Federated Hermes Converts MMSXX
A recent Prospectus Supplement filing, says, "On August 11, 2023, the Board of Trustees of Federated Hermes Money Market Obligations Trust approved a Plan of Conversion for the Service Shares of Federated Hermes Institutional Money Market Management pursuant to which the Service Shares of the Fund will be converted into the Fund's existing Eagle Shares on or about October 27, 2023, resulting in the closure and termination of the Fund's Service Shares. In approving the conversion, the Board determined that the conversion of the Service Shares into Eagle Shares is in the best interest of the shareholders of the Service Shares. Pursuant to the Plan of Conversion, Service Shares shareholders will automatically receive shares of Eagle Shares in exchange for their Service Shares without any fee, load or charge to the shareholder, including any contingent deferred sales charges, on or about October 27, 2023. Shareholders should consult their Fund's prospectus for additional information regarding Eagle Shares expenses.... No action is required by shareholders to effect the conversion. There will be no disruption to their accounts. Please delete all references to Service Shares effective as of October 27, 2023." Another recent Prospectus Supplement for the "HSBC U.S. Government Money Market Fund, HSBC U.S. Treasury Money Market Fund and HSBC ESG Prime Money Market Fund states, "Upon the recommendation of HSBC Global Asset Management (USA) Inc., the Board of Trustees of HSBC Funds has approved: (i) the conversion of the outstanding Class A Shares of the HSBC U.S. Government Money Market Fund (the ‘Government Fund’) into Class D Shares of that Fund; (ii) the termination of Class C Shares of the Government Fund and HSBC U.S. Treasury Money Market Fund; and (iii) the redesignation of Class D Shares of the Funds as 'Class A Shares'. These changes will take effect on October 27, 2023, or on such later date as the officers of the Trust determine.... Effective immediately, the Government and Treasury Funds will no longer sell Class A Shares or Class C Shares to new investors or existing shareholders (except through reinvested dividends), including through exchanges into each Fund from other funds of the Trust. Investors may continue to redeem shares of each Fund prior to the Effective Date. Investors of the Government Fund may convert their Class A Shares to Class D Shares, at any time prior to the Effective Date. As a result, effective on the Effective Date, the following changes are being made to the Prospectus and SAI: All references to Class C Shares of the Government and Treasury Funds are eliminated. All references to the current Class A Shares of the Government and Treasury Funds are eliminated. All references to Class D Shares of the Funds are revised to refer to 'Class A Shares'." For more on fund liquidations, see these Crane Data News articles: "Morgan Stanley Liquidates Tax-Exempts" (9/21/23), "JPMorgan Liquidates E*Trade Shares" (9/7/23), "Morgan Stanley Latest to Abandon ESG MMFs" (8/16/23), "Goldman Liquidating Resource Shares" (7/19/23), "SSGA to Liquidate State Street ESG Liquid Reserves" (9/19/22), "DWS Liquidating Govt Cash Mgmt Fund" (7/7/22) and "Cavanal Hill Liquidates $71M U.S. Treasury Service Class, Added to Fed RRP List" (5/22/23).
