 0.220% - 0.402%, 10/7/2022 - 11/15/2022 | 196,821,764 | |
166,000,000 | Toronto Dominion Bank, 2.051% - 2.903%, 3/17/2023 - 5/31/2023 | 162,456,170 | |
TOTAL | 1,824,122,141 | ||
Finance - Retail— 0.9% | |||
25,000,000 | Fairway Finance Co. LLC, 1.005%, 9/6/2022 | 24,975,000 | |
30,000,000 | Old Line Funding, LLC, 1.659%, 9/13/2022 | 29,940,875 | |
80,000,000 | Sheffield Receivables Company LLC, 1.976%, 8/18/2022 | 79,925,578 | |
40,000,000 | Thunder Bay Funding, LLC, 1.659%, 9/19/2022 | 39,910,166 | |
TOTAL | 174,751,619 | ||
Oil & Oil Finance— 0.5% | |||
90,000,000 | TotalEnergies Capital Canada Ltd., 2.200%, 8/3/2022 | 89,989,000 |
Principal Amount or Shares | Value | ||
3 | COMMERCIAL PAPER— continued | ||
Sovereign— 0.9% | |||
$ 170,000,000 | BNG Bank N.V., 2.201% - 2.311%, 8/3/2022 - 8/4/2022 | $ 169,975,006 | |
TOTAL COMMERCIAL PAPER | 2,258,837,766 | ||
CERTIFICATES OF DEPOSIT— 9.9% | |||
Finance - Banking— 9.9% | |||
131,500,000 | Canadian Imperial Bank of Commerce, 0.350%, 11/7/2022 - 11/10/2022 | 131,500,000 | |
165,000,000 | Credit Agricole Corporate and Investment Bank, 1.560% - 2.320%, 8/5/2022 - 8/12/2022 | 165,000,000 | |
150,000,000 | DNB Bank ASA, 1.100%, 9/6/2022 | 150,000,000 | |
142,500,000 | Mizuho Bank Ltd., 2.600%, 10/20/2022 | 142,500,000 | |
160,000,000 | MUFG Bank Ltd., 1.420% - 1.450%, 8/18/2022 - 8/19/2022 | 160,000,000 | |
100,000,000 | Sumitomo Mitsui Banking Corp., 1.450%, 8/5/2022 | 100,000,000 | |
657,500,000 | Sumitomo Mitsui Trust Bank Ltd., 1.450% - 2.530%, 8/17/2022 - 9/29/2022 | 657,500,000 | |
365,500,000 | Toronto Dominion Bank, 0.220% - 4.070%, 10/14/2022 - 7/18/2023 | 365,500,000 | |
TOTAL CERTIFICATES OF DEPOSIT | 1,872,000,000 | ||
U.S. TREASURY— 0.3% | |||
U.S. Treasury Notes— 0.3% | |||
50,000,000 | 1 | United States Treasury Floating Rate Notes, 2.570% (91-day T-Bill +0.034%), 8/2/2022 | 50,003,021 |
OTHER REPURCHASE AGREEMENTS— 15.7% | |||
Finance - Banking— 15.7% | |||
80,000,000 | BMO Capital Markets Corp., 2.42%, dated 7/29/2022, interest in a $90,000,000 collateralized loan agreement will repurchase securities provided as collateral for $90,018,150 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, treasury note, medium-term notes and sovereign with a market value of $91,818,514 have been received as collateral and held with BNY Mellon as tri-party agent. | 80,000,000 | |
100,000,000 | BMO Capital Markets Corp., 2.05%, dated 2/8/2021, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,706,111 on 9/12/2022, in which corporate bonds and medium-term notes with a market value of $204,755,998 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
20,000,000 | BMO Capital Markets Corp., 2.47%, dated 7/29/2022, interest in a $20,000,000 collateralized loan agreement will repurchase securities provided as collateral for $20,204,117 on 8/1/2022, in which asset-backed securities and corporate bonds with a market value of $20,404,760 have been received as collateral and held with BNY Mellon as tri-party agent. | 20,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 25,000,000 | BNP Paribas S.A., 2.40%, dated 7/29/2022, interest in a $500,000,000 collateralized loan agreement will repurchase securities provided as collateral for $500,100,000 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term note with a market value of $510,102,000 have been received as collateral and held with BNY Mellon as tri-party agent. | $ 25,000,000 | |
130,000,000 | Credit Agricole S.A., 2.47%, dated 6/24/2022, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,144,083 on 8/9/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, commercial paper, treasury notes, treasury bills medium-term notes, U.S. Government Agency securities and sovereign debt with a market value of $306,063,090 have been received as collateral and held with BNY Mellon as tri-party agent. | 130,000,000 | |
520,000,000 | Credit Agricole S.A., 2.37%, dated 6/24/2022, interest in a $800,000,000 collateralized loan agreement will repurchase securities provided as collateral for $800,368,667 on 8/9/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, commercial paper, treasury notes, treasury bill, medium-term notes and sovereign debt with a market value of $816,161,433 have been received as collateral and held with BNY Mellon as tri-party agent. | 520,000,000 | |
25,000,000 | HSBC Securities (USA), Inc., 2.42%, dated 7/29/2022, interest in a $25,000,000 collateralized loan agreement will repurchase securities provided as collateral for $25,005,042 on 8/1/2022, in which asset-backed securities with a market value of $25,500,014 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
100,000,000 | BNP Paribas S.A., 2.47%, dated 7/29/2022, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,020,583 on 8/1/2022, in which corporate bonds with a market value of $102,021,846 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
160,000,000 | J.P. Morgan Securities LLC, 2.56%, dated 7/6/2022, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,480,000 on 8/2/2022, in which corporate bonds and medium-term notes with a market value of $255,000,001 have been received as collateral and held with BNY Mellon as tri-party agent. | 160,000,000 | |
50,000,000 | Mizuho Securities USA, Inc., 2.42%, dated 7/29/2022, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,020,167 on 8/1/2022, in which commercial paper and municipal bonds with a market value of $102,022,014 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 70,000,000 | Mizuho Securities USA, Inc., 2.14%, dated 2/3/2022, interest in a $80,000,000 collateralized loan agreement will repurchase securities provided as collateral for $80,309,111 on 9/8/2022, in which asset-backed securities and commercial paper with a market value of $81,730,968 have been received as collateral and held with BNY Mellon as tri-party agent. | $ 70,000,000 | |
30,000,000 | Mizuho Securities USA, Inc., 2.52%, dated 7/29/2022, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,015,750 on 8/1/2022, in which common stocks with a market value of $76,516,072 have been received as collateral and held with BNY Mellon as tri-party agent. | 30,000,000 | |
200,000,000 | Mitsubishi UFG Securities Americas, Inc., 2.47%, dated 7/29/2022, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,061,750 on 8/1/2022, in which American depositary receipts, common stocks, corporate bonds, exchange traded funds and unit investment trust, medium-term notes and municipal bonds with a market value of $306,063,397 have been received as collateral and held with BNY Mellon as tri-party agent. | 200,000,000 | |
150,000,000 | Pershing LLC, 2.57%, dated 7/14/2022, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,149,917 on 8/9/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, commercial paper, common stocks, convertible bond, certificate of deposit, exchange traded funds, medium-term notes and municipal bonds and U.S. Government Agency securities with a market value of $306,100,946 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 | |
225,000,000 | Societe Generale, Paris, 2.38%, dated 7/29/2022, interest in a $350,000,000 collateralized loan agreement will repurchase securities provided as collateral for $350,069,417 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium-term notes, municipal bonds, sovereign securities and treasury bill with a market value of $357,071,176 have been received as collateral and held with BNY Mellon as tri-party agent. | 225,000,000 | |
320,000,000 | Societe Generale, Paris, 2.47%, dated 7/29/2022, interest in a $650,000,000 collateralized loan agreement will repurchase securities provided as collateral for $650,133,792 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium-term notes sand treasury bill with a market value of $663,136,856 have been received as collateral and held with BNY Mellon as tri-party agent. | 320,000,000 | |
100,000,000 | Standard Chartered Bank, 2.45%, dated 7/28/2022, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,047,639 on 8/4/2022, in which U.S. Treasury bonds, U.S. Treasury notes and U.S. Government Agency securities with a market value of $102,027,802 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 150,000,000 | Wells Fargo Securities LLC, 2.63%, dated 6/24/2022, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,986,250 on 9/22/2022, in which sovereign securities with a market value of $153,424,860 have been received as collateral and held with BNY Mellon as tri-party agent. | $ 150,000,000 | |
175,000,000 | Wells Fargo Securities LLC, 2.91%, dated 4/27/2021, interest in a $175,000,000 collateralized loan agreement will repurchase securities provided as collateral for $176,273,125 on 10/11/2022, in which convertible bonds and sovereign securities with a market value of $178,774,603 have been received as collateral and held with BNY Mellon as tri-party agent. | 175,000,000 | |
190,000,000 | Wells Fargo Securities LLC, 3.12%, dated 3/23/2022, interest in a $190,000,000 collateralized loan agreement will repurchase securities provided as collateral for $191,482,000 on 10/13/2022, in which sovereign securities with a market value of $194,085,564 have been received as collateral and held with BNY Mellon as tri-party agent. | 190,000,000 | |
150,000,000 | Wells Fargo Securities LLC, 3.20%, dated 2/3/2022, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $151,200,000 on 10/20/2022, in which sovereign securities with a market value of $153,136,948 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS | 2,970,000,000 | ||
REPURCHASE AGREEMENTS— 17.1% | |||
Finance - Banking— 17.1% | |||
426,001,000 | Interest in $1,650,000,000 joint repurchase agreement 2.29%, dated 7/29/2022 under which Mitsubishi UFG Securities Americas, Inc. will repurchase securities provided as collateral for $1,650,314,875 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2057 and the market value of those underlying securities was $1,683,321,173. | 426,001,000 | |
250,000,000 | Interest in $1,800,000,000 joint repurchase agreement 2.30%, dated 7/29/2022 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $1,800,345,000 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 6/16/2064 and the market value of those underlying securities was $1,841,376,235. | 250,000,000 |
Principal Amount or Shares | Value | ||
REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$2,500,000,000 | Repurchase agreement 2.30%, dated 7/29/2022 under which Federal Reserve Bank of New York will repurchase securities provided as collateral for $2,500,479,167 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2039 and the market value of those underlying securities was $2,500,479,193. | $ 2,500,000,000 | |
50,000,000 | Interest in $150,000,000 joint repurchase agreement 2.39%, dated 7/29/2022 under which Standard Chartered Bank will repurchase securities provided as collateral for $150,029,875 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 2/16/2064 and the market value of those underlying securities was $153,030,473. | 50,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 3,226,001,000 | ||
INVESTMENT COMPANIES— 8.0% | |||
1,000,016,505 | Federated Hermes Institutional Money Market Management, Institutional Shares, 1.86%4 | 999,713,001 | |
500,317,389 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 1.84%4 | 500,320,089 | |
TOTAL INVESTMENT COMPANIES | 1,500,033,090 | ||
TOTAL INVESTMENT IN SECURITIES—97.6% (AT AMORTIZED COST)5 | 18,404,764,998 | ||
OTHER ASSETS AND LIABILITIES - NET—2.4%6 | 455,846,467 | ||
TOTAL NET ASSETS—100% | $18,860,611,465 |
Federated Hermes Institutional Money Market Management, Institutional Shares | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Value as of 7/31/2021 | $999,713,001 | $500,267,526 | $1,499,980,527 |
Purchases at Cost | $— | $44,798 | $44,798 |
Proceeds from Sales | $— | $(44,998) | $(44,998) |
Change in Unrealized Appreciation/ Depreciation | $— | $— | $— |
Net Realized Gain/(Loss) | $— | $52,763 | $52,763 |
Value as of 7/31/2022 | $999,713,001 | $500,320,089 | $1,500,033,090 |
Shares Held as of 7/31/2022 | 1,000,016,505 | 500,317,389 | 1,500,333,894 |
Dividend Income | $3,569,405 | $1,758,689 | $5,328,094 |
1 | Floating/variable note with current rate and current maturity or next reset date shown. 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 | Denotes a variable rate security with current rate and next reset date shown. |
3 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
4 | 7-day net yield. |
5 | Also represents cost of investments for federal tax purposes. |
6 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following is a summary of the inputs used, as of July 31, 2022, in valuing the Fund’s assets carried at fair value:
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Notes - Variable | $— | $4,207,890,121 | $— | $4,207,890,121 |
Time Deposits | — | 2,320,000,000 | — | 2,320,000,000 |
Commercial Paper | — | 2,258,837,766 | — | 2,258,837,766 |
Certificates of Deposit | — | 1,872,000,000 | — | 1,872,000,000 |
U.S. Treasury | — | 50,003,021 | — | 50,003,021 |
Other Repurchase Agreements | — | 2,970,000,000 | — | 2,970,000,000 |
Repurchase Agreements | — | 3,226,001,000 | — | 3,226,001,000 |
Investment Company | 1,500,033,090 | — | — | 1,500,033,090 |
TOTAL SECURITIES | $1,500,033,090 | $16,904,731,908 | $— | $18,404,764,998 |
The following acronym(s) are used throughout this portfolio: | ||
COL | —Collateralized | |
GTD | —Guaranteed | |
IDB | —Industrial Development Bond | |
LIQ | —Liquidity Agreement | |
LOC | —Letter of Credit | |
SOFR | —Secured Overnight Financing Rate | |
VRDNs | —Variable Rate Demand Notes |
Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.002 | 0.0001 | 0.010 | 0.020 | 0.012 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | (0.000)1 | 0.0001 |
Total From Investment Operations | 0.002 | 0.0001 | 0.010 | 0.020 | 0.012 |
Less Distributions: | |||||
Distributions from net investment income | (0.002) | (0.000)1 | (0.010) | (0.020) | (0.012) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
Total Distributions | (0.002) | (0.000)1 | (0.010) | (0.020) | (0.012) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.20% | 0.01% | 1.01% | 2.03% | 1.22% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.32% | 0.23% | 0.53% | 0.54% | 0.51% |
Net investment income | 0.18% | 0.01% | 1.01% | 2.06% | 1.21% |
Expense waiver/reimbursement4 | 0.33% | 0.41% | 0.11% | 0.10% | 0.13% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $711,893 | $1,034,830 | $1,603,414 | $1,678,950 | $376,107 |
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 July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.001 | 0.0001 | 0.006 | 0.014 | 0.006 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
Total From Investment Operations | 0.001 | 0.0001 | 0.006 | 0.014 | 0.006 |
Less Distributions: | |||||
Distributions from net investment income | (0.001) | (0.000)1 | (0.006) | (0.014) | (0.006) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
Total Distributions | (0.001) | (0.000)1 | (0.006) | (0.014) | (0.006) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.08% | 0.01% | 0.56% | 1.42% | 0.58% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.45% | 0.23% | 0.97% | 1.13% | 1.15% |
Net investment income | 0.09% | 0.01% | 0.54% | 1.42% | 0.56% |
Expense waiver/reimbursement4 | 0.82% | 1.09% | 0.32% | 0.16% | 0.18% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $41,244 | $38,762 | $48,615 | $44,257 | $42,390 |
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 July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.003 | 0.0001 | 0.013 | 0.023 | 0.015 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.003 | 0.0001 | 0.013 | 0.023 | 0.015 |
Less Distributions: | |||||
Distributions from net investment income | (0.003) | (0.000)1 | (0.013) | (0.023) | (0.015) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.003) | (0.000)1 | (0.013) | (0.023) | (0.015) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.33% | 0.04% | 1.33% | 2.36% | 1.53% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.19% | 0.20% | 0.20% | 0.20% | 0.20% |
Net investment income | 0.36% | 0.04% | 1.33% | 2.36% | 1.56% |
Expense waiver/reimbursement4 | 0.12% | 0.10% | 0.10% | 0.10% | 0.13% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $13,928,308 | $11,788,470 | $18,814,127 | $16,862,096 | $5,770,600 |
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 July 31, | Period Ended 7/31/20191 | |||
2022 | 2021 | 2020 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||
Net investment income | 0.003 | 0.0002 | 0.013 | 0.013 |
Net realized gain (loss) | 0.0002 | 0.0002 | 0.0002 | — |
Total From Investment Operations | 0.003 | 0.0002 | 0.013 | 0.013 |
Less Distributions: | ||||
Distributions from net investment income | (0.003) | (0.000)2 | (0.013) | (0.013) |
Distributions from net realized gains | (0.000)2 | (0.000)2 | (0.000)2 | — |
Total Distributions | (0.003) | (0.000)2 | (0.013) | (0.013) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.33% | 0.04% | 1.33% | 1.31% |
Ratios to Average Net Assets: | ||||
Net expenses4 | 0.19% | 0.20% | 0.20% | 0.20%5 |
Net investment income | 0.75% | 0.04% | 1.32% | 2.39%5 |
Expense waiver/reimbursement6 | 0.10% | 0.10% | 0.10% | 0.10%5 |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $1,026,476 | $187,921 | $376,278 | $276,284 |
1 | Reflects operations for the period from January 18, 2019 (date of initial investment) to July 31, 2019. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | Computed on an annualized basis. |
6 | 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 July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.002 | 0.0001 | 0.011 | 0.021 | 0.013 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | 0.0001 | (0.000)1 |
Total From Investment Operations | 0.002 | 0.0001 | 0.011 | 0.021 | 0.013 |
Less Distributions: | |||||
Distributions from net investment income | (0.002) | (0.000)1 | (0.011) | (0.021) | (0.013) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
Total Distributions | (0.002) | (0.000)1 | (0.011) | (0.021) | (0.013) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.24% | 0.01% | 1.09% | 2.10% | 1.28% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.28% | 0.23% | 0.45% | 0.45% | 0.45% |
Net investment income | 0.23% | 0.01% | 1.06% | 2.09% | 1.31% |
Expense waiver/reimbursement4 | 0.28% | 0.32% | 0.10% | 0.10% | 0.13% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,479,712 | $1,711,361 | $3,016,273 | $2,757,262 | $1,799,914 |
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 July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.001 | 0.0001 | 0.007 | 0.016 | 0.008 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
Total From Investment Operations | 0.001 | 0.0001 | 0.007 | 0.016 | 0.008 |
Less Distributions: | |||||
Distributions from net investment income | (0.001) | (0.000)1 | (0.007) | (0.016) | (0.008) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
Total Distributions | (0.001) | (0.000)1 | (0.007) | (0.016) | (0.008) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.12% | 0.01% | 0.72% | 1.65% | 0.83% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.40% | 0.22% | 0.81% | 0.90% | 0.90% |
Net investment income | 0.12% | 0.01% | 0.71% | 1.64% | 0.80% |
Expense waiver/reimbursement4 | 0.60% | 0.78% | 0.19% | 0.10% | 0.13% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,301,550 | $1,275,933 | $1,125,251 | $1,043,702 | $998,683 |
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 July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.001 | 0.0001 | 0.006 | 0.015 | 0.007 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
Total From Investment Operations | 0.001 | 0.0001 | 0.006 | 0.015 | 0.007 |
Less Distributions: | |||||
Distributions from net investment income | (0.001) | (0.000)1 | (0.006) | (0.015) | (0.007) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
Total Distributions | (0.001) | (0.000)1 | (0.006) | (0.015) | (0.007) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.09% | 0.01% | 0.62% | 1.51% | 0.72% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.42% | 0.22% | 0.92% | 1.03% | 1.00% |
Net investment income | 0.10% | 0.01% | 0.63% | 1.49% | 0.72% |
Expense waiver/reimbursement4 | 0.84% | 1.03% | 0.34% | 0.21% | 0.23% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $42,283 | $42,076 | $33,265 | $32,789 | $29,911 |
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 July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.003 | 0.0001 | 0.012 | 0.022 | 0.013 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.001 |
Total From Investment Operations | 0.003 | 0.0001 | 0.012 | 0.022 | 0.014 |
Less Distributions: | |||||
Distributions from net investment income | (0.003) | (0.000)1 | (0.012) | (0.022) | (0.014) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
Total Distributions | (0.003) | (0.000)1 | (0.012) | (0.022) | (0.014) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.29% | 0.01% | 1.23% | 2.26% | 1.43% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.23% | 0.23% | 0.30% | 0.30% | 0.30% |
Net investment income | 0.27% | 0.01% | 1.20% | 2.25% | 1.46% |
Expense waiver/reimbursement4 | 0.18% | 0.18% | 0.10% | 0.10% | 0.13% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $310,975 | $329,279 | $548,708 | $670,114 | $398,852 |
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 July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.002 | 0.0001 | 0.009 | 0.018 | 0.010 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
Total From Investment Operations | 0.002 | 0.0001 | 0.009 | 0.018 | 0.010 |
Less Distributions: | |||||
Distributions from net investment income | (0.002) | (0.000)1 | (0.009) | (0.018) | (0.010) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
Total Distributions | (0.002) | (0.000)1 | (0.009) | (0.018) | (0.010) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.17% | 0.01% | 0.87% | 1.85% | 1.02% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.33% | 0.23% | 0.66% | 0.70% | 0.70% |
Net investment income | 0.12% | 0.01% | 0.86% | 1.90% | 1.03% |
Expense waiver/reimbursement4 | 0.47% | 0.57% | 0.14% | 0.10% | 0.13% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $18,172 | $2,670,993 | $3,667,951 | $3,502,863 | $19,829 |
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. |
July 31, 2022
Assets: | |
Investment in repurchase agreements and other repurchase agreements | $6,196,001,000 |
Investment in securities, including $1,500,033,090 of investment in affiliated holdings* | 12,208,763,998 |
Investment in securities, at amortized cost and fair value | 18,404,764,998 |
Cash | 499,965,635 |
Income receivable | 15,109,160 |
Income receivable from affiliated holdings | 1,986,792 |
Receivable for shares sold | 80,292,825 |
Total Assets | 19,002,119,410 |
Liabilities: | |
Payable for investments purchased | 101,300,000 |
Payable for shares redeemed | 35,357,228 |
Income distribution payable | 1,641,527 |
Payable for investment adviser fee (Note 5) | 168,775 |
Payable for administrative fee (Note 5) | 121,261 |
Payable for Directors’/Trustees’ fees (Note 5) | 1,290 |
Payable for distribution services fee (Note 5) | 687,724 |
Payable for other service fees (Notes 2 and 5) | 1,317,710 |
Accrued expenses (Note 5) | 912,430 |
Total Liabilities | 141,507,945 |
Net assets for 18,860,455,668 shares outstanding | $18,860,611,465 |
Net Assets Consist of: | |
Paid-in capital | $18,860,446,852 |
Total distributable earnings (loss) | 164,613 |
Total Net Assets | $18,860,611,465 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Automated Shares: | |
$711,892,590 ÷ 711,886,688 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Class R Shares: | |
$41,244,466 ÷ 41,244,123 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Wealth Shares: | |
$13,928,307,730 ÷ 13,928,192,808 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Advisor Shares: | |
$1,026,475,838 ÷ 1,026,467,354 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$1,479,711,780 ÷ 1,479,699,509 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash II Shares: | |
$1,301,549,758 ÷ 1,301,538,951 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash Series Shares: | |
$42,282,604 ÷ 42,282,252 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Capital Shares: | |
$310,974,601 ÷ 310,972,028 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Trust Shares: | |
$18,172,098 ÷ 18,171,955 shares outstanding, no par value, unlimited shares authorized | $1.00 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended July 31, 2022
Investment Income: | |
Interest | $89,761,883 |
Dividends received from affiliated holdings* | 5,328,094 |
TOTAL INCOME | 95,089,977 |
Expenses: | |
Investment adviser fee (Note 5) | 36,509,887 |
Administrative fee (Note 5) | 14,289,405 |
Custodian fees | 567,852 |
Transfer agent fees (Note 2) | 5,569,261 |
Directors’/Trustees’ fees (Note 5) | 105,194 |
Auditing fees | 23,960 |
Legal fees | 7,357 |
Portfolio accounting fees | 273,154 |
Distribution services fee (Note 5) | 11,240,682 |
Other service fees (Notes 2 and 5) | 17,306,459 |
Share registration costs | 344,470 |
Printing and postage | 419,263 |
Miscellaneous (Note 5) | 198,385 |
TOTAL EXPENSES | 86,855,329 |
Waivers and Reimbursements: | |
Waiver of investment adviser fee (Note 5) | (23,635,210) |
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (21,320,329) |
TOTAL WAIVERS AND REIMBURSEMENTS | (44,955,539) |
Net expenses | 41,899,790 |
Net investment income | 53,190,187 |
Net realized gain on investments (including net realized gain of $52,763 on sales of investments in affiliated holdings*) | 143,440 |
Change in net assets resulting from operations | $53,333,627 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended July 31 | 2022 | 2021 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $53,190,187 | $7,423,269 |
Net realized gain (loss) | 143,440 | 11,556 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 53,333,627 | 7,434,825 |
Distributions to Shareholders: | ||
Automated Shares | (2,585,791) | (137,765) |
Class R Shares | (33,725) | (3,974) |
Wealth Shares | (39,560,633) | (6,432,149) |
Advisor Shares | (2,214,414) | (127,699) |
Service Shares | (3,354,482) | (233,300) |
Cash II Shares | (1,568,320) | (125,177) |
Cash Series Shares | (37,265) | (3,927) |
Capital Shares | (832,858) | (50,973) |
Trust Shares | (2,998,443) | (349,121) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (53,185,931) | (7,464,085) |
Share Transactions: | ||
Proceeds from sale of shares | 19,988,592,929 | 15,284,485,959 |
Net asset value of shares issued to shareholders in payment of distributions declared | 49,057,880 | 6,952,724 |
Cost of shares redeemed | (20,256,811,128) | (25,445,666,626) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (219,160,319) | (10,154,227,943) |
Change in net assets | (219,012,623) | (10,154,257,203) |
Net Assets: | ||
Beginning of period | 19,079,624,088 | 29,233,881,291 |
End of period | $18,860,611,465 | $19,079,624,088 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | Transfer Agent Fees Waived by Unaffiliated Third Parties | |
Automated Shares | $1,539,140 | $(83,334) | $(628,059) |
Class R Shares | 94,591 | — | (52,132) |
Wealth Shares | 1,686,518 | (94) | — |
Advisor Shares | 24,100 | — | — |
Service Shares | 243,106 | — | (28) |
Cash II Shares | 1,444,009 | (10,081) | (726,221) |
Cash Series Shares | 45,892 | (2,043) | (22,901) |
Capital Shares | 50,699 | — | — |
Trust Shares | 441,206 | (6) | — |
TOTAL | $5,569,261 | $(95,558) | $(1,429,341) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Automated Shares | $3,589,196 | $— | $(2,318,200) |
Class R Shares | 94,911 | (1,849) | (75,432) |
Service Shares | 3,697,068 | — | (2,360,209) |
Cash II Shares | 3,216,087 | — | (2,450,647) |
Cash Series Shares | 97,403 | — | (77,893) |
Capital Shares | 305,095 | (1,420) | (186,668) |
Trust Shares | 6,306,699 | — | (4,840,272) |
TOTAL | $17,306,459 | $(3,269) | $(12,309,321) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Automated Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,528,635,804 | $1,528,635,804 | 1,092,892,574 | $1,092,892,574 |
Shares issued to shareholders in payment of distributions declared | 2,577,947 | 2,577,947 | 135,800 | 135,800 |
Shares redeemed | (1,854,156,282) | (1,854,156,282) | (1,661,611,602) | (1,661,611,602) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | (322,942,531) | $(322,942,531) | (568,583,228) | $(568,583,228) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 17,000,468 | $17,000,468 | 25,037,245 | $25,037,245 |
Shares issued to shareholders in payment of distributions declared | 33,614 | 33,614 | 3,927 | 3,927 |
Shares redeemed | (14,551,648) | (14,551,648) | (34,894,798) | (34,894,798) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 2,482,434 | $2,482,434 | (9,853,626) | $(9,853,626) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 13,906,013,345 | $13,906,013,345 | 8,603,643,868 | $8,603,643,868 |
Shares issued to shareholders in payment of distributions declared | 35,833,910 | 35,833,910 | 5,940,168 | 5,940,168 |
Shares redeemed | (11,802,119,110) | (11,802,119,110) | (15,635,221,953) | (15,635,221,953) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 2,139,728,145 | $2,139,728,145 | (7,025,637,917) | $(7,025,637,917) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Advisor Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,349,386,951 | $1,349,386,951 | 170,408,084 | $170,408,084 |
Shares issued to shareholders in payment of distributions declared | 2,214,267 | 2,214,267 | 127,699 | 127,699 |
Shares redeemed | (513,054,969) | (513,054,969) | (358,892,162) | (358,892,162) |
NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS | 838,546,249 | $838,546,249 | (188,356,379) | $(188,356,379) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,344,417,523 | $1,344,417,523 | 1,287,654,602 | $1,287,654,602 |
Shares issued to shareholders in payment of distributions declared | 3,061,138 | 3,061,138 | 220,581 | 220,581 |
Shares redeemed | (1,579,139,032) | (1,579,139,032) | (2,592,784,162) | (2,592,784,162) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (231,660,371) | $(231,660,371) | (1,304,908,979) | $(1,304,908,979) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 610,894,665 | $610,894,665 | 1,494,273,060 | $1,494,273,060 |
Shares issued to shareholders in payment of distributions declared | 1,557,950 | 1,557,950 | 124,526 | 124,526 |
Shares redeemed | (586,846,085) | (586,846,085) | (1,343,714,244) | (1,343,714,244) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | 25,606,530 | $25,606,530 | 150,683,342 | $150,683,342 |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 61,276,990 | $61,276,990 | 60,002,729 | $60,002,729 |
Shares issued to shareholders in payment of distributions declared | 36,978 | 36,978 | 3,891 | 3,891 |
Shares redeemed | (61,108,129) | (61,108,129) | (51,194,705) | (51,194,705) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | 205,839 | $205,839 | 8,811,915 | $8,811,915 |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 299,364,846 | $299,364,846 | 286,065,142 | $286,065,142 |
Shares issued to shareholders in payment of distributions declared | 743,705 | 743,705 | 47,159 | 47,159 |
Shares redeemed | (318,414,947) | (318,414,947) | (505,540,753) | (505,540,753) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (18,306,396) | $(18,306,396) | (219,428,452) | $(219,428,452) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Trust Shares: | Shares | Amount | Shares | Amount |
Shares sold | 871,602,337 | $871,602,337 | 2,264,508,655 | $2,264,508,655 |
Shares issued to shareholders in payment of distributions declared | 2,998,371 | 2,998,371 | 348,973 | 348,973 |
Shares redeemed | (3,527,420,926) | (3,527,420,926) | (3,261,812,247) | (3,261,812,247) |
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | (2,652,820,218) | $(2,652,820,218) | (996,954,619) | $(996,954,619) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (219,160,319) | $(219,160,319) | (10,154,227,943) | $(10,154,227,943) |
2022 | 2021 | |
Ordinary income1 | $53,185,931 | $7,464,085 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $100,866 |
Undistributed long-term capital gains | $63,747 |
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 | |
Class R Shares | 0.50% |
Cash II Shares | 0.35% |
Cash Series Shares | 0.60% |
Trust Shares | 0.25% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class R Shares | $196,533 | $(148,261) |
Cash II Shares | 4,503,683 | (3,048,860) |
Cash Series Shares | 233,767 | (178,423) |
Trust Shares | 6,306,699 | (4,107,296) |
TOTAL | $11,240,682 | $(7,482,840) |
September 23, 2022
Beginning Account Value 2/1/2022 | Ending Account Value 7/31/2022 | Expenses Paid During Period1 | |
Actual: | |||
Automated Shares | $1,000 | $1,002.00 | $2.182 |
Class R Shares | $1,000 | $1,000.80 | $3.473 |
Wealth Shares | $1,000 | $1,003.30 | $0.94 |
Advisor Shares | $1,000 | $1,003.30 | $0.94 |
Service Shares | $1,000 | $1,002.30 | $1.894 |
Cash II Shares | $1,000 | $1,001.20 | $3.085 |
Cash Series Shares | $1,000 | $1,000.90 | $3.326 |
Capital Shares | $1,000 | $1,002.90 | $1.347 |
Trust Shares | $1,000 | $1,001.60 | $2.488 |
Hypothetical (assuming a 5% return before expenses): | |||
Automated Shares | $1,000 | $1,022.61 | $2.212 |
Class R Shares | $1,000 | $1,021.32 | $3.513 |
Wealth Shares | $1,000 | $1,023.85 | $0.95 |
Advisor Shares | $1,000 | $1,023.85 | $0.95 |
Service Shares | $1,000 | $1,022.91 | $1.914 |
Cash II Shares | $1,000 | $1,021.72 | $3.115 |
Cash Series Shares | $1,000 | $1,021.47 | $3.366 |
Capital Shares | $1,000 | $1,023.46 | $1.357 |
Trust Shares | $1,000 | $1,022.32 | $2.518 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Automated Shares | 0.44% |
Class R Shares | 0.70% |
Wealth Shares | 0.19% |
Advisor Shares | 0.19% |
Service Shares | 0.38% |
Cash II Shares | 0.62% |
Cash Series Shares | 0.67% |
Capital Shares | 0.27% |
Trust Shares | 0.50% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Automated Shares current Fee Limit of 0.55% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.73 and $2.76, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Class R Shares current Fee Limit of 1.15% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.71 and $5.76, respectively. |
4 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Service Shares current Fee Limit of 0.45% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.23 and $2.26, respectively. |
5 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Cash II Shares current Fee Limit of 0.90% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $4.47 and $4.51, respectively. |
6 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Cash Series Shares current Fee Limit of 1.05% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.21 and $5.26, respectively. |
7 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Capital Shares current Fee Limit of 0.30% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.49 and $1.51, respectively. |
8 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Trust Shares current Fee Limit of 0.70% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $3.47 and $3.51, 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: 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.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, 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.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director, Saint Francis University. |
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. 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); Director, The Golisano Children’s Museum of Naples, Florida; 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; formerly, Executive Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors and Assistant General Counsel and Director of Risk Management, 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. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy 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 |
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 Portfolio Manager since: November 1996 | Principal Occupations: Deborah A. Cunningham has been the Fund’s Portfolio Manager since November 1996. Ms. 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. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 608919577
CUSIP 60934N625
CUSIP 608919429
CUSIP 60934N617
CUSIP 608919593
CUSIP 608919585
CUSIP 60934N591
CUSIP 608919619
Share Class | Ticker | Wealth | PCOXX |
Federated Hermes Prime Cash Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
Security Type | Percentage of Total Net Assets |
Other Repurchase Agreements and Repurchase Agreements | 32.8% |
Variable Rate Instruments | 22.3% |
Bank Instruments | 22.2% |
Commercial Paper | 12.0% |
U.S. Treasury Securities | 0.3% |
Cash Equivalent2 | 8.0% |
Other Assets and Liabilities—Net3 | 2.4% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for more complete information regarding these security types. With respect to this table, Commercial Paper includes commercial paper with interest rates that are fixed or that reset periodically. |
2 | Cash Equivalents include any investments in money market mutual funds. |
3 | 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 Days2 | 76.6% |
8-30 Days | 6.2% |
31-90 Days | 8.9% |
91-180 Days | 3.1% |
181 Days or more | 2.8% |
Other Assets and Liabilities—Net3 | 2.4% |
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 | Overnight securities comprised 37.3% of the Fund’s portfolio. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount or Shares | Value | ||
1 | NOTES - VARIABLE— 22.3% | ||
Finance - Banking— 19.8% | |||
$ 95,000,000 | Anglesea Funding LLC, (Bank of Nova Scotia, Toronto COL)/(Nordea Bank Abp COL)/(Societe Generale, Paris COL), 2.460% (SOFR +0.180%), 8/10/2022 | $ 95,000,000 | |
15,000,000 | Anglesea Funding LLC, (Bank of Nova Scotia, Toronto COL)/(Nordea Bank Abp COL)/(Societe Generale, Paris COL), 2.500% (SOFR +0.220%), 8/5/2022 | 15,000,000 | |
90,000,000 | Anglesea Funding LLC, (Bank of Nova Scotia, Toronto COL)/(Nordea Bank Abp COL)/(Societe Generale, Paris COL), 2.680% (SOFR +0.360%), 12/23/2022 | 90,000,000 | |
15,000,000 | Anglesea Funding LLC, (Bank of Nova Scotia, Toronto COL)/(Nordea Bank Abp COL)/(Societe Generale, Paris COL), 2.720% (SOFR +0.440%), 11/18/2022 | 15,000,000 | |
13,000,000 | ASB Bank Ltd., 2.000% (SOFR +0.470%), 8/2/2022 | 13,000,000 | |
60,000,000 | Australia & New Zealand Banking Group, Melbourne, 2.430% (SOFR +0.150%), 8/1/2022 | 59,990,994 | |
195,000,000 | Bank of Montreal, 2.230% (SOFR +0.700%), 8/1/2022 | 195,000,000 | |
100,000,000 | 2 | Bank of Montreal, 2.430% (SOFR +0.150%), 8/1/2022 | 100,000,000 |
45,000,000 | Bank of Montreal, 2.530% (SOFR +0.250%), 8/1/2022 | 45,000,000 | |
50,000,000 | Bank of Montreal, 2.580% (SOFR +0.300%), 8/1/2022 | 50,000,000 | |
73,500,000 | Bank of Montreal, 2.580% (SOFR +0.300%), 8/1/2022 | 73,500,000 | |
85,000,000 | Bank of Montreal, 2.930% (SOFR +0.650%), 8/1/2022 | 85,000,000 | |
150,000,000 | 2 | Bank of Nova Scotia, Toronto, 2.430% (SOFR +0.150%), 8/1/2022 | 150,000,000 |
20,000,000 | Bank of Nova Scotia, Toronto, 2.530% (SOFR +0.250%), 8/1/2022 | 20,000,000 | |
50,000,000 | 2 | Bank of Nova Scotia, Toronto, 2.530% (SOFR +0.250%), 8/1/2022 | 50,000,000 |
206,000,000 | 2 | Bank of Nova Scotia, Toronto, 2.780% (SOFR +0.500%), 8/1/2022 | 206,000,000 |
40,000,000 | 2 | Bank of Nova Scotia, Toronto, 2.860% (SOFR +0.580%), 8/1/2022 | 40,000,000 |
73,300,000 | Bank of Nova Scotia, Toronto, 2.950% (SOFR +0.670%), 8/1/2022 | 73,300,000 | |
25,000,000 | 2 | Canadian Imperial Bank of Commerce, 2.490% (SOFR +0.210%), 8/1/2022 | 25,000,000 |
18,750,000 | 2 | Canadian Imperial Bank of Commerce, 2.780% (SOFR +0.500%), 8/1/2022 | 18,749,999 |
250,000,000 | 2 | Canadian Imperial Bank of Commerce, 2.780% (SOFR +0.500%), 8/1/2022 | 250,000,000 |
80,000,000 | 2 | Canadian Imperial Bank of Commerce, 2.830% (SOFR +0.550%), 8/1/2022 | 80,000,000 |
71,500,000 | 2 | Canadian Imperial Bank of Commerce, 2.920% (SOFR +0.640%), 8/1/2022 | 71,500,000 |
70,000,000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 2.780% (SOFR +0.500%), 8/1/2022 | 70,000,000 |
Principal Amount or Shares | Value | ||
1 | NOTES - VARIABLE— continued | ||
Finance - Banking— continued | |||
$ 60,000,000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 2.830% (SOFR +0.550%), 8/1/2022 | $ 60,000,000 | |
45,000,000 | Commonwealth Bank of Australia, 2.780% (SOFR +0.500%), 8/1/2022 | 45,000,000 | |
39,000,000 | Commonwealth Bank of Australia, 2.820% (SOFR +0.540%), 8/1/2022 | 39,000,000 | |
6,725,000 | Fiore Capital LLC, (Wells Fargo Bank, N.A. LOC), 2.420%, 8/4/2022 | 6,725,000 | |
1,075,000 | Gadsden, AL Airport Authority, Series 2004, (Wells Fargo Bank, N.A. LOC), 1.860%, 8/4/2022 | 1,075,000 | |
355,000 | Montgomery, AL IDB, (Wells Fargo Bank, N.A. LOC), 2.630%, 8/4/2022 | 355,000 | |
89,500,000 | 2 | MUFG Bank Ltd., 1.860% (SOFR +0.330%), 8/1/2022 | 89,500,000 |
110,000,000 | National Australia Bank Ltd., Melbourne, 2.460% (SOFR +0.180%), 8/2/2022 | 110,000,000 | |
80,000,000 | 2 | Nordea Bank Abp, 1.680% (SOFR +0.150%), 8/1/2022 | 80,000,000 |
175,000,000 | 2 | Nordea Bank Abp, 1.690% (SOFR +0.160%), 8/1/2022 | 175,000,000 |
50,000,000 | 2 | Nordea Bank Abp, 2.080% (SOFR +0.550%), 8/1/2022 | 50,000,000 |
19,670,000 | Osprey Properties Limited Partnership, LLLP & Nighthawk Properties, LLC, Series 2008, (Wells Fargo Bank, N.A. LOC), 2.370%, 8/4/2022 | 19,670,000 | |
29,435,000 | Panel Rey S.A., Series 2016, (Citibank N.A., New York LOC), 2.450%, 8/4/2022 | 29,435,000 | |
90,000,000 | Royal Bank of Canada, 2.830% (SOFR +0.550%), 8/1/2022 | 90,000,000 | |
200,000,000 | Royal Bank of Canada, 3.030% (SOFR +0.750%), 8/1/2022 | 200,000,000 | |
100,000,000 | Royal Bank of Canada, New York Branch, 2.430% (SOFR +0.150%), 8/2/2022 | 100,000,000 | |
75,000,000 | Royal Bank of Canada, New York Branch, 2.430% (SOFR +0.150%), 8/2/2022 | 75,000,000 | |
405,000 | Spira Millennium LLC, Series 2001, (Bank of America N.A. LOC), 2.380%, 8/4/2022 | 405,000 | |
100,000,000 | Svenska Handelsbanken, Stockholm, 2.030% (SOFR +0.500%), 8/1/2022 | 100,000,000 | |
39,000,000 | 2 | Svenska Handelsbanken, Stockholm, 2.080% (SOFR +0.550%), 8/1/2022 | 39,000,000 |
36,732,455 | Taxable Tender Option Bond Trust 2021-MIZ9060TX, (Series 2021-MIZ9060TX) VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.590%, 8/1/2022 | 36,732,455 | |
25,000,000 | Taxable Tender Option Bond Trust 2021-MIZ9071TX, (Series 2021-MIZ9071TX) VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.720%, 8/1/2022 | 25,000,000 | |
3,954,173 | Taxable Tender Option Bond Trust 2021-MIZ9083TX, (Series 2021-MIZ9083TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.590%, 8/1/2022 | 3,954,173 |
Principal Amount or Shares | Value | ||
1 | NOTES - VARIABLE— continued | ||
Finance - Banking— continued | |||
$ 18,750,000 | Taxable Tender Option Bond Trust 2022-MIZ9087TX, (Series 2022-MIZ9096TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.640%, 8/4/2022 | $ 18,750,000 | |
30,000,000 | Taxable Tender Option Bond Trust2021-MIZ9070TX, (Series 2021-MIZ9070TX) VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.720%, 8/1/2022 | 30,000,000 | |
118,000,000 | 2 | Toronto Dominion Bank, 1.930% (SOFR +0.400%), 8/1/2022 | 118,000,000 |
18,290,000 | Triborough Bridge & Tunnel Authority, NY, (Taxable Series E) Weekly VRDNs, (Bank of America N.A. LOC), 2.310%, 8/4/2022 | 18,290,000 | |
20,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.780% (SOFR +0.500%), 8/1/2022 | 20,000,000 | |
20,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.780% (SOFR +0.500%), 8/1/2022 | 20,000,000 | |
250,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.780% (SOFR +0.500%), 8/2/2022 | 250,000,000 | |
TOTAL | 3,741,932,621 | ||
Finance - Retail— 0.7% | |||
25,000,000 | Chariot Funding LLC, 1.710% (SOFR +0.180%), 8/1/2022 | 25,000,000 | |
50,000,000 | Chariot Funding LLC, 2.680% (SOFR +0.400%), 8/1/2022 | 50,000,000 | |
15,000,000 | Thunder Bay Funding, LLC, 2.080% (SOFR +0.550%), 1/20/2023 | 15,000,000 | |
20,000,000 | Thunder Bay Funding, LLC, 2.080% (SOFR +0.550%), 9/26/2022 | 20,000,000 | |
25,000,000 | Thunder Bay Funding, LLC, 2.880% (SOFR +0.600%), 10/20/2022 | 25,000,000 | |
TOTAL | 135,000,000 | ||
Government Agency— 1.8% | |||
5,915,000 | 1320 W Jefferson LLC, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/3/2022 | 5,915,000 | |
4,925,000 | Andrew Long Irrevocable Family Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 4,925,000 | |
2,700,000 | Archer 1 LLC, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 2,700,000 | |
2,100,000 | BWF Forge TL Properties Owner LLC, (Federal Home Loan Bank of Des Moines LOC)/(Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 2,100,000 | |
1,695,000 | CMR LLC, CMR LLC Project Series 2017, (Federal Home Loan Bank of Indianapolis LOC), 2.610%, 8/4/2022 | 1,695,000 | |
5,635,000 | Dennis Wesley Company, Inc., The Dennis Wesley Company, Inc. Project, (Federal Home Loan Bank of Indianapolis LOC), 2.450%, 8/4/2022 | 5,635,000 | |
6,130,000 | Frank Dale Insurance Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 6,130,000 | |
11,100,000 | Ivy Row at South, LLC, (Federal Home Loan Bank of Atlanta LOC), 2.450%, 8/4/2022 | 11,100,000 | |
6,740,000 | Mason Harrison Ratliff Enterprises, LLC, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 6,740,000 |
Principal Amount or Shares | Value | ||
1 | NOTES - VARIABLE— continued | ||
Government Agency— continued | |||
$ 30,200,000 | Mike P. Sturdivant, Sr. Family Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | $ 30,200,000 | |
25,622,500 | Naples SI, LLC, (Federal Home Loan Bank of Indianapolis LOC), 2.450%, 8/4/2022 | 25,622,500 | |
35,960,000 | Park Stanton Place LP, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 35,960,000 | |
6,215,000 | Phenix City, AL Downtown Redevelopment Authority, Series 2013-A, (Federal Home Loan Bank of New York LOC), 2.450%, 8/4/2022 | 6,215,000 | |
21,000,000 | Pittsburg Fox Creek Associates L.P., Series 2011-A, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 21,000,000 | |
5,225,000 | Public Finance Authority, Series 2015-A Ram Eufaula Hospitality, LLC, (Federal Home Loan Bank of New York LOC), 2.500%, 8/4/2022 | 5,225,000 | |
6,000,000 | Riverview Project, Series 2021, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | 6,000,000 | |
15,150,000 | Rohnert Park 668, L.P., (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 15,150,000 | |
7,600,000 | Sandy Jacobs Irrevocable Insurance Trust, Series 2019, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | 7,600,000 | |
22,065,000 | Sendra Family Irrevocable Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 22,065,000 | |
11,260,000 | Shawn R. Trapuzzano Irrevocable Insurance Trust, (Federal Home Loan Bank of Pittsburgh LOC), 2.450%, 8/4/2022 | 11,260,000 | |
4,860,000 | Spingola Insurance Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 4,860,000 | |
2,560,000 | The J.G. Aguirre Master Trust, (Federal Home Loan Bank of Atlanta LOC), 2.450%, 8/4/2022 | 2,560,000 | |
23,765,000 | The Jacob Rosenstein Irrevocable Life Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | 23,765,000 | |
4,150,000 | The Mary Jane Beauregard Irrevocable Insurance Trust of 2017, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/3/2022 | 4,150,000 | |
4,710,000 | The Mulberry Family Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 4,710,000 | |
20,330,000 | The Murray D. Berry Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/3/2022 | 20,330,000 | |
20,945,000 | The Ray L. Berry Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/3/2022 | 20,945,000 | |
16,400,000 | Wingo Family Master Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | 16,400,000 | |
TOTAL | 330,957,500 | ||
TOTAL NOTES - VARIABLE | 4,207,890,121 |
Principal Amount or Shares | Value | ||
TIME DEPOSITS— 12.3% | |||
Finance - Banking— 12.3% | |||
$ 945,000,000 | ABN Amro Bank NV, 2.010% - 2.220%, 8/1/2022 - 8/3/2022 | $ 945,000,000 | |
850,000,000 | Australia & New Zealand Banking Group, Melbourne, 2.210%, 8/3/2022 | 850,000,000 | |
525,000,000 | Mizuho Bank Ltd., 2.320%, 8/1/2022 | 525,000,000 | |
TOTAL TIME DEPOSITS | 2,320,000,000 | ||
3 | COMMERCIAL PAPER— 12.0% | ||
Finance - Banking— 9.7% | |||
40,000,000 | Antalis S.A., (Societe Generale, Paris LIQ), 1.772%, 8/1/2022 | 40,000,000 | |
40,000,000 | Bank of Montreal, 2.800%, 5/9/2023 | 40,000,000 | |
112,500,000 | Bank of Nova Scotia, Toronto, 0.200% - 0.205%, 9/7/2022 - 9/16/2022 | 112,475,678 | |
167,500,000 | Bennington Stark Capital Co., LLC, (Societe Generale, Paris LIQ), 2.120%, 8/2/2022 | 167,490,136 | |
165,000,000 | Canadian Imperial Bank of Commerce, 0.503% - 2.070%, 12/1/2022 - 3/20/2023 | 164,267,674 | |
100,000,000 | Canadian Imperial Holdings, Inc., 0.351%, 11/8/2022 | 99,903,750 | |
100,000,000 | Chesham Finance LLC Series III, (Societe Generale, Paris COL), 2.404%, 8/31/2022 | 99,800,000 | |
116,995,000 | Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 1.405% - 2.416%, 8/1/2022 - 10/3/2022 | 116,624,483 | |
150,000,000 | Lloyds Bank PLC, London, 1.413% - 2.419%, 8/5/2022 - 9/23/2022 | 149,722,146 | |
23,000,000 | LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 1.455%, 8/12/2022 | 22,989,810 | |
140,000,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 2.310% - 2.567%, 8/1/2022 - 10/11/2022 | 139,798,833 | |
124,000,000 | National Australia Bank Ltd., Melbourne, 1.005% - 3.866%, 9/6/2022 - 6/15/2023 | 121,805,100 | |
125,000,000 | Nationwide Building Society, 2.020%, 8/1/2022 | 125,000,000 | |
65,000,000 | Royal Bank of Canada, 0.250%, 10/14/2022 | 64,966,597 | |
197,000,000 | Royal Bank of Canada, New York Branch, 0.220% - 0.402%, 10/7/2022 - 11/15/2022 | 196,821,764 | |
166,000,000 | Toronto Dominion Bank, 2.051% - 2.903%, 3/17/2023 - 5/31/2023 | 162,456,170 | |
TOTAL | 1,824,122,141 | ||
Finance - Retail— 0.9% | |||
25,000,000 | Fairway Finance Co. LLC, 1.005%, 9/6/2022 | 24,975,000 | |
30,000,000 | Old Line Funding, LLC, 1.659%, 9/13/2022 | 29,940,875 | |
80,000,000 | Sheffield Receivables Company LLC, 1.976%, 8/18/2022 | 79,925,578 | |
40,000,000 | Thunder Bay Funding, LLC, 1.659%, 9/19/2022 | 39,910,166 | |
TOTAL | 174,751,619 | ||
Oil & Oil Finance— 0.5% | |||
90,000,000 | TotalEnergies Capital Canada Ltd., 2.200%, 8/3/2022 | 89,989,000 |
Principal Amount or Shares | Value | ||
3 | COMMERCIAL PAPER— continued | ||
Sovereign— 0.9% | |||
$ 170,000,000 | BNG Bank N.V., 2.201% - 2.311%, 8/3/2022 - 8/4/2022 | $ 169,975,006 | |
TOTAL COMMERCIAL PAPER | 2,258,837,766 | ||
CERTIFICATES OF DEPOSIT— 9.9% | |||
Finance - Banking— 9.9% | |||
131,500,000 | Canadian Imperial Bank of Commerce, 0.350%, 11/7/2022 - 11/10/2022 | 131,500,000 | |
165,000,000 | Credit Agricole Corporate and Investment Bank, 1.560% - 2.320%, 8/5/2022 - 8/12/2022 | 165,000,000 | |
150,000,000 | DNB Bank ASA, 1.100%, 9/6/2022 | 150,000,000 | |
142,500,000 | Mizuho Bank Ltd., 2.600%, 10/20/2022 | 142,500,000 | |
160,000,000 | MUFG Bank Ltd., 1.420% - 1.450%, 8/18/2022 - 8/19/2022 | 160,000,000 | |
100,000,000 | Sumitomo Mitsui Banking Corp., 1.450%, 8/5/2022 | 100,000,000 | |
657,500,000 | Sumitomo Mitsui Trust Bank Ltd., 1.450% - 2.530%, 8/17/2022 - 9/29/2022 | 657,500,000 | |
365,500,000 | Toronto Dominion Bank, 0.220% - 4.070%, 10/14/2022 - 7/18/2023 | 365,500,000 | |
TOTAL CERTIFICATES OF DEPOSIT | 1,872,000,000 | ||
U.S. TREASURY— 0.3% | |||
U.S. Treasury Notes— 0.3% | |||
50,000,000 | 1 | United States Treasury Floating Rate Notes, 2.570% (91-day T-Bill +0.034%), 8/2/2022 | 50,003,021 |
OTHER REPURCHASE AGREEMENTS— 15.7% | |||
Finance - Banking— 15.7% | |||
80,000,000 | BMO Capital Markets Corp., 2.42%, dated 7/29/2022, interest in a $90,000,000 collateralized loan agreement will repurchase securities provided as collateral for $90,018,150 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, treasury note, medium-term notes and sovereign with a market value of $91,818,514 have been received as collateral and held with BNY Mellon as tri-party agent. | 80,000,000 | |
100,000,000 | BMO Capital Markets Corp., 2.05%, dated 2/8/2021, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,706,111 on 9/12/2022, in which corporate bonds and medium-term notes with a market value of $204,755,998 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
20,000,000 | BMO Capital Markets Corp., 2.47%, dated 7/29/2022, interest in a $20,000,000 collateralized loan agreement will repurchase securities provided as collateral for $20,204,117 on 8/1/2022, in which asset-backed securities and corporate bonds with a market value of $20,404,760 have been received as collateral and held with BNY Mellon as tri-party agent. | 20,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 25,000,000 | BNP Paribas S.A., 2.40%, dated 7/29/2022, interest in a $500,000,000 collateralized loan agreement will repurchase securities provided as collateral for $500,100,000 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term note with a market value of $510,102,000 have been received as collateral and held with BNY Mellon as tri-party agent. | $ 25,000,000 | |
130,000,000 | Credit Agricole S.A., 2.47%, dated 6/24/2022, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,144,083 on 8/9/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, commercial paper, treasury notes, treasury bills medium-term notes, U.S. Government Agency securities and sovereign debt with a market value of $306,063,090 have been received as collateral and held with BNY Mellon as tri-party agent. | 130,000,000 | |
520,000,000 | Credit Agricole S.A., 2.37%, dated 6/24/2022, interest in a $800,000,000 collateralized loan agreement will repurchase securities provided as collateral for $800,368,667 on 8/9/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, commercial paper, treasury notes, treasury bill, medium-term notes and sovereign debt with a market value of $816,161,433 have been received as collateral and held with BNY Mellon as tri-party agent. | 520,000,000 | |
25,000,000 | HSBC Securities (USA), Inc., 2.42%, dated 7/29/2022, interest in a $25,000,000 collateralized loan agreement will repurchase securities provided as collateral for $25,005,042 on 8/1/2022, in which asset-backed securities with a market value of $25,500,014 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
100,000,000 | BNP Paribas S.A., 2.47%, dated 7/29/2022, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,020,583 on 8/1/2022, in which corporate bonds with a market value of $102,021,846 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
160,000,000 | J.P. Morgan Securities LLC, 2.56%, dated 7/6/2022, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,480,000 on 8/2/2022, in which corporate bonds and medium-term notes with a market value of $255,000,001 have been received as collateral and held with BNY Mellon as tri-party agent. | 160,000,000 | |
50,000,000 | Mizuho Securities USA, Inc., 2.42%, dated 7/29/2022, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,020,167 on 8/1/2022, in which commercial paper and municipal bonds with a market value of $102,022,014 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 70,000,000 | Mizuho Securities USA, Inc., 2.14%, dated 2/3/2022, interest in a $80,000,000 collateralized loan agreement will repurchase securities provided as collateral for $80,309,111 on 9/8/2022, in which asset-backed securities and commercial paper with a market value of $81,730,968 have been received as collateral and held with BNY Mellon as tri-party agent. | $ 70,000,000 | |
30,000,000 | Mizuho Securities USA, Inc., 2.52%, dated 7/29/2022, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,015,750 on 8/1/2022, in which common stocks with a market value of $76,516,072 have been received as collateral and held with BNY Mellon as tri-party agent. | 30,000,000 | |
200,000,000 | Mitsubishi UFG Securities Americas, Inc., 2.47%, dated 7/29/2022, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,061,750 on 8/1/2022, in which American depositary receipts, common stocks, corporate bonds, exchange traded funds and unit investment trust, medium-term notes and municipal bonds with a market value of $306,063,397 have been received as collateral and held with BNY Mellon as tri-party agent. | 200,000,000 | |
150,000,000 | Pershing LLC, 2.57%, dated 7/14/2022, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,149,917 on 8/9/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, commercial paper, common stocks, convertible bond, certificate of deposit, exchange traded funds, medium-term notes and municipal bonds and U.S. Government Agency securities with a market value of $306,100,946 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 | |
225,000,000 | Societe Generale, Paris, 2.38%, dated 7/29/2022, interest in a $350,000,000 collateralized loan agreement will repurchase securities provided as collateral for $350,069,417 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium-term notes, municipal bonds, sovereign securities and treasury bill with a market value of $357,071,176 have been received as collateral and held with BNY Mellon as tri-party agent. | 225,000,000 | |
320,000,000 | Societe Generale, Paris, 2.47%, dated 7/29/2022, interest in a $650,000,000 collateralized loan agreement will repurchase securities provided as collateral for $650,133,792 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium-term notes sand treasury bill with a market value of $663,136,856 have been received as collateral and held with BNY Mellon as tri-party agent. | 320,000,000 | |
100,000,000 | Standard Chartered Bank, 2.45%, dated 7/28/2022, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,047,639 on 8/4/2022, in which U.S. Treasury bonds, U.S. Treasury notes and U.S. Government Agency securities with a market value of $102,027,802 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 150,000,000 | Wells Fargo Securities LLC, 2.63%, dated 6/24/2022, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,986,250 on 9/22/2022, in which sovereign securities with a market value of $153,424,860 have been received as collateral and held with BNY Mellon as tri-party agent. | $ 150,000,000 | |
175,000,000 | Wells Fargo Securities LLC, 2.91%, dated 4/27/2021, interest in a $175,000,000 collateralized loan agreement will repurchase securities provided as collateral for $176,273,125 on 10/11/2022, in which convertible bonds and sovereign securities with a market value of $178,774,603 have been received as collateral and held with BNY Mellon as tri-party agent. | 175,000,000 | |
190,000,000 | Wells Fargo Securities LLC, 3.12%, dated 3/23/2022, interest in a $190,000,000 collateralized loan agreement will repurchase securities provided as collateral for $191,482,000 on 10/13/2022, in which sovereign securities with a market value of $194,085,564 have been received as collateral and held with BNY Mellon as tri-party agent. | 190,000,000 | |
150,000,000 | Wells Fargo Securities LLC, 3.20%, dated 2/3/2022, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $151,200,000 on 10/20/2022, in which sovereign securities with a market value of $153,136,948 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS | 2,970,000,000 | ||
REPURCHASE AGREEMENTS— 17.1% | |||
Finance - Banking— 17.1% | |||
426,001,000 | Interest in $1,650,000,000 joint repurchase agreement 2.29%, dated 7/29/2022 under which Mitsubishi UFG Securities Americas, Inc. will repurchase securities provided as collateral for $1,650,314,875 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2057 and the market value of those underlying securities was $1,683,321,173. | 426,001,000 | |
250,000,000 | Interest in $1,800,000,000 joint repurchase agreement 2.30%, dated 7/29/2022 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $1,800,345,000 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 6/16/2064 and the market value of those underlying securities was $1,841,376,235. | 250,000,000 |
Principal Amount or Shares | Value | ||
REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$2,500,000,000 | Repurchase agreement 2.30%, dated 7/29/2022 under which Federal Reserve Bank of New York will repurchase securities provided as collateral for $2,500,479,167 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2039 and the market value of those underlying securities was $2,500,479,193. | $ 2,500,000,000 | |
50,000,000 | Interest in $150,000,000 joint repurchase agreement 2.39%, dated 7/29/2022 under which Standard Chartered Bank will repurchase securities provided as collateral for $150,029,875 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 2/16/2064 and the market value of those underlying securities was $153,030,473. | 50,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 3,226,001,000 | ||
INVESTMENT COMPANIES— 8.0% | |||
1,000,016,505 | Federated Hermes Institutional Money Market Management, Institutional Shares, 1.86%4 | 999,713,001 | |
500,317,389 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 1.84%4 | 500,320,089 | |
TOTAL INVESTMENT COMPANIES | 1,500,033,090 | ||
TOTAL INVESTMENT IN SECURITIES—97.6% (AT AMORTIZED COST)5 | 18,404,764,998 | ||
OTHER ASSETS AND LIABILITIES - NET—2.4%6 | 455,846,467 | ||
TOTAL NET ASSETS—100% | $18,860,611,465 |
Federated Hermes Institutional Money Market Management, Institutional Shares | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Value as of 7/31/2021 | $999,713,001 | $500,267,526 | $1,499,980,527 |
Purchases at Cost | $— | $44,798 | $44,798 |
Proceeds from Sales | $— | $(44,998) | $(44,998) |
Change in Unrealized Appreciation/ Depreciation | $— | $— | $— |
Net Realized Gain/(Loss) | $— | $52,763 | $52,763 |
Value as of 7/31/2022 | $999,713,001 | $500,320,089 | $1,500,033,090 |
Shares Held as of 7/31/2022 | 1,000,016,505 | 500,317,389 | 1,500,333,894 |
Dividend Income | $3,569,405 | $1,758,689 | $5,328,094 |
1 | Floating/variable note with current rate and current maturity or next reset date shown. 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 | Denotes a variable rate security with current rate and next reset date shown. |
3 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
4 | 7-day net yield. |
5 | Also represents cost of investments for federal tax purposes. |
6 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following is a summary of the inputs used, as of July 31, 2022, in valuing the Fund’s assets carried at fair value:
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Notes - Variable | $— | $4,207,890,121 | $— | $4,207,890,121 |
Time Deposits | — | 2,320,000,000 | — | 2,320,000,000 |
Commercial Paper | — | 2,258,837,766 | — | 2,258,837,766 |
Certificates of Deposit | — | 1,872,000,000 | — | 1,872,000,000 |
U.S. Treasury | — | 50,003,021 | — | 50,003,021 |
Other Repurchase Agreements | — | 2,970,000,000 | — | 2,970,000,000 |
Repurchase Agreements | — | 3,226,001,000 | — | 3,226,001,000 |
Investment Company | 1,500,033,090 | — | — | 1,500,033,090 |
TOTAL SECURITIES | $1,500,033,090 | $16,904,731,908 | $— | $18,404,764,998 |
The following acronym(s) are used throughout this portfolio: | ||
COL | —Collateralized | |
GTD | —Guaranteed | |
IDB | —Industrial Development Bond | |
LIQ | —Liquidity Agreement | |
LOC | —Letter of Credit | |
SOFR | —Secured Overnight Financing Rate | |
VRDNs | —Variable Rate Demand Notes |
Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.003 | 0.0001 | 0.013 | 0.023 | 0.015 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.003 | 0.0001 | 0.013 | 0.023 | 0.015 |
Less Distributions: | |||||
Distributions from net investment income | (0.003) | (0.000)1 | (0.013) | (0.023) | (0.015) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.003) | (0.000)1 | (0.013) | (0.023) | (0.015) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.33% | 0.04% | 1.33% | 2.36% | 1.53% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.19% | 0.20% | 0.20% | 0.20% | 0.20% |
Net investment income | 0.36% | 0.04% | 1.33% | 2.36% | 1.56% |
Expense waiver/reimbursement4 | 0.12% | 0.10% | 0.10% | 0.10% | 0.13% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $13,928,308 | $11,788,470 | $18,814,127 | $16,862,096 | $5,770,600 |
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. |
July 31, 2022
Assets: | |
Investment in repurchase agreements and other repurchase agreements | $6,196,001,000 |
Investment in securities, including $1,500,033,090 of investment in affiliated holdings* | 12,208,763,998 |
Investment in securities, at amortized cost and fair value | 18,404,764,998 |
Cash | 499,965,635 |
Income receivable | 15,109,160 |
Income receivable from affiliated holdings | 1,986,792 |
Receivable for shares sold | 80,292,825 |
Total Assets | 19,002,119,410 |
Liabilities: | |
Payable for investments purchased | 101,300,000 |
Payable for shares redeemed | 35,357,228 |
Income distribution payable | 1,641,527 |
Payable for investment adviser fee (Note 5) | 168,775 |
Payable for administrative fee (Note 5) | 121,261 |
Payable for Directors’/Trustees’ fees (Note 5) | 1,290 |
Payable for distribution services fee (Note 5) | 687,724 |
Payable for other service fees (Notes 2 and 5) | 1,317,710 |
Accrued expenses (Note 5) | 912,430 |
Total Liabilities | 141,507,945 |
Net assets for 18,860,455,668 shares outstanding | $18,860,611,465 |
Net Assets Consist of: | |
Paid-in capital | $18,860,446,852 |
Total distributable earnings (loss) | 164,613 |
Total Net Assets | $18,860,611,465 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Automated Shares: | |
$711,892,590 ÷ 711,886,688 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Class R Shares: | |
$41,244,466 ÷ 41,244,123 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Wealth Shares: | |
$13,928,307,730 ÷ 13,928,192,808 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Advisor Shares: | |
$1,026,475,838 ÷ 1,026,467,354 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$1,479,711,780 ÷ 1,479,699,509 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash II Shares: | |
$1,301,549,758 ÷ 1,301,538,951 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash Series Shares: | |
$42,282,604 ÷ 42,282,252 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Capital Shares: | |
$310,974,601 ÷ 310,972,028 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Trust Shares: | |
$18,172,098 ÷ 18,171,955 shares outstanding, no par value, unlimited shares authorized | $1.00 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended July 31, 2022
Investment Income: | |
Interest | $89,761,883 |
Dividends received from affiliated holdings* | 5,328,094 |
TOTAL INCOME | 95,089,977 |
Expenses: | |
Investment adviser fee (Note 5) | 36,509,887 |
Administrative fee (Note 5) | 14,289,405 |
Custodian fees | 567,852 |
Transfer agent fees (Note 2) | 5,569,261 |
Directors’/Trustees’ fees (Note 5) | 105,194 |
Auditing fees | 23,960 |
Legal fees | 7,357 |
Portfolio accounting fees | 273,154 |
Distribution services fee (Note 5) | 11,240,682 |
Other service fees (Notes 2 and 5) | 17,306,459 |
Share registration costs | 344,470 |
Printing and postage | 419,263 |
Miscellaneous (Note 5) | 198,385 |
TOTAL EXPENSES | 86,855,329 |
Waivers and Reimbursements: | |
Waiver of investment adviser fee (Note 5) | (23,635,210) |
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (21,320,329) |
TOTAL WAIVERS AND REIMBURSEMENTS | (44,955,539) |
Net expenses | 41,899,790 |
Net investment income | 53,190,187 |
Net realized gain on investments (including net realized gain of $52,763 on sales of investments in affiliated holdings*) | 143,440 |
Change in net assets resulting from operations | $53,333,627 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended July 31 | 2022 | 2021 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $53,190,187 | $7,423,269 |
Net realized gain (loss) | 143,440 | 11,556 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 53,333,627 | 7,434,825 |
Distributions to Shareholders: | ||
Automated Shares | (2,585,791) | (137,765) |
Class R Shares | (33,725) | (3,974) |
Wealth Shares | (39,560,633) | (6,432,149) |
Advisor Shares | (2,214,414) | (127,699) |
Service Shares | (3,354,482) | (233,300) |
Cash II Shares | (1,568,320) | (125,177) |
Cash Series Shares | (37,265) | (3,927) |
Capital Shares | (832,858) | (50,973) |
Trust Shares | (2,998,443) | (349,121) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (53,185,931) | (7,464,085) |
Share Transactions: | ||
Proceeds from sale of shares | 19,988,592,929 | 15,284,485,959 |
Net asset value of shares issued to shareholders in payment of distributions declared | 49,057,880 | 6,952,724 |
Cost of shares redeemed | (20,256,811,128) | (25,445,666,626) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (219,160,319) | (10,154,227,943) |
Change in net assets | (219,012,623) | (10,154,257,203) |
Net Assets: | ||
Beginning of period | 19,079,624,088 | 29,233,881,291 |
End of period | $18,860,611,465 | $19,079,624,088 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | Transfer Agent Fees Waived by Unaffiliated Third Parties | |
Automated Shares | $1,539,140 | $(83,334) | $(628,059) |
Class R Shares | 94,591 | — | (52,132) |
Wealth Shares | 1,686,518 | (94) | — |
Advisor Shares | 24,100 | — | — |
Service Shares | 243,106 | — | (28) |
Cash II Shares | 1,444,009 | (10,081) | (726,221) |
Cash Series Shares | 45,892 | (2,043) | (22,901) |
Capital Shares | 50,699 | — | — |
Trust Shares | 441,206 | (6) | — |
TOTAL | $5,569,261 | $(95,558) | $(1,429,341) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Automated Shares | $3,589,196 | $— | $(2,318,200) |
Class R Shares | 94,911 | (1,849) | (75,432) |
Service Shares | 3,697,068 | — | (2,360,209) |
Cash II Shares | 3,216,087 | — | (2,450,647) |
Cash Series Shares | 97,403 | — | (77,893) |
Capital Shares | 305,095 | (1,420) | (186,668) |
Trust Shares | 6,306,699 | — | (4,840,272) |
TOTAL | $17,306,459 | $(3,269) | $(12,309,321) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Automated Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,528,635,804 | $1,528,635,804 | 1,092,892,574 | $1,092,892,574 |
Shares issued to shareholders in payment of distributions declared | 2,577,947 | 2,577,947 | 135,800 | 135,800 |
Shares redeemed | (1,854,156,282) | (1,854,156,282) | (1,661,611,602) | (1,661,611,602) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | (322,942,531) | $(322,942,531) | (568,583,228) | $(568,583,228) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 17,000,468 | $17,000,468 | 25,037,245 | $25,037,245 |
Shares issued to shareholders in payment of distributions declared | 33,614 | 33,614 | 3,927 | 3,927 |
Shares redeemed | (14,551,648) | (14,551,648) | (34,894,798) | (34,894,798) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 2,482,434 | $2,482,434 | (9,853,626) | $(9,853,626) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 13,906,013,345 | $13,906,013,345 | 8,603,643,868 | $8,603,643,868 |
Shares issued to shareholders in payment of distributions declared | 35,833,910 | 35,833,910 | 5,940,168 | 5,940,168 |
Shares redeemed | (11,802,119,110) | (11,802,119,110) | (15,635,221,953) | (15,635,221,953) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 2,139,728,145 | $2,139,728,145 | (7,025,637,917) | $(7,025,637,917) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Advisor Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,349,386,951 | $1,349,386,951 | 170,408,084 | $170,408,084 |
Shares issued to shareholders in payment of distributions declared | 2,214,267 | 2,214,267 | 127,699 | 127,699 |
Shares redeemed | (513,054,969) | (513,054,969) | (358,892,162) | (358,892,162) |
NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS | 838,546,249 | $838,546,249 | (188,356,379) | $(188,356,379) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,344,417,523 | $1,344,417,523 | 1,287,654,602 | $1,287,654,602 |
Shares issued to shareholders in payment of distributions declared | 3,061,138 | 3,061,138 | 220,581 | 220,581 |
Shares redeemed | (1,579,139,032) | (1,579,139,032) | (2,592,784,162) | (2,592,784,162) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (231,660,371) | $(231,660,371) | (1,304,908,979) | $(1,304,908,979) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 610,894,665 | $610,894,665 | 1,494,273,060 | $1,494,273,060 |
Shares issued to shareholders in payment of distributions declared | 1,557,950 | 1,557,950 | 124,526 | 124,526 |
Shares redeemed | (586,846,085) | (586,846,085) | (1,343,714,244) | (1,343,714,244) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | 25,606,530 | $25,606,530 | 150,683,342 | $150,683,342 |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 61,276,990 | $61,276,990 | 60,002,729 | $60,002,729 |
Shares issued to shareholders in payment of distributions declared | 36,978 | 36,978 | 3,891 | 3,891 |
Shares redeemed | (61,108,129) | (61,108,129) | (51,194,705) | (51,194,705) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | 205,839 | $205,839 | 8,811,915 | $8,811,915 |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 299,364,846 | $299,364,846 | 286,065,142 | $286,065,142 |
Shares issued to shareholders in payment of distributions declared | 743,705 | 743,705 | 47,159 | 47,159 |
Shares redeemed | (318,414,947) | (318,414,947) | (505,540,753) | (505,540,753) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (18,306,396) | $(18,306,396) | (219,428,452) | $(219,428,452) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Trust Shares: | Shares | Amount | Shares | Amount |
Shares sold | 871,602,337 | $871,602,337 | 2,264,508,655 | $2,264,508,655 |
Shares issued to shareholders in payment of distributions declared | 2,998,371 | 2,998,371 | 348,973 | 348,973 |
Shares redeemed | (3,527,420,926) | (3,527,420,926) | (3,261,812,247) | (3,261,812,247) |
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | (2,652,820,218) | $(2,652,820,218) | (996,954,619) | $(996,954,619) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (219,160,319) | $(219,160,319) | (10,154,227,943) | $(10,154,227,943) |
2022 | 2021 | |
Ordinary income1 | $53,185,931 | $7,464,085 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $100,866 |
Undistributed long-term capital gains | $63,747 |
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 | |
Class R Shares | 0.50% |
Cash II Shares | 0.35% |
Cash Series Shares | 0.60% |
Trust Shares | 0.25% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class R Shares | $196,533 | $(148,261) |
Cash II Shares | 4,503,683 | (3,048,860) |
Cash Series Shares | 233,767 | (178,423) |
Trust Shares | 6,306,699 | (4,107,296) |
TOTAL | $11,240,682 | $(7,482,840) |
September 23, 2022
Beginning Account Value 2/1/2022 | Ending Account Value 7/31/2022 | Expenses Paid During Period1 | |
Actual | $1,000.00 | $1,003.30 | $0.94 |
Hypothetical (assuming a 5% return before expenses) | $1,000.00 | $1,023.85 | $0.95 |
1 | Expenses are equal to the Fund’s annualized net expense ratio of 0.19%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). |
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: 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.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, 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.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director, Saint Francis University. |
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. 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); Director, The Golisano Children’s Museum of Naples, Florida; 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; formerly, Executive Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors and Assistant General Counsel and Director of Risk Management, 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. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy 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 |
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 Portfolio Manager since: November 1996 | Principal Occupations: Deborah A. Cunningham has been the Fund’s Portfolio Manager since November 1996. Ms. 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. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Share Class | Ticker | Institutional | POIXX | Service | PRSXX | Capital | POPXX |
Federated Hermes Institutional Prime Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
The Share Price will fluctuate. It is possible to lose money by investing in the Fund.
Security Type | Percentage of Total Net Assets |
Other Repurchase Agreements and Repurchase Agreements | 37.0% |
Variable Rate Instruments | 27.3% |
Bank Instruments | 21.7% |
Commercial Paper | 14.0% |
U.S. Treasury Securities | 0.3% |
Other Assets and Liabilities—Net2 | (0.3)% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these security types. |
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 Days2 | 79.5% |
8-30 Days | 5.3% |
31-90 Days | 9.9% |
91-180 Days | 2.1% |
181 Days or more | 3.5% |
Other Assets and Liabilities—Net3 | (0.3)% |
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 | Overnight securities comprised 35.6% of the Fund’s portfolio. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
1 | NOTES - VARIABLE— 27.3% | ||
Finance - Banking— 23.3% | |||
$ 90,000,000 | Anglesea Funding LLC, (Bank of Nova Scotia, Toronto COL)/(Nordea Bank Abp COL)/(Societe Generale, Paris COL), 2.460% (SOFR+0.180%), 8/10/2022 | $ 90,000,000 | |
6,500,000 | Anglesea Funding LLC, (Bank of Nova Scotia, Toronto COL)/(Nordea Bank Abp COL)/(Societe Generale, Paris COL), 2.680% (Overnight Banking Fund Rate +0.360%), 12/23/2022 | 6,500,000 | |
30,000,000 | ASB Bank Ltd., 2.000% (SOFR +0.470%), 8/2/2022 | 30,008,140 | |
110,000,000 | Bank of Montreal, 2.230% (SOFR +0.700%), 8/1/2022 | 110,036,615 | |
104,000,000 | Bank of Montreal, 2.430% (SOFR +0.150%), 8/1/2022 | 103,955,840 | |
30,000,000 | Bank of Montreal, 2.840% (SOFR +0.560%), 8/1/2022 | 29,963,024 | |
60,000,000 | Bank of Montreal, 2.930% (SOFR +0.650%), 8/1/2022 | 59,632,964 | |
100,000,000 | Bank of Nova Scotia, Toronto, 2.430% (SOFR +0.150%), 8/1/2022 | 100,000,000 | |
50,000,000 | Bank of Nova Scotia, Toronto, 2.530% (SOFR +0.250%), 8/1/2022 | 49,909,739 | |
25,000,000 | Bank of Nova Scotia, Toronto, 2.780% (SOFR +0.500%), 8/1/2022 | 24,968,645 | |
33,500,000 | Bank of Nova Scotia, Toronto, 2.800% (SOFR +0.520%), 8/2/2022 | 33,500,000 | |
20,000,000 | Bank of Nova Scotia, Toronto, 2.860% (SOFR +0.580%), 8/1/2022 | 20,007,378 | |
125,000,000 | Bank of Nova Scotia, Toronto, 2.950% (SOFR +0.670%), 8/1/2022 | 124,975,245 | |
25,000,000 | Canadian Imperial Bank of Commerce, 2.490% (SOFR +0.210%), 8/1/2022 | 24,983,767 | |
54,000,000 | Canadian Imperial Bank of Commerce, 2.780% (SOFR +0.500%), 8/1/2022 | 53,923,257 | |
120,000,000 | Canadian Imperial Bank of Commerce, 2.780% (SOFR +0.500%), 8/1/2022 | 119,833,600 | |
120,000,000 | Canadian Imperial Bank of Commerce, 2.830% (SOFR +0.550%), 8/1/2022 | 119,843,012 | |
50,000,000 | Canadian Imperial Bank of Commerce, 2.920% (SOFR +0.640%), 8/1/2022 | 50,000,000 | |
50,000,000 | Canadian Imperial Holdings, Inc., 2.800% (SOFR +0.520%), 8/1/2022 | 49,930,476 | |
4,025,000 | Centra State Medical Arts Building LLC, (TD Bank, N.A. LOC), 2.410%, 8/3/2022 | 4,025,000 | |
55,000,000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 2.780% (SOFR +0.500%), 8/1/2022 | 55,014,030 | |
35,000,000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 2.830% (SOFR +0.550%), 8/1/2022 | 35,000,000 | |
45,000,000 | Commonwealth Bank of Australia, 2.710% (SOFR +0.430%), 8/2/2022 | 44,958,374 | |
50,000,000 | Commonwealth Bank of Australia, 2.780% (SOFR +0.500%), 8/1/2022 | 49,973,325 | |
25,000,000 | Commonwealth Bank of Australia, 2.820% (SOFR +0.540%), 8/1/2022 | 24,990,651 |
Principal Amount | Value | ||
1 | NOTES - VARIABLE— continued | ||
Finance - Banking— continued | |||
$ 16,700,000 | Greene County Development Authority, Reynolds Lodge, LLC Series 2000B, (U.S. Bank, N.A. LOC), 1.800%, 8/3/2022 | $ 16,700,000 | |
3,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project 2013A, (Bank of America N.A. LOC), 2.450%, 8/4/2022 | 3,000,000 | |
7,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project, (Bank of America N.A. LOC), 2.450%, 8/4/2022 | 7,000,000 | |
7,595,000 | Gulf Gate Apartments LLC, Series 2003, (Wells Fargo Bank, N.A. LOC), 2.370%, 8/4/2022 | 7,595,000 | |
12,320,000 | Hamilton Station Park and Ride, Series 2005, (Wells Fargo Bank, N.A. LOC), 2.370%, 8/4/2022 | 12,320,000 | |
15,365,000 | Los Angeles County Fair Association, (Wells Fargo Bank, N.A. LOC), 2.340%, 8/3/2022 | 15,365,000 | |
9,000,000 | Michael Dennis Sullivan Irrevocable Trust, (Wells Fargo Bank, N.A. LOC), 2.450%, 8/4/2022 | 9,000,000 | |
100,000,000 | MUFG Bank Ltd., 1.860% (SOFR +0.330%), 8/1/2022 | 100,000,000 | |
79,000,000 | National Australia Bank Ltd., Melbourne, 2.460% (SOFR +0.180%), 8/2/2022 | 79,000,000 | |
110,000,000 | Nordea Bank Abp, 1.680% (SOFR +0.150%), 8/1/2022 | 110,000,000 | |
115,000,000 | Nordea Bank Abp, 1.690% (SOFR +0.160%), 8/1/2022 | 115,000,000 | |
109,000,000 | Nordea Bank Abp, 2.080% (SOFR +0.550%), 8/1/2022 | 109,000,000 | |
34,000,000 | Nuveen Floating Rate Income Fund, (Series A), (Sumitomo Mitsui Banking Corp. LOC), 2.470%, 8/4/2022 | 34,000,000 | |
3,115,000 | Public Building Corp. Springfield, MO, Jordan Valley Ice Park, Series 2003, (U.S. Bank, N.A. LOC), 2.380%, 8/4/2022 | 3,115,000 | |
150,000,000 | Royal Bank of Canada, 2.830% (SOFR +0.550%), 8/1/2022 | 149,837,175 | |
62,500,000 | Royal Bank of Canada, 3.030% (SOFR +0.750%), 8/1/2022 | 62,500,000 | |
152,500,000 | Royal Bank of Canada, New York Branch, 2.430% (SOFR +0.150%), 8/2/2022 | 152,427,909 | |
18,965,000 | Salem Green, LLP, Salem Green Apartments Project, Series 2010, (Wells Fargo Bank, N.A. LOC), 2.370%, 8/4/2022 | 18,965,000 | |
150,000,000 | Svenska Handelsbanken, Stockholm, 2.080% (SOFR +0.550%), 8/1/2022 | 150,000,000 | |
62,284,973 | Taxable Tender Option Bond Trust 2021-MIZ9060TX, (Series 2021-MIZ9060TX) VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.590%, 8/1/2022 | 62,284,973 | |
25,000,000 | Taxable Tender Option Bond Trust 2021-MIZ9071TX, (Series 2021-MIZ9071TX) VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.720%, 8/1/2022 | 25,000,000 | |
10,000,000 | Taxable Tender Option Bond Trust 2021-MIZ9075TX, (Series MIZ-9075TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.590%, 8/1/2022 | 10,000,000 | |
4,680,000 | Taxable Tender Option Bond Trust 2021-MIZ9077TX, (Series 2021-MIZ9077TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.590%, 8/1/2022 | 4,680,000 |
Principal Amount | Value | ||
1 | NOTES - VARIABLE— continued | ||
Finance - Banking— continued | |||
$ 3,000,000 | Taxable Tender Option Bond Trust 2021-MIZ9078TX, (Series 2021-MIZ9078TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.590%, 8/1/2022 | $ 3,000,000 | |
3,954,172 | Taxable Tender Option Bond Trust 2021-MIZ9083TX, (Series 2021-MIZ9083TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.590%, 8/1/2022 | 3,954,172 | |
18,750,000 | Taxable Tender Option Bond Trust 2022-MIZ9087TX, (Series 2022-MIZ9096TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.640%, 8/4/2022 | 18,750,000 | |
30,000,000 | Taxable Tender Option Bond Trust2021-MIZ9070TX, (Series 2021-MIZ9070TX) VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.720%, 8/1/2022 | 30,000,000 | |
68,300,000 | Triborough Bridge & Tunnel Authority, NY, (Taxable Series E) Weekly VRDNs, (Bank of America N.A. LOC), 2.310%, 8/4/2022 | 68,300,000 | |
3,600,000 | Village Green Finance Co. LLC, (Series 1997), (Wells Fargo Bank, N.A. LOC), 2.660%, 8/3/2022 | 3,600,000 | |
99,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.730% (SOFR +0.450%), 8/1/2022 | 98,900,322 | |
150,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.730% (SOFR+0.450%), 8/2/2022 | 149,841,945 | |
80,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.780% (SOFR +0.500%), 8/1/2022 | 80,004,166 | |
40,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.780% (SOFR +0.500%), 8/1/2022 | 39,976,808 | |
136,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.780% (SOFR +0.500%), 8/2/2022 | 135,917,855 | |
5,870,000 | Yeshivas Novominsk, Series 2008, (TD Bank, N.A. LOC), 2.450%, 8/4/2022 | 5,870,000 | |
TOTAL | 3,310,838,407 | ||
Finance - Retail— 2.3% | |||
70,000,000 | Chariot Funding LLC, 1.710% (SOFR +0.180%), 8/1/2022 | 70,000,000 | |
45,000,000 | Chariot Funding LLC, 2.680% (SOFR +0.400%), 8/1/2022 | 44,997,621 | |
45,000,000 | Old Line Funding, LLC, 2.080% (SOFR +0.550%), 1/9/2023 | 44,994,657 | |
100,000,000 | Old Line Funding, LLC, 2.830% (SOFR +0.550%), 10/3/2022 | 100,016,040 | |
47,500,000 | Thunder Bay Funding, LLC, 2.080% (SOFR +0.550%), 9/26/2022 | 47,500,000 | |
25,000,000 | Thunder Bay Funding, LLC, 2.880% (SOFR +0.600%), 10/20/2022 | 25,006,354 | |
TOTAL | 332,514,672 | ||
Government Agency— 1.7% | |||
5,285,000 | 1320 W Jefferson LLC, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/3/2022 | 5,285,000 | |
42,450,000 | Archer 1 LLC, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 42,450,000 | |
9,015,000 | Austen Children’s Gift Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 9,015,000 |
Principal Amount | Value | ||
1 | NOTES - VARIABLE— continued | ||
Government Agency— continued | |||
$ 6,830,000 | Baker Life Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | $ 6,830,000 | |
34,850,000 | BWF Forge TL Properties Owner LLC, (Federal Home Loan Bank of Des Moines LOC)/(Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 34,850,000 | |
5,705,000 | Catania Family Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 5,705,000 | |
4,270,000 | Jim Brooks Irrevocable Trust, (Federal Home Loan Bank of Dallas LOC), 2.440%, 8/4/2022 | 4,270,000 | |
11,570,000 | Joseph L. Goggins Irrevocable Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | 11,570,000 | |
3,655,000 | Karyn Brooks Descendants Trust, (Federal Home Loan Bank of Dallas LOC), 2.440%, 8/4/2022 | 3,655,000 | |
6,380,000 | MHF DKF Insurance Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/3/2022 | 6,380,000 | |
17,030,000 | Mohr Green Associates L.P., 2012-A, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 17,030,000 | |
22,610,000 | NWD 2017 Family Trust No. 1, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 22,610,000 | |
9,080,000 | Park Stanton Place LP, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 9,080,000 | |
5,010,000 | R.J. Brooks Jr. Irrevocable Trust, (Federal Home Loan Bank of Dallas LOC), 2.440%, 8/4/2022 | 5,010,000 | |
6,980,000 | RK Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 6,980,000 | |
6,255,000 | Sibley Family Irrevocable Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | 6,255,000 | |
6,610,000 | The CLC Irrevocable Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | 6,610,000 | |
5,120,000 | The Eugene Kim Irrevocable Life Insurance Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 5,120,000 | |
22,830,000 | The Gregory P. Berry Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/3/2022 | 22,830,000 | |
5,740,000 | The Leopold Family Insurance Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 5,740,000 | |
5,975,000 | The Thompson 2018 Family Trust, (Federal Home Loan Bank of Dallas LOC), 2.440%, 8/4/2022 | 5,975,000 | |
TOTAL | 243,250,000 | ||
TOTAL NOTES - VARIABLE (IDENTIFIED COST $3,888,274,137) | 3,886,603,079 | ||
2 | COMMERCIAL PAPER— 14.0% | ||
Finance - Banking— 10.7% | |||
63,970,000 | Antalis S.A., (Societe Generale, Paris LIQ), 1.773% - 1.853%, 8/1/2022 - 8/5/2022 | 63,965,027 | |
60,000,000 | Bank of Montreal, 2.800%, 5/9/2023 | 60,003,463 |
Principal Amount | Value | ||
2 | COMMERCIAL PAPER— continued | ||
Finance - Banking— continued | |||
$ 200,000,000 | Bank of Nova Scotia, Toronto, 0.200% - 0.210%, 9/8/2022 - 9/29/2022 | $ 199,336,437 | |
100,000,000 | Bennington Stark Capital Co., LLC, (Societe Generale, Paris LIQ), 2.120%, 8/2/2022 | 99,994,111 | |
104,000,000 | Canadian Imperial Bank of Commerce, 0.503% - 2.070%, 12/1/2022 - 3/20/2023 | 102,483,433 | |
50,000,000 | Canadian Imperial Holdings, Inc., 0.351%, 11/8/2022 | 49,631,666 | |
42,500,000 | Chesham Finance LLC Series III, (Societe Generale, Paris COL), 2.404%, 8/31/2022 | 42,415,000 | |
107,500,000 | Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 1.405% - 2.416%, 8/1/2022 - 10/3/2022 | 107,015,267 | |
200,000,000 | Lloyds Bank PLC, London, 1.413% - 2.419%, 8/5/2022 - 9/23/2022 | 199,765,183 | |
5,000,000 | LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 1.455%, 8/12/2022 | 4,997,785 | |
92,000,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 2.310% - 2.567%, 8/1/2022 - 10/11/2022 | 91,752,562 | |
82,000,000 | National Australia Bank Ltd., Melbourne, 1.005% - 3.844%, 9/6/2022 - 6/15/2023 | 81,133,799 | |
85,000,000 | Nationwide Building Society, 2.020%, 8/1/2022 | 85,000,000 | |
145,000,000 | Royal Bank of Canada, 0.251% - 2.229%, 10/14/2022 - 3/29/2023 | 143,538,329 | |
80,000,000 | Royal Bank of Canada, New York Branch, 0.371% - 0.402%, 11/9/2022 - 11/15/2022 | 79,285,026 | |
122,000,000 | Toronto Dominion Bank, 2.903%, 5/31/2023 | 118,207,691 | |
TOTAL | 1,528,524,779 | ||
Finance - Retail— 1.7% | |||
69,000,000 | Fairway Finance Co. LLC, 1.005%, 9/6/2022 | 68,817,535 | |
60,000,000 | Old Line Funding, LLC, 1.659%, 9/13/2022 | 59,804,347 | |
60,000,000 | Old Line Funding, LLC, 1.659%, 9/19/2022 | 59,775,187 | |
50,000,000 | Sheffield Receivables Company LLC, 1.976%, 8/18/2022 | 49,958,958 | |
TOTAL | 238,356,027 | ||
Oil & Oil Finance— 0.5% | |||
70,000,000 | TotalEnergies Capital Canada Ltd., 2.200%, 8/3/2022 | 69,991,445 | |
Sovereign— 1.1% | |||
160,000,000 | BNG Bank N.V., 2.201% - 2.311%, 8/3/2022 - 8/4/2022 | 159,976,228 | |
TOTAL COMMERCIAL PAPER (IDENTIFIED COST $2,001,640,522) | 1,996,848,479 | ||
TIME DEPOSITS— 11.1% | |||
Finance - Banking— 11.1% | |||
500,000,000 | ABN Amro Bank NV, 2.220% - 2.330%, 8/3/2022 - 8/5/2022 | 500,000,000 | |
275,000,000 | Australia & New Zealand Banking Group, Melbourne, 2.210%, 8/3/2022 | 275,000,000 | |
440,000,000 | Australia & New Zealand Banking Group, Melbourne, 2.320%, 8/1/2022 | 440,000,000 |
Principal Amount | Value | ||
TIME DEPOSITS— continued | |||
Finance - Banking— continued | |||
$ 360,000,000 | Mizuho Bank Ltd., 2.320%, 8/1/2022 | $ 360,000,000 | |
TOTAL TIME DEPOSITS (IDENTIFIED COST $1,575,000,000) | 1,575,000,000 | ||
CERTIFICATES OF DEPOSIT— 10.6% | |||
Finance - Banking— 10.6% | |||
26,500,000 | Bank of Montreal, 2.850%, 5/24/2023 | 26,336,767 | |
210,000,000 | Credit Agricole Corporate and Investment Bank, 1.560% - 2.320%, 8/5/2022 - 8/12/2022 | 210,000,000 | |
115,000,000 | DNB Bank ASA, 1.100%, 9/6/2022 | 114,843,595 | |
100,000,000 | Mizuho Bank Ltd., 2.600%, 10/20/2022 | 100,000,000 | |
165,000,000 | MUFG Bank Ltd., 1.420% - 1.450%, 8/18/2022 - 8/19/2022 | 164,962,798 | |
70,000,000 | Sumitomo Mitsui Banking Corp., 1.450%, 8/5/2022 | 70,000,000 | |
515,000,000 | Sumitomo Mitsui Trust Bank Ltd., 1.450% - 2.530%, 8/18/2022 - 9/29/2022 | 514,947,924 | |
305,000,000 | Toronto Dominion Bank, 0.220% - 4.070%, 10/14/2022 - 7/18/2023 | 303,829,965 | |
TOTAL CERTIFICATES OF DEPOSIT (IDENTIFIED COST $1,506,500,000) | 1,504,921,049 | ||
U.S. TREASURY— 0.3% | |||
U.S. Treasury Notes— 0.3% | |||
50,000,000 | 1 | United States Treasury Floating Rate Notes, 2.570% (91-day T-Bill +0.034%), 8/2/2022 (IDENTIFIED COST $50,003,021) | 50,137,907 |
OTHER REPURCHASE AGREEMENTS— 17.8% | |||
Finance - Banking— 17.8% | |||
100,000,000 | BMO Capital Markets Corp., 2.05%, dated 2/8/2021, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,706,111 on 9/12/2022, in which corporate bonds and medium-term notes with a market value of $204,755,998 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
439,000,000 | BNP Paribas S.A., 2.40%, dated 7/29/2022, interest in a $500,000,000 collateralized loan agreement will repurchase securities provided as collateral for $500,100,000 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term note with a market value of $510,102,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 439,000,000 | |
100,000,000 | Bofa Securities, Inc., 2.39%, dated 7/29/2022, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,029,875 on 8/1/2022, in which corporate bonds and medium-term notes with a market value of $153,030,602 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 100,000,000 | Bofa Securities, Inc., 2.94%, dated 9/4/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,735,000 on 10/31/2022, in which convertible bonds with a market value of $102,199,120 have been received as collateral and held with BNY Mellon as tri-party agent. | $ 100,000,000 | |
250,000,000 | Bofa Securities, Inc., 2.94%, dated 9/9/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $251,837,500 on 10/31/2022, in which convertible bonds, medium-term notes and Sovereign with a market value of $255,496,826 have been received as collateral and held with BNY Mellon as tri-party agent. | 250,000,000 | |
25,000,000 | Bofa Securities, Inc., 2.35%, dated 7/29/2022, interest in a $25,000,000 collateralized loan agreement will repurchase securities provided as collateral for $25,004,896 on 8/1/2022, in which commercial paper with a market value of $25,505,956 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
125,000,000 | Credit Agricole S.A., 2.47%, dated 6/24/2022, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,144,083 on 8/9/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, commercial paper, treasury notes, treasury bills medium-term notes, U.S. Government Agency securities and sovereign debt with a market value of $306,063,090 have been received as collateral and held with BNY Mellon as tri-party agent. | 125,000,000 | |
280,000,000 | Credit Agricole S.A., 2.37%, dated 6/24/2022, interest in a $800,000,000 collateralized loan agreement will repurchase securities provided as collateral for $800,368,667 on 8/9/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, commercial paper, treasury notes, treasury bill, medium-term notes and sovereign debt with a market value of $816,161,433 have been received as collateral and held with BNY Mellon as tri-party agent. | 280,000,000 | |
70,000,000 | HSBC Securities (USA), Inc., 2.42%, dated 7/29/2022, interest in a $70,000,000 collateralized loan agreement will repurchase securities provided as collateral for $70,014,117 on 8/1/2022, in which corporate bonds, medium-term notes and Sovereign debt with a market value of $71,400,029 have been received as collateral and held with BNY Mellon as tri-party agent. | 70,000,000 | |
49,490,000 | ING Financial Markets LLC, 2.39%, dated 7/29/2022, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,009,958 on 8/1/2022, in which corporate bonds with a market value of $51,010,957 have been received as collateral and held with BNY Mellon as tri-party agent. | 49,490,000 | |
100,000,000 | ING Financial Markets LLC, 2.40%, dated 7/29/2022, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,020,000 on 8/1/2022, in which common stocks, corporate bonds and medium-term notes with a market value of $102,020,404 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 65,000,000 | J.P. Morgan Securities LLC, 2.56%, dated 7/6/2022, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,480,000 on 8/2/2022, in which corporate bonds and medium-term notes with a market value of $255,000,001 have been received as collateral and held with BNY Mellon as tri-party agent. | $ 65,000,000 | |
45,000,000 | Mizuho Securities USA, Inc., 2.52%, dated 7/29/2022, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,015,750 on 8/1/2022, in which common stocks with a market value of $76,516,072 have been received as collateral and held with BNY Mellon as tri-party agent. | 45,000,000 | |
50,000,000 | Mizuho Securities USA, Inc., 2.42%, dated 7/29/2022, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,020,167 on 8/1/2022, in which commercial paper and municipal bonds with a market value of $102,022,014 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
81,000,000 | Mitsubishi UFG Securities Americas, Inc., 2.47%, dated 7/29/2022, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,061,750 on 8/1/2022, in which American depositary receipts, common stocks, corporate bonds, exchange-traded funds and unit investment trust, medium-term notes and municipal bonds with a market value of $306,063,397 have been received as collateral and held with BNY Mellon as tri-party agent. | 81,000,000 | |
135,000,000 | Pershing LLC, 2.57%, dated 7/14/2022, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,149,917 on 8/9/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, commercial paper, common stocks, convertible bond, certificate of deposit, exchange-traded funds, medium-term notes and municipal bonds and U.S. Government Agency securities with a market value of $306,100,946 have been received as collateral and held with BNY Mellon as tri-party agent. | 135,000,000 | |
125,000,000 | Societe Generale, Paris, 2.38%, dated 7/29/2022, interest in a $350,000,000 collateralized loan agreement will repurchase securities provided as collateral for $350,069,417 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium-term notes, municipal bonds, sovereign securities and treasury bill with a market value of $357,071,176 have been received as collateral and held with BNY Mellon as tri-party agent. | 125,000,000 | |
277,000,000 | Societe Generale, Paris, 2.47%, dated 7/29/2022, interest in a $650,000,000 collateralized loan agreement will repurchase securities provided as collateral for $650,133,792 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium-term notes and treasury bill with a market value of $663,136,856 have been received as collateral and held with BNY Mellon as tri-party agent. | 277,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 125,000,000 | Wells Fargo Securities LLC, 3.20%, dated 2/3/2022, interest in a $125,000,000 collateralized loan agreement will repurchase securities provided as collateral for $126,000,000 on 8/1/2022, in which sovereign securities with a market value of $127,614,209 have been received as collateral and held with BNY Mellon as tri-party agent. | $ 125,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS (IDENTIFIED COST $2,541,490,000) | 2,541,490,000 | ||
REPURCHASE AGREEMENTS— 19.2% | |||
Finance - Banking— 19.2% | |||
150,000,000 | Repurchase agreement 2.40%, dated 7/29/2022 under which ABN Amro Bank N.V., Netherlands will repurchase securities provided as collateral for $150,030,000 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 7/25/2052 and the market value of those underlying securities was $153,030,600. | 150,000,000 | |
299,000,000 | Interest in $1,650,000,000 joint repurchase agreement 2.29%, dated 7/29/2022 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $1,650,314,875 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2057 and the market value of those underlying securities was $1,683,321,173. | 299,000,000 | |
500,000,000 | Interest in $1,650,000,000 joint repurchase agreement 2.29%, dated 7/29/2022 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $1,650,314,875 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2057 and the market value of those underlying securities was $1,683,321,173. | 500,000,000 | |
700,000,000 | Interest in $1,800,000,000 joint repurchase agreement 2.30%, dated 7/29/2022 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $1,800,345,000 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 6/16/2064 and the market value of those underlying securities was $1,841,376,235. | 700,000,000 | |
1,000,000,000 | Repurchase agreement 2.30%, dated 7/29/2022 under which Federal Reserve Bank of New York will repurchase securities provided as collateral for $1,000,191,667 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2036 and the market value of those underlying securities was $1,000,191,722. | 1,000,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 87,000,000 | Interest in $150,000,000 joint repurchase agreement 2.39%, dated 7/29/2022 under which Standard Chartered Bank will repurchase securities provided as collateral for $150,029,875 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 2/16/2064 and the market value of those underlying securities was $153,030,473. | $ 87,000,000 | |
TOTAL REPURCHASE AGREEMENTS (IDENTIFIED COST $2,736,000,000) | 2,736,000,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.3% (IDENTIFIED COST $14,298,907,680)3 | 14,291,000,514 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.3)%4 | (46,154,429) | ||
TOTAL NET ASSETS—100% | $14,244,846,085 |
1 | Floating/variable note with current rate and current maturity or next reset date shown. 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 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
3 | Also represents cost of investments for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
COL | —Collateralized | |
GTD | —Guaranteed | |
LIQ | —Liquidity Agreement | |
LLP | —Limited Liability Partnership | |
LOC | —Letter of Credit | |
MHF | —Maryland Housing Fund | |
PLC | —Public Limited Company | |
SOFR | —Secured Overnight Financing Rate | |
VRDNs | —Variable Rate Demand Notes |
Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.0005 | $1.0007 | $1.0004 | $1.0003 | $1.0003 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.00371 | 0.0008 | 0.0136 | 0.0239 | 0.0156 |
Net realized and unrealized gain (loss) | (0.0008) | (0.0002) | 0.0003 | 0.0001 | 0.00002 |
Total From Investment Operations | 0.0029 | 0.0006 | 0.0139 | 0.0240 | 0.0156 |
Less Distributions: | |||||
Distributions from net investment income | (0.0036) | (0.0008) | (0.0136) | (0.0239) | (0.0156) |
Net Asset Value, End of Period | $0.9998 | $1.0005 | $1.0007 | $1.0004 | $1.0003 |
Total Return3 | 0.29% | 0.05% | 1.39% | 2.43% | 1.57% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.16% | 0.15% | 0.15% | 0.15% | 0.17% |
Net investment income | 0.38% | 0.08% | 1.37% | 2.41% | 1.62% |
Expense waiver/reimbursement5 | 0.12% | 0.13% | 0.13% | 0.13% | 0.12% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $14,232,133 | $15,298,656 | $23,611,390 | $21,146,776 | $10,941,508 |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.0001. |
3 | Based on net asset value. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.0005 | $1.0007 | $1.0004 | $1.0002 | $1.0003 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.00191 | 0.0001 | 0.0112 | 0.0218 | 0.0134 |
Net realized and unrealized gain (loss) | (0.0002) | (0.0002) | 0.0003 | 0.0002 | 0.00002 |
Total From Investment Operations | 0.0017 | (0.0001) | 0.0115 | 0.0220 | 0.0134 |
Less Distributions: | |||||
Distributions from net investment income | (0.0025) | (0.0001) | (0.0112) | (0.0218) | (0.0135) |
Net Asset Value, End of Period | $0.9997 | $1.0005 | $1.0007 | $1.0004 | $1.0002 |
Total Return3 | 0.17% | (0.01)% | 1.15% | 2.22% | 1.35% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.26% | 0.24% | 0.40% | 0.37% | 0.39% |
Net investment income | 0.18% | 0.01% | 1.22% | 2.21% | 1.33% |
Expense waiver/reimbursement5 | 0.25% | 0.28% | 0.13% | 0.13% | 0.12% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $12,713 | $32,413 | $83,818 | $93,979 | $47,817 |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.0001. |
3 | Based on net asset value. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31, | |||||
20221 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.0005 | $1.0008 | $1.0004 | $1.0002 | $1.0002 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.00012 | 0.0006 | 0.0131 | 0.0234 | 0.0151 |
Net realized and unrealized gain (loss) | 0.0038 | (0.0005) | 0.0004 | 0.0002 | 0.00003 |
Total From Investment Operations | 0.0039 | 0.0001 | 0.0135 | 0.0236 | 0.0151 |
Less Distributions: | |||||
Distributions from net investment income | (0.0032) | (0.0004) | (0.0131) | (0.0234) | (0.0151) |
Net Asset Value, End of Period | $1.0012 | $1.0005 | $1.0008 | $1.0004 | $1.0002 |
Total Return4 | 0.39% | 0.01% | 1.35% | 2.39% | 1.52% |
Ratios to Average Net Assets: | |||||
Net expenses5 | 0.16% | 0.20% | 0.20% | 0.20% | 0.23% |
Net investment income | 0.01% | 0.05% | 1.19% | 2.31% | 1.52% |
Expense waiver/reimbursement6 | 0.17% | 0.13% | 0.13% | 0.13% | 0.12% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $07 | $4,501 | $23,527 | $14,374 | $25,206 |
1 | Certain ratios included in Ratios to Average Net Assets and per share amounts may be inflated or deflated as compared to the fee structure for each respective share class as a result of daily systematic allocations being rounded to the nearest penny for fund level income, expense and realized gain/loss amounts. Such differences are immaterial. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Represents less than $0.0001. |
4 | Based on net asset value. |
5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | 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. |
7 | Represents less than $1,000. |
July 31, 2022
Assets: | |
Investment in repurchase agreements and other repurchase agreements | $5,277,490,000 |
Investment in securities | 9,013,510,514 |
Investment in securities, at value (identified cost $14,298,907,680) | 14,291,000,514 |
Cash | 553,403 |
Income receivable | 12,267,528 |
Total Assets | 14,303,821,445 |
Liabilities: | |
Payable for investments purchased | 42,415,000 |
Income distribution payable | 15,954,638 |
Payable for investment adviser fee (Note 5) | 117,280 |
Payable for administrative fee (Note 5) | 91,887 |
Accrued expenses (Note 5) | 396,555 |
Total Liabilities | 58,975,360 |
Net assets for 14,248,059,005 shares outstanding | $14,244,846,085 |
Net Assets Consist of: | |
Paid-in capital | $14,254,096,547 |
Total distributable earnings (loss) | (9,250,462) |
Total Net Assets | $14,244,846,085 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Institutional Shares: | |
$14,232,132,569 ÷ 14,235,341,975 shares outstanding, no par value, unlimited shares authorized | $0.9998 |
Service Shares: | |
$12,713,416 ÷ 12,716,930 shares outstanding, no par value, unlimited shares authorized | $0.9997 |
Capital Shares: | |
$100 ÷ 100 shares outstanding, no par value, unlimited shares authorized | $1.0012* |
* | Actual net asset value per share presented differs from calculated net asset value per share due to rounding. |
Year Ended July 31, 2022
Investment Income: | |
Interest | $72,199,266 |
Expenses: | |
Investment adviser fee (Note 5) | 26,847,301 |
Administrative fee (Note 5) | 10,508,115 |
Custodian fees | 427,458 |
Transfer agent fees | 115,442 |
Directors’/Trustees’ fees (Note 5) | 77,727 |
Auditing fees | 25,110 |
Legal fees | 7,362 |
Portfolio accounting fees | 271,093 |
Other service fees (Notes 2 and 5) | 51,845 |
Share registration costs | 57,131 |
Printing and postage | 19,010 |
Miscellaneous (Note 5) | 113,955 |
TOTAL EXPENSES | 38,521,549 |
Waivers and Reimbursement: | |
Waiver of investment adviser fee (Note 5) | (16,595,747) |
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (28,684) |
TOTAL WAIVERS AND REIMBURSEMENT | (16,624,431) |
Net expenses | 21,897,118 |
Net investment income | 50,302,148 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments | 54,512 |
Net change in unrealized appreciation of investments | (9,036,105) |
Net realized and unrealized gain (loss) on investments | (8,981,593) |
Change in net assets resulting from operations | $41,320,555 |
Year Ended July 31 | 2022 | 2021 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $50,302,148 | $17,271,664 |
Net realized gain (loss) | 54,512 | 113,108 |
Net change in unrealized appreciation/depreciation | (9,036,105) | (6,131,457) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 41,320,555 | 11,253,315 |
Distributions to Shareholders: | ||
Institutional Shares | (50,220,717) | (17,245,644) |
Service Shares | (41,365) | (4,862) |
Capital Shares | (48) | (8,147) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (50,262,130) | (17,258,653) |
Share Transactions: | ||
Proceeds from sale of shares | 24,614,918,258 | 36,831,815,005 |
Net asset value of shares issued to shareholders in payment of distributions declared | 8,299,365 | 3,142,765 |
Cost of shares redeemed | (25,705,000,012) | (45,212,117,547) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (1,081,782,389) | (8,377,159,777) |
Change in net assets | (1,090,723,964) | (8,383,165,115) |
Net Assets: | ||
Beginning of period | 15,335,570,049 | 23,718,735,164 |
End of period | $14,244,846,085 | $15,335,570,049 |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $51,604 | $(3,382) | $(25,103) |
Capital Shares | 241 | (112) | (87) |
TOTAL | $51,845 | $(3,494) | $(25,190) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 24,232,087,166 | $24,233,003,776 | 36,196,687,324 | $36,215,427,054 |
Shares issued to shareholders in payment of distributions declared | 8,283,360 | 8,282,176 | 3,128,894 | 3,130,517 |
Shares redeemed | (25,296,641,390) | (25,298,888,431) | (44,503,031,101) | (44,525,308,528) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (1,056,270,864) | $(1,057,602,479) | (8,303,214,883) | $(8,306,750,957) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 381,843,923 | $381,914,482 | 320,686,975 | $320,849,653 |
Shares issued to shareholders in payment of distributions declared | 17,154 | 17,151 | 4,099 | 4,101 |
Shares redeemed | (401,541,566) | (401,611,014) | (372,056,896) | (372,241,775) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (19,680,489) | $(19,679,381) | (51,365,822) | $(51,388,021) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | — | $— | 295,358,986 | $295,538,298 |
Shares issued to shareholders in payment of distributions declared | 38 | 38 | 8,141 | 8,147 |
Shares redeemed | (4,498,390) | (4,500,567) | (314,377,023) | (314,567,244) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (4,498,352) | $(4,500,529) | (19,009,896) | $(19,020,799) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (1,080,449,705) | $(1,081,782,389) | (8,373,590,601) | $(8,377,159,777) |
2022 | 2021 | |
Ordinary income | $50,262,130 | $17,258,653 |
Undistributed ordinary income | $57,427 |
Net unrealized depreciation | $(7,907,166) |
Capital loss carryforwards | $(1,400,723) |
Short-Term | Long-Term | Total |
$1,400,723 | $— | $1,400,723 |
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 |
September 23, 2022
Beginning Account Value 2/1/2022 | Ending Account Value 7/31/2022 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $1,003.00 | $0.842 |
Service Shares | $1,000 | $1,001.90 | $1.843 |
Capital Shares | $1,000 | $1,003.90 | $0.804 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,023.95 | $0.852 |
Service Shares | $1,000 | $1,022.96 | $1.863 |
Capital Shares | $1,000 | $1,024.00 | $0.804 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Institutional Shares | 0.17% |
Service Shares | 0.37% |
Capital Shares | 0.16% |
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 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $0.99 and $1.00, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Service Shares current Fee Limit of 0.45% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.23 and $2.26, respectively. |
4 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Capital Shares current Fee Limit of 0.25% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.24 and $1.24, 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: 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.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, 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.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director, Saint Francis University. |
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. 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); Director, The Golisano Children’s Museum of Naples, Florida; 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; formerly, Executive Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors and Assistant General Counsel and Director of Risk Management, 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. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy 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 |
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 Portfolio Manager since: July 1991 | Principal Occupations: Deborah A. Cunningham has been the Fund’s Portfolio Manager since July 1991. Ms. 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. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N708
CUSIP 608919767
Share Class | Ticker | Institutional | POIXX |
Federated Hermes Institutional Prime Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
The Share Price will fluctuate. It is possible to lose money by investing in the Fund.
Security Type | Percentage of Total Net Assets |
Other Repurchase Agreements and Repurchase Agreements | 37.0% |
Variable Rate Instruments | 27.3% |
Bank Instruments | 21.7% |
Commercial Paper | 14.0% |
U.S. Treasury Securities | 0.3% |
Other Assets and Liabilities—Net2 | (0.3)% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these security types. |
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 Days2 | 79.5% |
8-30 Days | 5.3% |
31-90 Days | 9.9% |
91-180 Days | 2.1% |
181 Days or more | 3.5% |
Other Assets and Liabilities—Net3 | (0.3)% |
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 | Overnight securities comprised 35.6% of the Fund’s portfolio. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
1 | NOTES - VARIABLE— 27.3% | ||
Finance - Banking— 23.3% | |||
$ 90,000,000 | Anglesea Funding LLC, (Bank of Nova Scotia, Toronto COL)/(Nordea Bank Abp COL)/(Societe Generale, Paris COL), 2.460% (SOFR+0.180%), 8/10/2022 | $ 90,000,000 | |
6,500,000 | Anglesea Funding LLC, (Bank of Nova Scotia, Toronto COL)/(Nordea Bank Abp COL)/(Societe Generale, Paris COL), 2.680% (Overnight Banking Fund Rate +0.360%), 12/23/2022 | 6,500,000 | |
30,000,000 | ASB Bank Ltd., 2.000% (SOFR +0.470%), 8/2/2022 | 30,008,140 | |
110,000,000 | Bank of Montreal, 2.230% (SOFR +0.700%), 8/1/2022 | 110,036,615 | |
104,000,000 | Bank of Montreal, 2.430% (SOFR +0.150%), 8/1/2022 | 103,955,840 | |
30,000,000 | Bank of Montreal, 2.840% (SOFR +0.560%), 8/1/2022 | 29,963,024 | |
60,000,000 | Bank of Montreal, 2.930% (SOFR +0.650%), 8/1/2022 | 59,632,964 | |
100,000,000 | Bank of Nova Scotia, Toronto, 2.430% (SOFR +0.150%), 8/1/2022 | 100,000,000 | |
50,000,000 | Bank of Nova Scotia, Toronto, 2.530% (SOFR +0.250%), 8/1/2022 | 49,909,739 | |
25,000,000 | Bank of Nova Scotia, Toronto, 2.780% (SOFR +0.500%), 8/1/2022 | 24,968,645 | |
33,500,000 | Bank of Nova Scotia, Toronto, 2.800% (SOFR +0.520%), 8/2/2022 | 33,500,000 | |
20,000,000 | Bank of Nova Scotia, Toronto, 2.860% (SOFR +0.580%), 8/1/2022 | 20,007,378 | |
125,000,000 | Bank of Nova Scotia, Toronto, 2.950% (SOFR +0.670%), 8/1/2022 | 124,975,245 | |
25,000,000 | Canadian Imperial Bank of Commerce, 2.490% (SOFR +0.210%), 8/1/2022 | 24,983,767 | |
54,000,000 | Canadian Imperial Bank of Commerce, 2.780% (SOFR +0.500%), 8/1/2022 | 53,923,257 | |
120,000,000 | Canadian Imperial Bank of Commerce, 2.780% (SOFR +0.500%), 8/1/2022 | 119,833,600 | |
120,000,000 | Canadian Imperial Bank of Commerce, 2.830% (SOFR +0.550%), 8/1/2022 | 119,843,012 | |
50,000,000 | Canadian Imperial Bank of Commerce, 2.920% (SOFR +0.640%), 8/1/2022 | 50,000,000 | |
50,000,000 | Canadian Imperial Holdings, Inc., 2.800% (SOFR +0.520%), 8/1/2022 | 49,930,476 | |
4,025,000 | Centra State Medical Arts Building LLC, (TD Bank, N.A. LOC), 2.410%, 8/3/2022 | 4,025,000 | |
55,000,000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 2.780% (SOFR +0.500%), 8/1/2022 | 55,014,030 | |
35,000,000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 2.830% (SOFR +0.550%), 8/1/2022 | 35,000,000 | |
45,000,000 | Commonwealth Bank of Australia, 2.710% (SOFR +0.430%), 8/2/2022 | 44,958,374 | |
50,000,000 | Commonwealth Bank of Australia, 2.780% (SOFR +0.500%), 8/1/2022 | 49,973,325 | |
25,000,000 | Commonwealth Bank of Australia, 2.820% (SOFR +0.540%), 8/1/2022 | 24,990,651 |
Principal Amount | Value | ||
1 | NOTES - VARIABLE— continued | ||
Finance - Banking— continued | |||
$ 16,700,000 | Greene County Development Authority, Reynolds Lodge, LLC Series 2000B, (U.S. Bank, N.A. LOC), 1.800%, 8/3/2022 | $ 16,700,000 | |
3,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project 2013A, (Bank of America N.A. LOC), 2.450%, 8/4/2022 | 3,000,000 | |
7,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project, (Bank of America N.A. LOC), 2.450%, 8/4/2022 | 7,000,000 | |
7,595,000 | Gulf Gate Apartments LLC, Series 2003, (Wells Fargo Bank, N.A. LOC), 2.370%, 8/4/2022 | 7,595,000 | |
12,320,000 | Hamilton Station Park and Ride, Series 2005, (Wells Fargo Bank, N.A. LOC), 2.370%, 8/4/2022 | 12,320,000 | |
15,365,000 | Los Angeles County Fair Association, (Wells Fargo Bank, N.A. LOC), 2.340%, 8/3/2022 | 15,365,000 | |
9,000,000 | Michael Dennis Sullivan Irrevocable Trust, (Wells Fargo Bank, N.A. LOC), 2.450%, 8/4/2022 | 9,000,000 | |
100,000,000 | MUFG Bank Ltd., 1.860% (SOFR +0.330%), 8/1/2022 | 100,000,000 | |
79,000,000 | National Australia Bank Ltd., Melbourne, 2.460% (SOFR +0.180%), 8/2/2022 | 79,000,000 | |
110,000,000 | Nordea Bank Abp, 1.680% (SOFR +0.150%), 8/1/2022 | 110,000,000 | |
115,000,000 | Nordea Bank Abp, 1.690% (SOFR +0.160%), 8/1/2022 | 115,000,000 | |
109,000,000 | Nordea Bank Abp, 2.080% (SOFR +0.550%), 8/1/2022 | 109,000,000 | |
34,000,000 | Nuveen Floating Rate Income Fund, (Series A), (Sumitomo Mitsui Banking Corp. LOC), 2.470%, 8/4/2022 | 34,000,000 | |
3,115,000 | Public Building Corp. Springfield, MO, Jordan Valley Ice Park, Series 2003, (U.S. Bank, N.A. LOC), 2.380%, 8/4/2022 | 3,115,000 | |
150,000,000 | Royal Bank of Canada, 2.830% (SOFR +0.550%), 8/1/2022 | 149,837,175 | |
62,500,000 | Royal Bank of Canada, 3.030% (SOFR +0.750%), 8/1/2022 | 62,500,000 | |
152,500,000 | Royal Bank of Canada, New York Branch, 2.430% (SOFR +0.150%), 8/2/2022 | 152,427,909 | |
18,965,000 | Salem Green, LLP, Salem Green Apartments Project, Series 2010, (Wells Fargo Bank, N.A. LOC), 2.370%, 8/4/2022 | 18,965,000 | |
150,000,000 | Svenska Handelsbanken, Stockholm, 2.080% (SOFR +0.550%), 8/1/2022 | 150,000,000 | |
62,284,973 | Taxable Tender Option Bond Trust 2021-MIZ9060TX, (Series 2021-MIZ9060TX) VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.590%, 8/1/2022 | 62,284,973 | |
25,000,000 | Taxable Tender Option Bond Trust 2021-MIZ9071TX, (Series 2021-MIZ9071TX) VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.720%, 8/1/2022 | 25,000,000 | |
10,000,000 | Taxable Tender Option Bond Trust 2021-MIZ9075TX, (Series MIZ-9075TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.590%, 8/1/2022 | 10,000,000 | |
4,680,000 | Taxable Tender Option Bond Trust 2021-MIZ9077TX, (Series 2021-MIZ9077TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.590%, 8/1/2022 | 4,680,000 |
Principal Amount | Value | ||
1 | NOTES - VARIABLE— continued | ||
Finance - Banking— continued | |||
$ 3,000,000 | Taxable Tender Option Bond Trust 2021-MIZ9078TX, (Series 2021-MIZ9078TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.590%, 8/1/2022 | $ 3,000,000 | |
3,954,172 | Taxable Tender Option Bond Trust 2021-MIZ9083TX, (Series 2021-MIZ9083TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.590%, 8/1/2022 | 3,954,172 | |
18,750,000 | Taxable Tender Option Bond Trust 2022-MIZ9087TX, (Series 2022-MIZ9096TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.640%, 8/4/2022 | 18,750,000 | |
30,000,000 | Taxable Tender Option Bond Trust2021-MIZ9070TX, (Series 2021-MIZ9070TX) VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.720%, 8/1/2022 | 30,000,000 | |
68,300,000 | Triborough Bridge & Tunnel Authority, NY, (Taxable Series E) Weekly VRDNs, (Bank of America N.A. LOC), 2.310%, 8/4/2022 | 68,300,000 | |
3,600,000 | Village Green Finance Co. LLC, (Series 1997), (Wells Fargo Bank, N.A. LOC), 2.660%, 8/3/2022 | 3,600,000 | |
99,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.730% (SOFR +0.450%), 8/1/2022 | 98,900,322 | |
150,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.730% (SOFR+0.450%), 8/2/2022 | 149,841,945 | |
80,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.780% (SOFR +0.500%), 8/1/2022 | 80,004,166 | |
40,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.780% (SOFR +0.500%), 8/1/2022 | 39,976,808 | |
136,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.780% (SOFR +0.500%), 8/2/2022 | 135,917,855 | |
5,870,000 | Yeshivas Novominsk, Series 2008, (TD Bank, N.A. LOC), 2.450%, 8/4/2022 | 5,870,000 | |
TOTAL | 3,310,838,407 | ||
Finance - Retail— 2.3% | |||
70,000,000 | Chariot Funding LLC, 1.710% (SOFR +0.180%), 8/1/2022 | 70,000,000 | |
45,000,000 | Chariot Funding LLC, 2.680% (SOFR +0.400%), 8/1/2022 | 44,997,621 | |
45,000,000 | Old Line Funding, LLC, 2.080% (SOFR +0.550%), 1/9/2023 | 44,994,657 | |
100,000,000 | Old Line Funding, LLC, 2.830% (SOFR +0.550%), 10/3/2022 | 100,016,040 | |
47,500,000 | Thunder Bay Funding, LLC, 2.080% (SOFR +0.550%), 9/26/2022 | 47,500,000 | |
25,000,000 | Thunder Bay Funding, LLC, 2.880% (SOFR +0.600%), 10/20/2022 | 25,006,354 | |
TOTAL | 332,514,672 | ||
Government Agency— 1.7% | |||
5,285,000 | 1320 W Jefferson LLC, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/3/2022 | 5,285,000 | |
42,450,000 | Archer 1 LLC, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 42,450,000 | |
9,015,000 | Austen Children’s Gift Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 9,015,000 |
Principal Amount | Value | ||
1 | NOTES - VARIABLE— continued | ||
Government Agency— continued | |||
$ 6,830,000 | Baker Life Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | $ 6,830,000 | |
34,850,000 | BWF Forge TL Properties Owner LLC, (Federal Home Loan Bank of Des Moines LOC)/(Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 34,850,000 | |
5,705,000 | Catania Family Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 5,705,000 | |
4,270,000 | Jim Brooks Irrevocable Trust, (Federal Home Loan Bank of Dallas LOC), 2.440%, 8/4/2022 | 4,270,000 | |
11,570,000 | Joseph L. Goggins Irrevocable Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | 11,570,000 | |
3,655,000 | Karyn Brooks Descendants Trust, (Federal Home Loan Bank of Dallas LOC), 2.440%, 8/4/2022 | 3,655,000 | |
6,380,000 | MHF DKF Insurance Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/3/2022 | 6,380,000 | |
17,030,000 | Mohr Green Associates L.P., 2012-A, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 17,030,000 | |
22,610,000 | NWD 2017 Family Trust No. 1, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 22,610,000 | |
9,080,000 | Park Stanton Place LP, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 9,080,000 | |
5,010,000 | R.J. Brooks Jr. Irrevocable Trust, (Federal Home Loan Bank of Dallas LOC), 2.440%, 8/4/2022 | 5,010,000 | |
6,980,000 | RK Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 6,980,000 | |
6,255,000 | Sibley Family Irrevocable Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | 6,255,000 | |
6,610,000 | The CLC Irrevocable Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | 6,610,000 | |
5,120,000 | The Eugene Kim Irrevocable Life Insurance Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 5,120,000 | |
22,830,000 | The Gregory P. Berry Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/3/2022 | 22,830,000 | |
5,740,000 | The Leopold Family Insurance Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 5,740,000 | |
5,975,000 | The Thompson 2018 Family Trust, (Federal Home Loan Bank of Dallas LOC), 2.440%, 8/4/2022 | 5,975,000 | |
TOTAL | 243,250,000 | ||
TOTAL NOTES - VARIABLE (IDENTIFIED COST $3,888,274,137) | 3,886,603,079 | ||
2 | COMMERCIAL PAPER— 14.0% | ||
Finance - Banking— 10.7% | |||
63,970,000 | Antalis S.A., (Societe Generale, Paris LIQ), 1.773% - 1.853%, 8/1/2022 - 8/5/2022 | 63,965,027 | |
60,000,000 | Bank of Montreal, 2.800%, 5/9/2023 | 60,003,463 |
Principal Amount | Value | ||
2 | COMMERCIAL PAPER— continued | ||
Finance - Banking— continued | |||
$ 200,000,000 | Bank of Nova Scotia, Toronto, 0.200% - 0.210%, 9/8/2022 - 9/29/2022 | $ 199,336,437 | |
100,000,000 | Bennington Stark Capital Co., LLC, (Societe Generale, Paris LIQ), 2.120%, 8/2/2022 | 99,994,111 | |
104,000,000 | Canadian Imperial Bank of Commerce, 0.503% - 2.070%, 12/1/2022 - 3/20/2023 | 102,483,433 | |
50,000,000 | Canadian Imperial Holdings, Inc., 0.351%, 11/8/2022 | 49,631,666 | |
42,500,000 | Chesham Finance LLC Series III, (Societe Generale, Paris COL), 2.404%, 8/31/2022 | 42,415,000 | |
107,500,000 | Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 1.405% - 2.416%, 8/1/2022 - 10/3/2022 | 107,015,267 | |
200,000,000 | Lloyds Bank PLC, London, 1.413% - 2.419%, 8/5/2022 - 9/23/2022 | 199,765,183 | |
5,000,000 | LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 1.455%, 8/12/2022 | 4,997,785 | |
92,000,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 2.310% - 2.567%, 8/1/2022 - 10/11/2022 | 91,752,562 | |
82,000,000 | National Australia Bank Ltd., Melbourne, 1.005% - 3.844%, 9/6/2022 - 6/15/2023 | 81,133,799 | |
85,000,000 | Nationwide Building Society, 2.020%, 8/1/2022 | 85,000,000 | |
145,000,000 | Royal Bank of Canada, 0.251% - 2.229%, 10/14/2022 - 3/29/2023 | 143,538,329 | |
80,000,000 | Royal Bank of Canada, New York Branch, 0.371% - 0.402%, 11/9/2022 - 11/15/2022 | 79,285,026 | |
122,000,000 | Toronto Dominion Bank, 2.903%, 5/31/2023 | 118,207,691 | |
TOTAL | 1,528,524,779 | ||
Finance - Retail— 1.7% | |||
69,000,000 | Fairway Finance Co. LLC, 1.005%, 9/6/2022 | 68,817,535 | |
60,000,000 | Old Line Funding, LLC, 1.659%, 9/13/2022 | 59,804,347 | |
60,000,000 | Old Line Funding, LLC, 1.659%, 9/19/2022 | 59,775,187 | |
50,000,000 | Sheffield Receivables Company LLC, 1.976%, 8/18/2022 | 49,958,958 | |
TOTAL | 238,356,027 | ||
Oil & Oil Finance— 0.5% | |||
70,000,000 | TotalEnergies Capital Canada Ltd., 2.200%, 8/3/2022 | 69,991,445 | |
Sovereign— 1.1% | |||
160,000,000 | BNG Bank N.V., 2.201% - 2.311%, 8/3/2022 - 8/4/2022 | 159,976,228 | |
TOTAL COMMERCIAL PAPER (IDENTIFIED COST $2,001,640,522) | 1,996,848,479 | ||
TIME DEPOSITS— 11.1% | |||
Finance - Banking— 11.1% | |||
500,000,000 | ABN Amro Bank NV, 2.220% - 2.330%, 8/3/2022 - 8/5/2022 | 500,000,000 | |
275,000,000 | Australia & New Zealand Banking Group, Melbourne, 2.210%, 8/3/2022 | 275,000,000 | |
440,000,000 | Australia & New Zealand Banking Group, Melbourne, 2.320%, 8/1/2022 | 440,000,000 |
Principal Amount | Value | ||
TIME DEPOSITS— continued | |||
Finance - Banking— continued | |||
$ 360,000,000 | Mizuho Bank Ltd., 2.320%, 8/1/2022 | $ 360,000,000 | |
TOTAL TIME DEPOSITS (IDENTIFIED COST $1,575,000,000) | 1,575,000,000 | ||
CERTIFICATES OF DEPOSIT— 10.6% | |||
Finance - Banking— 10.6% | |||
26,500,000 | Bank of Montreal, 2.850%, 5/24/2023 | 26,336,767 | |
210,000,000 | Credit Agricole Corporate and Investment Bank, 1.560% - 2.320%, 8/5/2022 - 8/12/2022 | 210,000,000 | |
115,000,000 | DNB Bank ASA, 1.100%, 9/6/2022 | 114,843,595 | |
100,000,000 | Mizuho Bank Ltd., 2.600%, 10/20/2022 | 100,000,000 | |
165,000,000 | MUFG Bank Ltd., 1.420% - 1.450%, 8/18/2022 - 8/19/2022 | 164,962,798 | |
70,000,000 | Sumitomo Mitsui Banking Corp., 1.450%, 8/5/2022 | 70,000,000 | |
515,000,000 | Sumitomo Mitsui Trust Bank Ltd., 1.450% - 2.530%, 8/18/2022 - 9/29/2022 | 514,947,924 | |
305,000,000 | Toronto Dominion Bank, 0.220% - 4.070%, 10/14/2022 - 7/18/2023 | 303,829,965 | |
TOTAL CERTIFICATES OF DEPOSIT (IDENTIFIED COST $1,506,500,000) | 1,504,921,049 | ||
U.S. TREASURY— 0.3% | |||
U.S. Treasury Notes— 0.3% | |||
50,000,000 | 1 | United States Treasury Floating Rate Notes, 2.570% (91-day T-Bill +0.034%), 8/2/2022 (IDENTIFIED COST $50,003,021) | 50,137,907 |
OTHER REPURCHASE AGREEMENTS— 17.8% | |||
Finance - Banking— 17.8% | |||
100,000,000 | BMO Capital Markets Corp., 2.05%, dated 2/8/2021, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,706,111 on 9/12/2022, in which corporate bonds and medium-term notes with a market value of $204,755,998 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
439,000,000 | BNP Paribas S.A., 2.40%, dated 7/29/2022, interest in a $500,000,000 collateralized loan agreement will repurchase securities provided as collateral for $500,100,000 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term note with a market value of $510,102,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 439,000,000 | |
100,000,000 | Bofa Securities, Inc., 2.39%, dated 7/29/2022, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,029,875 on 8/1/2022, in which corporate bonds and medium-term notes with a market value of $153,030,602 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 100,000,000 | Bofa Securities, Inc., 2.94%, dated 9/4/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,735,000 on 10/31/2022, in which convertible bonds with a market value of $102,199,120 have been received as collateral and held with BNY Mellon as tri-party agent. | $ 100,000,000 | |
250,000,000 | Bofa Securities, Inc., 2.94%, dated 9/9/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $251,837,500 on 10/31/2022, in which convertible bonds, medium-term notes and Sovereign with a market value of $255,496,826 have been received as collateral and held with BNY Mellon as tri-party agent. | 250,000,000 | |
25,000,000 | Bofa Securities, Inc., 2.35%, dated 7/29/2022, interest in a $25,000,000 collateralized loan agreement will repurchase securities provided as collateral for $25,004,896 on 8/1/2022, in which commercial paper with a market value of $25,505,956 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
125,000,000 | Credit Agricole S.A., 2.47%, dated 6/24/2022, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,144,083 on 8/9/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, commercial paper, treasury notes, treasury bills medium-term notes, U.S. Government Agency securities and sovereign debt with a market value of $306,063,090 have been received as collateral and held with BNY Mellon as tri-party agent. | 125,000,000 | |
280,000,000 | Credit Agricole S.A., 2.37%, dated 6/24/2022, interest in a $800,000,000 collateralized loan agreement will repurchase securities provided as collateral for $800,368,667 on 8/9/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, commercial paper, treasury notes, treasury bill, medium-term notes and sovereign debt with a market value of $816,161,433 have been received as collateral and held with BNY Mellon as tri-party agent. | 280,000,000 | |
70,000,000 | HSBC Securities (USA), Inc., 2.42%, dated 7/29/2022, interest in a $70,000,000 collateralized loan agreement will repurchase securities provided as collateral for $70,014,117 on 8/1/2022, in which corporate bonds, medium-term notes and Sovereign debt with a market value of $71,400,029 have been received as collateral and held with BNY Mellon as tri-party agent. | 70,000,000 | |
49,490,000 | ING Financial Markets LLC, 2.39%, dated 7/29/2022, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,009,958 on 8/1/2022, in which corporate bonds with a market value of $51,010,957 have been received as collateral and held with BNY Mellon as tri-party agent. | 49,490,000 | |
100,000,000 | ING Financial Markets LLC, 2.40%, dated 7/29/2022, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,020,000 on 8/1/2022, in which common stocks, corporate bonds and medium-term notes with a market value of $102,020,404 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 65,000,000 | J.P. Morgan Securities LLC, 2.56%, dated 7/6/2022, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,480,000 on 8/2/2022, in which corporate bonds and medium-term notes with a market value of $255,000,001 have been received as collateral and held with BNY Mellon as tri-party agent. | $ 65,000,000 | |
45,000,000 | Mizuho Securities USA, Inc., 2.52%, dated 7/29/2022, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,015,750 on 8/1/2022, in which common stocks with a market value of $76,516,072 have been received as collateral and held with BNY Mellon as tri-party agent. | 45,000,000 | |
50,000,000 | Mizuho Securities USA, Inc., 2.42%, dated 7/29/2022, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,020,167 on 8/1/2022, in which commercial paper and municipal bonds with a market value of $102,022,014 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
81,000,000 | Mitsubishi UFG Securities Americas, Inc., 2.47%, dated 7/29/2022, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,061,750 on 8/1/2022, in which American depositary receipts, common stocks, corporate bonds, exchange-traded funds and unit investment trust, medium-term notes and municipal bonds with a market value of $306,063,397 have been received as collateral and held with BNY Mellon as tri-party agent. | 81,000,000 | |
135,000,000 | Pershing LLC, 2.57%, dated 7/14/2022, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,149,917 on 8/9/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, commercial paper, common stocks, convertible bond, certificate of deposit, exchange-traded funds, medium-term notes and municipal bonds and U.S. Government Agency securities with a market value of $306,100,946 have been received as collateral and held with BNY Mellon as tri-party agent. | 135,000,000 | |
125,000,000 | Societe Generale, Paris, 2.38%, dated 7/29/2022, interest in a $350,000,000 collateralized loan agreement will repurchase securities provided as collateral for $350,069,417 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium-term notes, municipal bonds, sovereign securities and treasury bill with a market value of $357,071,176 have been received as collateral and held with BNY Mellon as tri-party agent. | 125,000,000 | |
277,000,000 | Societe Generale, Paris, 2.47%, dated 7/29/2022, interest in a $650,000,000 collateralized loan agreement will repurchase securities provided as collateral for $650,133,792 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium-term notes and treasury bill with a market value of $663,136,856 have been received as collateral and held with BNY Mellon as tri-party agent. | 277,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 125,000,000 | Wells Fargo Securities LLC, 3.20%, dated 2/3/2022, interest in a $125,000,000 collateralized loan agreement will repurchase securities provided as collateral for $126,000,000 on 8/1/2022, in which sovereign securities with a market value of $127,614,209 have been received as collateral and held with BNY Mellon as tri-party agent. | $ 125,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS (IDENTIFIED COST $2,541,490,000) | 2,541,490,000 | ||
REPURCHASE AGREEMENTS— 19.2% | |||
Finance - Banking— 19.2% | |||
150,000,000 | Repurchase agreement 2.40%, dated 7/29/2022 under which ABN Amro Bank N.V., Netherlands will repurchase securities provided as collateral for $150,030,000 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 7/25/2052 and the market value of those underlying securities was $153,030,600. | 150,000,000 | |
299,000,000 | Interest in $1,650,000,000 joint repurchase agreement 2.29%, dated 7/29/2022 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $1,650,314,875 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2057 and the market value of those underlying securities was $1,683,321,173. | 299,000,000 | |
500,000,000 | Interest in $1,650,000,000 joint repurchase agreement 2.29%, dated 7/29/2022 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $1,650,314,875 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2057 and the market value of those underlying securities was $1,683,321,173. | 500,000,000 | |
700,000,000 | Interest in $1,800,000,000 joint repurchase agreement 2.30%, dated 7/29/2022 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $1,800,345,000 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 6/16/2064 and the market value of those underlying securities was $1,841,376,235. | 700,000,000 | |
1,000,000,000 | Repurchase agreement 2.30%, dated 7/29/2022 under which Federal Reserve Bank of New York will repurchase securities provided as collateral for $1,000,191,667 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2036 and the market value of those underlying securities was $1,000,191,722. | 1,000,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 87,000,000 | Interest in $150,000,000 joint repurchase agreement 2.39%, dated 7/29/2022 under which Standard Chartered Bank will repurchase securities provided as collateral for $150,029,875 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 2/16/2064 and the market value of those underlying securities was $153,030,473. | $ 87,000,000 | |
TOTAL REPURCHASE AGREEMENTS (IDENTIFIED COST $2,736,000,000) | 2,736,000,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.3% (IDENTIFIED COST $14,298,907,680)3 | 14,291,000,514 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.3)%4 | (46,154,429) | ||
TOTAL NET ASSETS—100% | $14,244,846,085 |
1 | Floating/variable note with current rate and current maturity or next reset date shown. 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 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
3 | Also represents cost of investments for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
COL | —Collateralized | |
GTD | —Guaranteed | |
LIQ | —Liquidity Agreement | |
LLP | —Limited Liability Partnership | |
LOC | —Letter of Credit | |
MHF | —Maryland Housing Fund | |
PLC | —Public Limited Company | |
SOFR | —Secured Overnight Financing Rate | |
VRDNs | —Variable Rate Demand Notes |
Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.0005 | $1.0007 | $1.0004 | $1.0003 | $1.0003 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.00371 | 0.0008 | 0.0136 | 0.0239 | 0.0156 |
Net realized and unrealized gain (loss) | (0.0008) | (0.0002) | 0.0003 | 0.0001 | 0.00002 |
Total From Investment Operations | 0.0029 | 0.0006 | 0.0139 | 0.0240 | 0.0156 |
Less Distributions: | |||||
Distributions from net investment income | (0.0036) | (0.0008) | (0.0136) | (0.0239) | (0.0156) |
Net Asset Value, End of Period | $0.9998 | $1.0005 | $1.0007 | $1.0004 | $1.0003 |
Total Return3 | 0.29% | 0.05% | 1.39% | 2.43% | 1.57% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.16% | 0.15% | 0.15% | 0.15% | 0.17% |
Net investment income | 0.38% | 0.08% | 1.37% | 2.41% | 1.62% |
Expense waiver/reimbursement5 | 0.12% | 0.13% | 0.13% | 0.13% | 0.12% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $14,232,133 | $15,298,656 | $23,611,390 | $21,146,776 | $10,941,508 |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.0001. |
3 | Based on net asset value. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
July 31, 2022
Assets: | |
Investment in repurchase agreements and other repurchase agreements | $5,277,490,000 |
Investment in securities | 9,013,510,514 |
Investment in securities, at value (identified cost $14,298,907,680) | 14,291,000,514 |
Cash | 553,403 |
Income receivable | 12,267,528 |
Total Assets | 14,303,821,445 |
Liabilities: | |
Payable for investments purchased | 42,415,000 |
Income distribution payable | 15,954,638 |
Payable for investment adviser fee (Note 5) | 117,280 |
Payable for administrative fee (Note 5) | 91,887 |
Accrued expenses (Note 5) | 396,555 |
Total Liabilities | 58,975,360 |
Net assets for 14,248,059,005 shares outstanding | $14,244,846,085 |
Net Assets Consist of: | |
Paid-in capital | $14,254,096,547 |
Total distributable earnings (loss) | (9,250,462) |
Total Net Assets | $14,244,846,085 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Institutional Shares: | |
$14,232,132,569 ÷ 14,235,341,975 shares outstanding, no par value, unlimited shares authorized | $0.9998 |
Service Shares: | |
$12,713,416 ÷ 12,716,930 shares outstanding, no par value, unlimited shares authorized | $0.9997 |
Capital Shares: | |
$100 ÷ 100 shares outstanding, no par value, unlimited shares authorized | $1.0012* |
* | Actual net asset value per share presented differs from calculated net asset value per share due to rounding. |
Year Ended July 31, 2022
Investment Income: | |
Interest | $72,199,266 |
Expenses: | |
Investment adviser fee (Note 5) | 26,847,301 |
Administrative fee (Note 5) | 10,508,115 |
Custodian fees | 427,458 |
Transfer agent fees | 115,442 |
Directors’/Trustees’ fees (Note 5) | 77,727 |
Auditing fees | 25,110 |
Legal fees | 7,362 |
Portfolio accounting fees | 271,093 |
Other service fees (Notes 2 and 5) | 51,845 |
Share registration costs | 57,131 |
Printing and postage | 19,010 |
Miscellaneous (Note 5) | 113,955 |
TOTAL EXPENSES | 38,521,549 |
Waivers and Reimbursement: | |
Waiver of investment adviser fee (Note 5) | (16,595,747) |
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (28,684) |
TOTAL WAIVERS AND REIMBURSEMENT | (16,624,431) |
Net expenses | 21,897,118 |
Net investment income | 50,302,148 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments | 54,512 |
Net change in unrealized appreciation of investments | (9,036,105) |
Net realized and unrealized gain (loss) on investments | (8,981,593) |
Change in net assets resulting from operations | $41,320,555 |
Year Ended July 31 | 2022 | 2021 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $50,302,148 | $17,271,664 |
Net realized gain (loss) | 54,512 | 113,108 |
Net change in unrealized appreciation/depreciation | (9,036,105) | (6,131,457) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 41,320,555 | 11,253,315 |
Distributions to Shareholders: | ||
Institutional Shares | (50,220,717) | (17,245,644) |
Service Shares | (41,365) | (4,862) |
Capital Shares | (48) | (8,147) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (50,262,130) | (17,258,653) |
Share Transactions: | ||
Proceeds from sale of shares | 24,614,918,258 | 36,831,815,005 |
Net asset value of shares issued to shareholders in payment of distributions declared | 8,299,365 | 3,142,765 |
Cost of shares redeemed | (25,705,000,012) | (45,212,117,547) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (1,081,782,389) | (8,377,159,777) |
Change in net assets | (1,090,723,964) | (8,383,165,115) |
Net Assets: | ||
Beginning of period | 15,335,570,049 | 23,718,735,164 |
End of period | $14,244,846,085 | $15,335,570,049 |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $51,604 | $(3,382) | $(25,103) |
Capital Shares | 241 | (112) | (87) |
TOTAL | $51,845 | $(3,494) | $(25,190) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 24,232,087,166 | $24,233,003,776 | 36,196,687,324 | $36,215,427,054 |
Shares issued to shareholders in payment of distributions declared | 8,283,360 | 8,282,176 | 3,128,894 | 3,130,517 |
Shares redeemed | (25,296,641,390) | (25,298,888,431) | (44,503,031,101) | (44,525,308,528) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (1,056,270,864) | $(1,057,602,479) | (8,303,214,883) | $(8,306,750,957) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 381,843,923 | $381,914,482 | 320,686,975 | $320,849,653 |
Shares issued to shareholders in payment of distributions declared | 17,154 | 17,151 | 4,099 | 4,101 |
Shares redeemed | (401,541,566) | (401,611,014) | (372,056,896) | (372,241,775) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (19,680,489) | $(19,679,381) | (51,365,822) | $(51,388,021) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | — | $— | 295,358,986 | $295,538,298 |
Shares issued to shareholders in payment of distributions declared | 38 | 38 | 8,141 | 8,147 |
Shares redeemed | (4,498,390) | (4,500,567) | (314,377,023) | (314,567,244) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (4,498,352) | $(4,500,529) | (19,009,896) | $(19,020,799) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (1,080,449,705) | $(1,081,782,389) | (8,373,590,601) | $(8,377,159,777) |
2022 | 2021 | |
Ordinary income | $50,262,130 | $17,258,653 |
Undistributed ordinary income | $57,427 |
Net unrealized depreciation | $(7,907,166) |
Capital loss carryforwards | $(1,400,723) |
Short-Term | Long-Term | Total |
$1,400,723 | $— | $1,400,723 |
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 |
September 23, 2022
Beginning Account Value 2/1/2022 | Ending Account Value 7/31/2022 | Expenses Paid During Period1 | |
Actual | $1,000.00 | $1,003.00 | $0.842 |
Hypothetical (assuming a 5% return before expenses) | $1,000.00 | $1,023.95 | $0.852 |
1 | Expenses are equal to the Fund’s Institutional Shares annualized net expense ratio of 0.17%, multiplied by the average account value over the period, multiplied by 181/365 (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 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $0.99 and $1.00, 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: 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.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, 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.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director, Saint Francis University. |
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. 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); Director, The Golisano Children’s Museum of Naples, Florida; 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; formerly, Executive Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors and Assistant General Counsel and Director of Risk Management, 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. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy 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 |
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 Portfolio Manager since: July 1991 | Principal Occupations: Deborah A. Cunningham has been the Fund’s Portfolio Manager since July 1991. Ms. 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. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Share Class | Ticker | Institutional | PVOXX | Service | PVSXX | Capital | PVCXX |
Federated Hermes Institutional Prime Value Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
The Share Price will fluctuate. It is possible to lose money by investing in the Fund.
Security Type | Percentage of Total Net Assets2 |
Other Repurchase Agreements and Repurchase Agreements | 37.2% |
Variable Rate Instruments | 27.2% |
Bank Instruments | 21.5% |
Commercial Paper | 14.0% |
U.S. Treasury | 0.3% |
Other Assets and Liabilities—Net3 | (0.2)% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for more complete information regarding these security types. |
2 | As of the date specified above, the Fund owned shares of one or more affiliated investment companies. For purposes of this table, the affiliated investment company is not treated as a single portfolio security, but rather the Fund is treated as owning a pro rata portion of each security and each other asset and liability owned by the affiliated investment company. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares or Principal Amount | Value | ||
INVESTMENT COMPANY— 99.7% | |||
10,296,214,894 | Federated Hermes Institutional Prime Obligations Fund, 1.84%1 (IDENTIFIED COST $10,302,294,148) | $10,294,155,651 | |
OTHER REPURCHASE AGREEMENTS— 0.2% | |||
Finance - Banking— 0.2% | |||
$ 26,000,000 | Societe Generale, Paris, 2.47%, dated 7/29/2022, interest in a $650,000,000 collateralized loan agreement will repurchase securities provided as collateral for $650,133,792 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, treasury bills and medium-term notes with a market value of $663,136,856 have been received as collateral and held with BNY Mellon as tri-party agent. (IDENTIFIED COST $26,000,000) | 26,000,000 | |
TOTAL INVESTMENT IN SECURITIES—99.9% (IDENTIFIED COST $10,328,294,148)2 | 10,320,155,651 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%3 | 8,189,565 | ||
TOTAL NET ASSETS—100% | $10,328,345,216 |
Federated Hermes Institutional Prime Obligations Fund, Institutional Shares | |
Value as of 7/31/2021 | $12,792,147,546 |
Purchases at Cost | $10,846,413,708 |
Proceeds from Sales | $(13,337,407,099) |
Change in Unrealized Appreciation/Depreciation | $(6,111,897) |
Net Realized Gain/(Loss) | $(886,607) |
Value as of 7/31/2022 | $10,294,155,651 |
Shares Held as of 7/31/2022 | 10,296,214,894 |
Dividend Income | $34,863,371 |
1 | 7-day net yield. |
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 is a summary of the inputs used, as of July 31, 2022, in valuing the Fund’s assets carried at fair value:
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Investment Company | $10,294,155,651 | $— | $— | $10,294,155,651 |
Repurchase Agreement | — | 26,000,000 | — | 26,000,000 |
TOTAL SECURITIES | $10,294,155,651 | $26,000,000 | $— | $10,320,155,651 |
Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.0004 | $1.0006 | $1.0003 | $1.0002 | $1.0002 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.0036 | 0.0008 | 0.0136 | 0.0239 | 0.0156 |
Net realized and unrealized gain (loss) | (0.0008) | (0.0002) | 0.0003 | 0.0001 | (0.0000)1 |
Total From Investment Operations | 0.0028 | 0.0006 | 0.0139 | 0.0240 | 0.0156 |
Less Distributions: | |||||
Distributions from net investment income | (0.0036) | (0.0008) | (0.0136) | (0.0239) | (0.0156) |
Distributions from net realized gain | (0.0001) | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.0000)1 |
Total Distributions | (0.0037) | (0.0008) | (0.0136) | (0.0239) | (0.0156) |
Net Asset Value, End of Period | $0.9995 | $1.0004 | $1.0006 | $1.0003 | $1.0002 |
Total Return2 | 0.28% | 0.06% | 1.39% | 2.43% | 1.57% |
Ratios to Average Net Assets: | |||||
Net expenses3 | —% | —% | 0.00%4 | —% | 0.00%4 |
Net investment income | 0.35% | 0.08% | 1.36% | 2.41% | 1.59% |
Expense waiver/reimbursement5 | 0.29% | 0.29% | 0.29% | 0.29% | 0.29% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $9,946,892 | $12,120,572 | $15,937,441 | $13,599,422 | $6,992,551 |
1 | Represents less than $0.0001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Represents less than 0.01%. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.0003 | $1.0006 | $1.0003 | $1.0002 | $1.0002 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.0025 | 0.0002 | 0.0111 | 0.0214 | 0.0131 |
Net realized and unrealized gain (loss) | (0.0007) | (0.0003) | 0.0003 | 0.0001 | (0.0000)1 |
Total From Investment Operations | 0.0018 | (0.0001) | 0.0114 | 0.0215 | 0.0131 |
Less Distributions: | |||||
Distributions from net investment income | (0.0025) | (0.0002) | (0.0111) | (0.0214) | (0.0131) |
Distributions from net realized gain | (0.0001) | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.0000)1 |
Total Distributions | (0.0026) | (0.0002) | (0.0111) | (0.0214) | (0.0131) |
Net Asset Value, End of Period | $0.9995 | $1.0003 | $1.0006 | $1.0003 | $1.0002 |
Total Return2 | 0.18% | (0.01)% | 1.14% | 2.18% | 1.31% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.09% | 0.08% | 0.25% | 0.25% | 0.25% |
Net investment income | 0.19% | 0.01% | 1.04% | 2.20% | 1.26% |
Expense waiver/reimbursement4 | 0.45% | 0.46% | 0.29% | 0.29% | 0.29% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $372,511 | $701,955 | $1,687,886 | $1,055,438 | $186,643 |
1 | Represents less than $0.0001. |
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 July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.0003 | $1.0006 | $1.0003 | $1.0002 | $1.0002 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.0028 | 0.0003 | 0.0126 | 0.0230 | 0.0146 |
Net realized and unrealized gain (loss) | (0.0006) | (0.0003) | 0.0003 | (0.0000)1 | (0.0000)1 |
Total From Investment Operations | 0.0022 | — | 0.0129 | 0.0230 | 0.0146 |
Less Distributions: | |||||
Distributions from net investment income | (0.0030) | (0.0003) | (0.0126) | (0.0229) | (0.0146) |
Distributions from net realized gain | (0.0001) | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.0000)1 |
Total Distributions | (0.0031) | (0.0003) | (0.0126) | (0.0229) | (0.0146) |
Net Asset Value, End of Period | $0.9994 | $1.0003 | $1.0006 | $1.0003 | $1.0002 |
Total Return2 | 0.23% | 0.00%3 | 1.29% | 2.33% | 1.47% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.05% | 0.06% | 0.10% | 0.10% | 0.10% |
Net investment income | 0.19% | 0.02% | 1.24% | 2.31% | 1.40% |
Expense waiver/reimbursement5 | 0.34% | 0.33% | 0.29% | 0.29% | 0.29% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $8,942 | $20,922 | $19,074 | $16,566 | $12,185 |
1 | Represents less than $0.0001. |
2 | Based on net asset value. |
3 | Represents less than 0.01%. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
July 31, 2022
Assets: | |
Investment in securities, at value including $10,294,155,651 of investments in an affiliated holding* (identified cost $10,328,294,148) | $10,320,155,651 |
Cash | 48,397 |
Income receivable | 5,352 |
Income receivable from an affiliated holding | 13,318,531 |
Receivable for shares sold | 13,637,000 |
Total Assets | 10,347,164,931 |
Liabilities: | |
Payable for shares redeemed | 9,032,768 |
Income distribution payable | 9,419,273 |
Payable for administrative fee (Note 5) | 66,578 |
Payable for Directors’/Trustees’ fees (Note 5) | 872 |
Payable for other service fees (Notes 2 and 5) | 53,928 |
Accrued expenses (Note 5) | 246,296 |
Total Liabilities | 18,819,715 |
Net assets for 10,333,701,154 shares outstanding | $10,328,345,216 |
Net Assets Consist of: | |
Paid-in capital | $10,337,918,939 |
Total distributable earnings (loss) | (9,573,723) |
Total Net Assets | $10,328,345,216 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Institutional Shares: | |
$9,946,891,975 ÷ 9,952,050,838 shares outstanding, no par value, unlimited shares authorized | $0.9995 |
Service Shares: | |
$372,511,438 ÷ 372,703,508 shares outstanding, no par value, unlimited shares authorized | $0.9995 |
Capital Shares: | |
$8,941,802 ÷ 8,946,808 shares outstanding, no par value, unlimited shares authorized | $0.9994 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended July 31, 2022
Investment Income: | |
Dividends received from an affiliated holding* | $34,863,371 |
Interest | 251,103 |
TOTAL INCOME | 35,114,474 |
Expenses: | |
Investment adviser fee (Note 5) | 20,286,345 |
Administrative fee (Note 5) | 7,938,349 |
Custodian fees | 282,040 |
Transfer agent fees | 103,760 |
Directors’/Trustees’ fees (Note 5) | 60,299 |
Auditing fees | 25,109 |
Legal fees | 7,361 |
Portfolio accounting fees | 219,297 |
Other service fees (Notes 2 and 5) | 1,224,396 |
Share registration costs | 85,914 |
Printing and postage | 32,957 |
Miscellaneous (Note 5) | 115,982 |
TOTAL EXPENSES | 30,381,809 |
Waivers and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (20,286,345) |
Waiver/reimbursements of other operating expenses (Notes 2 and 5) | (9,646,075) |
TOTAL WAIVERS AND REIMBURSEMENTS | (29,932,420) |
Net expenses | 449,389 |
Net investment income | 34,665,085 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized loss on investments (including net realized loss of $(886,607) on sales of investments in an affiliated holding*) | (1,328,799) |
Net change in unrealized depreciation of investments in an affiliated holding* | (6,111,897) |
Net realized and unrealized gain (loss) on investments | (7,440,696) |
Change in net assets resulting from operations | $27,224,389 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended July 31 | 2022 | 2021 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $34,665,085 | $11,908,591 |
Net realized gain (loss) | (1,328,799) | 2,616,301 |
Net change in unrealized appreciation/depreciation | (6,111,897) | (6,530,073) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 27,224,389 | 7,994,819 |
Distributions to Shareholders: | ||
Institutional Shares | (34,900,178) | (13,019,895) |
Service Shares | (972,903) | (193,751) |
Capital Shares | (35,840) | (6,051) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (35,908,921) | (13,219,697) |
Share Transactions: | ||
Proceeds from sale of shares | 38,690,164,420 | 49,680,032,925 |
Net asset value of shares issued to shareholders in payment of distributions declared | 10,482,549 | 4,229,653 |
Cost of shares redeemed | (41,207,066,452) | (54,479,989,537) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (2,506,419,483) | (4,795,726,959) |
Change in net assets | (2,515,104,015) | (4,800,951,837) |
Net Assets: | ||
Beginning of period | 12,843,449,231 | 17,644,401,068 |
End of period | $10,328,345,216 | $12,843,449,231 |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $1,207,280 | $(35,800) | $(730,147) |
Capital Shares | 17,116 | — | (9,059) |
TOTAL | $1,224,396 | $(35,800) | $(739,206) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 38,562,278,787 | $38,557,456,148 | 48,981,048,371 | $48,998,521,164 |
Shares issued to shareholders in payment of distributions declared | 9,493,387 | 9,489,444 | 4,030,582 | 4,032,084 |
Shares redeemed | (40,735,979,904) | (40,732,381,207) | (52,796,548,875) | (52,814,602,302) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (2,164,207,730) | $(2,165,435,615) | (3,811,469,922) | $(3,812,049,054) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 127,450,141 | $127,416,583 | 664,745,362 | $664,998,659 |
Shares issued to shareholders in payment of distributions declared | 957,705 | 957,294 | 192,418 | 192,481 |
Shares redeemed | (457,418,370) | (457,394,097) | (1,650,094,556) | (1,650,722,974) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (329,010,524) | $(329,020,220) | (985,156,776) | $(985,531,834) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 5,292,088 | $5,291,689 | 16,507,178 | $16,513,102 |
Shares issued to shareholders in payment of distributions declared | 35,826 | 35,811 | 5,086 | 5,088 |
Shares redeemed | (17,295,855) | (17,291,148) | (14,659,841) | (14,664,261) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (11,967,941) | $(11,963,648) | 1,852,423 | $1,853,929 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (2,505,186,195) | $(2,506,419,483) | (4,794,774,275) | $(4,795,726,959) |
2022 | 2021 | |
Ordinary income | $34,608,506 | $12,030,928 |
Long-term capital gains | $1,300,415 | $1,188,769 |
Distributions payable | $(106,427) |
Net unrealized depreciation | $(8,138,497) |
Capital loss carryforwards | $(1,328,799) |
Short-Term | Long-Term | Total |
$1,328,799 | $— | $1,328,799 |
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 |
September 23, 2022
Beginning Account Value 2/1/2022 | Ending Account Value 7/31/2022 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $1,003.00 | $—2 |
Service Shares | $1,000 | $1,002.00 | $0.993 |
Capital Shares | $1,000 | $1,002.50 | $0.454 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,024.79 | $—2 |
Service Shares | $1,000 | $1,023.80 | $1.003 |
Capital Shares | $1,000 | $1,024.35 | $0.454 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Institutional Shares | 0.00% |
Service Shares | 0.20% |
Capital Shares | 0.09% |
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 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $0.99 and $1.00, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Service Shares current Fee Limit of 0.45% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.23 and $2.26, respectively. |
4 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Capital Shares current Fee Limit of 0.30% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.49 and $1.51, respectively. |
Security Type | Percentage of Total Net Assets |
Other Repurchase Agreements and Repurchase Agreements | 37.0% |
Variable Rate Instruments | 27.3% |
Bank Instruments | 21.7% |
Commercial Paper | 14.0% |
U.S. Treasury Securities | 0.3% |
Other Assets and Liabilities—Net2 | (0.3)% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these security types. |
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 Days2 | 79.5% |
8-30 Days | 5.3% |
31-90 Days | 9.9% |
91-180 Days | 2.1% |
181 Days or more | 3.5% |
Other Assets and Liabilities—Net3 | (0.3)% |
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 | Overnight securities comprised 35.6% of the Fund’s portfolio. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
1 | NOTES - VARIABLE— 27.3% | ||
Finance - Banking— ��� 23.3% | |||
$ 90,000,000 | Anglesea Funding LLC, (Bank of Nova Scotia, Toronto COL)/(Nordea Bank Abp COL)/(Societe Generale, Paris COL), 2.460% (SOFR+0.180%), 8/10/2022 | $ 90,000,000 | |
6,500,000 | Anglesea Funding LLC, (Bank of Nova Scotia, Toronto COL)/(Nordea Bank Abp COL)/(Societe Generale, Paris COL), 2.680% (Overnight Banking Fund Rate +0.360%), 12/23/2022 | 6,500,000 | |
30,000,000 | ASB Bank Ltd., 2.000% (SOFR +0.470%), 8/2/2022 | 30,008,140 | |
110,000,000 | Bank of Montreal, 2.230% (SOFR +0.700%), 8/1/2022 | 110,036,615 | |
104,000,000 | Bank of Montreal, 2.430% (SOFR +0.150%), 8/1/2022 | 103,955,840 | |
30,000,000 | Bank of Montreal, 2.840% (SOFR +0.560%), 8/1/2022 | 29,963,024 | |
60,000,000 | Bank of Montreal, 2.930% (SOFR +0.650%), 8/1/2022 | 59,632,964 | |
100,000,000 | Bank of Nova Scotia, Toronto, 2.430% (SOFR +0.150%), 8/1/2022 | 100,000,000 | |
50,000,000 | Bank of Nova Scotia, Toronto, 2.530% (SOFR +0.250%), 8/1/2022 | 49,909,739 | |
25,000,000 | Bank of Nova Scotia, Toronto, 2.780% (SOFR +0.500%), 8/1/2022 | 24,968,645 | |
33,500,000 | Bank of Nova Scotia, Toronto, 2.800% (SOFR +0.520%), 8/2/2022 | 33,500,000 | |
20,000,000 | Bank of Nova Scotia, Toronto, 2.860% (SOFR +0.580%), 8/1/2022 | 20,007,378 | |
125,000,000 | Bank of Nova Scotia, Toronto, 2.950% (SOFR +0.670%), 8/1/2022 | 124,975,245 | |
25,000,000 | Canadian Imperial Bank of Commerce, 2.490% (SOFR +0.210%), 8/1/2022 | 24,983,767 | |
54,000,000 | Canadian Imperial Bank of Commerce, 2.780% (SOFR +0.500%), 8/1/2022 | 53,923,257 | |
120,000,000 | Canadian Imperial Bank of Commerce, 2.780% (SOFR +0.500%), 8/1/2022 | 119,833,600 | |
120,000,000 | Canadian Imperial Bank of Commerce, 2.830% (SOFR +0.550%), 8/1/2022 | 119,843,012 | |
50,000,000 | Canadian Imperial Bank of Commerce, 2.920% (SOFR +0.640%), 8/1/2022 | 50,000,000 | |
50,000,000 | Canadian Imperial Holdings, Inc., 2.800% (SOFR +0.520%), 8/1/2022 | 49,930,476 | |
4,025,000 | Centra State Medical Arts Building LLC, (TD Bank, N.A. LOC), 2.410%, 8/3/2022 | 4,025,000 | |
55,000,000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 2.780% (SOFR +0.500%), 8/1/2022 | 55,014,030 | |
35,000,000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 2.830% (SOFR +0.550%), 8/1/2022 | 35,000,000 | |
45,000,000 | Commonwealth Bank of Australia, 2.710% (SOFR +0.430%), 8/2/2022 | 44,958,374 | |
50,000,000 | Commonwealth Bank of Australia, 2.780% (SOFR +0.500%), 8/1/2022 | 49,973,325 | |
25,000,000 | Commonwealth Bank of Australia, 2.820% (SOFR +0.540%), 8/1/2022 | 24,990,651 |
Principal Amount | Value | ||
1 | NOTES - VARIABLE— continued | ||
Finance - Banking— continued | |||
$ 16,700,000 | Greene County Development Authority, Reynolds Lodge, LLC Series 2000B, (U.S. Bank, N.A. LOC), 1.800%, 8/3/2022 | $ 16,700,000 | |
3,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project 2013A, (Bank of America N.A. LOC), 2.450%, 8/4/2022 | 3,000,000 | |
7,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project, (Bank of America N.A. LOC), 2.450%, 8/4/2022 | 7,000,000 | |
7,595,000 | Gulf Gate Apartments LLC, Series 2003, (Wells Fargo Bank, N.A. LOC), 2.370%, 8/4/2022 | 7,595,000 | |
12,320,000 | Hamilton Station Park and Ride, Series 2005, (Wells Fargo Bank, N.A. LOC), 2.370%, 8/4/2022 | 12,320,000 | |
15,365,000 | Los Angeles County Fair Association, (Wells Fargo Bank, N.A. LOC), 2.340%, 8/3/2022 | 15,365,000 | |
9,000,000 | Michael Dennis Sullivan Irrevocable Trust, (Wells Fargo Bank, N.A. LOC), 2.450%, 8/4/2022 | 9,000,000 | |
100,000,000 | MUFG Bank Ltd., 1.860% (SOFR +0.330%), 8/1/2022 | 100,000,000 | |
79,000,000 | National Australia Bank Ltd., Melbourne, 2.460% (SOFR +0.180%), 8/2/2022 | 79,000,000 | |
110,000,000 | Nordea Bank Abp, 1.680% (SOFR +0.150%), 8/1/2022 | 110,000,000 | |
115,000,000 | Nordea Bank Abp, 1.690% (SOFR +0.160%), 8/1/2022 | 115,000,000 | |
109,000,000 | Nordea Bank Abp, 2.080% (SOFR +0.550%), 8/1/2022 | 109,000,000 | |
34,000,000 | Nuveen Floating Rate Income Fund, (Series A), (Sumitomo Mitsui Banking Corp. LOC), 2.470%, 8/4/2022 | 34,000,000 | |
3,115,000 | Public Building Corp. Springfield, MO, Jordan Valley Ice Park, Series 2003, (U.S. Bank, N.A. LOC), 2.380%, 8/4/2022 | 3,115,000 | |
150,000,000 | Royal Bank of Canada, 2.830% (SOFR +0.550%), 8/1/2022 | 149,837,175 | |
62,500,000 | Royal Bank of Canada, 3.030% (SOFR +0.750%), 8/1/2022 | 62,500,000 | |
152,500,000 | Royal Bank of Canada, New York Branch, 2.430% (SOFR +0.150%), 8/2/2022 | 152,427,909 | |
18,965,000 | Salem Green, LLP, Salem Green Apartments Project, Series 2010, (Wells Fargo Bank, N.A. LOC), 2.370%, 8/4/2022 | 18,965,000 | |
150,000,000 | Svenska Handelsbanken, Stockholm, 2.080% (SOFR +0.550%), 8/1/2022 | 150,000,000 | |
62,284,973 | Taxable Tender Option Bond Trust 2021-MIZ9060TX, (Series 2021-MIZ9060TX) VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.590%, 8/1/2022 | 62,284,973 | |
25,000,000 | Taxable Tender Option Bond Trust 2021-MIZ9071TX, (Series 2021-MIZ9071TX) VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.720%, 8/1/2022 | 25,000,000 | |
10,000,000 | Taxable Tender Option Bond Trust 2021-MIZ9075TX, (Series MIZ-9075TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.590%, 8/1/2022 | 10,000,000 | |
4,680,000 | Taxable Tender Option Bond Trust 2021-MIZ9077TX, (Series 2021-MIZ9077TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.590%, 8/1/2022 | 4,680,000 |
Principal Amount | Value | ||
1 | NOTES - VARIABLE— continued | ||
Finance - Banking— continued | |||
$ 3,000,000 | Taxable Tender Option Bond Trust 2021-MIZ9078TX, (Series 2021-MIZ9078TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.590%, 8/1/2022 | $ 3,000,000 | |
3,954,172 | Taxable Tender Option Bond Trust 2021-MIZ9083TX, (Series 2021-MIZ9083TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.590%, 8/1/2022 | 3,954,172 | |
18,750,000 | Taxable Tender Option Bond Trust 2022-MIZ9087TX, (Series 2022-MIZ9096TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.640%, 8/4/2022 | 18,750,000 | |
30,000,000 | Taxable Tender Option Bond Trust2021-MIZ9070TX, (Series 2021-MIZ9070TX) VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.720%, 8/1/2022 | 30,000,000 | |
68,300,000 | Triborough Bridge & Tunnel Authority, NY, (Taxable Series E) Weekly VRDNs, (Bank of America N.A. LOC), 2.310%, 8/4/2022 | 68,300,000 | |
3,600,000 | Village Green Finance Co. LLC, (Series 1997), (Wells Fargo Bank, N.A. LOC), 2.660%, 8/3/2022 | 3,600,000 | |
99,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.730% (SOFR +0.450%), 8/1/2022 | 98,900,322 | |
150,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.730% (SOFR+0.450%), 8/2/2022 | 149,841,945 | |
80,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.780% (SOFR +0.500%), 8/1/2022 | 80,004,166 | |
40,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.780% (SOFR +0.500%), 8/1/2022 | 39,976,808 | |
136,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.780% (SOFR +0.500%), 8/2/2022 | 135,917,855 | |
5,870,000 | Yeshivas Novominsk, Series 2008, (TD Bank, N.A. LOC), 2.450%, 8/4/2022 | 5,870,000 | |
TOTAL | 3,310,838,407 | ||
Finance - Retail— 2.3% | |||
70,000,000 | Chariot Funding LLC, 1.710% (SOFR +0.180%), 8/1/2022 | 70,000,000 | |
45,000,000 | Chariot Funding LLC, 2.680% (SOFR +0.400%), 8/1/2022 | 44,997,621 | |
45,000,000 | Old Line Funding, LLC, 2.080% (SOFR +0.550%), 1/9/2023 | 44,994,657 | |
100,000,000 | Old Line Funding, LLC, 2.830% (SOFR +0.550%), 10/3/2022 | 100,016,040 | |
47,500,000 | Thunder Bay Funding, LLC, 2.080% (SOFR +0.550%), 9/26/2022 | 47,500,000 | |
25,000,000 | Thunder Bay Funding, LLC, 2.880% (SOFR +0.600%), 10/20/2022 | 25,006,354 | |
TOTAL | 332,514,672 | ||
Government Agency— 1.7% | |||
5,285,000 | 1320 W Jefferson LLC, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/3/2022 | 5,285,000 | |
42,450,000 | Archer 1 LLC, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 42,450,000 | |
9,015,000 | Austen Children’s Gift Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 9,015,000 |
Principal Amount | Value | ||
1 | NOTES - VARIABLE— continued | ||
Government Agency— continued | |||
$ 6,830,000 | Baker Life Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | $ 6,830,000 | |
34,850,000 | BWF Forge TL Properties Owner LLC, (Federal Home Loan Bank of Des Moines LOC)/(Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 34,850,000 | |
5,705,000 | Catania Family Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 5,705,000 | |
4,270,000 | Jim Brooks Irrevocable Trust, (Federal Home Loan Bank of Dallas LOC), 2.440%, 8/4/2022 | 4,270,000 | |
11,570,000 | Joseph L. Goggins Irrevocable Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | 11,570,000 | |
3,655,000 | Karyn Brooks Descendants Trust, (Federal Home Loan Bank of Dallas LOC), 2.440%, 8/4/2022 | 3,655,000 | |
6,380,000 | MHF DKF Insurance Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/3/2022 | 6,380,000 | |
17,030,000 | Mohr Green Associates L.P., 2012-A, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 17,030,000 | |
22,610,000 | NWD 2017 Family Trust No. 1, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 22,610,000 | |
9,080,000 | Park Stanton Place LP, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 9,080,000 | |
5,010,000 | R.J. Brooks Jr. Irrevocable Trust, (Federal Home Loan Bank of Dallas LOC), 2.440%, 8/4/2022 | 5,010,000 | |
6,980,000 | RK Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 6,980,000 | |
6,255,000 | Sibley Family Irrevocable Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | 6,255,000 | |
6,610,000 | The CLC Irrevocable Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | 6,610,000 | |
5,120,000 | The Eugene Kim Irrevocable Life Insurance Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 5,120,000 | |
22,830,000 | The Gregory P. Berry Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/3/2022 | 22,830,000 | |
5,740,000 | The Leopold Family Insurance Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 5,740,000 | |
5,975,000 | The Thompson 2018 Family Trust, (Federal Home Loan Bank of Dallas LOC), 2.440%, 8/4/2022 | 5,975,000 | |
TOTAL | 243,250,000 | ||
TOTAL NOTES - VARIABLE (IDENTIFIED COST $3,888,274,137) | 3,886,603,079 | ||
2 | COMMERCIAL PAPER— 14.0% | ||
Finance - Banking— 10.7% | |||
63,970,000 | Antalis S.A., (Societe Generale, Paris LIQ), 1.773% - 1.853%, 8/1/2022 - 8/5/2022 | 63,965,027 | |
60,000,000 | Bank of Montreal, 2.800%, 5/9/2023 | 60,003,463 |
Principal Amount | Value | ||
2 | COMMERCIAL PAPER— continued | ||
Finance - Banking— continued | |||
$ 200,000,000 | Bank of Nova Scotia, Toronto, 0.200% - 0.210%, 9/8/2022 - 9/29/2022 | $ 199,336,437 | |
100,000,000 | Bennington Stark Capital Co., LLC, (Societe Generale, Paris LIQ), 2.120%, 8/2/2022 | 99,994,111 | |
104,000,000 | Canadian Imperial Bank of Commerce, 0.503% - 2.070%, 12/1/2022 - 3/20/2023 | 102,483,433 | |
50,000,000 | Canadian Imperial Holdings, Inc., 0.351%, 11/8/2022 | 49,631,666 | |
42,500,000 | Chesham Finance LLC Series III, (Societe Generale, Paris COL), 2.404%, 8/31/2022 | 42,415,000 | |
107,500,000 | Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 1.405% - 2.416%, 8/1/2022 - 10/3/2022 | 107,015,267 | |
200,000,000 | Lloyds Bank PLC, London, 1.413% - 2.419%, 8/5/2022 - 9/23/2022 | 199,765,183 | |
5,000,000 | LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 1.455%, 8/12/2022 | 4,997,785 | |
92,000,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 2.310% - 2.567%, 8/1/2022 - 10/11/2022 | 91,752,562 | |
82,000,000 | National Australia Bank Ltd., Melbourne, 1.005% - 3.844%, 9/6/2022 - 6/15/2023 | 81,133,799 | |
85,000,000 | Nationwide Building Society, 2.020%, 8/1/2022 | 85,000,000 | |
145,000,000 | Royal Bank of Canada, 0.251% - 2.229%, 10/14/2022 - 3/29/2023 | 143,538,329 | |
80,000,000 | Royal Bank of Canada, New York Branch, 0.371% - 0.402%, 11/9/2022 - 11/15/2022 | 79,285,026 | |
122,000,000 | Toronto Dominion Bank, 2.903%, 5/31/2023 | 118,207,691 | |
TOTAL | 1,528,524,779 | ||
Finance - Retail— 1.7% | |||
69,000,000 | Fairway Finance Co. LLC, 1.005%, 9/6/2022 | 68,817,535 | |
60,000,000 | Old Line Funding, LLC, 1.659%, 9/13/2022 | 59,804,347 | |
60,000,000 | Old Line Funding, LLC, 1.659%, 9/19/2022 | 59,775,187 | |
50,000,000 | Sheffield Receivables Company LLC, 1.976%, 8/18/2022 | 49,958,958 | |
TOTAL | 238,356,027 | ||
Oil & Oil Finance— 0.5% | |||
70,000,000 | TotalEnergies Capital Canada Ltd., 2.200%, 8/3/2022 | 69,991,445 | |
Sovereign— 1.1% | |||
160,000,000 | BNG Bank N.V., 2.201% - 2.311%, 8/3/2022 - 8/4/2022 | 159,976,228 | |
TOTAL COMMERCIAL PAPER (IDENTIFIED COST $2,001,640,522) | 1,996,848,479 | ||
TIME DEPOSITS— 11.1% | |||
Finance - Banking— 11.1% | |||
500,000,000 | ABN Amro Bank NV, 2.220% - 2.330%, 8/3/2022 - 8/5/2022 | 500,000,000 | |
275,000,000 | Australia & New Zealand Banking Group, Melbourne, 2.210%, 8/3/2022 | 275,000,000 | |
440,000,000 | Australia & New Zealand Banking Group, Melbourne, 2.320%, 8/1/2022 | 440,000,000 |
Principal Amount | Value | ||
TIME DEPOSITS— continued | |||
Finance - Banking— continued | |||
$ 360,000,000 | Mizuho Bank Ltd., 2.320%, 8/1/2022 | $ 360,000,000 | |
TOTAL TIME DEPOSITS (IDENTIFIED COST $1,575,000,000) | 1,575,000,000 | ||
CERTIFICATES OF DEPOSIT— 10.6% | |||
Finance - Banking— 10.6% | |||
26,500,000 | Bank of Montreal, 2.850%, 5/24/2023 | 26,336,767 | |
210,000,000 | Credit Agricole Corporate and Investment Bank, 1.560% - 2.320%, 8/5/2022 - 8/12/2022 | 210,000,000 | |
115,000,000 | DNB Bank ASA, 1.100%, 9/6/2022 | 114,843,595 | |
100,000,000 | Mizuho Bank Ltd., 2.600%, 10/20/2022 | 100,000,000 | |
165,000,000 | MUFG Bank Ltd., 1.420% - 1.450%, 8/18/2022 - 8/19/2022 | 164,962,798 | |
70,000,000 | Sumitomo Mitsui Banking Corp., 1.450%, 8/5/2022 | 70,000,000 | |
515,000,000 | Sumitomo Mitsui Trust Bank Ltd., 1.450% - 2.530%, 8/18/2022 - 9/29/2022 | 514,947,924 | |
305,000,000 | Toronto Dominion Bank, 0.220% - 4.070%, 10/14/2022 - 7/18/2023 | 303,829,965 | |
TOTAL CERTIFICATES OF DEPOSIT (IDENTIFIED COST $1,506,500,000) | 1,504,921,049 | ||
U.S. TREASURY— 0.3% | |||
U.S. Treasury Notes— 0.3% | |||
50,000,000 | 1 | United States Treasury Floating Rate Notes, 2.570% (91-day T-Bill +0.034%), 8/2/2022 (IDENTIFIED COST $50,003,021) | 50,137,907 |
OTHER REPURCHASE AGREEMENTS— 17.8% | |||
Finance - Banking— 17.8% | |||
100,000,000 | BMO Capital Markets Corp., 2.05%, dated 2/8/2021, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,706,111 on 9/12/2022, in which corporate bonds and medium-term notes with a market value of $204,755,998 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
439,000,000 | BNP Paribas S.A., 2.40%, dated 7/29/2022, interest in a $500,000,000 collateralized loan agreement will repurchase securities provided as collateral for $500,100,000 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term note with a market value of $510,102,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 439,000,000 | |
100,000,000 | Bofa Securities, Inc., 2.39%, dated 7/29/2022, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,029,875 on 8/1/2022, in which corporate bonds and medium-term notes with a market value of $153,030,602 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 100,000,000 | Bofa Securities, Inc., 2.94%, dated 9/4/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,735,000 on 10/31/2022, in which convertible bonds with a market value of $102,199,120 have been received as collateral and held with BNY Mellon as tri-party agent. | $ 100,000,000 | |
250,000,000 | Bofa Securities, Inc., 2.94%, dated 9/9/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $251,837,500 on 10/31/2022, in which convertible bonds, medium-term notes and Sovereign with a market value of $255,496,826 have been received as collateral and held with BNY Mellon as tri-party agent. | 250,000,000 | |
25,000,000 | Bofa Securities, Inc., 2.35%, dated 7/29/2022, interest in a $25,000,000 collateralized loan agreement will repurchase securities provided as collateral for $25,004,896 on 8/1/2022, in which commercial paper with a market value of $25,505,956 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
125,000,000 | Credit Agricole S.A., 2.47%, dated 6/24/2022, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,144,083 on 8/9/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, commercial paper, treasury notes, treasury bills medium-term notes, U.S. Government Agency securities and sovereign debt with a market value of $306,063,090 have been received as collateral and held with BNY Mellon as tri-party agent. | 125,000,000 | |
280,000,000 | Credit Agricole S.A., 2.37%, dated 6/24/2022, interest in a $800,000,000 collateralized loan agreement will repurchase securities provided as collateral for $800,368,667 on 8/9/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, commercial paper, treasury notes, treasury bill, medium-term notes and sovereign debt with a market value of $816,161,433 have been received as collateral and held with BNY Mellon as tri-party agent. | 280,000,000 | |
70,000,000 | HSBC Securities (USA), Inc., 2.42%, dated 7/29/2022, interest in a $70,000,000 collateralized loan agreement will repurchase securities provided as collateral for $70,014,117 on 8/1/2022, in which corporate bonds, medium-term notes and Sovereign debt with a market value of $71,400,029 have been received as collateral and held with BNY Mellon as tri-party agent. | 70,000,000 | |
49,490,000 | ING Financial Markets LLC, 2.39%, dated 7/29/2022, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,009,958 on 8/1/2022, in which corporate bonds with a market value of $51,010,957 have been received as collateral and held with BNY Mellon as tri-party agent. | 49,490,000 | |
100,000,000 | ING Financial Markets LLC, 2.40%, dated 7/29/2022, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,020,000 on 8/1/2022, in which common stocks, corporate bonds and medium-term notes with a market value of $102,020,404 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 65,000,000 | J.P. Morgan Securities LLC, 2.56%, dated 7/6/2022, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,480,000 on 8/2/2022, in which corporate bonds and medium-term notes with a market value of $255,000,001 have been received as collateral and held with BNY Mellon as tri-party agent. | $ 65,000,000 | |
45,000,000 | Mizuho Securities USA, Inc., 2.52%, dated 7/29/2022, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,015,750 on 8/1/2022, in which common stocks with a market value of $76,516,072 have been received as collateral and held with BNY Mellon as tri-party agent. | 45,000,000 | |
50,000,000 | Mizuho Securities USA, Inc., 2.42%, dated 7/29/2022, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,020,167 on 8/1/2022, in which commercial paper and municipal bonds with a market value of $102,022,014 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
81,000,000 | Mitsubishi UFG Securities Americas, Inc., 2.47%, dated 7/29/2022, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,061,750 on 8/1/2022, in which American depositary receipts, common stocks, corporate bonds, exchange-traded funds and unit investment trust, medium-term notes and municipal bonds with a market value of $306,063,397 have been received as collateral and held with BNY Mellon as tri-party agent. | 81,000,000 | |
135,000,000 | Pershing LLC, 2.57%, dated 7/14/2022, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,149,917 on 8/9/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, commercial paper, common stocks, convertible bond, certificate of deposit, exchange-traded funds, medium-term notes and municipal bonds and U.S. Government Agency securities with a market value of $306,100,946 have been received as collateral and held with BNY Mellon as tri-party agent. | 135,000,000 | |
125,000,000 | Societe Generale, Paris, 2.38%, dated 7/29/2022, interest in a $350,000,000 collateralized loan agreement will repurchase securities provided as collateral for $350,069,417 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium-term notes, municipal bonds, sovereign securities and treasury bill with a market value of $357,071,176 have been received as collateral and held with BNY Mellon as tri-party agent. | 125,000,000 | |
277,000,000 | Societe Generale, Paris, 2.47%, dated 7/29/2022, interest in a $650,000,000 collateralized loan agreement will repurchase securities provided as collateral for $650,133,792 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium-term notes and treasury bill with a market value of $663,136,856 have been received as collateral and held with BNY Mellon as tri-party agent. | 277,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 125,000,000 | Wells Fargo Securities LLC, 3.20%, dated 2/3/2022, interest in a $125,000,000 collateralized loan agreement will repurchase securities provided as collateral for $126,000,000 on 8/1/2022, in which sovereign securities with a market value of $127,614,209 have been received as collateral and held with BNY Mellon as tri-party agent. | $ 125,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS (IDENTIFIED COST $2,541,490,000) | 2,541,490,000 | ||
REPURCHASE AGREEMENTS— 19.2% | |||
Finance - Banking— 19.2% | |||
150,000,000 | Repurchase agreement 2.40%, dated 7/29/2022 under which ABN Amro Bank N.V., Netherlands will repurchase securities provided as collateral for $150,030,000 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 7/25/2052 and the market value of those underlying securities was $153,030,600. | 150,000,000 | |
299,000,000 | Interest in $1,650,000,000 joint repurchase agreement 2.29%, dated 7/29/2022 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $1,650,314,875 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2057 and the market value of those underlying securities was $1,683,321,173. | 299,000,000 | |
500,000,000 | Interest in $1,650,000,000 joint repurchase agreement 2.29%, dated 7/29/2022 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $1,650,314,875 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2057 and the market value of those underlying securities was $1,683,321,173. | 500,000,000 | |
700,000,000 | Interest in $1,800,000,000 joint repurchase agreement 2.30%, dated 7/29/2022 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $1,800,345,000 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 6/16/2064 and the market value of those underlying securities was $1,841,376,235. | 700,000,000 | |
1,000,000,000 | Repurchase agreement 2.30%, dated 7/29/2022 under which Federal Reserve Bank of New York will repurchase securities provided as collateral for $1,000,191,667 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2036 and the market value of those underlying securities was $1,000,191,722. | 1,000,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 87,000,000 | Interest in $150,000,000 joint repurchase agreement 2.39%, dated 7/29/2022 under which Standard Chartered Bank will repurchase securities provided as collateral for $150,029,875 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 2/16/2064 and the market value of those underlying securities was $153,030,473. | $ 87,000,000 | |
TOTAL REPURCHASE AGREEMENTS (IDENTIFIED COST $2,736,000,000) | 2,736,000,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.3% (IDENTIFIED COST $14,298,907,680)3 | 14,291,000,514 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.3)%4 | (46,154,429) | ||
TOTAL NET ASSETS—100% | $14,244,846,085 |
1 | Floating/variable note with current rate and current maturity or next reset date shown. 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 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
3 | Also represents cost of investments for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
COL | —Collateralized | |
GTD | —Guaranteed | |
LIQ | —Liquidity Agreement | |
LLP | —Limited Liability Partnership | |
LOC | —Letter of Credit | |
MHF | —Maryland Housing Fund | |
PLC | —Public Limited Company | |
SOFR | —Secured Overnight Financing Rate | |
VRDNs | —Variable Rate Demand Notes |
Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.0005 | $1.0007 | $1.0004 | $1.0003 | $1.0003 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.00371 | 0.0008 | 0.0136 | 0.0239 | 0.0156 |
Net realized and unrealized gain (loss) | (0.0008) | (0.0002) | 0.0003 | 0.0001 | 0.00002 |
Total From Investment Operations | 0.0029 | 0.0006 | 0.0139 | 0.0240 | 0.0156 |
Less Distributions: | |||||
Distributions from net investment income | (0.0036) | (0.0008) | (0.0136) | (0.0239) | (0.0156) |
Net Asset Value, End of Period | $0.9998 | $1.0005 | $1.0007 | $1.0004 | $1.0003 |
Total Return3 | 0.29% | 0.05% | 1.39% | 2.43% | 1.57% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.16% | 0.15% | 0.15% | 0.15% | 0.17% |
Net investment income | 0.38% | 0.08% | 1.37% | 2.41% | 1.62% |
Expense waiver/reimbursement5 | 0.12% | 0.13% | 0.13% | 0.13% | 0.12% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $14,232,133 | $15,298,656 | $23,611,390 | $21,146,776 | $10,941,508 |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.0001. |
3 | Based on net asset value. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
July 31, 2022
Assets: | |
Investment in repurchase agreements and other repurchase agreements | $5,277,490,000 |
Investment in securities | 9,013,510,514 |
Investment in securities, at value (identified cost $14,298,907,680) | 14,291,000,514 |
Cash | 553,403 |
Income receivable | 12,267,528 |
Total Assets | 14,303,821,445 |
Liabilities: | |
Payable for investments purchased | 42,415,000 |
Income distribution payable | 15,954,638 |
Payable for investment adviser fee (Note 5) | 117,280 |
Payable for administrative fee (Note 5) | 91,887 |
Accrued expenses (Note 5) | 396,555 |
Total Liabilities | 58,975,360 |
Net assets for 14,248,059,005 shares outstanding | $14,244,846,085 |
Net Assets Consist of: | |
Paid-in capital | $14,254,096,547 |
Total distributable earnings (loss) | (9,250,462) |
Total Net Assets | $14,244,846,085 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Institutional Shares: | |
$14,232,132,569 ÷ 14,235,341,975 shares outstanding, no par value, unlimited shares authorized | $0.9998 |
Service Shares: | |
$12,713,416 ÷ 12,716,930 shares outstanding, no par value, unlimited shares authorized | $0.9997 |
Capital Shares: | |
$100 ÷ 100 shares outstanding, no par value, unlimited shares authorized | $1.0012* |
* | Actual net asset value per share presented differs from calculated net asset value per share due to rounding. |
Year Ended July 31, 2022
Investment Income: | |
Interest | $72,199,266 |
Expenses: | |
Investment adviser fee (Note 5) | 26,847,301 |
Administrative fee (Note 5) | 10,508,115 |
Custodian fees | 427,458 |
Transfer agent fees | 115,442 |
Directors’/Trustees’ fees (Note 5) | 77,727 |
Auditing fees | 25,110 |
Legal fees | 7,362 |
Portfolio accounting fees | 271,093 |
Other service fees (Notes 2 and 5) | 51,845 |
Share registration costs | 57,131 |
Printing and postage | 19,010 |
Miscellaneous (Note 5) | 113,955 |
TOTAL EXPENSES | 38,521,549 |
Waivers and Reimbursement: | |
Waiver of investment adviser fee (Note 5) | (16,595,747) |
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (28,684) |
TOTAL WAIVERS AND REIMBURSEMENT | (16,624,431) |
Net expenses | 21,897,118 |
Net investment income | 50,302,148 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments | 54,512 |
Net change in unrealized appreciation of investments | (9,036,105) |
Net realized and unrealized gain (loss) on investments | (8,981,593) |
Change in net assets resulting from operations | $41,320,555 |
Year Ended July 31 | 2022 | 2021 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $50,302,148 | $17,271,664 |
Net realized gain (loss) | 54,512 | 113,108 |
Net change in unrealized appreciation/depreciation | (9,036,105) | (6,131,457) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 41,320,555 | 11,253,315 |
Distributions to Shareholders: | ||
Institutional Shares | (50,220,717) | (17,245,644) |
Service Shares | (41,365) | (4,862) |
Capital Shares | (48) | (8,147) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (50,262,130) | (17,258,653) |
Share Transactions: | ||
Proceeds from sale of shares | 24,614,918,258 | 36,831,815,005 |
Net asset value of shares issued to shareholders in payment of distributions declared | 8,299,365 | 3,142,765 |
Cost of shares redeemed | (25,705,000,012) | (45,212,117,547) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (1,081,782,389) | (8,377,159,777) |
Change in net assets | (1,090,723,964) | (8,383,165,115) |
Net Assets: | ||
Beginning of period | 15,335,570,049 | 23,718,735,164 |
End of period | $14,244,846,085 | $15,335,570,049 |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $51,604 | $(3,382) | $(25,103) |
Capital Shares | 241 | (112) | (87) |
TOTAL | $51,845 | $(3,494) | $(25,190) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 24,232,087,166 | $24,233,003,776 | 36,196,687,324 | $36,215,427,054 |
Shares issued to shareholders in payment of distributions declared | 8,283,360 | 8,282,176 | 3,128,894 | 3,130,517 |
Shares redeemed | (25,296,641,390) | (25,298,888,431) | (44,503,031,101) | (44,525,308,528) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (1,056,270,864) | $(1,057,602,479) | (8,303,214,883) | $(8,306,750,957) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 381,843,923 | $381,914,482 | 320,686,975 | $320,849,653 |
Shares issued to shareholders in payment of distributions declared | 17,154 | 17,151 | 4,099 | 4,101 |
Shares redeemed | (401,541,566) | (401,611,014) | (372,056,896) | (372,241,775) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (19,680,489) | $(19,679,381) | (51,365,822) | $(51,388,021) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | — | $— | 295,358,986 | $295,538,298 |
Shares issued to shareholders in payment of distributions declared | 38 | 38 | 8,141 | 8,147 |
Shares redeemed | (4,498,390) | (4,500,567) | (314,377,023) | (314,567,244) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (4,498,352) | $(4,500,529) | (19,009,896) | $(19,020,799) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (1,080,449,705) | $(1,081,782,389) | (8,373,590,601) | $(8,377,159,777) |
2022 | 2021 | |
Ordinary income | $50,262,130 | $17,258,653 |
Undistributed ordinary income | $57,427 |
Net unrealized depreciation | $(7,907,166) |
Capital loss carryforwards | $(1,400,723) |
Short-Term | Long-Term | Total |
$1,400,723 | $— | $1,400,723 |
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 |
September 23, 2022
Beginning Account Value 2/1/2022 | Ending Account Value 7/31/2022 | Expenses Paid During Period1 | |
Actual | $1,000.00 | $1,003.00 | $0.842 |
Hypothetical (assuming a 5% return before expenses) | $1,000.00 | $1,023.95 | $0.852 |
1 | Expenses are equal to the Fund’s Institutional Shares annualized net expense ratio of 0.17%, multiplied by the average account value over the period, multiplied by 181/365 (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 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $0.99 and $1.00, 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: 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.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, 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.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director, Saint Francis University. |
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. 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); Director, The Golisano Children’s Museum of Naples, Florida; 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; formerly, Executive Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors and Assistant General Counsel and Director of Risk Management, 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. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy 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 |
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 Portfolio Manager since: November 1996 | Principal Occupations: Deborah A. Cunningham has been the Fund’s Portfolio Manager since November 1996. Ms. 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. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N575
CUSIP 60934N567
Share Class | Ticker | Institutional | PVOXX |
Federated Hermes Institutional Prime Value Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
The Share Price will fluctuate. It is possible to lose money by investing in the Fund.
Security Type | Percentage of Total Net Assets2 |
Other Repurchase Agreements and Repurchase Agreements | 37.2% |
Variable Rate Instruments | 27.2% |
Bank Instruments | 21.5% |
Commercial Paper | 14.0% |
U.S. Treasury | 0.3% |
Other Assets and Liabilities—Net3 | (0.2)% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for more complete information regarding these security types. |
2 | As of the date specified above, the Fund owned shares of one or more affiliated investment companies. For purposes of this table, the affiliated investment company is not treated as a single portfolio security, but rather the Fund is treated as owning a pro rata portion of each security and each other asset and liability owned by the affiliated investment company. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares or Principal Amount | Value | ||
INVESTMENT COMPANY— 99.7% | |||
10,296,214,894 | Federated Hermes Institutional Prime Obligations Fund, 1.84%1 (IDENTIFIED COST $10,302,294,148) | $10,294,155,651 | |
OTHER REPURCHASE AGREEMENTS— 0.2% | |||
Finance - Banking— 0.2% | |||
$ 26,000,000 | Societe Generale, Paris, 2.47%, dated 7/29/2022, interest in a $650,000,000 collateralized loan agreement will repurchase securities provided as collateral for $650,133,792 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, treasury bills and medium-term notes with a market value of $663,136,856 have been received as collateral and held with BNY Mellon as tri-party agent. (IDENTIFIED COST $26,000,000) | 26,000,000 | |
TOTAL INVESTMENT IN SECURITIES—99.9% (IDENTIFIED COST $10,328,294,148)2 | 10,320,155,651 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%3 | 8,189,565 | ||
TOTAL NET ASSETS—100% | $10,328,345,216 |
Federated Hermes Institutional Prime Obligations Fund, Institutional Shares | |
Value as of 7/31/2021 | $12,792,147,546 |
Purchases at Cost | $10,846,413,708 |
Proceeds from Sales | $(13,337,407,099) |
Change in Unrealized Appreciation/Depreciation | $(6,111,897) |
Net Realized Gain/(Loss) | $(886,607) |
Value as of 7/31/2022 | $10,294,155,651 |
Shares Held as of 7/31/2022 | 10,296,214,894 |
Dividend Income | $34,863,371 |
1 | 7-day net yield. |
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 is a summary of the inputs used, as of July 31, 2022, in valuing the Fund’s assets carried at fair value:
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Investment Company | $10,294,155,651 | $— | $— | $10,294,155,651 |
Repurchase Agreement | — | 26,000,000 | — | 26,000,000 |
TOTAL SECURITIES | $10,294,155,651 | $26,000,000 | $— | $10,320,155,651 |
Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.0004 | $1.0006 | $1.0003 | $1.0002 | $1.0002 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.0036 | 0.0008 | 0.0136 | 0.0239 | 0.0156 |
Net realized and unrealized gain (loss) | (0.0008) | (0.0002) | 0.0003 | 0.0001 | (0.0000)1 |
Total From Investment Operations | 0.0028 | 0.0006 | 0.0139 | 0.0240 | 0.0156 |
Less Distributions: | |||||
Distributions from net investment income | (0.0036) | (0.0008) | (0.0136) | (0.0239) | (0.0156) |
Distributions from net realized gain | (0.0001) | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.0000)1 |
Total Distributions | (0.0037) | (0.0008) | (0.0136) | (0.0239) | (0.0156) |
Net Asset Value, End of Period | $0.9995 | $1.0004 | $1.0006 | $1.0003 | $1.0002 |
Total Return2 | 0.28% | 0.06% | 1.39% | 2.43% | 1.57% |
Ratios to Average Net Assets: | |||||
Net expenses3 | —% | —% | 0.00%4 | —% | 0.00%4 |
Net investment income | 0.35% | 0.08% | 1.36% | 2.41% | 1.59% |
Expense waiver/reimbursement5 | 0.29% | 0.29% | 0.29% | 0.29% | 0.29% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $9,946,892 | $12,120,572 | $15,937,441 | $13,599,422 | $6,992,551 |
1 | Represents less than $0.0001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | Represents less than 0.01%. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
July 31, 2022
Assets: | |
Investment in securities, at value including $10,294,155,651 of investments in an affiliated holding* (identified cost $10,328,294,148) | $10,320,155,651 |
Cash | 48,397 |
Income receivable | 5,352 |
Income receivable from an affiliated holding | 13,318,531 |
Receivable for shares sold | 13,637,000 |
Total Assets | 10,347,164,931 |
Liabilities: | |
Payable for shares redeemed | 9,032,768 |
Income distribution payable | 9,419,273 |
Payable for administrative fee (Note 5) | 66,578 |
Payable for Directors’/Trustees’ fees (Note 5) | 872 |
Payable for other service fees (Notes 2 and 5) | 53,928 |
Accrued expenses (Note 5) | 246,296 |
Total Liabilities | 18,819,715 |
Net assets for 10,333,701,154 shares outstanding | $10,328,345,216 |
Net Assets Consist of: | |
Paid-in capital | $10,337,918,939 |
Total distributable earnings (loss) | (9,573,723) |
Total Net Assets | $10,328,345,216 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Institutional Shares: | |
$9,946,891,975 ÷ 9,952,050,838 shares outstanding, no par value, unlimited shares authorized | $0.9995 |
Service Shares: | |
$372,511,438 ÷ 372,703,508 shares outstanding, no par value, unlimited shares authorized | $0.9995 |
Capital Shares: | |
$8,941,802 ÷ 8,946,808 shares outstanding, no par value, unlimited shares authorized | $0.9994 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended July 31, 2022
Investment Income: | |
Dividends received from an affiliated holding* | $34,863,371 |
Interest | 251,103 |
TOTAL INCOME | 35,114,474 |
Expenses: | |
Investment adviser fee (Note 5) | 20,286,345 |
Administrative fee (Note 5) | 7,938,349 |
Custodian fees | 282,040 |
Transfer agent fees | 103,760 |
Directors’/Trustees’ fees (Note 5) | 60,299 |
Auditing fees | 25,109 |
Legal fees | 7,361 |
Portfolio accounting fees | 219,297 |
Other service fees (Notes 2 and 5) | 1,224,396 |
Share registration costs | 85,914 |
Printing and postage | 32,957 |
Miscellaneous (Note 5) | 115,982 |
TOTAL EXPENSES | 30,381,809 |
Waivers and Reimbursements: | |
Waiver/reimbursement of investment adviser fee (Note 5) | (20,286,345) |
Waiver/reimbursements of other operating expenses (Notes 2 and 5) | (9,646,075) |
TOTAL WAIVERS AND REIMBURSEMENTS | (29,932,420) |
Net expenses | 449,389 |
Net investment income | 34,665,085 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized loss on investments (including net realized loss of $(886,607) on sales of investments in an affiliated holding*) | (1,328,799) |
Net change in unrealized depreciation of investments in an affiliated holding* | (6,111,897) |
Net realized and unrealized gain (loss) on investments | (7,440,696) |
Change in net assets resulting from operations | $27,224,389 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended July 31 | 2022 | 2021 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $34,665,085 | $11,908,591 |
Net realized gain (loss) | (1,328,799) | 2,616,301 |
Net change in unrealized appreciation/depreciation | (6,111,897) | (6,530,073) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 27,224,389 | 7,994,819 |
Distributions to Shareholders: | ||
Institutional Shares | (34,900,178) | (13,019,895) |
Service Shares | (972,903) | (193,751) |
Capital Shares | (35,840) | (6,051) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (35,908,921) | (13,219,697) |
Share Transactions: | ||
Proceeds from sale of shares | 38,690,164,420 | 49,680,032,925 |
Net asset value of shares issued to shareholders in payment of distributions declared | 10,482,549 | 4,229,653 |
Cost of shares redeemed | (41,207,066,452) | (54,479,989,537) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (2,506,419,483) | (4,795,726,959) |
Change in net assets | (2,515,104,015) | (4,800,951,837) |
Net Assets: | ||
Beginning of period | 12,843,449,231 | 17,644,401,068 |
End of period | $10,328,345,216 | $12,843,449,231 |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $1,207,280 | $(35,800) | $(730,147) |
Capital Shares | 17,116 | — | (9,059) |
TOTAL | $1,224,396 | $(35,800) | $(739,206) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 38,562,278,787 | $38,557,456,148 | 48,981,048,371 | $48,998,521,164 |
Shares issued to shareholders in payment of distributions declared | 9,493,387 | 9,489,444 | 4,030,582 | 4,032,084 |
Shares redeemed | (40,735,979,904) | (40,732,381,207) | (52,796,548,875) | (52,814,602,302) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (2,164,207,730) | $(2,165,435,615) | (3,811,469,922) | $(3,812,049,054) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 127,450,141 | $127,416,583 | 664,745,362 | $664,998,659 |
Shares issued to shareholders in payment of distributions declared | 957,705 | 957,294 | 192,418 | 192,481 |
Shares redeemed | (457,418,370) | (457,394,097) | (1,650,094,556) | (1,650,722,974) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (329,010,524) | $(329,020,220) | (985,156,776) | $(985,531,834) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 5,292,088 | $5,291,689 | 16,507,178 | $16,513,102 |
Shares issued to shareholders in payment of distributions declared | 35,826 | 35,811 | 5,086 | 5,088 |
Shares redeemed | (17,295,855) | (17,291,148) | (14,659,841) | (14,664,261) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (11,967,941) | $(11,963,648) | 1,852,423 | $1,853,929 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (2,505,186,195) | $(2,506,419,483) | (4,794,774,275) | $(4,795,726,959) |
2022 | 2021 | |
Ordinary income | $34,608,506 | $12,030,928 |
Long-term capital gains | $1,300,415 | $1,188,769 |
Distributions payable | $(106,427) |
Net unrealized depreciation | $(8,138,497) |
Capital loss carryforwards | $(1,328,799) |
Short-Term | Long-Term | Total |
$1,328,799 | $— | $1,328,799 |
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 |
September 23, 2022
Beginning Account Value 2/1/2022 | Ending Account Value 7/31/2022 | Expenses Paid During Period1 | |
Actual | $1,000.00 | $1,003.00 | $—2 |
Hypothetical (assuming a 5% return before expenses) | $1,000.00 | $1,024.79 | $—2 |
1 | Expenses are equal to the Fund’s Institutional Shares annualized net expense ratio of 0.00%, multiplied by the average account value over the period, multiplied by 181/365 (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 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $0.99 and $1.00, respectively. |
Security Type | Percentage of Total Net Assets |
Other Repurchase Agreements and Repurchase Agreements | 37.0% |
Variable Rate Instruments | 27.3% |
Bank Instruments | 21.7% |
Commercial Paper | 14.0% |
U.S. Treasury Securities | 0.3% |
Other Assets and Liabilities—Net2 | (0.3)% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these security types. |
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 Days2 | 79.5% |
8-30 Days | 5.3% |
31-90 Days | 9.9% |
91-180 Days | 2.1% |
181 Days or more | 3.5% |
Other Assets and Liabilities—Net3 | (0.3)% |
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 | Overnight securities comprised 35.6% of the Fund’s portfolio. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal Amount | Value | ||
1 | NOTES - VARIABLE— 27.3% | ||
Finance - Banking— 23.3% | |||
$ 90,000,000 | Anglesea Funding LLC, (Bank of Nova Scotia, Toronto COL)/(Nordea Bank Abp COL)/(Societe Generale, Paris COL), 2.460% (SOFR+0.180%), 8/10/2022 | $ 90,000,000 | |
6,500,000 | Anglesea Funding LLC, (Bank of Nova Scotia, Toronto COL)/(Nordea Bank Abp COL)/(Societe Generale, Paris COL), 2.680% (Overnight Banking Fund Rate +0.360%), 12/23/2022 | 6,500,000 | |
30,000,000 | ASB Bank Ltd., 2.000% (SOFR +0.470%), 8/2/2022 | 30,008,140 | |
110,000,000 | Bank of Montreal, 2.230% (SOFR +0.700%), 8/1/2022 | 110,036,615 | |
104,000,000 | Bank of Montreal, 2.430% (SOFR +0.150%), 8/1/2022 | 103,955,840 | |
30,000,000 | Bank of Montreal, 2.840% (SOFR +0.560%), 8/1/2022 | 29,963,024 | |
60,000,000 | Bank of Montreal, 2.930% (SOFR +0.650%), 8/1/2022 | 59,632,964 | |
100,000,000 | Bank of Nova Scotia, Toronto, 2.430% (SOFR +0.150%), 8/1/2022 | 100,000,000 | |
50,000,000 | Bank of Nova Scotia, Toronto, 2.530% (SOFR +0.250%), 8/1/2022 | 49,909,739 | |
25,000,000 | Bank of Nova Scotia, Toronto, 2.780% (SOFR +0.500%), 8/1/2022 | 24,968,645 | |
33,500,000 | Bank of Nova Scotia, Toronto, 2.800% (SOFR +0.520%), 8/2/2022 | 33,500,000 | |
20,000,000 | Bank of Nova Scotia, Toronto, 2.860% (SOFR +0.580%), 8/1/2022 | 20,007,378 | |
125,000,000 | Bank of Nova Scotia, Toronto, 2.950% (SOFR +0.670%), 8/1/2022 | 124,975,245 | |
25,000,000 | Canadian Imperial Bank of Commerce, 2.490% (SOFR +0.210%), 8/1/2022 | 24,983,767 | |
54,000,000 | Canadian Imperial Bank of Commerce, 2.780% (SOFR +0.500%), 8/1/2022 | 53,923,257 | |
120,000,000 | Canadian Imperial Bank of Commerce, 2.780% (SOFR +0.500%), 8/1/2022 | 119,833,600 | |
120,000,000 | Canadian Imperial Bank of Commerce, 2.830% (SOFR +0.550%), 8/1/2022 | 119,843,012 | |
50,000,000 | Canadian Imperial Bank of Commerce, 2.920% (SOFR +0.640%), 8/1/2022 | 50,000,000 | |
50,000,000 | Canadian Imperial Holdings, Inc., 2.800% (SOFR +0.520%), 8/1/2022 | 49,930,476 | |
4,025,000 | Centra State Medical Arts Building LLC, (TD Bank, N.A. LOC), 2.410%, 8/3/2022 | 4,025,000 | |
55,000,000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 2.780% (SOFR +0.500%), 8/1/2022 | 55,014,030 | |
35,000,000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 2.830% (SOFR +0.550%), 8/1/2022 | 35,000,000 | |
45,000,000 | Commonwealth Bank of Australia, 2.710% (SOFR +0.430%), 8/2/2022 | 44,958,374 | |
50,000,000 | Commonwealth Bank of Australia, 2.780% (SOFR +0.500%), 8/1/2022 | 49,973,325 | |
25,000,000 | Commonwealth Bank of Australia, 2.820% (SOFR +0.540%), 8/1/2022 | 24,990,651 |
Principal Amount | Value | ||
1 | NOTES - VARIABLE— continued | ||
Finance - Banking— continued | |||
$ 16,700,000 | Greene County Development Authority, Reynolds Lodge, LLC Series 2000B, (U.S. Bank, N.A. LOC), 1.800%, 8/3/2022 | $ 16,700,000 | |
3,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project 2013A, (Bank of America N.A. LOC), 2.450%, 8/4/2022 | 3,000,000 | |
7,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project, (Bank of America N.A. LOC), 2.450%, 8/4/2022 | 7,000,000 | |
7,595,000 | Gulf Gate Apartments LLC, Series 2003, (Wells Fargo Bank, N.A. LOC), 2.370%, 8/4/2022 | 7,595,000 | |
12,320,000 | Hamilton Station Park and Ride, Series 2005, (Wells Fargo Bank, N.A. LOC), 2.370%, 8/4/2022 | 12,320,000 | |
15,365,000 | Los Angeles County Fair Association, (Wells Fargo Bank, N.A. LOC), 2.340%, 8/3/2022 | 15,365,000 | |
9,000,000 | Michael Dennis Sullivan Irrevocable Trust, (Wells Fargo Bank, N.A. LOC), 2.450%, 8/4/2022 | 9,000,000 | |
100,000,000 | MUFG Bank Ltd., 1.860% (SOFR +0.330%), 8/1/2022 | 100,000,000 | |
79,000,000 | National Australia Bank Ltd., Melbourne, 2.460% (SOFR +0.180%), 8/2/2022 | 79,000,000 | |
110,000,000 | Nordea Bank Abp, 1.680% (SOFR +0.150%), 8/1/2022 | 110,000,000 | |
115,000,000 | Nordea Bank Abp, 1.690% (SOFR +0.160%), 8/1/2022 | 115,000,000 | |
109,000,000 | Nordea Bank Abp, 2.080% (SOFR +0.550%), 8/1/2022 | 109,000,000 | |
34,000,000 | Nuveen Floating Rate Income Fund, (Series A), (Sumitomo Mitsui Banking Corp. LOC), 2.470%, 8/4/2022 | 34,000,000 | |
3,115,000 | Public Building Corp. Springfield, MO, Jordan Valley Ice Park, Series 2003, (U.S. Bank, N.A. LOC), 2.380%, 8/4/2022 | 3,115,000 | |
150,000,000 | Royal Bank of Canada, 2.830% (SOFR +0.550%), 8/1/2022 | 149,837,175 | |
62,500,000 | Royal Bank of Canada, 3.030% (SOFR +0.750%), 8/1/2022 | 62,500,000 | |
152,500,000 | Royal Bank of Canada, New York Branch, 2.430% (SOFR +0.150%), 8/2/2022 | 152,427,909 | |
18,965,000 | Salem Green, LLP, Salem Green Apartments Project, Series 2010, (Wells Fargo Bank, N.A. LOC), 2.370%, 8/4/2022 | 18,965,000 | |
150,000,000 | Svenska Handelsbanken, Stockholm, 2.080% (SOFR +0.550%), 8/1/2022 | 150,000,000 | |
62,284,973 | Taxable Tender Option Bond Trust 2021-MIZ9060TX, (Series 2021-MIZ9060TX) VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.590%, 8/1/2022 | 62,284,973 | |
25,000,000 | Taxable Tender Option Bond Trust 2021-MIZ9071TX, (Series 2021-MIZ9071TX) VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.720%, 8/1/2022 | 25,000,000 | |
10,000,000 | Taxable Tender Option Bond Trust 2021-MIZ9075TX, (Series MIZ-9075TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.590%, 8/1/2022 | 10,000,000 | |
4,680,000 | Taxable Tender Option Bond Trust 2021-MIZ9077TX, (Series 2021-MIZ9077TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.590%, 8/1/2022 | 4,680,000 |
Principal Amount | Value | ||
1 | NOTES - VARIABLE— continued | ||
Finance - Banking— continued | |||
$ 3,000,000 | Taxable Tender Option Bond Trust 2021-MIZ9078TX, (Series 2021-MIZ9078TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.590%, 8/1/2022 | $ 3,000,000 | |
3,954,172 | Taxable Tender Option Bond Trust 2021-MIZ9083TX, (Series 2021-MIZ9083TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.590%, 8/1/2022 | 3,954,172 | |
18,750,000 | Taxable Tender Option Bond Trust 2022-MIZ9087TX, (Series 2022-MIZ9096TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.640%, 8/4/2022 | 18,750,000 | |
30,000,000 | Taxable Tender Option Bond Trust2021-MIZ9070TX, (Series 2021-MIZ9070TX) VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.720%, 8/1/2022 | 30,000,000 | |
68,300,000 | Triborough Bridge & Tunnel Authority, NY, (Taxable Series E) Weekly VRDNs, (Bank of America N.A. LOC), 2.310%, 8/4/2022 | 68,300,000 | |
3,600,000 | Village Green Finance Co. LLC, (Series 1997), (Wells Fargo Bank, N.A. LOC), 2.660%, 8/3/2022 | 3,600,000 | |
99,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.730% (SOFR +0.450%), 8/1/2022 | 98,900,322 | |
150,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.730% (SOFR+0.450%), 8/2/2022 | 149,841,945 | |
80,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.780% (SOFR +0.500%), 8/1/2022 | 80,004,166 | |
40,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.780% (SOFR +0.500%), 8/1/2022 | 39,976,808 | |
136,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.780% (SOFR +0.500%), 8/2/2022 | 135,917,855 | |
5,870,000 | Yeshivas Novominsk, Series 2008, (TD Bank, N.A. LOC), 2.450%, 8/4/2022 | 5,870,000 | |
TOTAL | 3,310,838,407 | ||
Finance - Retail— 2.3% | |||
70,000,000 | Chariot Funding LLC, 1.710% (SOFR +0.180%), 8/1/2022 | 70,000,000 | |
45,000,000 | Chariot Funding LLC, 2.680% (SOFR +0.400%), 8/1/2022 | 44,997,621 | |
45,000,000 | Old Line Funding, LLC, 2.080% (SOFR +0.550%), 1/9/2023 | 44,994,657 | |
100,000,000 | Old Line Funding, LLC, 2.830% (SOFR +0.550%), 10/3/2022 | 100,016,040 | |
47,500,000 | Thunder Bay Funding, LLC, 2.080% (SOFR +0.550%), 9/26/2022 | 47,500,000 | |
25,000,000 | Thunder Bay Funding, LLC, 2.880% (SOFR +0.600%), 10/20/2022 | 25,006,354 | |
TOTAL | 332,514,672 | ||
Government Agency— 1.7% | |||
5,285,000 | 1320 W Jefferson LLC, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/3/2022 | 5,285,000 | |
42,450,000 | Archer 1 LLC, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 42,450,000 | |
9,015,000 | Austen Children’s Gift Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 9,015,000 |
Principal Amount | Value | ||
1 | NOTES - VARIABLE— continued | ||
Government Agency— continued | |||
$ 6,830,000 | Baker Life Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | $ 6,830,000 | |
34,850,000 | BWF Forge TL Properties Owner LLC, (Federal Home Loan Bank of Des Moines LOC)/(Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 34,850,000 | |
5,705,000 | Catania Family Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 5,705,000 | |
4,270,000 | Jim Brooks Irrevocable Trust, (Federal Home Loan Bank of Dallas LOC), 2.440%, 8/4/2022 | 4,270,000 | |
11,570,000 | Joseph L. Goggins Irrevocable Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | 11,570,000 | |
3,655,000 | Karyn Brooks Descendants Trust, (Federal Home Loan Bank of Dallas LOC), 2.440%, 8/4/2022 | 3,655,000 | |
6,380,000 | MHF DKF Insurance Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/3/2022 | 6,380,000 | |
17,030,000 | Mohr Green Associates L.P., 2012-A, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 17,030,000 | |
22,610,000 | NWD 2017 Family Trust No. 1, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 22,610,000 | |
9,080,000 | Park Stanton Place LP, (Federal Home Loan Bank of San Francisco LOC), 2.450%, 8/4/2022 | 9,080,000 | |
5,010,000 | R.J. Brooks Jr. Irrevocable Trust, (Federal Home Loan Bank of Dallas LOC), 2.440%, 8/4/2022 | 5,010,000 | |
6,980,000 | RK Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 6,980,000 | |
6,255,000 | Sibley Family Irrevocable Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | 6,255,000 | |
6,610,000 | The CLC Irrevocable Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/4/2022 | 6,610,000 | |
5,120,000 | The Eugene Kim Irrevocable Life Insurance Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 5,120,000 | |
22,830,000 | The Gregory P. Berry Trust, (Federal Home Loan Bank of Des Moines LOC), 2.450%, 8/3/2022 | 22,830,000 | |
5,740,000 | The Leopold Family Insurance Trust, (Federal Home Loan Bank of Dallas LOC), 2.450%, 8/4/2022 | 5,740,000 | |
5,975,000 | The Thompson 2018 Family Trust, (Federal Home Loan Bank of Dallas LOC), 2.440%, 8/4/2022 | 5,975,000 | |
TOTAL | 243,250,000 | ||
TOTAL NOTES - VARIABLE (IDENTIFIED COST $3,888,274,137) | 3,886,603,079 | ||
2 | COMMERCIAL PAPER— 14.0% | ||
Finance - Banking— 10.7% | |||
63,970,000 | Antalis S.A., (Societe Generale, Paris LIQ), 1.773% - 1.853%, 8/1/2022 - 8/5/2022 | 63,965,027 | |
60,000,000 | Bank of Montreal, 2.800%, 5/9/2023 | 60,003,463 |
Principal Amount | Value | ||
2 | COMMERCIAL PAPER— continued | ||
Finance - Banking— continued | |||
$ 200,000,000 | Bank of Nova Scotia, Toronto, 0.200% - 0.210%, 9/8/2022 - 9/29/2022 | $ 199,336,437 | |
100,000,000 | Bennington Stark Capital Co., LLC, (Societe Generale, Paris LIQ), 2.120%, 8/2/2022 | 99,994,111 | |
104,000,000 | Canadian Imperial Bank of Commerce, 0.503% - 2.070%, 12/1/2022 - 3/20/2023 | 102,483,433 | |
50,000,000 | Canadian Imperial Holdings, Inc., 0.351%, 11/8/2022 | 49,631,666 | |
42,500,000 | Chesham Finance LLC Series III, (Societe Generale, Paris COL), 2.404%, 8/31/2022 | 42,415,000 | |
107,500,000 | Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 1.405% - 2.416%, 8/1/2022 - 10/3/2022 | 107,015,267 | |
200,000,000 | Lloyds Bank PLC, London, 1.413% - 2.419%, 8/5/2022 - 9/23/2022 | 199,765,183 | |
5,000,000 | LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 1.455%, 8/12/2022 | 4,997,785 | |
92,000,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 2.310% - 2.567%, 8/1/2022 - 10/11/2022 | 91,752,562 | |
82,000,000 | National Australia Bank Ltd., Melbourne, 1.005% - 3.844%, 9/6/2022 - 6/15/2023 | 81,133,799 | |
85,000,000 | Nationwide Building Society, 2.020%, 8/1/2022 | 85,000,000 | |
145,000,000 | Royal Bank of Canada, 0.251% - 2.229%, 10/14/2022 - 3/29/2023 | 143,538,329 | |
80,000,000 | Royal Bank of Canada, New York Branch, 0.371% - 0.402%, 11/9/2022 - 11/15/2022 | 79,285,026 | |
122,000,000 | Toronto Dominion Bank, 2.903%, 5/31/2023 | 118,207,691 | |
TOTAL | 1,528,524,779 | ||
Finance - Retail— 1.7% | |||
69,000,000 | Fairway Finance Co. LLC, 1.005%, 9/6/2022 | 68,817,535 | |
60,000,000 | Old Line Funding, LLC, 1.659%, 9/13/2022 | 59,804,347 | |
60,000,000 | Old Line Funding, LLC, 1.659%, 9/19/2022 | 59,775,187 | |
50,000,000 | Sheffield Receivables Company LLC, 1.976%, 8/18/2022 | 49,958,958 | |
TOTAL | 238,356,027 | ||
Oil & Oil Finance— 0.5% | |||
70,000,000 | TotalEnergies Capital Canada Ltd., 2.200%, 8/3/2022 | 69,991,445 | |
Sovereign— 1.1% | |||
160,000,000 | BNG Bank N.V., 2.201% - 2.311%, 8/3/2022 - 8/4/2022 | 159,976,228 | |
TOTAL COMMERCIAL PAPER (IDENTIFIED COST $2,001,640,522) | 1,996,848,479 | ||
TIME DEPOSITS— 11.1% | |||
Finance - Banking— 11.1% | |||
500,000,000 | ABN Amro Bank NV, 2.220% - 2.330%, 8/3/2022 - 8/5/2022 | 500,000,000 | |
275,000,000 | Australia & New Zealand Banking Group, Melbourne, 2.210%, 8/3/2022 | 275,000,000 | |
440,000,000 | Australia & New Zealand Banking Group, Melbourne, 2.320%, 8/1/2022 | 440,000,000 |
Principal Amount | Value | ||
TIME DEPOSITS— continued | |||
Finance - Banking— continued | |||
$ 360,000,000 | Mizuho Bank Ltd., 2.320%, 8/1/2022 | $ 360,000,000 | |
TOTAL TIME DEPOSITS (IDENTIFIED COST $1,575,000,000) | 1,575,000,000 | ||
CERTIFICATES OF DEPOSIT— 10.6% | |||
Finance - Banking— 10.6% | |||
26,500,000 | Bank of Montreal, 2.850%, 5/24/2023 | 26,336,767 | |
210,000,000 | Credit Agricole Corporate and Investment Bank, 1.560% - 2.320%, 8/5/2022 - 8/12/2022 | 210,000,000 | |
115,000,000 | DNB Bank ASA, 1.100%, 9/6/2022 | 114,843,595 | |
100,000,000 | Mizuho Bank Ltd., 2.600%, 10/20/2022 | 100,000,000 | |
165,000,000 | MUFG Bank Ltd., 1.420% - 1.450%, 8/18/2022 - 8/19/2022 | 164,962,798 | |
70,000,000 | Sumitomo Mitsui Banking Corp., 1.450%, 8/5/2022 | 70,000,000 | |
515,000,000 | Sumitomo Mitsui Trust Bank Ltd., 1.450% - 2.530%, 8/18/2022 - 9/29/2022 | 514,947,924 | |
305,000,000 | Toronto Dominion Bank, 0.220% - 4.070%, 10/14/2022 - 7/18/2023 | 303,829,965 | |
TOTAL CERTIFICATES OF DEPOSIT (IDENTIFIED COST $1,506,500,000) | 1,504,921,049 | ||
U.S. TREASURY— 0.3% | |||
U.S. Treasury Notes— 0.3% | |||
50,000,000 | 1 | United States Treasury Floating Rate Notes, 2.570% (91-day T-Bill +0.034%), 8/2/2022 (IDENTIFIED COST $50,003,021) | 50,137,907 |
OTHER REPURCHASE AGREEMENTS— 17.8% | |||
Finance - Banking— 17.8% | |||
100,000,000 | BMO Capital Markets Corp., 2.05%, dated 2/8/2021, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,706,111 on 9/12/2022, in which corporate bonds and medium-term notes with a market value of $204,755,998 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
439,000,000 | BNP Paribas S.A., 2.40%, dated 7/29/2022, interest in a $500,000,000 collateralized loan agreement will repurchase securities provided as collateral for $500,100,000 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term note with a market value of $510,102,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 439,000,000 | |
100,000,000 | Bofa Securities, Inc., 2.39%, dated 7/29/2022, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,029,875 on 8/1/2022, in which corporate bonds and medium-term notes with a market value of $153,030,602 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 100,000,000 | Bofa Securities, Inc., 2.94%, dated 9/4/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,735,000 on 10/31/2022, in which convertible bonds with a market value of $102,199,120 have been received as collateral and held with BNY Mellon as tri-party agent. | $ 100,000,000 | |
250,000,000 | Bofa Securities, Inc., 2.94%, dated 9/9/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $251,837,500 on 10/31/2022, in which convertible bonds, medium-term notes and Sovereign with a market value of $255,496,826 have been received as collateral and held with BNY Mellon as tri-party agent. | 250,000,000 | |
25,000,000 | Bofa Securities, Inc., 2.35%, dated 7/29/2022, interest in a $25,000,000 collateralized loan agreement will repurchase securities provided as collateral for $25,004,896 on 8/1/2022, in which commercial paper with a market value of $25,505,956 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
125,000,000 | Credit Agricole S.A., 2.47%, dated 6/24/2022, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,144,083 on 8/9/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, commercial paper, treasury notes, treasury bills medium-term notes, U.S. Government Agency securities and sovereign debt with a market value of $306,063,090 have been received as collateral and held with BNY Mellon as tri-party agent. | 125,000,000 | |
280,000,000 | Credit Agricole S.A., 2.37%, dated 6/24/2022, interest in a $800,000,000 collateralized loan agreement will repurchase securities provided as collateral for $800,368,667 on 8/9/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, commercial paper, treasury notes, treasury bill, medium-term notes and sovereign debt with a market value of $816,161,433 have been received as collateral and held with BNY Mellon as tri-party agent. | 280,000,000 | |
70,000,000 | HSBC Securities (USA), Inc., 2.42%, dated 7/29/2022, interest in a $70,000,000 collateralized loan agreement will repurchase securities provided as collateral for $70,014,117 on 8/1/2022, in which corporate bonds, medium-term notes and Sovereign debt with a market value of $71,400,029 have been received as collateral and held with BNY Mellon as tri-party agent. | 70,000,000 | |
49,490,000 | ING Financial Markets LLC, 2.39%, dated 7/29/2022, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,009,958 on 8/1/2022, in which corporate bonds with a market value of $51,010,957 have been received as collateral and held with BNY Mellon as tri-party agent. | 49,490,000 | |
100,000,000 | ING Financial Markets LLC, 2.40%, dated 7/29/2022, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,020,000 on 8/1/2022, in which common stocks, corporate bonds and medium-term notes with a market value of $102,020,404 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 65,000,000 | J.P. Morgan Securities LLC, 2.56%, dated 7/6/2022, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,480,000 on 8/2/2022, in which corporate bonds and medium-term notes with a market value of $255,000,001 have been received as collateral and held with BNY Mellon as tri-party agent. | $ 65,000,000 | |
45,000,000 | Mizuho Securities USA, Inc., 2.52%, dated 7/29/2022, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,015,750 on 8/1/2022, in which common stocks with a market value of $76,516,072 have been received as collateral and held with BNY Mellon as tri-party agent. | 45,000,000 | |
50,000,000 | Mizuho Securities USA, Inc., 2.42%, dated 7/29/2022, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,020,167 on 8/1/2022, in which commercial paper and municipal bonds with a market value of $102,022,014 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
81,000,000 | Mitsubishi UFG Securities Americas, Inc., 2.47%, dated 7/29/2022, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,061,750 on 8/1/2022, in which American depositary receipts, common stocks, corporate bonds, exchange-traded funds and unit investment trust, medium-term notes and municipal bonds with a market value of $306,063,397 have been received as collateral and held with BNY Mellon as tri-party agent. | 81,000,000 | |
135,000,000 | Pershing LLC, 2.57%, dated 7/14/2022, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,149,917 on 8/9/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, commercial paper, common stocks, convertible bond, certificate of deposit, exchange-traded funds, medium-term notes and municipal bonds and U.S. Government Agency securities with a market value of $306,100,946 have been received as collateral and held with BNY Mellon as tri-party agent. | 135,000,000 | |
125,000,000 | Societe Generale, Paris, 2.38%, dated 7/29/2022, interest in a $350,000,000 collateralized loan agreement will repurchase securities provided as collateral for $350,069,417 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium-term notes, municipal bonds, sovereign securities and treasury bill with a market value of $357,071,176 have been received as collateral and held with BNY Mellon as tri-party agent. | 125,000,000 | |
277,000,000 | Societe Generale, Paris, 2.47%, dated 7/29/2022, interest in a $650,000,000 collateralized loan agreement will repurchase securities provided as collateral for $650,133,792 on 8/1/2022, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium-term notes and treasury bill with a market value of $663,136,856 have been received as collateral and held with BNY Mellon as tri-party agent. | 277,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 125,000,000 | Wells Fargo Securities LLC, 3.20%, dated 2/3/2022, interest in a $125,000,000 collateralized loan agreement will repurchase securities provided as collateral for $126,000,000 on 8/1/2022, in which sovereign securities with a market value of $127,614,209 have been received as collateral and held with BNY Mellon as tri-party agent. | $ 125,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS (IDENTIFIED COST $2,541,490,000) | 2,541,490,000 | ||
REPURCHASE AGREEMENTS— 19.2% | |||
Finance - Banking— 19.2% | |||
150,000,000 | Repurchase agreement 2.40%, dated 7/29/2022 under which ABN Amro Bank N.V., Netherlands will repurchase securities provided as collateral for $150,030,000 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 7/25/2052 and the market value of those underlying securities was $153,030,600. | 150,000,000 | |
299,000,000 | Interest in $1,650,000,000 joint repurchase agreement 2.29%, dated 7/29/2022 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $1,650,314,875 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2057 and the market value of those underlying securities was $1,683,321,173. | 299,000,000 | |
500,000,000 | Interest in $1,650,000,000 joint repurchase agreement 2.29%, dated 7/29/2022 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $1,650,314,875 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2057 and the market value of those underlying securities was $1,683,321,173. | 500,000,000 | |
700,000,000 | Interest in $1,800,000,000 joint repurchase agreement 2.30%, dated 7/29/2022 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $1,800,345,000 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 6/16/2064 and the market value of those underlying securities was $1,841,376,235. | 700,000,000 | |
1,000,000,000 | Repurchase agreement 2.30%, dated 7/29/2022 under which Federal Reserve Bank of New York will repurchase securities provided as collateral for $1,000,191,667 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2036 and the market value of those underlying securities was $1,000,191,722. | 1,000,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS— continued | |||
Finance - Banking— continued | |||
$ 87,000,000 | Interest in $150,000,000 joint repurchase agreement 2.39%, dated 7/29/2022 under which Standard Chartered Bank will repurchase securities provided as collateral for $150,029,875 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 2/16/2064 and the market value of those underlying securities was $153,030,473. | $ 87,000,000 | |
TOTAL REPURCHASE AGREEMENTS (IDENTIFIED COST $2,736,000,000) | 2,736,000,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.3% (IDENTIFIED COST $14,298,907,680)3 | 14,291,000,514 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.3)%4 | (46,154,429) | ||
TOTAL NET ASSETS—100% | $14,244,846,085 |
1 | Floating/variable note with current rate and current maturity or next reset date shown. 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 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
3 | Also represents cost of investments for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
The following acronym(s) are used throughout this portfolio: | ||
COL | —Collateralized | |
GTD | —Guaranteed | |
LIQ | —Liquidity Agreement | |
LLP | —Limited Liability Partnership | |
LOC | —Letter of Credit | |
MHF | —Maryland Housing Fund | |
PLC | —Public Limited Company | |
SOFR | —Secured Overnight Financing Rate | |
VRDNs | —Variable Rate Demand Notes |
Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.0005 | $1.0007 | $1.0004 | $1.0003 | $1.0003 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.00371 | 0.0008 | 0.0136 | 0.0239 | 0.0156 |
Net realized and unrealized gain (loss) | (0.0008) | (0.0002) | 0.0003 | 0.0001 | 0.00002 |
Total From Investment Operations | 0.0029 | 0.0006 | 0.0139 | 0.0240 | 0.0156 |
Less Distributions: | |||||
Distributions from net investment income | (0.0036) | (0.0008) | (0.0136) | (0.0239) | (0.0156) |
Net Asset Value, End of Period | $0.9998 | $1.0005 | $1.0007 | $1.0004 | $1.0003 |
Total Return3 | 0.29% | 0.05% | 1.39% | 2.43% | 1.57% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.16% | 0.15% | 0.15% | 0.15% | 0.17% |
Net investment income | 0.38% | 0.08% | 1.37% | 2.41% | 1.62% |
Expense waiver/reimbursement5 | 0.12% | 0.13% | 0.13% | 0.13% | 0.12% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $14,232,133 | $15,298,656 | $23,611,390 | $21,146,776 | $10,941,508 |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.0001. |
3 | Based on net asset value. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
July 31, 2022
Assets: | |
Investment in repurchase agreements and other repurchase agreements | $5,277,490,000 |
Investment in securities | 9,013,510,514 |
Investment in securities, at value (identified cost $14,298,907,680) | 14,291,000,514 |
Cash | 553,403 |
Income receivable | 12,267,528 |
Total Assets | 14,303,821,445 |
Liabilities: | |
Payable for investments purchased | 42,415,000 |
Income distribution payable | 15,954,638 |
Payable for investment adviser fee (Note 5) | 117,280 |
Payable for administrative fee (Note 5) | 91,887 |
Accrued expenses (Note 5) | 396,555 |
Total Liabilities | 58,975,360 |
Net assets for 14,248,059,005 shares outstanding | $14,244,846,085 |
Net Assets Consist of: | |
Paid-in capital | $14,254,096,547 |
Total distributable earnings (loss) | (9,250,462) |
Total Net Assets | $14,244,846,085 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Institutional Shares: | |
$14,232,132,569 ÷ 14,235,341,975 shares outstanding, no par value, unlimited shares authorized | $0.9998 |
Service Shares: | |
$12,713,416 ÷ 12,716,930 shares outstanding, no par value, unlimited shares authorized | $0.9997 |
Capital Shares: | |
$100 ÷ 100 shares outstanding, no par value, unlimited shares authorized | $1.0012* |
* | Actual net asset value per share presented differs from calculated net asset value per share due to rounding. |
Year Ended July 31, 2022
Investment Income: | |
Interest | $72,199,266 |
Expenses: | |
Investment adviser fee (Note 5) | 26,847,301 |
Administrative fee (Note 5) | 10,508,115 |
Custodian fees | 427,458 |
Transfer agent fees | 115,442 |
Directors’/Trustees’ fees (Note 5) | 77,727 |
Auditing fees | 25,110 |
Legal fees | 7,362 |
Portfolio accounting fees | 271,093 |
Other service fees (Notes 2 and 5) | 51,845 |
Share registration costs | 57,131 |
Printing and postage | 19,010 |
Miscellaneous (Note 5) | 113,955 |
TOTAL EXPENSES | 38,521,549 |
Waivers and Reimbursement: | |
Waiver of investment adviser fee (Note 5) | (16,595,747) |
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (28,684) |
TOTAL WAIVERS AND REIMBURSEMENT | (16,624,431) |
Net expenses | 21,897,118 |
Net investment income | 50,302,148 |
Realized and Unrealized Gain (Loss) on Investments: | |
Net realized gain on investments | 54,512 |
Net change in unrealized appreciation of investments | (9,036,105) |
Net realized and unrealized gain (loss) on investments | (8,981,593) |
Change in net assets resulting from operations | $41,320,555 |
Year Ended July 31 | 2022 | 2021 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $50,302,148 | $17,271,664 |
Net realized gain (loss) | 54,512 | 113,108 |
Net change in unrealized appreciation/depreciation | (9,036,105) | (6,131,457) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 41,320,555 | 11,253,315 |
Distributions to Shareholders: | ||
Institutional Shares | (50,220,717) | (17,245,644) |
Service Shares | (41,365) | (4,862) |
Capital Shares | (48) | (8,147) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (50,262,130) | (17,258,653) |
Share Transactions: | ||
Proceeds from sale of shares | 24,614,918,258 | 36,831,815,005 |
Net asset value of shares issued to shareholders in payment of distributions declared | 8,299,365 | 3,142,765 |
Cost of shares redeemed | (25,705,000,012) | (45,212,117,547) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (1,081,782,389) | (8,377,159,777) |
Change in net assets | (1,090,723,964) | (8,383,165,115) |
Net Assets: | ||
Beginning of period | 15,335,570,049 | 23,718,735,164 |
End of period | $14,244,846,085 | $15,335,570,049 |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $51,604 | $(3,382) | $(25,103) |
Capital Shares | 241 | (112) | (87) |
TOTAL | $51,845 | $(3,494) | $(25,190) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 24,232,087,166 | $24,233,003,776 | 36,196,687,324 | $36,215,427,054 |
Shares issued to shareholders in payment of distributions declared | 8,283,360 | 8,282,176 | 3,128,894 | 3,130,517 |
Shares redeemed | (25,296,641,390) | (25,298,888,431) | (44,503,031,101) | (44,525,308,528) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (1,056,270,864) | $(1,057,602,479) | (8,303,214,883) | $(8,306,750,957) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 381,843,923 | $381,914,482 | 320,686,975 | $320,849,653 |
Shares issued to shareholders in payment of distributions declared | 17,154 | 17,151 | 4,099 | 4,101 |
Shares redeemed | (401,541,566) | (401,611,014) | (372,056,896) | (372,241,775) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (19,680,489) | $(19,679,381) | (51,365,822) | $(51,388,021) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | — | $— | 295,358,986 | $295,538,298 |
Shares issued to shareholders in payment of distributions declared | 38 | 38 | 8,141 | 8,147 |
Shares redeemed | (4,498,390) | (4,500,567) | (314,377,023) | (314,567,244) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (4,498,352) | $(4,500,529) | (19,009,896) | $(19,020,799) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (1,080,449,705) | $(1,081,782,389) | (8,373,590,601) | $(8,377,159,777) |
2022 | 2021 | |
Ordinary income | $50,262,130 | $17,258,653 |
Undistributed ordinary income | $57,427 |
Net unrealized depreciation | $(7,907,166) |
Capital loss carryforwards | $(1,400,723) |
Short-Term | Long-Term | Total |
$1,400,723 | $— | $1,400,723 |
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 |
September 23, 2022
Beginning Account Value 2/1/2022 | Ending Account Value 7/31/2022 | Expenses Paid During Period1 | |
Actual | $1,000.00 | $1,003.00 | $0.842 |
Hypothetical (assuming a 5% return before expenses) | $1,000.00 | $1,023.95 | $0.852 |
1 | Expenses are equal to the Fund’s Institutional Shares annualized net expense ratio of 0.17%, multiplied by the average account value over the period, multiplied by 181/365 (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 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $0.99 and $1.00, 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: 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.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, 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.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director, Saint Francis University. |
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. 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); Director, The Golisano Children’s Museum of Naples, Florida; 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; formerly, Executive Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors and Assistant General Counsel and Director of Risk Management, 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. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy 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 |
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 Portfolio Manager since: November 1996 | Principal Occupations: Deborah A. Cunningham has been the Fund’s Portfolio Manager since November 1996. Ms. 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. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Share Class | Ticker | Automated | TOAXX | Institutional | TOIXX | Service | TOSXX |
Capital | TOCXX | Trust | TOTXX |
Federated Hermes Treasury Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
Security Type | Percentage of Total Net Assets |
U.S. Treasury Securities | 15.9% |
Repurchase Agreements | 78.6% |
Other Assets and Liabilities—Net2 | 5.5% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests. |
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 | 87.9% |
8-30 Days | 1.8% |
31-90 Days | 1.0% |
91-180 Days | 2.9% |
181 Days or more | 0.9% |
Other Assets and Liabilities—Net2 | 5.5% |
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 | ||
U.S. TREASURIES— 15.9% | |||
$ 380,000,000 | 1 | United States Treasury Bill, 0.770%, 8/18/2022 | $ 379,861,828 |
95,000,000 | 1 | United States Treasury Bill, 0.122%, 10/6/2022 | 94,978,665 |
190,000,000 | 1 | United States Treasury Bill, 0.630%, 1/26/2023 | 189,408,150 |
375,000,000 | 1 | United States Treasury Bill, 1.530%, 11/25/2022 | 373,151,250 |
400,000,000 | 1 | United States Treasury Bill, 1.580%, 12/1/2022 | 397,858,222 |
50,000,000 | 1 | United States Treasury Bill, 2.512%, 1/5/2023 | 49,452,135 |
238,000,000 | 1 | United States Treasury Bill, 2.680%, 1/12/2023 | 235,094,284 |
425,000,000 | 1 | United States Treasury Bills, 1.465% - 1.490%, 11/17/2022 | 423,113,000 |
250,000,000 | 2 | United States Treasury Floating Rate Notes, 2.461% (91-day T-Bill -0.075%), 8/2/2022 | 249,999,979 |
510,000,000 | 2 | United States Treasury Floating Rate Notes, 2.470% (91-day T-Bill +0.037%), 8/2/2022 | 509,999,767 |
679,600,000 | 2 | United States Treasury Floating Rate Notes, 2.521% (91-day T-Bill -0.015%), 8/2/2022 | 679,969,501 |
1,216,000,000 | 2 | United States Treasury Floating Rate Notes, 2.565% (91-day T-Bill +0.029%), 8/2/2022 | 1,216,033,073 |
1,268,000,000 | 2 | United States Treasury Floating Rate Notes, 2.570% (91-day T-Bill +0.034%), 8/2/2022 | 1,268,032,912 |
563,000,000 | 2 | United States Treasury Floating Rate Notes, 2.571% (91-day T-Bill +0.035%), 8/2/2022 | 562,989,252 |
636,000,000 | 2 | United States Treasury Floating Rate Notes, 2.585% (91-day T-Bill +0.049%), 8/2/2022 | 636,017,037 |
25,000,000 | United States Treasury Floating Rate Notes, 2.591%, 7/1/202 | 25,000,000 | |
236,000,000 | United States Treasury Note, 0.125%, 8/1/2022 | 236,008,510 | |
65,000,000 | United States Treasury Note, 0.125%, 2/28/2023 | 64,424,544 | |
66,000,000 | United States Treasury Note, 0.125%, 5/31/2023 | 64,905,115 | |
50,000,000 | United States Treasury Note, 0.125%, 6/30/2023 | 49,009,115 | |
82,535,000 | United States Treasury Note, 1.500%, 3/31/2023 | 82,461,787 | |
23,000,000 | United States Treasury Note, 1.625%, 8/31/2022 | 23,029,154 | |
133,000,000 | United States Treasury Note, 1.875%, 8/1/2022 | 133,196,506 | |
TOTAL | 7,943,993,786 | ||
REPURCHASE AGREEMENTS— 78.6% | |||
2,119,789,000 | Interest in $3,000,000,000 joint repurchase agreement 2.30%, dated 7/29/2022 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,575,000 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2050 and the market value of those underlying securities was $3,060,586,535. | 2,119,789,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS— continued | |||
$ 450,000,000 | Interest in $1,850,000,000 joint repurchase agreement 1.47%, dated 6/7/2022 under which BNP Paribas S.A. will repurchase securities provided as collateral for $1,857,025,375 on 9/9/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2051 and the market value of those underlying securities was $1,891,160,894. | $ 450,000,000 | |
400,000,000 | Interest in $800,000,000 joint repurchase agreement 2.25%, dated 7/29/2022 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $800,150,000 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2052 and the market value of those underlying securities was $816,153,045. | 400,000,000 | |
5,000,000 | Repurchase agreement 2.23%, dated 7/29/2022 under which Barclays Capital, Inc. will repurchase a security provided as collateral for $5,000,929 on 8/1/2022. The security provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were a U.S. Treasury security maturing on 2/15/2042 and the market value of that underlying securities was $5,101,011. | 5,000,000 | |
500,000,000 | Repurchase agreement 2.30%, dated 7/29/2022 under which National Australia Bank Ltd., Melbourne will repurchase securities provided as collateral for $500,095,833 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2047 and the market value of those underlying securities was $510,585,133. | 500,000,000 | |
358,765,375 | Repurchase agreement 2.31%, dated 7/29/2022 under which Prudential Insurance Co. of America will repurchase a security provided as collateral for $358,834,437 on 8/1/2022. The security provided as collateral the end of the period held with BNY Mellon as tri-party agent, were a U.S. Treasury security maturing on 5/15/2052 and the market value of that underlying security was $366,144,347. | 358,765,375 | |
106,680,000 | Repurchase agreement 2.31%, dated 7/29/2022 under which Prudential Legacy Insurance Co. of NJ will repurchase securities provided as collateral for $106,700,536 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2045 and the market value of those underlying securities was $108,959,547. | 106,680,000 | |
250,000,000 | Repurchase agreement 2.25%, dated 7/29/2022 under which Citibank, N.A. will repurchase securities provided as collateral for $250,046,875 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2052 and the market value of those underlying securities was $255,048,206. | 250,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS— continued | |||
$ 200,000,000 | Interest in $225,000,000 joint repurchase agreement 1.69%, dated 5/20/2022 under which BNP Paribas S.A. will repurchase securities provided as collateral for $226,954,063 on 11/21/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2050 and the market value of those underlying securities was $230,286,528. | $ 200,000,000 | |
200,000,000 | Interest in $225,000,000 joint repurchase agreement 1.79%, dated 6/1/2022 under which BNP Paribas S.A. will repurchase securities provided as collateral for $227,047,313 on 12/2/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2050 and the market value of those underlying securities was $230,184,708. | 200,000,000 | |
420,000,000 | Repurchase agreement 2.24%, dated 7/29/2022 under which BNP Paribas S.A. will repurchase securities provided as collateral for $420,078,400 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 1/15/2027 and the market value of those underlying securities was $428,480,039. | 420,000,000 | |
125,000,000 | Repurchase agreement 2.25%, dated 7/29/2022 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $125,023,438 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2050 and the market value of those underlying securities was $127,523,929. | 125,000,000 | |
465,000,000 | Interest in $500,000,000 joint repurchase agreement 2.30%, dated 1/7/2020 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $500,223,611 on 8/9/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2050 and the market value of those underlying securities was $510,003,005. | 465,000,000 | |
200,000,000 | Repurchase agreement 2.23%, dated 7/29/2022 under which NatWest Markets Securities, Inc. will repurchase securities provided as collateral for $200,037,167 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2052 and the market value of those underlying securities was $204,000,016. | 200,000,000 | |
100,000,000 | Repurchase agreement 2.30%, dated 7/29/2022 under which DNB Bank ASA will repurchase securities provided as collateral for $100,019,167 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2029 and the market value of those underlying securities was $103,038,413. | 100,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS— continued | |||
$32,000,000,000 | Repurchase agreement 2.30%, dated 7/29/2022 under which Federal Reserve Bank of New York will repurchase securities provided as collateral for $32,006,133,333 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2042 and the market value of those underlying securities was $32,006,133,350. | $32,000,000,000 | |
450,000,000 | Interest in $750,000,000 joint repurchase agreement 2.22%, dated 7/29/2022 under which Standard Chartered Bank will repurchase securities provided as collateral for $750,138,750 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2049 and the market value of those underlying securities was $765,141,594. | 450,000,000 | |
18,700,000 | Repurchase agreement 2.31%, dated 7/29/2022 under which United of Omaha Life Insurance Co. will repurchase securities provided as collateral for $18,703,600 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2024 and the market value of those underlying securities was $19,109,630. | 18,700,000 | |
450,001,812 | Repurchase agreement 2.30%, dated 7/29/2022 under which Metropolitan Life Insurance Co. will repurchase securities provided as collateral for $450,088,062 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2051 and the market value of those underlying securities was $460,182,533. | 450,001,812 | |
350,000,000 | Repurchase agreement 2.27%, dated 7/29/2022 under which Bofa Securities, Inc. will repurchase securities provided as collateral for $350,066,209 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 12/31/2026 and the market value of those underlying securities was $357,067,396. | 350,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 39,168,936,187 | ||
TOTAL INVESTMENT IN SECURITIES—94.5% (AT AMORTIZED COST)3 | 47,112,929,973 | ||
OTHER ASSETS AND LIABILITIES - NET—5.5%4 | 2,733,790,636 | ||
TOTAL NET ASSETS—100% | $49,846,720,609 |
1 | Discount rate at time of purchase. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. |
3 | Also represents cost for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.002 | 0.0001 | 0.008 | 0.019 | 0.010 |
Net realized gain (loss) | (0.000)1 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
Total From Investment Operations | 0.002 | 0.0001 | 0.008 | 0.019 | 0.010 |
Less Distributions: | |||||
Distributions from net investment income | (0.002) | (0.000)1 | (0.008) | (0.019) | (0.010) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
Total Distributions | (0.002) | (0.000)1 | (0.008) | (0.019) | (0.010) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.18% | 0.01% | 0.84% | 1.88% | 1.03% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.21% | 0.11% | 0.43% | 0.48% | 0.42% |
Net investment income | 0.13% | 0.01% | 0.82% | 1.87% | 1.02% |
Expense waiver/reimbursement4 | 0.42% | 0.52% | 0.18% | 0.11% | 0.10% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,615,683 | $2,390,301 | $2,076,883 | $2,138,942 | $2,059,409 |
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 July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.003 | 0.0001 | 0.011 | 0.022 | 0.013 |
Net realized gain (loss) | (0.000)1 | 0.0001 | (0.000)1 | 0.0001 | 0.0001 |
Total From Investment Operations | 0.003 | 0.0001 | 0.011 | 0.022 | 0.013 |
Less Distributions: | |||||
Distributions from net investment income | (0.003) | (0.000)1 | (0.011) | (0.022) | (0.013) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
Total Distributions | (0.003) | (0.000)1 | (0.011) | (0.022) | (0.013) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.29% | 0.01% | 1.09% | 2.18% | 1.25% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.12% | 0.11% | 0.19% | 0.18% | 0.19% |
Net investment income | 0.29% | 0.01% | 0.99% | 2.17% | 1.24% |
Expense waiver/reimbursement4 | 0.16% | 0.17% | 0.10% | 0.11% | 0.10% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $40,500,072 | $40,668,867 | $49,615,082 | $33,350,766 | $25,992,845 |
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 July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.002 | 0.0001 | 0.009 | 0.019 | 0.010 |
Net realized gain (loss) | (0.000)1 | 0.0001 | (0.000)1 | 0.0001 | 0.0001 |
Total From Investment Operations | 0.002 | 0.0001 | 0.009 | 0.019 | 0.010 |
Less Distributions: | |||||
Distributions from net investment income | (0.002) | (0.000)1 | (0.009) | (0.019) | (0.010) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
Total Distributions | (0.002) | (0.000)1 | (0.009) | (0.019) | (0.010) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.20% | 0.01% | 0.88% | 1.93% | 1.00% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.20% | 0.12% | 0.39% | 0.43% | 0.44% |
Net investment income | 0.19% | 0.01% | 0.84% | 1.92% | 0.96% |
Expense waiver/reimbursement4 | 0.33% | 0.41% | 0.15% | 0.11% | 0.10% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $4,833,929 | $5,363,707 | $5,512,396 | $4,672,058 | $3,584,885 |
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 July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.002 | 0.0001 | 0.010 | 0.021 | 0.012 |
Net realized gain (loss) | (0.000)1 | 0.0001 | (0.000)1 | 0.0001 | (0.000)1 |
Total From Investment Operations | 0.002 | 0.0001 | 0.010 | 0.021 | 0.012 |
Less Distributions: | |||||
Distributions from net investment income | (0.002) | (0.000)1 | (0.010) | (0.021) | (0.012) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
Total Distributions | (0.002) | (0.000)1 | (0.010) | (0.021) | (0.012) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.25% | 0.01% | 0.99% | 2.08% | 1.15% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.16% | 0.11% | 0.28% | 0.28% | 0.29% |
Net investment income | 0.25% | 0.01% | 0.90% | 2.07% | 1.12% |
Expense waiver/reimbursement4 | 0.22% | 0.27% | 0.11% | 0.11% | 0.10% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $2,100,176 | $1,859,069 | $2,119,651 | $1,250,599 | $1,114,276 |
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 July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income (loss) | 0.001 | 0.0001 | 0.007 | 0.017 | 0.008 |
Net realized gain (loss) | (0.000)1 | 0.0001 | (0.000)1 | 0.0001 | (0.000)1 |
Total From Investment Operations | 0.001 | 0.0001 | 0.007 | 0.017 | 0.008 |
Less Distributions: | |||||
Distributions from net investment income | (0.001) | (0.000)1 | (0.007) | (0.017) | (0.008) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
Total Distributions | (0.001) | (0.000)1 | (0.007) | (0.017) | (0.008) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.14% | 0.01% | 0.72% | 1.67% | 0.75% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.27% | 0.13% | 0.54% | 0.68% | 0.69% |
Net investment income | 0.14% | 0.01% | 0.66% | 1.67% | 0.77% |
Expense waiver/reimbursement4 | 0.51% | 0.65% | 0.25% | 0.11% | 0.10% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $796,860 | $754,675 | $1,379,716 | $860,830 | $512,289 |
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. |
July 31, 2022
Assets: | |
Investment in repurchase agreements | $39,168,936,187 |
Investment in securities | 7,943,993,786 |
Investment in securities, at amortized cost and fair value | 47,112,929,973 |
Cash | 1,336,231,892 |
Income receivable | 37,702,554 |
Receivable for investments sold | 1,900,000,000 |
Receivable for shares sold | 65,924,054 |
Total Assets | 50,452,788,473 |
Liabilities: | |
Payable for investments purchased | 510,036,220 |
Payable for shares redeemed | 50,052,178 |
Income distribution payable | 42,561,352 |
Payable for investment adviser fee (Note 5) | 494,456 |
Payable for administrative fee (Note 5) | 321,375 |
Payable for Directors’/Trustees’ fees (Note 5) | 10,866 |
Payable for distribution services fee (Note 5) | 172,719 |
Payable for other service fees (Notes 2 and 5) | 1,613,457 |
Accrued expenses (Note 5) | 805,241 |
Total Liabilities | 606,067,864 |
Net assets for 49,869,597,874 shares outstanding | $49,846,720,609 |
Net Assets Consist of: | |
Paid-in capital | $49,869,790,877 |
Total distributable earnings (loss) | (23,070,268) |
Total Net Assets | $49,846,720,609 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Automated Shares: | |
$1,615,683,090 ÷ 1,616,424,043 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Institutional Shares: | |
$40,500,071,916 ÷ 40,518,650,708 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Service Shares: | |
$4,833,929,156 ÷ 4,836,148,293 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Capital Shares: | |
$2,100,176,360 ÷ 2,101,148,708 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Trust Shares: | |
$796,860,087 ÷ 797,226,122 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Year Ended July 31, 2022
Investment Income: | |
Interest | $201,143,077 |
Expenses: | |
Investment adviser fee (Note 5) | 97,761,393 |
Administrative fee (Note 5) | 38,257,569 |
Custodian fees | 1,358,733 |
Transfer agent fees (Note 2) | 2,576,718 |
Directors’/Trustees’ fees (Note 5) | 293,961 |
Auditing fees | 25,110 |
Legal fees | 7,138 |
Portfolio accounting fees | 239,419 |
Distribution services fee (Note 5) | 2,077,569 |
Other service fees (Notes 2 and 5) | 22,822,890 |
Share registration costs | 169,863 |
Printing and postage | 164,437 |
Miscellaneous (Note 5) | 277,804 |
TOTAL EXPENSES | 166,032,604 |
Waivers and Reimbursements: | |
Waiver of investment adviser fee (Note 5) | (73,378,825) |
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (23,242,695) |
TOTAL WAIVERS AND REIMBURSEMENTS | (96,621,520) |
Net expenses | 69,411,084 |
Net investment income | 131,731,993 |
Net realized loss on investments | (23,055,939) |
Change in net assets resulting from operations | $108,676,054 |
Year Ended July 31 | 2022 | 2021 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $131,731,993 | $7,054,702 |
Net realized gain (loss) | (23,055,939) | 73,708 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 108,676,054 | 7,128,410 |
Distributions to Shareholders: | ||
Automated Shares | (3,178,441) | (209,741) |
Institutional Shares | (112,874,570) | (6,197,196) |
Service Shares | (9,732,842) | (484,814) |
Capital Shares | (4,902,590) | (166,570) |
Trust Shares | (1,158,642) | (87,784) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (131,847,085) | (7,146,105) |
Share Transactions: | ||
Proceeds from sale of shares | 262,727,989,725 | 502,424,154,556 |
Net asset value of shares issued to shareholders in payment of distributions declared | 43,327,917 | 2,662,531 |
Cost of shares redeemed | (263,938,044,594) | (512,093,908,564) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (1,166,726,952) | (9,667,091,477) |
Change in net assets | (1,189,897,983) | (9,667,109,172) |
Net Assets: | ||
Beginning of period | 51,036,618,592 | 60,703,727,764 |
End of period | $49,846,720,609 | $51,036,618,592 |
Transfer Agent Fees Incurred | Transfer Agent Fees Waived by Unaffiliated Third Parties | |
Automated Shares | $2,312,333 | $(1,554,091) |
Institutional Shares | 218,936 | — |
Service Shares | 29,360 | — |
Capital Shares | 11,343 | — |
Trust Shares | 4,746 | — |
TOTAL | $2,576,718 | $(1,554,091) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Automated Shares | $5,957,693 | $(21,465) | $(4,601,545) |
Service Shares | 12,838,593 | — | (8,830,174) |
Capital Shares | 1,949,399 | — | (1,211,763) |
Trust Shares | 2,077,205 | — | (1,588,834) |
TOTAL | $22,822,890 | $(21,465) | $(16,232,316) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Automated Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,894,701,881 | $2,894,701,881 | 3,534,186,315 | $3,534,187,820 |
Shares issued to shareholders in payment of distributions declared | 3,061,270 | 3,061,270 | 205,073 | 205,073 |
Shares redeemed | (3,671,626,586) | (3,671,626,586) | (3,220,977,585) | (3,220,977,585) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | (773,863,435) | $(773,863,435) | 313,413,803 | $313,415,308 |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 234,597,319,011 | $234,597,319,011 | 475,862,853,089 | $475,862,876,318 |
Shares issued to shareholders in payment of distributions declared | 34,235,903 | 34,235,903 | 2,162,558 | 2,162,558 |
Shares redeemed | (234,781,536,709) | (234,781,536,709) | (484,811,234,930) | (484,811,234,930) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (149,981,795) | $(149,981,795) | (8,946,219,283) | $(8,946,196,054) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 19,049,431,252 | $19,049,431,252 | 16,207,570,121 | $16,207,573,365 |
Shares issued to shareholders in payment of distributions declared | 2,979,735 | 2,979,735 | 165,128 | 165,128 |
Shares redeemed | (19,579,938,742) | (19,579,938,742) | (16,356,429,399) | (16,356,429,399) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (527,527,755) | $(527,527,755) | (148,694,150) | $(148,690,906) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 4,606,290,921 | $4,606,290,921 | 4,834,374,253 | $4,834,375,459 |
Shares issued to shareholders in payment of distributions declared | 2,883,959 | 2,883,959 | 90,600 | 90,600 |
Shares redeemed | (4,367,084,030) | (4,367,084,030) | (5,095,047,779) | (5,095,047,779) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 242,090,850 | $242,090,850 | (260,582,926) | $(260,581,720) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Trust Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,580,246,660 | $1,580,246,660 | 1,985,141,150 | $1,985,141,594 |
Shares issued to shareholders in payment of distributions declared | 167,050 | 167,050 | 39,172 | 39,172 |
Shares redeemed | (1,537,858,527) | (1,537,858,527) | (2,610,218,871) | (2,610,218,871) |
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | 42,555,183 | $42,555,183 | (625,038,549) | $(625,038,105) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (1,166,726,952) | $(1,166,726,952) | (9,667,121,105) | $(9,667,091,477) |
2022 | 2021 | |
Ordinary income1 | $131,836,915 | $7,146,105 |
Long-term capital gains | $10,170 | $— |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Distributions payable | $(14,329) |
Capital loss carryforwards | $(23,055,939) |
Short-Term | Long-Term | Total |
$23,055,939 | $— | $23,055,939 |
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 |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Trust Shares | $2,077,569 | $(1,405,194) |
September 23, 2022
Beginning Account Value 2/1/2022 | Ending Account Value 7/31/2022 | Expenses Paid During Period1 | |
Actual: | |||
Automated Shares | $1,000 | $1,001.80 | $1.842 |
Institutional Shares | $1,000 | $1,002.80 | $0.94 |
Service Shares | $1,000 | $1,002.00 | $1.693 |
Capital Shares | $1,000 | $1,002.40 | $1.294 |
Trust Shares | $1,000 | $1,001.40 | $2.285 |
Hypothetical (assuming a 5% return before expenses): | |||
Automated Shares | $1,000 | $1,022.96 | $1.862 |
Institutional Shares | $1,000 | $1,023.85 | $0.95 |
Service Shares | $1,000 | $1,023.11 | $1.713 |
Capital Shares | $1,000 | $1,023.51 | $1.304 |
Trust Shares | $1,000 | $1,022.51 | $2.315 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Automated Shares | 0.37% |
Institutional Shares | 0.19% |
Service Shares | 0.34% |
Capital Shares | 0.26% |
Trust Shares | 0.46% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Automated Shares current Fee Limit of 0.55% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.73 and $2.76, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Service Shares current Fee Limit of 0.45% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.23 and $2.26, respectively. |
4 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Capital Shares current Fee Limit of 0.30% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.49 and $1.51, respectively. |
5 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Trust Shares current Fee Limit of 0.70% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $3.47 and $3.51, 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: 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.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, 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.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director, Saint Francis University. |
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. 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); Director, The Golisano Children’s Museum of Naples, Florida; 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; formerly, Executive Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors and Assistant General Counsel and Director of Risk Management, 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. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy 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 |
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 Portfolio Manager since: January 1994 | Principal Occupations: Deborah A. Cunningham has been the Fund’s Portfolio Manager since January 1994. Ms. 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. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N500
CUSIP 60934N872
CUSIP 60934N823
CUSIP 60934N120
Share Class | Ticker | Institutional | TTOXX | Cash II | TTIXX | Cash Series | TCSXX |
Federated Hermes Trust for U.S. Treasury Obligations
A Portfolio of Federated Hermes Money Market Obligations Trust
Security Type | Percentage of Total Net Assets |
U.S. Treasury Securities | 29.0% |
Repurchase Agreements | 66.7% |
Other Assets and Liabilities—Net2 | 4.3% |
TOTAL | 100% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests. |
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 | 79.7% |
8-30 Days | 3.1% |
31-90 Days | 4.7% |
91-180 Days | 7.5% |
181 Days or more | 0.7% |
Other Assets and Liabilities—Net2 | 4.3% |
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 | ||
U.S. TREASURIES— 29.0% | |||
$ 35,000,000 | 1 | United States Treasury Bills, 0.080%, 8/11/2022 | $ 34,999,222 |
5,000,000 | 1 | United States Treasury Bills, 0.122%, 10/6/2022 | 4,998,877 |
22,000,000 | 1 | United States Treasury Bills, 0.160% - 0.163%, 11/3/2022 | 21,990,757 |
24,000,000 | 1 | United States Treasury Bills, 0.240% - 1.580%, 12/1/2022 | 23,889,658 |
10,000,000 | 1 | United States Treasury Bills, 0.630%, 1/26/2023 | 9,968,850 |
20,000,000 | 1 | United States Treasury Bills, 0.770%, 8/18/2022 | 19,992,728 |
23,000,000 | 1 | United States Treasury Bills, 0.910% - 0.935%, 9/22/2022 | 22,969,479 |
25,000,000 | 1 | United States Treasury Bills, 1.490%, 11/17/2022 | 24,888,250 |
23,250,000 | 1 | United States Treasury Bills, 1.530%, 11/25/2022 | 23,135,378 |
12,000,000 | 1 | United States Treasury Bills, 2.680%, 1/12/2023 | 11,853,493 |
10,000,000 | 1 | United States Treasury Bills, 3.020%, 6/15/2023 | 9,733,233 |
30,180,000 | 2 | United States Treasury Floating Rate Notes, 2.461% (91-day T-Bills -0.075%), 8/2/2022 | 30,158,066 |
25,000,000 | 2 | United States Treasury Floating Rate Notes, 2.470% (91-day T-Bills +0.037%), 8/2/2022 | 24,999,989 |
37,500,000 | 2 | United States Treasury Floating Rate Notes, 2.521% (91-day T-Bills -0.015%), 8/2/2022 | 37,519,640 |
61,000,000 | 2 | United States Treasury Floating Rate Notes, 2.565% (91-day T-Bills +0.029%), 8/2/2022 | 61,001,535 |
69,500,000 | 2 | United States Treasury Floating Rate Notes, 2.570% (91-day T-Bills +0.034%), 8/2/2022 | 69,501,767 |
33,000,000 | 2 | United States Treasury Floating Rate Notes, 2.571% (91-day T-Bills +0.035%), 8/2/2022 | 32,999,354 |
52,000,000 | 2 | United States Treasury Floating Rate Notes, 2.585% (91-day T-Bills +0.049%), 8/2/2022 | 52,001,473 |
30,750,000 | United States Treasury Notes, 0.125%, 10/31/2022 | 30,752,041 | |
4,000,000 | United States Treasury Notes, 0.125%, 2/28/2023 | 3,964,587 | |
3,900,000 | United States Treasury Notes, 0.125%, 5/31/2023 | 3,835,302 | |
23,000,000 | United States Treasury Notes, 0.125% - 1.750%, 9/30/2022 | 23,020,904 | |
31,000,000 | United States Treasury Notes, 0.125% - 1.875%, 8/31/2022 | 31,025,622 | |
15,000,000 | United States Treasury Notes, 0.125% - 2.125%, 12/31/2022 | 15,069,621 | |
14,354,000 | United States Treasury Notes, 1.375%, 10/15/2022 | 14,392,073 | |
23,000,000 | United States Treasury Notes, 1.500%, 9/15/2022 | 23,040,146 | |
5,000,000 | United States Treasury Notes, 1.500%, 3/31/2023 | 4,995,565 | |
14,000,000 | United States Treasury Notes, 1.625%, 11/15/2022 | 14,061,299 | |
41,000,000 | United States Treasury Notes, 1.875%, 10/31/2022 | 40,999,928 | |
15,000,000 | United States Treasury Notes, 2.000%, 11/30/2022 | 15,091,758 | |
TOTAL | 736,850,595 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS— 66.7% | |||
$ 238,300,000 | Interest in $3,000,000,000 joint repurchase agreement 2.30%, dated 7/29/2022 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,575,000 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2050 and the market value of those underlying securities was $3,060,586,535. | $ 238,300,000 | |
50,000,000 | Interest in $1,850,000,000 joint repurchase agreement 1.47%, dated 6/7/2022 under which BNP Paribas S.A. will repurchase securities provided as collateral for $1,857,025,375 on 9/9/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2051 and the market value of those underlying securities was $1,891,160,894 | 50,000,000 | |
25,000,000 | Interest in $25,000,000 joint repurchase agreement 1.64%, dated 5/16/2022 under which BNP Paribas S.A. will repurchase securities provided as collateral for $25,209,556 on 11/16/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $25,589,485. | 25,000,000 | |
25,000,000 | Interest in $225,000,000 joint repurchase agreement 1.69%, dated 5/20/2022 under which BNP Paribas S.A. will repurchase securities provided as collateral for $226,954,063 on 11/21/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2050 and the market value of those underlying securities was $230,286,528. | 25,000,000 | |
25,000,000 | Interest in $225,000,000 joint repurchase agreement 1.79%, dated 6/1/2022 under which BNP Paribas S.A. will repurchase securities provided as collateral for $227,047,313 on 12/2/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2050 and the market value of those underlying securities was $230,184,708. | 25,000,000 | |
35,000,000 | Interest in $500,000,000 joint repurchase agreement 2.30%, dated 1/7/2020 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $500,223,611 on 8/9/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2050 and the market value of those underlying securities was $510,003,005. | 35,000,000 | |
1,000,000,000 | Interest in $1,000,000,000 joint repurchase agreement 2.30%, dated 7/29/2022 under which Federal Reserve Bank of New York will repurchase securities provided as collateral for $1,000,191,667 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2042 and the market value of those underlying securities was $1,000,191,761. | 1,000,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS— continued | |||
$ 300,000,000 | Interest in $750,000,000 joint repurchase agreement 2.22%, dated 7/29/2022 under which Standard Chartered Bank will repurchase securities provided as collateral for $750,138,750 on 8/1/2022. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2049 and the market value of those underlying securities was $765,141,594. | $ 300,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 1,698,300,000 | ||
TOTAL INVESTMENT IN SECURITIES—95.7% (AT AMORTIZED COST)3 | 2,435,150,595 | ||
OTHER ASSETS AND LIABILITIES - NET—4.3%4 | 109,308,460 | ||
TOTAL NET ASSETS—100% | $2,544,459,055 |
1 | Discount rate(s) at time of purchase. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. |
3 | Also represents cost of investments for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.003 | 0.0001 | 0.011 | 0.021 | 0.012 |
Net realized gain (loss) | (0.000)1 | 0.0001 | (0.000)1 | 0.0001 | 0.0001 |
Total From Investment Operations | 0.003 | 0.0001 | 0.011 | 0.021 | 0.012 |
Less Distributions: | |||||
Distributions from net investment income | (0.003) | (0.000)1 | (0.011) | (0.021) | (0.012) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
Total Distributions | (0.003) | (0.000)1 | (0.011) | (0.021) | (0.012) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.26% | 0.01% | 1.07% | 2.16% | 1.25% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.12% | 0.13% | 0.20% | 0.20% | 0.20% |
Net investment income | 0.22% | 0.01% | 0.94% | 2.18% | 1.23% |
Expense waiver/reimbursement4 | 0.18% | 0.17% | 0.11% | 0.11% | 0.13% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,134,075 | $1,464,865 | $2,334,139 | $1,344,393 | $360,889 |
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 July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.001 | 0.0001 | 0.006 | 0.014 | 0.005 |
Net realized gain (loss) | (0.000)1 | 0.0001 | (0.000)1 | 0.0001 | 0.0001 |
Total From Investment Operations | 0.001 | 0.0001 | 0.006 | 0.014 | 0.005 |
Less Distributions: | |||||
Distributions from net investment income | (0.001) | (0.000)1 | (0.006) | (0.014) | (0.005) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
Total Distributions | (0.001) | (0.000)1 | (0.006) | (0.014) | (0.005) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.08% | 0.00%3 | 0.58% | 1.45% | 0.54% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.30% | 0.13% | 0.67% | 0.90% | 0.90% |
Net investment income | 0.08% | 0.00%3 | 0.53% | 1.44% | 0.53% |
Expense waiver/reimbursement5 | 0.70% | 0.87% | 0.34% | 0.11% | 0.13% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $691,193 | $735,469 | $750,118 | $591,844 | $635,165 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Represents less than 0.01%. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.001 | 0.0001 | 0.005 | 0.013 | 0.004 |
Net realized gain (loss) | (0.000)1 | 0.0001 | (0.000)1 | 0.0001 | 0.0001 |
Total From Investment Operations | 0.001 | 0.0001 | 0.005 | 0.013 | 0.004 |
Less Distributions: | |||||
Distributions from net investment income | (0.001) | (0.000)1 | (0.005) | (0.013) | (0.004) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
Total Distributions | (0.001) | (0.000)1 | (0.005) | (0.013) | (0.004) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.06% | 0.00%3 | 0.50% | 1.31% | 0.40% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.33% | 0.13% | 0.76% | 1.04% | 1.05% |
Net investment income | 0.06% | 0.00%3 | 0.47% | 1.32% | 0.30% |
Expense waiver/reimbursement5 | 0.92% | 1.10% | 0.48% | 0.21% | 0.23% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $719,191 | $767,050 | $653,747 | $496,252 | $341,124 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Represents less than 0.01%. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
July 31, 2022
Assets: | |
Investment in repurchase agreements | $1,698,300,000 |
Investment in securities | 736,850,595 |
Investment in securities, at amortized cost and fair value | 2,435,150,595 |
Cash | 186,768 |
Income receivable | 3,085,412 |
Receivable for investments sold | 128,250,000 |
Receivable for shares sold | 6,860,046 |
Total Assets | 2,573,532,821 |
Liabilities: | |
Payable for investments purchased | 25,001,775 |
Payable for shares redeemed | 2,193,305 |
Income distribution payable | 665,172 |
Payable for investment adviser fee (Note 5) | 19,702 |
Payable for administrative fee (Note 5) | 16,378 |
Payable for Directors’/Trustees’ fees (Note 5) | 244 |
Payable for distribution services fee (Note 5) | 538,854 |
Payable for other service fees (Notes 2 and 5) | 320,490 |
Accrued expenses (Note 5) | 317,846 |
Total Liabilities | 29,073,766 |
Net assets for 2,544,500,464 shares outstanding | $2,544,459,055 |
Net Assets Consist of: | |
Paid-in capital | $2,544,500,494 |
Total distributable earnings (loss) | (41,439) |
Total Net Assets | $2,544,459,055 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | |
Institutional Shares: | |
$1,134,075,046 ÷ 1,134,093,457 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash II Shares: | |
$691,193,073 ÷ 691,204,345 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Cash Series Shares: | |
$719,190,936 ÷ 719,202,662 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Year Ended July 31, 2022
Investment Income: | |
Interest | $10,061,255 |
Expenses: | |
Investment adviser fee (Note 5) | 5,515,817 |
Administrative fee (Note 5) | 2,158,826 |
Custodian fees | 83,286 |
Transfer agent fees (Note 2) | 1,496,111 |
Directors’/Trustees’ fees (Note 5) | 16,670 |
Auditing fees | 20,299 |
Legal fees | 9,087 |
Portfolio accounting fees | 200,436 |
Distribution services fee (Note 5) | 7,360,399 |
Other service fees (Notes 2 and 5) | 3,817,194 |
Share registration costs | 147,005 |
Printing and postage | 69,257 |
Miscellaneous (Note 5) | 85,238 |
TOTAL EXPENSES | 20,979,625 |
Waivers and Reimbursements: | |
Waiver of investment adviser fee (Note 5) | (4,425,646) |
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (10,193,833) |
TOTAL WAIVERS AND REIMBURSEMENTS | (14,619,479) |
Net expenses | 6,360,146 |
Net investment income | 3,701,109 |
Net realized loss on investments | (41,775) |
Change in net assets resulting from operations | $3,659,334 |
Year Ended July 31 | 2022 | 2021 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,701,109 | $127,278 |
Net realized gain (loss) | (41,775) | 3,411 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 3,659,334 | 130,689 |
Distributions to Shareholders: | ||
Institutional Shares | (2,692,020) | (128,157) |
Cash II Shares | (549,322) | (678) |
Cash Series Shares | (463,531) | (544) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (3,704,873) | (129,379) |
Share Transactions: | ||
Proceeds from sale of shares | 4,421,748,130 | 5,025,976,951 |
Net asset value of shares issued to shareholders in payment of distributions declared | 2,286,934 | 66,790 |
Cost of shares redeemed | (4,846,914,198) | (5,796,664,885) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (422,879,134) | (770,621,144) |
Change in net assets | (422,924,673) | (770,619,834) |
Net Assets: | ||
Beginning of period | 2,967,383,728 | 3,738,003,562 |
End of period | $2,544,459,055 | $2,967,383,728 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | Transfer Agent Fees Waived by Unaffiliated Third Parties | |
Institutional Shares | $11,442 | $(29) | $— |
Cash II Shares | 724,321 | (120) | (458,710) |
Cash Series Shares | 760,348 | (559) | (480,104) |
TOTAL | $1,496,111 | $(708) | $(938,814) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Cash II Shares | $1,801,851 | $— | $(1,468,985) |
Cash Series Shares | 2,015,343 | (8,903) | (1,740,091) |
TOTAL | $3,817,194 | $(8,903) | $(3,209,076) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,009,686,596 | $2,009,686,596 | 2,318,100,584 | $2,318,100,584 |
Shares issued to shareholders in payment of distributions declared | 1,286,508 | 1,286,508 | 65,594 | 65,594 |
Shares redeemed | (2,341,742,449) | (2,341,742,449) | (3,187,440,884) | (3,187,440,884) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (330,769,345) | $(330,769,345) | (869,274,706) | $(869,274,706) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 312,738,480 | $312,738,480 | 839,112,903 | $839,112,903 |
Shares issued to shareholders in payment of distributions declared | 541,911 | 541,911 | 656 | 656 |
Shares redeemed | (357,543,870) | (357,543,870) | (853,762,845) | (853,762,845) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | (44,263,479) | $(44,263,479) | (14,649,286) | $(14,649,286) |
Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,099,323,054 | $2,099,323,054 | 1,868,763,464 | $1,868,763,464 |
Shares issued to shareholders in payment of distributions declared | 458,515 | 458,515 | 540 | 540 |
Shares redeemed | (2,147,627,879) | (2,147,627,879) | (1,755,461,156) | (1,755,461,156) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | (47,846,310) | $(47,846,310) | 113,302,848 | $113,302,848 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (422,879,134) | $(422,879,134) | (770,621,144) | $(770,621,144) |
2022 | 2021 | |
Ordinary income1 | $3,704,873 | $129,379 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income1 | $336 |
Capital loss carryforwards | $(41,775) |
1 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Short-Term | Long-Term | Total |
$41,775 | $— | $41,775 |
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 | 0.35% |
Cash Series Shares | 0.60% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Cash II Shares | $2,522,895 | $(1,860,914) |
Cash Series Shares | 4,837,504 | (3,812,757) |
TOTAL | $7,360,399 | $(5,673,671) |
September 23, 2022
Beginning Account Value 2/1/2022 | Ending Account Value 7/31/2022 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $1,002.60 | $0.94 |
Cash II Shares | $1,000 | $1,000.80 | $2.682 |
Cash Series Shares | $1,000 | $1,000.60 | $2.883 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,023.85 | $0.95 |
Cash II Shares | $1,000 | $1,022.12 | $2.712 |
Cash Series Shares | $1,000 | $1,021.92 | $2.913 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Institutional Shares | 0.19% |
Cash II Shares | 0.54% |
Cash Series Shares | 0.58% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Cash II Shares current Fee Limit of 0.90% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $4.46 and $4.51, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Cash Series Shares current Fee Limit of 1.05% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.21 and $5.26, 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: 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.; Lead Director, Member of the Audit and Nominating and Corporate Governance Committees, 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.; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; and Director, Saint Francis University. |
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. 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); Director, The Golisano Children’s Museum of Naples, Florida; 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; formerly, Executive Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors, Duquesne University (Retired). Other Directorships Held: None. Qualifications: Ms. Reilly has served in various business and legal management roles throughout her career. Ms. Reilly previously served as Senior Vice President for Legal Affairs, General Counsel and Secretary to the Board of Directors and Assistant General Counsel and Director of Risk Management, 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. Ms. Reilly currently serves as a member of the Board of Directors of UPMC Mercy 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 |
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 Portfolio Manager since: January 1994 | Principal Occupations: Deborah A. Cunningham has been the Fund’s Portfolio Manager since January 1994. Ms. 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. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 608919551
CUSIP 608919569
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 2022 – $371,896
Fiscal year ended 2021 - $441,180
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2022 - $4,690
Fiscal year ended 2021 - $0
Fiscal year ended 2022- Audit consent fee for N-1A filing.
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2022 - $0
Fiscal year ended 2021 - $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 2022 - $0
Fiscal year ended 2021 - $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 2022 – 0%
Fiscal year ended 2021 - 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 2022 – 0%
Fiscal year ended 2021 – 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 2022 – 0%
Fiscal year ended 2021 – 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 2022 - $214,080
Fiscal year ended 2021 - $72,568
(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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 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 September 23, 2022
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 September 23, 2022
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date September 23, 2022