# EDGAR Filing Document

**Accession Number:** 0000856517
**File Stem:** 0001623632-23-000423
**Filing Date:** 2023-3
**Character Count:** 1846221
**Document Hash:** d56e107f1842cdbff694d369afabe5eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001623632-23-000423.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001623632-23-000423

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**EFFECTIVENESS DATE**: 20230327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Money Market Obligations Trust
- **CENTRAL INDEX KEY:** 0000856517
- **IRS NUMBER:** 251415329
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05950
- **FILM NUMBER:** 23762544

**BUSINESS ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561
- **BUSINESS PHONE:** 8003417400

**MAIL ADDRESS:**
- **STREET 1:** 4000 ERICSSON DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086-7561

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MONEY MARKET OBLIGATIONS TRUST
- **DATE OF NAME CHANGE:** 20101109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MONEY MARKET OBLIGATIONS TRUST /NEW/
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Federated Hermes Government Reserves Fund (Series ID: S000009529)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026050 | Class P Shares | GRFXX           |
| C000158659 | Class A Shares | GRAXX           |
| C000158660 | Class B Shares | GRBXX           |
| C000158661 | Class C Shares | GRCXX           |
| C000158662 | Class F Shares | GRGXX           |

### Federated Hermes Government Obligations Fund (Series ID: S000009536)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000026059 | Capital Shares        | GOCXX           |
| C000026060 | Institutional Shares  | GOIXX           |
| C000026061 | Service Shares        | GOSXX           |
| C000026062 | Trust Shares          | GORXX           |
| C000151096 | Premier Shares        | GOFXX           |
| C000157038 | Cash II Shares        | GFYXX           |
| C000157039 | Cash Series Shares    | GFSXX           |
| C000168188 | Select Shares         | GRTXX           |
| C000190786 | Advisor Shares        | GOVXX           |
| C000194027 | Administrative Shares | GOEXX           |
| C000235065 | SDG Shares            | GPHXX           |

### Federated Hermes Government Obligations Tax-Managed Fund (Series ID: S000009537)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000026063 | Institutional Shares | GOTXX           |
| C000026064 | Service Shares       | GTSXX           |
| C000158663 | Automated Shares     | GOAXX           |

### Federated Hermes Capital Reserves Fund (Series ID: S000009546)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000026082 | Federated Hermes Capital Reserves Fund | FRFXX           |

### Federated Hermes Institutional Money Market Management (Series ID: S000009557)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000026107 | Eagle Shares         | MMMXX           |
| C000054277 | Institutional Shares | MMPXX           |
| C000141236 | Service Shares       | MMSXX           |
| C000141237 | Capital Shares       | MMLXX           |

### Federated Hermes Prime Cash Obligations Fund (Series ID: S000009571)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000026147 | Wealth Shares      | PCOXX           |
| C000026148 | Service Shares     | PRCXX           |
| C000026149 | Capital Shares     | PCCXX           |
| C000157045 | Cash Series Shares | PTSXX           |
| C000157046 | Class R Shares     | PTRXX           |
| C000157047 | Trust Shares       | PTTXX           |
| C000157048 | Automated Shares   | PTAXX           |
| C000157049 | Cash II Shares     | PCDXX           |
| C000190787 | Advisor Shares     | PCVXX           |

### Federated Hermes Institutional Prime Obligations Fund (Series ID: S000009574)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000026156 | Institutional Shares | POIXX           |
| C000026157 | Service Shares       | PRSXX           |
| C000117917 | Capital Shares       | POPXX           |

### Federated Hermes Institutional Prime Value Obligations Fund (Series ID: S000009575)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000026159 | Institutional Shares | PVOXX           |
| C000026160 | Service Shares       | PVSXX           |
| C000026161 | Capital Shares       | PVCXX           |

### Federated Hermes Treasury Obligations Fund (Series ID: S000009578)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000026166 | Capital Shares       | TOCXX           |
| C000026167 | Institutional Shares | TOIXX           |
| C000026168 | Service Shares       | TOSXX           |
| C000026169 | Trust Shares         | TOTXX           |
| C000144363 | Automated Shares     | TOAXX           |

### Federated Hermes Trust for U.S. Treasury Obligations (Series ID: S000009579)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000026170 | Institutional Shares | TTOXX           |
| C000157050 | Cash Series Shares   | TCSXX           |
| C000157051 | Cash II Shares       | TTIXX           |

**United States**

**Securities and Exchange Commission**

**Washington, D.C. 20549**

**Form N-CSR**

**Certified Shareholder Report of Registered Management Investment Companies**

<u>811-5950</u>

(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, PA 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: <u>07/31/23</u>

Date of Reporting Period: <u>Six months ended 01/31/23</u>

**Item 1.** **Reports to Stockholders**

**Semi-Annual Shareholder Report**

***January 31, 2023***

![](img2d3fa3721.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Ticker** FRFXX<br>

------

Federated Hermes Capital Reserves Fund

------

A Portfolio of Federated Hermes Money Market Obligations Trust

Dear Valued Shareholder,

We are pleased to present the Semi-Annual Shareholder Report for your fund covering the period from August 1, 2022 through January 31, 2023. This report includes a complete listing of your fund's holdings, performance information and financial statements along with other important fund information.

As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.

In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.

Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.

Sincerely, <br> ![](donahuechrissigsmall.jpg)

J. Christopher Donahue, President

*The Fund is a Retail Money Market Fund and is only available for investment to accounts beneficially owned by natural persons.*

------

**Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee**

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Portfolio of Investments Summary Tables](#xx_c0d056be-3897-45cc-979a-408b50fb192b_1) | &nbsp;&nbsp; [1](#xx_c0d056be-3897-45cc-979a-408b50fb192b_1)  |
| [Portfolio of Investments](#xx_c0d056be-3897-45cc-979a-408b50fb192b_2) | &nbsp;&nbsp; [2](#xx_c0d056be-3897-45cc-979a-408b50fb192b_2)  |
| [Financial Highlights](#xx_ba3f7ca4-14f4-4122-8819-32d8a699dabd_1) | [11](#xx_ba3f7ca4-14f4-4122-8819-32d8a699dabd_1)  |
| [Statement of Assets and Liabilities](#xx_a9aca72a-542c-4c2d-b394-9bf54e02ab94_1) | [12](#xx_a9aca72a-542c-4c2d-b394-9bf54e02ab94_1)  |
| [Statement of Operations](#xx_a9aca72a-542c-4c2d-b394-9bf54e02ab94_2) | [13](#xx_a9aca72a-542c-4c2d-b394-9bf54e02ab94_2)  |
| [Statement of Changes in Net Assets](#xx_a9aca72a-542c-4c2d-b394-9bf54e02ab94_3) | [14](#xx_a9aca72a-542c-4c2d-b394-9bf54e02ab94_3)  |
| [Notes to Financial Statements](#xx_2bfb5f0b-0219-4817-ac78-4ca58da459a8_1) | [15](#xx_2bfb5f0b-0219-4817-ac78-4ca58da459a8_1)  |
| [Shareholder Expense Example](#xx_ca409d2e-0691-4780-80c7-1ca7b7f53944_1) | [22](#xx_ca409d2e-0691-4780-80c7-1ca7b7f53944_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_2dccacbe-ac59-4e38-8481-f579a440d15e_1) | [24](#xx_2dccacbe-ac59-4e38-8481-f579a440d15e_1)  |
| [Voting Proxies on Fund Portfolio Securities](#xx_69ac8ce6-2bdb-4e59-a7c6-2e78a5887673_1) | [34](#xx_69ac8ce6-2bdb-4e59-a7c6-2e78a5887673_1)  |
| [Portfolio Schedule](#xx_69ac8ce6-2bdb-4e59-a7c6-2e78a5887673_1) | [34](#xx_69ac8ce6-2bdb-4e59-a7c6-2e78a5887673_1) |

---

------

Portfolio of Investments Summary Tables (unaudited)

At January 31, 2023, the Fund's portfolio composition<sup>1</sup> was as follows:

---

| | |
|:---|:---|
| **Security Type** | **Percentage of**<br> **Total Net Assets**<br>|
| Variable Rate Instruments | 49.5% |
| Commercial Paper | 31.1% |
| Bank Instruments  | &nbsp;&nbsp; 7.7% |
| Other Repurchase Agreements and Repurchase Agreements | 10.5% |
| U.S. Treasury | &nbsp;&nbsp; 0.2% |
| Cash Equivalent<sup>2</sup> <br>| &nbsp;&nbsp; 0.7% |
| Other Assets and Liabilities—Net<sup>3</sup> <br>| &nbsp;&nbsp; 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | **100%** |

---

At January 31, 2023, the Fund's effective maturity<sup>4</sup> schedule was as follows:

---

| | |
|:---|:---|
| **Securities With an**<br> **Effective Maturity of:**<br>| **Percentage of**<br> **Total Net Assets**<br>|
| 1-7 Days | 80.0%<sup>5</sup> <br>|
| 8-30 Days | &nbsp;&nbsp; 5.2% |
| 31-90 Days | &nbsp;&nbsp; 7.7% |
| 91-180 Days | &nbsp;&nbsp; 2.8% |
| 181 Days or more | &nbsp;&nbsp; 4.0% |
| Other Assets and Liabilities—Net<sup>3</sup> <br>| &nbsp;&nbsp; 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | **100%** |

---

*See the Fund's Prospectus and Statement of Additional Information for more complete information regarding these security types.*

*Cash Equivalents include any investments in money market mutual funds.*

*Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.*

*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.*

*Overnight securities comprised 15.5% of the Fund's portfolio.*

Semi-Annual Shareholder Report

**1**

------

Portfolio of Investments

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount or**<br> **Shares**<br>|  | **Value** |
| <sup>1</sup> <br>| COMMERCIAL PAPER—31.1% |  |
|  | **Aerospace / Auto—5.3%** |  |
| $125000000 | American Honda Finance Corp., (Honda Motor Co., Ltd. Support <br> Agreement), 4.992%—5.017%, 3/7/2023 - 4/18/2023<br>| $123982294 |
| &nbsp;&nbsp; 101000000 | Mercedes-Benz Finance NA LLC, (Guaranteed by Mercedes-Benz <br> Group AG), 4.828%—4.831%, 2/1/2023 - 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100988000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 224970294 |
|  | **Banking—3.5%** |  |
| &nbsp;&nbsp;&nbsp; 13000000 | Canadian Imperial Bank of Commerce, 2.069%, 3/20/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12965580 |
| &nbsp;&nbsp; 100000000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan <br> Securities LLC COL), 5.160%, 8/28/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100000000 |
| &nbsp;&nbsp;&nbsp; 15000000 | National Australia Bank Ltd., Melbourne, 3.865%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14792300 |
| &nbsp;&nbsp;&nbsp; 10000000 | Royal Bank of Canada, 5.522%, 10/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9604845 |
| &nbsp;&nbsp;&nbsp; 12000000 | Toronto Dominion Bank, 2.051%, 3/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11970520 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 149333245 |
|  | **Chemicals—6.2%** |  |
| &nbsp;&nbsp; 100000000 | BASF SE, 4.549%—4.560%, 2/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99987403 |
| &nbsp;&nbsp; 160000000 | PPG Industries, Inc., 4.531%—4.769%, 2/1/2023 - 2/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 159989972 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 259977375 |
|  | **Electric Power—9.1%** |  |
| &nbsp;&nbsp; 200000000 | Duke Energy Corp., 4.500%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 200000000 |
| &nbsp;&nbsp;&nbsp; 30000000 | EverSource Energy, 4.646%, 2/6/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29980708 |
| &nbsp;&nbsp; 155000000 | NextEra Energy Capital Holdings, Inc., 4.667%—4.671%, <br> 2/3/2023 - 2/17/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 154850167 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 384830875 |
|  | **Finance - Retail—1.2%** |  |
| &nbsp;&nbsp;&nbsp; 50000000 | Old Line Funding, LLC, 4.960%, 8/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48746222 |
|  | **Food & Beverage—1.3%** |  |
| &nbsp;&nbsp;&nbsp; 53000000 | Mondelez International, Inc., 4.501%—4.637%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53000000 |
|  | **Health Care—1.1%** |  |
| &nbsp;&nbsp;&nbsp; 45000000 | McKesson Corp., 4.530%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000000 |
|  | **Mining—1.1%** |  |
| &nbsp;&nbsp;&nbsp; 45000000 | Nutrien Ltd., 4.763%—4.870%, 2/6/2023 - 3/6/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44894774 |
|  | **Telecommunications—1.8%** |  |
| &nbsp;&nbsp;&nbsp; 75000000 | Bell Canada, 4.718%—4.747%, 2/2/2023 - 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74911583 |

---

Semi-Annual Shareholder Report

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount or**<br> **Shares**<br>|  | **Value** |
| <sup>1</sup> <br>| COMMERCIAL PAPER—continued |  |
|  | **Waste Management—0.5%** |  |
| $20000000 | Waste Management, Inc., (Waste Management Holdings, Inc. <br> GTD), 4.941%, 2/8/2023<br>| $19980944 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL PAPER | &nbsp;&nbsp; 1305645312 |
| <sup>2</sup> <br>| NOTES-VARIABLE—49.5% |  |
|  | **Banking—32.4%** |  |
| &nbsp;&nbsp;&nbsp; 75000000 | Bank of Montreal, 4.860% (SOFR+0.560%), 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000000 |
| &nbsp;&nbsp;&nbsp; 25000000 | Bank of Montreal, 5.050% (SOFR+0.750%), 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp; 50000000 | Bank of Nova Scotia, Toronto, 4.830% (SOFR+0.530%), 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp; 50000000 | Bank of Nova Scotia, Toronto, 4.970% (SOFR+0.670%), 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp; 50000000 | Bank of Nova Scotia, Toronto, 5.050% (SOFR+0.750%), 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9200000 | Bragg 2019 Family Trust No. 1, Series 2019, (BOKF, N.A. LOC), <br> 4.470%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9200000 |
| &nbsp;&nbsp;&nbsp; 51210000 | Byron H. Rubin as Trustee of the Gerald J. Rubin Special Trust <br> No. 1, UAD June 23, 2016, (Comerica Bank LOC), <br> 4.480%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51210000 |
| &nbsp;&nbsp;&nbsp; 75000000 | Canadian Imperial Bank of Commerce, 4.860% (SOFR+0.560%), <br> 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000000 |
| &nbsp;&nbsp;&nbsp; 50000000 | Canadian Imperial Bank of Commerce, 4.860% (SOFR+0.560%), <br> 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp; 35080000 | Carol Allen Family Liquidity Trust, (Comerica Bank LOC), <br> 4.430%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35080000 |
| &nbsp;&nbsp;&nbsp; 25000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan <br> Securities LLC COL), 4.800% (SOFR+0.500%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp; 15000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan <br> Securities LLC COL), 4.820% (SOFR+0.520%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1735000 | Colorado Health Facilities Authority, Series 2016B, (UMB Bank, <br> N.A. LOC), 4.710%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1735000 |
| &nbsp;&nbsp;&nbsp; 11300000 | Connecticut Water Co., Series 2004, (Citizens Bank, N.A., <br> Providence LOC), 4.760%, 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6750000 | CT 2019 Irrevocable Trust, (BOKF, N.A. LOC), 4.470%, 2/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6750000 |
| &nbsp;&nbsp;&nbsp; 17625000 | EG Irrevocable Life Insurance Trust, (BOKF, N.A. LOC), <br> 4.470%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17625000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9590000 | Eric and Lizzie Bommer Insurance Trust, (BOKF, N.A. LOC), <br> 4.470%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9590000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1620000 | Gannett Fleming, Inc., Series 2001, (Manufacturers & Traders <br> Trust Co., Buffalo LOC), 4.470%, 2/3/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1620000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4725000 | GM Enterprises of Oregon, Inc., Series 2017, (Bank of the West, <br> San Francisco, CA LOC), 4.400%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4725000 |
| &nbsp;&nbsp;&nbsp; 23445000 | J.R. Adventures Insurance Trust, (BOKF, N.A. LOC), <br> 4.470%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23445000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8120000 | MBW Legacy Investments, LLC, (BOKF, N.A. LOC), <br> 4.470%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8120000 |

---

Semi-Annual Shareholder Report

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount or**<br> **Shares**<br>|  | **Value** |
| <sup>2</sup> <br>| NOTES-VARIABLE—continued |  |
|  | **Banking—continued** |  |
| $25000000 | MUFG Bank Ltd., 4.910% (SOFR+0.610%), 2/1/2023 | $25000000 |
| &nbsp;&nbsp;&nbsp; 50000000 | MUFG Bank Ltd., 4.910% (SOFR+0.610%), 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp; 11255000 | NLS 2015 Irrevocable Trust, (BOKF, N.A. LOC), 4.470%, 2/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11255000 |
| &nbsp;&nbsp;&nbsp; 25000000 | Nordea Bank Abp, 4.800% (SOFR+0.500%), 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp; 15000000 | Nuveen Credit Strategies Income Fund, Taxable Preferred Shares <br> (Series A), (Societe Generale, Paris LOC), 4.620%, 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp;&nbsp; 17500000 | Nuveen Preferred Income Opportunities Fund, Taxable Preferred <br> Shares (Series A), (Sumitomo Mitsui Trust Bank Ltd. LOC), <br> 4.620%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17500000 |
| &nbsp;&nbsp;&nbsp; 50000000 | Nuveen Preferred Securities Income Fund, Variable Rate Demand <br> Note (Series A), (Barclays Bank plc LIQ), 4.620%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9280000 | Opler 2013 Irrevocable Trust, (BOKF, N.A. LOC), <br> 4.470%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9280000 |
| &nbsp;&nbsp;&nbsp; 30565000 | RBS Insurance Trust, (BOKF, N.A. LOC), 4.470%, 2/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30565000 |
| &nbsp;&nbsp;&nbsp; 11240000 | Richard F. Wilks Spousal Gifting Trust, (BOKF, N.A. LOC), <br> 4.470%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11240000 |
| &nbsp;&nbsp;&nbsp; 27640000 | Rockcrest, LLC, (BOKF, N.A. LOC), 4.470%, 2/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27640000 |
| &nbsp;&nbsp;&nbsp; 90000000 | Royal Bank of Canada, 4.860% (SOFR+0.560%), 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000000 |
| &nbsp;&nbsp;&nbsp; 25000000 | Royal Bank of Canada, New York Branch, 4.880% (SOFR+0.580%), <br> 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp; 13875000 | Steel Dust Recycling, LLC, Series 2016, (Comerica Bank LOC), <br> 4.480%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13875000 |
| &nbsp;&nbsp;&nbsp; 25000000 | Sumitomo Mitsui Trust Bank Ltd., 4.740% (SOFR+0.440%), 2/1/<br> 2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp; 13225000 | Taxable Muni Funding Trust 2019-007, Taxable Municipal Funding <br> Trust (Series 2019-007) VRDNs, (Barclays Bank plc LOC), <br> 4.700%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13225000 |
| &nbsp;&nbsp;&nbsp; 66630000 | Taxable Muni Funding Trust 2020-011, (Series 2020-011) VRDNs, <br> (Barclays Bank plc LOC), 4.700%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66630000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | Taxable Muni Funding Trust 2021-002, Barclays Taxable Muni <br> Funding Trust (Series 2021-002) VRDNs, (Barclays Bank plc LOC), <br> 4.700%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | Taxable Muni Funding Trust 2021-007, (Series 2021-007) VRDNs, <br> (Barclays Bank plc LOC), 4.700%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2800000 |
| &nbsp;&nbsp;&nbsp; 21000000 | Taxable Muni Funding Trust 2021-008, Barclays Taxable Trust <br> (Series 2021-008) VRDNs, (Barclays Bank plc LOC), <br> 4.700%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21000000 |
| &nbsp;&nbsp;&nbsp; 14500000 | Taxable Muni Funding Trust 2021-010, (Series 2021-010) VRDNs, <br> (Barclays Bank plc LOC), 4.700%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4749888 | Taxable Tender Option Bond Trust 2021-MIZ9060TX, <br> (Series 2021-MIZ9060TX) VRDNs, (Mizuho Bank Ltd. GTD)/<br> (Mizuho Bank Ltd. LIQ), 4.590%, 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4749888 |

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Semi-Annual Shareholder Report

**4**

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---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount or**<br> **Shares**<br>|  | **Value** |
| <sup>2</sup> <br>| NOTES-VARIABLE—continued |  |
|  | **Banking—continued** |  |
| $6500000 | Taxable Tender Option Bond Trust 2021-MIZ9064TX, <br> (Series 2021-MIZ9064TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho <br> Bank Ltd. LOC), 4.850%, 2/2/2023<br>| $6500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5150000 | Taxable Tender Option Bond Trust 2022-MIZ9084TX, <br> (Series 2022-MIZ9084TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho <br> Bank Ltd. LOC), 4.850%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3800000 | Taxable Tender Option Bond Trust 2022-MIZ9094TX, <br> (Series 2022-MIZ9094TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho <br> Bank Ltd. LOC), 4.850%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9825000 | The KVR Insurance Trust, Series 2014, (BOKF, N.A. LOC), <br> 4.470%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9825000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7145000 | The Raymon Lee Ince Irrevocable Trust, (BOKF, N.A. LOC), <br> 4.470%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7145000 |
| &nbsp;&nbsp;&nbsp; 25000000 | Toronto Dominion Bank, 4.550% (SOFR+0.250%), 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp; 90000000 | Toronto Dominion Bank, 4.820% (SOFR+0.520%), 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7305000 | Tuttle Insurance Trust No. 2, Series 2015, (BOKF, N.A. LOC), <br> 4.470%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7305000 |
| &nbsp;&nbsp;&nbsp; 50000000 | Westpac Banking Corp. Ltd., Sydney, 4.830% (SOFR+0.530%), <br> 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp; 13000000 | Yavapai County, AZ IDA—Recovery Zone Facility (Drake Cement <br> LLC), Taxble (Series 2015) Weekly VRDNs, (Bank of Nova Scotia, <br> Toronto LOC), 4.400%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp; 1364684888 |
|  | **Finance - Commercial—1.9%** |  |
| &nbsp;&nbsp;&nbsp; 50000000 | Atlantic Asset Securitization LLC, 4.690% (SOFR+0.390%), 2/1/<br> 2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp; 30000000 | Atlantic Asset Securitization LLC, 4.820% <br> (SOFR+0.520%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000000 |
|  | **Finance - Retail—14.8%** |  |
| &nbsp;&nbsp;&nbsp; 50000000 | Barton Capital S.A., 4.770% (SOFR+0.470%), 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp; 50000000 | Barton Capital S.A., 4.800% (SOFR+0.500%), 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp; 50000000 | Barton Capital S.A., 4.900% (SOFR+0.600%), 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp; 25000000 | Chariot Funding LLC, 4.620% (SOFR+0.320%), 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp; 50000000 | Chariot Funding LLC, 4.800% (SOFR+0.500%), 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp; 90000000 | Fairway Finance Co. LLC, 4.700% (SOFR+0.400%), 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000000 |
| &nbsp;&nbsp;&nbsp; 50000000 | Sheffield Receivables Company LLC, 4.700% (SOFR+0.400%), <br> 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp; 25000000 | Sheffield Receivables Company LLC, 4.750% (SOFR+0.450%), <br> 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp; 40000000 | Starbird Funding Corp., 4.660% (SOFR+0.360%), 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000000 |

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Semi-Annual Shareholder Report

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount or**<br> **Shares**<br>|  | **Value** |
| <sup>2</sup> <br>| NOTES-VARIABLE—continued |  |
|  | **Finance - Retail—continued** |  |
| $40000000 | Starbird Funding Corp., 4.680% (SOFR+0.380%), 2/1/2023 | $40000000 |
| &nbsp;&nbsp;&nbsp; 75000000 | Starbird Funding Corp., 4.840% (SOFR+0.540%), 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000000 |
| &nbsp;&nbsp;&nbsp; 30000000 | Starbird Funding Corp., 4.870% (SOFR+0.570%), 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000000 |
| &nbsp;&nbsp;&nbsp; 50000000 | Thunder Bay Funding, LLC, 4.670% (SOFR +0.370%), 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 625000000 |
|  | **Government Agency—0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3935000 | Jerry P. Himmel Irrevocable Trust No. 1, (Federal Home Loan <br> Bank of Dallas LOC), 4.400%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3935000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7060000 | Millbrook, AL Redevelopment Authority, RAM Millbrook <br> Hospitality LLC Project, Series 2017, (Federal Home Loan Bank of <br> New York LOC), 4.300%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7060000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6060000 | Roberts Insurance Trusts, LLC, (Federal Home Loan Bank of Des <br> Moines LOC), 4.400%, 2/2/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6060000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17055000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NOTES-VARIABLE | &nbsp;&nbsp; 2086739888 |
|  | CERTIFICATES OF DEPOSIT—7.7% |  |
|  | **Banking—7.7%** |  |
| &nbsp;&nbsp; 210000000 | Landesbank Baden-Wurttemberg, 4.370%—4.600%, 2/2/2023 - <br> 2/3/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 210000000 |
| &nbsp;&nbsp;&nbsp; 40000000 | Toronto Dominion Bank, 3.750%—5.000%, 6/15/2023 - 9/26/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000000 |
| &nbsp;&nbsp;&nbsp; 75000000 | Westpac Banking Corp. Ltd., Sydney, 3.000%, 6/9/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CERTIFICATES OF DEPOSIT | &nbsp;&nbsp;&nbsp;&nbsp; 325000000 |
|  | OTHER REPURCHASE AGREEMENTS—7.5% |  |
| &nbsp;&nbsp;&nbsp; 46000000 | Interest in $50,000,000 joint repurchase agreement, 4.40% dated <br> 1/31/2023 under which BNP Paribas SA will repurchase the <br> securities provided as collateral for $50,006,111 on 2/1/2023. <br> The securities provided as collateral at the end of the period held <br> with BNY Mellon, tri-party agent, were sovereign debt securities, <br> corporate bonds and collateralized mortgage-backed obligations <br> with various maturities to 10/25/2052 and the market value of <br> those underlying securities was $51,006,233.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46000000 |
| &nbsp;&nbsp;&nbsp; 50000000 | Interest in $100,000,000 joint repurchase agreement, 5.11% <br> dated 12/6/2022 under which BofA Securities, Inc. will <br> repurchase the securities provided as collateral for $101,334,278 <br> on 3/10/2023. The securities provided as collateral at the end of <br> the period held with BNY Mellon, tri-party agent, were <br> certificates of deposit and medium-term notes with various <br> maturities to 7/1/2036 and the market value of those underlying <br> securities was $102,013,826.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |

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Semi-Annual Shareholder Report

**6**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount or**<br> **Shares**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS—continued |  |
| $50000000 | Interest in $110,000,000 joint repurchase agreement, 4.66% <br> dated 12/13/2022 under which BofA Securities, Inc. will <br> repurchase the securities provided as collateral for $110,840,094 <br> on 2/10/2023. The securities provided as collateral at the end of <br> the period held with BNY Mellon, tri-party agent, were corporate <br> bonds and medium-term notes with various maturities to <br> 1/1/2999 and the market value of those underlying securities <br> was $112,213,899.<br>| $50000000 |
| &nbsp;&nbsp;&nbsp; 60000000 | Repurchase agreement, 4.42% dated 1/31/2023 under which <br> HSBC Securities (USA), Inc. will repurchase the securities <br> provided as collateral for $60,007,367 on 2/1/2023. The <br> securities provided as collateral at the end of the period held <br> with BNY Mellon, tri-party agent, were corporate bonds, <br> medium-term notes and sovereign debt securities with various <br> maturities to 7/15/2052 and the market value of those underlying <br> securities was $61,200,089.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000000 |
| &nbsp;&nbsp;&nbsp; 10000000 | Interest in $50,000,000 joint repurchase agreement, 4.91% dated <br> 1/9/2023 under which Mizuho Securities USA LLC will repurchase <br> the securities provided as collateral for $50,402,347 on 3/9/2023. <br> The securities provided as collateral at the end of the period held <br> with BNY Mellon, tri-party agent, were asset-backed securities <br> with various maturities to 3/25/2050 and the market value of <br> those underlying securities was $51,410,394.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp; 25000000 | Repurchase agreement, 5.20% dated 4/27/2021 under which <br> Wells Fargo Securities LLC will repurchase the securities provided <br> as collateral for $27,636,111 on 4/27/2023. The securities <br> provided as collateral at the end of the period held with BNY <br> Mellon, tri-party agent, were commercial papers with various <br> maturities to 6/30/2023 and the market value of those underlying <br> securities was $25,518,417.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp; 25000000 | Repurchase agreement, 5.17% dated 2/3/2022 under which Wells <br> Fargo Securities LLC will repurchase the securities provided as <br> collateral for $26,547,410 on 4/10/2023. The securities provided <br> as collateral at the end of the period held with BNY Mellon, tri-<br> party agent, were commercial papers with various maturities to <br> 10/23/2023 and the market value of those underlying securities <br> was $25,584,229.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp; 25000000 | Repurchase agreement, 5.08% dated 12/21/2022 under which <br> Wells Fargo Securities LLC will repurchase the securities provided <br> as collateral for $25,317,500 on 3/21/2023. The securities <br> provided as collateral at the end of the period held with BNY <br> Mellon, tri-party agent, were commercial papers with various <br> maturities to 7/21/2023 and the market value of those underlying <br> securities was $25,651,131.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 |

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Semi-Annual Shareholder Report

**7**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount or**<br> **Shares**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS—continued |  |
| $25000000 | Repurchase agreement, 5.22% dated 1/9/2023 under which Wells <br> Fargo Securities LLC will repurchase the securities provided as <br> collateral for $25,416,875 on 5/4/2023. The securities provided <br> as collateral at the end of the period held with BNY Mellon, tri-<br> party agent, were commercial papers with various maturities to <br> 7/21/2023 and the market value of those underlying securities <br> was $25,584,228.<br>| $25000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER REPURCHASE AGREEMENTS | &nbsp;&nbsp;&nbsp;&nbsp; 316000000 |
|  | REPURCHASE AGREEMENTS—3.0% |  |
| &nbsp;&nbsp;&nbsp; 50000000 | Interest in $200,000,000 joint repurchase agreement, 4.30% <br> dated 1/31/2023 under which BMO Harris Bank will repurchase <br> the securities provided as collateral for $200,023,889 on 2/1/<br> 2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon, tri-party agent, were <br> U.S. government agency with various maturities to 5/1/2032 and <br> the market value of those underlying securities <br> was $205,596,445.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp; 43000000 | Interest in $450,000,000 joint repurchase agreement, 4.27% <br> dated 1/31/2023 under which BNP Paribas SA will repurchase the <br> securities provided as collateral for $450,053,375 on 2/1/2023. <br> The securities provided as collateral at the end of the period held <br> with BNY Mellon, tri-party agent, were U.S. Treasury Securities <br> with various maturities to 2/15/2051 and the market value of <br> those underlying securities was $459,054,446.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43000000 |
| &nbsp;&nbsp;&nbsp; 35000000 | Interest in $600,000,000 joint repurchase agreement, 4.27% <br> dated 1/31/2023 under which Natixis Financial Products LLC will <br> repurchase the securities provided as collateral for $600,071,167 <br> on 2/1/2023. The securities provided as collateral at the end of <br> the period held with BNY Mellon, tri-party agent, were <br> U.S. Treasury with various maturities to 11/15/2052 and the <br> market value of those underlying securities was $612,072,674.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REPURCHASE AGREEMENTS | &nbsp;&nbsp;&nbsp;&nbsp; 128000000 |
|  | U.S. TREASURY—0.2% |  |
| &nbsp;&nbsp;&nbsp; 10000000 | United States Treasury Floating Rate Notes, 4.682% (91-day T-Bill <br> +0.034%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000195 |
|  | INVESTMENT COMPANY—0.7% |  |
| &nbsp;&nbsp;&nbsp; 26997300 | Federated Hermes Institutional Prime Value Obligations Fund, <br> Institutional Shares, 4.41%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27000103 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—99.7%<br> (AT AMORTIZED COST)<sup>4</sup> <br>| &nbsp;&nbsp; 4198385498 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES—0.3%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10606103 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $4208991601 |

---

Securities that are subject to the federal alternative minimum tax (AMT) represent 0.3% of the Fund's portfolio as calculated based upon total market value.

Semi-Annual Shareholder Report

**8**

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Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the six months ended January 31, 2023, were as follows:

---

| | |
|:---|:---|
|  | **Federated Hermes** <br> **Institutional**<br> **Prime Value**<br> **Obligations Fund,**<br> **Institutional Shares**<br>|
| Value as of 7/31/2022 | $27000103 |
| Purchases at Cost | $—- |
| Proceeds from Sales | $—- |
| Change in Unrealized Appreciation/Depreciation | $—- |
| Net Realized Gain/(Loss) | $—- |
| Value as of 01/31/2023 | $27000103 |
| Shares Held as of 01/31/2023 | &nbsp;&nbsp; 26997300 |
| Dividend Income | $456019 |

---

*Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.*

*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.*

*7-day net yield.*

*Also represents cost for federal tax purposes.*

*Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.*

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2023.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Semi-Annual Shareholder Report

**9**

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The following is a summary of the inputs used, as of January 31, 2023, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** |  |  |  |  |
|  | **Level 1—**<br> **Quoted**<br> **Prices**<br>| **Level 2—**<br> **Other**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| **Level 3—**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| Commercial Paper | $— | $1305645312 | $— | $1305645312 |
| Certificates of Deposit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 325000000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 325000000 |
| Notes-Variable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 2086739888 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2086739888 |
| **Other Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 316000000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 316000000 |
| **Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 128000000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 128000000 |
| **U.S. Treasury** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000195 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000195 |
| **Investment Company** | &nbsp;&nbsp; 27000103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27000103 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | $27000103 | $4171385395 | $— | $4198385498 |

---

The following acronym(s) are used throughout this portfolio:

---

| | |
|:---|:---|
| COL | —Collateralized |
| GTD | —Guaranteed |
| IDA | —Industrial Development Authority |
| LIQ | —Liquidity Agreement |
| LOC | —Letter of Credit |
| SOFR | —Secured Overnight Financing Rate |
| VRDNs | —Variable Rate Demand Notes |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**10**

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Financial Highlights

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023** | **Year Ended July 31** | **Year Ended July 31** | **Year Ended July 31** | **Year Ended July 31** | **Year Ended July 31** |
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value,** <br> **Beginning of Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income from** <br> **Investment Operations:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.007 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FROM <br> INVESTMENT OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.007 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from <br> net income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.007) |
| Distributions from net <br> realized gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DISTRIBUTIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.007) |
| **Net Asset Value,**<br> **End of Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75% |
| **Ratios to Average**<br> **Net Assets:**<br>|  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02%<sup>5</sup> <br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% |
| Expense waiver/<br> reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period <br> (000 omitted)<br>| $4208992 | $4375913 | $4295924 | $4312748 | $4030191 | $4220884 |

---

*Represents less than $0.001.*

*Based on net asset value. Total returns for periods of less than one year are not annualized.*

*Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.*

*Computed on an annualized basis.*

*The net expense ratio is calculated without reduction for expenses offset arrangements. The net expense ratio was 0.23%, 0.94%, 1.02%, and 1.02% for the years ended July 31, 2021, 2020, 2019, and 2018, respectively, after taking into account these expense reductions.*

*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.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**11**

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Statement of Assets and Liabilities

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Assets:** |  |  |
| Investment in securities, at value including $27,000,103 of <br> investment in an affiliated holding\*<br>| $3754385498 |  |
| Investments in other repurchase agreements and <br> repurchase agreements<br>| &nbsp;&nbsp;&nbsp;&nbsp; 444000000 |  |
| Investment in securities, at amortized cost and fair value |  | $4198385498 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 847749 |
| Income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13011087 |
| Income receivable from an affiliated holding |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101502 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS |  | &nbsp;&nbsp; 4212345836 |
| **Liabilities:** |  |  |
| Income distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289 |  |
| Payable for distribution services fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1712328 |  |
| Payable for other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1038679 |  |
| Payable for transfer agent fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369255 |  |
| Payable for portfolio accounting fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139441 |  |
| Payable for investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13191 |  |
| Payable for administrative fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8423 |  |
| Payable for Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5221 |  |
| Accrued expenses (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67408 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3354235 |
| Net assets for 4,209,002,292 shares outstanding |  | $4208991601 |
| **Net Assets Consists of:** |  |  |
| Paid-in capital |  | $4208989735 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1866 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS |  | $4208991601 |
| **Net Asset Value, Offering Price and Redemption Proceeds** <br> **Per Share:**<br>|  |  |
| $4,208,991,601 ÷ 4,209,002,292 shares outstanding, no par value, <br> unlimited shares authorized<br>|  | $1.00 |

---

\*

*See information listed after the Fund's Portfolio of Investments.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**12**

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Statement of Operations

Six Months Ended January 31, 2023 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Investment Income:** |  |  |  |
| Interest |  |  | $79548954 |
| Dividends received from an affiliated holding\* |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456019 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INCOME |  |  | &nbsp;&nbsp; 80004973 |
| **Expenses:** |  |  |  |
| Investment adviser fee (Note 4) |  | $4359724 |  |
| Administrative fee (Note 4) |  | &nbsp;&nbsp;&nbsp; 1707411 |  |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75054 |  |
| Transfer agent fees |  | &nbsp;&nbsp;&nbsp; 2188198 |  |
| Directors'/Trustees' fees (Note 4) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12625 |  |
| Auditing fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12214 |  |
| Legal fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5155 |  |
| Distribution services fee (Note 4) |  | &nbsp;&nbsp; 11989243 |  |
| Other service fees (Notes 2 and 4) |  | &nbsp;&nbsp;&nbsp; 5407418 |  |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90622 |  |
| Share registration costs |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285605 |  |
| Printing and postage |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154745 |  |
| Miscellaneous (Note 4) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18143 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES |  | &nbsp;&nbsp; 26306157 |  |
| **Waivers and Reimbursements:** |  |  |  |
| Waivers/reimbursements of investment adviser fee <br> (Note 4)<br>| $(1852291) |  |  |
| Waivers of other operating expenses (Note 2 and 4) | &nbsp;&nbsp; (2179862) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WAIVERS AND REIMBURSEMENTS |  | &nbsp;&nbsp; (4032153) |  |
| Net expenses |  |  | &nbsp;&nbsp; 22274004 |
| Net investment income |  |  | &nbsp;&nbsp; 57730969 |
| Net realized gain on investments |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2415 |
| Change in net assets resulting from operations |  |  | $57733384 |

---

\*

*See information listed after the Fund's Portfolio of Investments.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**13**

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Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023**<br>| **Year Ended**<br> **7/31/2022**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | $57730969 | $4995954 |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16180 |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57733384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5012134 |
| **Distribution to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57773059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4972760) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 1092817550 | &nbsp;&nbsp; 1758477348 |
| Net asset value of shares issued to shareholders in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55714227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4899871 |
| Cost of shares redeemed | &nbsp;&nbsp; (1315413637) | &nbsp;&nbsp; (1683427684) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; (166881860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79949535 |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; (166921535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79988909 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 4375913136 | &nbsp;&nbsp; 4295924227 |
| End of period | $4208991601 | $4375913136 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**14**

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Notes to Financial Statements

January 31, 2023 (unaudited)

**1. ORGANIZATION**

Federated Hermes Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of 16 portfolios. The financial statements included herein are only those of Federated Hermes Capital Reserves Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The investment objective of the Fund is to provide current income consistent with stability of principal and liquidity.

The Fund operates as a retail money market fund. As a retail money market fund, the Fund: (1) will generally continue to use amortized cost to value its portfolio securities and transact at a stable $1.00 net asset value (NAV); (2) has adopted policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons as required for a retail money market fund by Rule 2a-7 under the Act; and (3) has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board of Trustees (the "Trustees") determine such liquidity fees or redemption gates are in the best interest of the Fund.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

**Investment Valuation**

Securities are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

Pursuant to Rule 2a-5 under the Investment Company Act, the Trustees have designated Federated Investment Management Company (the "Adviser") as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

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The Adviser, acting through its valuation committee ("Valuation Committee"), is responsible for determining the fair value of investments. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value of securities and oversees the comparison of amortized cost to market-based value. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

**Repurchase Agreements**

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund's custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a "securities entitlement" and exercises "control" as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Repurchase agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and

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**16**

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Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase price to be paid under the agreements reducing the net settlement amount to zero.

**Investment Income, Gains and Losses, Expenses and Distributions**

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. The detail of the total fund expense waivers and reimbursement of $4,032,153 is disclosed in various locations in this Note 2 and Note 4.

**Other Service Fees**

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time. For the six months ended January 31, 2023, there were no fees waived or reimbursed.

**Federal Taxes**

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended January 31, 2023, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of January 31, 2023, tax years 2019 through 2022 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

**When-Issued and Delayed-Delivery Transactions**

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**Restricted Securities**

The Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being

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**17**

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registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer's expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. Restricted securities are valued at amortized cost in accordance with Rule 2a-7 under the Act.

**Other**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

**3. SHARES OF BENEFICIAL INTEREST**

The following table summarizes share activity:

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **1/31/2023**<br>| **Year Ended** <br> **7/31/2022**<br>|
| Shares sold | 1092817550 | 1758477348 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp;&nbsp;&nbsp; 55714227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4899871 |
| Shares redeemed | (1315413637) | (1683427684) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS | &nbsp;&nbsp; (166881860) | &nbsp;&nbsp;&nbsp;&nbsp; 79949535 |

---

**4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES**

**Investment Adviser Fee**

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended January 31, 2023, the Adviser voluntarily waived $1,827,123 of its fee.

The Adviser has agreed to reimburse the Fund for certain investment adviser fees as a result of transactions in other affiliated investment companies. For the six months ended January 31, 2023, the Adviser reimbursed $25,168.

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**Administrative Fee**

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, "Investment Complex" is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

---

| | |
|:---|:---|
| **Administrative Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Daily Net Assets**<br> **of the Investment Complex**<br>|
| 0.100% | on assets up to $50 billion |
| 0.075% | on assets over $50 billion |

---

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

**Distribution Services Fee**

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at 0.55% of average daily net assets, annually, to compensate FSC. Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, FSC waived $2,179,862 of its fees. When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended January 31, 2023, FSC retained $1,313 of fees paid by the Fund.

**Other Service Fees**

For the six months ended January 31, 2023, FSSC received $805 of the other service fees disclosed in Note 2.

**Expense Limitation**

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waiver/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) and the Fund's share of the fees and expenses of the investments in affiliated funds paid by the Fund (after the voluntary waivers and reimbursements) will not exceed 1.02% (the "Fee Limit"), up to but not including the later of (the "Termination Date"): (a) October 1, 2023; or (b) the date of the Fund's next

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effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

**Directors'/Trustees' and Miscellaneous Fees**

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors'/Trustees' fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

**5. CONCENTRATION OF RISK**

A substantial portion of the Fund's portfolio may be comprised of obligations of banks. As a result, the Fund may be more susceptible to any economic, business, political or other developments which generally affect these entities.

**6. LINE OF CREDIT**

The Fund participates with certain other Federated Hermes Funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement dated June 22, 2022. The LOC was made available to temporarily finance the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund's ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to (a) the highest, on any day, of (i) the federal funds effective rate, (ii) the published secured overnight financing rate plus an assigned percentage and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of a commitment fee based on the amount of the lenders' commitment that has not been utilized, quarterly in arrears and at maturity. As of January 31, 2023, the Fund had no outstanding loans. During the six months ended January 31, 2023, the Fund did not utilize the LOC.

**7. INTERFUND LENDING**

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of January 31, 2023, there were no outstanding loans. During the six months ended January 31, 2023, the program was not utilized.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. INDEMNIFICATIONS**

Under the Fund's organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party's actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.

**9. OTHER MATTERS**

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Fund's investments) and the markets in general in significant and unforeseen ways. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such investments. Any such impact could adversely affect the Fund's performance.

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Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other services fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2022 to January 31, 2023.

**ACTUAL EXPENSES**

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to *estimate* the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES**

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an *assumed* rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should *not* use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative *total* costs of owning different funds.

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| | | | |
|:---|:---|:---|:---|
|  | **Beginning**<br> **Account Value**<br> **8/1/2022**<br>| **Ending**<br> **Account Value**<br> **1/31/2023**<br>| **Expenses Paid**<br> **During Period**<sup>1</sup> <br>|
| **Actual** | $1000 | $1013.40 | $5.18 |
| **Hypothetical (assuming a 5% return** <br> **before expenses)**<br>| $1000 | $1020.06 | $5.19 |

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*Expenses are equal to the Fund's annualized net expense ratio of 1.02%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period).*

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Evaluation and Approval of Advisory Contract–May 2022

**Federated Hermes Capital Reserves Fund (the "Fund")**

At its meetings in May 2022 (the "May Meetings"), the Fund's Board of Trustees (the "Board"), including those Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940 (the "Independent Trustees"), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") (the "Contract") for an additional one-year term. The Board's determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

***<u>Information Received and Review Process</u>***

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO's independent written evaluation (the "CCO Fee Evaluation Report"), along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contract. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as "Senior Officer" prior to the elimination of the Senior Officer position in December 2017.

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered information specifically prepared in connection with the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, "Federated Hermes") in response to requests posed to Federated Hermes by independent legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional matters as the Independent Trustees deemed

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reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates; Federated Hermes' business and operations; the Adviser's investment philosophy, personnel and processes; the Fund's investment objectives and strategies; the Fund's short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund's particular investment program and a group of its peer funds and/or its benchmark, as appropriate); the Fund's investment objectives; the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the financial condition of Federated Hermes; the Adviser's profitability with respect to the Fund; distribution and sales activity for the Fund; and the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser's cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize "economies of scale" as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any "fall-out" benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fee and expense structures, including a comparison of management fees paid to the adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser's services and fees. The Board noted that the Securities and Exchange Commission ("SEC") disclosure requirements

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regarding the basis for a fund board's approval of the fund's investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a "Federated Hermes Fund" and, collectively, the ("Federated Hermes Funds").

In addition to considering the above-referenced factors, the Board was mindful of the preferences and expectations of Fund shareholders and the potential disruptions of the Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund on the strength of Federated Hermes' industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund's shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.

In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board's determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.

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***<u>Nature, Extent and Quality of Services</u>***

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by Federated Hermes. The Board considered the Adviser's personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and Federated Hermes' ability and experience in attracting and retaining qualified personnel to service the Fund. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser's ability to deliver competitive investment performance for the Fund when compared to the Fund's Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund's investment program. The Board also considered the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, in order to maintain a positive yield for the Fund in the low interest rate environment.

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened the organization's investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance ("ESG") factors and issuer engagement on ESG matters. The Board considered the quality of Federated Hermes' communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account Federated Hermes' communications with the Board in light of the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds' officers.

The Board received and evaluated information regarding Federated Hermes' regulatory and compliance environment. The Board considered Federated Hermes' compliance program and compliance history and reports from the CCO about Federated Hermes' compliance with applicable laws and

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regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes' support of the Federated Hermes Funds' compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund's obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated Hermes' commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes' approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds' compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes' oversight in this regard, including in connection with the designation of the Federated Hermes Funds' investment advisers as the administrators of the Federated Hermes Funds' liquidity risk management program.

The Board also considered the implementation of Federated Hermes' business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes' commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.

The Board considered Federated Hermes' efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Adviser to the Fund.

***<u>Fund Investment Performance</u>***

The Board considered the investment performance of the Fund. In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser's analysis of, the Fund's performance over different time periods that were

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provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund's gross and net returns, the Fund's investment performance compared to one or more relevant categories or groups of peer funds and the Fund's benchmark index, performance attribution information and commentary on the effect of market conditions.

The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by iMoneyNet, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the CCO's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds' objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.

The Fund's performance fell below the median of the Performance Peer Group for the one-year, three-year and five-year periods ended December 31, 2021. The Board discussed the Fund's performance with the Adviser, including the reasons for and plans to seek to improve the Fund's performance, and recognized the efforts being taken by the Adviser in the context of other factors considered relevant by the Board. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its Peer Group.

Based on these considerations, the Board concluded that it had continued confidence in the Adviser's overall capabilities to manage the Fund.

***<u>Fund Expenses</u>***

The Board considered the advisory fee and overall expense structure of the Fund and the comparative fee and expense information that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund's total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the category of peer funds selected by iMoneyNet (the "Expense Peer Group"). The Board received a description of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet category.

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged by other advisers for managing funds with comparable investment programs, the Board noted that it found the use of such comparisons to be relevant to its evaluation. The Board

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focused on comparisons with other similar registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund's shareholders. The Board noted that the range of such other registered funds' fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund's fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was below the median of the Expense Peer Group, and the Board was satisfied that the overall expense structure of the Fund remained competitive.

The Board also received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO's conclusion that non-registered fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing and fund liquidity; (vi) different administrative responsibilities; (vii) different degrees of risk associated with management; and (viii) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution's registered fund, noting the CCO's view that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds' advisory fees.

Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.

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***<u>Profitability</u>***

The Board received and considered profitability information furnished by Federated Hermes, as requested by the CCO. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO's view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered the CCO's view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board noted the impact of the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, on the profitability of the Fund to the Adviser.

The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO's conclusion that, based on such profitability information, Federated Hermes' profit margins did not appear to be excessive. The Board also considered the CCO's view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.

***<u>Economies of Scale</u>***

The Board received and considered information about the notion of possible realization of "economies of scale" as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: personnel, processes and tools for portfolio management, including the use of market data on which portfolio managers make investment decisions; trading operations; ESG integration and issuer engagement on ESG matters; shareholder services; compliance; business continuity; cybersecurity; internal audit and risk management functions; and technology that supports the provision of investment management services. The Board noted that Federated

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Hermes' investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund's assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered Federated Hermes' reductions in contractual management fees for certain Federated Hermes Funds during the prior year, including in response to the CCO's recommendations in the prior year's CCO Fee Evaluation Report, which have resulted in benefits being realized by shareholders.

The Board also considered reports on adviser-paid fees (commonly referred to as "revenue sharing") that were provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes and the CCO believe that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to evaluate the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.

***<u>Other Benefits</u>***

The Board considered information regarding the compensation and other ancillary (or "fall-out") benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds' investment advisory contracts, Federated Hermes' affiliates also receive fees for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds' administrator and distributor). In this regard, the Board considered that certain of Federated Hermes' affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

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***<u>Conclusions</u>***

The Board considered: (i) the CCO's conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund is reasonable; and (ii) the CCO's recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board's evaluation of the Federated Hermes Funds' advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board's determination to approve the continuation of the Contract reflects its view that Federated Hermes' performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.

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Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400, Option #4. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

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*You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.*

This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund's Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY** 

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the "householding" program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of "householding." Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of "householding" at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400, Option #4.

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Federated Hermes Capital Reserves Fund <br>Federated Hermes Funds <br>4000 Ericsson Drive <br>Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com** <br>or call 1-800-341-7400.

Federated Securities Corp., Distributor

*CUSIP 608919304*

*Q450204 (3/23)*© 2023 Federated Hermes, Inc.

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**Semi-Annual Shareholder Report**

***January 31, 2023***

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| | | | |
|:---|:---|:---|:---|
| **Share Class** \| Ticker | **A** \| GRAXX | **B** \| GRBXX | **C** \| GRCXX |
|  | **F** \| GRGXX | **P** \| GRFXX |  |

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Federated Hermes Government Reserves Fund

*Fund Established 2005*

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A Portfolio of Federated Hermes Money Market Obligations Trust

Dear Valued Shareholder,

We are pleased to present the Semi-Annual Shareholder Report for your fund covering the period from August 1, 2022 through January 31, 2023. This report includes a complete listing of your fund's holdings, performance information and financial statements along with other important fund information.

As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.

In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.

Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.

Sincerely, <br> ![](donahuechrissigsmall.jpg)

J. Christopher Donahue, President

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**Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee**

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**CONTENTS** 

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| | |
|:---|:---|
| [Portfolio of Investments Summary Tables](#xx_fe0745ff-fd78-4e95-8856-eb538a450ef9_1) | &nbsp;&nbsp; [1](#xx_fe0745ff-fd78-4e95-8856-eb538a450ef9_1)  |
| [Portfolio of Investments](#xx_fe0745ff-fd78-4e95-8856-eb538a450ef9_2) | &nbsp;&nbsp; [2](#xx_fe0745ff-fd78-4e95-8856-eb538a450ef9_2)  |
| [Financial Highlights](#xx_e9e57c51-433a-4446-ac6f-fb66d27a0d79_1) | &nbsp;&nbsp; [7](#xx_e9e57c51-433a-4446-ac6f-fb66d27a0d79_1)  |
| [Statement of Assets and Liabilities](#xx_01eeaae5-a149-427f-8aea-cc1f166649af_1) | [12](#xx_01eeaae5-a149-427f-8aea-cc1f166649af_1)  |
| [Statement of Operations](#xx_01eeaae5-a149-427f-8aea-cc1f166649af_3) | [14](#xx_01eeaae5-a149-427f-8aea-cc1f166649af_3)  |
| [Statement of Changes in Net Assets](#xx_01eeaae5-a149-427f-8aea-cc1f166649af_4) | [15](#xx_01eeaae5-a149-427f-8aea-cc1f166649af_4)  |
| [Notes to Financial Statements](#xx_0b170a4d-1a19-415b-a4eb-0c30881e27cf_1) | [16](#xx_0b170a4d-1a19-415b-a4eb-0c30881e27cf_1)  |
| [Shareholder Expense Example](#xx_aac96926-ec84-40d7-bce0-9ff53c4e7564_1) | [25](#xx_aac96926-ec84-40d7-bce0-9ff53c4e7564_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_4c5455d3-e2bc-4cb2-bdda-17d532ac98c4_1)[–](#xx_4c5455d3-e2bc-4cb2-bdda-17d532ac98c4_1)[May 2022](#xx_4c5455d3-e2bc-4cb2-bdda-17d532ac98c4_1) | [27](#xx_4c5455d3-e2bc-4cb2-bdda-17d532ac98c4_1)  |
| [Voting Proxies on Fund Portfolio Securities](#xx_2d35195b-04bc-4677-9081-4d1738c009fa_1) | [37](#xx_2d35195b-04bc-4677-9081-4d1738c009fa_1)  |
| [Portfolio Schedule](#xx_2d35195b-04bc-4677-9081-4d1738c009fa_1) | [37](#xx_2d35195b-04bc-4677-9081-4d1738c009fa_1)  |

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Portfolio of Investments Summary Tables (unaudited)

At January 31, 2023, the Fund's portfolio composition<sup>1</sup> was as follows:

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| | |
|:---|:---|
| **Security Type** | **Percentage of**<br> **Total Net Assets**<br>|
| Repurchase Agreements | 66.0% |
| U.S. Treasury Securities | 11.9% |
| U.S. Government Agency Securities | 22.0% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| &nbsp;&nbsp; 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | **100%** |

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At January 31, 2023, the Fund's effective maturity<sup>3</sup> schedule was as follows:

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| | |
|:---|:---|
| **Securities With an**<br> **Effective Maturity of:**<br>| **Percentage of**<br> **Total Net Assets**<br>|
| 1-7 Days | 90.3%<sup>4</sup> <br>|
| 8-30 Days | &nbsp;&nbsp; 3.1% |
| 31-90 Days | &nbsp;&nbsp; 0.2% |
| 91-180 Days  | &nbsp;&nbsp; 2.7% |
| 181 Days or more | &nbsp;&nbsp; 3.6% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| &nbsp;&nbsp; 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | **100%** |

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*See the Fund's Prospectus and Statement of Additional Information for more complete information regarding these security types.*

*Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.*

*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.*

*Overnight Securities Comprised 79.1% of the Fund's portfolio.*

Semi-Annual Shareholder Report

**1**

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Portfolio of Investments

January 31, 2023 (unaudited)

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS—66.0% |  |
| $250000000 | Repurchase agreement, 4.310% dated 1/31/2023 under which <br> ABN Amro Bank N.V. will repurchase the securities provided as <br> collateral for $250,029,931 on 2/1/2023. The securities provided <br> as collateral at the end of the period held with BNY Mellon, <br> tri-party agent, were U.S. Government Agency and U.S. Treasury <br> Securities with various maturities to 11/1/2052 and the market <br> value of those underlying securities was $255,045,985.<br>| $250000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 150000000 | Repurchase agreement, 4.250% dated 1/31/2023 under which <br> Barclays Capital, Inc. will repurchase the securities provided as <br> collateral for $150,017,708 on 2/1/2023. The securities provided <br> as collateral at the end of the period held with BNY Mellon, <br> tri-party agent, were U.S. Government Agency and U.S. Treasury <br> Securities with various maturities to 5/15/2048 and the market <br> value of those underlying securities was $153,018,122.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 150000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 | Repurchase agreement, 4.250% dated 1/31/2023 under which <br> Barclays Capital, Inc. will repurchase the securities provided as <br> collateral for $50,005,903 on 2/1/2023. The securities provided <br> as collateral at the end of the period held with BNY Mellon, <br> tri-party agent, were U.S. Treasury Securities with various <br> maturities to 10/31/2028 and the market value of those <br> underlying securities was $51,006,059.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 150000000 | Interest in $200,000,000 joint repurchase agreement, 4.300% <br> dated 1/31/2023 under which BMO Harris Bank, N.A. will <br> repurchase the securities provided as collateral for $200,023,889 <br> on 2/1/2023. The securities provided as collateral at the end of <br> the period held with BNY Mellon, tri-party agent, were <br> U.S. Government Agency Securities with various maturities to <br> 5/1/2032 and the market value of those underlying securities <br> was $205,596,445.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 150000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286024000 | Interest in $450,000,000 joint repurchase agreement, 4.270% <br> dated 1/31/2023 under which BNP Paribas SA will repurchase the <br> securities provided as collateral for $450,053,375 on 2/1/2023. <br> The securities provided as collateral at the end of the period <br> held with BNY Mellon, tri-party agent, were U.S. Government <br> Agency and U.S. Treasury Securities with various maturities to <br> 2/15/2051 and the market value of those underlying securities <br> was $459,054,446.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 286024000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 129000000 | Repurchase agreement, 4.270% dated 1/31/2023 under which <br> BNP Paribas SA will repurchase the securities provided as <br> collateral for $129,015,301 on 2/1/2023. The securities provided <br> as collateral at the end of the period held with BNY Mellon, <br> tri-party agent, were U.S. Government Agency and U.S. Treasury <br> Securities with various maturities to 11/15/2052 and the market <br> value of those underlying securities was $131,595,656.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 129000000 |

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Semi-Annual Shareholder Report

**2**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS—continued |  |
| $150000000 | Repurchase agreement, 4.270% dated 1/31/2023 under which <br> Bank Of America Securities, Inc. will repurchase the securities <br> provided as collateral for $150,017,792 on 2/1/2023. The <br> securities provided as collateral at the end of the period held <br> with BNY Mellon, tri-party agent, were U.S. Treasury Securities <br> with various maturities to 6/30/2026 and the market value of <br> those underlying securities was $153,018,238.<br>| $150000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 493917000 | Interest in $1,850,000,000 joint repurchase agreement, 4.300% <br> dated 1/31/2023 under which Bank Of America Securities, Inc. <br> will repurchase the securities provided as collateral for <br> $1,850,220,972 on 2/1/2023. The securities provided as collateral <br> at the end of the period held with BNY Mellon, tri-party agent, <br> were U.S. Government Agency Securities with various maturities <br> to 9/20/2072 and the market value of those underlying securities <br> was $1,905,727,602.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 493917000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000000 | Repurchase agreement, 4.300% dated 1/31/2023 under which <br> Citigroup Global Markets, Inc. will repurchase the securities <br> provided as collateral for $100,011,944 on 2/1/2023. The <br> securities provided as collateral at the end of the period held <br> with BNY Mellon, tri-party agent, were U.S. Treasury Securities <br> with various maturities to 8/15/2032 and the market value of <br> those underlying securities was $102,012,209.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000000 | Repurchase agreement, 4.300% dated 1/31/2023 under which <br> Citigroup Global Markets, Inc. will repurchase the securities <br> provided as collateral for $500,059,722 on 2/1/2023. The <br> securities provided as collateral at the end of the period held <br> with BNY Mellon, tri-party agent, were U.S. Treasury Securities <br> with various maturities to 8/15/2032 and the market value of <br> those underlying securities was $510,060,965.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000000 | Repurchase agreement, 4.320% dated 1/17/2023 under which <br> Citigroup Global Markets, Inc. will repurchase the securities <br> provided as collateral for $250,480,000 on 2/2/2023. The <br> securities provided as collateral at the end of the period held <br> with BNY Mellon, tri-party agent, were U.S. Government <br> Agency and U.S. Treasury Securities with various maturities to <br> 12/25/2049 and the market value of those underlying securities <br> was $256,445,033.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp; 3000000000 | Repurchase agreement, 4.300% dated 1/31/2023 under which <br> Federal Reserve Bank of New York will repurchase the securities <br> provided as collateral for $3,000,358,333 on 2/1/2023. The <br> securities provided as collateral at the end of the period held <br> with BNY Mellon, tri-party agent, were U.S. Treasury Securities <br> with various maturities to 8/15/2040 and the market value of <br> those underlying securities was $3,000,358,430.<br>| &nbsp;&nbsp; 3000000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 | Repurchase agreement, 4.305% dated 1/31/2023 under which <br> HSBC Securities (USA), Inc. will repurchase the securities <br> provided as collateral for $50,005,979 on 2/1/2023. The <br> securities provided as collateral at the end of the period held <br> with BNY Mellon, tri-party agent, were U.S. Government Agency <br> Securities with various maturities to 2/1/2053 and the market <br> value of those underlying securities was $51,000,000.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |

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Semi-Annual Shareholder Report

**3**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS—continued |  |
| $273000000 | Interest in $600,000,000 joint repurchase agreement, 4.270% <br> dated 1/31/2023 under which Natixis Financial Products LLC will <br> repurchase the securities provided as collateral for $600,071,167 <br> on 2/1/2023. The securities provided as collateral at the end of <br> the period held with BNY Mellon, tri-party agent, were <br> U.S. Government Agency and U.S. Treasury Securities with <br> various maturities to 11/15/2052 and the market value of those <br> underlying securities was $612,072,674.<br>| $273000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REPURCHASE AGREEMENTS | &nbsp;&nbsp; 5831941000 |
|  | U.S. TREASURY—11.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 145000000<br><sup>1</sup> <br>| United States Treasury Bill, 3.020%, 2/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 144817542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47000000<br><sup>1</sup> <br>| United States Treasury Bill, 3.020%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46471668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000000<br><sup>1</sup> <br>| United States Treasury Bill, 4.490%, 2/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69807928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 141000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 4.573% (91-day T-Bill <br> -0.075%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 140933563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 107000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 4.633% (91-day T-Bill <br> -0.015%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 107051468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 179000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 4.677% (91-day T-Bill <br> +0.029%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 179013833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 117760000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 4.682% (91-day T-Bill <br> +0.034%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 117760540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 4.685% (91-day T-Bill <br> +0.037%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99919820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 4.788% (91-day T-Bill <br> +0.140%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44938213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 4.848% (91-day T-Bill <br> +0.200%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000000 | United States Treasury Note, 0.125%, 2/28/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14983007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16000000 | United States Treasury Note, 0.125%, 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15895756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22000000 | United States Treasury Note, 2.500%, 3/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22029851 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY | &nbsp;&nbsp; 1053623189 |
|  | GOVERNMENT AGENCIES—22.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33000000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.320% (SOFR <br> +0.020%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 116000000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.325% (SOFR <br> +0.025%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 115999628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.327% (SOFR <br> +0.027%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59994906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.330% (SOFR <br> +0.030%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.335% (SOFR <br> +0.035%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9999776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68800000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.340% (SOFR <br> +0.040%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68800000 |

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Semi-Annual Shareholder Report

**4**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | GOVERNMENT AGENCIES—continued |  |
| $54000000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.345% (SOFR <br> +0.045%), 2/1/2023<br>| $54000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 151775000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.350% (SOFR <br> +0.050%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 151775411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13000000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.355% (SOFR <br> +0.055%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52000000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.360% (SOFR <br> +0.060%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51998949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.365% (SOFR <br> +0.065%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19999297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.375% (SOFR <br> +0.075%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11999323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.380% (SOFR <br> +0.080%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34998354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.385% (SOFR <br> +0.085%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49999363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22000000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.390% (SOFR <br> +0.090%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.395% (SOFR <br> +0.095%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.400% (SOFR <br> +0.100%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16000000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.405% (SOFR <br> +0.105%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.410% (SOFR <br> +0.110%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.420% (SOFR <br> +0.120%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.430% (SOFR <br> +0.130%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49999301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000000<br><sup>2</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.470% (SOFR <br> +0.170%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000000<br><sup>2</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.335% <br> (SOFR +0.035%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78100000<br><sup>2</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.340% <br> (SOFR +0.040%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000<br><sup>2</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.345% <br> (SOFR +0.045%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000<br><sup>2</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.350% <br> (SOFR +0.050%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 127500000<br><sup>2</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.355% <br> (SOFR +0.055%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 127500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 135000000<br><sup>2</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.360% <br> (SOFR +0.060%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 135000000 |

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Semi-Annual Shareholder Report

**5**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | GOVERNMENT AGENCIES—continued |  |
| $86900000<br><sup>2</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.370% <br> (SOFR +0.070%), 2/1/2023<br>| $86900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000<br><sup>2</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.400% <br> (SOFR +0.100%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 521000000 | Federal Home Loan Bank System, 2.080% - 5.000%, <br> 2/13/2023 - 2/21/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp; 520981138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000000 | Federal National Mortgage Association Notes, <br> 0.250%, 7/10/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14749979 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GOVERNMENT AGENCIES | &nbsp;&nbsp; 1946795425 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—99.9%<br> (AT AMORTIZED COST)<sup>3</sup> <br>| &nbsp;&nbsp; 8832359614 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—0.1%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6215917 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $8838575531 |

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*Discount rate at time of purchase.*

*Floating/variable note with current rate and current maturity or next reset date shown.*

*Also represents cost of investments for federal tax purposes.*

*Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.*

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

In valuing the Fund's assets as of January 31, 2023, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

The following acronym(s) are used throughout this portfolio:

SOFR —Secured Overnight Financing Rate

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**6**

------

Financial Highlights–Class A Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.006 | &nbsp;&nbsp;&nbsp;&nbsp; 0.015 | &nbsp;&nbsp;&nbsp; 0.006 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FROM <br> INVESTMENT OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.012  | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.006 | &nbsp;&nbsp;&nbsp;&nbsp; 0.015 | &nbsp;&nbsp;&nbsp; 0.006 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp; (0.012) | &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.006) | &nbsp;&nbsp;&nbsp; (0.015) | &nbsp;&nbsp; (0.006) |
| Distributions from net realized gain | &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DISTRIBUTIONS | &nbsp;&nbsp;&nbsp; (0.012) | &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.006) | &nbsp;&nbsp;&nbsp; (0.015) | &nbsp;&nbsp; (0.006) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp;&nbsp; 0.56% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87%<sup>5</sup> <br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.43%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp;&nbsp; 0.54% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp;&nbsp; 0.15% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $154362 | $132620 | $133442 | $150878 | $103120 | $73428 |

---

*Represents less than $0.001.*

*Based on net asset value. Total returns for periods less than one year are not annualized.*

*Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.*

*Computed on an annualized basis.*

*The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.11%, 0.64%, 0.87% and 0.87% for the years ended July 31, 2021, 2020, 2019 and 2018, respectively, after taking into account this expense reduction.*

*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.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**7**

------

Financial Highlights–Class B Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | 0.010 | 0.000<sup>1</sup> <br>| 0.000<sup>1</sup> <br>| 0.004 | 0.011 | 0.002 |
| Net realized gain (loss) | 0.000<sup>1</sup> <br>| 0.000<sup>1</sup> <br>| 0.000<sup>1</sup> <br>| 0.000<sup>1</sup> <br>| 0.000<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FROM INVESTMENT OPERATIONS | 0.010 | 0.000<sup>1</sup> <br>| 0.000<sup>1</sup> <br>| 0.004 | 0.011 | 0.002 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.010) | (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.004) | (0.011) | (0.002) |
| Distributions from net realized gain | (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DISTRIBUTIONS | (0.010) | (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.004) | (0.011) | (0.002) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 0.23% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp; 1.27%<sup>4</sup> <br>| &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.11%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp; 0.95%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp; 1.27%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp; 1.19%<sup>5</sup> <br>|
| Net investment income | &nbsp;&nbsp; 1.89%<sup>4</sup> <br>| &nbsp;&nbsp; 0.03% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.40% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 0.20% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>4</sup> <br>| &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp; 0.43% | &nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp; 0.17% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $350 | $480 | $843 | $1139 | $1682 | $2024 |

---

*Represents less than $0.001.*

*Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.*

*Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.*

*Computed on an annualized basis.*

*The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.11%, 0.95%, 1.27% and 1.19% for the years ended July 31, 2021, 2020, 2019 and 2018, respectively, after taking into account this expense reduction.*

*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.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**8**

------

Financial Highlights–Class C Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | 0.010 | 0.000<sup>1</sup> <br>| 0.000<sup>1</sup> <br>| 0.004 | 0.011 | 0.002 |
| Net realized gain (loss) | 0.000<sup>1</sup> <br>| 0.000<sup>1</sup> <br>| 0.000<sup>1</sup> <br>| 0.000<sup>1</sup> <br>| 0.000<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FROM INVESTMENT OPERATIONS | 0.010 | 0.000<sup>1</sup> <br>| 0.000<sup>1</sup> <br>| 0.004 | 0.011 | 0.002 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.010) | (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.004) | (0.011) | (0.002) |
| Distributions from net realized gain | (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DISTRIBUTIONS | (0.010) | (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.004) | (0.011) | (0.002) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp; 0.23% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 1.26%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp; 0.10%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp; 0.69%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp; 1.26%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp; 1.20%<sup>5</sup> <br>|
| Net investment income | &nbsp;&nbsp;&nbsp; 1.98%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp; 0.19% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp; 0.08%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp; 0.16% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4633 | $5543 | $5677 | $8299 | $4505 | $6007 |

---

*Represents less than $0.001.*

*Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.*

*Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.*

*Computed on an annualized basis.*

*The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.10%, 0.69%, 1.26% and 1.20% for the years ended July 31, 2021, 2020, 2019 and 2018, respectively, after taking into account this expense reduction.*

*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.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**9**

------

Financial Highlights–Class F Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | 0.012 | 0.000<sup>1</sup> <br>| 0.000<sup>1</sup> <br>| 0.006 | 0.015 | 0.006 |
| Net realized gain (loss) | 0.000<sup>1</sup> <br>| 0.000<sup>1</sup> <br>| 0.000<sup>1</sup> <br>| 0.000<sup>1</sup> <br>| 0.000<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FROM INVESTMENT OPERATIONS | 0.012 | 0.000<sup>1</sup> <br>| 0.000<sup>1</sup> <br>| 0.006 | 0.015 | 0.006 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.012) | (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.006) | (0.015) | (0.006) |
| Distributions from net realized gain | (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DISTRIBUTIONS | (0.012) | (0.000)<sup>1</sup> <br>| (0.000)<sup>1</sup> <br>| (0.006) | (0.015) | (0.006) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.61% | &nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp; 0.56% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.87%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp; 0.11%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp; 0.62%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp; 0.87%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp; 0.87%<sup>5</sup> <br>|
| Net investment income | &nbsp;&nbsp;&nbsp; 2.40%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp; 1.49% | &nbsp;&nbsp;&nbsp; 0.54% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp; 0.17%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.42% | &nbsp;&nbsp;&nbsp; 0.16% | &nbsp;&nbsp;&nbsp; 0.16% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1808 | $1692 | $1609 | $1743 | $1556 | $1071 |

---

*Represents less than $0.001.*

*Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.*

*Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.*

*Computed on an annualized basis.*

*The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.11%, 0.62%, 0.87% and 0.87% for the years ended July 31, 2021, 2020, 2019 and 2018, respectively, after taking into account this expense reduction.*

*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.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**10**

------

Financial Highlights–Class P Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value,** <br> **Beginning of Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From** <br> **Investment Operations:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.004 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FROM <br> INVESTMENT<br> OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.005 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.004 <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.004) |
| Distributions from net <br> realized gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL <br> DISTRIBUTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.004) |
| **Net Asset Value, End** <br> **of Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.72%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02%<sup>5</sup> <br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40% |
| Expense <br> waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of <br> period (000 omitted)<br>| $8677422 | $10881572 | $11417910 | $10706195 | $8069420 | $8626983 |

---

*Represents less than $0.001.*

*Based on net asset value. Total returns for periods less than one year are not annualized.*

*Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.*

*Computed on an annualized basis.*

*The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.11%, 0.72%, 1.02% and 1.02% for the years ended July 31, 2021, 2020, 2019 and 2018, respectively, after taking into account this expense reduction.*

*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.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**11**

------

Statement of Assets and Liabilities <br>January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Assets:** |  |  |
| Investment in securities | $3000418614 |  |
| Investments in repurchase agreements | &nbsp;&nbsp; 5831941000 |  |
| Investment in securities, at amortized cost and fair value |  | $8832359614 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314024 |
| Income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12954861 |
| Receivable for shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89270 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS |  | &nbsp;&nbsp; 8845717769 |
| **Liabilities:** |  |  |
| Payable for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469256 |  |
| Income distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10856 |  |
| Payable for distribution services fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3671763 |  |
| Payable for other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2080271 |  |
| Payable for transfer agent fee (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 806567 |  |
| Payable for investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29704 |  |
| Payable for administrative fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18313 |  |
| Payable for Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9466 |  |
| Accrued expenses (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7142238 |
| Net assets for 8,838,410,494 shares outstanding |  | $8838575531 |
| **Net Assets Consists of:** |  |  |
| Paid-in capital |  | $8838409360 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166171 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS |  | $8838575531 |

---

Semi-Annual Shareholder Report

**12**

------

Statement of Assets and Liabilities–continued

---

| | |
|:---|:---|
| **Net Asset Value, Offering Price and Redemption Proceeds Per** <br> **Share:**<br>|  |
| **Class A Shares:** |  |
| Net asset value per share ($154,362,141 ÷ 154,359,782 shares <br> outstanding), no par value, unlimited shares authorized<br>| $1.00 |
| Offering price per share | $1.00 |
| Redemption proceeds per share | $1.00 |
| **Class B Shares:** |  |
| Net asset value per share ($350,015 ÷ 350,008 shares <br> outstanding), no par value, unlimited shares authorized<br>| $1.00 |
| Offering price per share | $1.00 |
| Redemption proceeds per share (94.50/100 of $1.00)<sup>1</sup> <br>| $0.95 |
| **Class C Shares:** |  |
| Net asset value per share ($4,633,106 ÷ 4,633,024 shares <br> outstanding), no par value, unlimited shares authorized<br>| $1.00 |
| Offering price per share | $1.00 |
| Redemption proceeds per share (99.00/100 of $1.00)<sup>1</sup> <br>| $0.99 |
| **Class F Shares:** |  |
| Net asset value per share ($1,807,853 ÷ 1,807,819 shares <br> outstanding), no par value, unlimited shares authorized<br>| $1.00 |
| Offering price per share | $1.00 |
| Redemption proceeds per share (99.00/100 of $1.00)<sup>1</sup> <br>| $0.99 |
| **Class P Shares:** |  |
| Net asset value per share ($8,677,422,416 ÷ 8,677,259,861 shares <br> outstanding), no par value, unlimited shares authorized<br>| $1.00 |
| Offering price per share | $1.00 |
| Redemption proceeds per share | $1.00 |

---

*Under certain limited conditions, a "Contingent Deferred Sales Charge" of up to 5.50% for Class B Shares and up to 1.00% for Class C Shares and Class F Shares may be imposed. See "Sales Charge When You Redeem" in the Prospectus.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**13**

------

Statement of Operations <br>Six Months Ended January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Investment Income:** |  |  |  |
| Interest |  |  | $163532246 |
| **Expenses:** |  |  |  |
| Investment adviser fee (Note 4) |  | $10151632 |  |
| Administrative fee (Note 4) |  | &nbsp;&nbsp;&nbsp; 3974996 |  |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147151 |  |
| Transfer agent fees (Note 2) |  | &nbsp;&nbsp;&nbsp; 5085520 |  |
| Directors'/Trustees' fees (Note 4) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32583 |  |
| Auditing fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12213 |  |
| Legal fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5155 |  |
| Distribution services fee (Note 4) |  | &nbsp;&nbsp; 27850574 |  |
| Other service fees (Notes 2 and 4) |  | &nbsp;&nbsp; 12613998 |  |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99411 |  |
| Share registration costs |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316504 |  |
| Printing and postage |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349353 |  |
| Miscellaneous (Note 4) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES |  | &nbsp;&nbsp; 60663205 |  |
| **Waivers and Reimbursements:** |  |  |  |
| Waiver of investment adviser fee (Note 4) | $(3813140) |  |  |
| Waivers/reimbursements of other operating expenses <br> (Notes 2 and 4)<br>| &nbsp;&nbsp; (5050900) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WAIVERS AND REIMBURSEMENTS |  | &nbsp;&nbsp; (8864040) |  |
| Net expenses |  |  | &nbsp;&nbsp;&nbsp; 51799165 |
| Net investment income |  |  | &nbsp;&nbsp; 111733081 |
| Net realized gain on investments |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111352 |
| Change in net assets resulting from operations |  |  | $111844433 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**14**

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023**<br>| **Year Ended**<br> **7/31/2022**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | $111733081 | $7315380 |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111844433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7316897 |
| **Distributions to Shareholders:** |  |  |
| Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1731905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (116462) |
| Class B Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (198) |
| Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2468) |
| Class F Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1463) |
| Class P Shares | &nbsp;&nbsp;&nbsp;&nbsp; (109869568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7518693) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> DISTRIBUTIONS TO SHAREHOLDERS<br>| &nbsp;&nbsp;&nbsp;&nbsp; (111680749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7639284) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp;&nbsp; 3257118793 | &nbsp;&nbsp;&nbsp; 9137625168 |
| Net asset value of shares issued to shareholders in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107238224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7474688 |
| Cost of shares redeemed | &nbsp;&nbsp; (5547851971) | &nbsp;&nbsp; (9682351270) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; (2183494954) | &nbsp;&nbsp;&nbsp;&nbsp; (537251414) |
| Change in net assets | &nbsp;&nbsp; (2183331270) | &nbsp;&nbsp;&nbsp;&nbsp; (537573801) |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 11021906801 | &nbsp;&nbsp; 11559480602 |
| End of period | $8838575531 | $11021906801 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**15**

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Notes to Financial Statements

January 31, 2023 (unaudited)

**1. ORGANIZATION**

Federated Hermes Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of 16 portfolios. The financial statements included herein are only those of Federated Hermes Government Reserves Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers five classes of shares: Class A Shares, Class B Shares, Class C Shares, Class F Shares and Class P Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income consistent with stability of principal and liquidity.

The Fund operates as a government money market fund. As a government money market fund, the Fund: (1) invests at least 99.5% of its total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully; (2) generally continues to use amortized cost to value its portfolio securities and transact at a stable $1.00 net asset value (NAV); and (3) has elected not to be subject to the liquidity fees and gates requirement at this time as permitted by Rule 2a-7 under the Act.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

**Investment Valuation**

Securities are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

Pursuant to Rule 2a-5 under the Investment Company Act, the Fund's Board of Trustees (the "Trustees") has designated Federated Investment Management Company (the "Adviser") as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

Semi-Annual Shareholder Report

**16**

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The Adviser, acting through its valuation committee ("Valuation Committee"), is responsible for determining the fair value of investments. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value of securities and oversees the comparison of amortized cost to market-based value. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

**Repurchase Agreements**

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund's custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a "securities entitlement" and exercises "control" as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Semi-Annual Shareholder Report

**17**

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Repurchase agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase price to be paid under the agreements reducing the net settlement amount to zero.

**Investment Income, Gains and Losses, Expenses and Distributions**

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses. The detail of the total fund expense waivers and reimbursements of $8,864,040 is disclosed in various locations in this Note 2 and Note 4.

**Transfer Agent Fees**

For the six months ended January 31, 2023, transfer agent fees for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Transfer Agent**<br> **Fees Incurred**<br>| **Transfer Agent**<br> **Fees Reimbursed**<br>|
| Class A Shares | $15838 | $(13472) |
| Class B Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) |
| Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class F Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (450) |
| Class P Shares | &nbsp;&nbsp; 5068009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $5085520 | $(13935) |

---

**Other Service Fees**

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Class A Shares, Class B Shares, Class C Shares, Class F Shares and Class P Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time.

Semi-Annual Shareholder Report

**18**

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For the six months ended January 31, 2023, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service**<br> **Fees Incurred**<br>|
| Class A Shares | $176957 |
| Class B Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518 |
| Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6450 |
| Class F Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2429 |
| Class P Shares  | &nbsp;&nbsp; 12427644 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $12613998 |

---

**Federal Taxes**

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended January 31, 2023, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of January 31, 2023, tax years 2019 through 2022 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

**When-Issued and Delayed-Delivery Transactions** 

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**Restricted Securities**

The Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer's expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. Restricted securities are valued at amortized cost in accordance with Rule 2a-7 under the Act.

Semi-Annual Shareholder Report

**19**

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**Other**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

**3. SHARES OF BENEFICIAL INTEREST**

The following tables summarize share activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **1/31/2023** | **Six Months Ended**<br> **1/31/2023** | **Year Ended**<br> **7/31/2022** | **Year Ended**<br> **7/31/2022** |
| **Class A Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 84990265 | $84990265 | 73725006 | $73725006 |
| Shares issued to shareholders in payment of <br> distributions declared<br>| &nbsp;&nbsp; 1690974 | &nbsp;&nbsp;&nbsp;&nbsp; 1690974 | &nbsp;&nbsp;&nbsp;&nbsp; 113787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113787 |
| Shares redeemed | (64941335) | &nbsp;&nbsp; (64941335) | (74657374) | &nbsp;&nbsp; (74657374) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> CLASS A SHARE TRANSACTIONS<br>| 21739904 | $21739904 | &nbsp;&nbsp;&nbsp;&nbsp; (818581) | $(818581) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **1/31/2023** | **Six Months Ended**<br> **1/31/2023** | **Year Ended**<br> **7/31/2022** | **Year Ended**<br> **7/31/2022** |
| **Class B Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 48902 | $48902 | &nbsp;&nbsp; 26434 | $26434 |
| Shares issued to shareholders in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |
| Shares redeemed | (182655) | &nbsp;&nbsp; (182655) | (388664) | &nbsp;&nbsp; (388664) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> CLASS B SHARE TRANSACTIONS<br>| (130411) | $(130411) | (362060) | $(362060) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **1/31/2023** | **Six Months Ended**<br> **1/31/2023** | **Year Ended**<br> **7/31/2022** | **Year Ended**<br> **7/31/2022** |
| **Class C Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 2961593 | $2961593 | 8302537 | $8302537 |
| Shares issued to shareholders in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2453 |
| Shares redeemed | (3922699) | &nbsp;&nbsp; (3922699) | (8438969) | &nbsp;&nbsp; (8438969) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> CLASS C SHARE TRANSACTIONS<br>| &nbsp;&nbsp; (909570) | $(909570) | &nbsp;&nbsp; (133979) <br>| $(133979) <br>|

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **1/31/2023** | **Six Months Ended**<br> **1/31/2023** | **Year Ended**<br> **7/31/2022** | **Year Ended**<br> **7/31/2022** |
| **Class F Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 827840 | $827840 | 639953 | $639953 |
| Shares issued to shareholders in payment of <br> distributions declared<br>| &nbsp;&nbsp; 17224 | &nbsp;&nbsp;&nbsp;&nbsp; 17224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 997 |
| Shares redeemed | (728901) | &nbsp;&nbsp; (728901) | (558280) | &nbsp;&nbsp; (558280) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> CLASS F SHARE TRANSACTIONS<br>| 116163 | $116163 | &nbsp;&nbsp; 82670 <br>| $82670 <br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **1/31/2023** | **Six Months Ended**<br> **1/31/2023** | **Year Ended**<br> **7/31/2022** | **Year Ended**<br> **7/31/2022** |
| **Class P Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 3168290193 | $3168290193 | 9054931238 | $9054931238 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp; 105475148 | &nbsp;&nbsp;&nbsp;&nbsp; 105475148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7357281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7357281 |
| Shares redeemed | (5478076381) | &nbsp;&nbsp; (5478076381) | (9598307983) | &nbsp;&nbsp; (9598307983) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET CHANGE <br> RESULTING FROM <br> CLASS P SHARE <br> TRANSACTIONS<br>| (2204311040) | $(2204311040) | &nbsp;&nbsp; (536019464) <br>| $(536019464) <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM TOTAL FUND <br> SHARE TRANSACTIONS<br>| (2183494954) | $(2183494954) | &nbsp;&nbsp; (537251414) <br>| $(537251414) <br>|

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**4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES**

**Investment Adviser Fee**

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended January 31, 2023, the Adviser voluntarily waived $3,813,140 of its fee and voluntarily reimbursed $13,935 of transfer agent fees.

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**Administrative Fee**

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, "Investment Complex" is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

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| | |
|:---|:---|
| **Administrative Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Daily Net Assets**<br> **of the Investment Complex**<br>|
| 0.100% | on assets up to $50 billion |
| 0.075% | on assets over $50 billion |

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Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, the annualized net fee paid to FAS was 0.078% of average daily net assets of the Fund.

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

**Distribution Services Fee**

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Class A Shares, Class B Shares, Class C Shares, Class F Shares and Class P Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets, annually, to compensate FSC:

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| | |
|:---|:---|
| **Share Class Name** | **Percentage of Average Daily**<br> **Net Assets of Class**<br>|
| 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% |

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Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, distribution services fees for the Fund were as follows:

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| | | |
|:---|:---|:---|
|  | **Distribution**<br> **Service Fees**<br> **Incurred**<br>| **Distribution**<br> **Services Fees**<br> **Waived**<br>|
| Class A Shares | $319844 | $(35539) |
| Class B Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class F Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (491) |
| Class P Shares  | &nbsp;&nbsp; 27505143 | &nbsp;&nbsp; (5000935) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $27850574 | $(5036965) |

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For the six months ended January 31, 2023, FSC retained $460,663 of fees paid by the Fund.

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

**Sales Charges**

Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. For the six months ended January 31, 2023, FSC retained $250 and $609 of CDSC relating to redemptions of Class C Shares and Class F Shares, respectively.

**Other Service Fees**

For the six months ended January 31, 2023, FSSC received $60,702 of the other service fees disclosed in Note 2.

**Expense Limitation**

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursements of Fund expenses reflected in the financial highlights will be maintained in the future. The Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Class A Shares, Class B Shares, Class C Shares, Class F Shares and Class P Shares (after the voluntary waivers and reimbursements) will not exceed 0.87%, 1.27%, 1.27%, 0.87% and 1.02% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2023; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

**Directors'/Trustees' and Miscellaneous Fees** 

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors'/Trustees' fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

**5. INTERFUND LENDING**

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of January 31, 2023, there were no outstanding loans. During the six months ended January 31, 2023, the program was not utilized.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Indemnifications**

Under the Fund's organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party's actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.

**7. OTHER MATTERS**

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Fund's investments) and the markets in general in significant and unforeseen ways. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such investments. Any such impact could adversely affect the Fund's performance.

**8. SUBSEQUENT EVENT**

On November 10, 2022, the Trustees approved a Plan of Conversion for the Class B Shares of the Fund pursuant to which the Class B Shares of the Fund converted into the Fund's existing Class A Shares on February 3, 2023, resulting in the closure and termination of the Fund's Class B Shares.

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Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase or redemption payments; and (2) ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2022 to January 31, 2023.

**ACTUAL EXPENSES**

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to *estimate* the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES**

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an *assumed* rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should *not* use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase or redemption payments. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative *total* costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

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| | | | |
|:---|:---|:---|:---|
|  | **Beginning**<br> **Account Value**<br> **8/1/2022**<br>| **Ending**<br> **Account Value**<br> **1/31/2023**<br>| **Expenses Paid**<br> **During Period**<sup>1</sup> <br>|
| **Actual:** |  |  |  |
| Class A Shares | $1000.00 | $1012.00 | $4.41 |
| Class B Shares | $1000.00 | $1010.00 | $6.43 |
| Class C Shares | $1000.00 | $1010.00 | $6.38 |
| Class F Shares | $1000.00 | $1012.00 | $4.41 |
| Class P Shares | $1000.00 | $1011.30 | $5.17 |
| **Hypothetical (assuming a 5% return** <br> **before expenses):** <br>|  |  |  |
| Class A Shares | $1000.00 | $1020.82 | $4.43 |
| Class B Shares | $1000.00 | $1018.80 | $6.46 |
| Class C Shares | $1000.00 | $1018.85 | $6.41 |
| Class F Shares | $1000.00 | $1020.82 | $4.43 |
| Class P Shares | $1000.00 | $1020.06 | $5.19 |

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*Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:* 

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| | |
|:---|:---|
| Class A Shares | 0.87% |
| Class B Shares | 1.27% |
| Class C Shares | 1.26% |
| Class F Shares | 0.87% |
| Class P Shares | 1.02% |

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Evaluation and Approval of Advisory Contract–May 2022

**Federated Hermes Government Reserves Fund (the "Fund")**

At its meetings in May 2022 (the "May Meetings"), the Fund's Board of Trustees (the "Board"), including those Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940 (the "Independent Trustees"), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") (the "Contract") for an additional one-year term. The Board's determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

***<u>Information Received and Review Process</u>***

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO's independent written evaluation (the "CCO Fee Evaluation Report"), along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contract. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as "Senior Officer" prior to the elimination of the Senior Officer position in December 2017.

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered information specifically prepared in connection with the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, "Federated Hermes") in response to requests posed to Federated Hermes by independent legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional matters as the Independent Trustees deemed

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reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates; Federated Hermes' business and operations; the Adviser's investment philosophy, personnel and processes; the Fund's investment objectives and strategies; the Fund's short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund's particular investment program and a group of its peer funds and/or its benchmark, as appropriate); the Fund's investment objectives; the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the financial condition of Federated Hermes; the Adviser's profitability with respect to the Fund; distribution and sales activity for the Fund; and the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser's cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize "economies of scale" as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any "fall-out" benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fee and expense structures, including a comparison of management fees paid to the adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser's services and fees. The Board noted that the Securities and Exchange Commission ("SEC") disclosure requirements

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regarding the basis for a fund board's approval of the fund's investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a "Federated Hermes Fund" and, collectively, the ("Federated Hermes Funds").

In addition to considering the above-referenced factors, the Board was mindful of the preferences and expectations of Fund shareholders and the potential disruptions of the Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund on the strength of Federated Hermes' industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund's shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.

In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board's determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.

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***<u>Nature, Extent and Quality of Services</u>***

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by Federated Hermes. The Board considered the Adviser's personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and Federated Hermes' ability and experience in attracting and retaining qualified personnel to service the Fund. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser's ability to deliver competitive investment performance for the Fund when compared to the Fund's Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund's investment program. The Board also considered the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, in order to maintain a positive yield for the Fund in the low interest rate environment.

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened the organization's investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance ("ESG") factors and issuer engagement on ESG matters. The Board considered the quality of Federated Hermes' communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account Federated Hermes' communications with the Board in light of the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds' officers.

The Board received and evaluated information regarding Federated Hermes' regulatory and compliance environment. The Board considered Federated Hermes' compliance program and compliance history and reports from the CCO about Federated Hermes' compliance with applicable laws and

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regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes' support of the Federated Hermes Funds' compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund's obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated Hermes' commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes' approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds' compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes' oversight in this regard, including in connection with the designation of the Federated Hermes Funds' investment advisers as the administrators of the Federated Hermes Funds' liquidity risk management program.

The Board also considered the implementation of Federated Hermes' business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes' commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.

The Board considered Federated Hermes' efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Adviser to the Fund.

***<u>Fund Investment Performance</u>***

The Board considered the investment performance of the Fund. In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser's analysis of, the Fund's performance over different time periods that were

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provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund's gross and net returns, the Fund's investment performance compared to one or more relevant categories or groups of peer funds and the Fund's benchmark index, performance attribution information and commentary on the effect of market conditions.

The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by iMoneyNet, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the CCO's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds' objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.

The Fund's performance fell below the median of the Performance Peer Group for the one-year period ended December 31, 2021. The Board discussed the Fund's performance with the Adviser, including the reasons for and plans to seek to improve the Fund's performance, and recognized the efforts being taken by the Adviser in the context of other factors considered relevant by the Board. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its Peer Group.

Based on these considerations, the Board concluded that it had continued confidence in the Adviser's overall capabilities to manage the Fund.

***<u>Fund Expenses</u>***

The Board considered the advisory fee and overall expense structure of the Fund and the comparative fee and expense information that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund's total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the category of peer funds selected by iMoneyNet (the "Expense Peer Group"). The Board received a description of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet category.

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged by other advisers for managing funds with comparable investment programs, the Board noted that it found the use of such comparisons to be relevant to its evaluation. The Board focused on comparisons with other similar registered funds more heavily than

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non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund's shareholders. The Board noted that the range of such other registered funds' fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund's fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was below the median of the Expense Peer Group, and the Board was satisfied that the overall expense structure of the Fund remained competitive.

The Board also received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO's conclusion that non-registered fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing and fund liquidity; (vi) different administrative responsibilities; (vii) different degrees of risk associated with management; and (viii) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution's registered fund, noting the CCO's view that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds' advisory fees.

Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.

Semi-Annual Shareholder Report

**33**

------

***<u>Profitability</u>***

The Board received and considered profitability information furnished by Federated Hermes, as requested by the CCO. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO's view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered the CCO's view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board noted the impact of the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, on the profitability of the Fund to the Adviser.

The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO's conclusion that, based on such profitability information, Federated Hermes' profit margins did not appear to be excessive. The Board also considered the CCO's view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.

***<u>Economies of Scale</u>***

The Board received and considered information about the notion of possible realization of "economies of scale" as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: personnel, processes and tools for portfolio management, including the use of market data on which portfolio managers make investment decisions; trading operations; ESG integration and issuer engagement on ESG matters; shareholder services; compliance; business continuity; cybersecurity; internal audit and risk management functions; and technology that supports the provision of investment management services. The Board noted that Federated

Semi-Annual Shareholder Report

**34**

------

Hermes' investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund's assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered Federated Hermes' reductions in contractual management fees for certain Federated Hermes Funds during the prior year, including in response to the CCO's recommendations in the prior year's CCO Fee Evaluation Report, which have resulted in benefits being realized by shareholders.

The Board also considered reports on adviser-paid fees (commonly referred to as "revenue sharing") that were provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes and the CCO believe that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to evaluate the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.

***<u>Other Benefits</u>***

The Board considered information regarding the compensation and other ancillary (or "fall-out") benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds' investment advisory contracts, Federated Hermes' affiliates also receive fees for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds' administrator and distributor). In this regard, the Board considered that certain of Federated Hermes' affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

Semi-Annual Shareholder Report

**35**

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***<u>Conclusions</u>***

The Board considered: (i) the CCO's conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund is reasonable; and (ii) the CCO's recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board's evaluation of the Federated Hermes Funds' advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board's determination to approve the continuation of the Contract reflects its view that Federated Hermes' performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.

Semi-Annual Shareholder Report

**36**

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Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400, Option #4. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

Semi-Annual Shareholder Report

**37**

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*You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.*

This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund's Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY** 

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the "householding" program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of "householding." Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of "householding" at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400, Option #4.

Semi-Annual Shareholder Report

**38**

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![](edelivery.jpg)

![](fhilogok11p.jpg)

Federated Hermes Government Reserves Fund <br>Federated Hermes Funds <br>4000 Ericsson Drive <br>Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com** <br>or call 1-800-341-7400.

Federated Securities Corp., Distributor

*CUSIP 608919544* <br>*CUSIP 608919536* <br>*CUSIP 608919528* <br>*CUSIP 608919510* <br>*CUSIP 608919205*

*34454 (3/23)*© 2023 Federated Hermes, Inc.

![](fscbug_small.jpg)

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**Semi-Annual Shareholder Report**

***January 31, 2023***

![](img56a83e5f1.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Share Class** \| 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 |  |

---

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Federated Hermes Government Obligations Fund

------

A Portfolio of Federated Hermes Money Market Obligations Trust

Dear Valued Shareholder,

We are pleased to present the Semi-Annual Shareholder Report for your fund covering the period from August 1, 2022 through January 31, 2023. This report includes a complete listing of your fund's holdings, performance information and financial statements along with other important fund information.

As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.

In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.

Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.

Sincerely, <br> ![](donahuechrissigsmall.jpg)

J. Christopher Donahue, President

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**Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee**

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Portfolio of Investments Summary Tables](#xx_58c25a08-fb2e-443d-ad8b-478082fa6611_1) | &nbsp;&nbsp; [1](#xx_58c25a08-fb2e-443d-ad8b-478082fa6611_1)  |
| [Portfolio of Investments](#xx_58c25a08-fb2e-443d-ad8b-478082fa6611_2) | &nbsp;&nbsp; [2](#xx_58c25a08-fb2e-443d-ad8b-478082fa6611_2)  |
| [Financial Highlights](#xx_65b11450-f56e-445c-8742-8007f5f0c4b3_1) | [11](#xx_65b11450-f56e-445c-8742-8007f5f0c4b3_1)  |
| [Statement of Assets and Liabilities](#xx_84fe32ed-39dd-4a52-821d-68f3c5b045d4_1) | [22](#xx_84fe32ed-39dd-4a52-821d-68f3c5b045d4_1)  |
| [Statement of Operations](#xx_84fe32ed-39dd-4a52-821d-68f3c5b045d4_3) | [24](#xx_84fe32ed-39dd-4a52-821d-68f3c5b045d4_3)  |
| [Statement of Changes in Net Assets](#xx_84fe32ed-39dd-4a52-821d-68f3c5b045d4_4) | [25](#xx_84fe32ed-39dd-4a52-821d-68f3c5b045d4_4)  |
| [Notes to Financial Statements](#xx_8294897c-accc-4da0-8442-6e6489cd4f64_1) | [26](#xx_8294897c-accc-4da0-8442-6e6489cd4f64_1)  |
| [Shareholder Expense Example](#xx_a8315873-abc5-4aaf-bc16-f62c45d35d6f_1) | [37](#xx_a8315873-abc5-4aaf-bc16-f62c45d35d6f_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_e39cb8e9-08b7-4105-b6a9-5a9fc09820e1_1) | [39](#xx_e39cb8e9-08b7-4105-b6a9-5a9fc09820e1_1)  |
| [Voting Proxies on Fund Portfolio Securities](#xx_74acefd4-cfd1-45c5-8ba7-562a434d30d1_1) | [49](#xx_74acefd4-cfd1-45c5-8ba7-562a434d30d1_1)  |
| [Portfolio Schedule](#xx_74acefd4-cfd1-45c5-8ba7-562a434d30d1_1) | [49](#xx_74acefd4-cfd1-45c5-8ba7-562a434d30d1_1) |

---

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Portfolio of Investments Summary Tables (unaudited)

At January 31, 2023, the Fund's portfolio composition<sup>1</sup> was as follows:

---

| | |
|:---|:---|
| **Security Type** | **Percentage of** <br>**Total Net Assets**<br>|
| Repurchase Agreements | 66.9% |
| U.S. Government Agency Securities | 21.8% |
| U.S. Treasury Securities | &nbsp;&nbsp; 7.5% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| &nbsp;&nbsp; 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | **100%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *See the Fund's Prospectus and Statement of Additional Information for a description of these* <br> *security types.*<br>|
| 2 | *Assets, other than investments in securities, less liabilities. See Statement of Assets and* <br> *Liabilities.*<br>|

---

At January 31, 2023, the Fund's effective maturity schedule<sup>1</sup> was as follows:

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| | |
|:---|:---|
| **Securities With an** <br>**Effective Maturity of:**<br>| **Percentage of** <br>**Total Net Assets**<br>|
| 1-7 Days | 89.8% |
| 8-30 Days | &nbsp;&nbsp; 1.2% |
| 31-90 Days | &nbsp;&nbsp; 0.4% |
| 91-180 Days | &nbsp;&nbsp; 1.7% |
| 181 Days or more | &nbsp;&nbsp; 3.1% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| &nbsp;&nbsp; 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | **100%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the* <br> *Investment Company Act of 1940, which regulates money market mutual funds.*<br>|
| 2 | *Assets, other than investments in securities, less liabilities. See Statement of Assets* <br> *and Liabilities.*<br>|

---

Semi-Annual Shareholder Report

**1**

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Portfolio of Investments

January 31, 2023 (unaudited)

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| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
|  | GOVERNMENT AGENCIES— 21.8% |  |
| $20000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.317% (SOFR <br> +0.017%), 2/1/2023<br>| $19997068 |
| 1509550000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.325% (SOFR <br> +0.025%), 2/1/2023<br>| 1509545780 |
| 178600000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.327% (SOFR <br> +0.027%), 2/1/2023<br>| 178584838 |
| 627000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.330% (SOFR <br> +0.030%), 2/1/2023<br>| 626951563 |
| 350000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.332% (SOFR <br> +0.032%), 2/1/2023<br>| 349999096 |
| 1982000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.335% (SOFR <br> +0.035%), 2/1/2023<br>| 1981986404 |
| 599850000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.340% (SOFR <br> +0.040%), 2/1/2023<br>| 599850000 |
| 557650000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.345% (SOFR <br> +0.045%), 2/1/2023<br>| 557650000 |
| 662650000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.350% (SOFR <br> +0.050%), 2/1/2023<br>| 662650000 |
| 612000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.355% (SOFR <br> +0.055%), 2/1/2023<br>| 612000000 |
| 919675000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.360% (SOFR <br> +0.060%), 2/1/2023<br>| 919675543 |
| 265000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.365% (SOFR <br> +0.065%), 2/1/2023<br>| 264990681 |
| 143000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.375% (SOFR <br> +0.075%), 2/1/2023<br>| 142991928 |
| 580400000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.380% (SOFR <br> +0.080%), 2/1/2023<br>| 580373915 |
| 626600000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.385% (SOFR <br> +0.085%), 2/1/2023<br>| 626591410 |
| 592750000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.390% (SOFR <br> +0.090%), 2/1/2023<br>| 592750000 |
| 229750000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.395% (SOFR <br> +0.095%), 2/1/2023<br>| 229750000 |
| 722750000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.400% (SOFR <br> +0.100%), 2/1/2023<br>| 722750000 |
| 233700000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.405% (SOFR <br> +0.105%), 2/1/2023<br>| 233700000 |
| 714800000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.410% (SOFR <br> +0.110%), 2/1/2023<br>| 714800000 |
| 344750000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.420% (SOFR <br> +0.120%), 2/1/2023<br>| 344750000 |
| 1049400000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.430% (SOFR <br> +0.130%), 2/1/2023<br>| 1049388116 |
| 168000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.470% (SOFR <br> +0.170%), 2/1/2023<br>| 168000000 |

---

Semi-Annual Shareholder Report

**2**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | GOVERNMENT AGENCIES— continued |  |
| $250000000 | Federal Farm Credit System Notes, 3.000%, 7/11/2023 | $249972140 |
| 500000000 | Federal Home Loan Bank System Discount Notes, <br> 1.800%, 2/2/2023<br>| 499975000 |
| 25000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.315% <br> (SOFR +0.015%), 2/1/2023<br>| 24999976 |
| 95000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.330% <br> (SOFR +0.030%), 2/1/2023<br>| 95000000 |
| 469750000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.340% <br> (SOFR +0.040%), 2/1/2023<br>| 469750000 |
| 329000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.345% <br> (SOFR +0.045%), 2/1/2023<br>| 329000000 |
| 834500000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.350% <br> (SOFR +0.050%), 2/1/2023<br>| 834500000 |
| 1134250000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.355% <br> (SOFR +0.055%), 2/1/2023<br>| 1134250000 |
| 2733625000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.360% <br> (SOFR +0.060%), 2/1/2023<br>| 2733625000 |
| 450000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.365% <br> (SOFR +0.065%), 2/1/2023<br>| 450000000 |
| 1471250000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.370% <br> (SOFR +0.070%), 2/1/2023<br>| 1471250000 |
| 399750000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.400% <br> (SOFR +0.100%), 2/1/2023<br>| 399750000 |
| 50000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.410% <br> (SOFR +0.110%), 2/1/2023<br>| 50019951 |
| 6907175000 | Federal Home Loan Bank System, 2.080% - 5.000%, 2/13/2023 - <br> 2/21/2024<br>| 6906978501 |
| 164900000 | Federal National Mortgage Association Notes, <br> 0.250%, 7/10/2023<br>| 162151435 |
| 285770000<br><sup>1</sup> <br>| Housing and Urban Development Floating Rate Notes, 4.285% <br> (91-day T-Bill +0.350%), 2/1/2023<br>| 285770000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GOVERNMENT AGENCIES | &nbsp;&nbsp;&nbsp; 29786718345 |
|  | U.S. TREASURIES— 7.5% |  |
|  | **U.S. Treasury Bills—0.8%** |  |
| 1051320000<br><sup>2</sup> <br>| United States Treasury Bills, 4.490%, 2/23/2023 | 1048435295 |
|  | **U.S. Treasury Notes—6.7%** |  |
| 671000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.573% (91-day T-Bill <br> -0.075%), 2/7/2023<br>| 670999961 |
| 1359290000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.633% (91-day T-Bill <br> -0.015%), 2/7/2023<br>| 1360004656 |
| 1555500000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.677% (91-day T-Bill <br> +0.029%), 2/7/2023<br>| 1555660169 |
| 1899000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.682% (91-day T-Bill <br> +0.034%), 2/7/2023<br>| 1899015616 |
| 1411000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.685% (91-day T-Bill <br> +0.037%), 2/7/2023<br>| 1409868827 |
| 1054000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.788% (91-day T-Bill <br> +0.140%), 2/7/2023<br>| 1053093796 |

---

Semi-Annual Shareholder Report

**3**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | U.S. TREASURIES— continued |  |
|  | **U.S. Treasury Notes—6.7%** |  |
| $665000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.848% (91-day T-Bill <br> +0.200%), 2/7/2023<br>| $665000000 |
| 159000000 | United States Treasury Notes, 0.125%, 2/28/2023 | 158819873 |
| 175000000 | United States Treasury Notes, 0.125%, 5/31/2023 | 173859837 |
| 188439000 | United States Treasury Notes, 2.500%, 3/31/2023 | 188694686 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 9135017421 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURIES | &nbsp;&nbsp;&nbsp; 10183452716 |
|  | REPURCHASE AGREEMENTS— 66.9% |  |
| 678430000 | Interest in $775,000,000 joint repurchase agreement 4.31%, <br> dated 1/31/2023 under which ABN Amro Bank N.V., Netherlands <br> will repurchase securities provided as collateral for $775,092,785 <br> on 2/1/2023. The securities provided as collateral at the end of <br> the period held with BNY Mellon as tri-party agent, were <br> U.S. Government Agency and U.S. Treasury securities with <br> various maturities to 1/20/2053 and the market value of those <br> underlying securities was $791,788,060.<br>| 678430000 |
| 425000000 | Interest in $500,000,000 joint repurchase agreement 4.31%, <br> dated 1/31/2023 under which HSBC Securities (USA), Inc. will <br> repurchase securities provided as collateral for $500,059,861 on <br> 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were <br> U.S. Government Agency securities with various maturities to <br> 10/1/2052 and the market value of those underlying securities <br> was $510,000,001.<br>| 425000000 |
| 1027569000 | Interest in $1,050,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Mizuho Securities USA, Inc. will <br> repurchase securities provided as collateral for $1,050,125,417 <br> on 2/1/2023. The securities provided as collateral at the end of <br> the period held with BNY Mellon as tri-party agent, were <br> U.S. Government Agency securities with various maturities to <br> 6/1/2057 and the market value of those underlying securities <br> was $1,071,127,926.<br>| 1027569000 |
| 1632000000 | Interest in $1,900,000,000 joint repurchase agreement 4.31%, <br> dated 1/31/2023 under which Wells Fargo Securities LLC will <br> repurchase securities provided as collateral for $1,900,227,472 <br> on 2/1/2023. The securities provided as collateral at the end of <br> the period held with BNY Mellon as tri-party agent, were <br> U.S. Government Agency securities with various maturities to <br> 10/16/2063 and the market value of those underlying securities <br> was $1,939,914,899.<br>| 1632000000 |
| 600000000 | Interest in $1,650,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Mitsubishi UFJ Securities (USA), <br> Inc. will repurchase securities provided as collateral for <br> $1,650,197,083 on 2/1/2023. The securities provided as collateral <br> at the end of the period held with BNY Mellon as tri-party agent, <br> were U.S. Government Agency securities with various maturities <br> to 2/1/2053 and the market value of those underlying securities <br> was $1,683,201,025.<br>| 600000000 |

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Semi-Annual Shareholder Report

**4**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS— continued |  |
| $1794328000 | Interest in $3,000,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Sumitomo Mitsui Banking Corp will <br> repurchase securities provided as collateral for $3,000,358,333 <br> on 2/1/2023. The securities provided as collateral at the end of <br> the period held with BNY Mellon as tri-party agent, were <br> U.S. Treasury securities with various maturities to 8/15/2048 and <br> the market value of those underlying securities <br> was $3,060,365,506.<br>| $1794328000 |
| 400000000 | Interest in $800,000,000 joint repurchase agreement 4.27%, <br> dated 1/31/2023 under which Natixis Financial Products LLC will <br> repurchase securities provided as collateral for $800,094,889 on <br> 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were <br> U.S. Treasury securities with various maturities to 5/15/2052 and <br> the market value of those underlying securities <br> was $816,096,809.<br>| 400000000 |
| 800000000 | Interest in $1,800,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Natixis Financial Products LLC will <br> repurchase securities provided as collateral for $1,800,215,000 <br> on 2/1/2023. The securities provided as collateral at the end of <br> the period held with BNY Mellon as tri-party agent, were <br> U.S. Treasury securities with various maturities to 11/15/2052 and <br> the market value of those underlying securities <br> was $1,836,219,336.<br>| 800000000 |
| 950000000 | Interest in $1,050,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Bank of Montreal will repurchase <br> securities provided as collateral for $1,050,125,417 on 2/1/2023. <br> The securities provided as collateral at the end of the period held <br> with BNY Mellon as tri-party agent, were U.S. Government <br> Agency securities with various maturities to 1/20/2053 and the <br> market value of those underlying securities was $1,071,166,894.<br>| 950000000 |
| 400000000 | Interest in $500,000,000 joint repurchase agreement 4.31%, <br> dated 1/3/2023 under which BNP Paribas S.A. will repurchase <br> securities provided as collateral for $501,795,833 on 2/2/2023. <br> The securities provided as collateral at the end of the period held <br> with BNY Mellon as tri-party agent, were U.S. Government <br> Agency securities and a U.S. Treasury security with various <br> maturities to 2/1/2053 and the market value of those underlying <br> securities was $512,475,481.<br>| 400000000 |
| 250000000 | Interest in $400,000,000 joint repurchase agreement 4.28%, <br> dated 1/10/2023 under which BofA Securities, Inc. will <br> repurchase securities provided as collateral for $401,093,778 on <br> 2/2/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were <br> U.S. Government Agency securities with various maturities to <br> 7/20/2052 and the market value of those underlying securities <br> was $409,705,664.<br>| 250000000 |
| 2313000000 | Interest in $4,400,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Citigroup Global Markets, Inc. will <br> repurchase securities provided as collateral for $4,401,051,174 <br> on 2/1/2023. The securities provided as collateral at the end of <br> the period held with BNY Mellon as tri-party agent, were <br> U.S. Government Agency securities and a U.S. Treasury security <br> with various maturities to 9/16/2058 and the market value of <br> those underlying securities was $4,492,536,174.<br>| 2313000000 |

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Semi-Annual Shareholder Report

**5**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS— continued |  |
| $1559604000 | Interest in $1,623,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Bank of America, N.A. will <br> repurchase a security provided as collateral for $1,623,193,858 <br> on 2/1/2023. The security provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, was a <br> U.S. Treasury security maturing on 1/31/2027 and the market <br> value of that underlying security was $1,655,657,786.<br>| $1559604000 |
| 425000000 | Interest in $1,000,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which TD Securities (USA), LLC will <br> repurchase securities provided as collateral for $1,000,119,444 <br> on 2/1/2023. The securities provided as collateral at the end of <br> the period held with BNY Mellon as tri-party agent, were <br> U.S. Government Agency securities with various maturities to <br> 1/20/2053 and the market value of those underlying securities <br> was $1,030,123,029.<br>| 425000000 |
| 125000000 | Interest in $250,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which ING Financial Markets LLC will <br> repurchase securities provided as collateral for $250,029,861 on <br> 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were <br> U.S. Treasury securities with various maturities to 2/15/2045 and <br> the market value of those underlying securities <br> was $261,643,867.<br>| 125000000 |
| 1000000000 | Interest in $1,250,000,000 joint repurchase agreement 4.32%, <br> dated 1/17/2023 under which Citigroup Global Markets, Inc. will <br> repurchase securities provided as collateral for $1,252,400,000 <br> on 2/2/2023. The securities provided as collateral at the end of <br> the period held with BNY Mellon as tri-party agent, were <br> U.S. Government Agency securities and a U.S. Treasury security <br> with various maturities to 1/20/2053 and the market value of <br> those underlying securities was $1,278,970,376.<br>| 1000000000 |
| 1500000000 | Interest in $2,000,000,000 joint repurchase agreement 4.36%, <br> dated 10/3/2022 under which Royal Bank of Canada, New York <br> Branch will repurchase securities provided as collateral for <br> $2,029,308,889 on 2/2/2023. The securities provided as collateral <br> at the end of the period held with BNY Mellon as tri-party agent, <br> were U.S. Government Agency securities with various maturities <br> to 7/1/2060 and the market value of those underlying securities <br> was $2,066,958,901.<br>| 1500000000 |
| 3000000000 | Interest in $3,500,000,000 joint repurchase agreement 4.61%, <br> dated 1/17/2023 under which Royal Bank of Canada, New York <br> Branch will repurchase securities provided as collateral for <br> $3,559,609,861 on 5/30/2023. The securities provided as <br> collateral at the end of the period held with BNY Mellon as <br> tri-party agent, were U.S. Government Agency securities with <br> various maturities to 3/1/2062 and the market value of those <br> underlying securities was $3,627,859,201.<br>| 3000000000 |
| 995000000 | Interest in $1,500,000,000 joint repurchase agreement 4.50%, <br> dated 1/31/2023 under which Societe Generale, New York will <br> repurchase securities provided as collateral for $1,501,312,500 <br> on 2/7/2023. The securities provided as collateral at the end of <br> the period held with BNY Mellon as tri-party agent, were <br> U.S. Government Agency securities with various maturities to <br> 1/1/2060 and the market value of those underlying securities <br> was $1,530,584,606.<br>| 995000000 |

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Semi-Annual Shareholder Report

**6**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS— continued |  |
| $600000000 | Repurchase agreement 4.30%, dated 1/31/2023 under which <br> Australia & New Zealand Banking Group, will repurchase <br> securities provided as collateral for $600,071,667 on 2/1/2023. <br> The securities provided as collateral at the end of the period held <br> with State Street Bank & Trust Co. as custodian, were <br> U.S. Treasury securities with various maturities to 5/15/2049 and <br> the market value of those underlying securities <br> was $612,138,501.<br>| $600000000 |
| 400000000 | Repurchase agreement 4.30%, dated 1/31/2023 under which <br> BMO Capital Markets Corp. will repurchase securities provided <br> as collateral for $400,047,778 on 2/1/2023. The securities <br> provided as collateral at the end of the period held with BNY <br> Mellon as tri-party agent, were U.S. Government Agency <br> securities with various maturities to 8/16/2064 and the market <br> value of those underlying securities was $411,571,021.<br>| 400000000 |
| 100000000 | Repurchase agreement 4.30%, dated 1/31/2023 under which ING <br> Financial Markets LLC will repurchase securities provided as <br> collateral for $100,011,944 on 2/1/2023. The securities provided <br> as collateral at the end of the period held with State Street Bank <br> & Trust Co. as custodian, were U.S. Government Agency and <br> U.S. Treasury securities with various maturities to 8/20/2052 and <br> the market value of those underlying securities <br> was $102,012,203.<br>| 100000000 |
| 456000000 | Repurchase agreement 4.27%, dated 1/3/2023 under which BNP <br> Paribas S.A. will repurchase securities provided as collateral for <br> $457,568,513 on 2/1/2023. The securities provided as collateral <br> at the end of the period held with BNY Mellon as tri-party agent, <br> were U.S. Treasury securities with various maturities to 7/31/2027 <br> and the market value of those underlying securities <br> was $465,175,198.<br>| 456000000 |
| 255000000 | Repurchase agreement 4.25%, dated 1/31/2023 under which <br> Barclays Capital, Inc. will repurchase securities provided as <br> collateral for $255,030,104 on 2/1/2023. The securities provided <br> as collateral at the end of the period held with BNY Mellon as <br> tri-party agent, were U.S. Treasury securities with various <br> maturities to 11/15/2052 and the market value of those <br> underlying securities was $260,130,741.<br>| 255000000 |
| 1000000000 | Repurchase agreement 4.30%, dated 1/31/2023 under which <br> Fixed Income Clearing Corp. will repurchase securities provided <br> as collateral for $1,000,119,444 on 2/1/2023. The securities <br> provided as collateral at the end of the period held with BNY <br> Mellon as tri-party agent, were U.S. Treasury securities with <br> various maturities to 5/15/2051 and the market value of those <br> underlying securities was $1,020,000,043.<br>| 1000000000 |
| 2500000000 | Repurchase agreement 4.30%, dated 1/31/2023 under which <br> Fixed Income Clearing Corp. will repurchase securities provided <br> as collateral for $2,500,298,611 on 2/1/2023. The securities <br> provided as collateral at the end of the period held with State <br> Street Bank & Trust Co. as custodian, were U.S. Government <br> Agency and U.S. Treasury securities with various maturities to <br> 9/1/2057 and the market value of those underlying securities <br> was $2,550,304,584.<br>| 2500000000 |

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Semi-Annual Shareholder Report

**7**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS— continued |  |
| $700000000 | Repurchase agreement 4.30%, dated 12/15/2022 under which <br> Bank of Montreal will repurchase securities provided as collateral <br> for $704,096,944 on 2/2/2023. The securities provided as <br> collateral at the end of the period held with BNY Mellon as <br> tri-party agent, were U.S. Government Agency securities with <br> various maturities to 2/1/2053 and the market value of those <br> underlying securities was $718,797,107.<br>| $700000000 |
| 418746325 | Repurchase agreement 4.32%, dated 1/31/2023 under which <br> Prudential Insurance Co. of America will repurchase securities <br> provided as collateral for $418,796,575 on 2/1/2023. The <br> securities provided as collateral at the end of the period held <br> with State Street Bank & Trust Co. as custodian, were <br> U.S. Government Agency securities with various maturities to <br> 12/1/2046 and the market value of those underlying securities <br> was $427,252,649.<br>| 418746325 |
| 77775000 | Repurchase agreement 4.31%, dated 1/31/2023 under which <br> Prudential Legacy Insurance Co. of NJ will repurchase securities <br> provided as collateral for $77,784,311 on 2/1/2023. The <br> securities provided as collateral at the end of the period held <br> with State Street Bank & Trust Co. as custodian, were <br> U.S. Treasury securities with various maturities to 8/15/2031 and <br> the market value of those underlying securities was $79,352,814.<br>| 77775000 |
| 2000000000 | Repurchase agreement 4.60%, dated 11/21/2022 under which <br> Royal Bank of Canada, New York Branch will repurchase <br> securities provided as collateral for $2,026,577,778 on 3/6/2023. <br> The securities provided as collateral at the end of the period held <br> with BNY Mellon as tri-party agent, were U.S. Government <br> Agency securities with various maturities to 1/1/2058 and the <br> market value of those underlying securities was $2,064,972,856.<br>| 2000000000 |
| 190000000 | Repurchase agreement 4.31%, dated 1/31/2023 under which <br> Credit Agricole Corporate and Investment Bank will repurchase <br> securities provided as collateral for $190,022,747 on 2/1/2023. <br> The securities provided as collateral at the end of the period held <br> with BNY Mellon as tri-party agent, was a U.S. Government <br> Agency security and U.S. Treasury securities with various <br> maturities to 8/25/2050 and the market value of those underlying <br> securities was $194,572,733.<br>| 190000000 |
| 345000000 | Repurchase agreement 4.27%, dated 1/31/2023 under which <br> BofA Securities, Inc. will repurchase securities provided as <br> collateral for $345,040,921 on 2/1/2023. The securities provided <br> as collateral at the end of the period held with BNY Mellon as <br> tri-party agent, were U.S. Treasury securities with various <br> maturities to 7/15/2032 and the market value of those underlying <br> securities was $351,941,778.<br>| 345000000 |
| 1000000000 | Repurchase agreement 4.31%, dated 1/31/2023 under which <br> Fixed Income Clearing Corp. will repurchase securities provided <br> as collateral for $1,000,119,722 on 2/1/2023. The securities <br> provided as collateral at the end of the period held with State <br> Street Bank & Trust Co. as custodian, were U.S. Government <br> Agency securities with various maturities to 11/15/2050 and the <br> market value of those underlying securities was $1,024,763,148.<br>| 1000000000 |

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Semi-Annual Shareholder Report

**8**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS— continued |  |
| $325000000 | Repurchase agreement 4.30%, dated 1/31/2023 under which <br> BofA Securities, Inc. will repurchase securities provided as <br> collateral for $325,038,819 on 2/1/2023. The securities provided <br> as collateral at the end of the period held with BNY Mellon as <br> tri-party agent, were U.S. Government Agency securities with <br> various maturities to 9/20/2052 and the market value of those <br> underlying securities was $331,539,596.<br>| $325000000 |
| 48750000000 | Repurchase agreement 4.30%, dated 1/31/2023 under which <br> Federal Reserve Bank of New York will repurchase securities <br> provided as collateral for $48,755,822,917 on 2/1/2023. The <br> securities provided as collateral at the end of the period held <br> with BNY Mellon as tri-party agent, were U.S. Treasury securities <br> with various maturities to 2/15/2041 and the market value of <br> those underlying securities was $48,755,822,938.<br>| 48750000000 |
| 3175000000 | Repurchase agreement 4.31%, dated 1/31/2023 under which <br> Fixed Income Clearing Corp. will repurchase securities provided <br> as collateral for $3,175,380,119 on 2/1/2023. The securities <br> provided as collateral at the end of the period held with BNY <br> Mellon as tri-party agent, were U.S. Government Agency <br> securities with various maturities to 9/1/2037 and the market <br> value of those underlying securities was $3,298,336,928.<br>| 3175000000 |
| 500000000 | Repurchase agreement 4.30%, dated 1/31/2023 under which <br> Standard Chartered Bank Repo will repurchase securities <br> provided as collateral for $500,059,722 on 2/1/2023. The <br> securities provided as collateral at the end of the period held <br> with BNY Mellon as tri-party agent, were U.S. Government <br> Agency and U.S. Treasury securities with various maturities to <br> 1/1/2053 and the market value of those underlying securities <br> was $510,060,917.<br>| 500000000 |
| 250000000 | Repurchase agreement 4.27%, dated 1/31/2023 under which <br> Fixed Income Clearing Corp. will repurchase a security provided <br> as collateral for $250,029,653 on 2/1/2023. The security provided <br> as collateral at the end of the period held with BNY Mellon as <br> tri-party agent, was a U.S. Treasury security maturing on <br> 5/15/2052 and the market value of that underlying security <br> was $255,030,257.<br>| 250000000 |
| 450000500 | Repurchase agreement 4.30%, dated 1/31/2023 under which <br> Metropolitan Life Insurance Co. will repurchase securities <br> provided as collateral for $450,054,250 on 2/1/2023. The <br> securities provided as collateral at the end of the period held <br> with State Street Bank & Trust Co. as custodian, were <br> U.S. Treasury securities with various maturities to 8/15/2029 and <br> the market value of those underlying securities <br> was $459,294,600.<br>| 450000500 |

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Semi-Annual Shareholder Report

**9**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS— continued |  |
| $8000000000 | Repurchase agreement 4.31%, dated 1/31/2023 under which <br> Fixed Income Clearing Corp. will repurchase securities provided <br> as collateral for $8,000,957,778 on 2/1/2023. The securities <br> provided as collateral at the end of the period held with J.P. <br> Morgan as tri-party agent, were U.S. Treasury securities with <br> various maturities to 8/15/2049 and the market value of those <br> underlying securities was $8,160,000,001.<br>| $8000000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REPURCHASE AGREEMENTS | &nbsp;&nbsp;&nbsp; 91367452825 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—96.2% <br>(AT AMORTIZED COST)<sup>3</sup> <br>| 131337623886 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—3.8%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5250890655 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $136588514541 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 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* <br> *Liabilities.*<br>|

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Note: The categories of investments are shown as a percentage of total net assets at January 31, 2023.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

In valuing the Fund's assets as of January 31, 2023, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

The following acronym(s) are used throughout this portfolio: <br> SOFR —Secured Overnight Financing Rate

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**10**

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Financial Highlights–Select Shares<sup>1</sup>

(For a Share Outstanding Throughout Each Period)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.012<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.012 | 0.012 | 0.003 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.001) | (0.000)<sup>3</sup> <br>| 0.000<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | 0.012 | 0.003 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | (0.012) | (0.003) |
| Distributions from net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — | (0.000)<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | (0.012) | (0.003) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp; 0.31% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp; 1.11% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.43%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74% | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 0.24% |
| Expense waiver/reimbursement<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp; 0.17% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $124675 | $5921339 | $8073883 | $7328261 | $3307 | $2365 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Effective August 1, 2019, the Class R Shares were re-designated as Select Shares.* |
| 2 | *Per share number has been calculated using the average shares method.* |
| 3 | *Represents less than $0.001.* |
| 4 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 5 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 6 | *Computed on an annualized basis.* |
| 7 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**11**

------

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value,** <br> **Beginning of Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From** <br> **Investment Operations:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.016<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From <br> Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) |
| Distributions from net <br> realized gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total <br> Distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) |
| **Net Asset Value, End** <br> **of Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.26% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24% |
| Expense waiver/<br> reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of <br> period (000 omitted)<br>| $29977355 | $31227810 | $31176397 | $29928127 | $23667498 | $23308693 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Per share number has been calculated using the average shares method.* |
| 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* <br> *may invest.*<br>|
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**12**

------

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value,** <br> **Beginning of Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment** <br> **Operations:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.015<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From <br> Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.010) |
| Distributions from net <br> realized gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total <br> Distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.010) |
| **Net Asset Value, End of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.03% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.93%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02% |
| Expense waiver/<br> reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period <br> (000 omitted)<br>| $10283838 | $10082923 | $13157890 | $12300069 | $10249258 | $7828028 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Per share number has been calculated using the average shares method.* |
| 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* <br> *may invest.*<br>|
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**13**

------

Financial Highlights–Administrative Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Period** <br>**Ended** <br>**7/31/2018**<sup>1</sup> |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **Period** <br>**Ended** <br>**7/31/2018**<sup>1</sup> |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | 0.018<sup>2</sup> <br>| 0.046 | 0.024 | &nbsp;&nbsp;&nbsp;&nbsp; 0.009 | &nbsp;&nbsp;&nbsp;&nbsp; 0.019 | &nbsp;&nbsp;&nbsp; 0.009 |
| Net realized gain (loss) | (0.003) | (0.044) | (0.024) | &nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment Operations | 0.015 | 0.002 | 0.000<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.009 | &nbsp;&nbsp;&nbsp;&nbsp; 0.019 | &nbsp;&nbsp;&nbsp; 0.009 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.015) | (0.002) | (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; (0.009) | &nbsp;&nbsp;&nbsp; (0.019) | &nbsp;&nbsp; (0.009) |
| Distributions from net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.015) | (0.002) | (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; (0.009) | &nbsp;&nbsp;&nbsp; (0.019) | &nbsp;&nbsp; (0.009) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90% | &nbsp;&nbsp;&nbsp;&nbsp; 0.91% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp; 0.45%<sup>6</sup> <br>| &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp; 0.45%<sup>6</sup> <br>|
| Net investment income | &nbsp;&nbsp;&nbsp; 3.61%<sup>6</sup> <br>| &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.97% | &nbsp;&nbsp;&nbsp;&nbsp; 1.23%<sup>6</sup> <br>|
| Expense waiver/reimbursement<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp; 0.13%<sup>6</sup> <br>| &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp; 0.15%<sup>6</sup> <br>|
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3281 | &nbsp;&nbsp;&nbsp; $78 | $219 | $253981 | $176438 | $12413 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Reflects operations for the period from September 28, 2017 (commencement of operations) to* <br> *July 31, 2018.*<br>|
| 2 | *Per share number has been calculated using the average shares method.* |
| 3 | *Represents less than $0.001.* |
| 4 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 5 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 6 | *Computed on an annualized basis.* |
| 7 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**14**

------

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.013<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.006 | &nbsp;&nbsp;&nbsp;&nbsp; 0.015 | &nbsp;&nbsp;&nbsp;&nbsp; 0.006 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.006 | &nbsp;&nbsp;&nbsp;&nbsp; 0.015 | &nbsp;&nbsp;&nbsp;&nbsp; 0.006 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.006) | &nbsp;&nbsp;&nbsp; (0.015) | &nbsp;&nbsp;&nbsp; (0.006) |
| Distributions from net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.006) | &nbsp;&nbsp;&nbsp; (0.015) | &nbsp;&nbsp;&nbsp; (0.006) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $594241 | $567676 | $625477 | $599710 | $534565 | $494899 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Per share number has been calculated using the average shares method.* |
| 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* <br> *may invest.*<br>|
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**15**

------

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.012<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.005 | &nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp; 0.004 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.012 | &nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.005 | &nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp; 0.004 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp; (0.012) | &nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.005) | &nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp; (0.004) |
| Distributions from net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; (0.012) | &nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.005) | &nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp; (0.004) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.39% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.44%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.31% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp;&nbsp; 0.18% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $607995 | $307895 | $526713 | $349935 | $259284 | $96724 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Per share number has been calculated using the average shares method.* |
| 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* <br> *may invest.*<br>|
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**16**

------

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment** <br> **Operations:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.015<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) |
| Distributions from net realized <br> gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) |
| **Net Asset Value, End of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 <br> omitted)<br>| $3469267 | $3094786 | $3044642 | $3454165 | $3399696 | $3078850 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Per share number has been calculated using the average shares method.* |
| 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* <br> *may invest.*<br>|
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**17**

------

Financial Highlights–Trust Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment** <br> **Operations:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.014<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.017 | &nbsp;&nbsp;&nbsp;&nbsp; 0.008 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.017 | &nbsp;&nbsp;&nbsp;&nbsp; 0.008 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment <br> income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.017) | &nbsp;&nbsp;&nbsp; (0.008) |
| Distributions from net realized <br> gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.017) | &nbsp;&nbsp;&nbsp; (0.008) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.67%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.68% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.72%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 <br> omitted)<br>| $1464203 | $1276028 | $2658370 | $3303066 | $2472153 | $597348 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Per share number has been calculated using the average shares method.* |
| 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* <br> *may invest.*<br>|
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**18**

------

Financial Highlights–Premier Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value,** <br> **Beginning of Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From** <br> **Investment Operations:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.016<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From <br> Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) |
| Distributions from net <br> realized gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total <br> Distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) |
| **Net Asset Value, End** <br> **of Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.29% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.28% |
| Expense waiver/<br> reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of <br> period (000 omitted)<br>| $82035120 | $83546204 | $69590226 | $76682858 | $42873211 | $29053580 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Per share number has been calculated using the average shares method.* |
| 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* <br> *may invest.*<br>|
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**19**

------

Financial Highlights–Advisor Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Period** <br>**Ended** <br>**7/31/2019**<sup>1</sup> |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **Period** <br>**Ended** <br>**7/31/2019**<sup>1</sup> |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.017<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>3</sup> <br>| 0.011 | 0.012 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 0.000<sup>3</sup> <br>| (0.000)<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>3</sup> <br>| 0.011 | 0.012 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| (0.011) | (0.012) |
| Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| (0.011) | (0.012) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.24% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.15%<sup>6</sup> <br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 2.29%<sup>6</sup> <br>|
| Expense waiver/reimbursement<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.13%<sup>6</sup> <br>|
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5887238 | $1942655 | $571121 | $1089 | $356 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Reflects operations for the period from January 18, 2019 (commencement of operations) to* <br> *July 31, 2019.*<br>|
| 2 | *Per share number has been calculated using the average shares method.* |
| 3 | *Represents less than $0.001.* |
| 4 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 5 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 6 | *Computed on an annualized basis.* |
| 7 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**20**

------

Financial Highlights–SDG Shares

(For a Share Outstanding Throughout Each Period)

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023**<br>| **Period** <br>**Ended** <br>**7/31/2022**<sup>1</sup><br>|
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.016<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.003 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.016 | &nbsp;&nbsp;&nbsp;&nbsp; 0.003 |
| **Less Distributions:** |  |  |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp; (0.003) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** |
| **Total Return**<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% |
| **Ratios to Average Net Assets:** |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%<sup>6</sup> <br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.92%<sup>6</sup> <br>|
| Expense waiver/reimbursement<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%<sup>6</sup> <br>|
| **Supplemental Data:** |  |  |
| Net assets, end of period (000 omitted) | $2141302 | $496384 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Reflects operations for the period from March 30, 2022 (commencement of operations) to* <br> *July 31, 2022.*<br>|
| 2 | *Per share number has been calculated using the average shares method.* |
| 3 | *Represents less than $0.001.* |
| 4 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 5 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 6 | *Computed on an annualized basis.* |
| 7 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**21**

------

Statement of Assets and Liabilities <br>January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in repurchase agreements | $91367452825 |
| Investment in securities | &nbsp;&nbsp;&nbsp; 39970171061 |
| Investment in securities, at amortized cost | &nbsp;&nbsp; 131337623886 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp; 5161786023 |
| Income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239029057 |
| Receivable for shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258727961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp; 136997166927 |
| **Liabilities:** |  |
| Payable for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127761941 |
| Income distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272301914 |
| Payable for investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263457 |
| Payable for administrative fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292307 |
| Payable for Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172734 |
| Payable for distribution services fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 767258 |
| Payable for other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5131394 |
| Accrued expenses (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1961381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408652386 |
| Net assets for 136,637,053,684 shares outstanding | $136588514541 |
| **Net Assets Consist of:** |  |
| Paid-in capital | $136637231294 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48716753) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $136588514541 |

---

Semi-Annual Shareholder Report

**22**

------

Statement of Assets and Liabilities–continued

---

| | |
|:---|:---|
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Select Shares:** |  |
| $124,674,920 ÷ 124,719,201 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Institutional Shares:** |  |
| $29,977,355,294 ÷ 29,987,981,721 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Service Shares:** |  |
| $10,283,837,999 ÷ 10,287,497,875 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Administrative Shares:** |  |
| $3,281,026 ÷ 3,282,193 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Cash II Shares:** |  |
| $594,240,978 ÷ 594,452,045 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Cash Series Shares:** |  |
| $607,994,574 ÷ 608,210,559 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Capital Shares:** |  |
| $3,469,266,917 ÷ 3,470,500,360 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Trust Shares:** |  |
| $1,464,202,864 ÷ 1,464,723,398 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Premier Shares:** |  |
| $82,035,119,994 ÷ 82,064,301,800 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Advisor Shares:** |  |
| $5,887,237,742 ÷ 5,889,320,542 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **SDG Shares:** |  |
| $2,141,302,233 ÷ 2,142,063,990 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**23**

------

Statement of Operations <br>Six Months Ended January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | $2326484176 |
| **Expenses:** |  |
| Investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; 139653304 |
| Administrative fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54674861 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1937023 |
| Transfer agent fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1702245 |
| Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405898 |
| Auditing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13290 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5240 |
| Portfolio accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164324 |
| Distribution services fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4178961 |
| Other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26055864 |
| Share registration costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280503 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505944 |
| Miscellaneous (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273479 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES | &nbsp;&nbsp;&nbsp;&nbsp; 229850936 |
| **Waivers and Reimbursements:** |  |
| Waiver of investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; (90183360) |
| Waivers/reimbursements of other operating expenses (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (125972) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WAIVERS AND REIMBURSEMENTS | &nbsp;&nbsp;&nbsp;&nbsp; (90309332) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 139541604 |
| Net investment income | &nbsp;&nbsp; 2186942572 |
| Net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1455886 |
| Change in net assets resulting from operations | $2188398458 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**24**

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023**<br>| **Year Ended** <br>**7/31/2022**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income (loss) | $2186942572 | $379295869 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1455886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50482982) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING <br> FROM OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2188398458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328812887 |
| **Distributions to Shareholders:** |  |  |
| Select Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31509629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19758181) |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (471180747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88014519) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150615902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22610113) |
| Administrative Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (254) |
| Cash II Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7132489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (689048) |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6124672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (314780) |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56233900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8282207) |
| Trust Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18182301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3682995) |
| Premier Shares | &nbsp;&nbsp;&nbsp;&nbsp; (1361102273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (232988258) |
| Advisor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70319064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4070279) |
| SDG Shares<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14215909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1726104) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> DISTRIBUTIONS TO SHAREHOLDERS<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2186636272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (382136738) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 501423518105 | &nbsp;&nbsp; 858728766875 |
| Net asset value of shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 951188100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160712048 |
| Cost of shares redeemed | &nbsp;&nbsp; (504251732251) | &nbsp;&nbsp; (849797315713) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1877026046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9092163210 |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; (1875263860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9038839359 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 138463778401 | &nbsp;&nbsp; 129424939042 |
| End of period | $136588514541 | $138463778401 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1 *The Fund's SDG Shares commenced operations on March 30, 2022.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

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Notes to Financial Statements

January 31, 2023 (unaudited)

**1. ORGANIZATION** 

Federated Hermes Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included herein are only those of Federated Hermes Government Obligations Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers eleven classes of shares: Select Shares, Institutional Shares, Service Shares, Administrative Shares, Cash II Shares, Cash Series Shares, Capital Shares, Trust Shares, Premier Shares, Advisor Shares and SDG Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income consistent with stability of principal.

The Fund operates as a government money market fund. As a government money market fund, the Fund: (1) invests at least 99.5% of its total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully; (2) generally continues to use amortized cost to value its portfolio securities and transact at a stable $1.00 net asset value (NAV); and (3) has elected not to be subject to the liquidity fees and gates requirement at this time as permitted by Rule 2a-7 under the Act.

The Fund's SDG Shares commenced operations on March 30, 2022.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

**Investment Valuation** 

Securities are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

Pursuant to Rule 2a-5 under the Act, the Fund's Board of Trustees (the "Trustees") has designated Federated Investment Management Company (the "Adviser") as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

Semi-Annual Shareholder Report

**26**

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The Adviser, acting through its valuation committee ("Valuation Committee"), is responsible for determining the fair value of investments. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value of securities and oversees the comparison of amortized cost to market-based value. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

**Repurchase Agreements** 

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund's custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a "securities entitlement" and exercises "control" as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund's Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Repurchase agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and

Semi-Annual Shareholder Report

**27**

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Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase price to be paid under the agreement reducing the net settlement amount to zero.

**Investment Income, Gains and Losses, Expenses and Distributions** 

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses. The detail of the total fund expense waivers and reimbursement of $90,309,332 is disclosed in various locations in this Note 2 and Note 4.

**Transfer Agent Fees** 

For the six months ended January 31, 2023, transfer agent fees for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Transfer Agent** <br>**Fees Incurred**<br>| **Transfer Agent** <br>**Fees Reimbursed**<br>|
| Select Shares | $7335 | $— |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93319 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; 824216 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Administrative Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash II Shares | &nbsp;&nbsp;&nbsp;&nbsp; 255287 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96014 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11458 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Trust Shares | &nbsp;&nbsp;&nbsp;&nbsp; 134237 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Premier Shares | &nbsp;&nbsp;&nbsp;&nbsp; 264529 | &nbsp;&nbsp; (550) |
| Advisor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13138 | &nbsp;&nbsp;&nbsp;&nbsp; (4) |
| SDG Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2709 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $1702245 | $(554) |

---

**Other Service Fees** 

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Select Shares, Institutional Shares, Service Shares, Administrative Shares, Cash II Shares, Cash Series Shares, Capital Shares, Trust Shares, Premier Shares and Advisor Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may

Semi-Annual Shareholder Report

**28**

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voluntarily reimburse the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time. For the six months ended January 31, 2023, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Select Shares | $179838 |
| Institutional Shares | &nbsp;&nbsp;&nbsp; 7269508 |
| Service Shares | &nbsp;&nbsp; 12857441 |
| Administrative Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 |
| Cash II Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705985 |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 627092 |
| Capital Shares | &nbsp;&nbsp;&nbsp; 2741109 |
| Trust Shares | &nbsp;&nbsp;&nbsp; 1674621 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $26055864 |

---

For the six months ended January 31, 2023, the Fund's Premier Shares and Advisor Shares did not incur other service fees; however they may begin to incur this fee upon approval of the Trustees.

**Federal Income Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended January 31, 2023, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of January 31, 2023, tax years 2019 through 2022 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

**When-Issued and Delayed-Delivery Transactions** 

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**Other** 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

Semi-Annual Shareholder Report

**29**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. SHARES OF BENEFICIAL INTEREST** 

The following tables summarize share activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Select Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1832733677 | $1832733677 | &nbsp;&nbsp; 13629752471 | $13629752471 |
| Shares issued to <br> shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1610133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1610133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441651 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (7633115486) | &nbsp;&nbsp;&nbsp;&nbsp; (7633115486) | &nbsp;&nbsp; (15780397892) | &nbsp;&nbsp;&nbsp; (15780397892) |
| &nbsp;&nbsp;&nbsp; NET CHANGE <br> RESULTING FROM <br> SELECT <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp; (5798771676) | $(5798771676) | &nbsp;&nbsp;&nbsp; (2150203770) | $(2150203770) |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Institutional Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 113345798236 | $113345798236 | 224829179654 | $224829179654 |
| Shares issued to <br> shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163921501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163921501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31988578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31988578 |
| Shares redeemed | (114760881768) | &nbsp;&nbsp; (114760881768) | (224797693663) | &nbsp;&nbsp; (224797693663) |
| &nbsp;&nbsp;&nbsp; NET CHANGE <br> RESULTING FROM <br> INSTITUTIONAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp; (1251162031) | $(1251162031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63474569 | $63474569 |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Service Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 14297013568 | $14297013568 | &nbsp;&nbsp; 27391276505 | $27391276505 |
| Shares issued to <br> shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66122191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66122191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9246109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9246109 |
| Shares redeemed | &nbsp;&nbsp; (14162223986) | &nbsp;&nbsp;&nbsp; (14162223986) | &nbsp;&nbsp; (30471519424) | &nbsp;&nbsp;&nbsp; (30471519424) |
| &nbsp;&nbsp;&nbsp; NET CHANGE <br> RESULTING FROM <br> SERVICE <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200911773 | $200911773 | &nbsp;&nbsp;&nbsp; (3070996810) | $(3070996810) |

---

Semi-Annual Shareholder Report

**30**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Administrative Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4244151 | $4244151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 860627 | $860627 |
| Shares issued to <br> shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1052189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1052189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1001455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1001455) |
| &nbsp;&nbsp;&nbsp; NET CHANGE <br> RESULTING FROM <br> ADMINISTRATIVE <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3203988 | $3203988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (140659) | $(140659) |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Cash II Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249249765 | $249249765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384359199 | $384359199 |
| Shares issued to <br> shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 677732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 677732 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (229680636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (229680636) | &nbsp;&nbsp;&nbsp;&nbsp; (442616478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (442616478) |
| &nbsp;&nbsp;&nbsp; NET CHANGE <br> RESULTING FROM <br> CASH II <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26569424 | $26569424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57579547) | $(57579547) |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Cash Series Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1915781647 | $1915781647 | &nbsp;&nbsp;&nbsp;&nbsp; 1250402484 | $1250402484 |
| Shares issued to <br> shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6076227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6076227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314098 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (1621654162) | &nbsp;&nbsp;&nbsp;&nbsp; (1621654162) | &nbsp;&nbsp;&nbsp; (1469410905) | &nbsp;&nbsp;&nbsp;&nbsp; (1469410905) |
| &nbsp;&nbsp;&nbsp; NET CHANGE <br> RESULTING FROM <br> CASH SERIES <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300203712 | $300203712 | &nbsp;&nbsp;&nbsp;&nbsp; (218694323) | $(218694323) |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Capital Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 14594166263 | $14594166263 | &nbsp;&nbsp; 11576723757 | $11576723757 |
| Shares issued to <br> shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40887355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40887355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5965112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5965112 |
| Shares redeemed | &nbsp;&nbsp; (14260475901) | &nbsp;&nbsp;&nbsp; (14260475901) | &nbsp;&nbsp; (11531336929) | &nbsp;&nbsp;&nbsp; (11531336929) |
| &nbsp;&nbsp;&nbsp; NET CHANGE <br> RESULTING FROM <br> CAPITAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374577717 | $374577717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51351940 | $51351940 |

---

Semi-Annual Shareholder Report

**31**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Trust Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2818112763 | $2818112763 | &nbsp;&nbsp;&nbsp;&nbsp; 4116626629 | $4116626629 |
| Shares issued to <br> shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10684848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10684848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2947861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2947861 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (2640565359) | &nbsp;&nbsp;&nbsp;&nbsp; (2640565359) | &nbsp;&nbsp;&nbsp; (5501391334) | &nbsp;&nbsp;&nbsp;&nbsp; (5501391334) |
| &nbsp;&nbsp;&nbsp; NET CHANGE <br> RESULTING FROM <br> TRUST <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188232252 | $188232252 | &nbsp;&nbsp;&nbsp; (1381816844) | $(1381816844) |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Premier Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 322525017341 | $322525017341 | 566602630504 | $566602630504 |
| Shares issued to <br> shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583542310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583542310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103686462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103686462 |
| Shares redeemed | (324620807767) | &nbsp;&nbsp; (324620807767) | (552718368752) | &nbsp;&nbsp; (552718368752) |
| &nbsp;&nbsp;&nbsp; NET CHANGE <br> RESULTING FROM <br> PREMIER <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp; (1512248116) | $(1512248116) | &nbsp;&nbsp; 13987948214 | $13987948214 |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Advisor Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 8284251391 | $8284251391 | &nbsp;&nbsp;&nbsp;&nbsp; 2274388161 | $2274388161 |
| Shares issued to <br> shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62898927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62898927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3940957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3940957 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (4401193195) | &nbsp;&nbsp;&nbsp;&nbsp; (4401193195) | &nbsp;&nbsp;&nbsp;&nbsp; (906072880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (906072880) |
| &nbsp;&nbsp;&nbsp; NET CHANGE <br> RESULTING FROM <br> ADVISOR <br> SHARES TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3945957123 | $3945957123 | &nbsp;&nbsp;&nbsp;&nbsp; 1372256238 | $1372256238 |

---

Semi-Annual Shareholder Report

**32**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Period Ended** <br>**7/31/2022**<sup>1</sup> | **Period Ended** <br>**7/31/2022**<sup>1</sup> |
| **SDG Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 21557149303 | $21557149303 | &nbsp;&nbsp;&nbsp;&nbsp; 6672566884 | $6672566884 |
| Shares issued to <br> shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8432287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8432287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1503319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1503319 |
| Shares redeemed | &nbsp;&nbsp; (19920081802) | &nbsp;&nbsp;&nbsp; (19920081802) | &nbsp;&nbsp;&nbsp; (6177506001) | &nbsp;&nbsp;&nbsp;&nbsp; (6177506001) |
| &nbsp;&nbsp;&nbsp; NET CHANGE <br> RESULTING FROM SDG <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1645499788 | $1645499788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496564202 | $496564202 |
| &nbsp;&nbsp;&nbsp; NET CHANGE <br> RESULTING FROM <br> TOTAL FUND <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp; (1877026046) | $(1877026046) | &nbsp;&nbsp;&nbsp;&nbsp; 9092163210 | $9092163210 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1 *Reflects operations for the period from March 30, 2022 (commencement of operations) to* *July 31, 2022.*

**4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Investment Adviser Fee** 

The advisory agreement between the Fund and the Fund's Adviser provides for an annual fee equal to 0.20% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Fund's Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended January 31, 2023, the Fund's Adviser voluntarily waived $90,183,360 of its fee and voluntarily reimbursed $554 of transfer agent fees.

**Administrative Fee** 

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, "Investment Complex" is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

---

| | |
|:---|:---|
| **Administrative Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Daily Net Assets** <br>**of the Investment Complex**<br>|
| 0.100% | on assets up to $50 billion |
| 0.075% | on assets over $50 billion |

---

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

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**Distribution Services Fee** 

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Administrative Shares, Cash II Shares, Cash Series Shares and Trust Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:

---

| | |
|:---|:---|
|  | **Percentage of Average Daily** <br>**Net Assets of Class**<br>|
| Administrative Shares | 0.25% |
| Cash II Shares | 0.35% |
| Cash Series Shares | 0.60% |
| Trust Shares | 0.25% |

---

Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, distribution services fees for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Distribution Services** <br>**Fees Incurred**<br>| **Distribution Services** <br>**Fees Waived**<br>|
| Administrative Shares | $1352 | $— |
| Cash II Shares | &nbsp;&nbsp;&nbsp;&nbsp; 997966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash Series Shares | &nbsp;&nbsp; 1505022 | &nbsp;&nbsp; (125418) |
| Trust Shares | &nbsp;&nbsp; 1674621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $4178961 | $(125418) |

---

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended January 31, 2023, FSC retained $179,232 of fees paid by the Fund.

**Other Service Fees** 

For the six months ended January 31, 2023, FSSC received $333,802 of the other service fees disclosed in Note 2.

**Expense Limitation** 

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Fund's Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Select Shares, Institutional Shares, Service Shares, Administrative Shares, Cash II Shares, Cash Series Shares, Capital Shares, Trust Shares, Premier Shares, Advisor Shares and SDG Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.17%, 0.20%, 0.45%, 0.45%, 0.85%, 1.05%, 0.30%, 0.70%, 0.15%, 0.15% and 0.15% (the "Fee Limit"), respectively, up to but not including

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the later of (the "Termination Date"): (a) October 1, 2023; or (b) the date of the Fund's next effective Prospectus. While the Fund's Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

**Directors'/Trustees' and Miscellaneous Fees** 

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors'/Trustees' fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Fund's Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

**5. Interfund Lending** 

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of January 31, 2023, there were no outstanding loans. During the six months ended January 31, 2023, the program was not utilized.

**6. INDEMNIFICATIONS** 

Under the Fund's organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party's actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.

**7. OTHER MATTERS** 

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health

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crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Fund's investments) and the markets in general in significant and unforeseen ways. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such investments. Any such impact could adversely affect the Fund's performance.

**8. SUBSEQUENT EVENT** 

On February 16, 2023 the Trustees approved changes to the expense structure of the Fund's Administrative Shares ("ADM Shares"). These changes are anticipated to become effective during the second quarter of 2023. Currently, the ADM Shares incur and pay other service fees up to 0.05%. Effective during the second quarter, the ADM Shares may incur and pay other service fees up to 0.25% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>In addition, the Fund's ADM Shares currently has a 12b-1 Fee that permits the Fund's ADM Shares to incur and pay 0.25% of the average net assets of the ADM Shares. The Rule 12b-1 Fee for the Fund's ADM Shares is being reduced from 0.25% to 0.10% of average net assets. However, the Fund's ADM Shares will only incur and pay 0.05% of the reduced 12b-1 Fee. The remaining 0.05% of the reduced fee will not be incurred or paid until such time as approved by the Trustees.

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Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2022 to January 31, 2023.

**ACTUAL EXPENSES** 

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to *estimate* the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an *assumed* rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should *not* use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative *total* costs of owning different funds.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning** <br>**Account Value** <br>**8/1/2022**<br>| **Ending** <br>**Account Value** <br>**1/31/2023**<br>| **Expenses Paid** <br>**During Period**<sup>1</sup> <br>|
| **Actual:** |  |  |  |
| Select Shares | $1000 | $1016.10 | $0.86 |
| Institutional Shares | $1000 | $1015.90 | $1.02 |
| Service Shares | $1000 | $1014.80 | $2.13 |
| Administrative Shares | $1000 | $1014.60 | $2.29 |
| Cash II Shares | $1000 | $1012.70 | $4.26 |
| Cash Series Shares | $1000 | $1011.90 | $5.02 |
| Capital Shares | $1000 | $1015.40 | $1.52 |
| Trust Shares | $1000 | $1013.50 | $3.40 |
| Premier Shares | $1000 | $1016.20 | $0.76 |
| Advisor Shares | $1000 | $1016.20 | $0.76 |
| SDG Shares | $1000 | $1016.20 | $0.76 |
| **Hypothetical (assuming a 5% return** <br> **before expenses):**<br>|  |  |  |
| Select Shares | $1000 | $1024.35 | $0.87 |
| Institutional Shares | $1000 | $1024.20 | $1.02 |
| Service Shares | $1000 | $1023.09 | $2.14 |
| Administrative Shares | $1000 | $1022.94 | $2.29 |
| Cash II Shares | $1000 | $1020.97 | $4.28 |
| Cash Series Shares | $1000 | $1020.21 | $5.04 |
| Capital Shares | $1000 | $1023.69 | $1.53 |
| Trust Shares | $1000 | $1021.83 | $3.41 |
| Premier Shares | $1000 | $1024.45 | $0.77 |
| Advisor Shares | $1000 | $1024.45 | $0.77 |
| SDG Shares | $1000 | $1024.45 | $0.77 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average* <br> *account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The* <br> *annualized net expense ratios are as follows:*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Select Shares | 0.17% |
| Institutional Shares | 0.20% |
| Service Shares | 0.42% |
| Administrative Shares | 0.45% |
| Cash II Shares | 0.84% |
| Cash Series Shares | 0.99% |
| Capital Shares | 0.30% |
| Trust Shares | 0.67% |
| Premier Shares | 0.15% |
| Advisor Shares | 0.15% |
| SDG Shares | 0.15% |

---

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Evaluation and Approval of Advisory Contract–May 2022

**Federated Hermes Government Obligations Fund (the "Fund")**

At its meetings in May 2022 (the "May Meetings"), the Fund's Board of Trustees (the "Board"), including those Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940 (the "Independent Trustees"), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") (the "Contract") for an additional one-year term. The Board's determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

***<u>Information Received and Review Process</u>***

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO's independent written evaluation (the "CCO Fee Evaluation Report"), along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contract. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as "Senior Officer" prior to the elimination of the Senior Officer position in December 2017.

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered information specifically prepared in connection with the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, "Federated Hermes") in response to requests posed to Federated Hermes by independent legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional matters as the Independent Trustees deemed

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reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates; Federated Hermes' business and operations; the Adviser's investment philosophy, personnel and processes; the Fund's investment objectives and strategies; the Fund's short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund's particular investment program and a group of its peer funds and/or its benchmark, as appropriate); the Fund's investment objectives; the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the financial condition of Federated Hermes; the Adviser's profitability with respect to the Fund; distribution and sales activity for the Fund; and the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser's cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize "economies of scale" as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any "fall-out" benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fee and expense structures, including a comparison of management fees paid to the adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser's services and fees. The Board noted that the Securities and Exchange Commission ("SEC") disclosure requirements

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regarding the basis for a fund board's approval of the fund's investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a "Federated Hermes Fund" and, collectively, the ("Federated Hermes Funds").

In addition to considering the above-referenced factors, the Board was mindful of the preferences and expectations of Fund shareholders and the potential disruptions of the Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund on the strength of Federated Hermes' industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund's shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.

In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board's determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.

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***<u>Nature, Extent and Quality of Services</u>***

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by Federated Hermes. The Board considered the Adviser's personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and Federated Hermes' ability and experience in attracting and retaining qualified personnel to service the Fund. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser's ability to deliver competitive investment performance for the Fund when compared to the Fund's Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund's investment program. The Board also considered the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, in order to maintain a positive yield for the Fund in the low interest rate environment.

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened the organization's investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance ("ESG") factors and issuer engagement on ESG matters. The Board considered the quality of Federated Hermes' communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account Federated Hermes' communications with the Board in light of the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds' officers.

The Board received and evaluated information regarding Federated Hermes' regulatory and compliance environment. The Board considered Federated Hermes' compliance program and compliance history and reports from the CCO about Federated Hermes' compliance with applicable laws and

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regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes' support of the Federated Hermes Funds' compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund's obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated Hermes' commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes' approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds' compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes' oversight in this regard, including in connection with the designation of the Federated Hermes Funds' investment advisers as the administrators of the Federated Hermes Funds' liquidity risk management program.

The Board also considered the implementation of Federated Hermes' business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes' commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.

The Board considered Federated Hermes' efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Adviser to the Fund.

***<u>Fund Investment Performance</u>***

The Board considered the investment performance of the Fund. In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser's analysis of, the Fund's performance over different time periods that were

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provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund's gross and net returns, the Fund's investment performance compared to one or more relevant categories or groups of peer funds and the Fund's benchmark index, performance attribution information and commentary on the effect of market conditions.

The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by iMoneyNet, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the CCO's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds' objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.

For the one-year period ended December 31, 2021, the Fund's performance was above the median of the Performance Peer Group. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its Performance Peer Group.

Based on these considerations, the Board concluded that it had continued confidence in the Adviser's overall capabilities to manage the Fund.

***<u>Fund Expenses</u>***

The Board considered the advisory fee and overall expense structure of the Fund and the comparative fee and expense information that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund's total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the category of peer funds selected by iMoneyNet (the "Expense Peer Group"). The Board received a description of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet category.

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged by other advisers for managing funds with comparable investment programs, the Board noted that it found the use of such comparisons to be relevant to its evaluation. The Board focused on comparisons with other similar registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund

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shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund's shareholders. The Board noted that the range of such other registered funds' fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund's fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was above the median of the Expense Peer Group, but the Board noted the applicable waivers and reimbursements, and that the overall expense structure of the Fund remained competitive in the context of other factors considered by the Board.

The Board also received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO's conclusion that non-registered fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing and fund liquidity; (vi) different administrative responsibilities; (vii) different degrees of risk associated with management; and (viii) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution's registered fund, noting the CCO's view that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds' advisory fees.

Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.

Semi-Annual Shareholder Report

**45**

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***<u>Profitability</u>***

The Board received and considered profitability information furnished by Federated Hermes, as requested by the CCO. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO's view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered the CCO's view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board noted the impact of the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, on the profitability of the Fund to the Adviser.

The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO's conclusion that, based on such profitability information, Federated Hermes' profit margins did not appear to be excessive. The Board also considered the CCO's view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.

***<u>Economies of Scale</u>***

The Board received and considered information about the notion of possible realization of "economies of scale" as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: personnel, processes and tools for portfolio management, including the use of market data on which portfolio managers make investment decisions; trading operations; ESG integration and issuer engagement on ESG matters; shareholder services; compliance; business continuity; cybersecurity; internal audit and risk management functions; and technology that supports the provision of investment management services. The Board noted that Federated

Semi-Annual Shareholder Report

**46**

------

Hermes' investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund's assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered Federated Hermes' reductions in contractual management fees for certain Federated Hermes Funds during the prior year, including in response to the CCO's recommendations in the prior year's CCO Fee Evaluation Report, which have resulted in benefits being realized by shareholders.

The Board also considered reports on adviser-paid fees (commonly referred to as "revenue sharing") that were provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes and the CCO believe that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to evaluate the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.

***<u>Other Benefits</u>***

The Board considered information regarding the compensation and other ancillary (or "fall-out") benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds' investment advisory contracts, Federated Hermes' affiliates also receive fees for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds' administrator and distributor). In this regard, the Board considered that certain of Federated Hermes' affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

Semi-Annual Shareholder Report

**47**

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***<u>Conclusions</u>***

The Board considered: (i) the CCO's conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund is reasonable; and (ii) the CCO's recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board's evaluation of the Federated Hermes Funds' advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board's determination to approve the continuation of the Contract reflects its view that Federated Hermes' performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.

Semi-Annual Shareholder Report

**48**

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Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400, Option #4. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

Semi-Annual Shareholder Report

**49**

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*You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.*

This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund's Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY** 

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the "householding" program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of "householding." Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of "householding" at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400, Option #4.

Semi-Annual Shareholder Report

**50**

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![](edelivery.jpg)

![](fhilogok11p.jpg)

Federated Hermes Government Obligations Fund <br>Federated Hermes Funds <br>4000 Ericsson Drive <br>Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com** <br>or call 1-800-341-7400.

Federated Securities Corp., Distributor

*CUSIP 608919478* <br>*CUSIP 60934N104* <br>*CUSIP 60934N807* <br>*CUSIP 608919395* <br> *CUSIP 608919676* <br>*CUSIP 608919684* <br>*CUSIP 608919809* <br>*CUSIP 60934N153* <br>*CUSIP 608919718* <br>*CUSIP 608919437* <br>*CUSIP 31423R104*

*Q450196 (3/23)*© 2023 Federated Hermes, Inc.

![](fscbug_small.jpg)

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**Semi-Annual Shareholder Report**

***January 31, 2023***

![](imgd01775bb1.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Share Class** \| Ticker | **Automated** \| GOAXX | **Institutional** \| GOTXX | **Service** \| GTSXX |

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Federated Hermes Government Obligations Tax-Managed Fund

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A Portfolio of Federated Hermes Money Market Obligations Trust

Dear Valued Shareholder,

We are pleased to present the Semi-Annual Shareholder Report for your fund covering the period from August 1, 2022 through January 31, 2023. This report includes a complete listing of your fund's holdings, performance information and financial statements along with other important fund information.

As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.

In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.

Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.

Sincerely, <br> ![](donahuechrissigsmall.jpg)

J. Christopher Donahue, President

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**Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee**

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**CONTENTS** 

---

| | |
|:---|:---|
| [Portfolio of Investments Summary Tables](#xx_4ee2cbca-6706-4b11-85fd-90a2d1268674_1) | &nbsp;&nbsp; [1](#xx_4ee2cbca-6706-4b11-85fd-90a2d1268674_1)  |
| [Portfolio of Investments](#xx_4ee2cbca-6706-4b11-85fd-90a2d1268674_2) | &nbsp;&nbsp; [2](#xx_4ee2cbca-6706-4b11-85fd-90a2d1268674_2)  |
| [Financial Highlights](#xx_7918a218-8d54-4dbd-b44f-bb15b7843ee3_1) | &nbsp;&nbsp; [6](#xx_7918a218-8d54-4dbd-b44f-bb15b7843ee3_1)  |
| [Statement of Assets and Liabilities](#xx_45ec138c-f65e-4f3d-9f74-2c02a3a6ceb9_1) | &nbsp;&nbsp; [9](#xx_45ec138c-f65e-4f3d-9f74-2c02a3a6ceb9_1)  |
| [Statement of Operations](#xx_45ec138c-f65e-4f3d-9f74-2c02a3a6ceb9_2) | [10](#xx_45ec138c-f65e-4f3d-9f74-2c02a3a6ceb9_2)  |
| [Statement of Changes in Net Assets](#xx_45ec138c-f65e-4f3d-9f74-2c02a3a6ceb9_3) | [11](#xx_45ec138c-f65e-4f3d-9f74-2c02a3a6ceb9_3)  |
| [Notes to Financial Statements](#xx_d35ff7b3-8d94-4887-8115-3dfdb1bafeb8_1) | [12](#xx_d35ff7b3-8d94-4887-8115-3dfdb1bafeb8_1)  |
| [Shareholder Expense Example](#xx_3aa7664e-e564-44db-99be-1166a66494c7_1) | [19](#xx_3aa7664e-e564-44db-99be-1166a66494c7_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_8828e76e-9660-447a-8e69-cde702cb464a_1)[–](#xx_8828e76e-9660-447a-8e69-cde702cb464a_1)[May 2022](#xx_8828e76e-9660-447a-8e69-cde702cb464a_1) | [21](#xx_8828e76e-9660-447a-8e69-cde702cb464a_1)  |
| [Voting Proxies on Fund Portfolio Securities](#xx_5012430e-b552-4298-84bd-f42d38f16745_1) | [31](#xx_5012430e-b552-4298-84bd-f42d38f16745_1)  |
| [Portfolio Schedule](#xx_5012430e-b552-4298-84bd-f42d38f16745_1) | [31](#xx_5012430e-b552-4298-84bd-f42d38f16745_1)  |

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Portfolio of Investments Summary Tables (unaudited)

At January 31, 2023, the Fund's portfolio composition<sup>1</sup> was as follows:

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| | |
|:---|:---|
| **Security Type** | **Percentage of**<br> **Total Net Assets**<br>|
| U.S. Treasury Securities | 48.9% |
| U.S. Government Agency Securities | 53.4% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| (2.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | **100%** |

---

At January 31, 2023, the Fund's effective maturity<sup>3</sup> schedule was as follows:

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| | |
|:---|:---|
| **Securities With an**<br> **Effective Maturity of:**<br>| **Percentage of**<br> **Total Net Assets**<br>|
| 1-7 Days | 46.1% |
| 8-30 Days | 22.9% |
| 31-90 Days | 27.2% |
| 91-180 Days | &nbsp;&nbsp; 3.9% |
| 181 Days or more | &nbsp;&nbsp; 2.2% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| (2.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | **100%** |

---

*See the Fund's Prospectus and Statement of Additional Information for a description of these investments.*

*Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.*

*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.*

Semi-Annual Shareholder Report

**1**

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Portfolio of Investments

January 31, 2023 (unaudited)

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | U.S. TREASURY—48.9% |  |
| $29000000 | United States Treasury Bill, 3.020%, 6/15/2023 | $28674008 |
| &nbsp;&nbsp;&nbsp; 50000000 | United States Treasury Bill, 3.955%, 10/5/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48648708 |
| &nbsp;&nbsp;&nbsp; 26000000 | United States Treasury Bill, 4.200%, 2/7/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25981800 |
| &nbsp;&nbsp;&nbsp; 75000000 | United States Treasury Bill, 4.270%, 3/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74617479 |
| &nbsp;&nbsp;&nbsp; 50000000 | United States Treasury Bill, 4.285%, 3/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49827410 |
| &nbsp;&nbsp; 200000000 | United States Treasury Bill, 4.400%, 3/28/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 198655556 |
| &nbsp;&nbsp; 100000000 | United States Treasury Bill, 4.410%, 4/6/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99216000 |
| &nbsp;&nbsp; 200000000 | United States Treasury Bill, 4.425%, 4/25/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 197959583 |
| &nbsp;&nbsp; 100000000 | United States Treasury Bill, 4.430%, 3/7/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99581611 |
| &nbsp;&nbsp;&nbsp; 25000000 | United States Treasury Bill, 4.430%, 4/4/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24809264 |
| &nbsp;&nbsp; 100000000 | United States Treasury Bill, 4.560%, 4/13/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99100666 |
| &nbsp;&nbsp; 100000000 | United States Treasury Bill, 4.570%, 5/9/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98768639 |
| &nbsp;&nbsp;&nbsp; 81650000 | United States Treasury Bill, 4.575%, 4/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80768010 |
| &nbsp;&nbsp; 185000000 | United States Treasury Bills, 3.020% - 4.220%, 2/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 184717208 |
| &nbsp;&nbsp; 169000000 | United States Treasury Bills, 3.890% - 4.370%, 2/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 168741108 |
| &nbsp;&nbsp; 200000000 | United States Treasury Bills, 4.140% - 4.480%, 2/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 199521111 |
| &nbsp;&nbsp; 150000000 | United States Treasury Bills, 4.180% - 4.500%, 2/28/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 149517750 |
| &nbsp;&nbsp; 354000000 | United States Treasury Bills, 4.300% - 4.465%, 3/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 352214689 |
| &nbsp;&nbsp; 350000000 | United States Treasury Bills, 4.320% - 4.520%, 3/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 347944000 |
| &nbsp;&nbsp; 201000000 | United States Treasury Bills, 4.420% - 4.490%, 2/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 200450660 |
| &nbsp;&nbsp; 240000000 | United States Treasury Bills, 4.440% - 4.525%, 3/9/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 238920910 |
| &nbsp;&nbsp;&nbsp; 35000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.573% (91-day T-Bill <br> -0.075%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34999998 |
| &nbsp;&nbsp;&nbsp; 42000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.633% (91-day T-Bill <br> -0.015%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42008787 |
| &nbsp;&nbsp;&nbsp; 10000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.677% (91-day T-Bill <br> +0.029%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10010400 |
| &nbsp;&nbsp; 120000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.682% (91-day T-Bill <br> +0.034%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 120000782 |
| &nbsp;&nbsp; 100000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.685% (91-day T-Bill <br> +0.037%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99982364 |
| &nbsp;&nbsp;&nbsp; 25750000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.788% (91-day T-Bill <br> +0.140%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25714644 |
| &nbsp;&nbsp;&nbsp; 25700000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.848% (91-day T-Bill <br> +0.200%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25700000 |
| &nbsp;&nbsp;&nbsp; 10000000 | United States Treasury Note, 2.500%, 3/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10013569 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY | &nbsp;&nbsp; 3337066714 |

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Semi-Annual Shareholder Report

**2**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | GOVERNMENT AGENCIES—53.4% |  |
| $174560000<br><sup>2</sup> <br>| Federal Farm Credit System Discount Notes, 2.110% - 4.700%, <br> 2/15/2023 - 11/6/2023<br>| $172123556 |
| &nbsp;&nbsp;&nbsp; 75000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.310% (SOFR <br> +0.010%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000000 |
| &nbsp;&nbsp;&nbsp; 71000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.325% (SOFR <br> +0.025%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71000000 |
| &nbsp;&nbsp;&nbsp; 11000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.327% (SOFR <br> +0.027%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10999066 |
| &nbsp;&nbsp;&nbsp; 25000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.330% (SOFR <br> +0.030%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp; 70000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.335% (SOFR <br> +0.035%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000000 |
| &nbsp;&nbsp;&nbsp; 69000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.340% (SOFR <br> +0.040%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69001613 |
| &nbsp;&nbsp;&nbsp; 35000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.345% (SOFR <br> +0.045%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34999722 |
| &nbsp;&nbsp;&nbsp; 13000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.355% (SOFR <br> +0.055%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13000000 |
| &nbsp;&nbsp;&nbsp; 20000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.360% (SOFR <br> +0.060%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.365% (SOFR <br> +0.065%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4999824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9500000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.375% (SOFR <br> +0.075%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9499464 |
| &nbsp;&nbsp;&nbsp; 15000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.400% (SOFR <br> +0.100%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.420% (SOFR <br> +0.120%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5002664 |
| &nbsp;&nbsp;&nbsp; 20000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.430% (SOFR <br> +0.130%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2230000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.435% (SOFR <br> +0.135%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2231206 |
| &nbsp;&nbsp;&nbsp; 10000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.470% (SOFR <br> +0.170%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp; 15000000 | Federal Farm Credit System Notes, 4.125%, 10/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14994832 |
| &nbsp;&nbsp; 448451000<br><sup>2</sup> <br>| Federal Home Loan Bank System Discount Notes, <br> 4.200% - 4.370%, 2/1/2023 - 2/24/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 447746927 |
| &nbsp;&nbsp;&nbsp; 50000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.310% <br> (SOFR +0.010%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp; 700000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.320% <br> (SOFR +0.020%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 700000000 |
| &nbsp;&nbsp; 100000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.325% <br> (SOFR +0.025%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100000000 |
| &nbsp;&nbsp; 405000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.330% <br> (SOFR +0.030%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 405000000 |

---

Semi-Annual Shareholder Report

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | GOVERNMENT AGENCIES—continued |  |
| $14000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.335% <br> (SOFR +0.035%), 2/1/2023<br>| $14000000 |
| &nbsp;&nbsp; 450000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.340% <br> (SOFR +0.040%), 2/1/2023 - 2/3/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 450000000 |
| &nbsp;&nbsp;&nbsp; 15000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.345% <br> (SOFR +0.045%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp; 270000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.350% <br> (SOFR +0.050%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 270000000 |
| &nbsp;&nbsp;&nbsp; 85000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.355% <br> (SOFR +0.055%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000000 |
| &nbsp;&nbsp; 125000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.360% <br> (SOFR +0.060%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 125000000 |
| &nbsp;&nbsp;&nbsp; 50000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.365% <br> (SOFR +0.065%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp; 146750000 | Federal Home Loan Bank System, 2.000% - 5.000%, <br> 2/13/2023 - 2/20/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp; 146741907 |
| &nbsp;&nbsp; 150000000<br><sup>2</sup> <br>| Tennessee Valley Authority Discount Notes, 4.400%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 149743333 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GOVERNMENT AGENCIES | &nbsp;&nbsp; 3651084114 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—102.3%<br> (AT AMORTIZED COST)<sup>3</sup> <br>| &nbsp;&nbsp; 6988150828 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(2.3)%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; (155093574) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $6833057254 |

---

*Floating/variable note with current rate and current maturity or next reset date shown.*

*Discount rate at time of purchase.*

*Also represents cost of investments for federal tax purposes.*

*Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.*

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2023.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Semi-Annual Shareholder Report

**4**

------

In valuing the Fund's assets as of January 31, 2023, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

The following acronym(s) is used throughout this portfolio:

SOFR —Secured Overnight Financing Rate

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**5**

------

Financial Highlights–Automated Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.014 | &nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.008 | &nbsp;&nbsp;&nbsp;&nbsp; 0.018 | &nbsp;&nbsp;&nbsp;&nbsp; 0.009 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FROM <br> INVESTMENT OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.014 | &nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.008 | &nbsp;&nbsp;&nbsp;&nbsp; 0.018 | &nbsp;&nbsp;&nbsp;&nbsp; 0.009 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp; (0.014) | &nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.008) | &nbsp;&nbsp;&nbsp; (0.018) | &nbsp;&nbsp;&nbsp; (0.009) |
| Distributions from net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DISTRIBUTIONS | &nbsp;&nbsp;&nbsp; (0.014) | &nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.008) | &nbsp;&nbsp;&nbsp; (0.018) | &nbsp;&nbsp;&nbsp; (0.009) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.93% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.51%<sup>5</sup> <br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.77%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.93% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $201443 | $192603 | $141092 | $154561 | $182939 | $176028 |

---

*Represents less than $0.001.*

*Based on net asset value. Total returns for periods of less than one year are not annualized.*

*Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.*

*Computed on an annualized basis.*

*The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.47%, 0.52% and 0.51% for the years ended July 31, 2020, 2019 and 2018, respectively, after taking into account these expense reductions.*

*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.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**6**

------

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning** <br> **of Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From** <br> **Investment Operations:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.012 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FROM <br> INVESTMENT <br> OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.012 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.012) |
| Distributions from net <br> realized gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DISTRIBUTIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.012) |
| **Net Asset Value,** <br> **End of Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.23% |
| **Ratios to Average** <br> **Net Assets:**<br>|  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>5</sup> <br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.07%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21% |
| Expense <br> waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period <br> (000 omitted)<br>| $4006751 | $3507901 | $3805176 | $4366142 | $3019468 | $2739607 |

---

*Represents less than $0.001.*

*Based on net asset value. Total returns for periods of less than one year are not annualized.*

*Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.*

*Computed on an annualized basis.*

*The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.20%, 0.20% and 0.20% for the years ended July 31, 2020, 2019 and 2018, respectively, after taking into account these expense reductions.*

*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.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**7**

------

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning** <br> **of Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From** <br> **Investment Operations:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FROM <br> INVESTMENT <br> OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.010) |
| Distributions from net <br> realized gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DISTRIBUTIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.010) |
| **Net Asset Value,** <br> **End of Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98% |
| **Ratios to Average** <br> **Net Assets:**<br>|  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45%<sup>5</sup> <br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.76%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96% |
| Expense <br> waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period <br> (000 omitted)<br>| $2624863 | $2883277 | $2825555 | $2950794 | $2698641 | $2651637 |

---

*Represents less than $0.001.*

*Based on net asset value. Total returns for periods of less than one year are not annualized.*

*Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.*

*Computed on an annualized basis.*

*The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.41%, 0.45% and 0.45% for the years ended July 31, 2020, 2019 and 2018, respectively, after taking into account these expense reductions.*

*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.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**8**

------

Statement of Assets and Liabilities <br>January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Assets:** |  |  |
| Investment in securities, at amortized cost and fair value |  | $6988150828 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2194325 |
| Income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12510919 |
| Receivable for shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 959185 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS |  | &nbsp;&nbsp; 7003815257 |
| **Liabilities:** |  |  |
| Payable for investments purchased | $150000000 |  |
| Income distribution payable | &nbsp;&nbsp;&nbsp; 18363690 |  |
| Payable for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; 1493674 |  |
| Payable for other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605190 |  |
| Payable for investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22463 |  |
| Payable for administrative fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14063 |  |
| Payable for Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6873 |  |
| Accrued expenses (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252050 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES |  | &nbsp;&nbsp;&nbsp;&nbsp; 170758003 |
| Net assets for 6,833,524,704 shares outstanding |  | $6833057254 |
| **Net Assets Consists of:** |  |  |
| Paid-in capital |  | $6833534079 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (476825) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS |  | $6833057254 |
| **Net Asset Value, Offering Price and Redemption Proceeds** <br> **Per Share:**<br>|  |  |
| **Automated Shares:** |  |  |
| $201,443,494 ÷ 201,456,628 shares outstanding, no par value, <br> unlimited shares authorized<br>|  | $1.00 |
| **Institutional Shares:** |  |  |
| $4,006,750,975 ÷ 4,007,028,661 shares outstanding, no par value, <br> unlimited shares authorized<br>|  | $1.00 |
| **Service Shares:** |  |  |
| $2,624,862,785 ÷ 2,625,039,415 shares outstanding, no par value, <br> unlimited shares authorized<br>|  | $1.00 |

---

See Notes which are an integral part of the Financial Statements

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Statement of Operations <br>Six Months Ended January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Investment Income:** |  |  |
| Interest |  | $106575223 |
| **Expenses:** |  |  |
| Investment adviser fee (Note 4) | $6562833 |  |
| Administrative fee (Note 4) | &nbsp;&nbsp;&nbsp; 2569974 |  |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103945 |  |
| Transfer agent fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96504 |  |
| Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19713 |  |
| Auditing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12683 |  |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5347 |  |
| Other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp; 3510623 |  |
| Portfolio accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91851 |  |
| Share registration costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54857 |  |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21367 |  |
| Miscellaneous (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES | &nbsp;&nbsp; 13098629 |  |
| Waiver of investment adviser fee (Note 4) | &nbsp;&nbsp; (2796904) |  |
| Net expenses |  | &nbsp;&nbsp;&nbsp; 10301725 |
| Net investment income |  | &nbsp;&nbsp;&nbsp; 96273498 |
| Net realized loss on investments |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (407146) |
| Change in net assets resulting from operations |  | $95866352 |

---

See Notes which are an integral part of the Financial Statements

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Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023**<br>| **Year Ended**<br> **7/31/2022**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | $96273498 | $12437059 |
| Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (407146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64848) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING <br> FROM OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95866352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12372211 |
| **Distributions to Shareholders:** |  |  |
| Automated Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2542806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (247878) |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57469870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8114259) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36260822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4561767) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> DISTRIBUTIONS TO SHAREHOLDERS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (96273498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12923904) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 10592541087 | &nbsp;&nbsp; 15309584999 |
| Net asset value of shares issued to shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20234438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2588694 |
| Cost of shares redeemed | &nbsp;&nbsp; (10363092856) | &nbsp;&nbsp; (15499663571) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249682669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (187489878) |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249275523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (188041571) |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; 6583781731 | &nbsp;&nbsp;&nbsp;&nbsp; 6771823302 |
| End of period | $6833057254 | $6583781731 |

---

See Notes which are an integral part of the Financial Statements

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**11**

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Notes to Financial Statements

January 31, 2023 (unaudited)

**1. ORGANIZATION**

Federated Hermes Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included herein are only those of Federated Hermes Government Obligations Tax-Managed Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated, and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares: Automated Shares, Institutional Shares and Service Shares. All shares of the Fund have equal rights with respect to voting, except on class specific matters. The investment objective of the Fund is to provide current income consistent with stability of principal and liquidity.

The Fund operates as a government money market fund. As a government money market fund, the Fund: (1) invests at least 99.5% of its total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully; (2) generally continues to use amortized cost to value its portfolio securities and transact at a stable $1.00 net asset value (NAV); and (3) has elected not to be subject to the liquidity fees and gates requirement at this time as permitted by Rule 2a-7 under the Act.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

**Investment Valuation**

Securities are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

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**12**

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Pursuant to Rule 2a-5 under the Act, the Fund's Board of Trustees (the "Trustees") has designated Federated Investment Management Company (the "Adviser") as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

The Adviser, acting through its valuation committee ("Valuation Committee"), is responsible for determining the fair value of investments. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value of securities and oversees the comparison of amortized cost to market-based value. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

**Investment Income, Gains and Losses, Expenses and Distributions**

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. Investment income, realized gains and losses and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waiver of $2,796,904 is disclosed in Note 4. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

**Transfer Agent Fees**

For the six months ended January 31, 2023, transfer agent fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Transfer Agent**<br> **Fees Incurred**<br>|
| Automated Shares | $68302 |
| Institutional Shares | &nbsp;&nbsp; 16617 |
| Service Shares | &nbsp;&nbsp; 11585 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $96504 |

---

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**13**

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**Other Service Fees**

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Automated Shares, Institutional Shares and Service Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. For the six months ended January 31, 2023, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br> **Fees Incurred**<br>|
| Automated Shares | $229258 |
| Service Shares | &nbsp;&nbsp; 3281365 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $3510623 |

---

For the six months ended January 31, 2023, the Fund's Institutional Shares did not incur other service fees; however, it may begin to incur this fee upon approval of the Trustees.

**Federal Taxes**

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended January 31, 2023, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of January 31, 2023, tax years 2019 through 2022 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

**When-Issued and Delayed-Delivery Transactions**

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**Other**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

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**14**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. SHARES OF BENEFICIAL INTEREST**

The following tables summarize share activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **1/31/2023** | **Six Months Ended**<br> **1/31/2023** | **Year Ended**<br> **7/31/2022** | **Year Ended**<br> **7/31/2022** |
| **Automated Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 150682081 | $150682081 | 265079347 | $265079347 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2421365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2421365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236937 |
| Shares redeemed | (144251755) | &nbsp;&nbsp; (144251755) | (213792818) | &nbsp;&nbsp; (213792818) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM AUTOMATED <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8851691 | $8851691 | &nbsp;&nbsp; 51523466 | $51523466 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **1/31/2023** | **Six Months Ended**<br> **1/31/2023** | **Year Ended**<br> **7/31/2022** | **Year Ended**<br> **7/31/2022** |
| **Institutional Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 7697047959 | $7697047959 | 10486533291 | $10486533291 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15524573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15524573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2115195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2115195 |
| Shares redeemed | (7213476708) | &nbsp;&nbsp; (7213476708) | (10785612159) | &nbsp;&nbsp; (10785612159) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET CHANGE <br> RESULTING FROM <br> INSTITUTIONAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp; 499095824 | $499095824 | &nbsp;&nbsp;&nbsp;&nbsp; (296963673) | $(296963673) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **1/31/2023** | **Six Months Ended**<br> **1/31/2023** | **Year Ended**<br> **7/31/2022** | **Year Ended**<br> **7/31/2022** |
| **Service Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 2744811047 | $2744811047 | 4557972361 | $4557972361 |
| Shares issued to shareholders in <br> payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2288500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2288500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236562 |
| Shares redeemed | (3005364393) | &nbsp;&nbsp; (3005364393) | (4500258594) | &nbsp;&nbsp; (4500258594) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM SERVICE <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; (258264846) | $(258264846) | &nbsp;&nbsp;&nbsp;&nbsp; 57950329 | $57950329 |
| &nbsp;&nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM TOTAL FUND <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp; 249682669 | $249682669 | &nbsp;&nbsp; (187489878) | $(187489878) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Investment adviser fee and other transactions with affiliates**

**Investment Adviser Fee**

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended January 31, 2023, the Adviser voluntarily waived $2,796,904 of its fee.

**Administrative Fee**

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, "Investment Complex" is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

---

| | |
|:---|:---|
| **Administrative Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Daily Net Assets**<br> **of the Investment Complex**<br>|
| 0.100% | on assets up to $50 billion |
| 0.075% | on assets over $50 billion |

---

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

**Expense Limitation**

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waiver/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Automated Shares, Institutional Shares and Service Shares (after the voluntary waivers and reimbursements) will not exceed 0.55%, 0.20% and 0.45% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2023; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

**Other Service Fees**

For the six months ended January 31, 2023, FSSC received $7,308 of the other service fees disclosed in Note 2.

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**16**

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**Directors'/Trustees' and Miscellaneous Fees**

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors'/Trustees' fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

**5. INTERFUND LENDING**

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of January 31, 2023, there were no outstanding loans. During the six months ended January 31, 2023, the program was not utilized.

**6. Indemnifications**

Under the Fund's organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party's actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.

**7. Other Matters**

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Fund's investments) and the markets in general in significant and unforeseen ways. In addition,

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**17**

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governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such investments. Any such impact could adversely affect the Fund's performance.

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**18**

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Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2022 to January 31, 2023.

**ACTUAL EXPENSES**

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to *estimate* the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES**

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratios and an *assumed* rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should *not* use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative *total* costs of owning different funds.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning**<br> **Account Value**<br> **8/1/2022**<br>| **Ending**<br> **Account Value**<br> **1/31/2023**<br>| **Expenses Paid**<br> **During Period**<sup>1</sup> <br>|
| **Actual:**  |  |  |  |
| Automated Shares | $1000 | $1013.90  | $2.69 |
| Institutional Shares | $1000 | $1015.50  | $1.02 |
| Service Shares | $1000 | $1014.20  | $2.28 |
| **Hypothetical (assuming a 5% return** <br> **before expenses):** <br>|  |  |  |
| Automated Shares | $1000  | $1022.53  | $2.70 |
| Institutional Shares | $1000  | $1024.20  | $1.02  |
| Service Shares | $1000  | $1022.94  | $2.29 |

---

*Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:* 

---

| | |
|:---|:---|
| Automated Shares | 0.53% |
| Institutional Shares | 0.20% |
| Service Shares | 0.45% |

---

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Evaluation and Approval of Advisory Contract–May 2022

**Federated Hermes Government Obligations Tax-Managed Fund (the "Fund")**

At its meetings in May 2022 (the "May Meetings"), the Fund's Board of Trustees (the "Board"), including those Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940 (the "Independent Trustees"), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") (the "Contract") for an additional one-year term. The Board's determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

***<u>Information Received and Review Process</u>***

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO's independent written evaluation (the "CCO Fee Evaluation Report"), along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contract. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as "Senior Officer" prior to the elimination of the Senior Officer position in December 2017.

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered information specifically prepared in connection with the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, "Federated Hermes") in response to requests posed to Federated Hermes by independent legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional matters as the Independent Trustees deemed

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reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates; Federated Hermes' business and operations; the Adviser's investment philosophy, personnel and processes; the Fund's investment objectives and strategies; the Fund's short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund's particular investment program and a group of its peer funds and/or its benchmark, as appropriate); the Fund's investment objectives; the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the financial condition of Federated Hermes; the Adviser's profitability with respect to the Fund; distribution and sales activity for the Fund; and the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser's cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize "economies of scale" as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any "fall-out" benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fee and expense structures, including a comparison of management fees paid to the adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser's services and fees. The Board noted that the Securities and Exchange Commission ("SEC") disclosure requirements

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regarding the basis for a fund board's approval of the fund's investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a "Federated Hermes Fund" and, collectively, the ("Federated Hermes Funds").

In addition to considering the above-referenced factors, the Board was mindful of the preferences and expectations of Fund shareholders and the potential disruptions of the Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund on the strength of Federated Hermes' industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund's shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.

In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board's determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.

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***<u>Nature, Extent and Quality of Services</u>***

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by Federated Hermes. The Board considered the Adviser's personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and Federated Hermes' ability and experience in attracting and retaining qualified personnel to service the Fund. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser's ability to deliver competitive investment performance for the Fund when compared to the Fund's Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund's investment program. The Board also considered the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, in order to maintain a positive yield for the Fund in the low interest rate environment.

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened the organization's investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance ("ESG") factors and issuer engagement on ESG matters. The Board considered the quality of Federated Hermes' communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account Federated Hermes' communications with the Board in light of the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds' officers.

The Board received and evaluated information regarding Federated Hermes' regulatory and compliance environment. The Board considered Federated Hermes' compliance program and compliance history and reports from the CCO about Federated Hermes' compliance with applicable laws and

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regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes' support of the Federated Hermes Funds' compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund's obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated Hermes' commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes' approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds' compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes' oversight in this regard, including in connection with the designation of the Federated Hermes Funds' investment advisers as the administrators of the Federated Hermes Funds' liquidity risk management program.

The Board also considered the implementation of Federated Hermes' business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes' commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.

The Board considered Federated Hermes' efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Adviser to the Fund.

***<u>Fund Investment Performance</u>***

The Board considered the investment performance of the Fund. In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser's analysis of, the Fund's performance over different time periods that were

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provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund's gross and net returns, the Fund's investment performance compared to one or more relevant categories or groups of peer funds and the Fund's benchmark index, performance attribution information and commentary on the effect of market conditions.

The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by iMoneyNet, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the CCO's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds' objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.

For the one-year period ended December 31, 2021, the Fund's performance was above the median of the Performance Peer Group. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its Performance Peer Group.

Based on these considerations, the Board concluded that it had continued confidence in the Adviser's overall capabilities to manage the Fund.

***<u>Fund Expenses</u>***

The Board considered the advisory fee and overall expense structure of the Fund and the comparative fee and expense information that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund's total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the category of peer funds selected by iMoneyNet (the "Expense Peer Group"). The Board received a description of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet category.

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged by other advisers for managing funds with comparable investment programs, the Board noted that it found the use of such comparisons to be relevant to its evaluation. The Board focused on comparisons with other similar registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund

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shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund's shareholders. The Board noted that the range of such other registered funds' fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund's fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was above the median of the Expense Peer Group, but the Board noted the applicable waivers and reimbursements, and that the overall expense structure of the Fund remained competitive in the context of other factors considered by the Board.

The Board also received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO's conclusion that non-registered fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing and fund liquidity; (vi) different administrative responsibilities; (vii) different degrees of risk associated with management; and (viii) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution's registered fund, noting the CCO's view that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds' advisory fees.

Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.

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***<u>Profitability</u>***

The Board received and considered profitability information furnished by Federated Hermes, as requested by the CCO. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO's view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered the CCO's view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board noted the impact of the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, on the profitability of the Fund to the Adviser.

The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO's conclusion that, based on such profitability information, Federated Hermes' profit margins did not appear to be excessive. The Board also considered the CCO's view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.

***<u>Economies of Scale</u>***

The Board received and considered information about the notion of possible realization of "economies of scale" as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: personnel, processes and tools for portfolio management, including the use of market data on which portfolio managers make investment decisions; trading operations; ESG integration and issuer engagement on ESG matters; shareholder services; compliance; business continuity; cybersecurity; internal audit and risk management functions; and technology that supports the provision of investment management services. The Board noted that Federated

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Hermes' investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund's assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered Federated Hermes' reductions in contractual management fees for certain Federated Hermes Funds during the prior year, including in response to the CCO's recommendations in the prior year's CCO Fee Evaluation Report, which have resulted in benefits being realized by shareholders.

The Board also considered reports on adviser-paid fees (commonly referred to as "revenue sharing") that were provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes and the CCO believe that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to evaluate the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.

***<u>Other Benefits</u>***

The Board considered information regarding the compensation and other ancillary (or "fall-out") benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds' investment advisory contracts, Federated Hermes' affiliates also receive fees for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds' administrator and distributor). In this regard, the Board considered that certain of Federated Hermes' affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

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***<u>Conclusions</u>***

The Board considered: (i) the CCO's conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund is reasonable; and (ii) the CCO's recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board's evaluation of the Federated Hermes Funds' advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board's determination to approve the continuation of the Contract reflects its view that Federated Hermes' performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.

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Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400, Option #4. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

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*You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.*

This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund's Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY** 

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the "householding" program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of "householding." Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of "householding" at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400, Option #4.

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![](edelivery.jpg)

![](fhilogok11p.jpg)

Federated Hermes Government Obligations Tax-Managed Fund <br>Federated Hermes Funds <br>4000 Ericsson Drive <br>Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com** <br>or call 1-800-341-7400.

Federated Securities Corp., Distributor

*CUSIP 608919494* <br>*CUSIP 60934N856* <br>*CUSIP 60934N849*

*38172 (3/23)*© 2023 Federated Hermes, Inc.

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**Semi-Annual Shareholder Report**

***January 31, 2023***

![](img951ec7541.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Share Class** \| Ticker | **Institutional** \| GOTXX |

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Federated Hermes Government Obligations Tax-Managed Fund

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A Portfolio of Federated Hermes Money Market Obligations Trust

Dear Valued Shareholder,

We are pleased to present the Semi-Annual Shareholder Report for your fund covering the period from August 1, 2022 through January 31, 2023. This report includes a complete listing of your fund's holdings, performance information and financial statements along with other important fund information.

As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.

In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.

Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.

Sincerely, <br> ![](donahuechrissigsmall.jpg)

J. Christopher Donahue, President

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**Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee**

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**CONTENTS** 

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| | |
|:---|:---|
| [Portfolio of Investments Summary Tables](#xx_c900a0df-163a-453c-8572-912dca0f68bc_1) | &nbsp;&nbsp; [1](#xx_c900a0df-163a-453c-8572-912dca0f68bc_1)  |
| [Portfolio of Investments](#xx_c900a0df-163a-453c-8572-912dca0f68bc_2) | &nbsp;&nbsp; [2](#xx_c900a0df-163a-453c-8572-912dca0f68bc_2)  |
| [Financial Highlights](#xx_8df057d8-abba-4f09-bd14-f30884357355_1) | &nbsp;&nbsp; [6](#xx_8df057d8-abba-4f09-bd14-f30884357355_1)  |
| [Statement of Assets and Liabilities](#xx_4f938e98-4acc-45db-b365-319795e3b5cf_1) | &nbsp;&nbsp; [7](#xx_4f938e98-4acc-45db-b365-319795e3b5cf_1)  |
| [Statement of Operations](#xx_4f938e98-4acc-45db-b365-319795e3b5cf_2) | &nbsp;&nbsp; [8](#xx_4f938e98-4acc-45db-b365-319795e3b5cf_2)  |
| [Statement of Changes in Net Assets](#xx_4f938e98-4acc-45db-b365-319795e3b5cf_3) | &nbsp;&nbsp; [9](#xx_4f938e98-4acc-45db-b365-319795e3b5cf_3)  |
| [Notes to Financial Statements](#xx_61049b68-96b5-404c-9d09-c55bd8567fa9_1) | [10](#xx_61049b68-96b5-404c-9d09-c55bd8567fa9_1)  |
| [Shareholder Expense Example](#xx_7d22c90a-9e84-4e0c-8729-be7dcc8f9326_1) | [17](#xx_7d22c90a-9e84-4e0c-8729-be7dcc8f9326_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_d541467e-3667-4fc0-8dd5-004748cf4747_1)[–](#xx_d541467e-3667-4fc0-8dd5-004748cf4747_1)[May 2022](#xx_d541467e-3667-4fc0-8dd5-004748cf4747_1) | [19](#xx_d541467e-3667-4fc0-8dd5-004748cf4747_1)  |
| [Voting Proxies on Fund Portfolio Securities](#xx_8b909fdb-3e26-4652-af83-6aac54ba7101_1) | [29](#xx_8b909fdb-3e26-4652-af83-6aac54ba7101_1)  |
| [Portfolio Schedule](#xx_8b909fdb-3e26-4652-af83-6aac54ba7101_1) | [29](#xx_8b909fdb-3e26-4652-af83-6aac54ba7101_1)  |

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Portfolio of Investments Summary Tables (unaudited)

At January 31, 2023, the Fund's portfolio composition<sup>1</sup> was as follows:

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| | |
|:---|:---|
| **Security Type** | **Percentage of**<br> **Total Net Assets**<br>|
| U.S. Treasury Securities | 48.9% |
| U.S. Government Agency Securities | 53.4% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| (2.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | **100%** |

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At January 31, 2023, the Fund's effective maturity<sup>3</sup> schedule was as follows:

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| | |
|:---|:---|
| **Securities With an**<br> **Effective Maturity of:**<br>| **Percentage of**<br> **Total Net Assets**<br>|
| 1-7 Days | 46.1% |
| 8-30 Days | 22.9% |
| 31-90 Days | 27.2% |
| 91-180 Days | &nbsp;&nbsp; 3.9% |
| 181 Days or more | &nbsp;&nbsp; 2.2% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| (2.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | **100%** |

---

*See the Fund's Prospectus and Statement of Additional Information for a description of these investments.*

*Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.*

*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.*

Semi-Annual Shareholder Report

**1**

------

Portfolio of Investments

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | U.S. TREASURY—48.9% |  |
| $29000000 | United States Treasury Bill, 3.020%, 6/15/2023 | $28674008 |
| &nbsp;&nbsp;&nbsp; 50000000 | United States Treasury Bill, 3.955%, 10/5/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48648708 |
| &nbsp;&nbsp;&nbsp; 26000000 | United States Treasury Bill, 4.200%, 2/7/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25981800 |
| &nbsp;&nbsp;&nbsp; 75000000 | United States Treasury Bill, 4.270%, 3/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74617479 |
| &nbsp;&nbsp;&nbsp; 50000000 | United States Treasury Bill, 4.285%, 3/2/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49827410 |
| &nbsp;&nbsp; 200000000 | United States Treasury Bill, 4.400%, 3/28/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 198655556 |
| &nbsp;&nbsp; 100000000 | United States Treasury Bill, 4.410%, 4/6/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99216000 |
| &nbsp;&nbsp; 200000000 | United States Treasury Bill, 4.425%, 4/25/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 197959583 |
| &nbsp;&nbsp; 100000000 | United States Treasury Bill, 4.430%, 3/7/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99581611 |
| &nbsp;&nbsp;&nbsp; 25000000 | United States Treasury Bill, 4.430%, 4/4/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24809264 |
| &nbsp;&nbsp; 100000000 | United States Treasury Bill, 4.560%, 4/13/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99100666 |
| &nbsp;&nbsp; 100000000 | United States Treasury Bill, 4.570%, 5/9/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98768639 |
| &nbsp;&nbsp;&nbsp; 81650000 | United States Treasury Bill, 4.575%, 4/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80768010 |
| &nbsp;&nbsp; 185000000 | United States Treasury Bills, 3.020% - 4.220%, 2/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 184717208 |
| &nbsp;&nbsp; 169000000 | United States Treasury Bills, 3.890% - 4.370%, 2/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 168741108 |
| &nbsp;&nbsp; 200000000 | United States Treasury Bills, 4.140% - 4.480%, 2/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 199521111 |
| &nbsp;&nbsp; 150000000 | United States Treasury Bills, 4.180% - 4.500%, 2/28/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 149517750 |
| &nbsp;&nbsp; 354000000 | United States Treasury Bills, 4.300% - 4.465%, 3/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 352214689 |
| &nbsp;&nbsp; 350000000 | United States Treasury Bills, 4.320% - 4.520%, 3/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 347944000 |
| &nbsp;&nbsp; 201000000 | United States Treasury Bills, 4.420% - 4.490%, 2/23/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 200450660 |
| &nbsp;&nbsp; 240000000 | United States Treasury Bills, 4.440% - 4.525%, 3/9/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 238920910 |
| &nbsp;&nbsp;&nbsp; 35000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.573% (91-day T-Bill <br> -0.075%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34999998 |
| &nbsp;&nbsp;&nbsp; 42000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.633% (91-day T-Bill <br> -0.015%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42008787 |
| &nbsp;&nbsp;&nbsp; 10000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.677% (91-day T-Bill <br> +0.029%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10010400 |
| &nbsp;&nbsp; 120000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.682% (91-day T-Bill <br> +0.034%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 120000782 |
| &nbsp;&nbsp; 100000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.685% (91-day T-Bill <br> +0.037%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99982364 |
| &nbsp;&nbsp;&nbsp; 25750000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.788% (91-day T-Bill <br> +0.140%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25714644 |
| &nbsp;&nbsp;&nbsp; 25700000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.848% (91-day T-Bill <br> +0.200%), 2/7/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25700000 |
| &nbsp;&nbsp;&nbsp; 10000000 | United States Treasury Note, 2.500%, 3/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10013569 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY | &nbsp;&nbsp; 3337066714 |

---

Semi-Annual Shareholder Report

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | GOVERNMENT AGENCIES—53.4% |  |
| $174560000<br><sup>2</sup> <br>| Federal Farm Credit System Discount Notes, 2.110% - 4.700%, <br> 2/15/2023 - 11/6/2023<br>| $172123556 |
| &nbsp;&nbsp;&nbsp; 75000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.310% (SOFR <br> +0.010%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000000 |
| &nbsp;&nbsp;&nbsp; 71000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.325% (SOFR <br> +0.025%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71000000 |
| &nbsp;&nbsp;&nbsp; 11000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.327% (SOFR <br> +0.027%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10999066 |
| &nbsp;&nbsp;&nbsp; 25000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.330% (SOFR <br> +0.030%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp; 70000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.335% (SOFR <br> +0.035%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000000 |
| &nbsp;&nbsp;&nbsp; 69000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.340% (SOFR <br> +0.040%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69001613 |
| &nbsp;&nbsp;&nbsp; 35000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.345% (SOFR <br> +0.045%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34999722 |
| &nbsp;&nbsp;&nbsp; 13000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.355% (SOFR <br> +0.055%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13000000 |
| &nbsp;&nbsp;&nbsp; 20000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.360% (SOFR <br> +0.060%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.365% (SOFR <br> +0.065%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4999824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9500000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.375% (SOFR <br> +0.075%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9499464 |
| &nbsp;&nbsp;&nbsp; 15000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.400% (SOFR <br> +0.100%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.420% (SOFR <br> +0.120%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5002664 |
| &nbsp;&nbsp;&nbsp; 20000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.430% (SOFR <br> +0.130%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2230000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.435% (SOFR <br> +0.135%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2231206 |
| &nbsp;&nbsp;&nbsp; 10000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 4.470% (SOFR <br> +0.170%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp; 15000000 | Federal Farm Credit System Notes, 4.125%, 10/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14994832 |
| &nbsp;&nbsp; 448451000<br><sup>2</sup> <br>| Federal Home Loan Bank System Discount Notes, <br> 4.200% - 4.370%, 2/1/2023 - 2/24/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 447746927 |
| &nbsp;&nbsp;&nbsp; 50000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.310% <br> (SOFR +0.010%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp; 700000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.320% <br> (SOFR +0.020%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 700000000 |
| &nbsp;&nbsp; 100000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.325% <br> (SOFR +0.025%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100000000 |
| &nbsp;&nbsp; 405000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.330% <br> (SOFR +0.030%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 405000000 |

---

Semi-Annual Shareholder Report

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | GOVERNMENT AGENCIES—continued |  |
| $14000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.335% <br> (SOFR +0.035%), 2/1/2023<br>| $14000000 |
| &nbsp;&nbsp; 450000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.340% <br> (SOFR +0.040%), 2/1/2023 - 2/3/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 450000000 |
| &nbsp;&nbsp;&nbsp; 15000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.345% <br> (SOFR +0.045%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp; 270000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.350% <br> (SOFR +0.050%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 270000000 |
| &nbsp;&nbsp;&nbsp; 85000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.355% <br> (SOFR +0.055%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000000 |
| &nbsp;&nbsp; 125000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.360% <br> (SOFR +0.060%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 125000000 |
| &nbsp;&nbsp;&nbsp; 50000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 4.365% <br> (SOFR +0.065%), 2/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp; 146750000 | Federal Home Loan Bank System, 2.000% - 5.000%, <br> 2/13/2023 - 2/20/2024<br>| &nbsp;&nbsp;&nbsp;&nbsp; 146741907 |
| &nbsp;&nbsp; 150000000<br><sup>2</sup> <br>| Tennessee Valley Authority Discount Notes, 4.400%, 2/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 149743333 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL GOVERNMENT AGENCIES | &nbsp;&nbsp; 3651084114 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—102.3%<br> (AT AMORTIZED COST)<sup>3</sup> <br>| &nbsp;&nbsp; 6988150828 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(2.3)%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; (155093574) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $6833057254 |

---

*Floating/variable note with current rate and current maturity or next reset date shown.*

*Discount rate at time of purchase.*

*Also represents cost of investments for federal tax purposes.*

*Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.*

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2023.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Semi-Annual Shareholder Report

**4**

------

In valuing the Fund's assets as of January 31, 2023, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

The following acronym(s) is used throughout this portfolio:

SOFR —Secured Overnight Financing Rate

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**5**

------

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning** <br> **of Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From** <br> **Investment Operations:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.012 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FROM <br> INVESTMENT <br> OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.012 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.012) |
| Distributions from net <br> realized gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL DISTRIBUTIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.012) |
| **Net Asset Value,** <br> **End of Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.23% |
| **Ratios to Average** <br> **Net Assets:**<br>|  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>5</sup> <br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.07%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21% |
| Expense <br> waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period <br> (000 omitted)<br>| $4006751 | $3507901 | $3805176 | $4366142 | $3019468 | $2739607 |

---

*Represents less than $0.001.*

*Based on net asset value. Total returns for periods of less than one year are not annualized.*

*Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.*

*Computed on an annualized basis.*

*The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.20%, 0.20% and 0.20% for the years ended July 31, 2020, 2019 and 2018, respectively, after taking into account these expense reductions.*

*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.*

See Notes which are an integral part of the Financial Statements

The financial highlights of the Automated Shares and Service Shares are presented separately.

Semi-Annual Shareholder Report

**6**

------

Statement of Assets and Liabilities <br>January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Assets:** |  |  |
| Investment in securities, at amortized cost and fair value |  | $6988150828 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2194325 |
| Income receivable |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12510919 |
| Receivable for shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 959185 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS |  | &nbsp;&nbsp; 7003815257 |
| **Liabilities:** |  |  |
| Payable for investments purchased | $150000000 |  |
| Income distribution payable | &nbsp;&nbsp;&nbsp; 18363690 |  |
| Payable for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; 1493674 |  |
| Payable for other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605190 |  |
| Payable for investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22463 |  |
| Payable for administrative fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14063 |  |
| Payable for Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6873 |  |
| Accrued expenses (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252050 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES |  | &nbsp;&nbsp;&nbsp;&nbsp; 170758003 |
| Net assets for 6,833,524,704 shares outstanding |  | $6833057254 |
| **Net Assets Consists of:** |  |  |
| Paid-in capital |  | $6833534079 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (476825) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS |  | $6833057254 |
| **Net Asset Value, Offering Price and Redemption Proceeds** <br> **Per Share:**<br>|  |  |
| **Automated Shares:** |  |  |
| $201,443,494 ÷ 201,456,628 shares outstanding, no par value, <br> unlimited shares authorized<br>|  | $1.00 |
| **Institutional Shares:** |  |  |
| $4,006,750,975 ÷ 4,007,028,661 shares outstanding, no par value, <br> unlimited shares authorized<br>|  | $1.00 |
| **Service Shares:** |  |  |
| $2,624,862,785 ÷ 2,625,039,415 shares outstanding, no par value, <br> unlimited shares authorized<br>|  | $1.00 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**7**

------

Statement of Operations <br>Six Months Ended January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Investment Income:** |  |  |
| Interest |  | $106575223 |
| **Expenses:** |  |  |
| Investment adviser fee (Note 4) | $6562833 |  |
| Administrative fee (Note 4) | &nbsp;&nbsp;&nbsp; 2569974 |  |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103945 |  |
| Transfer agent fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96504 |  |
| Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19713 |  |
| Auditing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12683 |  |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5347 |  |
| Other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp; 3510623 |  |
| Portfolio accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91851 |  |
| Share registration costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54857 |  |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21367 |  |
| Miscellaneous (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES | &nbsp;&nbsp; 13098629 |  |
| Waiver of investment adviser fee (Note 4) | &nbsp;&nbsp; (2796904) |  |
| Net expenses |  | &nbsp;&nbsp;&nbsp; 10301725 |
| Net investment income |  | &nbsp;&nbsp;&nbsp; 96273498 |
| Net realized loss on investments |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (407146) |
| Change in net assets resulting from operations |  | $95866352 |

---

See Notes which are an integral part of the Financial Statements

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Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> (unaudited)<br> **1/31/2023**<br>| **Year Ended**<br> **7/31/2022**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | $96273498 | $12437059 |
| Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (407146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64848) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING <br> FROM OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95866352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12372211 |
| **Distributions to Shareholders:** |  |  |
| Automated Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2542806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (247878) |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57469870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8114259) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36260822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4561767) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> DISTRIBUTIONS TO SHAREHOLDERS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (96273498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12923904) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 10592541087 | &nbsp;&nbsp; 15309584999 |
| Net asset value of shares issued to shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20234438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2588694 |
| Cost of shares redeemed | &nbsp;&nbsp; (10363092856) | &nbsp;&nbsp; (15499663571) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249682669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (187489878) |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249275523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (188041571) |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; 6583781731 | &nbsp;&nbsp;&nbsp;&nbsp; 6771823302 |
| End of period | $6833057254 | $6583781731 |

---

See Notes which are an integral part of the Financial Statements

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Notes to Financial Statements

January 31, 2023 (unaudited)

**1. ORGANIZATION**

Federated Hermes Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included herein are only those of Federated Hermes Government Obligations Tax-Managed Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated, and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares: Automated Shares, Institutional Shares and Service Shares. All shares of the Fund have equal rights with respect to voting, except on class specific matters. The investment objective of the Fund is to provide current income consistent with stability of principal and liquidity.

The Fund operates as a government money market fund. As a government money market fund, the Fund: (1) invests at least 99.5% of its total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully; (2) generally continues to use amortized cost to value its portfolio securities and transact at a stable $1.00 net asset value (NAV); and (3) has elected not to be subject to the liquidity fees and gates requirement at this time as permitted by Rule 2a-7 under the Act.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

**Investment Valuation**

Securities are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

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Pursuant to Rule 2a-5 under the Act, the Fund's Board of Trustees (the "Trustees") has designated Federated Investment Management Company (the "Adviser") as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

The Adviser, acting through its valuation committee ("Valuation Committee"), is responsible for determining the fair value of investments. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value of securities and oversees the comparison of amortized cost to market-based value. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

**Investment Income, Gains and Losses, Expenses and Distributions**

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. Investment income, realized gains and losses and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waiver of $2,796,904 is disclosed in Note 4. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

**Transfer Agent Fees**

For the six months ended January 31, 2023, transfer agent fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Transfer Agent**<br> **Fees Incurred**<br>|
| Automated Shares | $68302 |
| Institutional Shares | &nbsp;&nbsp; 16617 |
| Service Shares | &nbsp;&nbsp; 11585 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $96504 |

---

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**Other Service Fees**

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Automated Shares, Institutional Shares and Service Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. For the six months ended January 31, 2023, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br> **Fees Incurred**<br>|
| Automated Shares | $229258 |
| Service Shares | &nbsp;&nbsp; 3281365 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $3510623 |

---

For the six months ended January 31, 2023, the Fund's Institutional Shares did not incur other service fees; however, it may begin to incur this fee upon approval of the Trustees.

**Federal Taxes**

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended January 31, 2023, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of January 31, 2023, tax years 2019 through 2022 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

**When-Issued and Delayed-Delivery Transactions**

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**Other**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. SHARES OF BENEFICIAL INTEREST**

The following tables summarize share activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **1/31/2023** | **Six Months Ended**<br> **1/31/2023** | **Year Ended**<br> **7/31/2022** | **Year Ended**<br> **7/31/2022** |
| **Automated Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 150682081 | $150682081 | 265079347 | $265079347 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2421365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2421365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236937 |
| Shares redeemed | (144251755) | &nbsp;&nbsp; (144251755) | (213792818) | &nbsp;&nbsp; (213792818) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM AUTOMATED <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8851691 | $8851691 | &nbsp;&nbsp; 51523466 | $51523466 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **1/31/2023** | **Six Months Ended**<br> **1/31/2023** | **Year Ended**<br> **7/31/2022** | **Year Ended**<br> **7/31/2022** |
| **Institutional Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 7697047959 | $7697047959 | 10486533291 | $10486533291 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15524573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15524573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2115195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2115195 |
| Shares redeemed | (7213476708) | &nbsp;&nbsp; (7213476708) | (10785612159) | &nbsp;&nbsp; (10785612159) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET CHANGE <br> RESULTING FROM <br> INSTITUTIONAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp; 499095824 | $499095824 | &nbsp;&nbsp;&nbsp;&nbsp; (296963673) | $(296963673) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **1/31/2023** | **Six Months Ended**<br> **1/31/2023** | **Year Ended**<br> **7/31/2022** | **Year Ended**<br> **7/31/2022** |
| **Service Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 2744811047 | $2744811047 | 4557972361 | $4557972361 |
| Shares issued to shareholders in <br> payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2288500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2288500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236562 |
| Shares redeemed | (3005364393) | &nbsp;&nbsp; (3005364393) | (4500258594) | &nbsp;&nbsp; (4500258594) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM SERVICE <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; (258264846) | $(258264846) | &nbsp;&nbsp;&nbsp;&nbsp; 57950329 | $57950329 |
| &nbsp;&nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM TOTAL FUND <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp; 249682669 | $249682669 | &nbsp;&nbsp; (187489878) | $(187489878) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Investment adviser fee and other transactions with affiliates**

**Investment Adviser Fee**

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended January 31, 2023, the Adviser voluntarily waived $2,796,904 of its fee.

**Administrative Fee**

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, "Investment Complex" is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

---

| | |
|:---|:---|
| **Administrative Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Daily Net Assets**<br> **of the Investment Complex**<br>|
| 0.100% | on assets up to $50 billion |
| 0.075% | on assets over $50 billion |

---

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

**Expense Limitation**

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waiver/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Automated Shares, Institutional Shares and Service Shares (after the voluntary waivers and reimbursements) will not exceed 0.55%, 0.20% and 0.45% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2023; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

**Other Service Fees**

For the six months ended January 31, 2023, FSSC received $7,308 of the other service fees disclosed in Note 2.

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**Directors'/Trustees' and Miscellaneous Fees**

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors'/Trustees' fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

**5. INTERFUND LENDING**

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of January 31, 2023, there were no outstanding loans. During the six months ended January 31, 2023, the program was not utilized.

**6. Indemnifications**

Under the Fund's organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party's actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.

**7. Other Matters**

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Fund's investments) and the markets in general in significant and unforeseen ways. In addition,

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governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such investments. Any such impact could adversely affect the Fund's performance.

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Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2022 to January 31, 2023.

**ACTUAL EXPENSES**

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to *estimate* the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES**

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratios and an *assumed* rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should *not* use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative *total* costs of owning different funds.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning**<br> **Account Value**<br> **8/1/2022**<br>| **Ending**<br> **Account Value**<br> **1/31/2023**<br>| **Expenses Paid**<br> **During Period**<sup>1</sup> <br>|
| **Actual:**  | $1000 | $1015.50  | $1.02  |
| **Hypothetical (assuming a 5% return** <br> **before expenses):** <br>| $1000 | $1024.20  | $1.02 |

---

*Expenses are equal to the Fund's Institutional Shares annualized net expense ratio of 0.20%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period).*

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Evaluation and Approval of Advisory Contract–May 2022

**Federated Hermes Government Obligations Tax-Managed Fund (the "Fund")**

At its meetings in May 2022 (the "May Meetings"), the Fund's Board of Trustees (the "Board"), including those Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940 (the "Independent Trustees"), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") (the "Contract") for an additional one-year term. The Board's determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

***<u>Information Received and Review Process</u>***

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO's independent written evaluation (the "CCO Fee Evaluation Report"), along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contract. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as "Senior Officer" prior to the elimination of the Senior Officer position in December 2017.

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered information specifically prepared in connection with the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, "Federated Hermes") in response to requests posed to Federated Hermes by independent legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional matters as the Independent Trustees deemed

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reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates; Federated Hermes' business and operations; the Adviser's investment philosophy, personnel and processes; the Fund's investment objectives and strategies; the Fund's short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund's particular investment program and a group of its peer funds and/or its benchmark, as appropriate); the Fund's investment objectives; the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the financial condition of Federated Hermes; the Adviser's profitability with respect to the Fund; distribution and sales activity for the Fund; and the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser's cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize "economies of scale" as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any "fall-out" benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fee and expense structures, including a comparison of management fees paid to the adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser's services and fees. The Board noted that the Securities and Exchange Commission ("SEC") disclosure requirements

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regarding the basis for a fund board's approval of the fund's investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a "Federated Hermes Fund" and, collectively, the ("Federated Hermes Funds").

In addition to considering the above-referenced factors, the Board was mindful of the preferences and expectations of Fund shareholders and the potential disruptions of the Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund on the strength of Federated Hermes' industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund's shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.

In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board's determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.

Semi-Annual Shareholder Report

**21**

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***<u>Nature, Extent and Quality of Services</u>***

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by Federated Hermes. The Board considered the Adviser's personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and Federated Hermes' ability and experience in attracting and retaining qualified personnel to service the Fund. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser's ability to deliver competitive investment performance for the Fund when compared to the Fund's Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund's investment program. The Board also considered the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, in order to maintain a positive yield for the Fund in the low interest rate environment.

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened the organization's investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance ("ESG") factors and issuer engagement on ESG matters. The Board considered the quality of Federated Hermes' communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account Federated Hermes' communications with the Board in light of the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds' officers.

The Board received and evaluated information regarding Federated Hermes' regulatory and compliance environment. The Board considered Federated Hermes' compliance program and compliance history and reports from the CCO about Federated Hermes' compliance with applicable laws and

Semi-Annual Shareholder Report

**22**

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regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes' support of the Federated Hermes Funds' compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund's obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated Hermes' commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes' approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds' compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes' oversight in this regard, including in connection with the designation of the Federated Hermes Funds' investment advisers as the administrators of the Federated Hermes Funds' liquidity risk management program.

The Board also considered the implementation of Federated Hermes' business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes' commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.

The Board considered Federated Hermes' efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Adviser to the Fund.

***<u>Fund Investment Performance</u>***

The Board considered the investment performance of the Fund. In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser's analysis of, the Fund's performance over different time periods that were

Semi-Annual Shareholder Report

**23**

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provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund's gross and net returns, the Fund's investment performance compared to one or more relevant categories or groups of peer funds and the Fund's benchmark index, performance attribution information and commentary on the effect of market conditions.

The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by iMoneyNet, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the CCO's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds' objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.

For the one-year period ended December 31, 2021, the Fund's performance was above the median of the Performance Peer Group. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its Performance Peer Group.

Based on these considerations, the Board concluded that it had continued confidence in the Adviser's overall capabilities to manage the Fund.

***<u>Fund Expenses</u>***

The Board considered the advisory fee and overall expense structure of the Fund and the comparative fee and expense information that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund's total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the category of peer funds selected by iMoneyNet (the "Expense Peer Group"). The Board received a description of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet category.

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged by other advisers for managing funds with comparable investment programs, the Board noted that it found the use of such comparisons to be relevant to its evaluation. The Board focused on comparisons with other similar registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund

Semi-Annual Shareholder Report

**24**

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shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund's shareholders. The Board noted that the range of such other registered funds' fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund's fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was above the median of the Expense Peer Group, but the Board noted the applicable waivers and reimbursements, and that the overall expense structure of the Fund remained competitive in the context of other factors considered by the Board.

The Board also received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO's conclusion that non-registered fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing and fund liquidity; (vi) different administrative responsibilities; (vii) different degrees of risk associated with management; and (viii) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution's registered fund, noting the CCO's view that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds' advisory fees.

Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.

Semi-Annual Shareholder Report

**25**

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***<u>Profitability</u>***

The Board received and considered profitability information furnished by Federated Hermes, as requested by the CCO. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO's view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered the CCO's view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board noted the impact of the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, on the profitability of the Fund to the Adviser.

The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO's conclusion that, based on such profitability information, Federated Hermes' profit margins did not appear to be excessive. The Board also considered the CCO's view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.

***<u>Economies of Scale</u>***

The Board received and considered information about the notion of possible realization of "economies of scale" as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: personnel, processes and tools for portfolio management, including the use of market data on which portfolio managers make investment decisions; trading operations; ESG integration and issuer engagement on ESG matters; shareholder services; compliance; business continuity; cybersecurity; internal audit and risk management functions; and technology that supports the provision of investment management services. The Board noted that Federated

Semi-Annual Shareholder Report

**26**

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Hermes' investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund's assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered Federated Hermes' reductions in contractual management fees for certain Federated Hermes Funds during the prior year, including in response to the CCO's recommendations in the prior year's CCO Fee Evaluation Report, which have resulted in benefits being realized by shareholders.

The Board also considered reports on adviser-paid fees (commonly referred to as "revenue sharing") that were provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes and the CCO believe that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to evaluate the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.

***<u>Other Benefits</u>***

The Board considered information regarding the compensation and other ancillary (or "fall-out") benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds' investment advisory contracts, Federated Hermes' affiliates also receive fees for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds' administrator and distributor). In this regard, the Board considered that certain of Federated Hermes' affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

Semi-Annual Shareholder Report

**27**

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***<u>Conclusions</u>***

The Board considered: (i) the CCO's conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund is reasonable; and (ii) the CCO's recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board's evaluation of the Federated Hermes Funds' advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board's determination to approve the continuation of the Contract reflects its view that Federated Hermes' performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.

Semi-Annual Shareholder Report

**28**

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Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400, Option #4. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

Semi-Annual Shareholder Report

**29**

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*You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.*

This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund's Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY** 

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the "householding" program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of "householding." Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of "householding" at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400, Option #4.

Semi-Annual Shareholder Report

**30**

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![](edelivery.jpg)

![](fhilogok11p.jpg)

Federated Hermes Government Obligations Tax-Managed Fund <br>Federated Hermes Funds <br>4000 Ericsson Drive <br>Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com** <br>or call 1-800-341-7400.

Federated Securities Corp., Distributor

*CUSIP 60934N856*

*34481 (3/23)*© 2023 Federated Hermes, Inc.

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**Semi-Annual Shareholder Report**

***January 31, 2023***

![](imgfd227c921.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Share Class** \| Ticker | **Institutional** \| MMPXX | **Service** \| MMSXX | **Capital** \| MMLXX |
|  | **Eagle** \| MMMXX |  |  |

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Federated Hermes Institutional Money Market Management

*Fund Established 1974*

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A Portfolio of Federated Hermes Money Market Obligations Trust

Dear Valued Shareholder,

We are pleased to present the Semi-Annual Shareholder Report for your fund covering the period from August 1, 2022 through January 31, 2023. This report includes a complete listing of your fund's holdings, performance information and financial statements along with other important fund information.

As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.

In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.

Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.

Sincerely, <br> ![](donahuechrissigsmall.jpg)

J. Christopher Donahue, President

*The Fund operates as a "Floating Net Asset Value" Money Market Fund.* <br>*The Share Price will fluctuate. It is possible to lose money by investing in the Fund.*

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**Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee**

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**CONTENTS** 

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| | |
|:---|:---|
| [Portfolio of Investments Summary Tables](#xx_0568b7ef-aad0-452f-a521-e520f0c3c7e0_1) | &nbsp;&nbsp; [1](#xx_0568b7ef-aad0-452f-a521-e520f0c3c7e0_1)  |
| [Portfolio of Investments](#xx_0568b7ef-aad0-452f-a521-e520f0c3c7e0_2) | &nbsp;&nbsp; [2](#xx_0568b7ef-aad0-452f-a521-e520f0c3c7e0_2)  |
| [Financial Highlights](#xx_e38ff336-374e-4c2e-9170-185f42a572b0_1) | &nbsp;&nbsp; [9](#xx_e38ff336-374e-4c2e-9170-185f42a572b0_1)  |
| [Statement of Assets and Liabilities](#xx_9f1c6e1b-94eb-4bb1-b750-f6423ed65f58_1) | [13](#xx_9f1c6e1b-94eb-4bb1-b750-f6423ed65f58_1)  |
| [Statement of Operations](#xx_9f1c6e1b-94eb-4bb1-b750-f6423ed65f58_2) | [14](#xx_9f1c6e1b-94eb-4bb1-b750-f6423ed65f58_2)  |
| [Statement of Changes in Net Assets](#xx_9f1c6e1b-94eb-4bb1-b750-f6423ed65f58_3) | [15](#xx_9f1c6e1b-94eb-4bb1-b750-f6423ed65f58_3)  |
| [Notes to Financial Statements](#xx_e24a3ac5-a8e6-43be-af26-9060136c4b3d_1) | [16](#xx_e24a3ac5-a8e6-43be-af26-9060136c4b3d_1)  |
| [Shareholder Expense Example](#xx_a152090b-cbec-4a82-b683-55f1e85d8d83_1) | [25](#xx_a152090b-cbec-4a82-b683-55f1e85d8d83_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_a2f9f473-3467-4ff0-adf2-5e4e5b21299e_1) | [27](#xx_a2f9f473-3467-4ff0-adf2-5e4e5b21299e_1)  |
| [Voting Proxies on Fund Portfolio Securities](#xx_277af358-2554-48e4-93fb-33cb53dd2f39_1) | [37](#xx_277af358-2554-48e4-93fb-33cb53dd2f39_1)  |
| [Portfolio Schedule](#xx_277af358-2554-48e4-93fb-33cb53dd2f39_1) | [37](#xx_277af358-2554-48e4-93fb-33cb53dd2f39_1) |

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Portfolio of Investments Summary Tables (unaudited)

At January 31, 2023, the Fund's portfolio composition<sup>1</sup> was as follows:

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| | |
|:---|:---|
| **Security Type** | **Percentage of** <br>**Total Net Assets**<br>|
| Variable Rate Instruments | 41.2% |
| Bank Instruments | 10.7% |
| Commercial Paper | 11.3% |
| Other Repurchase Agreements and Repurchase Agreements | 36.9% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | **100%** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 1 | *See the Fund's Prospectus and Statement of Additional Information for a description of these* <br> *investments.*<br>|
| 2 | *Assets, other than investments in securities, less liabilities. See Statement of Assets and* <br> *Liabilities.*<br>|

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At January 31, 2023, the Fund's effective maturity schedule<sup>1</sup> was as follows:

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| | |
|:---|:---|
| **Securities With an** <br>**Effective Maturity of:**<br>| **Percentage of** <br>**Total Net Assets**<br>|
| 1-7 Days | 86.1%<sup>2</sup> <br>|
| 8-30 Days | &nbsp;&nbsp; 1.8% |
| 31-90 Days | &nbsp;&nbsp; 4.8% |
| 91-180 Days | &nbsp;&nbsp; 5.2% |
| 181 Days or more | &nbsp;&nbsp; 2.2% |
| Other Assets and Liabilities—Net<sup>3</sup> <br>| (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | **100%** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 1 | *Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the* <br> *Investment Company Act of 1940, which regulates money market mutual funds.*<br>|
| 2 | *Overnight securities comprised 29.5% of the Fund's portfolio.* |
| 3 | *Assets, other than investments in securities, less liabilities. See Statement of Assets* <br> *and Liabilities.*<br>|

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Semi-Annual Shareholder Report

**1**

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Portfolio of Investments

January 31, 2023 (unaudited)

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| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— 41.2% |  |
|  | **Finance - Banking— 33.6%** |  |
| $5000000 | Australia & New Zealand Banking Group, Melbourne, 4.650% (SOFR <br> +0.350%), 2/1/2023<br>| $5000000 |
| 5000000 | Australia & New Zealand Banking Group, Melbourne, 4.650% (SOFR <br> +0.350%), 2/1/2023<br>| 4999999 |
| 5000000 | Australia & New Zealand Banking Group, Melbourne, 4.680% (SOFR <br> +0.380%), 2/1/2023<br>| 5001765 |
| 1500000 | Bank of Montreal, 4.600% (SOFR +0.300%), 2/1/2023 | 1500000 |
| 5000000 | Bank of Montreal, 4.860% (SOFR +0.560%), 2/1/2023 | 5005868 |
| 5000000 | Bank of Montreal, 4.950% (SOFR +0.650%), 2/1/2023 | 5000000 |
| 10000000 | Bank of Montreal, 5.000% (SOFR +0.700%), 2/1/2023 | 10000000 |
| 7500000 | Bank of Nova Scotia, Toronto, 4.800% (SOFR +0.500%), 2/1/2023 | 7506431 |
| 1500000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 1501895 |
| 1500000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 1501878 |
| 10000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 10016219 |
| 5000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 5007133 |
| 4000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 4005804 |
| 3000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 3005188 |
| 7500000 | Bank of Nova Scotia, Toronto, 4.960% (SOFR +0.660%), 2/1/2023 | 7512695 |
| 4000000 | Bank of Nova Scotia, Toronto, 4.970% (SOFR +0.670%), 2/1/2023 | 4007126 |
| 5000000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 4.630% <br> (SOFR +0.330%), 2/1/2023<br>| 5001403 |
| 2500000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 4.820% <br> (SOFR +0.520%), 2/1/2023<br>| 2500000 |
| 15000000 | Canadian Imperial Bank of Commerce, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 15014798 |
| 5000000 | Canadian Imperial Bank of Commerce, 4.850% (SOFR <br> +0.550%), 2/1/2023<br>| 5007029 |
| 20000000 | Citibank N.A., New York, 4.720% (SOFR +0.420%), 2/1/2023 | 20008167 |
| 10000000 | Citibank N.A., New York, 4.720% (SOFR +0.420%), 2/1/2023 | 10004071 |
| 10000000 | Citibank N.A., New York, 4.770% (SOFR +0.470%), 2/1/2023 | 10008683 |
| 4500000 | City Furniture, Inc., (Wells Fargo Bank, N.A. LOC), 4.530%, 2/2/2023 | 4500000 |
| 5000000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan <br> Securities LLC COL), 4.730% (SOFR +0.430%), 2/1/2023<br>| 5003089 |
| 7500000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan <br> Securities LLC COL), 4.750% (SOFR +0.450%), 2/1/2023<br>| 7500000 |
| 5000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 4.670% (SOFR +0.370%), 2/1/2023<br>| 5000000 |
| 5000000 | Commonwealth Bank of Australia, 4.730% (SOFR +0.430%), 2/1/2023 | 5000000 |
| 5000000 | Commonwealth Bank of Australia, 4.800% (SOFR +0.500%), 2/1/2023 | 5000000 |

---

Semi-Annual Shareholder Report

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Finance - Banking— continued** |  |
| $5000000 | Commonwealth Bank of Australia, 4.840% (SOFR +0.540%), 2/1/2023 | $5000000 |
| 1500000 | Mizuho Bank Ltd., 4.860% (SOFR +0.560%), 2/1/2023 | 1500000 |
| 2500000 | MUFG Bank Ltd., 4.700% (SOFR +0.400%), 2/1/2023 | 2500865 |
| 7500000 | MUFG Bank Ltd., 4.790% (SOFR +0.490%), 2/1/2023 | 7500074 |
| 2500000 | MUFG Bank Ltd., 4.850% (SOFR +0.550%), 2/1/2023 | 2500000 |
| 10000000 | National Australia Bank Ltd., Melbourne, 4.700% (SOFR <br> +0.400%), 2/1/2023<br>| 10000000 |
| 5000000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 5004112 |
| 10000000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 10000000 |
| 5000000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 5004526 |
| 2500000 | National Australia Bank Ltd., Melbourne, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 2502572 |
| 2500000 | National Australia Bank Ltd., Melbourne, 4.860% (SOFR <br> +0.560%), 2/1/2023<br>| 2503895 |
| 5000000 | Nordea Bank Abp, 4.540% (SOFR +0.240%), 2/1/2023 | 5001161 |
| 2500000 | Nordea Bank Abp, 4.550% (SOFR +0.250%), 2/1/2023 | 2500160 |
| 10000000 | Nordea Bank Abp, 4.740% (SOFR +0.440%), 2/1/2023 | 10008666 |
| 10000000 | Ridgefield Funding Company, LLC Series A, (BNP Paribas SA COL), <br> 4.700% (SOFR +0.400%), 2/1/2023<br>| 10000000 |
| 5000000 | Ridgefield Funding Company, LLC Series A, (BNP Paribas SA COL), <br> 4.750% (SOFR +0.450%), 2/1/2023<br>| 5000000 |
| 10000000 | Royal Bank of Canada, 4.850% (SOFR +0.550%), 2/1/2023 | 10008966 |
| 10000000 | Royal Bank of Canada, 5.050% (SOFR +0.750%), 2/1/2023 | 10021392 |
| 2500000 | Royal Bank of Canada, New York Branch, 4.870% (SOFR <br> +0.570%), 2/1/2023<br>| 2504239 |
| 5000000 | Royal Bank of Canada, New York Branch, 4.880% (SOFR <br> +0.580%), 2/1/2023<br>| 5008038 |
| 10000000 | Sumitomo Mitsui Trust Bank Ltd., 4.740% (SOFR +0.440%), 2/1/2023 | 10000000 |
| 15000000 | Svenska Handelsbanken, Stockholm, 4.650% (SOFR <br> +0.350%), 2/1/2023<br>| 15000000 |
| 6500000 | Taxable Tender Option Bond Trust 2021-MIZ9064TX, <br> (Series 2021-MIZ9064TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank <br> Ltd. LOC), 4.850%, 2/2/2023<br>| 6500000 |
| 14223753 | Taxable Tender Option Bond Trust 2022-MIZ9015TX, <br> (Series 2022-9015TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank <br> Ltd. LOC), 4.590%, 2/1/2023<br>| 14223753 |
| 5150000 | Taxable Tender Option Bond Trust 2022-MIZ9084TX, <br> (Series 2022-MIZ-9084TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho <br> Bank Ltd. LOC), 4.850%, 2/2/2023<br>| 5150000 |
| 3800000 | Taxable Tender Option Bond Trust 2022-MIZ9094TX, <br> (Series 2022-MIZ9094TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank <br> Ltd. LOC), 4.850%, 2/2/2023<br>| 3800000 |

---

Semi-Annual Shareholder Report

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Finance - Banking— continued** |  |
| $2000000 | Toronto Dominion Bank, 4.700% (SOFR +0.400%), 2/1/2023 | $2000000 |
| 2500000 | Toronto Dominion Bank, 4.880% (SOFR +0.580%), 2/1/2023 | 2505272 |
| 2500000 | Toronto Dominion Bank, 4.880% (SOFR +0.580%), 2/1/2023 | 2503779 |
| 2500000 | Westpac Banking Corp. Ltd., Sydney, 4.700% (SOFR <br> +0.400%), 2/1/2023<br>| 2501418 |
| 12500000 | Westpac Banking Corp. Ltd., Sydney, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 12500000 |
| 5000000 | Westpac Banking Corp. Ltd., Sydney, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 5006306 |
| 2500000 | Westpac Banking Corp. Ltd., Sydney, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 2503383 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 378381818 |
|  | **Finance - Retail— 4.2%** |  |
| 4000000 | Chariot Funding LLC, 4.660% (SOFR +0.360%), 2/1/2023 | 4000000 |
| 10000000 | Chariot Funding LLC, 4.850% (SOFR +0.550%), 2/1/2023 | 10000000 |
| 5000000 | Fairway Finance Co. LLC, 4.700% (SOFR +0.400%), 2/1/2023 | 5000000 |
| 7500000 | Old Line Funding, LLC, 4.700% (SOFR +0.400%), 2/1/2023 | 7500000 |
| 8000000 | Old Line Funding, LLC, 4.750% (SOFR +0.450%), 2/1/2023 | 8000000 |
| 2500000 | Old Line Funding, LLC, 4.760% (SOFR +0.460%), 2/1/2023 | 2500000 |
| 7500000 | Old Line Funding, LLC, 4.800% (SOFR +0.500%), 2/1/2023 | 7500000 |
| 2500000 | Old Line Funding, LLC, 4.820% (SOFR +0.520%), 2/1/2023 | 2500000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 47000000 |
|  | **Government Agency— 3.4%** |  |
| 8000000 | Archer 1 LLC, (Federal Home Loan Bank of San Francisco LOC), <br> 4.400%, 2/2/2023<br>| 8000000 |
| 30000000 | HW Hellman Building, L.P., (Federal Home Loan Bank of San Francisco <br> LOC), 4.400%, 2/2/2023<br>| 30000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 38000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NOTES - VARIABLE <br>(IDENTIFIED COST $463,173,821)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 463381818 |
| <sup>2</sup> <br>| COMMERCIAL PAPER— 11.3% |  |
|  | **Finance - Banking— 8.5%** |  |
| 5000000 | Albion Capital LLC, (MUFG Bank Ltd. LIQ), 4.535%, 2/16/2023 | 4990583 |
| 48500000 | Anglesea Funding LLC, 4.385% - 5.034%, 2/1/2023 - 7/19/2023 | 48405055 |
| 5000000 | Bank of Montreal, 2.800%, 5/9/2023 | 4974034 |
| 2000000 | Canadian Imperial Bank of Commerce, 2.069%, 3/20/2023 | 1988005 |
| 4000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 5.055%, 7/24/2023<br>| 3904609 |
| 5000000 | Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 4.823%, 5/5/2023 | 4938365 |
| 1500000 | National Australia Bank Ltd., Melbourne, 3.843%, 6/15/2023 | 1472663 |
| 5000000 | Royal Bank of Canada, 4.049%, 8/23/2023 | 4861393 |
| 15000000 | Toronto Dominion Bank, 2.051% - 2.903%, 3/17/2023 - 5/31/2023 | 14796066 |

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Semi-Annual Shareholder Report

**4**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>2</sup> <br>| COMMERCIAL PAPER— continued |  |
|  | **Finance - Banking— continued** |  |
| $5000000 | Victory Receivables Corp., (MUFG Bank Ltd. LIQ), 4.809%, 4/17/2023 | $4950136 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 95280909 |
|  | **Finance - Retail— 0.6%** |  |
| 2500000 | Fairway Finance Co. LLC, 5.043%, 7/24/2023 | 2439656 |
| 5000000 | Thunder Bay Funding, LLC, 5.091%, 8/2/2023 | 4874622 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7314278 |
|  | **Oil & Oil Finance— 0.9%** |  |
| 10000000 | TotalEnergies Capital Canada Ltd., 4.351%, 2/3/2023 | 9997589 |
|  | **Sovereign— 1.3%** |  |
| 10000000 | BNG Bank N.V., 4.340%, 2/1/2023 | 10000000 |
| 5000000 | Export Development Canada, (Canada, Government of SUB), <br> 5.203%, 11/9/2023<br>| 4804861 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 14804861 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL PAPER <br>(IDENTIFIED COST $127,553,689)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 127397637 |
|  | CERTIFICATES OF DEPOSIT— 5.8% |  |
|  | **Finance - Banking— 5.8%** |  |
| 7500000 | Bank of Montreal, 2.850% - 5.470%, 5/24/2023 - 1/8/2024 | 7496926 |
| 19500000 | Mizuho Bank Ltd., 4.360% - 4.810%, 2/1/2023 - 5/4/2023 | 19500302 |
| 17500000 | Sumitomo Mitsui Trust Bank Ltd., 4.770% - 4.830%, 4/13/2023 - <br> 5/16/2023<br>| 17502184 |
| 16000000 | Toronto Dominion Bank, 2.800% - 4.070%, 5/5/2023 - 7/18/2023 | 15915478 |
| 5000000 | Toronto Dominion Bank, 5.250%, 1/25/2024 | 5000435 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CERTIFICATES OF DEPOSIT <br>(IDENTIFIED COST $65,499,945)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 65415325 |
|  | TIME DEPOSIT— 4.9% |  |
|  | **Finance - Banking— 4.9%** |  |
| 55000000 | ABN Amro Bank NV, 4.330%, 2/2/2023 <br>(IDENTIFIED COST $55,000,000)<br>| 55000000 |
|  | OTHER REPURCHASE AGREEMENTS— 17.3% |  |
|  | **Finance - Banking— 17.3%** |  |
| 10000000 | BMO Capital Markets Corp., 4.42%, dated 1/31/2023, interest in a <br> $325,000,000 collateralized loan agreement will repurchase securities <br> provided as collateral for $325,039,903 on 2/1/2023, in which <br> asset-backed securities, collateralized mortgage obligations, corporate <br> bonds, medium-term notes and U.S. Government Agency securities <br> with a market value of $331,540,701 have been received as collateral <br> and held with BNY Mellon as tri-party agent.<br>| 10000000 |

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Semi-Annual Shareholder Report

**5**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS— continued |  |
|  | **Finance - Banking— continued** |  |
| $15000000 | BNP Paribas S.A., 4.40%, dated 1/31/2023, interest in a $350,000,000 <br> collateralized loan agreement will repurchase securities provided as <br> collateral for $350,042,778 on 2/1/2023, in which asset-backed <br> securities, corporate bonds, medium-term notes, U.S. Government <br> Agency securities and sovereign debt with a market value of <br> $358,110,649 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| $15000000 |
| 15000000 | BofA Securities, Inc., 4.39%, dated 1/31/2023, interest in a <br> $75,000,000 collateralized loan agreement will repurchase securities <br> provided as collateral for $75,009,146 on 2/03/2023, in which <br> corporate bonds with a market value of $76,509,399 have been <br> received as collateral and held with BNY Mellon as tri-party agent.<br>| 15000000 |
| 15000000 | BofA Securities, Inc., 4.39%, dated 1/31/2023, interest in a <br> $75,000,000 collateralized loan agreement will repurchase securities <br> provided as collateral for $75,009,146 on 2/03/2023, in which <br> corporate bonds with a market value of $76,509,399 have been <br> received as collateral and held with BNY Mellon as tri-party agent.<br>| 15000000 |
| 25000000 | BofA Securities, Inc., 5.11%, dated 12/6/2022, interest in a <br> $225,000,000 collateralized loan agreement will repurchase securities <br> provided as collateral for $226,117,813 on 3/10/2023, in which <br> asset-backed securities and collateralized mortgage obligations with a <br> market value of $229,530,919 have been received as collateral and <br> held with BNY Mellon as tri-party agent.<br>| 25000000 |
| 45000000 | Credit Agricole S.A., 4.72%, dated 6/24/2022, interest in a <br> $300,000,000 collateralized loan agreement will repurchase securities <br> provided as collateral for $300,275,333 on 2/10/2023, in which <br> asset-backed securities, collateralized mortgage obligations, corporate <br> bonds and sovereign debt with a market value of $306,126,468 have <br> been received as collateral and held with BNY Mellon as tri-party <br> agent.<br>| 45000000 |
| 5000000 | HSBC Securities (USA), Inc., 4.52%, dated 1/31/2023, interest in a <br> $5,000,000 collateralized loan agreement will repurchase securities <br> provided as collateral for $5,000,628 on 2/1/2023, in which corporate <br> bonds and medium-term notes with a market value of $5,100,443 have <br> been received as collateral and held with BNY Mellon as tri-party <br> agent.<br>| 5000000 |
| 25000000 | J.P. Morgan Securities LLC, 4.82%, dated 1/23/2023, interest in a <br> $250,000,000 collateralized loan agreement will repurchase securities <br> provided as collateral for $251,004,167 on 2/01/2023, in which <br> asset-backed securities, collateralized mortgage obligations, corporate <br> bonds, medium-term notes and sovereign securities with a market <br> value of $255,000,000 have been received as collateral and held with <br> BNY Mellon as tri-party agent.<br>| 25000000 |

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Semi-Annual Shareholder Report

**6**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS— continued |  |
|  | **Finance - Banking— continued** |  |
| $15000000 | Pershing LLC, 4.82%, dated 7/14/2022, interest in a $300,000,000 <br> collateralized loan agreement will repurchase securities provided as <br> collateral for $300,281,167 on 2/10/2023, in which asset-backed <br> securities, collateralized mortgage obligations, corporate bonds, <br> commercial paper, common stocks, convertible bonds, certificates of <br> deposit, exchange traded funds, medium-term notes, municipal bonds, <br> mutual funds and sovereign debt with a market value of $306,038,845 <br> have been received as collateral and held with BNY Mellon as tri-party <br> agent.<br>| $15000000 |
| 24000000 | Societe Generale, Paris, 4.47%, dated 1/31/2023, interest in a <br> $650,000,000 collateralized loan agreement will repurchase securities <br> provided as collateral for $650,080,708 on 2/1/2023, in which <br> asset-backed securities, collateralized mortgage obligations, corporate <br> bonds, medium-term notes and sovereign debt with a market value of <br> $663,082,322 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 24000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER REPURCHASE AGREEMENTS <br>(IDENTIFIED COST $194,000,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 194000000 |
|  | REPURCHASE AGREEMENTS— 19.6% |  |
|  | **Finance - Banking— 19.6%** |  |
| 50000000 | Interest in $1,650,000,000 joint repurchase agreement 4.30%, dated <br> 1/31/2023 under which Mitsubishi UFJ Securities (USA), Inc. will <br> repurchase securities provided as collateral for $1,650,197,083 on <br> 2/1/2023. The securities provided as collateral at the end of the period <br> held with BNY Mellon as tri-party agent, were U.S. Government <br> Agency securities with various maturities to 2/1/2053 and the market <br> value of those underlying securities was $1,683,201,025.<br>| 50000000 |
| 170824000 | Interest in $2,000,000,000 joint repurchase agreement 4.30%, dated <br> 1/31/2023 under which Sumitomo Mitsui Banking Corp. will repurchase <br> securities provided as collateral for $2,000,238,889 on 2/1/2023. The <br> securities provided as collateral at the end of the period held with BNY <br> Mellon as tri-party agent, were U.S. Government Agency securities <br> with various maturities to 10/20/2052 and the market value of those <br> underlying securities was $2,040,243,667.<br>| 170824000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REPURCHASE AGREEMENTS <br>(IDENTIFIED COST $220,824,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 220824000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—100.1% <br>(IDENTIFIED COST $1,126,051,455)<sup>3</sup> <br>| 1126018780 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(0.1)%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1341858) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $1124676922 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 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 of investments for federal tax purposes.* |
| 4 | *Assets, other than investments in securities, less liabilities. See Statement of Assets and* <br> *Liabilities.*<br>|

---

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2023.

Semi-Annual Shareholder Report

**7**

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Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of January 31, 2023, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | The following acronym(s) are used throughout this portfolio: |
| COL | —Collateralized |
| GTD | —Guaranteed |
| LIQ | —Liquidity Agreement |
| LOC | —Letter of Credit |
| SOFR | —Secured Overnight Financing Rate |
| VRDNs | —Variable Rate Demand Notes |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**8**

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Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of** <br> **Period**<br>| **$0.9992** | **$0.9998** | **$1.0000** | **$0.9998** | **$0.9997** | **$1.0001** |
| **Income From Investment** <br> **Operations:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.0170 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0036 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0006 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0141 | &nbsp;&nbsp; 0.0238 | &nbsp;&nbsp; 0.0157 |
| Net realized and unrealized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.0005 | &nbsp;&nbsp;&nbsp;&nbsp; (0.0006) | &nbsp;&nbsp;&nbsp;&nbsp; (0.0002) | &nbsp;&nbsp;&nbsp;&nbsp; 0.0002 | &nbsp;&nbsp; 0.0001 | (0.0004) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.0175 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0030 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0004 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0143 | &nbsp;&nbsp; 0.0239 | &nbsp;&nbsp; 0.0153 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment <br> income<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.0170) | &nbsp;&nbsp;&nbsp;&nbsp; (0.0036) | &nbsp;&nbsp;&nbsp;&nbsp; (0.0006) | &nbsp;&nbsp;&nbsp;&nbsp; (0.0141) | (0.0238) | (0.0157) |
| Distributions from net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; (0.0000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.0000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.0000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.0000)<sup>1</sup> <br>| (0.0000)<sup>1</sup> <br>| (0.0000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.0170) | &nbsp;&nbsp;&nbsp;&nbsp; (0.0036) | &nbsp;&nbsp;&nbsp;&nbsp; (0.0006) | &nbsp;&nbsp;&nbsp;&nbsp; (0.0141) | (0.0238) | (0.0157) |
| **Net Asset Value, End of Period** | **$0.9997** | **$0.9992** | **$0.9998** | **$1.0000** | **$0.9998** | **$0.9997** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp;&nbsp; 2.42% | &nbsp;&nbsp;&nbsp;&nbsp; 1.54% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp; 0.15% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp; 2.39% | &nbsp;&nbsp;&nbsp;&nbsp; 1.47% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 0.81% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 <br> omitted)<br>| $1120063 | $1085231 | $1033664 | $1353697 | $66410 | $34986 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.0001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 4 | *Computed on an annualized basis.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**9**

------

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$0.9991** | **$0.9998** | **$0.9999** | **$0.9997** | **$0.9997** | **$1.0001** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; 0.0208 | &nbsp;&nbsp; 0.0027 | &nbsp;&nbsp; 0.0001 | &nbsp;&nbsp; 0.0115 | &nbsp;&nbsp; 0.0213 | &nbsp;&nbsp; 0.0133 |
| Net realized and unrealized gain (loss) | (0.0045) | (0.0008) | (0.0001) | &nbsp;&nbsp; 0.0003 | &nbsp;&nbsp; 0.0000<sup>1</sup> <br>| (0.0005) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp; 0.0163 | &nbsp;&nbsp; 0.0019 | &nbsp;&nbsp; 0.0000<sup>1</sup> <br>| &nbsp;&nbsp; 0.0118 | &nbsp;&nbsp; 0.0213 | &nbsp;&nbsp; 0.0128 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.0157) | (0.0026) | (0.0001) | (0.0116) | (0.0213) | (0.0132) |
| Distributions from net realized gain | (0.0000)<sup>1</sup> <br>| (0.0000)<sup>1</sup> <br>| (0.0000)<sup>1</sup> <br>| (0.0000)<sup>1</sup> <br>| (0.0000)<sup>1</sup> <br>| (0.0000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.0157) | (0.0026) | (0.0001) | (0.0116) | (0.0213) | (0.0132) |
| **Net Asset Value, End of Period** | **$0.9997** | **$0.9991** | **$0.9998** | **$0.9999** | **$0.9997** | **$0.9997** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% | &nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp; 2.15% | &nbsp;&nbsp;&nbsp;&nbsp; 1.28% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp; 0.40% | &nbsp;&nbsp;&nbsp;&nbsp; 0.40% | &nbsp;&nbsp;&nbsp;&nbsp; 0.40% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.70%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 2.16% | &nbsp;&nbsp;&nbsp;&nbsp; 1.25% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp; 0.27% | &nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp; $20 | &nbsp;&nbsp;&nbsp;&nbsp; $420 | &nbsp;&nbsp; $1138 | &nbsp;&nbsp;&nbsp;&nbsp; $781 | &nbsp;&nbsp;&nbsp;&nbsp; $560 | &nbsp;&nbsp;&nbsp;&nbsp; $499 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.0001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Represents less than 0.01%.* |
| 4 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**10**

------

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$0.9992** | **$0.9998** | **$1.0000** | **$0.9998** | **$0.9997** | **$1.0001** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; 0.0165 | &nbsp;&nbsp; 0.0031 | &nbsp;&nbsp; 0.0002 | &nbsp;&nbsp; 0.0131 | &nbsp;&nbsp; 0.0228 | &nbsp;&nbsp; 0.0147 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 0.0005 | (0.0006) | (0.0002) | &nbsp;&nbsp; 0.0002 | &nbsp;&nbsp; 0.0001 | (0.0004) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp; 0.0170 | &nbsp;&nbsp; 0.0025 | &nbsp;&nbsp; 0.0000<sup>1</sup> <br>| &nbsp;&nbsp; 0.0133 | &nbsp;&nbsp; 0.0229 | &nbsp;&nbsp; 0.0143 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.0165) | (0.0031) | (0.0002) | (0.0131) | (0.0228) | (0.0147) |
| Distributions from net realized gain | (0.0000)<sup>1</sup> <br>| (0.0000)<sup>1</sup> <br>| (0.0000)<sup>1</sup> <br>| (0.0000)<sup>1</sup> <br>| (0.0000)<sup>1</sup> <br>| (0.0000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.0165) | (0.0031) | (0.0002) | (0.0131) | (0.0228) | (0.0147) |
| **Net Asset Value, End of Period** | **$0.9997** | **$0.9992** | **$0.9998** | **$1.0000** | **$0.9998** | **$0.9997** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.26% | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp; 2.32% | &nbsp;&nbsp;&nbsp;&nbsp; 1.44% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.28%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp;&nbsp; 2.28% | &nbsp;&nbsp;&nbsp;&nbsp; 1.44% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24% | &nbsp;&nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp; 0.86% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp; $182 | &nbsp;&nbsp;&nbsp;&nbsp; $179 | &nbsp;&nbsp;&nbsp;&nbsp; $178 | &nbsp;&nbsp;&nbsp;&nbsp; $181 | &nbsp;&nbsp;&nbsp;&nbsp; $178 | &nbsp;&nbsp;&nbsp;&nbsp; $174 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.0001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Represents less than 0.01%.* |
| 4 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**11**

------

Financial Highlights–Eagle Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$0.9992** | **$0.9998** | **$1.0000** | **$0.9998** | **$0.9997** | **$1.0001** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; 0.0157 | &nbsp;&nbsp; 0.0026 | &nbsp;&nbsp; 0.0001 | &nbsp;&nbsp; 0.0122 | &nbsp;&nbsp; 0.0218 | &nbsp;&nbsp; 0.0137 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 0.0005 | (0.0006) | (0.0002) | &nbsp;&nbsp; 0.0001 | &nbsp;&nbsp; 0.0001 | (0.0004) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment Operations | &nbsp;&nbsp; 0.0162 | &nbsp;&nbsp; 0.0020 | (0.0001) | &nbsp;&nbsp; 0.0123 | &nbsp;&nbsp; 0.0219 | &nbsp;&nbsp; 0.0133 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.0157) | (0.0026) | (0.0001) | (0.0121) | (0.0218) | (0.0137) |
| Distributions from net realized gain | (0.0000)<sup>1</sup> <br>| (0.0000)<sup>1</sup> <br>| (0.0000)<sup>1</sup> <br>| (0.0000)<sup>1</sup> <br>| (0.0000)<sup>1</sup> <br>| (0.0000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.0157) | (0.0026) | (0.0001) | (0.0121) | (0.0218) | (0.0137) |
| **Net Asset Value, End of Period** | **$0.9997** | **$0.9992** | **$0.9998** | **$1.0000** | **$0.9998** | **$0.9997** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)% | &nbsp;&nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp;&nbsp; 2.21% | &nbsp;&nbsp;&nbsp;&nbsp; 1.33% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.12%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp;&nbsp; 2.18% | &nbsp;&nbsp;&nbsp;&nbsp; 1.32% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp; 0.37% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $4412 | &nbsp;&nbsp; $4550 | &nbsp;&nbsp; $4781 | &nbsp;&nbsp; $4918 | &nbsp;&nbsp; $5216 | &nbsp;&nbsp; $6275 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.0001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 4 | *Computed on an annualized basis.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**12**

------

Statement of Assets and Liabilities <br>January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in repurchase agreements and other repurchase agreements | $414824000 |
| Investment in securities | &nbsp;&nbsp;&nbsp;&nbsp; 711194780 |
| Investment in securities, at value (identified cost $1,126,051,455) | &nbsp;&nbsp; 1126018780 |
| Income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2568820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp; 1128587600 |
| **Liabilities:** |  |
| Payable to bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3469 |
| Income distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3846399 |
| Payable for investment adviser fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1036 |
| Payable for administrative fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2412 |
| Payable for Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1285 |
| Accrued expenses (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3910678 |
| Net assets for 1,125,031,374 shares outstanding | $1124676922 |
| **Net Assets Consist of:** |  |
| Paid-in capital | $1124709961 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33039) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $1124676922 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share** |  |
| **Institutional Shares:** |  |
| $1,120,063,085 ÷ 1,120,416,199 shares outstanding, no par value, unlimited <br> shares authorized<br>| $0.9997 |
| **Service Shares:** |  |
| $20,095 ÷ 20,101 shares outstanding, no par value, unlimited shares authorized | $0.9997 |
| **Capital Shares:** |  |
| $181,735 ÷ 181,794 shares outstanding, no par value, unlimited shares authorized | $0.9997 |
| **Eagle Shares:** |  |
| $4,412,007 ÷ 4,413,280 shares outstanding, no par value, unlimited <br> shares authorized<br>| $0.9997 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**13**

------

Statement of Operations <br>Six Months Ended January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | $19525093 |
| **Expenses:** |  |
| Investment adviser fee (Note 5) | &nbsp;&nbsp;&nbsp; 1104322 |
| Administrative fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432726 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26379 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11972 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3543 |
| Auditing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11073 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5143 |
| Portfolio accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98720 |
| Other service fees (Notes 2 and 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5738 |
| Share registration costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47239 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10952 |
| Miscellaneous (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26985 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES | &nbsp;&nbsp;&nbsp; 1784792 |
| Waiver of investment adviser fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp; (923757) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861035 |
| Net investment income | &nbsp;&nbsp; 18664058 |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |
| Net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 804 |
| Net change in unrealized depreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555015 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555819 |
| Change in net assets resulting from operations | $19219877 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**14**

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023**<br>| **Year Ended** <br>**7/31/2022**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | $18664058 | $3952061 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2780 |
| Net change in unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (674073) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19219877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3280768 |
| **Distributions to Shareholders:** |  |  |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp; (18597429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3938343) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3962) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1396) |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (562) |
| Eagle Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11262) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS <br> TO SHAREHOLDERS<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18670528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3951563) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp;&nbsp;&nbsp; 218539443 | &nbsp;&nbsp;&nbsp;&nbsp; 272244134 |
| Net asset value of shares issued to shareholders in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 905112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148948 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (185696925) | &nbsp;&nbsp;&nbsp; (221103337) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33747630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51289745 |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34296979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50618950 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1090379943 | &nbsp;&nbsp; 1039760993 |
| End of period | $1124676922 | $1090379943 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**15**

------

Notes to Financial Statements

January 31, 2023 (unaudited)

**1. ORGANIZATION** 

Federated Hermes Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included herein are only those of Federated Hermes Institutional Money Market Management (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers four classes of shares: Institutional Shares, Service Shares, Capital Shares and Eagle Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income consistent with stability of principal.

The Fund operates as an institutional money market fund. As an institutional money market fund, the Fund: (1) will not be limited to institutional investors, but will continue to be available to retail investors; (2) will utilize current market-based prices (except as otherwise generally permitted to value individual portfolio securities with remaining maturities of 60 days or less at amortized cost in accordance with Securities and Exchange Commission (SEC) rules and guidance) to value its portfolio securities and transact at a floating net asset value (NAV) that uses four decimal-place precision ($1.0000); and (3) has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board of Trustees (the "Trustees") determine such liquidity fees or redemption gates are in the best interest of the Fund.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

**Investment Valuation** 

In calculating its NAV, the Fund generally values investments as follows:

◾ <br>

Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the "Adviser").

◾ <br>

Fixed-income securities with remaining maturities of 60 days or less are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in the same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each time it makes a valuation

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determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation.

◾ <br>

Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.

◾ <br>

For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser's valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser's valuation committee ("Valuation Committee"), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

**Fair Valuation Procedures** 

Pursuant to Rule 2a-5 under the Act, the Trustees have designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in

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accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a "bid" evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

**Repurchase Agreements** 

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund's custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a "securities entitlement" and exercises "control" as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund's Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Repurchase agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and

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Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase price to be paid under the agreement reducing the net settlement amount to zero.

**Investment Income, Gains and Losses, Expenses and Distributions** 

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waiver of $923,757 is disclosed in Note 5. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

**Other Service Fees** 

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Institutional Shares, Service Shares, Capital Shares and Eagle Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time.

For the six months ended January 31, 2023, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Service Shares | $368 |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| Eagle Shares | &nbsp;&nbsp; 5280 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $5738 |

---

For the six months ended January 31, 2023, the Fund's Institutional Shares did not incur other service fees.

**Federal Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended January 31, 2023, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax

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liabilities as income tax expense in the Statement of Operations. As of January 31, 2023, tax years 2019 through 2022 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

**When-Issued and Delayed-Delivery Transactions** 

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**Restricted Securities** 

The Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer's expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund's restricted securities, like other securities, are priced in accordance with procedures established by and under the general supervision of the Adviser.

**Other** 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

**3. SHARES OF BENEFICIAL INTEREST** 

The following tables summarize share activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Institutional Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 214936069 | $214798696 | 263484507 | $263336933 |
| Shares issued to shareholders in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 837616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 837123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137190 |
| Shares redeemed | (181471480) | &nbsp;&nbsp; (181350868) | (211358360) | &nbsp;&nbsp; (211239946) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> INSTITUTIONAL SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 34302205 | $34284951 | &nbsp;&nbsp; 52263436 | $52234177 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Service Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 3021334 | $3019046 | &nbsp;&nbsp;&nbsp;&nbsp; 8119057 | $8114658 |
| Shares issued to shareholders in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (3422089) | &nbsp;&nbsp;&nbsp;&nbsp; (3419482) | &nbsp;&nbsp;&nbsp; (8836748) | &nbsp;&nbsp;&nbsp;&nbsp; (8831908) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> SERVICE SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; (400444) | $(400125) | &nbsp;&nbsp;&nbsp;&nbsp; (717639) | $(717198) |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Capital Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $— |
| Shares issued to shareholders in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> CAPITAL SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2973 | $2970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562 | $562 |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Eagle Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722095 | $721701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 792916 | $792543 |
| Shares issued to shareholders in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11144 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (927181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (926575) | &nbsp;&nbsp;&nbsp; (1032026) | &nbsp;&nbsp;&nbsp;&nbsp; (1031483) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM EAGLE <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; (140340) | $(140166) | &nbsp;&nbsp;&nbsp;&nbsp; (227958) | $(227796) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM TOTAL <br> FUND SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 33764394 | $33747630 | &nbsp;&nbsp; 51318401 | $51289745 |

---

**4. FEDERAL TAX INFORMATION** 

At January 31, 2023, the cost of investments for federal tax purposes was $1,126,051,455. The net unrealized depreciation of investments for federal tax purposes was $32,675. This consists of unrealized appreciation from investments for those securities having an excess of value over cost of $223,469 and unrealized depreciation from investments for those securities having an excess of cost over value of $256,144.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Investment Adviser Fee** 

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended January 31, 2023, the Adviser voluntarily waived $923,757 of its fee.

**Administrative Fee** 

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, "Investment Complex" is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

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| | |
|:---|:---|
| **Administrative Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Daily Net Assets** <br>**of the Investment Complex**<br>|
| 0.100% | on assets up to $50 billion |
| 0.075% | on assets over $50 billion |

---

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee.

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

**Other Service Fees** 

For the six months ended January 31, 2023, FSSC received $5,198 of the other service fees disclosed in Note 2.

**Expense Limitation** 

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Institutional Shares, Service Shares, Capital Shares and Eagle Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.15%, 0.40%, 0.25% and 0.40% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2023; or (b) the date of the Fund's next

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effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

**Directors'/Trustees' and Miscellaneous Fees** 

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors'/Trustees' fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

**6. CONCENTRATION OF RISK** 

A substantial part of the Fund's portfolio may be comprised of obligations of banks. As a result, the Fund may be more susceptible to any economic, business, political or other developments which generally affect these entities.

**7. LINE OF CREDIT** 

The Fund participates with certain other Federated Hermes Funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement dated June 22, 2022. The LOC was made available to temporarily finance the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund's ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to (a) the highest, on any day, of (i) the federal funds effective rate, (ii) the published secured overnight financing rate plus an assigned percentage, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of a commitment fee based on the amount of the lenders' commitment that has not been utilized, quarterly in arrears and at maturity. As of January 31, 2023, the Fund had no outstanding loans. During the six months ended January 31, 2023, the Fund did not utilize the LOC.

**8. INTERFUND LENDING** 

Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of January 31, 2023, there were no outstanding loans. During the six months ended January 31, 2023, the program was not utilized.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. INDEMNIFICATIONS** 

Under the Fund's organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party's actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.

**10. OTHER MATTERS** 

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Fund's investments) and the markets in general in significant and unforeseen ways. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such investments. Any such impact could adversely affect the Fund's performance.

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Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2022 to January 31, 2023.

**ACTUAL EXPENSES** 

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to *estimate* the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

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| | | | |
|:---|:---|:---|:---|
|  | **Beginning** <br>**Account Value** <br>**8/1/2022**<br>| **Ending** <br>**Account Value** <br>**1/31/2023**<br>| **Expenses Paid** <br>**During Period**<sup>1</sup> <br>|
| **Actual:** |  |  |  |
| Institutional Shares | $1000 | $1017.60 | $0.76 |
| Service Shares | $1000 | $1016.50 | $2.03 |
| Capital Shares | $1000 | $1017.10 | $1.27 |
| Eagle Shares | $1000 | $1016.40 | $2.03 |
| **Hypothetical (assuming a 5% return** <br> **before expenses):**<br>|  |  |  |
| Institutional Shares | $1000 | $1024.45 | $0.77 |
| Service Shares | $1000 | $1023.19 | $2.04 |
| Capital Shares | $1000 | $1023.95 | $1.28 |
| Eagle Shares | $1000 | $1023.19 | $2.04 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 1 | *Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average* <br> *account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The* <br> *annualized net expense ratios are as follows:*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Institutional Shares | 0.15% |
| Service Shares | 0.40% |
| Capital Shares | 0.25% |
| Eagle Shares | 0.40% |

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Evaluation and Approval of Advisory Contract–May 2022

**Federated Hermes Institutional Money Market Management (the "Fund")**

At its meetings in May 2022 (the "May Meetings"), the Fund's Board of Trustees (the "Board"), including those Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940 (the "Independent Trustees"), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") (the "Contract") for an additional one-year term. The Board's determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

***<u>Information Received and Review Process</u>***

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO's independent written evaluation (the "CCO Fee Evaluation Report"), along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contract. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as "Senior Officer" prior to the elimination of the Senior Officer position in December 2017.

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered information specifically prepared in connection with the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, "Federated Hermes") in response to requests posed to Federated Hermes by independent legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional matters as the Independent Trustees deemed

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reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates; Federated Hermes' business and operations; the Adviser's investment philosophy, personnel and processes; the Fund's investment objectives and strategies; the Fund's short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund's particular investment program and a group of its peer funds and/or its benchmark, as appropriate); the Fund's investment objectives; the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the financial condition of Federated Hermes; the Adviser's profitability with respect to the Fund; distribution and sales activity for the Fund; and the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser's cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize "economies of scale" as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any "fall-out" benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fee and expense structures, including a comparison of management fees paid to the adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser's services and fees. The Board noted that the Securities and Exchange Commission ("SEC") disclosure requirements

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regarding the basis for a fund board's approval of the fund's investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a "Federated Hermes Fund" and, collectively, the ("Federated Hermes Funds").

In addition to considering the above-referenced factors, the Board was mindful of the preferences and expectations of Fund shareholders and the potential disruptions of the Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund on the strength of Federated Hermes' industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund's shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.

In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board's determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.

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***<u>Nature, Extent and Quality of Services</u>***

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by Federated Hermes. The Board considered the Adviser's personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and Federated Hermes' ability and experience in attracting and retaining qualified personnel to service the Fund. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser's ability to deliver competitive investment performance for the Fund when compared to the Fund's Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund's investment program. The Board also considered the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, in order to maintain a positive yield for the Fund in the low interest rate environment.

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened the organization's investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance ("ESG") factors and issuer engagement on ESG matters. The Board considered the quality of Federated Hermes' communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account Federated Hermes' communications with the Board in light of the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds' officers.

The Board received and evaluated information regarding Federated Hermes' regulatory and compliance environment. The Board considered Federated Hermes' compliance program and compliance history and reports from the CCO about Federated Hermes' compliance with applicable laws and

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regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes' support of the Federated Hermes Funds' compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund's obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated Hermes' commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes' approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds' compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes' oversight in this regard, including in connection with the designation of the Federated Hermes Funds' investment advisers as the administrators of the Federated Hermes Funds' liquidity risk management program.

The Board also considered the implementation of Federated Hermes' business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes' commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.

The Board considered Federated Hermes' efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Adviser to the Fund.

***<u>Fund Investment Performance</u>***

The Board considered the investment performance of the Fund. In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser's analysis of, the Fund's performance over different time periods that were

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provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund's gross and net returns, the Fund's investment performance compared to one or more relevant categories or groups of peer funds and the Fund's benchmark index, performance attribution information and commentary on the effect of market conditions.

The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by iMoneyNet, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the CCO's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds' objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.

The Fund's performance fell below the median of the Performance Peer Group for the one-year period ended December 31, 2021. The Board discussed the Fund's performance with the Adviser and recognized the efforts being taken by the Adviser in the context of other factors considered relevant by the Board. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its Peer Group.

Based on these considerations, the Board concluded that it had continued confidence in the Adviser's overall capabilities to manage the Fund.

***<u>Fund Expenses</u>***

The Board considered the advisory fee and overall expense structure of the Fund and the comparative fee and expense information that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund's total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the category of peer funds selected by iMoneyNet (the "Expense Peer Group"). The Board received a description of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet category.

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged by other advisers for managing funds with comparable investment programs, the Board noted that it found the use of such comparisons to be relevant to its evaluation. The Board focused on comparisons with other similar registered funds more heavily than non-registered fund products or services because such comparisons are

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believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund's shareholders. The Board noted that the range of such other registered funds' fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund's fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was above the median of the Expense Peer Group, but the Board noted the applicable waivers and reimbursements, and that the overall expense structure of the Fund remained competitive in the context of other factors considered by the Board.

The Board also received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO's conclusion that non-registered fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing and fund liquidity; (vi) different administrative responsibilities; (vii) different degrees of risk associated with management; and (viii) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution's registered fund, noting the CCO's view that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds' advisory fees.

Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.

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***<u>Profitability</u>***

The Board received and considered profitability information furnished by Federated Hermes, as requested by the CCO. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO's view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered the CCO's view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board noted the impact of the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, on the profitability of the Fund to the Adviser.

The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO's conclusion that, based on such profitability information, Federated Hermes' profit margins did not appear to be excessive. The Board also considered the CCO's view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.

***<u>Economies of Scale</u>***

The Board received and considered information about the notion of possible realization of "economies of scale" as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: personnel, processes and tools for portfolio management, including the use of market data on which portfolio managers make investment decisions; trading operations; ESG integration and issuer engagement on ESG matters; shareholder services; compliance; business continuity; cybersecurity; internal audit and risk management functions; and technology that supports the provision of investment management services. The Board noted that Federated

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Hermes' investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund's assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered Federated Hermes' reductions in contractual management fees for certain Federated Hermes Funds during the prior year, including in response to the CCO's recommendations in the prior year's CCO Fee Evaluation Report, which have resulted in benefits being realized by shareholders.

The Board also considered reports on adviser-paid fees (commonly referred to as "revenue sharing") that were provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes and the CCO believe that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to evaluate the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.

***<u>Other Benefits</u>***

The Board considered information regarding the compensation and other ancillary (or "fall-out") benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds' investment advisory contracts, Federated Hermes' affiliates also receive fees for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds' administrator and distributor). In this regard, the Board considered that certain of Federated Hermes' affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

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***<u>Conclusions</u>***

The Board considered: (i) the CCO's conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund is reasonable; and (ii) the CCO's recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board's evaluation of the Federated Hermes Funds' advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board's determination to approve the continuation of the Contract reflects its view that Federated Hermes' performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.

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Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400, Option #4. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

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

This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund's Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY** 

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the "householding" program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of "householding." Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of "householding" at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400, Option #4.

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![](fhilogok11p.jpg)

Federated Hermes Institutional Money Market Management <br>Federated Hermes Funds <br>4000 Ericsson Drive <br>Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com** <br>or call 1-800-341-7400.

Federated Securities Corp., Distributor

*CUSIP 608919775* <br>*CUSIP 608919742* <br>*CUSIP 608919759* <br>*CUSIP 60934N211*

*8080103 (3/23)*© 2023 Federated Hermes, Inc.

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**Semi-Annual Shareholder Report**

***January 31, 2023***

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| | | | |
|:---|:---|:---|:---|
| **Share Class** \| Ticker | **Automated** \| PTAXX | **R** \| PTRXX | **Wealth** \| PCOXX |
|  | **Advisor** \| PCVXX | **Service** \| PRCXX | **Cash II** \| PCDXX |
|  | **Cash Series** \| PTSXX | **Capital** \| PCCXX | **Trust** \| PTTXX |

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Federated Hermes Prime Cash Obligations Fund

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A Portfolio of Federated Hermes Money Market Obligations Trust

Dear Valued Shareholder,

We are pleased to present the Semi-Annual Shareholder Report for your fund covering the period from August 1, 2022 through January 31, 2023. This report includes a complete listing of your fund's holdings, performance information and financial statements along with other important fund information.

As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.

In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.

Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.

Sincerely, <br> ![](donahuechrissigsmall.jpg)

J. Christopher Donahue, President

*The Fund is a Retail Money Market Fund and is only available for investment to accounts beneficially owned by natural persons.*

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**Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee**

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**CONTENTS** 

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| | |
|:---|:---|
| [Portfolio of Investments Summary Tables](#xx_3e5df692-1748-47f8-af56-71942f41ecbc_1) | &nbsp;&nbsp; [1](#xx_3e5df692-1748-47f8-af56-71942f41ecbc_1)  |
| [Portfolio of Investments](#xx_3e5df692-1748-47f8-af56-71942f41ecbc_2) | &nbsp;&nbsp; [2](#xx_3e5df692-1748-47f8-af56-71942f41ecbc_2)  |
| [Financial Highlights](#xx_ee2719cc-0f45-4997-b51b-26329159f620_1) | [15](#xx_ee2719cc-0f45-4997-b51b-26329159f620_1)  |
| [Statement of Assets and Liabilities](#xx_8ee5461c-b657-4e04-8a3d-2877f4ba7c01_1) | [24](#xx_8ee5461c-b657-4e04-8a3d-2877f4ba7c01_1)  |
| [Statement of Operations](#xx_8ee5461c-b657-4e04-8a3d-2877f4ba7c01_3) | [26](#xx_8ee5461c-b657-4e04-8a3d-2877f4ba7c01_3)  |
| [Statement of Changes in Net Assets](#xx_8ee5461c-b657-4e04-8a3d-2877f4ba7c01_4) | [27](#xx_8ee5461c-b657-4e04-8a3d-2877f4ba7c01_4)  |
| [Notes to Financial Statements](#xx_907bc3e9-8e2d-44fd-bab8-e4e3d782a8c6_1) | [28](#xx_907bc3e9-8e2d-44fd-bab8-e4e3d782a8c6_1)  |
| [Shareholder Expense Example](#xx_d1bec58d-b3a7-4ad6-bf90-2746c2081a1d_1) | [39](#xx_d1bec58d-b3a7-4ad6-bf90-2746c2081a1d_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_095be319-2ea3-4a4d-ae00-5f6c0197afc4_1) | [41](#xx_095be319-2ea3-4a4d-ae00-5f6c0197afc4_1)  |
| [Voting Proxies on Fund Portfolio Securities](#xx_dd47743b-13da-49ee-abba-fecd1f0e05f5_1) | [51](#xx_dd47743b-13da-49ee-abba-fecd1f0e05f5_1)  |
| [Portfolio Schedule](#xx_dd47743b-13da-49ee-abba-fecd1f0e05f5_1) | [51](#xx_dd47743b-13da-49ee-abba-fecd1f0e05f5_1) |

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Portfolio of Investments Summary Tables (unaudited)

At January 31, 2023, the Fund's portfolio composition<sup>1</sup> was as follows:

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|:---|:---|
| **Security Type** | **Percentage of** <br>**Total Net Assets**<br>|
| Variable Rate Instruments | 28.4% |
| Other Repurchase Agreements and Repurchase Agreements | 26.1% |
| Bank Instruments | 22.6% |
| Commercial Paper | 12.7% |
| U.S. Treasury Securities | &nbsp;&nbsp; 4.1% |
| Cash Equivalent<sup>2</sup> <br>| &nbsp;&nbsp; 3.9% |
| Other Assets and Liabilities—Net<sup>3</sup> <br>| &nbsp;&nbsp; 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | **100%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *See the Fund's Prospectus and Statement of Additional Information for more complete* <br> *information regarding these security types. With respect to this table, Commercial Paper* <br> *includes commercial paper with interest rates that are fixed or that reset periodically.*<br>|
| 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* <br> *Liabilities.*<br>|

---

At January 31, 2023, the Fund's effective maturity schedule<sup>1</sup> was as follows:

---

| | |
|:---|:---|
| **Securities With an** <br>**Effective Maturity of:**<br>| **Percentage of** <br>**Total Net Assets**<br>|
| 1-7 Days<sup>2</sup> <br>| 81.3% |
| 8-30 Days | &nbsp;&nbsp; 7.0% |
| 31-90 Days | &nbsp;&nbsp; 3.2% |
| 91-180 Days | &nbsp;&nbsp; 4.5% |
| 181 Days or more | &nbsp;&nbsp; 1.8% |
| Other Assets and Liabilities—Net<sup>3</sup> <br>| &nbsp;&nbsp; 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | **100%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the* <br> *Investment Company Act of 1940, which regulates money market mutual funds.*<br>|
| 2 | *Overnight securities comprised 31.4% of the Fund's portfolio.* |
| 3 | *Assets, other than investments in securities, less liabilities. See Statement of Assets* <br> *and Liabilities.*<br>|

---

Semi-Annual Shareholder Report

**1**

------

Portfolio of Investments

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>**or Shares**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— 28.4% |  |
|  | **Aerospace/Auto— 0.2%** |  |
| $75000000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support <br> Agreement), 4.670% (SOFR +0.370%), 2/1/2023<br>| $75000000 |
|  | **Finance - Banking— 24.6%** |  |
| 50000000 | Australia & New Zealand Banking Group, Melbourne, 4.650% <br> (SOFR +0.350%), 2/1/2023<br>| 50000000 |
| 150000000 | Australia & New Zealand Banking Group, Melbourne, 4.650% <br> (SOFR +0.350%), 2/1/2023<br>| 149999970 |
| 65000000 | Australia & New Zealand Banking Group, Melbourne, 4.680% <br> (SOFR +0.380%), 2/1/2023<br>| 65000000 |
| 73500000 | Bank of Montreal, 4.600% (SOFR +0.300%), 2/1/2023 | 73500000 |
| 250000000 | Bank of Montreal, 4.900% (SOFR +0.600%), 2/1/2023 | 250000000 |
| 85000000 | Bank of Montreal, 4.950% (SOFR +0.650%), 2/1/2023 | 85000000 |
| 195000000 | Bank of Montreal, 5.000% (SOFR +0.700%), 2/1/2023 | 195000000 |
| 20000000 | Bank of Nova Scotia, Toronto, 4.550% (SOFR +0.250%), 2/1/2023 | 20000000 |
| 50000000 | Bank of Nova Scotia, Toronto, 4.740% (SOFR +0.440%), 2/1/2023 | 50000000 |
| 206000000 | Bank of Nova Scotia, Toronto, 4.800% (SOFR +0.500%), 2/1/2023 | 206000000 |
| 92000000 | Bank of Nova Scotia, Toronto, 4.820% (SOFR +0.520%), 2/1/2023 | 92050036 |
| 20000000 | Bank of Nova Scotia, Toronto, 4.830% (SOFR +0.530%), 2/1/2023 | 20000000 |
| 40000000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 40000000 |
| 65000000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 65000000 |
| 55000000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 55000000 |
| 150000000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 150000000 |
| 55000000 | Bank of Nova Scotia, Toronto, 4.870% (SOFR +0.570%), 2/1/2023 | 54999896 |
| 46500000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 46499928 |
| 70000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 70000000 |
| 86000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 86000000 |
| 150000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 150000000 |
| 135000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 135000000 |
| 142500000 | Bank of Nova Scotia, Toronto, 4.960% (SOFR +0.660%), 2/1/2023 | 142500000 |
| 73300000 | Bank of Nova Scotia, Toronto, 4.970% (SOFR +0.670%), 2/1/2023 | 73300000 |
| 70000000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 4.630% <br> (SOFR +0.330%), 2/1/2023<br>| 70000000 |
| 72500000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 4.820% <br> (SOFR +0.520%), 2/1/2023<br>| 72500000 |
| 50000000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 4.900% <br> (SOFR +0.600%), 2/1/2023<br>| 50000000 |
| 249000000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 4.910% <br> (SOFR +0.610%), 2/1/2023<br>| 249000000 |

---

Semi-Annual Shareholder Report

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Finance - Banking— continued** |  |
| $18750000 | Canadian Imperial Bank of Commerce, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| $18750000 |
| 250000000 | Canadian Imperial Bank of Commerce, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 250000000 |
| 80000000 | Canadian Imperial Bank of Commerce, 4.850% (SOFR <br> +0.550%), 2/1/2023<br>| 80000000 |
| 130000000 | Citibank N.A., New York, 4.720% (SOFR +0.420%), 2/1/2023 | 130000000 |
| 300000000 | Citibank N.A., New York, 4.720% (SOFR +0.420%), 2/1/2023 | 300000000 |
| 390000000 | Citibank N.A., New York, 4.770% (SOFR +0.470%), 2/1/2023 | 390000000 |
| 191000000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan <br> Securities LLC COL), 4.710% (SOFR +0.410%), 2/1/2023<br>| 191000000 |
| 80000000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan <br> Securities LLC COL), 4.730% (SOFR +0.430%), 2/1/2023<br>| 80000000 |
| 60000000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan <br> Securities LLC COL), 4.750% (SOFR +0.450%), 2/1/2023<br>| 60000000 |
| 40000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 4.670% (SOFR +0.370%), 2/1/2023<br>| 40000000 |
| 60000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 4.800% (SOFR +0.500%), 2/1/2023<br>| 60000000 |
| 65000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 4.810% (SOFR +0.510%), 2/1/2023<br>| 65000000 |
| 45000000 | Commonwealth Bank of Australia, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 45000000 |
| 39000000 | Commonwealth Bank of Australia, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 39000000 |
| 745000 | Fiore Capital LLC, (Wells Fargo Bank, N.A. LOC), 4.450%, 2/2/2023 | 745000 |
| 490000 | Gadsden, AL Airport Authority, Series 2004, (Wells Fargo Bank, <br> N.A. LOC), 4.510%, 2/2/2023<br>| 490000 |
| 145000000 | Mizuho Bank Ltd., 4.860% (SOFR +0.560%), 2/1/2023 | 145000000 |
| 100000000 | Mizuho Bank Ltd., 4.880% (SOFR +0.580%), 2/1/2023 | 100000000 |
| 355000 | Montgomery, AL IDB, (Wells Fargo Bank, N.A. LOC), <br> 4.430%, 2/2/2023<br>| 355000 |
| 165000000 | MUFG Bank Ltd., 4.700% (SOFR +0.400%), 2/1/2023 | 165000000 |
| 225000000 | MUFG Bank Ltd., 4.850% (SOFR +0.550%), 2/1/2023 | 225000000 |
| 138500000 | National Australia Bank Ltd., Melbourne, 4.700% (SOFR <br> +0.400%), 2/1/2023<br>| 138500000 |
| 100000000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 100000000 |
| 100000000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 100000000 |
| 160000000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 160000000 |
| 150000000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 150000000 |

---

Semi-Annual Shareholder Report

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Finance - Banking— continued** |  |
| $125000000 | National Australia Bank Ltd., Melbourne, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| $125000000 |
| 300000000 | National Australia Bank Ltd., Melbourne, 4.860% (SOFR <br> +0.560%), 2/1/2023<br>| 300000000 |
| 245000000 | Nordea Bank Abp, 4.540% (SOFR +0.240%), 2/1/2023 | 245000000 |
| 110000000 | Nordea Bank Abp, 4.550% (SOFR +0.250%), 2/1/2023 | 110000000 |
| 300000000 | Nordea Bank Abp, 4.740% (SOFR +0.440%), 2/1/2023 | 300000000 |
| 55000000 | Nordea Bank Abp, 4.800% (SOFR +0.500%), 2/1/2023 | 55000000 |
| 19670000 | Osprey Properties Limited Partnership, LLLP & Nighthawk <br> Properties, LLC, Series 2008, (Wells Fargo Bank, N.A. LOC), <br> 4.510%, 2/2/2023<br>| 19670000 |
| 29435000 | Panel Rey S.A., Series 2016, (Citibank N.A., New York LOC), <br> 4.400%, 2/2/2023<br>| 29435000 |
| 150000000<br><sup>2</sup> <br>| Ridgefield Funding Company, LLC Series A, (BNP Paribas SA COL), <br> 4.700% (SOFR +0.400%), 2/1/2023<br>| 150000000 |
| 60000000 | Ridgefield Funding Company, LLC Series A, (BNP Paribas SA COL), <br> 4.750% (SOFR +0.450%), 2/1/2023<br>| 60000000 |
| 90000000 | Royal Bank of Canada, 4.850% (SOFR +0.550%), 2/1/2023 | 90000000 |
| 200000000 | Royal Bank of Canada, 5.050% (SOFR +0.750%), 2/1/2023 | 200000000 |
| 112500000 | Royal Bank of Canada, New York Branch, 4.870% (SOFR <br> +0.570%), 2/1/2023<br>| 112500000 |
| 165000000 | Sumitomo Mitsui Trust Bank Ltd., 4.740% (SOFR <br> +0.440%), 2/1/2023<br>| 165000000 |
| 250000000 | Svenska Handelsbanken, Stockholm, 4.650% (SOFR <br> +0.350%), 2/1/2023<br>| 250000000 |
| 100000000 | Svenska Handelsbanken, Stockholm, 4.860% (SOFR <br> +0.560%), 2/1/2023<br>| 100000000 |
| 121508630 | Taxable Tender Option Bond Trust 2021-MIZ9060TX, <br> (Series 2021-MIZ9060TX) VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 4.590%, 2/1/2023<br>| 121508630 |
| 118000000 | Toronto Dominion Bank, 4.700% (SOFR +0.400%), 2/1/2023 | 118000000 |
| 130000000 | Toronto Dominion Bank, 4.880% (SOFR +0.580%), 2/1/2023 | 130000000 |
| 170000000 | Toronto Dominion Bank, 4.880% (SOFR +0.580%), 2/1/2023 | 170000000 |
| 200000000 | Toronto Dominion Bank, 4.980% (SOFR +0.680%), 2/1/2023 | 200100162 |
| 14000000 | Triborough Bridge & Tunnel Authority, NY, (Series E Taxable) <br> Weekly VRDNs, (UBS AG LOC), 4.350%, 2/2/2023<br>| 14000000 |
| 65000000 | Westpac Banking Corp. Ltd., Sydney, 4.700% (SOFR <br> +0.400%), 2/1/2023<br>| 65000000 |
| 20000000 | Westpac Banking Corp. Ltd., Sydney, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 20000000 |
| 250000000 | Westpac Banking Corp. Ltd., Sydney, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 250000000 |
| 200000000 | Westpac Banking Corp. Ltd., Sydney, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 200000000 |

---

Semi-Annual Shareholder Report

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Finance - Banking— continued** |  |
| $25000000 | Westpac Banking Corp. Ltd., Sydney, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| $24999998 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 9425403620 |
|  | **Finance - Retail— 2.7%** |  |
| 85000000 | Chariot Funding LLC, 4.660% (SOFR +0.360%), 2/1/2023 | 85000000 |
| 55000000 | Chariot Funding LLC, 4.850% (SOFR +0.550%), 2/1/2023 | 55000000 |
| 100000000 | Chariot Funding LLC, 4.880% (SOFR +0.580%), 2/1/2023 | 100000000 |
| 100000000 | Chariot Funding LLC, 4.930% (SOFR +0.630%), 2/1/2023 | 100000000 |
| 50000000 | Fairway Finance Co. LLC, 4.700% (SOFR +0.400%), 2/1/2023 | 50000000 |
| 50000000 | Fairway Finance Co. LLC, 4.750% (SOFR +0.450%), 2/1/2023 | 50000000 |
| 50000000 | Fairway Finance Co. LLC, 4.900% (SOFR +0.600%), 2/1/2023 | 50000000 |
| 40000000 | Old Line Funding, LLC, 4.750% (SOFR +0.450%), 2/1/2023 | 40000000 |
| 50000000 | Old Line Funding, LLC, 4.760% (SOFR +0.460%), 2/1/2023 | 50000000 |
| 100000000 | Old Line Funding, LLC, 4.770% (SOFR +0.470%), 2/1/2023 | 100000000 |
| 50000000 | Old Line Funding, LLC, 4.800% (SOFR +0.500%), 2/1/2023 | 50000000 |
| 57500000 | Old Line Funding, LLC, 4.820% (SOFR +0.520%), 2/1/2023 | 57500000 |
| 15000000 | Old Line Funding, LLC, 4.840% (SOFR +0.540%), 2/1/2023 | 15000000 |
| 25000000 | Thunder Bay Funding, LLC, 4.730% (SOFR +0.430%), 2/1/2023 | 25000000 |
| 100000000 | Thunder Bay Funding, LLC, 4.770% (SOFR +0.470%), 2/1/2023 | 100000000 |
| 100000000 | Thunder Bay Funding, LLC, 4.870% (SOFR +0.570%), 2/1/2023 | 100000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1027500000 |
|  | **Government Agency— 0.9%** |  |
| 5915000 | 1320 W Jefferson LLC, (Federal Home Loan Bank of San Francisco <br> LOC), 4.400%, 2/1/2023<br>| 5915000 |
| 4925000 | Andrew Long Irrevocable Family Trust, (Federal Home Loan Bank of <br> Dallas LOC), 4.400%, 2/2/2023<br>| 4925000 |
| 2700000 | Archer 1 LLC, (Federal Home Loan Bank of San Francisco LOC), <br> 4.400%, 2/2/2023<br>| 2700000 |
| 2100000 | BWF Forge TL Properties Owner LLC, (Federal Home Loan Bank of <br> Des Moines LOC)/(Federal Home Loan Bank of San Francisco LOC), <br> 4.400%, 2/2/2023<br>| 2100000 |
| 1555000 | CMR LLC, CMR LLC Project Series 2017, (Federal Home Loan Bank <br> of Indianapolis LOC), 4.520%, 2/2/2023<br>| 1555000 |
| 5420000 | Dennis Wesley Company, Inc., The Dennis Wesley Company, Inc. <br> Project, (Federal Home Loan Bank of Indianapolis LOC), <br> 4.400%, 2/2/2023<br>| 5420000 |
| 6130000 | Frank Dale Insurance Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.400%, 2/2/2023<br>| 6130000 |
| 11100000 | Ivy Row at South, LLC, (Federal Home Loan Bank of Atlanta LOC), <br> 4.400%, 2/2/2023<br>| 11100000 |
| 13645000 | Ivy Row at Southern Miss, LLC, (Federal Home Loan Bank of Atlanta <br> LOC), 4.400%, 2/2/2023<br>| 13645000 |

---

Semi-Annual Shareholder Report

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Government Agency— continued** |  |
| $6740000 | Mason Harrison Ratliff Enterprises, LLC, (Federal Home Loan Bank <br> of Dallas LOC), 4.400%, 2/2/2023<br>| $6740000 |
| 30200000 | Mike P. Sturdivant, Sr. Family Trust, (Federal Home Loan Bank of <br> Dallas LOC), 4.400%, 2/2/2023<br>| 30200000 |
| 25622500 | Naples SI, LLC, (Federal Home Loan Bank of Indianapolis LOC), <br> 4.400%, 2/2/2023<br>| 25622500 |
| 35960000 | Park Stanton Place LP, (Federal Home Loan Bank of San Francisco <br> LOC), 4.400%, 2/2/2023<br>| 35960000 |
| 6215000 | Phenix City, AL Downtown Redevelopment Authority, Series <br> 2013-A, (Federal Home Loan Bank of New York LOC), <br> 4.400%, 2/2/2023<br>| 6215000 |
| 21000000 | Pittsburg Fox Creek Associates L.P., Series 2011-A, (Federal Home <br> Loan Bank of San Francisco LOC), 4.400%, 2/2/2023<br>| 21000000 |
| 7645000 | Plaza Fitzsimons Owner, LLC, (Federal Home Loan Bank of <br> San Francisco LOC), 4.400%, 2/1/2023<br>| 7645000 |
| 5025000 | Public Finance Authority, Series 2015-A Ram Eufaula Hospitality, <br> LLC, (Federal Home Loan Bank of New York LOC), <br> 4.300%, 2/2/2023<br>| 5025000 |
| 6000000 | Riverview Project, Series 2021, (Federal Home Loan Bank of Des <br> Moines LOC), 4.400%, 2/2/2023<br>| 6000000 |
| 19900000 | Rohnert Park 668, L.P., (Federal Home Loan Bank of San Francisco <br> LOC), 4.813%, 2/2/2023<br>| 19900000 |
| 7600000 | Sandy Jacobs Irrevocable Insurance Trust, Series 2019, (Federal <br> Home Loan Bank of Des Moines LOC), 4.400%, 2/2/2023<br>| 7600000 |
| 22065000 | Sendra Family Irrevocable Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.400%, 2/2/2023<br>| 22065000 |
| 11260000 | Shawn R. Trapuzzano Irrevocable Insurance Trust, (Federal Home <br> Loan Bank of Pittsburgh LOC), 4.400%, 2/2/2023<br>| 11260000 |
| 4860000 | Spingola Insurance Trust, (Federal Home Loan Bank of Dallas LOC), <br> 4.400%, 2/2/2023<br>| 4860000 |
| 2560000 | The J.G. Aguirre Master Trust, (Federal Home Loan Bank of Atlanta <br> LOC), 4.400%, 2/2/2023<br>| 2560000 |
| 23765000 | The Jacob Rosenstein Irrevocable Life Insurance Trust, (Federal <br> Home Loan Bank of Des Moines LOC), 4.400%, 2/2/2023<br>| 23765000 |
| 4150000 | The Mary Jane Beauregard Irrevocable Insurance Trust of 2017, <br> (Federal Home Loan Bank of Dallas LOC), 4.400%, 2/1/2023<br>| 4150000 |
| 4710000 | The Mulberry Family Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.400%, 2/2/2023<br>| 4710000 |
| 20330000 | The Murray D. Berry Trust, (Federal Home Loan Bank of Des Moines <br> LOC), 4.400%, 2/1/2023<br>| 20330000 |
| 20945000 | The Ray L. Berry Trust, (Federal Home Loan Bank of Des Moines <br> LOC), 4.400%, 2/1/2023<br>| 20945000 |

---

Semi-Annual Shareholder Report

**6**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Government Agency— continued** |  |
| $16400000 | Wingo Family Master Trust, (Federal Home Loan Bank of Des <br> Moines LOC), 4.400%, 2/2/2023<br>| $16400000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 356442500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NOTES - VARIABLE | 10884346120 |
|  | TIME DEPOSITS— 12.7% |  |
|  | **Finance - Banking— 12.7%** |  |
| 1880000000 | ABN Amro Bank NV, 4.330% - 4.510%, 2/1/2023 - 2/7/2023 | 1880000000 |
| 1375000000 | Australia & New Zealand Banking Group, Melbourne, 4.320% - <br> 4.360%, 2/1/2023 - 2/3/2023<br>| 1375000000 |
| 200000000 | Australia & New Zealand Banking Group, Melbourne, <br> 4.320%, 2/1/2023<br>| 200000000 |
| 150000000 | Cooperatieve Rabobank UA, 4.290%, 2/1/2023 | 150000000 |
| 200000000 | Mizuho Bank Ltd., 4.320%, 2/1/2023 | 200000000 |
| 750000000 | NRW.Bank, 4.450%, 2/6/2023 | 750000000 |
| 300000000 | Toronto Dominion Bank, 4.460%, 2/6/2023 | 300000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TIME DEPOSITS | &nbsp;&nbsp;&nbsp; 4855000000 |
| <sup>3</sup> <br>| COMMERCIAL PAPER— 12.7% |  |
|  | **Finance - Banking— 7.1%** |  |
| 141026000 | Albion Capital LLC, (MUFG Bank Ltd. LIQ), 4.536% - 4.588%, <br> 2/13/2023 - 2/16/2023<br>| 140803296 |
| 1116500000 | Anglesea Funding LLC, 4.383% - 5.034%, 2/1/2023 - 7/19/2023 | 1113862468 |
| 125000000 | Bank of Montreal, 5.015%, 10/11/2023 | 125000000 |
| 140000000 | Bennington Stark Capital Co., LLC, (Societe Generale, Paris LIQ), <br> 4.427%, 2/7/2023<br>| 139897100 |
| 21000000 | BPCE SA, 4.376%, 2/3/2023 | 20994925 |
| 150000000 | Chesham Finance LLC Series III, (Societe Generale, Paris COL), <br> 4.598%, 3/3/2023<br>| 149427500 |
| 175000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 5.055%, 7/24/2023<br>| 170854007 |
| 300000000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, <br> 5.034%, 7/25/2023<br>| 292880500 |
| 175000000 | Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 4.823%, 5/5/2023 | 172848083 |
| 109000000 | Great Bear Funding LLC, 4.354% - 4.375%, 2/1/2023 - 2/3/2023 | 108976075 |
| 65000000 | National Australia Bank Ltd., Melbourne, 3.865%, 6/15/2023 | 64099967 |
| 83000000 | Royal Bank of Canada, 4.049%, 8/23/2023 | 81179372 |
| 140000000 | Victory Receivables Corp., (MUFG Bank Ltd. LIQ), <br> 4.809%, 4/17/2023<br>| 138614583 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 2719437876 |
|  | **Finance - Commercial— 0.1%** |  |
| 30000000 | Atlantic Asset Securitization LLC, 4.310%, 2/1/2023 | 29924167 |

---

Semi-Annual Shareholder Report

**7**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| <sup>3</sup> <br>| COMMERCIAL PAPER— continued |  |
|  | **Finance - Retail— 0.5%** |  |
| $40000000 | Fairway Finance Co. LLC, 5.043%, 7/24/2023 | $39054267 |
| 145000000 | Thunder Bay Funding, LLC, 5.091%, 8/2/2023 | 141364044 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 180418311 |
|  | **Oil & Oil Finance— 0.3%** |  |
| 125000000 | TotalEnergies Capital Canada Ltd., 4.351%, 2/3/2023 | 124969861 |
|  | **Sovereign— 4.7%** |  |
| 875000000 | BNG Bank N.V., 4.314% - 4.553%, 2/1/2023 - 2/27/2023 | 873572035 |
| 70000000 | Export Development Canada, (Canada, Government of SUB), <br> 5.203%, 11/9/2023<br>| 67268056 |
| 850000000 | Nederlandse Waterschapsbank NV, 4.360%, 2/3/2023 | 849794819 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1790634910 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL PAPER | &nbsp;&nbsp;&nbsp; 4845385125 |
|  | CERTIFICATES OF DEPOSIT— 9.9% |  |
|  | **Finance - Banking— 9.9%** |  |
| 105000000 | Bank of Montreal, 5.470%, 1/8/2024 | 105000000 |
| 1175000000 | Credit Agricole Corporate and Investment Bank, 4.310% - 4.490%, <br> 2/1/2023 - 2/7/2023<br>| 1175000000 |
| 1041000000 | Mizuho Bank Ltd., 4.360% - 4.810%, 2/1/2023 - 5/4/2023 | 1041000000 |
| 1089750000 | Sumitomo Mitsui Trust Bank Ltd., 4.770% - 4.830%, 4/13/2023 - <br> 5/17/2023<br>| 1089749062 |
| 191500000 | Toronto Dominion Bank, 3.010% - 4.070%, 6/7/2023 - 7/18/2023 | 191500000 |
| 175000000 | Toronto Dominion Bank, 5.250%, 1/25/2024 | 175000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CERTIFICATES OF DEPOSIT | &nbsp;&nbsp;&nbsp; 3777249062 |
|  | U.S. TREASURY— 4.1% |  |
|  | **U.S. Treasury Bills— 4.0%** |  |
| 1520000000<br><sup>4</sup> <br>| United States Treasury Bill, 4.490%, 2/23/2023 | 1515829289 |
|  | **U.S. Treasury Notes— 0.1%** |  |
| 50000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.682% (91-day T-Bill <br> +0.034%), 2/7/2023<br>| 50000977 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY | &nbsp;&nbsp;&nbsp; 1565830266 |
|  | OTHER REPURCHASE AGREEMENTS— 8.8% |  |
|  | **Finance - Banking— 8.8%** |  |
| 20000000 | BMO Capital Markets Corp., 4.47%, dated 1/31/2023, interest in a <br> $20,000,000 collateralized loan agreement will repurchase securities <br> provided as collateral for $20,002,483 on 2/1/2023, in which <br> asset-backed securities, collateralized mortgage obligations, <br> corporate bonds and sovereign with a market value of $20,402,533 <br> have been received as collateral and held with BNY Mellon as <br> tri-party agent.<br>| 20000000 |

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Semi-Annual Shareholder Report

**8**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS— continued |  |
|  | **Finance - Banking— continued** |  |
| $315000000 | BMO Capital Markets Corp., 4.42%, dated 1/31/2023, interest in a <br> $325,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $325,039,903 on 2/1/2023, in <br> which asset-backed securities, collateralized mortgage obligations, <br> corporate bonds, medium-term notes and sovereign with a market <br> value of $331,540,701 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| $315000000 |
| 25000000 | BNP Paribas S.A., 4.40%, dated 1/31/2023, interest in a <br> $350,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $350,042,778 on 2/1/2023, in <br> which asset-backed securities, corporate bonds, medium-term <br> notes, U.S. Government Agency securities and sovereign with a <br> market value of $358,110,649 have been received as collateral and <br> held with BNY Mellon as tri-party agent.<br>| 25000000 |
| 100000000 | BNP Paribas S.A., 4.47%, dated 1/31/2023, interest in a <br> $100,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $100,012,417 on 2/1/2023, in <br> which asset-backed securities and corporate bond with a market <br> value of $102,012,845 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| 100000000 |
| 130000000 | Credit Agricole S.A., 4.72%, dated 6/24/2022, interest in a <br> $300,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $300,275,333 on 2/10/2023, in <br> which asset-backed securities, collateralized mortgage obligations, <br> corporate bonds and sovereign with a market value of <br> $306,126,468 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 130000000 |
| 520000000 | Credit Agricole S.A., 4.62%, dated 6/24/2022, interest in a <br> $800,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $800,718,667 on 2/10/2023, in <br> which asset-backed securities, collateralized mortgage obligations, <br> corporate bonds, medium-term notes and sovereign with a market <br> value of $816,155,252 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| 520000000 |
| 200000000 | HSBC Securities (USA), Inc., 4.42%, dated 1/31/2023, interest in a <br> $295,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $295,036,219 on 2/1/2023, in <br> which collateralized mortgage obligation, corporate bonds and <br> sovereign securities with a market value of $300,900,941 have been <br> received as collateral and held with BNY Mellon as tri-party agent.<br>| 200000000 |
| 160000000 | J.P. Morgan Securities LLC, 4.82%, dated 1/23/2023, interest in a <br> $250,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $251,004,167 on 2/1/2023, in <br> which asset-backed securities, collateralized mortgage obligation, <br> corporate bonds, medium-term notes and sovereign securities with <br> a market value of $255,000,000 have been received as collateral <br> and held with BNY Mellon as tri-party agent.<br>| 160000000 |

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Semi-Annual Shareholder Report

**9**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS— continued |  |
|  | **Finance - Banking— continued** |  |
| $50000000 | Mizuho Securities USA, Inc., 4.42%, dated 1/31/2023, interest in a <br> $100,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $100,012,278 on 2/1/2023, in <br> which asset-backed securities and corporate bonds with a market <br> value of $102,012,524 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| $50000000 |
| 65000000 | Mizuho Securities USA, Inc., 4.42%, dated 1/31/2023, interest in a <br> $100,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $100,012,278 on 2/1/2023, in <br> which common stocks with a market value of $102,012,524 have <br> been received as collateral and held with BNY Mellon as tri-party <br> agent.<br>| 65000000 |
| 95000000 | Mizuho Securities USA, Inc., 4.42%, dated 1/31/2023, interest in a <br> $100,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $100,012,278 on 2/1/2023, in <br> which asset-backed securities and corporate bonds with a market <br> value of $102,012,524 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| 95000000 |
| 200000000 | Mitsubishi UFG Securities Americas, Inc., 4.47%, dated 1/31/2023, <br> interest in a $300,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $300,037,250 on <br> 2/1/2023, in which American depositary receipts, common stocks, <br> corporate bonds, exchange traded funds and unit investment trust <br> and municipal bonds with a market value of $306,038,896 have <br> been received as collateral and held with BNY Mellon as tri-party <br> agent.<br>| 200000000 |
| 150000000 | Pershing LLC, 4.82%, dated 7/14/2022, interest in a $300,000,000 <br> collateralized loan agreement will repurchase securities provided as <br> collateral for $300,281,167 on 2/10/2023, in which asset-backed <br> securities, collateralized mortgage obligations, corporate bonds, <br> commercial paper, common stocks, convertible bond, certificate of <br> deposit, exchange traded funds, medium-term notes municipal <br> bonds, mutual funds and sovereign with a market value of <br> $306,038,845 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 150000000 |
| 225000000 | Societe Generale, Paris, 4.38%, dated 1/31/2023, interest in a <br> $350,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $350,042,583 on 2/1/2023, in <br> which asset-backed securities, collateralized mortgage obligations, <br> corporate bonds, medium-term notes and sovereign with a market <br> value of $357,246,293 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| 225000000 |
| 320000000 | Societe Generale, Paris, 4.47%, dated 1/31/2023, interest in a <br> $650,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $650,080,708 on 2/1/2023, in <br> which asset-backed securities, collateralized mortgage obligations, <br> corporate bonds, medium-term notes and treasury note with a <br> market value of $663,082,322 have been received as collateral and <br> held with BNY Mellon as tri-party agent.<br>| 320000000 |

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Semi-Annual Shareholder Report

**10**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS— continued |  |
|  | **Finance - Banking— continued** |  |
| $100000000 | Standard Chartered Bank, 4.44%, dated 1/30/2023, interest in a <br> $100,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $100,037,000 on 2/2/2023, in <br> which treasury bond and treasury notes with a market value of <br> $102,025,201 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| $100000000 |
| 150000000 | Wells Fargo Securities LLC, 5.17%, dated 2/3/2022, interest in a <br> $150,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $151,960,292 on 2/1/2023, in <br> which commercial paper and certificate of deposit with a market <br> value of $153,505,368 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| 150000000 |
| 150000000 | Wells Fargo Securities LLC, 5.08%, dated 12/21/2022, interest in a <br> $150,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $151,905,000 on 3/21/2023, in <br> which certificate of deposit with a market value of $153,906,781 <br> have been received as collateral and held with BNY Mellon as <br> tri-party agent.<br>| 150000000 |
| 175000000 | Wells Fargo Securities LLC, 5.20%, dated 4/27/2021, interest in a <br> $175,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $177,275,000 on 3/21/2023, in <br> which commercial paper with a market value of $178,628,918 have <br> been received as collateral and held with BNY Mellon as tri-party <br> agent.<br>| 175000000 |
| 220000000 | Wells Fargo Securities LLC, 5.22%, dated 1/9/2023, interest in a <br> $220,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $222,871,000 on 5/4/2023, in <br> which convertible bonds and certificate of deposit with a market <br> value of $225,141,206 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| 220000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER REPURCHASE AGREEMENTS | &nbsp;&nbsp;&nbsp; 3370000000 |
|  | REPURCHASE AGREEMENTS— 17.3% |  |
|  | **Finance - Banking— 17.3%** |  |
| 5500000000 | Repurchase agreement 4.30%, dated 1/31/2023 under which <br> Federal Reserve Bank of New York will repurchase securities <br> provided as collateral for $5,500,656,944 on 2/1/2023. The <br> securities provided as collateral at the end of the period held with <br> BNY Mellon as tri-party agent, were U.S. Treasury securities with <br> various maturities to 8/15/2040 and the market value of those <br> underlying securities was $5,500,656,994.<br>| 5500000000 |
| 51316000 | Interest in $2,000,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Sumitomo Mitsui Banking Corp. will <br> repurchase securities provided as collateral for $2,000,238,889 on <br> 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were <br> U.S. Government Agency securities with various maturities to <br> 10/20/2052 and the market value of those underlying securities <br> was $2,040,243,667.<br>| 51316000 |

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Semi-Annual Shareholder Report

**11**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS— continued |  |
|  | **Finance - Banking— continued** |  |
| $500000000 | Interest in $1,650,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Mitsubishi UFJ Securities (USA), Inc. <br> will repurchase securities provided as collateral for $1,650,197,083 <br> on 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were <br> U.S. Government Agency securities with various maturities to <br> 2/1/2053 and the market value of those underlying securities <br> was $1,683,201,025.<br>| $500000000 |
| 500000000 | Interest in $1,800,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Natixis Financial Products LLC will <br> repurchase securities provided as collateral for $1,800,215,000 on <br> 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were U.S. Treasury <br> securities with various maturities to 11/15/2052 and the market <br> value of those underlying securities was $1,836,219,336.<br>| 500000000 |
| 50000000 | Interest in $150,000,000 joint repurchase agreement 4.38%, dated <br> 1/31/2023 under which Standard Chartered Bank will repurchase <br> securities provided as collateral for $150,018,250 on 2/1/2023. The <br> securities provided as collateral at the end of the period held with <br> BNY Mellon as tri-party agent, were U.S. Government Agency and <br> U.S. Treasury securities with various maturities to 1/1/2053 and the <br> market value of those underlying securities was $153,018,623.<br>| 50000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REPURCHASE AGREEMENTS | &nbsp;&nbsp;&nbsp; 6601316000 |
|  | INVESTMENT COMPANIES— 3.9% |  |
| 1000016505 | Federated Hermes Institutional Money Market Management, <br> Institutional Shares, 4.42%<sup>5</sup> <br>| 999713001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500317389 | Federated Hermes Institutional Prime Value Obligations Fund, <br> Institutional Shares, 4.41%<sup>5</sup> <br>| 500320089 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT COMPANIES | &nbsp;&nbsp;&nbsp; 1500033090 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—97.8% <br>(AT AMORTIZED COST)<sup>6</sup> <br>| 37399159663 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—2.2%<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 845725673 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $38244885336 |

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Semi-Annual Shareholder Report

**12**

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Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended January 31, 2023, were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Federated** <br>**Hermes** <br>**Institutional** <br>**Money Market** <br>**Management,** <br>**Institutional Shares**<br>| **Federated** <br>**Hermes** <br>**Institutional** <br>**Prime Value** <br>**Obligations Fund,** <br>**Institutional Shares**<br>| **Total of** <br>**Affiliated** <br>**Transactions**<br>|
| Value as of 7/31/2022 | $999713001 | $500320089 | $1500033090 |
| Purchases at Cost | $— | $— | $— |
| Proceeds from Sales | $— | $— | $— |
| Change in Unrealized Appreciation/<br> Depreciation<br>| $— | $— | $— |
| Net Realized Gain/(Loss) | $— | $— | $— |
| Value as of 1/31/2023 | $999713001 | $500320089 | $1500033090 |
| Shares Held as of 1/31/2023 | &nbsp;&nbsp; 1000016505 | &nbsp;&nbsp; 500317389 | &nbsp;&nbsp; 1500333894 |
| Dividend Income | $17028169 | $8455463 | $25483632 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Floating/variable note with current rate and current maturity or next reset date shown. Certain* <br> *variable rate securities are not based on a published reference rate and spread but are* <br> *determined by the issuer or agent and are based on current market conditions. These securities* <br> *do not indicate a reference rate and spread in their description above.*<br>|
| 2 | *Denotes a restricted security that either: (a) cannot be offered for public sale without first being* <br> *registered, or availing of an exemption from registration, under the Securities Act of 1933; or* <br> *(b) is subject to a contractual restriction on public sales. At January 31, 2023, these restricted* <br> *securities amounted to $150,000,000, which represented 0.4% of total net assets.*<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 3 | *Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.* |
| 4 | *Discount rate at time of purchase.* |
| 5 | *7-day net yield.* |
| 6 | *Also represents cost of investments for federal tax purposes.* |
| 7 | *Assets, other than investments in securities, less liabilities. See Statement of Assets and* <br> *Liabilities.*<br>|

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Note: The categories of investments are shown as a percentage of total net assets at January 31, 2023.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Semi-Annual Shareholder Report

**13**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>The following is a summary of the inputs used, as of January 31, 2023, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| Notes - Variable | $— | $10884346120 | $— | $10884346120 |
| Time Deposits | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4855000000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4855000000 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4845385125 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4845385125 |
| Certificates of Deposit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3777249062 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3777249062 |
| U.S. Treasury | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1565830266 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1565830266 |
| **Other Repurchase** <br> **Agreements**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3370000000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3370000000 |
| **Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6601316000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6601316000 |
| **Investment Company** | &nbsp;&nbsp; 1500033090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1500033090 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | $1500033090 | $35899126573 | $— | $37399159663 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | 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 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**14**

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Financial Highlights–Automated Shares

(For a Share Outstanding Throughout Each Period)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment** <br> **Operations:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.015 | &nbsp;&nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.020 | &nbsp;&nbsp;&nbsp;&nbsp; 0.012 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.015 | &nbsp;&nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.020 | &nbsp;&nbsp;&nbsp;&nbsp; 0.012 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment <br> income<br>| &nbsp;&nbsp;&nbsp; (0.015) | &nbsp;&nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.020) | &nbsp;&nbsp;&nbsp; (0.012) |
| Distributions from net realized gain | &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; (0.015) | &nbsp;&nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.020) | &nbsp;&nbsp;&nbsp; (0.012) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.51% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.04%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 <br> omitted)<br>| $885930 | $711893 | $1034830 | $1603414 | $1678950 | $376107 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 4 | *Computed on an annualized basis.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**15**

------

Financial Highlights–Class R Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; 0.012 | &nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; 0.006 | &nbsp;&nbsp;&nbsp; 0.014 | &nbsp;&nbsp;&nbsp; 0.006 |
| Net realized gain (loss) | &nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment Operations | &nbsp;&nbsp;&nbsp; 0.012 | &nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; 0.006 | &nbsp;&nbsp;&nbsp; 0.014 | &nbsp;&nbsp;&nbsp; 0.006 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.012) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp; (0.006) | &nbsp;&nbsp; (0.014) | &nbsp;&nbsp; (0.006) |
| Distributions from net realized gain | &nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp; (0.012) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp; (0.006) | &nbsp;&nbsp; (0.014) | &nbsp;&nbsp; (0.006) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.56% | &nbsp;&nbsp;&nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp;&nbsp; 0.58% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp;&nbsp; 1.15% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.44%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp;&nbsp; 0.56% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp;&nbsp; 0.16% | &nbsp;&nbsp;&nbsp;&nbsp; 0.18% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $45854 | $41244 | $38762 | $48615 | $44257 | $42390 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 4 | *Computed on an annualized basis.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**16**

------

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value,** <br> **Beginning of Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment** <br> **Operations:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.015 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FROM <br> INVESTMENT <br> OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.015 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.015) |
| Distributions from net <br> realized gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL <br> DISTRIBUTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.015) |
| **Net Asset Value, End of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.53% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.56% |
| Expense waiver/<br> reimbursement<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period <br> (000 omitted)<br>| $30878494 | $13928308 | $11788470 | $18814127 | $16862096 | $5770600 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 4 | *Computed on an annualized basis.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**17**

------

Financial Highlights–Advisor Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Period** <br>**Ended** <br>**7/31/2019**<sup>1</sup> |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **Period** <br>**Ended** <br>**7/31/2019**<sup>1</sup> |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp;&nbsp; 0.013 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp;&nbsp; 0.013 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp; (0.013) |
| Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp; (0.013) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.31% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>5</sup> <br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.39%<sup>5</sup> <br>|
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%<sup>5</sup> <br>|
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2765164 | $1026476 | $187921 | $376278 | $276284 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Reflects operations for the period from January 18, 2019 (commencement of operations) to* <br> *July 31, 2019.*<br>|
| 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* <br> *may invest.*<br>|
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**18**

------

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment** <br> **Operations:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) |
| Distributions from net realized <br> gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) |
| **Net Asset Value, End of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.28% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.12%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.31% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 <br> omitted)<br>| $1981952 | $1479712 | $1711361 | $3016273 | $2757262 | $1799914 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 4 | *Computed on an annualized basis.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**19**

------

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment** <br> **Operations:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.016 | &nbsp;&nbsp;&nbsp;&nbsp; 0.008 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.016 | &nbsp;&nbsp;&nbsp;&nbsp; 0.008 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment <br> income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp; (0.008) |
| Distributions from net realized <br> gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp; (0.008) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.83% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.56%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 <br> omitted)<br>| $1080874 | $1301550 | $1275933 | $1125251 | $1043702 | $998683 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 4 | *Computed on an annualized basis.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**20**

------

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; 0.006 | &nbsp;&nbsp;&nbsp; 0.015 | &nbsp;&nbsp;&nbsp; 0.007 |
| Net realized gain (loss) | &nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment Operations | &nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; 0.006 | &nbsp;&nbsp;&nbsp; 0.015 | &nbsp;&nbsp;&nbsp; 0.007 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.013) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp; (0.006) | &nbsp;&nbsp; (0.015) | &nbsp;&nbsp; (0.007) |
| Distributions from net realized gain | &nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp; (0.013) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp; (0.006) | &nbsp;&nbsp; (0.015) | &nbsp;&nbsp; (0.007) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.62% | &nbsp;&nbsp;&nbsp;&nbsp; 1.51% | &nbsp;&nbsp;&nbsp;&nbsp; 0.72% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42% | &nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.56%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp;&nbsp; 1.49% | &nbsp;&nbsp;&nbsp;&nbsp; 0.72% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp; 0.23% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $53637 | $42283 | $42076 | $33265 | $32789 | $29911 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 4 | *Computed on an annualized basis.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**21**

------

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.016 | &nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.012 | &nbsp;&nbsp;&nbsp;&nbsp; 0.022 | &nbsp;&nbsp;&nbsp;&nbsp; 0.013 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.016 | &nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.012 | &nbsp;&nbsp;&nbsp;&nbsp; 0.022 | &nbsp;&nbsp;&nbsp;&nbsp; 0.014 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.012) | &nbsp;&nbsp;&nbsp; (0.022) | &nbsp;&nbsp;&nbsp; (0.014) |
| Distributions from net realized gain | &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.012) | &nbsp;&nbsp;&nbsp; (0.022) | &nbsp;&nbsp;&nbsp; (0.014) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.43% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.46% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $517390 | $310975 | $329279 | $548708 | $670114 | $398852 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 4 | *Computed on an annualized basis.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**22**

------

Financial Highlights–Trust Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; 0.014 | &nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.018 | &nbsp;&nbsp;&nbsp; 0.010 |
| Net realized gain (loss) | &nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp; 0.014 | &nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.018 | &nbsp;&nbsp;&nbsp; 0.010 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment <br> income<br>| &nbsp;&nbsp; (0.014) | &nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.018) | &nbsp;&nbsp; (0.010) |
| Distributions from net realized gain | &nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp; (0.014) | &nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.018) | &nbsp;&nbsp; (0.010) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85% | &nbsp;&nbsp;&nbsp;&nbsp; 1.02% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.03%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90% | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp; 0.13% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $35589 | $18172 | $2670993 | $3667951 | $3502863 | $19829 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 4 | *Computed on an annualized basis.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**23**

------

Statement of Assets and Liabilities <br>January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in repurchase agreements and other repurchase agreements | $9971316000 |
| Investment in securities, including $1,500,033,090 of investment in affiliated <br> holdings\*<br>| &nbsp;&nbsp; 27427843663 |
| Investment in securities, at amortized cost and fair value | &nbsp;&nbsp; 37399159663 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600073230 |
| Income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59097261 |
| Income receivable from affiliated holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5594106 |
| Receivable for shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300276889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp; 38364201149 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2840000 |
| Payable for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108720558 |
| Income distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5741963 |
| Capital gain distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104307 |
| Payable for investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115191 |
| Payable for administrative fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81365 |
| Payable for Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28544 |
| Payable for distribution services fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367937 |
| Payable for other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1059825 |
| Accrued expenses (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119315813 |
| Net assets for 38,248,497,213 shares outstanding | $38244885336 |
| **Net Assets Consist of:** |  |
| Paid-in capital | $38248488397 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3603061) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $38244885336 |

---

Semi-Annual Shareholder Report

**24**

------

Statement of Assets and Liabilities–continued

---

| | |
|:---|:---|
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Automated Shares:** |  |
| $885,929,982 ÷ 886,013,983 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Class R Shares:** |  |
| $45,854,448 ÷ 45,858,735 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Wealth Shares:** |  |
| $30,878,494,485 ÷ 30,881,408,960 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Advisor Shares:** |  |
| $2,765,164,205 ÷ 2,765,426,649 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Service Shares:** |  |
| $1,981,952,337 ÷ 1,982,139,071 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Cash II Shares:** |  |
| $1,080,873,663 ÷ 1,080,976,273 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Cash Series Shares:** |  |
| $53,636,935 ÷ 53,642,028 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Capital Shares:** |  |
| $517,390,217 ÷ 517,439,186 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Trust Shares:** |  |
| $35,589,064 ÷ 35,592,328 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* *See information listed after the Fund's Portfolio of Investments.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**25**

------

Statement of Operations <br>Six Months Ended January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | $478730766 |
| Dividends received from affiliated holdings\* | &nbsp;&nbsp;&nbsp; 25483632 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INCOME | &nbsp;&nbsp; 504214398 |
| **Expenses:** |  |
| Investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp; 26654575 |
| Administrative fee (Note 4) | &nbsp;&nbsp;&nbsp; 10741586 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359059 |
| Transfer agent fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp; 1334309 |
| Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63911 |
| Auditing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12683 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5144 |
| Portfolio accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139050 |
| Distribution services fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; 2330556 |
| Other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp; 4824811 |
| Share registration costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329014 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236838 |
| Miscellaneous (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89491 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES | &nbsp;&nbsp;&nbsp; 47121027 |
| **Waivers and Reimbursements:** |  |
| Waiver of investment adviser fee (Note 4) | &nbsp;&nbsp; (12143889) |
| Waivers/reimbursements of other operating expenses (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41925) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WAIVERS AND REIMBURSEMENTS | &nbsp;&nbsp; (12185814) |
| Net expenses | &nbsp;&nbsp;&nbsp; 34935213 |
| Net investment income | &nbsp;&nbsp; 469279185 |
| Net realized loss on investments | &nbsp;&nbsp;&nbsp;&nbsp; (3561475) |
| Change in net assets resulting from operations | $465717710 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* *See information listed after the Fund's Portfolio of Investments.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**26**

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Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023**<br>| **Year Ended** <br>**7/31/2022**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | $469279185 | $53190187 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3561475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143440 |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING <br> FROM OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465717710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53333627 |
| **Distributions to Shareholders:** |  |  |
| Automated Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11651780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2585791) |
| Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (530659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33725) |
| Wealth Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (376615300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39560633) |
| Advisor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32032463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2214414) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25672563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3354482) |
| Cash II Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15080850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1568320) |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (560232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37265) |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6981096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (832858) |
| Trust Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (360441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2998443) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> DISTRIBUTIONS TO SHAREHOLDERS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (469485384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53185931) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 36523006323 | &nbsp;&nbsp; 19988592929 |
| Net asset value of shares issued to shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442464290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49057880 |
| Cost of shares redeemed | &nbsp;&nbsp; (17577429068) | &nbsp;&nbsp; (20256811128) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 19388041545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (219160319) |
| Change in net assets | &nbsp;&nbsp; 19384273871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (219012623) |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 18860611465 | &nbsp;&nbsp; 19079624088 |
| End of period | $38244885336 | $18860611465 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**27**

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Notes to Financial Statements

January 31, 2023 (unaudited)

**1. ORGANIZATION** 

Federated Hermes Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included herein are only those of Federated Hermes Prime Cash Obligations Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers nine classes of shares: Automated Shares, Class R Shares, Wealth Shares, Advisor Shares, Service Shares, Cash II Shares, Cash Series Shares, Capital Shares and Trust Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income consistent with stability of principal and liquidity.

The Fund operates as a retail money market fund. As a retail money market fund, the Fund: (1) will generally continue to use amortized cost to value its portfolio securities and transact at a stable $1.00 net asset value (NAV); (2) has adopted policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons as required for a retail money market fund by Rule 2a-7 under the Act; and (3) has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board of Trustees (the "Trustees") determines such liquidity fees or redemption gates are in the best interests of the Fund.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

**Investment Valuation** 

Securities are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

Pursuant to Rule 2a-5 under the Act, the Trustees have designated Federated Investment Management Company (the "Adviser") as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

Semi-Annual Shareholder Report

**28**

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The Adviser, acting through its valuation committee ("Valuation Committee"), is responsible for determining the fair value of investments. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value of securities and oversees the comparison of amortized cost to market-based value. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

**Repurchase Agreements** 

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund's custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a "securities entitlement" and exercises "control" as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund's Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Repurchase agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and

Semi-Annual Shareholder Report

**29**

------

Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase price to be paid under the agreement reducing the net settlement amount to zero.

**Investment Income, Gains and Losses, Expenses and Distributions** 

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses. The detail of the total fund expense waivers and reimbursements of $12,185,814 is disclosed in various locations in this Note 2 and Note 4.

**Transfer Agent Fees** 

For the six months ended January 31, 2023, transfer agent fees for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Transfer Agent** <br>**Fees Incurred**<br>| **Transfer Agent** <br>**Fees Reimbursed**<br>|
| Automated Shares | $308859 | $— |
| Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Wealth Shares | &nbsp;&nbsp;&nbsp;&nbsp; 289954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52) |
| Advisor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash II Shares | &nbsp;&nbsp;&nbsp;&nbsp; 615096 | &nbsp;&nbsp; (9176) |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Trust Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $1334309 | $(9230) |

---

**Other Service Fees** 

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Automated Shares, Class R Shares, Wealth Shares, Advisor Shares, Service Shares, Cash II Shares, Cash Series Shares, Capital Shares and Trust Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Financial intermediaries may include a company affiliated with management of Federated Hermes, Inc. A financial intermediary affiliated with management of Federated Hermes, Inc. received $25,557 of other service fees for the six months ended

Semi-Annual Shareholder Report

**30**

------

January 31, 2023. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time.

For the six months ended January 31, 2023, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Automated Shares | $956804 |
| Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53148 |
| Service Shares | &nbsp;&nbsp; 2053503 |
| Cash II Shares | &nbsp;&nbsp; 1469214 |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54573 |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp; 208332 |
| Trust Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29237 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $4824811 |

---

For the six months ended January 31, 2023, the Fund's Wealth Shares and Advisor Shares did not incur other service fees; however they may begin to incur this fee upon approval of the Trustees.

**Federal Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended January 31, 2023, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of January 31, 2023, tax years 2019 through 2022 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

**When-Issued and Delayed-Delivery Transactions** 

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**Restricted Securities** 

The Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for

Semi-Annual Shareholder Report

**31**

------

resale, at the issuer's expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. Restricted securities are valued at amortized cost in accordance with Rule 2a-7 under the Act.

**Other** 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

**3. SHARES OF BENEFICIAL INTEREST** 

The following tables summarize share activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Automated Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 368897906 | $368897906 | &nbsp;&nbsp; 1528635804 | $1528635804 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11601254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11601254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2577947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2577947 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (206371865) | &nbsp;&nbsp;&nbsp;&nbsp; (206371865) | &nbsp;&nbsp; (1854156282) | &nbsp;&nbsp;&nbsp; (1854156282) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM AUTOMATED <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 174127295 | $174127295 | &nbsp;&nbsp;&nbsp;&nbsp; (322942531) | $(322942531) |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Class R Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21873275 | $21873275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17000468 | $17000468 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33614 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (17787420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17787420) | &nbsp;&nbsp;&nbsp;&nbsp; (14551648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14551648) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM CLASS R <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4614612 | $4614612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2482434 | $2482434 |

---

Semi-Annual Shareholder Report

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Wealth Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 30131092170 | $30131092170 | 13906013345 | $13906013345 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp; 352932520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352932520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35833910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35833910 |
| Shares redeemed | (13530808538) | &nbsp;&nbsp; (13530808538) | (11802119110) | &nbsp;&nbsp; (11802119110) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM WEALTH <br> SHARE TRANSACTIONS<br>| 16953216152 | $16953216152 | &nbsp;&nbsp; 2139728145 | $2139728145 |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Advisor Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 3145423474 | $3145423474 | &nbsp;&nbsp; 1349386951 | $1349386951 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32032448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32032448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2214267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2214267 |
| Shares redeemed | &nbsp;&nbsp; (1438496627) | &nbsp;&nbsp;&nbsp; (1438496627) | &nbsp;&nbsp;&nbsp;&nbsp; (513054969) | &nbsp;&nbsp;&nbsp;&nbsp; (513054969) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM ADVISOR <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 1738959295 | $1738959295 | &nbsp;&nbsp;&nbsp;&nbsp; 838546249 | $838546249 |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Service Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 2028389598 | $2028389598 | &nbsp;&nbsp; 1344417523 | $1344417523 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23530687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23530687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3061138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3061138 |
| Shares redeemed | &nbsp;&nbsp; (1549480723) | &nbsp;&nbsp;&nbsp; (1549480723) | &nbsp;&nbsp; (1579139032) | &nbsp;&nbsp;&nbsp; (1579139032) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM SERVICE <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 502439562 | $502439562 | &nbsp;&nbsp;&nbsp;&nbsp; (231660371) | $(231660371) |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Cash II Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 229351550 | $229351550 | &nbsp;&nbsp;&nbsp;&nbsp; 610894665 | $610894665 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14586652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14586652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1557950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1557950 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (464500880) | &nbsp;&nbsp;&nbsp;&nbsp; (464500880) | &nbsp;&nbsp;&nbsp;&nbsp; (586846085) | &nbsp;&nbsp;&nbsp;&nbsp; (586846085) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM CASH II <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; (220562678) | $(220562678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25606530 | $25606530 |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Cash Series Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63939105 | $63939105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61276990 | $61276990 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36978 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (53131650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53131650) | &nbsp;&nbsp;&nbsp;&nbsp; (61108129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61108129) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM CASH SERIES <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11359776 | $11359776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205839 | $205839 |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Capital Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 482215854 | $482215854 | &nbsp;&nbsp;&nbsp;&nbsp; 299364846 | $299364846 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6342550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6342550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 743705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 743705 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (282091246) | &nbsp;&nbsp;&nbsp;&nbsp; (282091246) | &nbsp;&nbsp;&nbsp;&nbsp; (318414947) | &nbsp;&nbsp;&nbsp;&nbsp; (318414947) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM CAPITAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 206467158 | $206467158 | &nbsp;&nbsp;&nbsp;&nbsp; (18306396) | $(18306396) |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Trust Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51823391 | $51823391 | &nbsp;&nbsp;&nbsp;&nbsp; 871602337 | $871602337 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2998371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2998371 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (34760119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34760119) | &nbsp;&nbsp; (3527420926) | &nbsp;&nbsp;&nbsp; (3527420926) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM TRUST <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17420373 | $17420373 | &nbsp;&nbsp; (2652820218) | $(2652820218) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM TOTAL FUND <br> SHARE TRANSACTIONS<br>| 19388041545 | $19388041545 | &nbsp;&nbsp;&nbsp;&nbsp; (219160319) | $(219160319) |

---

**4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Investment Adviser Fee** 

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Fund's Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for

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competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended January 31, 2023, the Adviser voluntarily waived $11,677,541 of its fee and voluntarily reimbursed $9,230 of transfer agent fees.

The Adviser has agreed to reimburse the Fund for certain investment adviser fees as a result of transactions in other affiliated investment companies. For the six months ended January 31, 2023, the Adviser reimbursed $466,348.

**Administrative Fee** 

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, "Investment Complex" is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

---

| | |
|:---|:---|
| **Administrative Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Daily Net Assets** <br>**of the Investment Complex**<br>|
| 0.100% | on assets up to $50 billion |
| 0.075% | on assets over $50 billion |

---

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

**Distribution Services Fee** 

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Class R Shares, Cash II Shares, Cash Series Shares and Trust Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:

---

| | |
|:---|:---|
|  | **Percentage of Average Daily** <br>**Net Assets of Class**<br>|
| Class R Shares | 0.50% |
| Cash II Shares | 0.35% |
| Cash Series Shares | 0.60% |
| Trust Shares | 0.25% |

---

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Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, distribution services fees for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Distribution Services** <br>**Fees Incurred**<br>| **Distribution Services** <br>**Fees Waived**<br>|
| Class R Shares | $108653 | $(10866) |
| Cash II Shares | &nbsp;&nbsp; 2061138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp; 130975 | &nbsp;&nbsp; (21829) |
| Trust Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $2330556 | $(32695) |

---

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended January 31, 2023, FSC retained $89,314 of fees paid by the Fund.

**Other Service Fees** 

For the six months ended January 31, 2023, FSSC received $24,059 of the other service fees disclosed in Note 2.

**Expense Limitation** 

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) including the Fund's share of fees and expenses of the investments in affiliated funds paid by the Fund's Automated Shares, Class R Shares, Wealth Shares, Advisor Shares, Service Shares, Cash II Shares, Cash Series Shares, Capital Shares and Trust Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.55%, 1.15%, 0.20%, 0.20%, 0.45%, 0.90%, 1.05%, 0.30% and 0.70% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2023; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

**Directors'/Trustees' and Miscellaneous Fees** 

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors'/Trustees' fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. CONCENTRATION OF RISK** 

A substantial portion of the Fund's portfolio may be comprised of securities deemed by the Adviser to be in similar sectors. As a result, the Fund may be more susceptible to any economic, business, political or other developments which generally affect these entities.

**6. LINE OF CREDIT** 

The Fund participates with certain other Federated Hermes Funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement dated June 22, 2022. The LOC was made available to temporarily finance the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund's ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to (a) the highest, on any day, of (i) the federal funds effective rate, (ii) the published secured overnight financing rate plus an assigned percentage, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of a commitment fee based on the amount of the lenders' commitment that has not been utilized, quarterly in arrears and at maturity. As of January 31, 2023, the Fund had no outstanding loans. During the six months ended January 31, 2023, the Fund did not utilize the LOC.

**7. INTERFUND LENDING** 

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of January 31, 2023, there were no outstanding loans. During the six months ended January 31, 2023, the program was not utilized.

**8. INDEMNIFICATIONS** 

Under the Fund's organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party's actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. OTHER MATTERS** 

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Fund's investments) and the markets in general in significant and unforeseen ways. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such investments. Any such impact could adversely affect the Fund's performance.

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Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2022 to January 31, 2023.

**ACTUAL EXPENSES** 

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to *estimate* the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an *assumed* rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should *not* use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative *total* costs of owning different funds.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning** <br>**Account Value** <br>**8/1/2022**<br>| **Ending** <br>**Account Value** <br>**1/31/2023**<br>| **Expenses Paid** <br>**During Period**<sup>1</sup> <br>|
| **Actual:** |  |  |  |
| Automated Shares | $1000 | $1015.20 | $2.69 |
| Class R Shares | $1000 | $1012.20 | $5.68 |
| Wealth Shares | $1000 | $1016.90 | $1.02 |
| Advisor Shares | $1000 | $1016.90 | $1.02 |
| Service Shares | $1000 | $1015.60 | $2.29 |
| Cash II Shares | $1000 | $1013.30 | $4.57 |
| Cash Series Shares | $1000 | $1012.60 | $5.28 |
| Capital Shares | $1000 | $1016.40 | $1.52 |
| Trust Shares | $1000 | $1014.40 | $3.55 |
| **Hypothetical (assuming a 5% return** <br> **before expenses):**<br>|  |  |  |
| Automated Shares | $1000 | $1022.53 | $2.70 |
| Class R Shares | $1000 | $1019.56 | $5.70 |
| Wealth Shares | $1000 | $1024.20 | $1.02 |
| Advisor Shares | $1000 | $1024.20 | $1.02 |
| Service Shares | $1000 | $1022.94 | $2.29 |
| Cash II Shares | $1000 | $1020.67 | $4.58 |
| Cash Series Shares | $1000 | $1019.96 | $5.30 |
| Capital Shares | $1000 | $1023.69 | $1.53 |
| Trust Shares | $1000 | $1021.68 | $3.57 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average* <br> *account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The* <br> *annualized net expense ratios are as follows:*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Automated Shares | 0.53% |
| Class R Shares | 1.12% |
| Wealth Shares | 0.20% |
| Advisor Shares | 0.20% |
| Service Shares | 0.45% |
| Cash II Shares | 0.90% |
| Cash Series Shares | 1.04% |
| Capital Shares | 0.30% |
| Trust Shares | 0.70% |

---

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Evaluation and Approval of Advisory Contract–May 2022

**Federated Hermes Prime Cash Obligations Fund (the "Fund")**

At its meetings in May 2022 (the "May Meetings"), the Fund's Board of Trustees (the "Board"), including those Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940 (the "Independent Trustees"), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") (the "Contract") for an additional one-year term. The Board's determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

***<u>Information Received and Review Process</u>***

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO's independent written evaluation (the "CCO Fee Evaluation Report"), along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contract. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as "Senior Officer" prior to the elimination of the Senior Officer position in December 2017.

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered information specifically prepared in connection with the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, "Federated Hermes") in response to requests posed to Federated Hermes by independent legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional matters as the Independent Trustees deemed

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reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates; Federated Hermes' business and operations; the Adviser's investment philosophy, personnel and processes; the Fund's investment objectives and strategies; the Fund's short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund's particular investment program and a group of its peer funds and/or its benchmark, as appropriate); the Fund's investment objectives; the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the financial condition of Federated Hermes; the Adviser's profitability with respect to the Fund; distribution and sales activity for the Fund; and the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser's cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize "economies of scale" as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any "fall-out" benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fee and expense structures, including a comparison of management fees paid to the adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser's services and fees. The Board noted that the Securities and Exchange Commission ("SEC") disclosure requirements

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regarding the basis for a fund board's approval of the fund's investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a "Federated Hermes Fund" and, collectively, the ("Federated Hermes Funds").

In addition to considering the above-referenced factors, the Board was mindful of the preferences and expectations of Fund shareholders and the potential disruptions of the Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund on the strength of Federated Hermes' industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund's shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.

In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board's determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.

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***<u>Nature, Extent and Quality of Services</u>***

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by Federated Hermes. The Board considered the Adviser's personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and Federated Hermes' ability and experience in attracting and retaining qualified personnel to service the Fund. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser's ability to deliver competitive investment performance for the Fund when compared to the Fund's Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund's investment program. The Board also considered the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, in order to maintain a positive yield for the Fund in the low interest rate environment.

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened the organization's investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance ("ESG") factors and issuer engagement on ESG matters. The Board considered the quality of Federated Hermes' communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account Federated Hermes' communications with the Board in light of the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds' officers.

The Board received and evaluated information regarding Federated Hermes' regulatory and compliance environment. The Board considered Federated Hermes' compliance program and compliance history and reports from the CCO about Federated Hermes' compliance with applicable laws and

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regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes' support of the Federated Hermes Funds' compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund's obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated Hermes' commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes' approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds' compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes' oversight in this regard, including in connection with the designation of the Federated Hermes Funds' investment advisers as the administrators of the Federated Hermes Funds' liquidity risk management program.

The Board also considered the implementation of Federated Hermes' business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes' commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.

The Board considered Federated Hermes' efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Adviser to the Fund.

***<u>Fund Investment Performance</u>***

The Board considered the investment performance of the Fund. In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser's analysis of, the Fund's performance over different time periods that were

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provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund's gross and net returns, the Fund's investment performance compared to one or more relevant categories or groups of peer funds and the Fund's benchmark index, performance attribution information and commentary on the effect of market conditions.

The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by iMoneyNet, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the CCO's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds' objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.

For the one-year period ended December 31, 2021, the Fund's performance was above the median of the Performance Peer Group. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its Performance Peer Group.

Based on these considerations, the Board concluded that it had continued confidence in the Adviser's overall capabilities to manage the Fund.

***<u>Fund Expenses</u>***

The Board considered the advisory fee and overall expense structure of the Fund and the comparative fee and expense information that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund's total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the category of peer funds selected by iMoneyNet (the "Expense Peer Group"). The Board received a description of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet category.

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged by other advisers for managing funds with comparable investment programs, the Board noted that it found the use of such comparisons to be relevant to its evaluation. The Board focused on comparisons with other similar registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund

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shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund's shareholders. The Board noted that the range of such other registered funds' fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund's fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was below the median of the Expense Peer Group, and the Board was satisfied that the overall expense structure of the Fund remained competitive.

The Board also received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO's conclusion that non-registered fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing and fund liquidity; (vi) different administrative responsibilities; (vii) different degrees of risk associated with management; and (viii) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution's registered fund, noting the CCO's view that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds' advisory fees.

Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.

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***<u>Profitability</u>***

The Board received and considered profitability information furnished by Federated Hermes, as requested by the CCO. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO's view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered the CCO's view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board noted the impact of the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, on the profitability of the Fund to the Adviser.

The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO's conclusion that, based on such profitability information, Federated Hermes' profit margins did not appear to be excessive. The Board also considered the CCO's view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.

***<u>Economies of Scale</u>***

The Board received and considered information about the notion of possible realization of "economies of scale" as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: personnel, processes and tools for portfolio management, including the use of market data on which portfolio managers make investment decisions; trading operations; ESG integration and issuer engagement on ESG matters; shareholder services; compliance; business continuity; cybersecurity; internal audit and risk management functions; and technology that supports the provision of investment management services. The Board noted that Federated

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Hermes' investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund's assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered Federated Hermes' reductions in contractual management fees for certain Federated Hermes Funds during the prior year, including in response to the CCO's recommendations in the prior year's CCO Fee Evaluation Report, which have resulted in benefits being realized by shareholders.

The Board also considered reports on adviser-paid fees (commonly referred to as "revenue sharing") that were provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes and the CCO believe that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to evaluate the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.

***<u>Other Benefits</u>***

The Board considered information regarding the compensation and other ancillary (or "fall-out") benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds' investment advisory contracts, Federated Hermes' affiliates also receive fees for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds' administrator and distributor). In this regard, the Board considered that certain of Federated Hermes' affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

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***<u>Conclusions</u>***

The Board considered: (i) the CCO's conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund is reasonable; and (ii) the CCO's recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board's evaluation of the Federated Hermes Funds' advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board's determination to approve the continuation of the Contract reflects its view that Federated Hermes' performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.

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Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400, Option #4. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

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*You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.*

This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund's Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY** 

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the "householding" program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of "householding." Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of "householding" at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400, Option #4.

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![](edelivery.jpg)

![](fhilogok11p.jpg)

Federated Hermes Prime Cash Obligations Fund <br>Federated Hermes Funds <br>4000 Ericsson Drive <br>Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com** <br>or call 1-800-341-7400.

Federated Securities Corp., Distributor

*CUSIP 608919627* <br>*CUSIP 608919577* <br>*CUSIP 60934N625* <br>*CUSIP 608919429* <br>*CUSIP 60934N617* <br>*CUSIP 608919593* <br>*CUSIP 608919585* <br>*CUSIP 60934N591* <br>*CUSIP 608919619*

*Q450198 (3/23)*© 2023 Federated Hermes, Inc.

![](fscbug_small.jpg)

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**Semi-Annual Shareholder Report**

***January 31, 2023***

![](imge2522d221.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Share Class** \| Ticker | **Wealth** \| PCOXX |

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Federated Hermes Prime Cash Obligations Fund

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A Portfolio of Federated Hermes Money Market Obligations Trust

Dear Valued Shareholder,

We are pleased to present the Semi-Annual Shareholder Report for your fund covering the period from August 1, 2022 through January 31, 2023. This report includes a complete listing of your fund's holdings, performance information and financial statements along with other important fund information.

As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.

In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.

Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.

Sincerely, <br> ![](donahuechrissigsmall.jpg)

J. Christopher Donahue, President

*The Fund is a Retail Money Market Fund and is only available for investment to accounts beneficially owned by natural persons.*

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**Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee**

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**CONTENTS** 

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| | |
|:---|:---|
| [Portfolio of Investments Summary Tables](#xx_52777a29-fe35-45cf-b53a-ac563fdb3f36_1) | &nbsp;&nbsp; [1](#xx_52777a29-fe35-45cf-b53a-ac563fdb3f36_1)  |
| [Portfolio of Investments](#xx_52777a29-fe35-45cf-b53a-ac563fdb3f36_2) | &nbsp;&nbsp; [2](#xx_52777a29-fe35-45cf-b53a-ac563fdb3f36_2)  |
| [Financial Highlights](#xx_d525ec6b-8fd6-4330-afb6-a389eb2340c3_1) | [15](#xx_d525ec6b-8fd6-4330-afb6-a389eb2340c3_1)  |
| [Statement of Assets and Liabilities](#xx_ab7fc73c-3b9c-41fa-a309-c786a0f7e61d_1) | [16](#xx_ab7fc73c-3b9c-41fa-a309-c786a0f7e61d_1)  |
| [Statement of Operations](#xx_ab7fc73c-3b9c-41fa-a309-c786a0f7e61d_3) | [18](#xx_ab7fc73c-3b9c-41fa-a309-c786a0f7e61d_3)  |
| [Statement of Changes in Net Assets](#xx_ab7fc73c-3b9c-41fa-a309-c786a0f7e61d_4) | [19](#xx_ab7fc73c-3b9c-41fa-a309-c786a0f7e61d_4)  |
| [Notes to Financial Statements](#xx_dd9764a4-7a4a-4f2c-88d4-c08a3924dcdc_1) | [20](#xx_dd9764a4-7a4a-4f2c-88d4-c08a3924dcdc_1)  |
| [Shareholder Expense Example](#xx_5c798983-c9b3-46ac-aba0-edc1b8639cba_1) | [31](#xx_5c798983-c9b3-46ac-aba0-edc1b8639cba_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_2935a529-9756-4fc9-adb2-e2b4e6a8516e_1) | [32](#xx_2935a529-9756-4fc9-adb2-e2b4e6a8516e_1)  |
| [Voting Proxies on Fund Portfolio Securities](#xx_c93a4eae-1e08-4bcc-b837-de5548d4957b_1) | [42](#xx_c93a4eae-1e08-4bcc-b837-de5548d4957b_1)  |
| [Portfolio Schedule](#xx_c93a4eae-1e08-4bcc-b837-de5548d4957b_1) | [42](#xx_c93a4eae-1e08-4bcc-b837-de5548d4957b_1) |

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Portfolio of Investments Summary Tables (unaudited)

At January 31, 2023, the Fund's portfolio composition<sup>1</sup> was as follows:

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| | |
|:---|:---|
| **Security Type** | **Percentage of** <br>**Total Net Assets**<br>|
| Variable Rate Instruments | 28.4% |
| Other Repurchase Agreements and Repurchase Agreements | 26.1% |
| Bank Instruments | 22.6% |
| Commercial Paper | 12.7% |
| U.S. Treasury Securities | &nbsp;&nbsp; 4.1% |
| Cash Equivalent<sup>2</sup> <br>| &nbsp;&nbsp; 3.9% |
| Other Assets and Liabilities—Net<sup>3</sup> <br>| &nbsp;&nbsp; 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | **100%** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 1 | *See the Fund's Prospectus and Statement of Additional Information for more complete* <br> *information regarding these security types. With respect to this table, Commercial Paper* <br> *includes commercial paper with interest rates that are fixed or that reset periodically.*<br>|
| 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* <br> *Liabilities.*<br>|

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At January 31, 2023, the Fund's effective maturity schedule<sup>1</sup> was as follows:

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| | |
|:---|:---|
| **Securities With an** <br>**Effective Maturity of:**<br>| **Percentage of** <br>**Total Net Assets**<br>|
| 1-7 Days<sup>2</sup> <br>| 81.3% |
| 8-30 Days | &nbsp;&nbsp; 7.0% |
| 31-90 Days | &nbsp;&nbsp; 3.2% |
| 91-180 Days | &nbsp;&nbsp; 4.5% |
| 181 Days or more | &nbsp;&nbsp; 1.8% |
| Other Assets and Liabilities—Net<sup>3</sup> <br>| &nbsp;&nbsp; 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | **100%** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 1 | *Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the* <br> *Investment Company Act of 1940, which regulates money market mutual funds.*<br>|
| 2 | *Overnight securities comprised 31.4% of the Fund's portfolio.* |
| 3 | *Assets, other than investments in securities, less liabilities. See Statement of Assets* <br> *and Liabilities.*<br>|

---

Semi-Annual Shareholder Report

**1**

------

Portfolio of Investments

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount** <br>**or Shares**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— 28.4% |  |
|  | **Aerospace/Auto— 0.2%** |  |
| $75000000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support <br> Agreement), 4.670% (SOFR +0.370%), 2/1/2023<br>| $75000000 |
|  | **Finance - Banking— 24.6%** |  |
| 50000000 | Australia & New Zealand Banking Group, Melbourne, 4.650% <br> (SOFR +0.350%), 2/1/2023<br>| 50000000 |
| 150000000 | Australia & New Zealand Banking Group, Melbourne, 4.650% <br> (SOFR +0.350%), 2/1/2023<br>| 149999970 |
| 65000000 | Australia & New Zealand Banking Group, Melbourne, 4.680% <br> (SOFR +0.380%), 2/1/2023<br>| 65000000 |
| 73500000 | Bank of Montreal, 4.600% (SOFR +0.300%), 2/1/2023 | 73500000 |
| 250000000 | Bank of Montreal, 4.900% (SOFR +0.600%), 2/1/2023 | 250000000 |
| 85000000 | Bank of Montreal, 4.950% (SOFR +0.650%), 2/1/2023 | 85000000 |
| 195000000 | Bank of Montreal, 5.000% (SOFR +0.700%), 2/1/2023 | 195000000 |
| 20000000 | Bank of Nova Scotia, Toronto, 4.550% (SOFR +0.250%), 2/1/2023 | 20000000 |
| 50000000 | Bank of Nova Scotia, Toronto, 4.740% (SOFR +0.440%), 2/1/2023 | 50000000 |
| 206000000 | Bank of Nova Scotia, Toronto, 4.800% (SOFR +0.500%), 2/1/2023 | 206000000 |
| 92000000 | Bank of Nova Scotia, Toronto, 4.820% (SOFR +0.520%), 2/1/2023 | 92050036 |
| 20000000 | Bank of Nova Scotia, Toronto, 4.830% (SOFR +0.530%), 2/1/2023 | 20000000 |
| 40000000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 40000000 |
| 65000000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 65000000 |
| 55000000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 55000000 |
| 150000000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 150000000 |
| 55000000 | Bank of Nova Scotia, Toronto, 4.870% (SOFR +0.570%), 2/1/2023 | 54999896 |
| 46500000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 46499928 |
| 70000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 70000000 |
| 86000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 86000000 |
| 150000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 150000000 |
| 135000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 135000000 |
| 142500000 | Bank of Nova Scotia, Toronto, 4.960% (SOFR +0.660%), 2/1/2023 | 142500000 |
| 73300000 | Bank of Nova Scotia, Toronto, 4.970% (SOFR +0.670%), 2/1/2023 | 73300000 |
| 70000000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 4.630% <br> (SOFR +0.330%), 2/1/2023<br>| 70000000 |
| 72500000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 4.820% <br> (SOFR +0.520%), 2/1/2023<br>| 72500000 |
| 50000000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 4.900% <br> (SOFR +0.600%), 2/1/2023<br>| 50000000 |
| 249000000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 4.910% <br> (SOFR +0.610%), 2/1/2023<br>| 249000000 |

---

Semi-Annual Shareholder Report

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Finance - Banking— continued** |  |
| $18750000 | Canadian Imperial Bank of Commerce, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| $18750000 |
| 250000000 | Canadian Imperial Bank of Commerce, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 250000000 |
| 80000000 | Canadian Imperial Bank of Commerce, 4.850% (SOFR <br> +0.550%), 2/1/2023<br>| 80000000 |
| 130000000 | Citibank N.A., New York, 4.720% (SOFR +0.420%), 2/1/2023 | 130000000 |
| 300000000 | Citibank N.A., New York, 4.720% (SOFR +0.420%), 2/1/2023 | 300000000 |
| 390000000 | Citibank N.A., New York, 4.770% (SOFR +0.470%), 2/1/2023 | 390000000 |
| 191000000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan <br> Securities LLC COL), 4.710% (SOFR +0.410%), 2/1/2023<br>| 191000000 |
| 80000000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan <br> Securities LLC COL), 4.730% (SOFR +0.430%), 2/1/2023<br>| 80000000 |
| 60000000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan <br> Securities LLC COL), 4.750% (SOFR +0.450%), 2/1/2023<br>| 60000000 |
| 40000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 4.670% (SOFR +0.370%), 2/1/2023<br>| 40000000 |
| 60000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 4.800% (SOFR +0.500%), 2/1/2023<br>| 60000000 |
| 65000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 4.810% (SOFR +0.510%), 2/1/2023<br>| 65000000 |
| 45000000 | Commonwealth Bank of Australia, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 45000000 |
| 39000000 | Commonwealth Bank of Australia, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 39000000 |
| 745000 | Fiore Capital LLC, (Wells Fargo Bank, N.A. LOC), 4.450%, 2/2/2023 | 745000 |
| 490000 | Gadsden, AL Airport Authority, Series 2004, (Wells Fargo Bank, <br> N.A. LOC), 4.510%, 2/2/2023<br>| 490000 |
| 145000000 | Mizuho Bank Ltd., 4.860% (SOFR +0.560%), 2/1/2023 | 145000000 |
| 100000000 | Mizuho Bank Ltd., 4.880% (SOFR +0.580%), 2/1/2023 | 100000000 |
| 355000 | Montgomery, AL IDB, (Wells Fargo Bank, N.A. LOC), <br> 4.430%, 2/2/2023<br>| 355000 |
| 165000000 | MUFG Bank Ltd., 4.700% (SOFR +0.400%), 2/1/2023 | 165000000 |
| 225000000 | MUFG Bank Ltd., 4.850% (SOFR +0.550%), 2/1/2023 | 225000000 |
| 138500000 | National Australia Bank Ltd., Melbourne, 4.700% (SOFR <br> +0.400%), 2/1/2023<br>| 138500000 |
| 100000000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 100000000 |
| 100000000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 100000000 |
| 160000000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 160000000 |
| 150000000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 150000000 |

---

Semi-Annual Shareholder Report

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Finance - Banking— continued** |  |
| $125000000 | National Australia Bank Ltd., Melbourne, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| $125000000 |
| 300000000 | National Australia Bank Ltd., Melbourne, 4.860% (SOFR <br> +0.560%), 2/1/2023<br>| 300000000 |
| 245000000 | Nordea Bank Abp, 4.540% (SOFR +0.240%), 2/1/2023 | 245000000 |
| 110000000 | Nordea Bank Abp, 4.550% (SOFR +0.250%), 2/1/2023 | 110000000 |
| 300000000 | Nordea Bank Abp, 4.740% (SOFR +0.440%), 2/1/2023 | 300000000 |
| 55000000 | Nordea Bank Abp, 4.800% (SOFR +0.500%), 2/1/2023 | 55000000 |
| 19670000 | Osprey Properties Limited Partnership, LLLP & Nighthawk <br> Properties, LLC, Series 2008, (Wells Fargo Bank, N.A. LOC), <br> 4.510%, 2/2/2023<br>| 19670000 |
| 29435000 | Panel Rey S.A., Series 2016, (Citibank N.A., New York LOC), <br> 4.400%, 2/2/2023<br>| 29435000 |
| 150000000<br><sup>2</sup> <br>| Ridgefield Funding Company, LLC Series A, (BNP Paribas SA COL), <br> 4.700% (SOFR +0.400%), 2/1/2023<br>| 150000000 |
| 60000000 | Ridgefield Funding Company, LLC Series A, (BNP Paribas SA COL), <br> 4.750% (SOFR +0.450%), 2/1/2023<br>| 60000000 |
| 90000000 | Royal Bank of Canada, 4.850% (SOFR +0.550%), 2/1/2023 | 90000000 |
| 200000000 | Royal Bank of Canada, 5.050% (SOFR +0.750%), 2/1/2023 | 200000000 |
| 112500000 | Royal Bank of Canada, New York Branch, 4.870% (SOFR <br> +0.570%), 2/1/2023<br>| 112500000 |
| 165000000 | Sumitomo Mitsui Trust Bank Ltd., 4.740% (SOFR <br> +0.440%), 2/1/2023<br>| 165000000 |
| 250000000 | Svenska Handelsbanken, Stockholm, 4.650% (SOFR <br> +0.350%), 2/1/2023<br>| 250000000 |
| 100000000 | Svenska Handelsbanken, Stockholm, 4.860% (SOFR <br> +0.560%), 2/1/2023<br>| 100000000 |
| 121508630 | Taxable Tender Option Bond Trust 2021-MIZ9060TX, <br> (Series 2021-MIZ9060TX) VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 4.590%, 2/1/2023<br>| 121508630 |
| 118000000 | Toronto Dominion Bank, 4.700% (SOFR +0.400%), 2/1/2023 | 118000000 |
| 130000000 | Toronto Dominion Bank, 4.880% (SOFR +0.580%), 2/1/2023 | 130000000 |
| 170000000 | Toronto Dominion Bank, 4.880% (SOFR +0.580%), 2/1/2023 | 170000000 |
| 200000000 | Toronto Dominion Bank, 4.980% (SOFR +0.680%), 2/1/2023 | 200100162 |
| 14000000 | Triborough Bridge & Tunnel Authority, NY, (Series E Taxable) <br> Weekly VRDNs, (UBS AG LOC), 4.350%, 2/2/2023<br>| 14000000 |
| 65000000 | Westpac Banking Corp. Ltd., Sydney, 4.700% (SOFR <br> +0.400%), 2/1/2023<br>| 65000000 |
| 20000000 | Westpac Banking Corp. Ltd., Sydney, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 20000000 |
| 250000000 | Westpac Banking Corp. Ltd., Sydney, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 250000000 |
| 200000000 | Westpac Banking Corp. Ltd., Sydney, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 200000000 |

---

Semi-Annual Shareholder Report

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Finance - Banking— continued** |  |
| $25000000 | Westpac Banking Corp. Ltd., Sydney, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| $24999998 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 9425403620 |
|  | **Finance - Retail— 2.7%** |  |
| 85000000 | Chariot Funding LLC, 4.660% (SOFR +0.360%), 2/1/2023 | 85000000 |
| 55000000 | Chariot Funding LLC, 4.850% (SOFR +0.550%), 2/1/2023 | 55000000 |
| 100000000 | Chariot Funding LLC, 4.880% (SOFR +0.580%), 2/1/2023 | 100000000 |
| 100000000 | Chariot Funding LLC, 4.930% (SOFR +0.630%), 2/1/2023 | 100000000 |
| 50000000 | Fairway Finance Co. LLC, 4.700% (SOFR +0.400%), 2/1/2023 | 50000000 |
| 50000000 | Fairway Finance Co. LLC, 4.750% (SOFR +0.450%), 2/1/2023 | 50000000 |
| 50000000 | Fairway Finance Co. LLC, 4.900% (SOFR +0.600%), 2/1/2023 | 50000000 |
| 40000000 | Old Line Funding, LLC, 4.750% (SOFR +0.450%), 2/1/2023 | 40000000 |
| 50000000 | Old Line Funding, LLC, 4.760% (SOFR +0.460%), 2/1/2023 | 50000000 |
| 100000000 | Old Line Funding, LLC, 4.770% (SOFR +0.470%), 2/1/2023 | 100000000 |
| 50000000 | Old Line Funding, LLC, 4.800% (SOFR +0.500%), 2/1/2023 | 50000000 |
| 57500000 | Old Line Funding, LLC, 4.820% (SOFR +0.520%), 2/1/2023 | 57500000 |
| 15000000 | Old Line Funding, LLC, 4.840% (SOFR +0.540%), 2/1/2023 | 15000000 |
| 25000000 | Thunder Bay Funding, LLC, 4.730% (SOFR +0.430%), 2/1/2023 | 25000000 |
| 100000000 | Thunder Bay Funding, LLC, 4.770% (SOFR +0.470%), 2/1/2023 | 100000000 |
| 100000000 | Thunder Bay Funding, LLC, 4.870% (SOFR +0.570%), 2/1/2023 | 100000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1027500000 |
|  | **Government Agency— 0.9%** |  |
| 5915000 | 1320 W Jefferson LLC, (Federal Home Loan Bank of San Francisco <br> LOC), 4.400%, 2/1/2023<br>| 5915000 |
| 4925000 | Andrew Long Irrevocable Family Trust, (Federal Home Loan Bank of <br> Dallas LOC), 4.400%, 2/2/2023<br>| 4925000 |
| 2700000 | Archer 1 LLC, (Federal Home Loan Bank of San Francisco LOC), <br> 4.400%, 2/2/2023<br>| 2700000 |
| 2100000 | BWF Forge TL Properties Owner LLC, (Federal Home Loan Bank of <br> Des Moines LOC)/(Federal Home Loan Bank of San Francisco LOC), <br> 4.400%, 2/2/2023<br>| 2100000 |
| 1555000 | CMR LLC, CMR LLC Project Series 2017, (Federal Home Loan Bank <br> of Indianapolis LOC), 4.520%, 2/2/2023<br>| 1555000 |
| 5420000 | Dennis Wesley Company, Inc., The Dennis Wesley Company, Inc. <br> Project, (Federal Home Loan Bank of Indianapolis LOC), <br> 4.400%, 2/2/2023<br>| 5420000 |
| 6130000 | Frank Dale Insurance Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.400%, 2/2/2023<br>| 6130000 |
| 11100000 | Ivy Row at South, LLC, (Federal Home Loan Bank of Atlanta LOC), <br> 4.400%, 2/2/2023<br>| 11100000 |
| 13645000 | Ivy Row at Southern Miss, LLC, (Federal Home Loan Bank of Atlanta <br> LOC), 4.400%, 2/2/2023<br>| 13645000 |

---

Semi-Annual Shareholder Report

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Government Agency— continued** |  |
| $6740000 | Mason Harrison Ratliff Enterprises, LLC, (Federal Home Loan Bank <br> of Dallas LOC), 4.400%, 2/2/2023<br>| $6740000 |
| 30200000 | Mike P. Sturdivant, Sr. Family Trust, (Federal Home Loan Bank of <br> Dallas LOC), 4.400%, 2/2/2023<br>| 30200000 |
| 25622500 | Naples SI, LLC, (Federal Home Loan Bank of Indianapolis LOC), <br> 4.400%, 2/2/2023<br>| 25622500 |
| 35960000 | Park Stanton Place LP, (Federal Home Loan Bank of San Francisco <br> LOC), 4.400%, 2/2/2023<br>| 35960000 |
| 6215000 | Phenix City, AL Downtown Redevelopment Authority, Series <br> 2013-A, (Federal Home Loan Bank of New York LOC), <br> 4.400%, 2/2/2023<br>| 6215000 |
| 21000000 | Pittsburg Fox Creek Associates L.P., Series 2011-A, (Federal Home <br> Loan Bank of San Francisco LOC), 4.400%, 2/2/2023<br>| 21000000 |
| 7645000 | Plaza Fitzsimons Owner, LLC, (Federal Home Loan Bank of <br> San Francisco LOC), 4.400%, 2/1/2023<br>| 7645000 |
| 5025000 | Public Finance Authority, Series 2015-A Ram Eufaula Hospitality, <br> LLC, (Federal Home Loan Bank of New York LOC), <br> 4.300%, 2/2/2023<br>| 5025000 |
| 6000000 | Riverview Project, Series 2021, (Federal Home Loan Bank of Des <br> Moines LOC), 4.400%, 2/2/2023<br>| 6000000 |
| 19900000 | Rohnert Park 668, L.P., (Federal Home Loan Bank of San Francisco <br> LOC), 4.813%, 2/2/2023<br>| 19900000 |
| 7600000 | Sandy Jacobs Irrevocable Insurance Trust, Series 2019, (Federal <br> Home Loan Bank of Des Moines LOC), 4.400%, 2/2/2023<br>| 7600000 |
| 22065000 | Sendra Family Irrevocable Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.400%, 2/2/2023<br>| 22065000 |
| 11260000 | Shawn R. Trapuzzano Irrevocable Insurance Trust, (Federal Home <br> Loan Bank of Pittsburgh LOC), 4.400%, 2/2/2023<br>| 11260000 |
| 4860000 | Spingola Insurance Trust, (Federal Home Loan Bank of Dallas LOC), <br> 4.400%, 2/2/2023<br>| 4860000 |
| 2560000 | The J.G. Aguirre Master Trust, (Federal Home Loan Bank of Atlanta <br> LOC), 4.400%, 2/2/2023<br>| 2560000 |
| 23765000 | The Jacob Rosenstein Irrevocable Life Insurance Trust, (Federal <br> Home Loan Bank of Des Moines LOC), 4.400%, 2/2/2023<br>| 23765000 |
| 4150000 | The Mary Jane Beauregard Irrevocable Insurance Trust of 2017, <br> (Federal Home Loan Bank of Dallas LOC), 4.400%, 2/1/2023<br>| 4150000 |
| 4710000 | The Mulberry Family Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.400%, 2/2/2023<br>| 4710000 |
| 20330000 | The Murray D. Berry Trust, (Federal Home Loan Bank of Des Moines <br> LOC), 4.400%, 2/1/2023<br>| 20330000 |
| 20945000 | The Ray L. Berry Trust, (Federal Home Loan Bank of Des Moines <br> LOC), 4.400%, 2/1/2023<br>| 20945000 |

---

Semi-Annual Shareholder Report

**6**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Government Agency— continued** |  |
| $16400000 | Wingo Family Master Trust, (Federal Home Loan Bank of Des <br> Moines LOC), 4.400%, 2/2/2023<br>| $16400000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 356442500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NOTES - VARIABLE | 10884346120 |
|  | TIME DEPOSITS— 12.7% |  |
|  | **Finance - Banking— 12.7%** |  |
| 1880000000 | ABN Amro Bank NV, 4.330% - 4.510%, 2/1/2023 - 2/7/2023 | 1880000000 |
| 1375000000 | Australia & New Zealand Banking Group, Melbourne, 4.320% - <br> 4.360%, 2/1/2023 - 2/3/2023<br>| 1375000000 |
| 200000000 | Australia & New Zealand Banking Group, Melbourne, <br> 4.320%, 2/1/2023<br>| 200000000 |
| 150000000 | Cooperatieve Rabobank UA, 4.290%, 2/1/2023 | 150000000 |
| 200000000 | Mizuho Bank Ltd., 4.320%, 2/1/2023 | 200000000 |
| 750000000 | NRW.Bank, 4.450%, 2/6/2023 | 750000000 |
| 300000000 | Toronto Dominion Bank, 4.460%, 2/6/2023 | 300000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TIME DEPOSITS | &nbsp;&nbsp;&nbsp; 4855000000 |
| <sup>3</sup> <br>| COMMERCIAL PAPER— 12.7% |  |
|  | **Finance - Banking— 7.1%** |  |
| 141026000 | Albion Capital LLC, (MUFG Bank Ltd. LIQ), 4.536% - 4.588%, <br> 2/13/2023 - 2/16/2023<br>| 140803296 |
| 1116500000 | Anglesea Funding LLC, 4.383% - 5.034%, 2/1/2023 - 7/19/2023 | 1113862468 |
| 125000000 | Bank of Montreal, 5.015%, 10/11/2023 | 125000000 |
| 140000000 | Bennington Stark Capital Co., LLC, (Societe Generale, Paris LIQ), <br> 4.427%, 2/7/2023<br>| 139897100 |
| 21000000 | BPCE SA, 4.376%, 2/3/2023 | 20994925 |
| 150000000 | Chesham Finance LLC Series III, (Societe Generale, Paris COL), <br> 4.598%, 3/3/2023<br>| 149427500 |
| 175000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 5.055%, 7/24/2023<br>| 170854007 |
| 300000000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, <br> 5.034%, 7/25/2023<br>| 292880500 |
| 175000000 | Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 4.823%, 5/5/2023 | 172848083 |
| 109000000 | Great Bear Funding LLC, 4.354% - 4.375%, 2/1/2023 - 2/3/2023 | 108976075 |
| 65000000 | National Australia Bank Ltd., Melbourne, 3.865%, 6/15/2023 | 64099967 |
| 83000000 | Royal Bank of Canada, 4.049%, 8/23/2023 | 81179372 |
| 140000000 | Victory Receivables Corp., (MUFG Bank Ltd. LIQ), <br> 4.809%, 4/17/2023<br>| 138614583 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 2719437876 |
|  | **Finance - Commercial— 0.1%** |  |
| 30000000 | Atlantic Asset Securitization LLC, 4.310%, 2/1/2023 | 29924167 |

---

Semi-Annual Shareholder Report

**7**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
| <sup>3</sup> <br>| COMMERCIAL PAPER— continued |  |
|  | **Finance - Retail— 0.5%** |  |
| $40000000 | Fairway Finance Co. LLC, 5.043%, 7/24/2023 | $39054267 |
| 145000000 | Thunder Bay Funding, LLC, 5.091%, 8/2/2023 | 141364044 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 180418311 |
|  | **Oil & Oil Finance— 0.3%** |  |
| 125000000 | TotalEnergies Capital Canada Ltd., 4.351%, 2/3/2023 | 124969861 |
|  | **Sovereign— 4.7%** |  |
| 875000000 | BNG Bank N.V., 4.314% - 4.553%, 2/1/2023 - 2/27/2023 | 873572035 |
| 70000000 | Export Development Canada, (Canada, Government of SUB), <br> 5.203%, 11/9/2023<br>| 67268056 |
| 850000000 | Nederlandse Waterschapsbank NV, 4.360%, 2/3/2023 | 849794819 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1790634910 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL PAPER | &nbsp;&nbsp;&nbsp; 4845385125 |
|  | CERTIFICATES OF DEPOSIT— 9.9% |  |
|  | **Finance - Banking— 9.9%** |  |
| 105000000 | Bank of Montreal, 5.470%, 1/8/2024 | 105000000 |
| 1175000000 | Credit Agricole Corporate and Investment Bank, 4.310% - 4.490%, <br> 2/1/2023 - 2/7/2023<br>| 1175000000 |
| 1041000000 | Mizuho Bank Ltd., 4.360% - 4.810%, 2/1/2023 - 5/4/2023 | 1041000000 |
| 1089750000 | Sumitomo Mitsui Trust Bank Ltd., 4.770% - 4.830%, 4/13/2023 - <br> 5/17/2023<br>| 1089749062 |
| 191500000 | Toronto Dominion Bank, 3.010% - 4.070%, 6/7/2023 - 7/18/2023 | 191500000 |
| 175000000 | Toronto Dominion Bank, 5.250%, 1/25/2024 | 175000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CERTIFICATES OF DEPOSIT | &nbsp;&nbsp;&nbsp; 3777249062 |
|  | U.S. TREASURY— 4.1% |  |
|  | **U.S. Treasury Bills— 4.0%** |  |
| 1520000000<br><sup>4</sup> <br>| United States Treasury Bill, 4.490%, 2/23/2023 | 1515829289 |
|  | **U.S. Treasury Notes— 0.1%** |  |
| 50000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.682% (91-day T-Bill <br> +0.034%), 2/7/2023<br>| 50000977 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY | &nbsp;&nbsp;&nbsp; 1565830266 |
|  | OTHER REPURCHASE AGREEMENTS— 8.8% |  |
|  | **Finance - Banking— 8.8%** |  |
| 20000000 | BMO Capital Markets Corp., 4.47%, dated 1/31/2023, interest in a <br> $20,000,000 collateralized loan agreement will repurchase securities <br> provided as collateral for $20,002,483 on 2/1/2023, in which <br> asset-backed securities, collateralized mortgage obligations, <br> corporate bonds and sovereign with a market value of $20,402,533 <br> have been received as collateral and held with BNY Mellon as <br> tri-party agent.<br>| 20000000 |

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Semi-Annual Shareholder Report

**8**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS— continued |  |
|  | **Finance - Banking— continued** |  |
| $315000000 | BMO Capital Markets Corp., 4.42%, dated 1/31/2023, interest in a <br> $325,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $325,039,903 on 2/1/2023, in <br> which asset-backed securities, collateralized mortgage obligations, <br> corporate bonds, medium-term notes and sovereign with a market <br> value of $331,540,701 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| $315000000 |
| 25000000 | BNP Paribas S.A., 4.40%, dated 1/31/2023, interest in a <br> $350,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $350,042,778 on 2/1/2023, in <br> which asset-backed securities, corporate bonds, medium-term <br> notes, U.S. Government Agency securities and sovereign with a <br> market value of $358,110,649 have been received as collateral and <br> held with BNY Mellon as tri-party agent.<br>| 25000000 |
| 100000000 | BNP Paribas S.A., 4.47%, dated 1/31/2023, interest in a <br> $100,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $100,012,417 on 2/1/2023, in <br> which asset-backed securities and corporate bond with a market <br> value of $102,012,845 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| 100000000 |
| 130000000 | Credit Agricole S.A., 4.72%, dated 6/24/2022, interest in a <br> $300,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $300,275,333 on 2/10/2023, in <br> which asset-backed securities, collateralized mortgage obligations, <br> corporate bonds and sovereign with a market value of <br> $306,126,468 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 130000000 |
| 520000000 | Credit Agricole S.A., 4.62%, dated 6/24/2022, interest in a <br> $800,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $800,718,667 on 2/10/2023, in <br> which asset-backed securities, collateralized mortgage obligations, <br> corporate bonds, medium-term notes and sovereign with a market <br> value of $816,155,252 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| 520000000 |
| 200000000 | HSBC Securities (USA), Inc., 4.42%, dated 1/31/2023, interest in a <br> $295,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $295,036,219 on 2/1/2023, in <br> which collateralized mortgage obligation, corporate bonds and <br> sovereign securities with a market value of $300,900,941 have been <br> received as collateral and held with BNY Mellon as tri-party agent.<br>| 200000000 |
| 160000000 | J.P. Morgan Securities LLC, 4.82%, dated 1/23/2023, interest in a <br> $250,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $251,004,167 on 2/1/2023, in <br> which asset-backed securities, collateralized mortgage obligation, <br> corporate bonds, medium-term notes and sovereign securities with <br> a market value of $255,000,000 have been received as collateral <br> and held with BNY Mellon as tri-party agent.<br>| 160000000 |

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Semi-Annual Shareholder Report

**9**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS— continued |  |
|  | **Finance - Banking— continued** |  |
| $50000000 | Mizuho Securities USA, Inc., 4.42%, dated 1/31/2023, interest in a <br> $100,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $100,012,278 on 2/1/2023, in <br> which asset-backed securities and corporate bonds with a market <br> value of $102,012,524 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| $50000000 |
| 65000000 | Mizuho Securities USA, Inc., 4.42%, dated 1/31/2023, interest in a <br> $100,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $100,012,278 on 2/1/2023, in <br> which common stocks with a market value of $102,012,524 have <br> been received as collateral and held with BNY Mellon as tri-party <br> agent.<br>| 65000000 |
| 95000000 | Mizuho Securities USA, Inc., 4.42%, dated 1/31/2023, interest in a <br> $100,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $100,012,278 on 2/1/2023, in <br> which asset-backed securities and corporate bonds with a market <br> value of $102,012,524 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| 95000000 |
| 200000000 | Mitsubishi UFG Securities Americas, Inc., 4.47%, dated 1/31/2023, <br> interest in a $300,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $300,037,250 on <br> 2/1/2023, in which American depositary receipts, common stocks, <br> corporate bonds, exchange traded funds and unit investment trust <br> and municipal bonds with a market value of $306,038,896 have <br> been received as collateral and held with BNY Mellon as tri-party <br> agent.<br>| 200000000 |
| 150000000 | Pershing LLC, 4.82%, dated 7/14/2022, interest in a $300,000,000 <br> collateralized loan agreement will repurchase securities provided as <br> collateral for $300,281,167 on 2/10/2023, in which asset-backed <br> securities, collateralized mortgage obligations, corporate bonds, <br> commercial paper, common stocks, convertible bond, certificate of <br> deposit, exchange traded funds, medium-term notes municipal <br> bonds, mutual funds and sovereign with a market value of <br> $306,038,845 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 150000000 |
| 225000000 | Societe Generale, Paris, 4.38%, dated 1/31/2023, interest in a <br> $350,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $350,042,583 on 2/1/2023, in <br> which asset-backed securities, collateralized mortgage obligations, <br> corporate bonds, medium-term notes and sovereign with a market <br> value of $357,246,293 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| 225000000 |
| 320000000 | Societe Generale, Paris, 4.47%, dated 1/31/2023, interest in a <br> $650,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $650,080,708 on 2/1/2023, in <br> which asset-backed securities, collateralized mortgage obligations, <br> corporate bonds, medium-term notes and treasury note with a <br> market value of $663,082,322 have been received as collateral and <br> held with BNY Mellon as tri-party agent.<br>| 320000000 |

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Semi-Annual Shareholder Report

**10**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS— continued |  |
|  | **Finance - Banking— continued** |  |
| $100000000 | Standard Chartered Bank, 4.44%, dated 1/30/2023, interest in a <br> $100,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $100,037,000 on 2/2/2023, in <br> which treasury bond and treasury notes with a market value of <br> $102,025,201 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| $100000000 |
| 150000000 | Wells Fargo Securities LLC, 5.17%, dated 2/3/2022, interest in a <br> $150,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $151,960,292 on 2/1/2023, in <br> which commercial paper and certificate of deposit with a market <br> value of $153,505,368 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| 150000000 |
| 150000000 | Wells Fargo Securities LLC, 5.08%, dated 12/21/2022, interest in a <br> $150,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $151,905,000 on 3/21/2023, in <br> which certificate of deposit with a market value of $153,906,781 <br> have been received as collateral and held with BNY Mellon as <br> tri-party agent.<br>| 150000000 |
| 175000000 | Wells Fargo Securities LLC, 5.20%, dated 4/27/2021, interest in a <br> $175,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $177,275,000 on 3/21/2023, in <br> which commercial paper with a market value of $178,628,918 have <br> been received as collateral and held with BNY Mellon as tri-party <br> agent.<br>| 175000000 |
| 220000000 | Wells Fargo Securities LLC, 5.22%, dated 1/9/2023, interest in a <br> $220,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $222,871,000 on 5/4/2023, in <br> which convertible bonds and certificate of deposit with a market <br> value of $225,141,206 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| 220000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER REPURCHASE AGREEMENTS | &nbsp;&nbsp;&nbsp; 3370000000 |
|  | REPURCHASE AGREEMENTS— 17.3% |  |
|  | **Finance - Banking— 17.3%** |  |
| 5500000000 | Repurchase agreement 4.30%, dated 1/31/2023 under which <br> Federal Reserve Bank of New York will repurchase securities <br> provided as collateral for $5,500,656,944 on 2/1/2023. The <br> securities provided as collateral at the end of the period held with <br> BNY Mellon as tri-party agent, were U.S. Treasury securities with <br> various maturities to 8/15/2040 and the market value of those <br> underlying securities was $5,500,656,994.<br>| 5500000000 |
| 51316000 | Interest in $2,000,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Sumitomo Mitsui Banking Corp. will <br> repurchase securities provided as collateral for $2,000,238,889 on <br> 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were <br> U.S. Government Agency securities with various maturities to <br> 10/20/2052 and the market value of those underlying securities <br> was $2,040,243,667.<br>| 51316000 |

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Semi-Annual Shareholder Report

**11**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br> **or Shares**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS— continued |  |
|  | **Finance - Banking— continued** |  |
| $500000000 | Interest in $1,650,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Mitsubishi UFJ Securities (USA), Inc. <br> will repurchase securities provided as collateral for $1,650,197,083 <br> on 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were <br> U.S. Government Agency securities with various maturities to <br> 2/1/2053 and the market value of those underlying securities <br> was $1,683,201,025.<br>| $500000000 |
| 500000000 | Interest in $1,800,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Natixis Financial Products LLC will <br> repurchase securities provided as collateral for $1,800,215,000 on <br> 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were U.S. Treasury <br> securities with various maturities to 11/15/2052 and the market <br> value of those underlying securities was $1,836,219,336.<br>| 500000000 |
| 50000000 | Interest in $150,000,000 joint repurchase agreement 4.38%, dated <br> 1/31/2023 under which Standard Chartered Bank will repurchase <br> securities provided as collateral for $150,018,250 on 2/1/2023. The <br> securities provided as collateral at the end of the period held with <br> BNY Mellon as tri-party agent, were U.S. Government Agency and <br> U.S. Treasury securities with various maturities to 1/1/2053 and the <br> market value of those underlying securities was $153,018,623.<br>| 50000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REPURCHASE AGREEMENTS | &nbsp;&nbsp;&nbsp; 6601316000 |
|  | INVESTMENT COMPANIES— 3.9% |  |
| 1000016505 | Federated Hermes Institutional Money Market Management, <br> Institutional Shares, 4.42%<sup>5</sup> <br>| 999713001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500317389 | Federated Hermes Institutional Prime Value Obligations Fund, <br> Institutional Shares, 4.41%<sup>5</sup> <br>| 500320089 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT COMPANIES | &nbsp;&nbsp;&nbsp; 1500033090 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—97.8% <br>(AT AMORTIZED COST)<sup>6</sup> <br>| 37399159663 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—2.2%<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 845725673 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $38244885336 |

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Semi-Annual Shareholder Report

**12**

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Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended January 31, 2023, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Federated** <br>**Hermes** <br>**Institutional** <br>**Money Market** <br>**Management,** <br>**Institutional Shares**<br>| **Federated** <br>**Hermes** <br>**Institutional** <br>**Prime Value** <br>**Obligations Fund,** <br>**Institutional Shares**<br>| **Total of** <br>**Affiliated** <br>**Transactions**<br>|
| Value as of 7/31/2022 | $999713001 | $500320089 | $1500033090 |
| Purchases at Cost | $— | $— | $— |
| Proceeds from Sales | $— | $— | $— |
| Change in Unrealized Appreciation/<br> Depreciation<br>| $— | $— | $— |
| Net Realized Gain/(Loss) | $— | $— | $— |
| Value as of 1/31/2023 | $999713001 | $500320089 | $1500033090 |
| Shares Held as of 1/31/2023 | &nbsp;&nbsp; 1000016505 | &nbsp;&nbsp; 500317389 | &nbsp;&nbsp; 1500333894 |
| Dividend Income | $17028169 | $8455463 | $25483632 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Floating/variable note with current rate and current maturity or next reset date shown. Certain* <br> *variable rate securities are not based on a published reference rate and spread but are* <br> *determined by the issuer or agent and are based on current market conditions. These securities* <br> *do not indicate a reference rate and spread in their description above.*<br>|
| 2 | *Denotes a restricted security that either: (a) cannot be offered for public sale without first being* <br> *registered, or availing of an exemption from registration, under the Securities Act of 1933; or* <br> *(b) is subject to a contractual restriction on public sales. At January 31, 2023, these restricted* <br> *securities amounted to $150,000,000, which represented 0.4% of total net assets.*<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 3 | *Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.* |
| 4 | *Discount rate at time of purchase.* |
| 5 | *7-day net yield.* |
| 6 | *Also represents cost of investments for federal tax purposes.* |
| 7 | *Assets, other than investments in securities, less liabilities. See Statement of Assets and* <br> *Liabilities.*<br>|

---

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2023.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Semi-Annual Shareholder Report

**13**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>The following is a summary of the inputs used, as of January 31, 2023, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Debt Securities:** |  |  |  |  |
| Notes - Variable | $— | $10884346120 | $— | $10884346120 |
| Time Deposits | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4855000000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4855000000 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4845385125 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4845385125 |
| Certificates of Deposit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3777249062 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3777249062 |
| U.S. Treasury | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1565830266 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1565830266 |
| **Other Repurchase** <br> **Agreements**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3370000000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3370000000 |
| **Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6601316000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6601316000 |
| **Investment Company** | &nbsp;&nbsp; 1500033090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1500033090 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | $1500033090 | $35899126573 | $— | $37399159663 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | 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 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**14**

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Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value,** <br> **Beginning of Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment** <br> **Operations:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.015 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FROM <br> INVESTMENT <br> OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.015 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.015) |
| Distributions from net <br> realized gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL <br> DISTRIBUTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.015) |
| **Net Asset Value, End of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.53% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.56% |
| Expense waiver/<br> reimbursement<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period <br> (000 omitted)<br>| $30878494 | $13928308 | $11788470 | $18814127 | $16862096 | $5770600 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 4 | *Computed on an annualized basis.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

The financial highlights of the Automated Shares, Class R Shares, Advisor Shares, Service Shares, Cash II Shares, Cash Series Shares, Capital Shares and Trust Shares are presented separately.

Semi-Annual Shareholder Report

**15**

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Statement of Assets and Liabilities <br>January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in repurchase agreements and other repurchase agreements | $9971316000 |
| Investment in securities, including $1,500,033,090 of investment in affiliated <br> holdings\*<br>| &nbsp;&nbsp; 27427843663 |
| Investment in securities, at amortized cost and fair value | &nbsp;&nbsp; 37399159663 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600073230 |
| Income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59097261 |
| Income receivable from affiliated holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5594106 |
| Receivable for shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300276889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp; 38364201149 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2840000 |
| Payable for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108720558 |
| Income distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5741963 |
| Capital gain distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104307 |
| Payable for investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115191 |
| Payable for administrative fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81365 |
| Payable for Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28544 |
| Payable for distribution services fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367937 |
| Payable for other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1059825 |
| Accrued expenses (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119315813 |
| Net assets for 38,248,497,213 shares outstanding | $38244885336 |
| **Net Assets Consist of:** |  |
| Paid-in capital | $38248488397 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3603061) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $38244885336 |

---

Semi-Annual Shareholder Report

**16**

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Statement of Assets and Liabilities–continued

---

| | |
|:---|:---|
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Automated Shares:** |  |
| $885,929,982 ÷ 886,013,983 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Class R Shares:** |  |
| $45,854,448 ÷ 45,858,735 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Wealth Shares:** |  |
| $30,878,494,485 ÷ 30,881,408,960 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Advisor Shares:** |  |
| $2,765,164,205 ÷ 2,765,426,649 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Service Shares:** |  |
| $1,981,952,337 ÷ 1,982,139,071 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Cash II Shares:** |  |
| $1,080,873,663 ÷ 1,080,976,273 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Cash Series Shares:** |  |
| $53,636,935 ÷ 53,642,028 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Capital Shares:** |  |
| $517,390,217 ÷ 517,439,186 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Trust Shares:** |  |
| $35,589,064 ÷ 35,592,328 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* *See information listed after the Fund's Portfolio of Investments.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**17**

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Statement of Operations <br>Six Months Ended January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | $478730766 |
| Dividends received from affiliated holdings\* | &nbsp;&nbsp;&nbsp; 25483632 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INCOME | &nbsp;&nbsp; 504214398 |
| **Expenses:** |  |
| Investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp; 26654575 |
| Administrative fee (Note 4) | &nbsp;&nbsp;&nbsp; 10741586 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359059 |
| Transfer agent fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp; 1334309 |
| Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63911 |
| Auditing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12683 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5144 |
| Portfolio accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139050 |
| Distribution services fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; 2330556 |
| Other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp; 4824811 |
| Share registration costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329014 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236838 |
| Miscellaneous (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89491 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES | &nbsp;&nbsp;&nbsp; 47121027 |
| **Waivers and Reimbursements:** |  |
| Waiver of investment adviser fee (Note 4) | &nbsp;&nbsp; (12143889) |
| Waivers/reimbursements of other operating expenses (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41925) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WAIVERS AND REIMBURSEMENTS | &nbsp;&nbsp; (12185814) |
| Net expenses | &nbsp;&nbsp;&nbsp; 34935213 |
| Net investment income | &nbsp;&nbsp; 469279185 |
| Net realized loss on investments | &nbsp;&nbsp;&nbsp;&nbsp; (3561475) |
| Change in net assets resulting from operations | $465717710 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* *See information listed after the Fund's Portfolio of Investments.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**18**

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Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023**<br>| **Year Ended** <br>**7/31/2022**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | $469279185 | $53190187 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3561475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143440 |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING <br> FROM OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465717710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53333627 |
| **Distributions to Shareholders:** |  |  |
| Automated Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11651780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2585791) |
| Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (530659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33725) |
| Wealth Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (376615300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39560633) |
| Advisor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32032463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2214414) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25672563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3354482) |
| Cash II Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15080850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1568320) |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (560232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37265) |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6981096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (832858) |
| Trust Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (360441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2998443) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> DISTRIBUTIONS TO SHAREHOLDERS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (469485384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53185931) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 36523006323 | &nbsp;&nbsp; 19988592929 |
| Net asset value of shares issued to shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442464290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49057880 |
| Cost of shares redeemed | &nbsp;&nbsp; (17577429068) | &nbsp;&nbsp; (20256811128) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 19388041545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (219160319) |
| Change in net assets | &nbsp;&nbsp; 19384273871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (219012623) |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 18860611465 | &nbsp;&nbsp; 19079624088 |
| End of period | $38244885336 | $18860611465 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**19**

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Notes to Financial Statements

January 31, 2023 (unaudited)

**1. ORGANIZATION** 

Federated Hermes Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included herein are only those of Federated Hermes Prime Cash Obligations Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers nine classes of shares: Automated Shares, Class R Shares, Wealth Shares, Advisor Shares, Service Shares, Cash II Shares, Cash Series Shares, Capital Shares and Trust Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income consistent with stability of principal and liquidity.

The Fund operates as a retail money market fund. As a retail money market fund, the Fund: (1) will generally continue to use amortized cost to value its portfolio securities and transact at a stable $1.00 net asset value (NAV); (2) has adopted policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons as required for a retail money market fund by Rule 2a-7 under the Act; and (3) has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board of Trustees (the "Trustees") determines such liquidity fees or redemption gates are in the best interests of the Fund.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

**Investment Valuation** 

Securities are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

Pursuant to Rule 2a-5 under the Act, the Trustees have designated Federated Investment Management Company (the "Adviser") as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

Semi-Annual Shareholder Report

**20**

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The Adviser, acting through its valuation committee ("Valuation Committee"), is responsible for determining the fair value of investments. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value of securities and oversees the comparison of amortized cost to market-based value. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

**Repurchase Agreements** 

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund's custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a "securities entitlement" and exercises "control" as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund's Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Repurchase agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and

Semi-Annual Shareholder Report

**21**

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Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase price to be paid under the agreement reducing the net settlement amount to zero.

**Investment Income, Gains and Losses, Expenses and Distributions** 

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses. The detail of the total fund expense waivers and reimbursements of $12,185,814 is disclosed in various locations in this Note 2 and Note 4.

**Transfer Agent Fees** 

For the six months ended January 31, 2023, transfer agent fees for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Transfer Agent** <br>**Fees Incurred**<br>| **Transfer Agent** <br>**Fees Reimbursed**<br>|
| Automated Shares | $308859 | $— |
| Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Wealth Shares | &nbsp;&nbsp;&nbsp;&nbsp; 289954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52) |
| Advisor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash II Shares | &nbsp;&nbsp;&nbsp;&nbsp; 615096 | &nbsp;&nbsp; (9176) |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Trust Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $1334309 | $(9230) |

---

**Other Service Fees** 

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Automated Shares, Class R Shares, Wealth Shares, Advisor Shares, Service Shares, Cash II Shares, Cash Series Shares, Capital Shares and Trust Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Financial intermediaries may include a company affiliated with management of Federated Hermes, Inc. A financial intermediary affiliated with management of Federated Hermes, Inc. received $25,557 of other service fees for the six months ended

Semi-Annual Shareholder Report

**22**

------

January 31, 2023. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time.

For the six months ended January 31, 2023, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Automated Shares | $956804 |
| Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53148 |
| Service Shares | &nbsp;&nbsp; 2053503 |
| Cash II Shares | &nbsp;&nbsp; 1469214 |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54573 |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp; 208332 |
| Trust Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29237 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $4824811 |

---

For the six months ended January 31, 2023, the Fund's Wealth Shares and Advisor Shares did not incur other service fees; however they may begin to incur this fee upon approval of the Trustees.

**Federal Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended January 31, 2023, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of January 31, 2023, tax years 2019 through 2022 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

**When-Issued and Delayed-Delivery Transactions** 

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**Restricted Securities** 

The Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for

Semi-Annual Shareholder Report

**23**

------

resale, at the issuer's expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. Restricted securities are valued at amortized cost in accordance with Rule 2a-7 under the Act.

**Other** 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

**3. SHARES OF BENEFICIAL INTEREST** 

The following tables summarize share activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Automated Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 368897906 | $368897906 | &nbsp;&nbsp; 1528635804 | $1528635804 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11601254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11601254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2577947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2577947 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (206371865) | &nbsp;&nbsp;&nbsp;&nbsp; (206371865) | &nbsp;&nbsp; (1854156282) | &nbsp;&nbsp;&nbsp; (1854156282) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM AUTOMATED <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 174127295 | $174127295 | &nbsp;&nbsp;&nbsp;&nbsp; (322942531) | $(322942531) |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Class R Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21873275 | $21873275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17000468 | $17000468 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33614 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (17787420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17787420) | &nbsp;&nbsp;&nbsp;&nbsp; (14551648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14551648) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM CLASS R <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4614612 | $4614612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2482434 | $2482434 |

---

Semi-Annual Shareholder Report

**24**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Wealth Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 30131092170 | $30131092170 | 13906013345 | $13906013345 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp; 352932520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352932520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35833910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35833910 |
| Shares redeemed | (13530808538) | &nbsp;&nbsp; (13530808538) | (11802119110) | &nbsp;&nbsp; (11802119110) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM WEALTH <br> SHARE TRANSACTIONS<br>| 16953216152 | $16953216152 | &nbsp;&nbsp; 2139728145 | $2139728145 |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Advisor Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 3145423474 | $3145423474 | &nbsp;&nbsp; 1349386951 | $1349386951 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32032448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32032448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2214267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2214267 |
| Shares redeemed | &nbsp;&nbsp; (1438496627) | &nbsp;&nbsp;&nbsp; (1438496627) | &nbsp;&nbsp;&nbsp;&nbsp; (513054969) | &nbsp;&nbsp;&nbsp;&nbsp; (513054969) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM ADVISOR <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 1738959295 | $1738959295 | &nbsp;&nbsp;&nbsp;&nbsp; 838546249 | $838546249 |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Service Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 2028389598 | $2028389598 | &nbsp;&nbsp; 1344417523 | $1344417523 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23530687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23530687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3061138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3061138 |
| Shares redeemed | &nbsp;&nbsp; (1549480723) | &nbsp;&nbsp;&nbsp; (1549480723) | &nbsp;&nbsp; (1579139032) | &nbsp;&nbsp;&nbsp; (1579139032) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM SERVICE <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 502439562 | $502439562 | &nbsp;&nbsp;&nbsp;&nbsp; (231660371) | $(231660371) |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Cash II Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 229351550 | $229351550 | &nbsp;&nbsp;&nbsp;&nbsp; 610894665 | $610894665 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14586652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14586652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1557950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1557950 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (464500880) | &nbsp;&nbsp;&nbsp;&nbsp; (464500880) | &nbsp;&nbsp;&nbsp;&nbsp; (586846085) | &nbsp;&nbsp;&nbsp;&nbsp; (586846085) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM CASH II <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; (220562678) | $(220562678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25606530 | $25606530 |

---

Semi-Annual Shareholder Report

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Cash Series Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63939105 | $63939105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61276990 | $61276990 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36978 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (53131650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53131650) | &nbsp;&nbsp;&nbsp;&nbsp; (61108129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61108129) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM CASH SERIES <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11359776 | $11359776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205839 | $205839 |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Capital Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 482215854 | $482215854 | &nbsp;&nbsp;&nbsp;&nbsp; 299364846 | $299364846 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6342550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6342550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 743705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 743705 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (282091246) | &nbsp;&nbsp;&nbsp;&nbsp; (282091246) | &nbsp;&nbsp;&nbsp;&nbsp; (318414947) | &nbsp;&nbsp;&nbsp;&nbsp; (318414947) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM CAPITAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 206467158 | $206467158 | &nbsp;&nbsp;&nbsp;&nbsp; (18306396) | $(18306396) |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Trust Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51823391 | $51823391 | &nbsp;&nbsp;&nbsp;&nbsp; 871602337 | $871602337 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2998371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2998371 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (34760119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34760119) | &nbsp;&nbsp; (3527420926) | &nbsp;&nbsp;&nbsp; (3527420926) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM TRUST <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17420373 | $17420373 | &nbsp;&nbsp; (2652820218) | $(2652820218) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM TOTAL FUND <br> SHARE TRANSACTIONS<br>| 19388041545 | $19388041545 | &nbsp;&nbsp;&nbsp;&nbsp; (219160319) | $(219160319) |

---

**4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Investment Adviser Fee** 

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Fund's Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for

Semi-Annual Shareholder Report

**26**

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competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended January 31, 2023, the Adviser voluntarily waived $11,677,541 of its fee and voluntarily reimbursed $9,230 of transfer agent fees.

The Adviser has agreed to reimburse the Fund for certain investment adviser fees as a result of transactions in other affiliated investment companies. For the six months ended January 31, 2023, the Adviser reimbursed $466,348.

**Administrative Fee** 

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, "Investment Complex" is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

---

| | |
|:---|:---|
| **Administrative Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Daily Net Assets** <br>**of the Investment Complex**<br>|
| 0.100% | on assets up to $50 billion |
| 0.075% | on assets over $50 billion |

---

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

**Distribution Services Fee** 

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Class R Shares, Cash II Shares, Cash Series Shares and Trust Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:

---

| | |
|:---|:---|
|  | **Percentage of Average Daily** <br>**Net Assets of Class**<br>|
| Class R Shares | 0.50% |
| Cash II Shares | 0.35% |
| Cash Series Shares | 0.60% |
| Trust Shares | 0.25% |

---

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Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, distribution services fees for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Distribution Services** <br>**Fees Incurred**<br>| **Distribution Services** <br>**Fees Waived**<br>|
| Class R Shares | $108653 | $(10866) |
| Cash II Shares | &nbsp;&nbsp; 2061138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp; 130975 | &nbsp;&nbsp; (21829) |
| Trust Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $2330556 | $(32695) |

---

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended January 31, 2023, FSC retained $89,314 of fees paid by the Fund.

**Other Service Fees** 

For the six months ended January 31, 2023, FSSC received $24,059 of the other service fees disclosed in Note 2.

**Expense Limitation** 

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) including the Fund's share of fees and expenses of the investments in affiliated funds paid by the Fund's Automated Shares, Class R Shares, Wealth Shares, Advisor Shares, Service Shares, Cash II Shares, Cash Series Shares, Capital Shares and Trust Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.55%, 1.15%, 0.20%, 0.20%, 0.45%, 0.90%, 1.05%, 0.30% and 0.70% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2023; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

**Directors'/Trustees' and Miscellaneous Fees** 

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors'/Trustees' fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. CONCENTRATION OF RISK** 

A substantial portion of the Fund's portfolio may be comprised of securities deemed by the Adviser to be in similar sectors. As a result, the Fund may be more susceptible to any economic, business, political or other developments which generally affect these entities.

**6. LINE OF CREDIT** 

The Fund participates with certain other Federated Hermes Funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement dated June 22, 2022. The LOC was made available to temporarily finance the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund's ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to (a) the highest, on any day, of (i) the federal funds effective rate, (ii) the published secured overnight financing rate plus an assigned percentage, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of a commitment fee based on the amount of the lenders' commitment that has not been utilized, quarterly in arrears and at maturity. As of January 31, 2023, the Fund had no outstanding loans. During the six months ended January 31, 2023, the Fund did not utilize the LOC.

**7. INTERFUND LENDING** 

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of January 31, 2023, there were no outstanding loans. During the six months ended January 31, 2023, the program was not utilized.

**8. INDEMNIFICATIONS** 

Under the Fund's organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party's actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. OTHER MATTERS** 

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Fund's investments) and the markets in general in significant and unforeseen ways. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such investments. Any such impact could adversely affect the Fund's performance.

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Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2022 to January 31, 2023.

**ACTUAL EXPENSES** 

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to *estimate* the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an *assumed* rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should *not* use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative *total* costs of owning different funds.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning** <br>**Account Value** <br>**8/1/2022**<br>| **Ending** <br>**Account Value** <br>**1/31/2023**<br>| **Expenses Paid** <br>**During Period**<sup>1</sup> <br>|
| **Actual** | $1000.00 | $1016.90 | $1.02 |
| **Hypothetical (assuming a 5% return** <br> **before expenses)**<br>| $1000.00 | $1024.20 | $1.02 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Expenses are equal to the Fund's Wealth Shares annualized net expense ratio of 0.20%,* <br> *multiplied by the average account value over the period, multiplied by 184/365 (to reflect the* <br> *one-half-year period).*<br>|

---

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Evaluation and Approval of Advisory Contract–May 2022

**Federated Hermes Prime Cash Obligations Fund (the "Fund")**

At its meetings in May 2022 (the "May Meetings"), the Fund's Board of Trustees (the "Board"), including those Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940 (the "Independent Trustees"), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") (the "Contract") for an additional one-year term. The Board's determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

***<u>Information Received and Review Process</u>***

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO's independent written evaluation (the "CCO Fee Evaluation Report"), along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contract. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as "Senior Officer" prior to the elimination of the Senior Officer position in December 2017.

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered information specifically prepared in connection with the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, "Federated Hermes") in response to requests posed to Federated Hermes by independent legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional matters as the Independent Trustees deemed

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reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates; Federated Hermes' business and operations; the Adviser's investment philosophy, personnel and processes; the Fund's investment objectives and strategies; the Fund's short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund's particular investment program and a group of its peer funds and/or its benchmark, as appropriate); the Fund's investment objectives; the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the financial condition of Federated Hermes; the Adviser's profitability with respect to the Fund; distribution and sales activity for the Fund; and the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser's cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize "economies of scale" as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any "fall-out" benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fee and expense structures, including a comparison of management fees paid to the adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser's services and fees. The Board noted that the Securities and Exchange Commission ("SEC") disclosure requirements

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regarding the basis for a fund board's approval of the fund's investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a "Federated Hermes Fund" and, collectively, the ("Federated Hermes Funds").

In addition to considering the above-referenced factors, the Board was mindful of the preferences and expectations of Fund shareholders and the potential disruptions of the Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund on the strength of Federated Hermes' industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund's shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.

In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board's determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.

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***<u>Nature, Extent and Quality of Services</u>***

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by Federated Hermes. The Board considered the Adviser's personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and Federated Hermes' ability and experience in attracting and retaining qualified personnel to service the Fund. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser's ability to deliver competitive investment performance for the Fund when compared to the Fund's Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund's investment program. The Board also considered the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, in order to maintain a positive yield for the Fund in the low interest rate environment.

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened the organization's investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance ("ESG") factors and issuer engagement on ESG matters. The Board considered the quality of Federated Hermes' communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account Federated Hermes' communications with the Board in light of the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds' officers.

The Board received and evaluated information regarding Federated Hermes' regulatory and compliance environment. The Board considered Federated Hermes' compliance program and compliance history and reports from the CCO about Federated Hermes' compliance with applicable laws and

Semi-Annual Shareholder Report

**35**

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regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes' support of the Federated Hermes Funds' compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund's obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated Hermes' commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes' approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds' compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes' oversight in this regard, including in connection with the designation of the Federated Hermes Funds' investment advisers as the administrators of the Federated Hermes Funds' liquidity risk management program.

The Board also considered the implementation of Federated Hermes' business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes' commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.

The Board considered Federated Hermes' efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Adviser to the Fund.

***<u>Fund Investment Performance</u>***

The Board considered the investment performance of the Fund. In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser's analysis of, the Fund's performance over different time periods that were

Semi-Annual Shareholder Report

**36**

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provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund's gross and net returns, the Fund's investment performance compared to one or more relevant categories or groups of peer funds and the Fund's benchmark index, performance attribution information and commentary on the effect of market conditions.

The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by iMoneyNet, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the CCO's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds' objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.

For the one-year period ended December 31, 2021, the Fund's performance was above the median of the Performance Peer Group. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its Performance Peer Group.

Based on these considerations, the Board concluded that it had continued confidence in the Adviser's overall capabilities to manage the Fund.

***<u>Fund Expenses</u>***

The Board considered the advisory fee and overall expense structure of the Fund and the comparative fee and expense information that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund's total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the category of peer funds selected by iMoneyNet (the "Expense Peer Group"). The Board received a description of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet category.

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged by other advisers for managing funds with comparable investment programs, the Board noted that it found the use of such comparisons to be relevant to its evaluation. The Board focused on comparisons with other similar registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund

Semi-Annual Shareholder Report

**37**

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shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund's shareholders. The Board noted that the range of such other registered funds' fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund's fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was below the median of the Expense Peer Group, and the Board was satisfied that the overall expense structure of the Fund remained competitive.

The Board also received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO's conclusion that non-registered fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing and fund liquidity; (vi) different administrative responsibilities; (vii) different degrees of risk associated with management; and (viii) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution's registered fund, noting the CCO's view that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds' advisory fees.

Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.

Semi-Annual Shareholder Report

**38**

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***<u>Profitability</u>***

The Board received and considered profitability information furnished by Federated Hermes, as requested by the CCO. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO's view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered the CCO's view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board noted the impact of the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, on the profitability of the Fund to the Adviser.

The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO's conclusion that, based on such profitability information, Federated Hermes' profit margins did not appear to be excessive. The Board also considered the CCO's view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.

***<u>Economies of Scale</u>***

The Board received and considered information about the notion of possible realization of "economies of scale" as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: personnel, processes and tools for portfolio management, including the use of market data on which portfolio managers make investment decisions; trading operations; ESG integration and issuer engagement on ESG matters; shareholder services; compliance; business continuity; cybersecurity; internal audit and risk management functions; and technology that supports the provision of investment management services. The Board noted that Federated

Semi-Annual Shareholder Report

**39**

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Hermes' investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund's assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered Federated Hermes' reductions in contractual management fees for certain Federated Hermes Funds during the prior year, including in response to the CCO's recommendations in the prior year's CCO Fee Evaluation Report, which have resulted in benefits being realized by shareholders.

The Board also considered reports on adviser-paid fees (commonly referred to as "revenue sharing") that were provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes and the CCO believe that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to evaluate the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.

***<u>Other Benefits</u>***

The Board considered information regarding the compensation and other ancillary (or "fall-out") benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds' investment advisory contracts, Federated Hermes' affiliates also receive fees for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds' administrator and distributor). In this regard, the Board considered that certain of Federated Hermes' affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

Semi-Annual Shareholder Report

**40**

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***<u>Conclusions</u>***

The Board considered: (i) the CCO's conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund is reasonable; and (ii) the CCO's recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board's evaluation of the Federated Hermes Funds' advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board's determination to approve the continuation of the Contract reflects its view that Federated Hermes' performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.

Semi-Annual Shareholder Report

**41**

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Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400, Option #4. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

Semi-Annual Shareholder Report

**42**

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*You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.*

This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund's Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY** 

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the "householding" program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of "householding." Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of "householding" at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400, Option #4.

Semi-Annual Shareholder Report

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![](edelivery.jpg)

![](fhilogok11p.jpg)

Federated Hermes Prime Cash Obligations Fund <br>Federated Hermes Funds <br>4000 Ericsson Drive <br>Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com** <br>or call 1-800-341-7400.

Federated Securities Corp., Distributor

*CUSIP 60934N625*

*Q453567 (3/23)*© 2023 Federated Hermes, Inc.

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**Semi-Annual Shareholder Report**

***January 31, 2023***

![](imga69d41c71.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Share Class** \| Ticker | **Institutional** \| POIXX | **Service** \| PRSXX | **Capital** \| POPXX |

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Federated Hermes Institutional Prime Obligations Fund

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A Portfolio of Federated Hermes Money Market Obligations Trust

Dear Valued Shareholder,

We are pleased to present the Semi-Annual Shareholder Report for your fund covering the period from August 1, 2022 through January 31, 2023. This report includes a complete listing of your fund's holdings, performance information and financial statements along with other important fund information.

As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.

In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.

Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.

Sincerely, <br> ![](donahuechrissigsmall.jpg)

J. Christopher Donahue, President

*The Fund operates as a "Floating Net Asset Value" Money Market Fund.* <br>*The Share Price will fluctuate. It is possible to lose money by investing in the Fund.*

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**Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee**

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**CONTENTS** 

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| | |
|:---|:---|
| [Portfolio of Investments Summary Tables](#xx_5833014f-2ef3-4f3d-becd-a312e541f4b4_1) | &nbsp;&nbsp; [1](#xx_5833014f-2ef3-4f3d-becd-a312e541f4b4_1)  |
| [Portfolio of Investments](#xx_5833014f-2ef3-4f3d-becd-a312e541f4b4_2) | &nbsp;&nbsp; [2](#xx_5833014f-2ef3-4f3d-becd-a312e541f4b4_2)  |
| [Financial Highlights](#xx_508066ef-397b-49ea-8ac4-ed0c10b4305a_1) | [13](#xx_508066ef-397b-49ea-8ac4-ed0c10b4305a_1)  |
| [Statement of Assets and Liabilities](#xx_e32640b5-5403-4a4d-8cb0-2e8208b726a8_1) | [16](#xx_e32640b5-5403-4a4d-8cb0-2e8208b726a8_1)  |
| [Statement of Operations](#xx_e32640b5-5403-4a4d-8cb0-2e8208b726a8_2) | [17](#xx_e32640b5-5403-4a4d-8cb0-2e8208b726a8_2)  |
| [Statement of Changes in Net Assets](#xx_e32640b5-5403-4a4d-8cb0-2e8208b726a8_3) | [18](#xx_e32640b5-5403-4a4d-8cb0-2e8208b726a8_3)  |
| [Notes to Financial Statements](#xx_8a9311e5-46fe-4f0f-9edf-c2e127f70877_1) | [19](#xx_8a9311e5-46fe-4f0f-9edf-c2e127f70877_1)  |
| [Shareholder Expense Example](#xx_e8e79829-cd65-4ee1-a506-c18c0b96c821_1) | [28](#xx_e8e79829-cd65-4ee1-a506-c18c0b96c821_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_fb81d4f1-2544-4f16-9eab-3547dd9d7c7b_1) | [30](#xx_fb81d4f1-2544-4f16-9eab-3547dd9d7c7b_1)  |
| [Voting Proxies on Fund Portfolio Securities](#xx_42674f1d-59de-46ce-b7cf-260cebf95d1b_1) | [40](#xx_42674f1d-59de-46ce-b7cf-260cebf95d1b_1)  |
| [Portfolio Schedule](#xx_42674f1d-59de-46ce-b7cf-260cebf95d1b_1) | [40](#xx_42674f1d-59de-46ce-b7cf-260cebf95d1b_1) |

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Portfolio of Investments Summary Tables (unaudited)

At January 31, 2023, the Fund's portfolio composition<sup>1</sup> was as follows:

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| | |
|:---|:---|
| **Security Type** | **Percentage of** <br>**Total Net Assets**<br>|
| Other Repurchase Agreements and Repurchase Agreements | 36.1% |
| Variable Rate Instruments | 34.1% |
| Bank Instruments | 15.5% |
| Commercial Paper | &nbsp;&nbsp; 9.4% |
| U.S. Treasury Securities | &nbsp;&nbsp; 5.0% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | **100%** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 1 | *See the Fund's Prospectus and Statement of Additional Information for a description of these* <br> *security types.*<br>|
| 2 | *Assets, other than investments in securities, less liabilities. See Statement of Assets and* <br> *Liabilities.*<br>|

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At January 31, 2023, the Fund's effective maturity schedule<sup>1</sup> was as follows:

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| | |
|:---|:---|
| **Securities With an** <br>**Effective Maturity of:**<br>| **Percentage of** <br>**Total Net Assets**<br>|
| 1-7 Days<sup>2</sup> <br>| 82.8% |
| 8-30 Days | &nbsp;&nbsp; 6.1% |
| 31-90 Days | &nbsp;&nbsp; 2.9% |
| 91-180 Days | &nbsp;&nbsp; 6.7% |
| 181 Days or more | &nbsp;&nbsp; 1.6% |
| Other Assets and Liabilities—Net<sup>3</sup> <br>| (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | **100%** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 1 | *Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the* <br> *Investment Company Act of 1940, which regulates money market mutual funds.*<br>|
| 2 | *Overnight securities comprised 34.0% of the Fund's portfolio.* |
| 3 | *Assets, other than investments in securities, less liabilities. See Statement of Assets* <br> *and Liabilities.*<br>|

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Semi-Annual Shareholder Report

**1**

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Portfolio of Investments

January 31, 2023 (unaudited)

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| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— 34.1% |  |
|  | **Aerospace/Auto— 0.1%** |  |
| $20000000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support <br> Agreement), 4.670% (SOFR +0.370%), 2/1/2023<br>| $20000000 |
|  | **Finance - Banking— 29.9%** |  |
| 47500000 | Australia & New Zealand Banking Group, Melbourne, 4.650% <br> (SOFR +0.350%), 2/1/2023<br>| 47500000 |
| 23000000 | Australia & New Zealand Banking Group, Melbourne, 4.650% <br> (SOFR +0.350%), 2/1/2023<br>| 22999995 |
| 27500000 | Australia & New Zealand Banking Group, Melbourne, 4.680% <br> (SOFR +0.380%), 2/1/2023<br>| 27509708 |
| 30000000 | Bank of Montreal, 4.860% (SOFR +0.560%), 2/1/2023 | 30035207 |
| 60000000 | Bank of Montreal, 4.950% (SOFR +0.650%), 2/1/2023 | 59688403 |
| 110000000 | Bank of Montreal, 5.000% (SOFR +0.700%), 2/1/2023 | 110000000 |
| 60000000 | Bank of Montreal, 5.000% (SOFR +0.700%), 2/1/2023 | 60158696 |
| 50000000 | Bank of Nova Scotia, Toronto, 4.740% (SOFR +0.440%), 2/1/2023 | 50021235 |
| 25000000 | Bank of Nova Scotia, Toronto, 4.800% (SOFR +0.500%), 2/1/2023 | 25021438 |
| 100000000 | Bank of Nova Scotia, Toronto, 4.800% (SOFR +0.500%), 2/1/2023 | 100162188 |
| 20000000 | Bank of Nova Scotia, Toronto, 4.830% (SOFR +0.530%), 2/1/2023 | 20000000 |
| 35000000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 35042896 |
| 43500000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 43554955 |
| 20000000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 20025946 |
| 23500000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 23529425 |
| 22000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 22031384 |
| 10000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 10014511 |
| 50000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 50086470 |
| 100000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 100000000 |
| 125000000 | Bank of Nova Scotia, Toronto, 4.970% (SOFR +0.670%), 2/1/2023 | 125222681 |
| 24000000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 4.630% <br> (SOFR +0.330%), 2/1/2023<br>| 24006734 |
| 50000000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 4.820% <br> (SOFR +0.520%), 2/1/2023<br>| 50000000 |
| 54000000 | Canadian Imperial Bank of Commerce, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 54053273 |
| 120000000 | Canadian Imperial Bank of Commerce, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 120114742 |
| 120000000 | Canadian Imperial Bank of Commerce, 4.850% (SOFR <br> +0.550%), 2/1/2023<br>| 120168700 |
| 50000000 | Canadian Imperial Holdings, Inc., 4.820% (SOFR <br> +0.520%), 2/1/2023<br>| 50057288 |
| 95000000 | Citibank N.A., New York, 4.720% (SOFR +0.420%), 2/1/2023 | 95038795 |

---

Semi-Annual Shareholder Report

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Finance - Banking— continued** |  |
| $186000000 | Citibank N.A., New York, 4.720% (SOFR +0.420%), 2/1/2023 | $186075711 |
| 100000000 | Citibank N.A., New York, 4.770% (SOFR +0.470%), 2/1/2023 | 100086828 |
| 9900000 | City Furniture, Inc., (Wells Fargo Bank, N.A. LOC), 4.530%, 2/2/2023 | 9900000 |
| 15000000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan <br> Securities LLC COL), 4.730% (SOFR +0.430%), 2/1/2023<br>| 15009267 |
| 47500000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan <br> Securities LLC COL), 4.750% (SOFR +0.450%), 2/1/2023<br>| 47500000 |
| 20500000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 4.670% (SOFR +0.370%), 2/1/2023<br>| 20500000 |
| 50000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 4.800% (SOFR +0.500%), 2/1/2023<br>| 50000000 |
| 50000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 4.810% (SOFR +0.510%), 2/1/2023<br>| 50000000 |
| 45000000 | Commonwealth Bank of Australia, 4.730% (SOFR <br> +0.430%), 2/1/2023<br>| 45000000 |
| 50000000 | Commonwealth Bank of Australia, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 50000000 |
| 25000000 | Commonwealth Bank of Australia, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 25000000 |
| 16700000 | Greene County Development Authority, Reynolds Lodge, LLC <br> Series 2000B, (U.S. Bank, N.A. LOC), 4.450%, 2/1/2023<br>| 16700000 |
| 3000000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. <br> Project 2013A, (Bank of America N.A. LOC), 4.400%, 2/2/2023<br>| 3000000 |
| 7000000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. <br> Project, (Bank of America N.A. LOC), 4.400%, 2/2/2023<br>| 7000000 |
| 7595000 | Gulf Gate Apartments LLC, Series 2003, (Wells Fargo Bank, N.A. <br> LOC), 4.510%, 2/2/2023<br>| 7595000 |
| 11755000 | Hamilton Station Park and Ride, Series 2005, (Wells Fargo Bank, <br> N.A. LOC), 4.510%, 2/2/2023<br>| 11755000 |
| 9000000 | Michael Dennis Sullivan Irrevocable Trust, (Wells Fargo Bank, N.A. <br> LOC), 4.400%, 2/2/2023<br>| 9000000 |
| 100000000 | Mizuho Bank Ltd., 4.860% (SOFR +0.560%), 2/1/2023 | 100000000 |
| 32500000 | MUFG Bank Ltd., 4.700% (SOFR +0.400%), 2/1/2023 | 32511243 |
| 55950000 | MUFG Bank Ltd., 4.790% (SOFR +0.490%), 2/1/2023 | 55950552 |
| 71500000 | MUFG Bank Ltd., 4.850% (SOFR +0.550%), 2/1/2023 | 71500000 |
| 50000000 | National Australia Bank Ltd., Melbourne, 4.700% (SOFR <br> +0.400%), 2/1/2023<br>| 50000000 |
| 37500000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 37500000 |
| 45000000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 45040732 |
| 84000000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 84069077 |
| 22500000 | National Australia Bank Ltd., Melbourne, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 22523148 |

---

Semi-Annual Shareholder Report

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Finance - Banking— continued** |  |
| $96500000 | National Australia Bank Ltd., Melbourne, 4.860% (SOFR <br> +0.560%), 2/1/2023<br>| $96650344 |
| 50000000 | Nordea Bank Abp, 4.540% (SOFR +0.240%), 2/1/2023 | 50011608 |
| 12500000 | Nordea Bank Abp, 4.550% (SOFR +0.250%), 2/1/2023 | 12500799 |
| 36000000 | Nordea Bank Abp, 4.740% (SOFR +0.440%), 2/1/2023 | 36031199 |
| 40000000 | Nordea Bank Abp, 4.800% (SOFR +0.500%), 2/1/2023 | 40000000 |
| 34000000 | Nuveen Floating Rate Income Fund, (Series A), (Sumitomo Mitsui <br> Banking Corp. LOC), 4.620%, 2/2/2023<br>| 34000000 |
| 3115000 | Public Building Corp., Springfield, MO, Jordan Valley Ice Park, <br> Series 2003, (U.S. Bank, N.A. LOC), 4.450%, 2/2/2023<br>| 3115000 |
| 50000000<br><sup>2</sup> <br>| Ridgefield Funding Company, LLC Series A, (BNP Paribas SA COL), <br> 4.700% (SOFR +0.400%), 2/1/2023<br>| 50000000 |
| 35000000 | Ridgefield Funding Company, LLC Series A, (BNP Paribas SA COL), <br> 4.750% (SOFR +0.450%), 2/1/2023<br>| 35000000 |
| 150000000 | Royal Bank of Canada, 4.850% (SOFR +0.550%), 2/1/2023 | 150134487 |
| 62500000 | Royal Bank of Canada, 5.050% (SOFR +0.750%), 2/1/2023 | 62633697 |
| 35000000 | Royal Bank of Canada, New York Branch, 4.870% (SOFR <br> +0.570%), 2/1/2023<br>| 35059341 |
| 95000000 | Royal Bank of Canada, New York Branch, 4.880% (SOFR <br> +0.580%), 2/1/2023<br>| 95152727 |
| 18965000 | Salem Green, LLP, Salem Green Apartments Project, Series 2010, <br> (Wells Fargo Bank, N.A. LOC), 4.510%, 2/2/2023<br>| 18965000 |
| 300000000 | Sumitomo Mitsui Trust Bank Ltd., 4.740% (SOFR <br> +0.440%), 2/1/2023<br>| 300000000 |
| 130500000 | Svenska Handelsbanken, Stockholm, 4.650% (SOFR <br> +0.350%), 2/1/2023<br>| 130500000 |
| 125000000 | Svenska Handelsbanken, Stockholm, 4.860% (SOFR <br> +0.560%), 2/1/2023<br>| 125000000 |
| 80295470 | Taxable Tender Option Bond Trust 2021-MIZ9060TX, <br> (Series 2021-MIZ9060TX) VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 4.590%, 2/1/2023<br>| 80295470 |
| 10000000 | Taxable Tender Option Bond Trust 2021-MIZ9075TX, <br> (Series MIZ-9075TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank <br> Ltd. LOC), 4.590%, 2/1/2023<br>| 10000000 |
| 3534874 | Taxable Tender Option Bond Trust 2021-MIZ9077TX, <br> (Series 2021-MIZ9077TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho <br> Bank Ltd. LOC), 4.590%, 2/1/2023<br>| 3534874 |
| 2207606 | Taxable Tender Option Bond Trust 2021-MIZ9078TX, <br> (Series 2021-MIZ9078TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho <br> Bank Ltd. LOC), 4.590%, 2/1/2023<br>| 2207606 |
| 17500000 | Toronto Dominion Bank, 4.880% (SOFR +0.580%), 2/1/2023 | 17536905 |
| 27500000 | Toronto Dominion Bank, 4.880% (SOFR +0.580%), 2/1/2023 | 27541573 |
| 60000000 | Triborough Bridge & Tunnel Authority, NY, (Series E Taxable) <br> Weekly VRDNs, (UBS AG LOC), 4.350%, 2/2/2023<br>| 60000000 |

---

Semi-Annual Shareholder Report

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Finance - Banking— continued** |  |
| $7000000 | Westpac Banking Corp. Ltd., Sydney, 4.700% (SOFR <br> +0.400%), 2/1/2023<br>| $7003972 |
| 99000000 | Westpac Banking Corp. Ltd., Sydney, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 99000000 |
| 150000000 | Westpac Banking Corp. Ltd., Sydney, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 150000000 |
| 40000000 | Westpac Banking Corp. Ltd., Sydney, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 40000000 |
| 136000000 | Westpac Banking Corp. Ltd., Sydney, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 136000000 |
| 45000000 | Westpac Banking Corp. Ltd., Sydney, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 45056750 |
| 22500000 | Westpac Banking Corp. Ltd., Sydney, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 22530451 |
| 5870000 | Yeshivas Novominsk, Series 2008, (TD Bank, N.A. LOC), <br> 4.570%, 2/2/2023<br>| 5870000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 4630593031 |
|  | **Finance - Retail— 2.4%** |  |
| 10000000 | Chariot Funding LLC, 4.660% (SOFR +0.360%), 2/1/2023 | 10000000 |
| 45000000 | Chariot Funding LLC, 4.850% (SOFR +0.550%), 2/1/2023 | 45000000 |
| 45000000 | Fairway Finance Co. LLC, 4.700% (SOFR +0.400%), 2/1/2023 | 45000000 |
| 61750000 | Old Line Funding, LLC, 4.700% (SOFR +0.400%), 2/1/2023 | 61750000 |
| 47500000 | Old Line Funding, LLC, 4.760% (SOFR +0.460%), 2/1/2023 | 47500000 |
| 42500000 | Old Line Funding, LLC, 4.800% (SOFR +0.500%), 2/1/2023 | 42500000 |
| 40000000 | Old Line Funding, LLC, 4.820% (SOFR +0.520%), 2/1/2023 | 40000000 |
| 45000000 | Old Line Funding, LLC, 4.870% (SOFR +0.570%), 2/1/2023 | 45032735 |
| 25000000 | Thunder Bay Funding, LLC, 4.730% (SOFR +0.430%), 2/1/2023 | 25000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 361782735 |
|  | **Government Agency— 1.7%** |  |
| 12785000 | 1320 W Jefferson LLC, (Federal Home Loan Bank of San Francisco <br> LOC), 4.400%, 2/1/2023<br>| 12785000 |
| 51450000 | Archer 1 LLC, (Federal Home Loan Bank of San Francisco LOC), <br> 4.400%, 2/2/2023<br>| 51450000 |
| 9015000 | Austen Children's Gift Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.400%, 2/2/2023<br>| 9015000 |
| 6830000 | Baker Life Insurance Trust, (Federal Home Loan Bank of Des Moines <br> LOC), 4.400%, 2/2/2023<br>| 6830000 |
| 34850000 | BWF Forge TL Properties Owner LLC, (Federal Home Loan Bank of <br> Des Moines LOC)/(Federal Home Loan Bank of San Francisco LOC), <br> 4.400%, 2/2/2023<br>| 34850000 |
| 5705000 | Catania Family Trust, (Federal Home Loan Bank of Dallas LOC), <br> 4.400%, 2/2/2023<br>| 5705000 |
| 4270000 | Jim Brooks Irrevocable Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.390%, 2/2/2023<br>| 4270000 |

---

Semi-Annual Shareholder Report

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Government Agency— continued** |  |
| $11570000 | Joseph L. Goggins Irrevocable Insurance Trust, (Federal Home Loan <br> Bank of Des Moines LOC), 4.400%, 2/2/2023<br>| $11570000 |
| 3655000 | Karyn Brooks Descendants Trust, (Federal Home Loan Bank of <br> Dallas LOC), 4.390%, 2/2/2023<br>| 3655000 |
| 6380000 | MHF DKF Insurance Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.400%, 2/1/2023<br>| 6380000 |
| 17030000 | Mohr Green Associates L.P., 2012-A, (Federal Home Loan Bank of <br> San Francisco LOC), 4.400%, 2/2/2023<br>| 17030000 |
| 22610000 | NWD 2017 Family Trust No. 1, (Federal Home Loan Bank of Dallas <br> LOC), 4.400%, 2/2/2023<br>| 22610000 |
| 9080000 | Park Stanton Place LP, (Federal Home Loan Bank of San Francisco <br> LOC), 4.400%, 2/2/2023<br>| 9080000 |
| 2205000 | Plaza Fitzsimons Owner, LLC, (Federal Home Loan Bank of <br> San Francisco LOC), 4.400%, 2/1/2023<br>| 2205000 |
| 5010000 | R.J. Brooks Jr. Irrevocable Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.390%, 2/2/2023<br>| 5010000 |
| 6980000 | RK Trust, (Federal Home Loan Bank of Dallas LOC), <br> 4.400%, 2/2/2023<br>| 6980000 |
| 3500000 | Rohnert Park 668, L.P., (Federal Home Loan Bank of San Francisco <br> LOC), 4.813%, 2/2/2023<br>| 3500000 |
| 6255000 | Sibley Family Irrevocable Insurance Trust, (Federal Home Loan Bank <br> of Des Moines LOC), 4.400%, 2/2/2023<br>| 6255000 |
| 6610000 | The CLC Irrevocable Insurance Trust, (Federal Home Loan Bank of <br> Des Moines LOC), 4.400%, 2/2/2023<br>| 6610000 |
| 5120000 | The Eugene Kim Irrevocable Life Insurance Trust, (Federal Home <br> Loan Bank of Dallas LOC), 4.400%, 2/2/2023<br>| 5120000 |
| 22830000 | The Gregory P. Berry Trust, (Federal Home Loan Bank of Des <br> Moines LOC), 4.400%, 2/1/2023<br>| 22830000 |
| 5740000 | The Leopold Family Insurance Trust, (Federal Home Loan Bank of <br> Dallas LOC), 4.400%, 2/2/2023<br>| 5740000 |
| 5975000 | The Thompson 2018 Family Trust, (Federal Home Loan Bank of <br> Dallas LOC), 4.390%, 2/2/2023<br>| 5975000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 265455000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NOTES - VARIABLE <br>(IDENTIFIED COST $5,275,593,417)<br>| &nbsp;&nbsp;&nbsp; 5277830766 |
| <sup>3</sup> <br>| COMMERCIAL PAPER— 9.4% |  |
|  | **Finance - Banking— 5.9%** |  |
| 10000000 | Albion Capital LLC, (MUFG Bank Ltd. LIQ), 4.535%, 2/16/2023 | 9981167 |
| 195000000 | Anglesea Funding LLC, 4.383% - 5.034%, 2/1/2023 - 7/19/2023 | 193954172 |
| 60000000 | Bank of Montreal, 2.800%, 5/9/2023 | 60000000 |
| 40000000 | Canadian Imperial Bank of Commerce, 2.069%, 3/20/2023 | 39760107 |
| 50000000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan <br> Securities LLC COL), 5.055%, 7/24/2023<br>| 48807616 |
| 21000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 5.055%, 7/24/2023<br>| 20499199 |

---

Semi-Annual Shareholder Report

**6**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>3</sup> <br>| COMMERCIAL PAPER— continued |  |
|  | **Finance - Banking— continued** |  |
| $200000000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, <br> 5.034%, 7/25/2023<br>| $195239028 |
| 70000000 | Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 4.823%, 5/5/2023 | 69137106 |
| 22000000 | National Australia Bank Ltd., Melbourne, 3.843%, 6/15/2023 | 21599050 |
| 89500000 | Royal Bank of Canada, 2.229% - 4.050%, 3/29/2023 - 8/23/2023 | 87528070 |
| 122000000 | Toronto Dominion Bank, 2.903%, 5/31/2023 | 120098426 |
| 55000000 | Victory Receivables Corp., (MUFG Bank Ltd. LIQ), <br> 4.809%, 4/17/2023<br>| 54451491 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 921055432 |
|  | **Finance - Retail— 0.4%** |  |
| 7500000 | Fairway Finance Co. LLC, 5.043%, 7/24/2023 | 7318967 |
| 50000000 | Thunder Bay Funding, LLC, 5.091%, 8/2/2023 | 48746222 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56065189 |
|  | **Insurance— 1.9%** |  |
| 300000000 | UnitedHealth Group, Inc., 4.323%, 2/1/2023 | 300000000 |
|  | **Oil & Oil Finance— 0.3%** |  |
| 42400000 | TotalEnergies Capital Canada Ltd., 4.351%, 2/3/2023 | 42389777 |
|  | **Sovereign— 0.9%** |  |
| 115000000 | BNG Bank N.V., 4.341% - 4.553%, 2/1/2023 - 2/27/2023 | 114754354 |
| 30000000 | Export Development Canada, (Canada, Government of SUB), <br> 5.203%, 11/9/2023<br>| 28829167 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 143583521 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL PAPER <br>(IDENTIFIED COST $1,464,607,005)<br>| &nbsp;&nbsp;&nbsp; 1463093919 |
|  | CERTIFICATES OF DEPOSIT— 9.1% |  |
|  | **Finance - Banking— 9.1%** |  |
| 66500000 | Bank of Montreal, 2.850% - 5.470%, 5/24/2023 - 1/8/2024 | 66435127 |
| 325000000 | Credit Agricole Corporate and Investment Bank, 4.310% - 4.490%, <br> 2/1/2023 - 2/7/2023<br>| 325000000 |
| 335500000 | Mizuho Bank Ltd., 4.360% - 4.810%, 2/1/2023 - 5/4/2023 | 335504067 |
| 406500000 | Sumitomo Mitsui Trust Bank Ltd., 4.770% - 4.830%, 4/13/2023 - <br> 5/16/2023<br>| 406541672 |
| 205000000 | Toronto Dominion Bank, 2.800% - 4.070%, 5/5/2023 - 7/18/2023 | 203882621 |
| 70000000 | Toronto Dominion Bank, 5.250%, 1/25/2024 | 70006090 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CERTIFICATES OF DEPOSIT <br>(IDENTIFIED COST $1,408,499,723)<br>| &nbsp;&nbsp;&nbsp; 1407369577 |
|  | TIME DEPOSITS— 6.4% |  |
|  | **Finance - Banking— 6.4%** |  |
| 770000000 | ABN Amro Bank NV, 4.330% - 4.510%, 2/1/2023 - 2/7/2023 | 770000000 |
| 125000000 | Australia & New Zealand Banking Group, Melbourne, <br> 4.360%, 2/3/2023<br>| 125000000 |

---

Semi-Annual Shareholder Report

**7**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | TIME DEPOSITS— continued |  |
|  | **Finance - Banking— continued** |  |
| $100000000 | Mizuho Bank Ltd., 4.320%, 2/1/2023 | $100000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TIME DEPOSITS <br>(IDENTIFIED COST $995,000,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 995000000 |
|  | U.S. TREASURY— 5.0% |  |
|  | **U.S. Treasury Bills— 4.7%** |  |
| 730000000 | United States Treasury Bill, 4.490%, 2/23/2023 | 727996960 |
|  | **U.S. Treasury Notes— 0.3%** |  |
| 50000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.682% (91-day T-Bill <br> +0.034%), 2/7/2023<br>| 50026920 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY <br>(IDENTIFIED COST $777,997,938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 778023880 |
|  | OTHER REPURCHASE AGREEMENTS— 16.8% |  |
|  | **Finance - Banking— 16.8%** |  |
| 288625000 | BNP Paribas S.A., 4.40%, dated 1/31/2023, interest in a <br> $350,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $350,042,778 on 02/01/2023, in <br> which asset-backed securities, corporate bonds, collateralized <br> mortgage obligations, medium-term note and sovereign debt with <br> a market value of $358,110,649 have been received as collateral <br> and held with BNY Mellon as tri-party agent.<br>| 288625000 |
| 60000000 | BofA Securities, Inc., 4.39%, dated 1/31/2023, interest in a <br> $75,000,000 collateralized loan agreement will repurchase securities <br> provided as collateral for $75,009,146 on 02/03/2023, in which <br> corporate bonds with a market value of $76,509,399 have been <br> received as collateral and held with BNY Mellon as tri-party agent.<br>| 60000000 |
| 100000000 | BofA Securities, Inc., 5.19%, dated 9/4/2020, interest in a <br> $100,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $101,297,500 on 5/4/2023, in <br> which American depositary receipts, convertible bonds, <br> exchange-traded funds and sovereign debt with a market value of <br> $102,405,932 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 100000000 |
| 150000000 | BofA Securities, Inc., 4.66%, dated 12/13/2022, interest in a <br> $165,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $165,149,508 on 2/10/2023, in <br> which corporate bonds and medium-term note with a market value <br> of $168,321,047 have been received as collateral and held with <br> BNY Mellon as tri-party agent.<br>| 150000000 |
| 200000000 | BofA Securities, Inc., 5.11%, dated 12/6/2022, interest in a <br> $250,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $226,117,813 on 2/10/2023, in <br> which asset-backed securities and collateralized mortgage <br> obligations with a market value of $229,530,919 have been <br> received as collateral and held with BNY Mellon as tri-party agent.<br>| 200000000 |

---

Semi-Annual Shareholder Report

**8**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS— continued |  |
|  | **Finance - Banking— continued** |  |
| $250000000 | BofA Securities, Inc., 5.19%, dated 9/9/2020, interest in a <br> $250,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $253,243,750 on 5/4/2023, in <br> which American depositary receipt, asset-backed securities, <br> corporate bond, convertible bonds and medium-term with a market <br> value of $256,014,831 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| $250000000 |
| 125000000 | Credit Agricole S.A., 4.72%, dated 6/24/2022, interest in a <br> $300,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $300,275,333 on 2/10/2023, in <br> which asset-backed securities, corporate bonds, collateralized <br> mortgage obligations and sovereign debt with a market value of <br> $306,126,468 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 125000000 |
| 280000000 | Credit Agricole S.A., 4.62%, dated 6/24/2022, interest in a <br> $800,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $800,718,667 on 2/10/2023, in <br> which asset-backed securities, corporate bonds, collateralized <br> mortgage obligations, medium-term note and sovereign debt with <br> a market value of $816,155,252 have been received as collateral <br> and held with BNY Mellon as tri-party agent.<br>| 280000000 |
| 45000000 | HSBC Securities (USA), Inc., 4.42%, dated 1/31/2023, interest in a <br> $245,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $245,030,081 on 2/01/2023, in <br> which corporate bonds, medium-term notes and Sovereign debt <br> with a market value of $249,900,000 have been received as <br> collateral and held with BNY Mellon as tri-party agent.<br>| 45000000 |
| 44625000 | ING Financial Markets LLC, 4.39%, dated 1/31/2023, interest in a <br> $50,000,000 collateralized loan agreement will repurchase securities <br> provided as collateral for $50,006,097 on 2/1/2023, in which <br> corporate bonds, medium-term note and sovereign debt with a <br> market value of $51,006,594 have been received as collateral and <br> held with BNY Mellon as tri-party agent.<br>| 44625000 |
| 65000000 | J.P. Morgan Securities LLC, 4.82%, dated 1/23/2023, interest in a <br> $250,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $251,004,167 on 02/22/2023, in <br> which asset-backed securities, collateralized mortgage obligation, <br> corporate bonds, medium-term notes and Sovereign debt with a <br> market value of $255,000,000 have been received as collateral and <br> held with BNY Mellon as tri-party agent.<br>| 65000000 |
| 50000000 | Mizuho Securities USA, Inc., 4.42%, dated 1/31/2023, interest in a <br> $100,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $100,012,278 on 2/01/2023, in <br> which asset-backed securities and corporate bonds with a market <br> value of $102,012,524 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| 50000000 |

---

Semi-Annual Shareholder Report

**9**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS— continued |  |
|  | **Finance - Banking— continued** |  |
| $85000000 | Mizuho Securities USA, Inc., 4.47%, dated 1/31/2023, interest in a <br> $150,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $150,018,625 on 2/01/2023, in <br> which common stocks with a market value of $153,019,001 have <br> been received as collateral and held with BNY Mellon as tri-party <br> agent.<br>| $85000000 |
| 78625000 | Mitsubishi UFG Securities Americas, Inc., 4.47%, dated 1/31/2023, <br> interest in a $300,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $300,037,250 on <br> 2/1/2023, in which American depositary receipts, common stocks, <br> corporate bonds, exchange-traded funds, unit investment trust and <br> municipal bonds with a market value of $306,038,896 have been <br> received as collateral and held with BNY Mellon as tri-party agent.<br>| 78625000 |
| 135000000 | Pershing LLC, 4.82%, dated 7/14/2022, interest in a $300,000,000 <br> collateralized loan agreement will repurchase securities provided as <br> collateral for $300,281,167 on 2/10/2023, in which asset-backed <br> securities, collateralized mortgage obligations, corporate bonds, <br> commercial paper, common stocks, convertible bond, certificate <br> deposit, exchange-traded funds, medium-term notes, municipal <br> bonds, mutual funds and sovereign debt of with a market value of <br> $306,038,845 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 135000000 |
| 125000000 | Societe Generale, Paris, 4.38%, dated 1/31/2023, interest in a <br> $350,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $350,042,583 on 2/1/2023, in <br> which asset-backed securities, corporate bonds, collateralized <br> mortgage obligations, medium-term note and sovereign debt with <br> a market value of $357,246,293 have been received as collateral <br> and held with BNY Mellon as tri-party agent.<br>| 125000000 |
| 300625000 | Societe Generale, Paris, 4.47%, dated 1/31/2023, interest in a <br> $650,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $650,080,708 on 2/1/2023, in <br> which asset-backed securities, corporate bonds, collateralized <br> mortgage obligations and medium-term with a market value of <br> $663,082,322 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 300625000 |
| 86150000 | Standard Chartered Bank, 4.38%, dated 1/31/2023, interest in a <br> $150,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $150,018,250 on 2/1/2023, in <br> which treasury bonds and treasury notes with a market value of <br> $153,018,623 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 86150000 |
| 125000000 | Wells Fargo Securities LLC, 5.17%, dated 2/3/2022, interest in a <br> $125,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $126,633,576 on 04/10/2023, in <br> which certificate of deposit with a market value of $127,921,140 <br> have been received as collateral and held with BNY Mellon as <br> tri-party agent.<br>| 125000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER REPURCHASE AGREEMENTS <br>(IDENTIFIED COST $2,593,650,000)<br>| &nbsp;&nbsp;&nbsp; 2593650000 |

---

Semi-Annual Shareholder Report

**10**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS— 19.3% |  |
|  | **Finance - Banking— 19.3%** |  |
| $2000000000 | Interest in $2,000,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Federal Reserve Bank of New York <br> will repurchase securities provided as collateral for $2,000,238,889 <br> on 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were U.S. Treasury <br> securities with various maturities to 8/15/2040 and the market value <br> of those underlying securities was $2,000,238,961.<br>| $2000000000 |
| 484000000 | Interest in $2,000,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Sumitomo Mitsui Banking Corp will <br> repurchase securities provided as collateral for $2,000,238,889 on <br> 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were <br> U.S. Government Agency securities with various maturities to <br> 10/20/2052 and the market value of those underlying securities <br> was $2,040,243,667.<br>| 484000000 |
| 500000000 | Interest in $1,650,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Mitsubishi UFJ Securities (USA), Inc. <br> will repurchase securities provided as collateral for $1,650,197,083 <br> on 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were <br> U.S. Government Agency securities with various maturities to <br> 2/1/2053 and the market value of those underlying securities <br> was $1,683,201,025.<br>| 500000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REPURCHASE AGREEMENTS <br>(IDENTIFIED COST $2,984,000,000)<br>| &nbsp;&nbsp;&nbsp; 2984000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—100.1% <br>(IDENTIFIED COST $15,499,348,083)<sup>4</sup> <br>| 15498968142 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(0.1)%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16530121) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $15482438021 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Floating/variable note with current rate and current maturity or next reset date shown. Certain* <br> *variable rate securities are not based on a published reference rate and spread but are* <br> *determined by the issuer or agent and are based on current market conditions. These securities* <br> *do not indicate a reference rate and spread in their description above.*<br>|
| 2 | *Denotes a restricted security that either: (a) cannot be offered for public sale without first being* <br> *registered, or availing of an exemption from registration, under the Securities Act of 1933; or* <br> *(b) is subject to a contractual restriction on public sales. At January 31, 2023, these restricted* <br> *securities amounted to $50,000,000, which represented 0.3% of total net assets.*<br>|
| 3 | *Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.* |
| 4 | *Also represents cost of investments for federal tax purposes.* |
| 5 | *Assets, other than investments in securities, less liabilities. See Statement of Assets and* <br> *Liabilities.*<br>|

---

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2023.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Semi-Annual Shareholder Report

**11**

------

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of January 31, 2023, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | 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 |
| SOFR | —Secured Overnight Financing Rate |
| VRDNs | —Variable Rate Demand Notes |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**12**

------

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value,** <br> **Beginning of Period**<br>| **$0.9998** | **$1.0005** | **$1.0007** | **$1.0004** | **$1.0003** | **$1.0003** |
| **Income From** <br> **Investment Operations:**<br>|  |  |  |  |  |  |
| Net investment income <br> (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0168<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0037<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0156 |
| Net realized and <br> unrealized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0000<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From <br> Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0156 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0156) |
| **Net Asset Value, End** <br> **of Period**<br>| **$1.0003** | **$0.9998** | **$1.0005** | **$1.0007** | **$1.0004** | **$1.0003** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.34%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.62% |
| Expense waiver/<br> reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of <br> period (000 omitted)<br>| $15470601 | $14232133 | $15298656 | $23611390 | $21146776 | $10941508 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Per share numbers have been calculated using the average shares method.* |
| 2 | *Represents less than $0.0001.* |
| 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* <br> *may invest.*<br>|
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**13**

------

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$0.9997** | **$1.0005** | **$1.0007** | **$1.0004** | **$1.0002** | **$1.0003** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; 0.0156<sup>1</sup> <br>| &nbsp;&nbsp; 0.0019<sup>1</sup> <br>| &nbsp;&nbsp; 0.0001 | &nbsp;&nbsp; 0.0112 | &nbsp;&nbsp; 0.0218 | &nbsp;&nbsp; 0.0134 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 0.0006 | (0.0002) | (0.0002) | &nbsp;&nbsp; 0.0003 | &nbsp;&nbsp; 0.0002 | &nbsp;&nbsp; 0.0000<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment Operations | &nbsp;&nbsp; 0.0162 | &nbsp;&nbsp; 0.0017 | (0.0001) | &nbsp;&nbsp; 0.0115 | &nbsp;&nbsp; 0.0220 | &nbsp;&nbsp; 0.0134 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.0156) | (0.0025) | (0.0001) | (0.0112) | (0.0218) | (0.0135) |
| **Net Asset Value, End of Period** | **$1.0003** | **$0.9997** | **$1.0005** | **$1.0007** | **$1.0004** | **$1.0002** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)% | &nbsp;&nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 2.22% | &nbsp;&nbsp;&nbsp;&nbsp; 1.35% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26% | &nbsp;&nbsp;&nbsp;&nbsp; 0.24% | &nbsp;&nbsp;&nbsp;&nbsp; 0.40% | &nbsp;&nbsp;&nbsp;&nbsp; 0.37% | &nbsp;&nbsp;&nbsp;&nbsp; 0.39% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.10%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp;&nbsp; 2.21% | &nbsp;&nbsp;&nbsp;&nbsp; 1.33% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp; 0.12% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $11837 | $12713 | $32413 | $83818 | $93979 | $47817 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Per share numbers have been calculated using the average shares method.* |
| 2 | *Represents less than $0.0001.* |
| 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* <br> *may invest.*<br>|
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**14**

------

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022**<sup>1</sup> | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.0012** | **$1.0005** | **$1.0008** | **$1.0004** | **$1.0002** | **$1.0002** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; 0.0166<sup>2</sup> <br>| &nbsp;&nbsp; 0.0001<sup>2</sup> <br>| &nbsp;&nbsp; 0.0006 | &nbsp;&nbsp; 0.0131 | &nbsp;&nbsp; 0.0234 | &nbsp;&nbsp; 0.0151 |
| Net realized and unrealized gain (loss) | (0.0013) | &nbsp;&nbsp; 0.0038 | (0.0005) | &nbsp;&nbsp; 0.0004 | &nbsp;&nbsp; 0.0002 | &nbsp;&nbsp; 0.0000<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment Operations | &nbsp;&nbsp; 0.0153 | &nbsp;&nbsp; 0.0039 | &nbsp;&nbsp; 0.0001 | &nbsp;&nbsp; 0.0135 | &nbsp;&nbsp; 0.0236 | &nbsp;&nbsp; 0.0151 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.0166) | (0.0032) | (0.0004) | (0.0131) | (0.0234) | (0.0151) |
| **Net Asset Value, End of Period** | **$0.9999** | **$1.0012** | **$1.0005** | **$1.0008** | **$1.0004** | **$1.0002** |
| **Total Return**<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% | &nbsp;&nbsp;&nbsp;&nbsp; 0.39% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp;&nbsp; 2.39% | &nbsp;&nbsp;&nbsp;&nbsp; 1.52% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp; 0.23% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.25%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp; 2.31% | &nbsp;&nbsp;&nbsp;&nbsp; 1.52% |
| Expense waiver/reimbursement<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp; 0.12% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0<sup>8</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0<sup>8</sup> <br>| &nbsp;&nbsp; $4501 | $23527 | $14374 | $25206 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Certain ratios included in Ratios to Average Net Assets and per share amounts may be inflated* <br> *or deflated as compared to the fee structure for each respective share class as a result of daily* <br> *systematic allocations being rounded to the nearest penny for fund level income, expense and* <br>*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. Total returns for periods of less than one year are not annualized.* |
| 5 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 6 | *Computed on an annualized basis.* |
| 7 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|
| 8 | *Represents less than $1,000.* |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**15**

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Statement of Assets and Liabilities <br>January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in repurchase agreements and other repurchase agreements | $5577650000 |
| Investment in securities | &nbsp;&nbsp;&nbsp; 9921318142 |
| Investment in securities, at value (identified cost $15,499,348,083) | &nbsp;&nbsp; 15498968142 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491777 |
| Income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29017806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp; 15528477725 |
| **Liabilities:** |  |
| Income distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45750094 |
| Payable for investment adviser fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42247 |
| Payable for administrative fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33189 |
| Payable for Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16053 |
| Accrued expenses (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46039704 |
| Net assets for 15,478,355,007 shares outstanding | $15482438021 |
| **Net Assets Consist of:** |  |
| Paid-in capital | $15484239807 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1801786) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $15482438021 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Institutional Shares:** |  |
| $15,470,601,344 ÷ 15,466,521,335 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.0003 |
| **Service Shares:** |  |
| $11,836,577 ÷ 11,833,572 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.0003 |
| **Capital Shares:** |  |
| $100 ÷ 100 shares outstanding, no par value, unlimited shares authorized | $0.9999\* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* *Actual net asset value per share presented differs from calculated net asset value per share due* *to rounding.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**16**

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Statement of Operations <br>Six Months Ended January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | $265938005 |
| **Expenses:** |  |
| Investment adviser fee (Note 5) | &nbsp;&nbsp;&nbsp; 15074432 |
| Administrative fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp; 5902297 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219943 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34347 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42783 |
| Auditing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13290 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5143 |
| Portfolio accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114608 |
| Other service fees (Notes 2 and 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15220 |
| Share registration costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44589 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11580 |
| Miscellaneous (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48902 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES | &nbsp;&nbsp;&nbsp; 21527134 |
| Waiver of investment adviser fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp; (7575602) |
| Net expenses | &nbsp;&nbsp;&nbsp; 13951532 |
| Net investment income | &nbsp;&nbsp; 251986473 |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |
| Net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15265 |
| Net change in unrealized depreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; 7527225 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 7542490 |
| Change in net assets resulting from operations | $259528963 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**17**

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Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023**<br>| **Year Ended** <br>**7/31/2022**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | $251986473 | $50302148 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54512 |
| Net change in unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7527225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9036105) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING <br> FROM OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259528963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41320555 |
| **Distributions to Shareholders:** |  |  |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (251889437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50220717) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (190848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41365) |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> DISTRIBUTIONS TO SHAREHOLDERS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (252080287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50262130) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 14824866983 | &nbsp;&nbsp; 24614918258 |
| Net asset value of shares issued to shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46759820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8299365 |
| Cost of shares redeemed | &nbsp;&nbsp; (13641483543) | &nbsp;&nbsp; (25705000012) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1230143260 | &nbsp;&nbsp;&nbsp; (1081782389) |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1237591936 | &nbsp;&nbsp;&nbsp; (1090723964) |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 14244846085 | &nbsp;&nbsp; 15335570049 |
| End of period | $15482438021 | $14244846085 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**18**

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Notes to Financial Statements

January 31, 2023 (unaudited)

**1. ORGANIZATION** 

Federated Hermes Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included herein are only those of Federated Hermes Institutional Prime Obligations Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares: Institutional Shares, Service Shares and Capital Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income consistent with stability of principal.

The Fund operates as an institutional money market fund. As an institutional money market fund, the Fund: (1) will not be limited to institutional investors, but will continue to be available to retail investors; (2) will utilize current market-based prices (except as otherwise generally permitted to value individual portfolio securities with remaining maturities of 60 days or less at amortized cost in accordance with Securities and Exchange Commission (SEC) rules and guidance) to value its portfolio securities and transact at a floating net asset value (NAV) that uses four decimal-place precision ($1.0000); and (3) has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board of Trustees (the "Trustees") determine such liquidity fees or redemption gates are in the best interest of the Fund.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

**Investment Valuation** 

In calculating its net asset value (NAV), the Fund generally values investments as follows:

◾ <br>

Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the "Adviser").

◾ <br>

Fixed-income securities with remaining maturities of 60 days or less are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in the same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each time it makes a valuation

Semi-Annual Shareholder Report

**19**

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determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation.

◾ <br>

Shares of other mutual funds or non-exchange traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.

◾ <br>

For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser's valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser's valuation committee ("Valuation Committee"), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

**Fair Valuation Procedures** 

Pursuant to Rule 2a-5 under the Act, the Trustees have designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in

Semi-Annual Shareholder Report

**20**

------

accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a "bid" evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

**Repurchase Agreements** 

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund's custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a "securities entitlement" and exercises "control" as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund's Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Repurchase agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and

Semi-Annual Shareholder Report

**21**

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Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase price to be paid under the agreement reducing the net settlement amount to zero.

**Investment Income, Gains and Losses, Expenses and Distributions** 

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waivers and reimbursement of $7,575,602 is disclosed in Note 5.

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

**Other Service Fees** 

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Institutional Shares, Service Shares and Capital Shares to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time.

For the six months ended January 31, 2023, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Service Shares | $15220 |

---

For the six months ended January 31, 2023, the Fund's Institutional Shares and Capital Shares did not incur other service fees.

**Federal Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended January 31, 2023, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of January 31, 2023, tax years 2019 through 2022 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

Semi-Annual Shareholder Report

**22**

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**When-Issued and Delayed-Delivery Transactions** 

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**Restricted Securities** 

The Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer's expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund's restricted securities, like other securities, are priced in accordance with procedures established by and under the general supervision of the Adviser.

**Other** 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

**3. SHARES OF BENEFICIAL INTEREST** 

The following tables summarize share activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Institutional Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 14716384823 | $14715204781 | 24232087166 | $24233003776 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46657815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46659133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8283360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8282176 |
| Shares redeemed | (13531863278) | &nbsp;&nbsp; (13530838430) | (25296641390) | &nbsp;&nbsp; (25298888431) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM INSTITUTIONAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 1231179360 | $1231025484 | &nbsp;&nbsp; (1056270864) | $(1057602479) |

---

Semi-Annual Shareholder Report

**23**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Service Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 109666754 | $109662202 | &nbsp;&nbsp;&nbsp;&nbsp; 381843923 | $381914482 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17151 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (110650802) | &nbsp;&nbsp;&nbsp;&nbsp; (110645113) | &nbsp;&nbsp;&nbsp;&nbsp; (401541566) | &nbsp;&nbsp;&nbsp;&nbsp; (401611014) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM SERVICE <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (883358) | $(882224) | &nbsp;&nbsp;&nbsp;&nbsp; (19680489) | $(19679381) |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Capital Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $— |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4498390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4500567) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM CAPITAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4498352) | $(4500529) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM TOTAL FUND <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 1230296002 | $1230143260 | &nbsp;&nbsp; (1080449705) | $(1081782389) |

---

**4. FEDERAL TAX INFORMATION** 

At January 31, 2023, the cost of investments for federal tax purposes was $15,499,348,083. The net unrealized depreciation of investments for federal tax purposes was $379,941. This consists of unrealized appreciation from investments for those securities having an excess of value over cost of $2,726,893 and unrealized depreciation from investments for those securities having an excess of cost over value of $3,106,834.

As of July 31, 2022, the Fund had a capital loss carryforward of $1,400,723 which will reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these net capital losses retain their character as either short-term or long-term and do not expire.

The following schedule summarizes the Fund's capital loss carryforwards:

---

| | | |
|:---|:---|:---|
| **Short-Term** | **Long-Term** | **Total** |
| $1400723 | $— | $1400723 |

---

Semi-Annual Shareholder Report

**24**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Investment Adviser Fee** 

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee for competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended January 31, 2023, the Adviser voluntarily waived $7,575,602 of its fee.

**Administrative Fee** 

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, "Investment Complex" is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

---

| | |
|:---|:---|
| **Administrative Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Daily Net Assets** <br>**of the Investment Complex**<br>|
| 0.100% | on assets up to $50 billion |
| 0.075% | on assets over $50 billion |

---

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

**Other Service Fees** 

For the six months ended January 31, 2023, FSSC received $130 of the other service fees disclosed in Note 2.

**Expense Limitation** 

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSSC and FAS) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Institutional Shares, Service Shares and Capital Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.20%, 0.45% and 0.25% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2023; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

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**Directors'/Trustees' and Miscellaneous Fees** 

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors'/Trustees' fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

**Affiliated Shares of Beneficial Interest** 

As of January 31, 2023, a majority of the shares of beneficial interest outstanding are owned by other affiliated investment companies.

**6. CONCENTRATION OF RISK** 

A substantial part of the Fund's portfolio may be comprised of obligations of banks. As a result, the Fund may be more susceptible to any economic, business, political or other developments which generally affect these entities.

**7. LINE OF CREDIT** 

The Fund participates with certain other Federated Hermes Funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement dated June 22, 2022. The LOC was made available to temporarily finance the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund's ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to (a) the highest, on any day, of (i) the federal funds effective rate, (ii) the published secured overnight financing rate plus an assigned percentage, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of a commitment fee based on the amount of the lenders' commitment that has not been utilized, quarterly in arrears and at maturity. As of January 31, 2023, the Fund had no outstanding loans. During the six months ended January 31, 2023, the Fund did not utilize the LOC.

**8. INTERFUND LENDING** 

Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of January 31, 2023, there were no outstanding loans. During the six months ended January 31, 2023, the program was not utilized.

**9. INDEMNIFICATIONS** 

Under the Fund's organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal

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course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party's actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.

**10. OTHER MATTERS** 

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Fund's investments) and the markets in general in significant and unforeseen ways. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such investments. Any such impact could adversely affect the Fund's performance.

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Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2022 to January 31, 2023.

**ACTUAL EXPENSES** 

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to *estimate* the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an *assumed* rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should *not* use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative *total* costs of owning different funds.

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| | | | |
|:---|:---|:---|:---|
|  | **Beginning** <br>**Account Value** <br>**8/1/2022**<br>| **Ending** <br>**Account Value** <br>**1/31/2023**<br>| **Expenses Paid** <br>**During Period**<sup>1</sup> <br>|
| **Actual:** |  |  |  |
| Institutional Shares | $1000 | $1017.50 | $0.92 |
| Service Shares | $1000 | $1016.30 | $2.19 |
| Capital Shares | $1000 | $1016.50 | $1.12 |
| **Hypothetical (assuming a 5% return** <br> **before expenses):**<br>|  |  |  |
| Institutional Shares | $1000 | $1024.30 | $0.92 |
| Service Shares | $1000 | $1023.04 | $2.19 |
| Capital Shares | $1000 | $1024.10 | $1.12 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average* <br> *account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The* <br> *annualized net expense ratios are as follows:*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Institutional Shares | 0.18% |
| Service Shares | 0.43% |
| Capital Shares | 0.22% |

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Evaluation and Approval of Advisory Contract–May 2022

**Federated Hermes Institutional Prime Obligations Fund (the "Fund")**

At its meetings in May 2022 (the "May Meetings"), the Fund's Board of Trustees (the "Board"), including those Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940 (the "Independent Trustees"), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") (the "Contract") for an additional one-year term. The Board's determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

***<u>Information Received and Review Process</u>***

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO's independent written evaluation (the "CCO Fee Evaluation Report"), along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contract. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as "Senior Officer" prior to the elimination of the Senior Officer position in December 2017.

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered information specifically prepared in connection with the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, "Federated Hermes") in response to requests posed to Federated Hermes by independent legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional matters as the Independent Trustees deemed

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reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates; Federated Hermes' business and operations; the Adviser's investment philosophy, personnel and processes; the Fund's investment objectives and strategies; the Fund's short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund's particular investment program and a group of its peer funds and/or its benchmark, as appropriate); the Fund's investment objectives; the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the financial condition of Federated Hermes; the Adviser's profitability with respect to the Fund; distribution and sales activity for the Fund; and the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser's cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize "economies of scale" as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any "fall-out" benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fee and expense structures, including a comparison of management fees paid to the adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser's services and fees. The Board noted that the Securities and Exchange Commission ("SEC") disclosure requirements

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regarding the basis for a fund board's approval of the fund's investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a "Federated Hermes Fund" and, collectively, the ("Federated Hermes Funds").

In addition to considering the above-referenced factors, the Board was mindful of the preferences and expectations of Fund shareholders and the potential disruptions of the Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund on the strength of Federated Hermes' industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund's shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.

In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board's determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.

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***<u>Nature, Extent and Quality of Services</u>***

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by Federated Hermes. The Board considered the Adviser's personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and Federated Hermes' ability and experience in attracting and retaining qualified personnel to service the Fund. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser's ability to deliver competitive investment performance for the Fund when compared to the Fund's Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund's investment program. The Board also considered the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, in order to maintain a positive yield for the Fund in the low interest rate environment.

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened the organization's investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance ("ESG") factors and issuer engagement on ESG matters. The Board considered the quality of Federated Hermes' communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account Federated Hermes' communications with the Board in light of the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds' officers.

The Board received and evaluated information regarding Federated Hermes' regulatory and compliance environment. The Board considered Federated Hermes' compliance program and compliance history and reports from the CCO about Federated Hermes' compliance with applicable laws and

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regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes' support of the Federated Hermes Funds' compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund's obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated Hermes' commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes' approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds' compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes' oversight in this regard, including in connection with the designation of the Federated Hermes Funds' investment advisers as the administrators of the Federated Hermes Funds' liquidity risk management program.

The Board also considered the implementation of Federated Hermes' business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes' commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.

The Board considered Federated Hermes' efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Adviser to the Fund.

***<u>Fund Investment Performance</u>***

The Board considered the investment performance of the Fund. In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser's analysis of, the Fund's performance over different time periods that were

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provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund's gross and net returns, the Fund's investment performance compared to one or more relevant categories or groups of peer funds and the Fund's benchmark index, performance attribution information and commentary on the effect of market conditions.

The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by iMoneyNet, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the CCO's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds' objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.

For the one-year period ended December 31, 2021, the Fund's performance was above the median of the Performance Peer Group. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its Performance Peer Group.

Based on these considerations, the Board concluded that it had continued confidence in the Adviser's overall capabilities to manage the Fund.

***<u>Fund Expenses</u>***

The Board considered the advisory fee and overall expense structure of the Fund and the comparative fee and expense information that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund's total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the category of peer funds selected by iMoneyNet (the "Expense Peer Group"). The Board received a description of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet category.

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged by other advisers for managing funds with comparable investment programs, the Board noted that it found the use of such comparisons to be relevant to its evaluation. The Board focused on comparisons with other similar registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund

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shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund's shareholders. The Board noted that the range of such other registered funds' fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund's fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was above the median of the Expense Peer Group, but the Board noted the applicable waivers and reimbursements, and that the overall expense structure of the Fund remained competitive in the context of other factors considered by the Board.

The Board also received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO's conclusion that non-registered fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing and fund liquidity; (vi) different administrative responsibilities; (vii) different degrees of risk associated with management; and (viii) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution's registered fund, noting the CCO's view that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds' advisory fees.

Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.

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***<u>Profitability</u>***

The Board received and considered profitability information furnished by Federated Hermes, as requested by the CCO. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO's view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered the CCO's view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board noted the impact of the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, on the profitability of the Fund to the Adviser.

The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO's conclusion that, based on such profitability information, Federated Hermes' profit margins did not appear to be excessive. The Board also considered the CCO's view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.

***<u>Economies of Scale</u>***

The Board received and considered information about the notion of possible realization of "economies of scale" as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: personnel, processes and tools for portfolio management, including the use of market data on which portfolio managers make investment decisions; trading operations; ESG integration and issuer engagement on ESG matters; shareholder services; compliance; business continuity; cybersecurity; internal audit and risk management functions; and technology that supports the provision of investment management services. The Board noted that Federated

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Hermes' investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund's assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered Federated Hermes' reductions in contractual management fees for certain Federated Hermes Funds during the prior year, including in response to the CCO's recommendations in the prior year's CCO Fee Evaluation Report, which have resulted in benefits being realized by shareholders.

The Board also considered reports on adviser-paid fees (commonly referred to as "revenue sharing") that were provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes and the CCO believe that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to evaluate the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.

***<u>Other Benefits</u>***

The Board considered information regarding the compensation and other ancillary (or "fall-out") benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds' investment advisory contracts, Federated Hermes' affiliates also receive fees for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds' administrator and distributor). In this regard, the Board considered that certain of Federated Hermes' affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

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***<u>Conclusions</u>***

The Board considered: (i) the CCO's conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund is reasonable; and (ii) the CCO's recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board's evaluation of the Federated Hermes Funds' advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board's determination to approve the continuation of the Contract reflects its view that Federated Hermes' performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.

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Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400, Option #4. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

Semi-Annual Shareholder Report

**40**

------

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

This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund's Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY** 

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the "householding" program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of "householding." Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of "householding" at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400, Option #4.

Semi-Annual Shareholder Report

**41**

------

![](edelivery.jpg)

![](fhilogok11p.jpg)

Federated Hermes Institutional Prime Obligations Fund <br>Federated Hermes Funds <br>4000 Ericsson Drive <br>Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com** <br>or call 1-800-341-7400.

Federated Securities Corp., Distributor

*CUSIP 60934N203* <br>*CUSIP 60934N708* <br>*CUSIP 608919767*

*Q450200 (3/23)*© 2023 Federated Hermes, Inc.

![](fscbug_small.jpg)

------

**Semi-Annual Shareholder Report**

***January 31, 2023***

![](imgee9872dd1.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Share Class** \| Ticker | **Institutional** \| POIXX |

---

------

Federated Hermes Institutional Prime Obligations Fund

------

A Portfolio of Federated Hermes Money Market Obligations Trust

Dear Valued Shareholder,

We are pleased to present the Semi-Annual Shareholder Report for your fund covering the period from August 1, 2022 through January 31, 2023. This report includes a complete listing of your fund's holdings, performance information and financial statements along with other important fund information.

As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.

In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.

Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.

Sincerely, <br> ![](donahuechrissigsmall.jpg)

J. Christopher Donahue, President

*The Fund operates as a "Floating Net Asset Value" Money Market Fund.* <br>*The Share Price will fluctuate. It is possible to lose money by investing in the Fund.*

------

**Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee**

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Portfolio of Investments Summary Tables](#xx_41d42156-3f7e-449c-ba3b-0539eeabc773_1) | &nbsp;&nbsp; [1](#xx_41d42156-3f7e-449c-ba3b-0539eeabc773_1)  |
| [Portfolio of Investments](#xx_41d42156-3f7e-449c-ba3b-0539eeabc773_2) | &nbsp;&nbsp; [2](#xx_41d42156-3f7e-449c-ba3b-0539eeabc773_2)  |
| [Financial Highlights](#xx_2c5956d0-2dd6-4f4a-bfa9-6b9bed8cc983_1) | [13](#xx_2c5956d0-2dd6-4f4a-bfa9-6b9bed8cc983_1)  |
| [Statement of Assets and Liabilities](#xx_478da3b6-160a-4a08-9161-00c1dbcac5b0_1) | [14](#xx_478da3b6-160a-4a08-9161-00c1dbcac5b0_1)  |
| [Statement of Operations](#xx_478da3b6-160a-4a08-9161-00c1dbcac5b0_2) | [15](#xx_478da3b6-160a-4a08-9161-00c1dbcac5b0_2)  |
| [Statement of Changes in Net Assets](#xx_478da3b6-160a-4a08-9161-00c1dbcac5b0_3) | [16](#xx_478da3b6-160a-4a08-9161-00c1dbcac5b0_3)  |
| [Notes to Financial Statements](#xx_a2516d85-65d1-418b-8e6d-6d4633c56a48_1) | [17](#xx_a2516d85-65d1-418b-8e6d-6d4633c56a48_1)  |
| [Shareholder Expense Example](#xx_898d1482-cd16-494a-845a-8038b140e1c8_1) | [26](#xx_898d1482-cd16-494a-845a-8038b140e1c8_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_0dbb0894-b740-4679-8106-b216d7793b14_1) | [27](#xx_0dbb0894-b740-4679-8106-b216d7793b14_1)  |
| [Voting Proxies on Fund Portfolio Securities](#xx_f3f42703-3a9a-4342-95fc-60cedd6b3483_1) | [37](#xx_f3f42703-3a9a-4342-95fc-60cedd6b3483_1)  |
| [Portfolio Schedule](#xx_f3f42703-3a9a-4342-95fc-60cedd6b3483_1) | [37](#xx_f3f42703-3a9a-4342-95fc-60cedd6b3483_1) |

---

------

Portfolio of Investments Summary Tables (unaudited)

At January 31, 2023, the Fund's portfolio composition<sup>1</sup> was as follows:

---

| | |
|:---|:---|
| **Security Type** | **Percentage of** <br>**Total Net Assets**<br>|
| Other Repurchase Agreements and Repurchase Agreements | 36.1% |
| Variable Rate Instruments | 34.1% |
| Bank Instruments | 15.5% |
| Commercial Paper | &nbsp;&nbsp; 9.4% |
| U.S. Treasury Securities | &nbsp;&nbsp; 5.0% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | **100%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *See the Fund's Prospectus and Statement of Additional Information for a description of these* <br> *security types.*<br>|
| 2 | *Assets, other than investments in securities, less liabilities. See Statement of Assets and* <br> *Liabilities.*<br>|

---

At January 31, 2023, the Fund's effective maturity schedule<sup>1</sup> was as follows:

---

| | |
|:---|:---|
| **Securities With an** <br>**Effective Maturity of:**<br>| **Percentage of** <br>**Total Net Assets**<br>|
| 1-7 Days<sup>2</sup> <br>| 82.8% |
| 8-30 Days | &nbsp;&nbsp; 6.1% |
| 31-90 Days | &nbsp;&nbsp; 2.9% |
| 91-180 Days | &nbsp;&nbsp; 6.7% |
| 181 Days or more | &nbsp;&nbsp; 1.6% |
| Other Assets and Liabilities—Net<sup>3</sup> <br>| (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | **100%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the* <br> *Investment Company Act of 1940, which regulates money market mutual funds.*<br>|
| 2 | *Overnight securities comprised 34.0% of the Fund's portfolio.* |
| 3 | *Assets, other than investments in securities, less liabilities. See Statement of Assets* <br> *and Liabilities.*<br>|

---

Semi-Annual Shareholder Report

**1**

------

Portfolio of Investments

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— 34.1% |  |
|  | **Aerospace/Auto— 0.1%** |  |
| $20000000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support <br> Agreement), 4.670% (SOFR +0.370%), 2/1/2023<br>| $20000000 |
|  | **Finance - Banking— 29.9%** |  |
| 47500000 | Australia & New Zealand Banking Group, Melbourne, 4.650% <br> (SOFR +0.350%), 2/1/2023<br>| 47500000 |
| 23000000 | Australia & New Zealand Banking Group, Melbourne, 4.650% <br> (SOFR +0.350%), 2/1/2023<br>| 22999995 |
| 27500000 | Australia & New Zealand Banking Group, Melbourne, 4.680% <br> (SOFR +0.380%), 2/1/2023<br>| 27509708 |
| 30000000 | Bank of Montreal, 4.860% (SOFR +0.560%), 2/1/2023 | 30035207 |
| 60000000 | Bank of Montreal, 4.950% (SOFR +0.650%), 2/1/2023 | 59688403 |
| 110000000 | Bank of Montreal, 5.000% (SOFR +0.700%), 2/1/2023 | 110000000 |
| 60000000 | Bank of Montreal, 5.000% (SOFR +0.700%), 2/1/2023 | 60158696 |
| 50000000 | Bank of Nova Scotia, Toronto, 4.740% (SOFR +0.440%), 2/1/2023 | 50021235 |
| 25000000 | Bank of Nova Scotia, Toronto, 4.800% (SOFR +0.500%), 2/1/2023 | 25021438 |
| 100000000 | Bank of Nova Scotia, Toronto, 4.800% (SOFR +0.500%), 2/1/2023 | 100162188 |
| 20000000 | Bank of Nova Scotia, Toronto, 4.830% (SOFR +0.530%), 2/1/2023 | 20000000 |
| 35000000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 35042896 |
| 43500000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 43554955 |
| 20000000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 20025946 |
| 23500000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 23529425 |
| 22000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 22031384 |
| 10000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 10014511 |
| 50000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 50086470 |
| 100000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 100000000 |
| 125000000 | Bank of Nova Scotia, Toronto, 4.970% (SOFR +0.670%), 2/1/2023 | 125222681 |
| 24000000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 4.630% <br> (SOFR +0.330%), 2/1/2023<br>| 24006734 |
| 50000000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 4.820% <br> (SOFR +0.520%), 2/1/2023<br>| 50000000 |
| 54000000 | Canadian Imperial Bank of Commerce, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 54053273 |
| 120000000 | Canadian Imperial Bank of Commerce, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 120114742 |
| 120000000 | Canadian Imperial Bank of Commerce, 4.850% (SOFR <br> +0.550%), 2/1/2023<br>| 120168700 |
| 50000000 | Canadian Imperial Holdings, Inc., 4.820% (SOFR <br> +0.520%), 2/1/2023<br>| 50057288 |
| 95000000 | Citibank N.A., New York, 4.720% (SOFR +0.420%), 2/1/2023 | 95038795 |

---

Semi-Annual Shareholder Report

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Finance - Banking— continued** |  |
| $186000000 | Citibank N.A., New York, 4.720% (SOFR +0.420%), 2/1/2023 | $186075711 |
| 100000000 | Citibank N.A., New York, 4.770% (SOFR +0.470%), 2/1/2023 | 100086828 |
| 9900000 | City Furniture, Inc., (Wells Fargo Bank, N.A. LOC), 4.530%, 2/2/2023 | 9900000 |
| 15000000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan <br> Securities LLC COL), 4.730% (SOFR +0.430%), 2/1/2023<br>| 15009267 |
| 47500000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan <br> Securities LLC COL), 4.750% (SOFR +0.450%), 2/1/2023<br>| 47500000 |
| 20500000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 4.670% (SOFR +0.370%), 2/1/2023<br>| 20500000 |
| 50000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 4.800% (SOFR +0.500%), 2/1/2023<br>| 50000000 |
| 50000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 4.810% (SOFR +0.510%), 2/1/2023<br>| 50000000 |
| 45000000 | Commonwealth Bank of Australia, 4.730% (SOFR <br> +0.430%), 2/1/2023<br>| 45000000 |
| 50000000 | Commonwealth Bank of Australia, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 50000000 |
| 25000000 | Commonwealth Bank of Australia, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 25000000 |
| 16700000 | Greene County Development Authority, Reynolds Lodge, LLC <br> Series 2000B, (U.S. Bank, N.A. LOC), 4.450%, 2/1/2023<br>| 16700000 |
| 3000000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. <br> Project 2013A, (Bank of America N.A. LOC), 4.400%, 2/2/2023<br>| 3000000 |
| 7000000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. <br> Project, (Bank of America N.A. LOC), 4.400%, 2/2/2023<br>| 7000000 |
| 7595000 | Gulf Gate Apartments LLC, Series 2003, (Wells Fargo Bank, N.A. <br> LOC), 4.510%, 2/2/2023<br>| 7595000 |
| 11755000 | Hamilton Station Park and Ride, Series 2005, (Wells Fargo Bank, <br> N.A. LOC), 4.510%, 2/2/2023<br>| 11755000 |
| 9000000 | Michael Dennis Sullivan Irrevocable Trust, (Wells Fargo Bank, N.A. <br> LOC), 4.400%, 2/2/2023<br>| 9000000 |
| 100000000 | Mizuho Bank Ltd., 4.860% (SOFR +0.560%), 2/1/2023 | 100000000 |
| 32500000 | MUFG Bank Ltd., 4.700% (SOFR +0.400%), 2/1/2023 | 32511243 |
| 55950000 | MUFG Bank Ltd., 4.790% (SOFR +0.490%), 2/1/2023 | 55950552 |
| 71500000 | MUFG Bank Ltd., 4.850% (SOFR +0.550%), 2/1/2023 | 71500000 |
| 50000000 | National Australia Bank Ltd., Melbourne, 4.700% (SOFR <br> +0.400%), 2/1/2023<br>| 50000000 |
| 37500000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 37500000 |
| 45000000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 45040732 |
| 84000000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 84069077 |
| 22500000 | National Australia Bank Ltd., Melbourne, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 22523148 |

---

Semi-Annual Shareholder Report

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Finance - Banking— continued** |  |
| $96500000 | National Australia Bank Ltd., Melbourne, 4.860% (SOFR <br> +0.560%), 2/1/2023<br>| $96650344 |
| 50000000 | Nordea Bank Abp, 4.540% (SOFR +0.240%), 2/1/2023 | 50011608 |
| 12500000 | Nordea Bank Abp, 4.550% (SOFR +0.250%), 2/1/2023 | 12500799 |
| 36000000 | Nordea Bank Abp, 4.740% (SOFR +0.440%), 2/1/2023 | 36031199 |
| 40000000 | Nordea Bank Abp, 4.800% (SOFR +0.500%), 2/1/2023 | 40000000 |
| 34000000 | Nuveen Floating Rate Income Fund, (Series A), (Sumitomo Mitsui <br> Banking Corp. LOC), 4.620%, 2/2/2023<br>| 34000000 |
| 3115000 | Public Building Corp., Springfield, MO, Jordan Valley Ice Park, <br> Series 2003, (U.S. Bank, N.A. LOC), 4.450%, 2/2/2023<br>| 3115000 |
| 50000000<br><sup>2</sup> <br>| Ridgefield Funding Company, LLC Series A, (BNP Paribas SA COL), <br> 4.700% (SOFR +0.400%), 2/1/2023<br>| 50000000 |
| 35000000 | Ridgefield Funding Company, LLC Series A, (BNP Paribas SA COL), <br> 4.750% (SOFR +0.450%), 2/1/2023<br>| 35000000 |
| 150000000 | Royal Bank of Canada, 4.850% (SOFR +0.550%), 2/1/2023 | 150134487 |
| 62500000 | Royal Bank of Canada, 5.050% (SOFR +0.750%), 2/1/2023 | 62633697 |
| 35000000 | Royal Bank of Canada, New York Branch, 4.870% (SOFR <br> +0.570%), 2/1/2023<br>| 35059341 |
| 95000000 | Royal Bank of Canada, New York Branch, 4.880% (SOFR <br> +0.580%), 2/1/2023<br>| 95152727 |
| 18965000 | Salem Green, LLP, Salem Green Apartments Project, Series 2010, <br> (Wells Fargo Bank, N.A. LOC), 4.510%, 2/2/2023<br>| 18965000 |
| 300000000 | Sumitomo Mitsui Trust Bank Ltd., 4.740% (SOFR <br> +0.440%), 2/1/2023<br>| 300000000 |
| 130500000 | Svenska Handelsbanken, Stockholm, 4.650% (SOFR <br> +0.350%), 2/1/2023<br>| 130500000 |
| 125000000 | Svenska Handelsbanken, Stockholm, 4.860% (SOFR <br> +0.560%), 2/1/2023<br>| 125000000 |
| 80295470 | Taxable Tender Option Bond Trust 2021-MIZ9060TX, <br> (Series 2021-MIZ9060TX) VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 4.590%, 2/1/2023<br>| 80295470 |
| 10000000 | Taxable Tender Option Bond Trust 2021-MIZ9075TX, <br> (Series MIZ-9075TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank <br> Ltd. LOC), 4.590%, 2/1/2023<br>| 10000000 |
| 3534874 | Taxable Tender Option Bond Trust 2021-MIZ9077TX, <br> (Series 2021-MIZ9077TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho <br> Bank Ltd. LOC), 4.590%, 2/1/2023<br>| 3534874 |
| 2207606 | Taxable Tender Option Bond Trust 2021-MIZ9078TX, <br> (Series 2021-MIZ9078TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho <br> Bank Ltd. LOC), 4.590%, 2/1/2023<br>| 2207606 |
| 17500000 | Toronto Dominion Bank, 4.880% (SOFR +0.580%), 2/1/2023 | 17536905 |
| 27500000 | Toronto Dominion Bank, 4.880% (SOFR +0.580%), 2/1/2023 | 27541573 |
| 60000000 | Triborough Bridge & Tunnel Authority, NY, (Series E Taxable) <br> Weekly VRDNs, (UBS AG LOC), 4.350%, 2/2/2023<br>| 60000000 |

---

Semi-Annual Shareholder Report

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Finance - Banking— continued** |  |
| $7000000 | Westpac Banking Corp. Ltd., Sydney, 4.700% (SOFR <br> +0.400%), 2/1/2023<br>| $7003972 |
| 99000000 | Westpac Banking Corp. Ltd., Sydney, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 99000000 |
| 150000000 | Westpac Banking Corp. Ltd., Sydney, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 150000000 |
| 40000000 | Westpac Banking Corp. Ltd., Sydney, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 40000000 |
| 136000000 | Westpac Banking Corp. Ltd., Sydney, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 136000000 |
| 45000000 | Westpac Banking Corp. Ltd., Sydney, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 45056750 |
| 22500000 | Westpac Banking Corp. Ltd., Sydney, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 22530451 |
| 5870000 | Yeshivas Novominsk, Series 2008, (TD Bank, N.A. LOC), <br> 4.570%, 2/2/2023<br>| 5870000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 4630593031 |
|  | **Finance - Retail— 2.4%** |  |
| 10000000 | Chariot Funding LLC, 4.660% (SOFR +0.360%), 2/1/2023 | 10000000 |
| 45000000 | Chariot Funding LLC, 4.850% (SOFR +0.550%), 2/1/2023 | 45000000 |
| 45000000 | Fairway Finance Co. LLC, 4.700% (SOFR +0.400%), 2/1/2023 | 45000000 |
| 61750000 | Old Line Funding, LLC, 4.700% (SOFR +0.400%), 2/1/2023 | 61750000 |
| 47500000 | Old Line Funding, LLC, 4.760% (SOFR +0.460%), 2/1/2023 | 47500000 |
| 42500000 | Old Line Funding, LLC, 4.800% (SOFR +0.500%), 2/1/2023 | 42500000 |
| 40000000 | Old Line Funding, LLC, 4.820% (SOFR +0.520%), 2/1/2023 | 40000000 |
| 45000000 | Old Line Funding, LLC, 4.870% (SOFR +0.570%), 2/1/2023 | 45032735 |
| 25000000 | Thunder Bay Funding, LLC, 4.730% (SOFR +0.430%), 2/1/2023 | 25000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 361782735 |
|  | **Government Agency— 1.7%** |  |
| 12785000 | 1320 W Jefferson LLC, (Federal Home Loan Bank of San Francisco <br> LOC), 4.400%, 2/1/2023<br>| 12785000 |
| 51450000 | Archer 1 LLC, (Federal Home Loan Bank of San Francisco LOC), <br> 4.400%, 2/2/2023<br>| 51450000 |
| 9015000 | Austen Children's Gift Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.400%, 2/2/2023<br>| 9015000 |
| 6830000 | Baker Life Insurance Trust, (Federal Home Loan Bank of Des Moines <br> LOC), 4.400%, 2/2/2023<br>| 6830000 |
| 34850000 | BWF Forge TL Properties Owner LLC, (Federal Home Loan Bank of <br> Des Moines LOC)/(Federal Home Loan Bank of San Francisco LOC), <br> 4.400%, 2/2/2023<br>| 34850000 |
| 5705000 | Catania Family Trust, (Federal Home Loan Bank of Dallas LOC), <br> 4.400%, 2/2/2023<br>| 5705000 |
| 4270000 | Jim Brooks Irrevocable Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.390%, 2/2/2023<br>| 4270000 |

---

Semi-Annual Shareholder Report

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Government Agency— continued** |  |
| $11570000 | Joseph L. Goggins Irrevocable Insurance Trust, (Federal Home Loan <br> Bank of Des Moines LOC), 4.400%, 2/2/2023<br>| $11570000 |
| 3655000 | Karyn Brooks Descendants Trust, (Federal Home Loan Bank of <br> Dallas LOC), 4.390%, 2/2/2023<br>| 3655000 |
| 6380000 | MHF DKF Insurance Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.400%, 2/1/2023<br>| 6380000 |
| 17030000 | Mohr Green Associates L.P., 2012-A, (Federal Home Loan Bank of <br> San Francisco LOC), 4.400%, 2/2/2023<br>| 17030000 |
| 22610000 | NWD 2017 Family Trust No. 1, (Federal Home Loan Bank of Dallas <br> LOC), 4.400%, 2/2/2023<br>| 22610000 |
| 9080000 | Park Stanton Place LP, (Federal Home Loan Bank of San Francisco <br> LOC), 4.400%, 2/2/2023<br>| 9080000 |
| 2205000 | Plaza Fitzsimons Owner, LLC, (Federal Home Loan Bank of <br> San Francisco LOC), 4.400%, 2/1/2023<br>| 2205000 |
| 5010000 | R.J. Brooks Jr. Irrevocable Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.390%, 2/2/2023<br>| 5010000 |
| 6980000 | RK Trust, (Federal Home Loan Bank of Dallas LOC), <br> 4.400%, 2/2/2023<br>| 6980000 |
| 3500000 | Rohnert Park 668, L.P., (Federal Home Loan Bank of San Francisco <br> LOC), 4.813%, 2/2/2023<br>| 3500000 |
| 6255000 | Sibley Family Irrevocable Insurance Trust, (Federal Home Loan Bank <br> of Des Moines LOC), 4.400%, 2/2/2023<br>| 6255000 |
| 6610000 | The CLC Irrevocable Insurance Trust, (Federal Home Loan Bank of <br> Des Moines LOC), 4.400%, 2/2/2023<br>| 6610000 |
| 5120000 | The Eugene Kim Irrevocable Life Insurance Trust, (Federal Home <br> Loan Bank of Dallas LOC), 4.400%, 2/2/2023<br>| 5120000 |
| 22830000 | The Gregory P. Berry Trust, (Federal Home Loan Bank of Des <br> Moines LOC), 4.400%, 2/1/2023<br>| 22830000 |
| 5740000 | The Leopold Family Insurance Trust, (Federal Home Loan Bank of <br> Dallas LOC), 4.400%, 2/2/2023<br>| 5740000 |
| 5975000 | The Thompson 2018 Family Trust, (Federal Home Loan Bank of <br> Dallas LOC), 4.390%, 2/2/2023<br>| 5975000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 265455000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NOTES - VARIABLE <br>(IDENTIFIED COST $5,275,593,417)<br>| &nbsp;&nbsp;&nbsp; 5277830766 |
| <sup>3</sup> <br>| COMMERCIAL PAPER— 9.4% |  |
|  | **Finance - Banking— 5.9%** |  |
| 10000000 | Albion Capital LLC, (MUFG Bank Ltd. LIQ), 4.535%, 2/16/2023 | 9981167 |
| 195000000 | Anglesea Funding LLC, 4.383% - 5.034%, 2/1/2023 - 7/19/2023 | 193954172 |
| 60000000 | Bank of Montreal, 2.800%, 5/9/2023 | 60000000 |
| 40000000 | Canadian Imperial Bank of Commerce, 2.069%, 3/20/2023 | 39760107 |
| 50000000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan <br> Securities LLC COL), 5.055%, 7/24/2023<br>| 48807616 |
| 21000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 5.055%, 7/24/2023<br>| 20499199 |

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Semi-Annual Shareholder Report

**6**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>3</sup> <br>| COMMERCIAL PAPER— continued |  |
|  | **Finance - Banking— continued** |  |
| $200000000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, <br> 5.034%, 7/25/2023<br>| $195239028 |
| 70000000 | Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 4.823%, 5/5/2023 | 69137106 |
| 22000000 | National Australia Bank Ltd., Melbourne, 3.843%, 6/15/2023 | 21599050 |
| 89500000 | Royal Bank of Canada, 2.229% - 4.050%, 3/29/2023 - 8/23/2023 | 87528070 |
| 122000000 | Toronto Dominion Bank, 2.903%, 5/31/2023 | 120098426 |
| 55000000 | Victory Receivables Corp., (MUFG Bank Ltd. LIQ), <br> 4.809%, 4/17/2023<br>| 54451491 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 921055432 |
|  | **Finance - Retail— 0.4%** |  |
| 7500000 | Fairway Finance Co. LLC, 5.043%, 7/24/2023 | 7318967 |
| 50000000 | Thunder Bay Funding, LLC, 5.091%, 8/2/2023 | 48746222 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56065189 |
|  | **Insurance— 1.9%** |  |
| 300000000 | UnitedHealth Group, Inc., 4.323%, 2/1/2023 | 300000000 |
|  | **Oil & Oil Finance— 0.3%** |  |
| 42400000 | TotalEnergies Capital Canada Ltd., 4.351%, 2/3/2023 | 42389777 |
|  | **Sovereign— 0.9%** |  |
| 115000000 | BNG Bank N.V., 4.341% - 4.553%, 2/1/2023 - 2/27/2023 | 114754354 |
| 30000000 | Export Development Canada, (Canada, Government of SUB), <br> 5.203%, 11/9/2023<br>| 28829167 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 143583521 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL PAPER <br>(IDENTIFIED COST $1,464,607,005)<br>| &nbsp;&nbsp;&nbsp; 1463093919 |
|  | CERTIFICATES OF DEPOSIT— 9.1% |  |
|  | **Finance - Banking— 9.1%** |  |
| 66500000 | Bank of Montreal, 2.850% - 5.470%, 5/24/2023 - 1/8/2024 | 66435127 |
| 325000000 | Credit Agricole Corporate and Investment Bank, 4.310% - 4.490%, <br> 2/1/2023 - 2/7/2023<br>| 325000000 |
| 335500000 | Mizuho Bank Ltd., 4.360% - 4.810%, 2/1/2023 - 5/4/2023 | 335504067 |
| 406500000 | Sumitomo Mitsui Trust Bank Ltd., 4.770% - 4.830%, 4/13/2023 - <br> 5/16/2023<br>| 406541672 |
| 205000000 | Toronto Dominion Bank, 2.800% - 4.070%, 5/5/2023 - 7/18/2023 | 203882621 |
| 70000000 | Toronto Dominion Bank, 5.250%, 1/25/2024 | 70006090 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CERTIFICATES OF DEPOSIT <br>(IDENTIFIED COST $1,408,499,723)<br>| &nbsp;&nbsp;&nbsp; 1407369577 |
|  | TIME DEPOSITS— 6.4% |  |
|  | **Finance - Banking— 6.4%** |  |
| 770000000 | ABN Amro Bank NV, 4.330% - 4.510%, 2/1/2023 - 2/7/2023 | 770000000 |
| 125000000 | Australia & New Zealand Banking Group, Melbourne, <br> 4.360%, 2/3/2023<br>| 125000000 |

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Semi-Annual Shareholder Report

**7**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | TIME DEPOSITS— continued |  |
|  | **Finance - Banking— continued** |  |
| $100000000 | Mizuho Bank Ltd., 4.320%, 2/1/2023 | $100000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TIME DEPOSITS <br>(IDENTIFIED COST $995,000,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 995000000 |
|  | U.S. TREASURY— 5.0% |  |
|  | **U.S. Treasury Bills— 4.7%** |  |
| 730000000 | United States Treasury Bill, 4.490%, 2/23/2023 | 727996960 |
|  | **U.S. Treasury Notes— 0.3%** |  |
| 50000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.682% (91-day T-Bill <br> +0.034%), 2/7/2023<br>| 50026920 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY <br>(IDENTIFIED COST $777,997,938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 778023880 |
|  | OTHER REPURCHASE AGREEMENTS— 16.8% |  |
|  | **Finance - Banking— 16.8%** |  |
| 288625000 | BNP Paribas S.A., 4.40%, dated 1/31/2023, interest in a <br> $350,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $350,042,778 on 02/01/2023, in <br> which asset-backed securities, corporate bonds, collateralized <br> mortgage obligations, medium-term note and sovereign debt with <br> a market value of $358,110,649 have been received as collateral <br> and held with BNY Mellon as tri-party agent.<br>| 288625000 |
| 60000000 | BofA Securities, Inc., 4.39%, dated 1/31/2023, interest in a <br> $75,000,000 collateralized loan agreement will repurchase securities <br> provided as collateral for $75,009,146 on 02/03/2023, in which <br> corporate bonds with a market value of $76,509,399 have been <br> received as collateral and held with BNY Mellon as tri-party agent.<br>| 60000000 |
| 100000000 | BofA Securities, Inc., 5.19%, dated 9/4/2020, interest in a <br> $100,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $101,297,500 on 5/4/2023, in <br> which American depositary receipts, convertible bonds, <br> exchange-traded funds and sovereign debt with a market value of <br> $102,405,932 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 100000000 |
| 150000000 | BofA Securities, Inc., 4.66%, dated 12/13/2022, interest in a <br> $165,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $165,149,508 on 2/10/2023, in <br> which corporate bonds and medium-term note with a market value <br> of $168,321,047 have been received as collateral and held with <br> BNY Mellon as tri-party agent.<br>| 150000000 |
| 200000000 | BofA Securities, Inc., 5.11%, dated 12/6/2022, interest in a <br> $250,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $226,117,813 on 2/10/2023, in <br> which asset-backed securities and collateralized mortgage <br> obligations with a market value of $229,530,919 have been <br> received as collateral and held with BNY Mellon as tri-party agent.<br>| 200000000 |

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Semi-Annual Shareholder Report

**8**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS— continued |  |
|  | **Finance - Banking— continued** |  |
| $250000000 | BofA Securities, Inc., 5.19%, dated 9/9/2020, interest in a <br> $250,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $253,243,750 on 5/4/2023, in <br> which American depositary receipt, asset-backed securities, <br> corporate bond, convertible bonds and medium-term with a market <br> value of $256,014,831 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| $250000000 |
| 125000000 | Credit Agricole S.A., 4.72%, dated 6/24/2022, interest in a <br> $300,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $300,275,333 on 2/10/2023, in <br> which asset-backed securities, corporate bonds, collateralized <br> mortgage obligations and sovereign debt with a market value of <br> $306,126,468 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 125000000 |
| 280000000 | Credit Agricole S.A., 4.62%, dated 6/24/2022, interest in a <br> $800,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $800,718,667 on 2/10/2023, in <br> which asset-backed securities, corporate bonds, collateralized <br> mortgage obligations, medium-term note and sovereign debt with <br> a market value of $816,155,252 have been received as collateral <br> and held with BNY Mellon as tri-party agent.<br>| 280000000 |
| 45000000 | HSBC Securities (USA), Inc., 4.42%, dated 1/31/2023, interest in a <br> $245,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $245,030,081 on 2/01/2023, in <br> which corporate bonds, medium-term notes and Sovereign debt <br> with a market value of $249,900,000 have been received as <br> collateral and held with BNY Mellon as tri-party agent.<br>| 45000000 |
| 44625000 | ING Financial Markets LLC, 4.39%, dated 1/31/2023, interest in a <br> $50,000,000 collateralized loan agreement will repurchase securities <br> provided as collateral for $50,006,097 on 2/1/2023, in which <br> corporate bonds, medium-term note and sovereign debt with a <br> market value of $51,006,594 have been received as collateral and <br> held with BNY Mellon as tri-party agent.<br>| 44625000 |
| 65000000 | J.P. Morgan Securities LLC, 4.82%, dated 1/23/2023, interest in a <br> $250,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $251,004,167 on 02/22/2023, in <br> which asset-backed securities, collateralized mortgage obligation, <br> corporate bonds, medium-term notes and Sovereign debt with a <br> market value of $255,000,000 have been received as collateral and <br> held with BNY Mellon as tri-party agent.<br>| 65000000 |
| 50000000 | Mizuho Securities USA, Inc., 4.42%, dated 1/31/2023, interest in a <br> $100,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $100,012,278 on 2/01/2023, in <br> which asset-backed securities and corporate bonds with a market <br> value of $102,012,524 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| 50000000 |

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Semi-Annual Shareholder Report

**9**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS— continued |  |
|  | **Finance - Banking— continued** |  |
| $85000000 | Mizuho Securities USA, Inc., 4.47%, dated 1/31/2023, interest in a <br> $150,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $150,018,625 on 2/01/2023, in <br> which common stocks with a market value of $153,019,001 have <br> been received as collateral and held with BNY Mellon as tri-party <br> agent.<br>| $85000000 |
| 78625000 | Mitsubishi UFG Securities Americas, Inc., 4.47%, dated 1/31/2023, <br> interest in a $300,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $300,037,250 on <br> 2/1/2023, in which American depositary receipts, common stocks, <br> corporate bonds, exchange-traded funds, unit investment trust and <br> municipal bonds with a market value of $306,038,896 have been <br> received as collateral and held with BNY Mellon as tri-party agent.<br>| 78625000 |
| 135000000 | Pershing LLC, 4.82%, dated 7/14/2022, interest in a $300,000,000 <br> collateralized loan agreement will repurchase securities provided as <br> collateral for $300,281,167 on 2/10/2023, in which asset-backed <br> securities, collateralized mortgage obligations, corporate bonds, <br> commercial paper, common stocks, convertible bond, certificate <br> deposit, exchange-traded funds, medium-term notes, municipal <br> bonds, mutual funds and sovereign debt of with a market value of <br> $306,038,845 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 135000000 |
| 125000000 | Societe Generale, Paris, 4.38%, dated 1/31/2023, interest in a <br> $350,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $350,042,583 on 2/1/2023, in <br> which asset-backed securities, corporate bonds, collateralized <br> mortgage obligations, medium-term note and sovereign debt with <br> a market value of $357,246,293 have been received as collateral <br> and held with BNY Mellon as tri-party agent.<br>| 125000000 |
| 300625000 | Societe Generale, Paris, 4.47%, dated 1/31/2023, interest in a <br> $650,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $650,080,708 on 2/1/2023, in <br> which asset-backed securities, corporate bonds, collateralized <br> mortgage obligations and medium-term with a market value of <br> $663,082,322 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 300625000 |
| 86150000 | Standard Chartered Bank, 4.38%, dated 1/31/2023, interest in a <br> $150,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $150,018,250 on 2/1/2023, in <br> which treasury bonds and treasury notes with a market value of <br> $153,018,623 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 86150000 |
| 125000000 | Wells Fargo Securities LLC, 5.17%, dated 2/3/2022, interest in a <br> $125,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $126,633,576 on 04/10/2023, in <br> which certificate of deposit with a market value of $127,921,140 <br> have been received as collateral and held with BNY Mellon as <br> tri-party agent.<br>| 125000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER REPURCHASE AGREEMENTS <br>(IDENTIFIED COST $2,593,650,000)<br>| &nbsp;&nbsp;&nbsp; 2593650000 |

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Semi-Annual Shareholder Report

**10**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS— 19.3% |  |
|  | **Finance - Banking— 19.3%** |  |
| $2000000000 | Interest in $2,000,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Federal Reserve Bank of New York <br> will repurchase securities provided as collateral for $2,000,238,889 <br> on 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were U.S. Treasury <br> securities with various maturities to 8/15/2040 and the market value <br> of those underlying securities was $2,000,238,961.<br>| $2000000000 |
| 484000000 | Interest in $2,000,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Sumitomo Mitsui Banking Corp will <br> repurchase securities provided as collateral for $2,000,238,889 on <br> 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were <br> U.S. Government Agency securities with various maturities to <br> 10/20/2052 and the market value of those underlying securities <br> was $2,040,243,667.<br>| 484000000 |
| 500000000 | Interest in $1,650,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Mitsubishi UFJ Securities (USA), Inc. <br> will repurchase securities provided as collateral for $1,650,197,083 <br> on 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were <br> U.S. Government Agency securities with various maturities to <br> 2/1/2053 and the market value of those underlying securities <br> was $1,683,201,025.<br>| 500000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REPURCHASE AGREEMENTS <br>(IDENTIFIED COST $2,984,000,000)<br>| &nbsp;&nbsp;&nbsp; 2984000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—100.1% <br>(IDENTIFIED COST $15,499,348,083)<sup>4</sup> <br>| 15498968142 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(0.1)%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16530121) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $15482438021 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Floating/variable note with current rate and current maturity or next reset date shown. Certain* <br> *variable rate securities are not based on a published reference rate and spread but are* <br> *determined by the issuer or agent and are based on current market conditions. These securities* <br> *do not indicate a reference rate and spread in their description above.*<br>|
| 2 | *Denotes a restricted security that either: (a) cannot be offered for public sale without first being* <br> *registered, or availing of an exemption from registration, under the Securities Act of 1933; or* <br> *(b) is subject to a contractual restriction on public sales. At January 31, 2023, these restricted* <br> *securities amounted to $50,000,000, which represented 0.3% of total net assets.*<br>|
| 3 | *Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.* |
| 4 | *Also represents cost of investments for federal tax purposes.* |
| 5 | *Assets, other than investments in securities, less liabilities. See Statement of Assets and* <br> *Liabilities.*<br>|

---

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2023.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Semi-Annual Shareholder Report

**11**

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Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of January 31, 2023, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | 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 |
| SOFR | —Secured Overnight Financing Rate |
| VRDNs | —Variable Rate Demand Notes |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**12**

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Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value,** <br> **Beginning of Period**<br>| **$0.9998** | **$1.0005** | **$1.0007** | **$1.0004** | **$1.0003** | **$1.0003** |
| **Income From** <br> **Investment Operations:**<br>|  |  |  |  |  |  |
| Net investment income <br> (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0168<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0037<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0156 |
| Net realized and <br> unrealized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0000<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From <br> Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0156 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0156) |
| **Net Asset Value, End** <br> **of Period**<br>| **$1.0003** | **$0.9998** | **$1.0005** | **$1.0007** | **$1.0004** | **$1.0003** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.34%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.62% |
| Expense waiver/<br> reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of <br> period (000 omitted)<br>| $15470601 | $14232133 | $15298656 | $23611390 | $21146776 | $10941508 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Per share numbers have been calculated using the average shares method.* |
| 2 | *Represents less than $0.0001.* |
| 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* <br> *may invest.*<br>|
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

The financial highlights of the Service Shares and Capital Shares are presented separately.

Semi-Annual Shareholder Report

**13**

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Statement of Assets and Liabilities <br>January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in repurchase agreements and other repurchase agreements | $5577650000 |
| Investment in securities | &nbsp;&nbsp;&nbsp; 9921318142 |
| Investment in securities, at value (identified cost $15,499,348,083) | &nbsp;&nbsp; 15498968142 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491777 |
| Income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29017806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp; 15528477725 |
| **Liabilities:** |  |
| Income distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45750094 |
| Payable for investment adviser fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42247 |
| Payable for administrative fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33189 |
| Payable for Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16053 |
| Accrued expenses (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46039704 |
| Net assets for 15,478,355,007 shares outstanding | $15482438021 |
| **Net Assets Consist of:** |  |
| Paid-in capital | $15484239807 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1801786) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $15482438021 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Institutional Shares:** |  |
| $15,470,601,344 ÷ 15,466,521,335 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.0003 |
| **Service Shares:** |  |
| $11,836,577 ÷ 11,833,572 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.0003 |
| **Capital Shares:** |  |
| $100 ÷ 100 shares outstanding, no par value, unlimited shares authorized | $0.9999\* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* *Actual net asset value per share presented differs from calculated net asset value per share due* *to rounding.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**14**

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Statement of Operations <br>Six Months Ended January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | $265938005 |
| **Expenses:** |  |
| Investment adviser fee (Note 5) | &nbsp;&nbsp;&nbsp; 15074432 |
| Administrative fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp; 5902297 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219943 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34347 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42783 |
| Auditing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13290 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5143 |
| Portfolio accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114608 |
| Other service fees (Notes 2 and 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15220 |
| Share registration costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44589 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11580 |
| Miscellaneous (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48902 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES | &nbsp;&nbsp;&nbsp; 21527134 |
| Waiver of investment adviser fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp; (7575602) |
| Net expenses | &nbsp;&nbsp;&nbsp; 13951532 |
| Net investment income | &nbsp;&nbsp; 251986473 |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |
| Net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15265 |
| Net change in unrealized depreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; 7527225 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 7542490 |
| Change in net assets resulting from operations | $259528963 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**15**

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Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023**<br>| **Year Ended** <br>**7/31/2022**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | $251986473 | $50302148 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54512 |
| Net change in unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7527225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9036105) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING <br> FROM OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259528963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41320555 |
| **Distributions to Shareholders:** |  |  |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (251889437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50220717) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (190848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41365) |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> DISTRIBUTIONS TO SHAREHOLDERS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (252080287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50262130) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 14824866983 | &nbsp;&nbsp; 24614918258 |
| Net asset value of shares issued to shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46759820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8299365 |
| Cost of shares redeemed | &nbsp;&nbsp; (13641483543) | &nbsp;&nbsp; (25705000012) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1230143260 | &nbsp;&nbsp;&nbsp; (1081782389) |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1237591936 | &nbsp;&nbsp;&nbsp; (1090723964) |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 14244846085 | &nbsp;&nbsp; 15335570049 |
| End of period | $15482438021 | $14244846085 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**16**

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Notes to Financial Statements

January 31, 2023 (unaudited)

**1. ORGANIZATION** 

Federated Hermes Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included herein are only those of Federated Hermes Institutional Prime Obligations Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares: Institutional Shares, Service Shares and Capital Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income consistent with stability of principal.

The Fund operates as an institutional money market fund. As an institutional money market fund, the Fund: (1) will not be limited to institutional investors, but will continue to be available to retail investors; (2) will utilize current market-based prices (except as otherwise generally permitted to value individual portfolio securities with remaining maturities of 60 days or less at amortized cost in accordance with Securities and Exchange Commission (SEC) rules and guidance) to value its portfolio securities and transact at a floating net asset value (NAV) that uses four decimal-place precision ($1.0000); and (3) has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board of Trustees (the "Trustees") determine such liquidity fees or redemption gates are in the best interest of the Fund.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

**Investment Valuation** 

In calculating its net asset value (NAV), the Fund generally values investments as follows:

◾ <br>

Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the "Adviser").

◾ <br>

Fixed-income securities with remaining maturities of 60 days or less are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in the same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation.

Semi-Annual Shareholder Report

**17**

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◾ <br>

Shares of other mutual funds or non-exchange traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.

◾ <br>

For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser's valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser's valuation committee ("Valuation Committee"), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

**Fair Valuation Procedures** 

Pursuant to Rule 2a-5 under the Act, the Trustees have designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a "bid"

Semi-Annual Shareholder Report

**18**

------

evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

**Repurchase Agreements** 

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund's custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a "securities entitlement" and exercises "control" as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund's Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Repurchase agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase price to be paid under the agreement reducing the net settlement amount to zero.

**Investment Income, Gains and Losses, Expenses and Distributions** 

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. Investment income, realized and unrealized gains and losses, and

Semi-Annual Shareholder Report

**19**

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certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waivers and reimbursement of $7,575,602 is disclosed in Note 5.

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

**Other Service Fees** 

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Institutional Shares, Service Shares and Capital Shares to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time.

For the six months ended January 31, 2023, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Service Shares | $15220 |

---

For the six months ended January 31, 2023, the Fund's Institutional Shares and Capital Shares did not incur other service fees.

**Federal Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended January 31, 2023, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of January 31, 2023, tax years 2019 through 2022 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

**When-Issued and Delayed-Delivery Transactions** 

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**Restricted Securities** 

The Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for

Semi-Annual Shareholder Report

**20**

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resale, at the issuer's expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund's restricted securities, like other securities, are priced in accordance with procedures established by and under the general supervision of the Adviser.

**Other** 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

**3. SHARES OF BENEFICIAL INTEREST** 

The following tables summarize share activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Institutional Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 14716384823 | $14715204781 | 24232087166 | $24233003776 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46657815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46659133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8283360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8282176 |
| Shares redeemed | (13531863278) | &nbsp;&nbsp; (13530838430) | (25296641390) | &nbsp;&nbsp; (25298888431) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM INSTITUTIONAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 1231179360 | $1231025484 | &nbsp;&nbsp; (1056270864) | $(1057602479) |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Service Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 109666754 | $109662202 | &nbsp;&nbsp;&nbsp;&nbsp; 381843923 | $381914482 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17151 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (110650802) | &nbsp;&nbsp;&nbsp;&nbsp; (110645113) | &nbsp;&nbsp;&nbsp;&nbsp; (401541566) | &nbsp;&nbsp;&nbsp;&nbsp; (401611014) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM SERVICE <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (883358) | $(882224) | &nbsp;&nbsp;&nbsp;&nbsp; (19680489) | $(19679381) |

---

Semi-Annual Shareholder Report

**21**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Capital Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $— |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4498390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4500567) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM CAPITAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4498352) | $(4500529) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM TOTAL FUND <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 1230296002 | $1230143260 | &nbsp;&nbsp; (1080449705) | $(1081782389) |

---

**4. FEDERAL TAX INFORMATION** 

At January 31, 2023, the cost of investments for federal tax purposes was $15,499,348,083. The net unrealized depreciation of investments for federal tax purposes was $379,941. This consists of unrealized appreciation from investments for those securities having an excess of value over cost of $2,726,893 and unrealized depreciation from investments for those securities having an excess of cost over value of $3,106,834.

As of July 31, 2022, the Fund had a capital loss carryforward of $1,400,723 which will reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these net capital losses retain their character as either short-term or long-term and do not expire.

The following schedule summarizes the Fund's capital loss carryforwards:

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| | | |
|:---|:---|:---|
| **Short-Term** | **Long-Term** | **Total** |
| $1400723 | $— | $1400723 |

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**5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Investment Adviser Fee** 

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee for competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended January 31, 2023, the Adviser voluntarily waived $7,575,602 of its fee.

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**Administrative Fee** 

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, "Investment Complex" is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

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| | |
|:---|:---|
| **Administrative Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Daily Net Assets** <br>**of the Investment Complex**<br>|
| 0.100% | on assets up to $50 billion |
| 0.075% | on assets over $50 billion |

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Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

**Other Service Fees** 

For the six months ended January 31, 2023, FSSC received $130 of the other service fees disclosed in Note 2.

**Expense Limitation** 

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSSC and FAS) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Institutional Shares, Service Shares and Capital Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.20%, 0.45% and 0.25% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2023; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

**Directors'/Trustees' and Miscellaneous Fees** 

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors'/Trustees' fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

**Affiliated Shares of Beneficial Interest** 

As of January 31, 2023, a majority of the shares of beneficial interest outstanding are owned by other affiliated investment companies.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. CONCENTRATION OF RISK** 

A substantial part of the Fund's portfolio may be comprised of obligations of banks. As a result, the Fund may be more susceptible to any economic, business, political or other developments which generally affect these entities.

**7. LINE OF CREDIT** 

The Fund participates with certain other Federated Hermes Funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement dated June 22, 2022. The LOC was made available to temporarily finance the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund's ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to (a) the highest, on any day, of (i) the federal funds effective rate, (ii) the published secured overnight financing rate plus an assigned percentage, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of a commitment fee based on the amount of the lenders' commitment that has not been utilized, quarterly in arrears and at maturity. As of January 31, 2023, the Fund had no outstanding loans. During the six months ended January 31, 2023, the Fund did not utilize the LOC.

**8. INTERFUND LENDING** 

Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of January 31, 2023, there were no outstanding loans. During the six months ended January 31, 2023, the program was not utilized.

**9. INDEMNIFICATIONS** 

Under the Fund's organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party's actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. OTHER MATTERS** 

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Fund's investments) and the markets in general in significant and unforeseen ways. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such investments. Any such impact could adversely affect the Fund's performance.

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Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2022 to January 31, 2023.

**ACTUAL EXPENSES** 

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to *estimate* the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an *assumed* rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should *not* use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative *total* costs of owning different funds.

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| | | | |
|:---|:---|:---|:---|
|  | **Beginning** <br>**Account Value** <br>**8/1/2022**<br>| **Ending** <br>**Account Value** <br>**1/31/2023**<br>| **Expenses Paid** <br>**During Period**<sup>1</sup> <br>|
| **Actual** | $1000.00 | $1017.50 | $0.92 |
| **Hypothetical (assuming a 5% return** <br> **before expenses)**<br>| $1000.00 | $1024.30 | $0.92 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 1 | *Expenses are equal to the Fund's annualized net expense ratio of 0.18%, multiplied by the* <br> *average account value over the period, multiplied by 184/365 (to reflect the* <br> *one-half-year period).*<br>|

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Evaluation and Approval of Advisory Contract–May 2022

**Federated Hermes Institutional Prime Obligations Fund (the "Fund")**

At its meetings in May 2022 (the "May Meetings"), the Fund's Board of Trustees (the "Board"), including those Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940 (the "Independent Trustees"), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") (the "Contract") for an additional one-year term. The Board's determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

***<u>Information Received and Review Process</u>***

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO's independent written evaluation (the "CCO Fee Evaluation Report"), along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contract. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as "Senior Officer" prior to the elimination of the Senior Officer position in December 2017.

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered information specifically prepared in connection with the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, "Federated Hermes") in response to requests posed to Federated Hermes by independent legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional matters as the Independent Trustees deemed

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reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates; Federated Hermes' business and operations; the Adviser's investment philosophy, personnel and processes; the Fund's investment objectives and strategies; the Fund's short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund's particular investment program and a group of its peer funds and/or its benchmark, as appropriate); the Fund's investment objectives; the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the financial condition of Federated Hermes; the Adviser's profitability with respect to the Fund; distribution and sales activity for the Fund; and the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser's cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize "economies of scale" as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any "fall-out" benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fee and expense structures, including a comparison of management fees paid to the adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser's services and fees. The Board noted that the Securities and Exchange Commission ("SEC") disclosure requirements

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regarding the basis for a fund board's approval of the fund's investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a "Federated Hermes Fund" and, collectively, the ("Federated Hermes Funds").

In addition to considering the above-referenced factors, the Board was mindful of the preferences and expectations of Fund shareholders and the potential disruptions of the Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund on the strength of Federated Hermes' industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund's shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.

In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board's determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.

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***<u>Nature, Extent and Quality of Services</u>***

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by Federated Hermes. The Board considered the Adviser's personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and Federated Hermes' ability and experience in attracting and retaining qualified personnel to service the Fund. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser's ability to deliver competitive investment performance for the Fund when compared to the Fund's Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund's investment program. The Board also considered the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, in order to maintain a positive yield for the Fund in the low interest rate environment.

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened the organization's investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance ("ESG") factors and issuer engagement on ESG matters. The Board considered the quality of Federated Hermes' communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account Federated Hermes' communications with the Board in light of the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds' officers.

The Board received and evaluated information regarding Federated Hermes' regulatory and compliance environment. The Board considered Federated Hermes' compliance program and compliance history and reports from the CCO about Federated Hermes' compliance with applicable laws and

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regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes' support of the Federated Hermes Funds' compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund's obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated Hermes' commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes' approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds' compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes' oversight in this regard, including in connection with the designation of the Federated Hermes Funds' investment advisers as the administrators of the Federated Hermes Funds' liquidity risk management program.

The Board also considered the implementation of Federated Hermes' business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes' commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.

The Board considered Federated Hermes' efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Adviser to the Fund.

***<u>Fund Investment Performance</u>***

The Board considered the investment performance of the Fund. In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser's analysis of, the Fund's performance over different time periods that were

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provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund's gross and net returns, the Fund's investment performance compared to one or more relevant categories or groups of peer funds and the Fund's benchmark index, performance attribution information and commentary on the effect of market conditions.

The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by iMoneyNet, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the CCO's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds' objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.

For the one-year period ended December 31, 2021, the Fund's performance was above the median of the Performance Peer Group. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its Performance Peer Group.

Based on these considerations, the Board concluded that it had continued confidence in the Adviser's overall capabilities to manage the Fund.

***<u>Fund Expenses</u>***

The Board considered the advisory fee and overall expense structure of the Fund and the comparative fee and expense information that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund's total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the category of peer funds selected by iMoneyNet (the "Expense Peer Group"). The Board received a description of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet category.

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged by other advisers for managing funds with comparable investment programs, the Board noted that it found the use of such comparisons to be relevant to its evaluation. The Board focused on comparisons with other similar registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund

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shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund's shareholders. The Board noted that the range of such other registered funds' fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund's fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was above the median of the Expense Peer Group, but the Board noted the applicable waivers and reimbursements, and that the overall expense structure of the Fund remained competitive in the context of other factors considered by the Board.

The Board also received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO's conclusion that non-registered fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing and fund liquidity; (vi) different administrative responsibilities; (vii) different degrees of risk associated with management; and (viii) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution's registered fund, noting the CCO's view that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds' advisory fees.

Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.

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***<u>Profitability</u>***

The Board received and considered profitability information furnished by Federated Hermes, as requested by the CCO. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO's view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered the CCO's view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board noted the impact of the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, on the profitability of the Fund to the Adviser.

The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO's conclusion that, based on such profitability information, Federated Hermes' profit margins did not appear to be excessive. The Board also considered the CCO's view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.

***<u>Economies of Scale</u>***

The Board received and considered information about the notion of possible realization of "economies of scale" as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: personnel, processes and tools for portfolio management, including the use of market data on which portfolio managers make investment decisions; trading operations; ESG integration and issuer engagement on ESG matters; shareholder services; compliance; business continuity; cybersecurity; internal audit and risk management functions; and technology that supports the provision of investment management services. The Board noted that Federated

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Hermes' investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund's assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered Federated Hermes' reductions in contractual management fees for certain Federated Hermes Funds during the prior year, including in response to the CCO's recommendations in the prior year's CCO Fee Evaluation Report, which have resulted in benefits being realized by shareholders.

The Board also considered reports on adviser-paid fees (commonly referred to as "revenue sharing") that were provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes and the CCO believe that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to evaluate the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.

***<u>Other Benefits</u>***

The Board considered information regarding the compensation and other ancillary (or "fall-out") benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds' investment advisory contracts, Federated Hermes' affiliates also receive fees for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds' administrator and distributor). In this regard, the Board considered that certain of Federated Hermes' affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

Semi-Annual Shareholder Report

**35**

------

***<u>Conclusions</u>***

The Board considered: (i) the CCO's conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund is reasonable; and (ii) the CCO's recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board's evaluation of the Federated Hermes Funds' advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board's determination to approve the continuation of the Contract reflects its view that Federated Hermes' performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.

Semi-Annual Shareholder Report

**36**

------

Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400, Option #4. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

Semi-Annual Shareholder Report

**37**

------

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

This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund's Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY** 

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the "householding" program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of "householding." Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of "householding" at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400, Option #4.

Semi-Annual Shareholder Report

**38**

------

![](edelivery.jpg)

![](fhilogok11p.jpg)

Federated Hermes Institutional Prime Obligations Fund <br>Federated Hermes Funds <br>4000 Ericsson Drive <br>Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com** <br>or call 1-800-341-7400.

Federated Securities Corp., Distributor

*CUSIP 60934N203*

*Q454504 (3/23)*© 2023 Federated Hermes, Inc.

------

**Semi-Annual Shareholder Report**

***January 31, 2023***

![](img52b2d47c1.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **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

Dear Valued Shareholder,

We are pleased to present the Semi-Annual Shareholder Report for your fund covering the period from August 1, 2022 through January 31, 2023. This report includes a complete listing of your fund's holdings, performance information and financial statements along with other important fund information.

As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.

In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.

Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.

Sincerely, <br> ![](donahuechrissigsmall.jpg)

J. Christopher Donahue, President

*The Fund operates as a "Floating Net Asset Value" Money Market Fund.* <br>*The Share Price will fluctuate. It is possible to lose money by investing in the Fund.*

------

**Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee**

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Federated Hermes Institutional Prime Value Obligations Fund](#xx_10fe3f89-9885-4ffa-9a8a-1afe524830e3_1) | &nbsp;&nbsp; [1](#xx_10fe3f89-9885-4ffa-9a8a-1afe524830e3_1)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Portfolio of Investments Summary Table](#xx_10fe3f89-9885-4ffa-9a8a-1afe524830e3_1) | &nbsp;&nbsp; [1](#xx_10fe3f89-9885-4ffa-9a8a-1afe524830e3_1)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Portfolio of Investments](#xx_10fe3f89-9885-4ffa-9a8a-1afe524830e3_2) | &nbsp;&nbsp; [2](#xx_10fe3f89-9885-4ffa-9a8a-1afe524830e3_2)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#xx_29130f65-eef5-44de-81d5-9c766a572ba7_1) | &nbsp;&nbsp; [4](#xx_29130f65-eef5-44de-81d5-9c766a572ba7_1)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#xx_46020f57-78b8-4406-9ac6-03e3491fc28a_1) | &nbsp;&nbsp; [7](#xx_46020f57-78b8-4406-9ac6-03e3491fc28a_1)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#xx_46020f57-78b8-4406-9ac6-03e3491fc28a_2) | &nbsp;&nbsp; [8](#xx_46020f57-78b8-4406-9ac6-03e3491fc28a_2)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Changes in Net Assets](#xx_46020f57-78b8-4406-9ac6-03e3491fc28a_3) | &nbsp;&nbsp; [9](#xx_46020f57-78b8-4406-9ac6-03e3491fc28a_3)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#xx_edc0dcae-a654-4359-9628-921814ba8470_1) | [10](#xx_edc0dcae-a654-4359-9628-921814ba8470_1)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Expense Example](#xx_89d61660-c680-48a3-89ab-fbffa6e9aa69_1) | [19](#xx_89d61660-c680-48a3-89ab-fbffa6e9aa69_1)  |
| [Federated Hermes Institutional Prime Obligations Fund](#xx_51d3ae90-28d9-427f-94c0-0d8bfe3b28c9_1) | [21](#xx_51d3ae90-28d9-427f-94c0-0d8bfe3b28c9_1)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Portfolio of Investments Summary Tables](#xx_d4317327-7e94-47a6-be27-1a747dc2c967_1) | [22](#xx_d4317327-7e94-47a6-be27-1a747dc2c967_1)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Portfolio of Investments](#xx_d4317327-7e94-47a6-be27-1a747dc2c967_2) | [23](#xx_d4317327-7e94-47a6-be27-1a747dc2c967_2)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#xx_db367205-aec7-47cc-b72c-3521a3e4f9ab_1) | [34](#xx_db367205-aec7-47cc-b72c-3521a3e4f9ab_1)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#xx_813561d3-0e33-4ded-a056-1738f1aed989_1) | [35](#xx_813561d3-0e33-4ded-a056-1738f1aed989_1)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#xx_813561d3-0e33-4ded-a056-1738f1aed989_2) | [36](#xx_813561d3-0e33-4ded-a056-1738f1aed989_2)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Changes in Net Assets](#xx_813561d3-0e33-4ded-a056-1738f1aed989_3) | [37](#xx_813561d3-0e33-4ded-a056-1738f1aed989_3)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#xx_48877d38-19f3-487a-b577-725ea39bf908_1) | [38](#xx_48877d38-19f3-487a-b577-725ea39bf908_1)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Expense Example](#xx_069a797e-2750-440a-a8d7-3ed8c1b3d405_1) | [47](#xx_069a797e-2750-440a-a8d7-3ed8c1b3d405_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_ebe97a96-7a32-43b8-86b4-b9ade7620232_1) | [48](#xx_ebe97a96-7a32-43b8-86b4-b9ade7620232_1)  |
| [Voting Proxies on Fund Portfolio Securities](#xx_9cdc10a7-225d-422e-8f5a-e0545b482bc7_1) | [58](#xx_9cdc10a7-225d-422e-8f5a-e0545b482bc7_1)  |
| [Portfolio Schedule](#xx_9cdc10a7-225d-422e-8f5a-e0545b482bc7_1) | [58](#xx_9cdc10a7-225d-422e-8f5a-e0545b482bc7_1) |

---

------

Portfolio of Investments Summary Table (unaudited)

At January 31, 2023, the Fund's portfolio composition<sup>1</sup> was as follows:

---

| | |
|:---|:---|
| **Security Type** | **Percentage of** <br>**Total Net Assets**<sup>2</sup> <br>|
| Other Repurchase Agreements and Repurchase Agreements | 36.1% |
| Variable Rate Instruments | 33.8% |
| Bank Instruments | 15.4% |
| Commercial Paper | &nbsp;&nbsp; 9.4% |
| U.S. Treasury Securities | &nbsp;&nbsp; 4.9% |
| Other Assets and Liabilities—Net<sup>3</sup> <br>| &nbsp;&nbsp; 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | **100%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *See the Fund's Prospectus and Statement of Additional Information for more complete* <br> *information regarding these security types.*<br>|
| 2 | *As of the date specified above, the Fund owned shares of one or more affiliated investment* <br> *companies. For purposes of this table, the affiliated investment company (other than an affiliated* <br> *money market mutual fund) is not treated as a single portfolio security, but rather the Fund is* <br> *treated as owning a pro rata portion of each security and each other asset and liability owned by* <br> *the affiliated investment company. Accordingly, the percentages of total net assets shown in the* <br> *table will differ from those presented on the Portfolio of Investments.*<br>|
| 3 | *Assets, other than investments in securities, less liabilities. See Statement of Assets and* <br> *Liabilities.*<br>|

---

Semi-Annual Shareholder Report

**1**

------

Portfolio of Investments

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Shares or** <br>**Principal** <br>**Amount**<br>|  | **Value** |
|  | INVESTMENT COMPANY— 99.1% |  |
| 11432196886 | Federated Hermes Institutional Prime Obligations Fund, <br> Institutional Shares, 4.41%<sup>1</sup> <br>(IDENTIFIED COST $11,438,782,213)<br>| $11435626545 |
|  | OTHER REPURCHASE AGREEMENTS— 0.4% |  |
|  | **Finance - Banking— 0.4%** |  |
| $50000000 | Interest in $245,000,000 joint repurchase agreement 4.42%, dated <br> 1/31/2023 under which HSBC Securities (USA), Inc. will repurchase <br> securities provided as collateral for $245,030,081 on 2/1/2023. <br> The securities provided as collateral at the end of the period held <br> with BNY Mellon as tri-party agent, were U.S. Treasury securities <br> with various maturities to 3/15/2053 and the market value of those <br> underlying securities was $249,900,000. <br>(IDENTIFIED COST $50,000,000)<br>| 50000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—99.5% <br>(IDENTIFIED COST $11,488,782,213)<sup>2</sup> <br>| 11485626545 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—0.5%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53891513 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $11539518058 |

---

Affiliated fund holdings are investment companies which are managed by Federated Investment Management Company (the "Adviser") or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended January 31, 2023, were as follows:

---

| | |
|:---|:---|
|  | **Federated Hermes** <br>**Institutional Prime** <br>**Obligations Fund,** <br>**Institutional Shares**<br>|
| Value as of 7/31/2022 | $10294155651 |
| Purchases at Cost | $6664373200 |
| Proceeds from Sales | $(5528515900) |
| Change in Unrealized Appreciation/Depreciation | $4982829 |
| Net Realized Gain/(Loss) | $630765 |
| Value as of 1/31/2023 | $11435626545 |
| Shares Held as of 1/31/2023 | &nbsp;&nbsp; 11432196886 |
| Dividend Income | $179922664 |

---

The Fund invests in Federated Hermes Institutional Prime Obligations Fund (POF), a diversified portfolio of Federated Hermes Money Market Obligations Trust (MMOT) which is also managed by the Adviser. MMOT is an open-end management investment company, registered under the Investment Company Act of 1940, as amended. The investment objective of POF is to provide current income consistent with stability of principal. Income distributions from POF are declared daily and paid monthly. All income distributions are recorded by the Fund as dividend income. Capital gain

Semi-Annual Shareholder Report

**2**

------

distributions of POF, if any, are declared and paid annually, and are recorded by the Fund as capital gains received. At January 31, 2023, POF represents 99.1% of the Fund's net assets. Therefore, the performance of the Fund is directly affected by the performance of POF. To illustrate the security holdings, financial condition, results of operations and changes in net assets of POF, its financial statements are included within this report. The financial statements of POF should be read in conjunction with the Fund's financial statements. The valuation of securities held by POF is discussed in the notes to its financial statements.

---

| | |
|:---|:---|
| 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* <br> *Liabilities.*<br>|

---

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2023.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>The following is a summary of the inputs used, as of January 31, 2023, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Investment Company** | $11435626545 | $— | $— | $11435626545 |
| **Repurchase Agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | $11435626545 | $50000000 | $— | $11485626545 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**3**

------

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value,** <br> **Beginning of Period**<br>| **$0.9995** | **$1.0004** | **$1.0006** | **$1.0003** | **$1.0002** | **$1.0002** |
| **Income From** <br> **Investment Operations:**<br>|  |  |  |  |  |  |
| Net investment income <br> (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0168 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0239 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0156 |
| Net realized and <br> unrealized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0005 | &nbsp;&nbsp;&nbsp;&nbsp; (0.0008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0001 | &nbsp;&nbsp;&nbsp;&nbsp; (0.0000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From <br> Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0173 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0240 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0156 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0168) | &nbsp;&nbsp;&nbsp;&nbsp; (0.0036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0239) | &nbsp;&nbsp;&nbsp;&nbsp; (0.0156) |
| Distributions from net <br> realized gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.0001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.0000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total <br> Distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0168) | &nbsp;&nbsp;&nbsp;&nbsp; (0.0037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0239) | &nbsp;&nbsp;&nbsp;&nbsp; (0.0156) |
| **Net Asset Value, End of** <br> **Period**<br>| **$1.0000** | **$0.9995** | **$1.0004** | **$1.0006** | **$1.0003** | **$1.0002** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>5</sup> <br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59% |
| Expense waiver/<br> reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period <br> (000 omitted)<br>| $11113752 | $9946892 | $12120572 | $15937441 | $13599422 | $6992551 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.0001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 4 | *Computed on an annualized basis.* |
| 5 | *Represents less than 0.01%.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**4**

------

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$0.9995** | **$1.0003** | **$1.0006** | **$1.0003** | **$1.0002** | **$1.0002** |
| **Income From Investment** <br> **Operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 0.0156 | &nbsp;&nbsp;&nbsp; 0.0025 | &nbsp;&nbsp;&nbsp; 0.0002 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0111 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0214 | &nbsp;&nbsp;&nbsp; 0.0131 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; 0.0005 | &nbsp;&nbsp; (0.0007) | &nbsp;&nbsp; (0.0003) | &nbsp;&nbsp;&nbsp;&nbsp; 0.0003 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0001 | &nbsp;&nbsp; (0.0000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp; 0.0161 | &nbsp;&nbsp;&nbsp; 0.0018 | &nbsp;&nbsp; (0.0001) | &nbsp;&nbsp;&nbsp;&nbsp; 0.0114 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0215 | &nbsp;&nbsp;&nbsp; 0.0131 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment <br> income<br>| &nbsp;&nbsp; (0.0156) | &nbsp;&nbsp; (0.0025) | &nbsp;&nbsp; (0.0002) | &nbsp;&nbsp;&nbsp;&nbsp; (0.0111) | &nbsp;&nbsp;&nbsp;&nbsp; (0.0214) | &nbsp;&nbsp; (0.0131) |
| Distributions from net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.0001) | &nbsp;&nbsp; (0.0000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.0000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.0000)<sup>1</sup> <br>| &nbsp;&nbsp; (0.0000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp; (0.0156) | &nbsp;&nbsp; (0.0026) | &nbsp;&nbsp; (0.0002) | &nbsp;&nbsp;&nbsp;&nbsp; (0.0111) | &nbsp;&nbsp;&nbsp;&nbsp; (0.0214) | &nbsp;&nbsp; (0.0131) |
| **Net Asset Value, End of Period** | **$1.0000** | **$0.9995** | **$1.0003** | **$1.0006** | **$1.0003** | **$1.0002** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.31% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.26% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 <br> omitted)<br>| $416830 | $372511 | $701955 | $1687886 | $1055438 | $186643 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.0001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 4 | *Computed on an annualized basis.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**5**

------

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$0.9994** | **$1.0003** | **$1.0006** | **$1.0003** | **$1.0002** | **$1.0002** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; 0.0163 | &nbsp;&nbsp; 0.0028 | &nbsp;&nbsp; 0.0003 | &nbsp;&nbsp; 0.0126 | &nbsp;&nbsp; 0.0230 | &nbsp;&nbsp; 0.0146 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 0.0005 | (0.0006) | (0.0003) | &nbsp;&nbsp; 0.0003 | (0.0000)<sup>1</sup> <br>| (0.0000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp; 0.0168 | &nbsp;&nbsp; 0.0022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 0.0129 | &nbsp;&nbsp; 0.0230 | &nbsp;&nbsp; 0.0146 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.0163) | (0.0030) | (0.0003) | (0.0126) | (0.0229) | (0.0146) |
| Distributions from net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.0001) | (0.0000)<sup>1</sup> <br>| (0.0000)<sup>1</sup> <br>| (0.0000)<sup>1</sup> <br>| (0.0000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.0163) | (0.0031) | (0.0003) | (0.0126) | (0.0229) | (0.0146) |
| **Net Asset Value, End of Period** | **$0.9999** | **$0.9994** | **$1.0003** | **$1.0006** | **$1.0003** | **$1.0002** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69% | &nbsp;&nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp;&nbsp; 2.33% | &nbsp;&nbsp;&nbsp;&nbsp; 1.47% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp; 0.10% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.26%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp; 2.31% | &nbsp;&nbsp;&nbsp;&nbsp; 1.40% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $8937 | &nbsp;&nbsp; $8942 | $20922 | $19074 | $16566 | $12185 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.0001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Represents less than 0.01%.* |
| 4 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**6**

------

Statement of Assets and Liabilities <br>January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in securities, at value including $11,435,626,545 of investments in <br> affiliated holdings\* (identified cost $11,488,782,213, including $11,438,782,213 of <br> identified cost in affiliated holdings)<br>| $11485626545 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 716413 |
| Income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6138 |
| Income receivable from affiliated holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41855662 |
| Receivable for shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51910115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp; 11580114873 |
| **Liabilities:** |  |
| Payable for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13032559 |
| Income distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27373837 |
| Payable for investment adviser fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35494 |
| Payable for administrative fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24640 |
| Payable for Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12025 |
| Payable for other service fees (Notes 2 and 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61438 |
| Accrued expenses (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40596815 |
| Net assets for 11,539,757,038 shares outstanding | $11539518058 |
| **Net Assets Consist of:** |  |
| Paid-in capital | $11543492183 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3974125) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $11539518058 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Institutional Shares:** |  |
| $11,113,751,626 ÷ 11,113,980,185 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.0000 |
| **Service Shares:** |  |
| $416,829,592 ÷ 416,839,396 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.0000 |
| **Capital Shares:** |  |
| $8,936,840 ÷ 8,937,457 shares outstanding, no par value, unlimited <br> shares authorized<br>| $0.9999 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* *See information listed after the Fund's Portfolio of Investments.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**7**

------

Statement of Operations <br>Six Months Ended January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends received from affiliated holdings\* | $179922664 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 860159 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INCOME | &nbsp;&nbsp; 180782823 |
| **Expenses:** |  |
| Investment adviser fee (Note 5) | &nbsp;&nbsp;&nbsp; 10791683 |
| Administrative fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp; 4224953 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149993 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44793 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29535 |
| Auditing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13290 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5145 |
| Portfolio accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110551 |
| Other service fees (Notes 2 and 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 483270 |
| Share registration costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84531 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19988 |
| Miscellaneous (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123527 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES | &nbsp;&nbsp;&nbsp; 16081259 |
| **Waiver and Reimbursements:** |  |
| Waiver/reimbursement of investment adviser fee (Note 5) | &nbsp;&nbsp; (10791683) |
| Reimbursement of other operating expenses (Notes 2 and 5) | &nbsp;&nbsp;&nbsp;&nbsp; (4735381) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WAIVER AND REIMBURSEMENTS | &nbsp;&nbsp; (15527064) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 554195 |
| Net investment income | &nbsp;&nbsp; 180228628 |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |
| Net realized gain on investments in an affiliated holding\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630765 |
| Net change in unrealized depreciation of investments in an affiliated holding\* | &nbsp;&nbsp;&nbsp;&nbsp; 4982829 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 5613594 |
| Change in net assets resulting from operations | $185842222 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* *See information listed after the Fund's Portfolio of Investments.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**8**

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023**<br>| **Year Ended** <br>**7/31/2022**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | $180228628 | $34665085 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1328799) |
| Net change in unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4982829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6111897) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING <br> FROM OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185842222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27224389 |
| **Distributions to Shareholders:** |  |  |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (174150364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34900178) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5945970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (972903) |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (146290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35840) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> DISTRIBUTIONS TO SHAREHOLDERS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (180242624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35908921) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 21309160653 | &nbsp;&nbsp; 38690164420 |
| Net asset value of shares issued to shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55319705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10482549 |
| Cost of shares redeemed | &nbsp;&nbsp; (20158907114) | &nbsp;&nbsp; (41207066452) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1205573244 | &nbsp;&nbsp;&nbsp; (2506419483) |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1211172842 | &nbsp;&nbsp;&nbsp; (2515104015) |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 10328345216 | &nbsp;&nbsp; 12843449231 |
| End of period | $11539518058 | $10328345216 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**9**

------

Notes to Financial Statements

January 31, 2023 (unaudited)

**1. ORGANIZATION** 

Federated Hermes Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included herein are only those of Federated Hermes Institutional Prime Value Obligations Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares: Institutional Shares, Service Shares and Capital Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income consistent with stability of principal and liquidity.

The Fund invests all or substantially all of its net assets in the Institutional Shares of POF (the "Underlying Fund"), an affiliated institutional money market fund with substantially similar investment objectives and strategies as the Fund. Therefore, the performance of the Fund is directly affected by the performance of the Underlying Fund. To illustrate the security holdings, financial condition, results of operations and changes in net assets of the Underlying Fund, its financial statements are included within this report and should be read in conjunction with the Fund's financial statements.

The Fund operates as an institutional money market fund. As an institutional money market fund, the Fund: (1) will not be limited to institutional investors, but will continue to be available to retail investors; (2) will utilize current market-based prices (except as otherwise generally permitted to value individual portfolio securities with remaining maturities of 60 days or less at amortized cost in accordance with Securities and Exchange Commission (SEC) rules and guidance) to value its portfolio securities and transact at a floating net asset value (NAV) that uses four decimal-place precision ($1.0000); and (3) has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board of Trustees (the "Trustees") determine such liquidity fees or redemption gates are in the best interest of the Fund.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

**Investment Valuation** 

In calculating its net asset value (NAV), the Fund generally values investments as follows:

◾ <br>

Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the "Adviser").

◾ <br>

Fixed-income securities with remaining maturities of 60 days or less are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of

Semi-Annual Shareholder Report

**10**

------

premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in the same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation.

◾ <br>

Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.

◾ <br>

For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser's valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser's valuation committee ("Valuation Committee"), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

**Fair Valuation Procedures** 

Pursuant to Rule 2a-5 under the Act, the Trustees have designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing

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------

services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a "bid" evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

**Repurchase Agreements** 

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund's custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a "securities entitlement" and exercises "control" as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund's Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

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Repurchase agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase price to be paid under the agreement reducing the net settlement amount to zero.

**Investment Income, Gains and Losses, Expenses and Distributions** 

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waivers and reimbursements of $15,527,064 is disclosed in Note 5.

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

**Other Service Fees** 

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Institutional Shares, Service Shares and Capital Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time.

For the six months ended January 31, 2023, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Service Shares | $478783 |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp; 4487 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $483270 |

---

For the six months ended January 31, 2023, the Fund's Institutional Shares did not incur other service fees.

**Federal Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended January 31, 2023, the Fund did not have a liability for any uncertain tax

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positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of January 31, 2023, tax years 2019 through 2022 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

**When-Issued and Delayed-Delivery Transactions** 

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**Restricted Securities** 

The Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer's expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund's restricted securities, like other securities, are priced in accordance with procedures established by and under the general supervision of the Adviser.

**Other** 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

**3. SHARES OF BENEFICIAL INTEREST** 

The following tables summarize share activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Institutional Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 21053175539 | $21045388899 | 38562278787 | $38557456148 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49342829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49330136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9493387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9489444 |
| Shares redeemed | (19940589021) | &nbsp;&nbsp; (19933269013) | (40735979904) | &nbsp;&nbsp; (40732381207) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM INSTITUTIONAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 1161929347 | $1161450022 | &nbsp;&nbsp; (2164207730) | $(2165435615) |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Service Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 261781882 | $261697514 | &nbsp;&nbsp;&nbsp;&nbsp; 127450141 | $127416583 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5845092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5843498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957294 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (223491086) | &nbsp;&nbsp;&nbsp;&nbsp; (223408022) | &nbsp;&nbsp;&nbsp;&nbsp; (457418370) | &nbsp;&nbsp;&nbsp;&nbsp; (457394097) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM SERVICE <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44135888 | $44132990 | &nbsp;&nbsp;&nbsp;&nbsp; (329010524) | $(329020220) |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Capital Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2075565 | $2074240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5292088 | $5291689 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35811 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2231042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2230079) | &nbsp;&nbsp;&nbsp;&nbsp; (17295855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17291148) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM CAPITAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9351) | $(9768) | &nbsp;&nbsp;&nbsp;&nbsp; (11967941) | $(11963648) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM TOTAL FUND <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 1206055884 | $1205573244 | &nbsp;&nbsp; (2505186195) | $(2506419483) |

---

**4. FEDERAL TAX INFORMATION** 

At January 31, 2023, the cost of investments for federal tax purposes was $11,488,782,213. The net unrealized depreciation of investments for federal tax purposes was $3,155,668. This consists entirely of net unrealized depreciation from investments for those securities having an excess of cost over value of $3,155,668.

**5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Investment Adviser Fee** 

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund's average daily net assets. The Underlying Fund also has an investment advisory agreement with the Adviser by which the Adviser is entitled to an investment adviser fee with respect to the Underlying Fund's average daily net assets. To avoid charging duplicative fees, the Adviser has agreed to waive and/or reimburse its fee with respect to the Fund's net assets invested in the Underlying Fund. For the six months ended January 31, 2023, the Adviser voluntarily waived and/or reimbursed all of its fee.

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In addition, subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended January 31, 2023, the Adviser voluntarily reimbursed $4,735,381 of other operating expenses.

**Administrative Fee** 

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, "Investment Complex" is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

---

| | |
|:---|:---|
| **Administrative Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Daily Net Assets** <br>**of the Investment Complex**<br>|
| 0.100% | on assets up to $50 billion |
| 0.075% | on assets over $50 billion |

---

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

**Other Service Fees** 

For the six months ended January 31, 2023, FSSC did not reimburse other service fees.

**Expense Limitation** 

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers and/or reimbursements of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) and the Fund's share of the fees and expenses of the Underlying Fund paid by the Fund's Institutional Shares, Service Shares and Capital Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.20%, 0.45% and 0.30% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2023; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

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**Directors'/Trustees' and Miscellaneous Fees** 

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors'/Trustees' fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

**Affiliated Shares of Beneficial Interest** 

As of January 31, 2023, a majority of the shares of beneficial interest outstanding are owned by other affiliated investment companies.

**6. CONCENTRATION OF RISK** 

A substantial part of the Fund's portfolio invested in the Underlying Fund may be comprised of obligations of banks. As a result, the Fund may be more susceptible to any economic, business, political or other developments which generally affect these entities.

**7. LINE OF CREDIT** 

The Fund participates with certain other Federated Hermes Funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement dated June 22, 2022. The LOC was made available to temporarily finance the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund's ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to (a) the highest, on any day, of (i) the federal funds effective rate, (ii) the published secured overnight financing rate plus an assigned percentage, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of a commitment fee based on the amount of the lenders' commitment that has not been utilized, quarterly in arrears and at maturity. As of January 31, 2023, the Fund had no outstanding loans. During the six months ended January 31, 2023, the Fund did not utilize the LOC.

**8. INTERFUND LENDING** 

Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of January 31, 2023, there were no outstanding loans. During the six months ended January 31, 2023, the program was not utilized.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. INDEMNIFICATIONS** 

Under the Fund's organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party's actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.

**10. OTHER MATTERS** 

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Fund's investments) and the markets in general in significant and unforeseen ways. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such investments. Any such impact could adversely affect the Fund's performance.

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Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2022 to January 31, 2023.

**ACTUAL EXPENSES** 

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to *estimate* the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an *assumed* rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should *not* use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative *total* costs of owning different funds.

---

| | | |
|:---|:---|:---|
|  | **Beginning** <br>**Account Value** <br>**8/1/2022**<br>| **Ending** <br>**Account Value** <br>**1/31/2023**<br>|
| **Actual:** |  |  |
| Institutional Shares | $1000 | $1017.50<br>$—<sup>2</sup> <br>|
| Service Shares | $1000 | $1016.20<br>$1.27<sup>3</sup> <br>|
| Capital Shares | $1000 | $1016.90<br>$0.51<sup>4</sup> <br>|
| **Hypothetical (assuming a 5% return** <br> **before expenses):**<br>|  |  |
| Institutional Shares | $1000 | $1025.21<br>$—<sup>2</sup> <br>|
| Service Shares | $1000 | $1023.95<br>$1.28<sup>3</sup> <br>|
| Capital Shares | $1000 | $1024.70<br>$0.51<sup>4</sup> <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average* <br> *account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The* <br> *annualized net expense ratios are as follows:*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Institutional Shares | 0.00% |
| Service Shares | 0.25% |
| Capital Shares | 0.10% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 2 | *Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares* <br> *current Fee Limit of 0.20% (as reflected in the Notes to Financial Statements, Note 5 under* <br> *Expense Limitation), multiplied by the average account value over the period, multiplied by* <br> *184/365 (to reflect expenses paid as if they had been in effect throughout the most recent* <br> *one-half-year period) would be $1.02 and $1.02, respectively.*<br>|
| 3 | *Actual and Hypothetical expenses paid during the period utilizing the Fund's Service Shares* <br> *current Fee Limit of 0.45% (as reflected in the Notes to Financial Statements, Note 5 under* <br> *Expense Limitation), multiplied by the average account value over the period, multiplied by* <br> *184/365 (to reflect expenses paid as if they had been in effect throughout the most recent* <br> *one-half-year period) would be $2.29 and $2.29, respectively.*<br>|
| 4 | *Actual and Hypothetical expenses paid during the period utilizing the Fund's Capital Shares* <br> *current Fee Limit of 0.30% (as reflected in the Notes to Financial Statements, Note 5 under* <br> *Expense Limitation), multiplied by the average account value over the period, multiplied by* <br> *184/365 (to reflect expenses paid as if they had been in effect throughout the most recent* <br> *one-half-year period) would be $1.53 and $1.53, respectively.*<br>|

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Federated Hermes Institutional Prime Obligations Fund

**Financial INFORMATION**

Federated Hermes Institutional Prime Value Obligations Fund invests primarily in Federated Hermes Institutional Prime Obligations Fund. Therefore, the Federated Hermes Institutional Prime Obligations Fund's financial information is included on pages 22 through 47.

Federated Hermes Institutional Prime Obligations Fund

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Portfolio of Investments Summary Tables (unaudited)

At January 31, 2023, the Fund's portfolio composition<sup>1</sup> was as follows:

---

| | |
|:---|:---|
| **Security Type** | **Percentage of** <br>**Total Net Assets**<br>|
| Other Repurchase Agreements and Repurchase Agreements | 36.1% |
| Variable Rate Instruments | 34.1% |
| Bank Instruments | 15.5% |
| Commercial Paper | &nbsp;&nbsp; 9.4% |
| U.S. Treasury Securities | &nbsp;&nbsp; 5.0% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | **100%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *See the Fund's Prospectus and Statement of Additional Information for a description of these* <br> *security types.*<br>|
| 2 | *Assets, other than investments in securities, less liabilities. See Statement of Assets and* <br> *Liabilities.*<br>|

---

At January 31, 2023, the Fund's effective maturity schedule<sup>1</sup> was as follows:

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| | |
|:---|:---|
| **Securities With an** <br>**Effective Maturity of:**<br>| **Percentage of** <br>**Total Net Assets**<br>|
| 1-7 Days<sup>2</sup> <br>| 82.8% |
| 8-30 Days | &nbsp;&nbsp; 6.1% |
| 31-90 Days | &nbsp;&nbsp; 2.9% |
| 91-180 Days | &nbsp;&nbsp; 6.7% |
| 181 Days or more | &nbsp;&nbsp; 1.6% |
| Other Assets and Liabilities—Net<sup>3</sup> <br>| (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | **100%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the* <br> *Investment Company Act of 1940, which regulates money market mutual funds.*<br>|
| 2 | *Overnight securities comprised 34.0% of the Fund's portfolio.* |
| 3 | *Assets, other than investments in securities, less liabilities. See Statement of Assets* <br> *and Liabilities.*<br>|

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Federated Hermes Institutional Prime Obligations Fund

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Portfolio of Investments

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— 34.1% |  |
|  | **Aerospace/Auto— 0.1%** |  |
| $20000000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support <br> Agreement), 4.670% (SOFR +0.370%), 2/1/2023<br>| $20000000 |
|  | **Finance - Banking— 29.9%** |  |
| 47500000 | Australia & New Zealand Banking Group, Melbourne, 4.650% <br> (SOFR +0.350%), 2/1/2023<br>| 47500000 |
| 23000000 | Australia & New Zealand Banking Group, Melbourne, 4.650% <br> (SOFR +0.350%), 2/1/2023<br>| 22999995 |
| 27500000 | Australia & New Zealand Banking Group, Melbourne, 4.680% <br> (SOFR +0.380%), 2/1/2023<br>| 27509708 |
| 30000000 | Bank of Montreal, 4.860% (SOFR +0.560%), 2/1/2023 | 30035207 |
| 60000000 | Bank of Montreal, 4.950% (SOFR +0.650%), 2/1/2023 | 59688403 |
| 110000000 | Bank of Montreal, 5.000% (SOFR +0.700%), 2/1/2023 | 110000000 |
| 60000000 | Bank of Montreal, 5.000% (SOFR +0.700%), 2/1/2023 | 60158696 |
| 50000000 | Bank of Nova Scotia, Toronto, 4.740% (SOFR +0.440%), 2/1/2023 | 50021235 |
| 25000000 | Bank of Nova Scotia, Toronto, 4.800% (SOFR +0.500%), 2/1/2023 | 25021438 |
| 100000000 | Bank of Nova Scotia, Toronto, 4.800% (SOFR +0.500%), 2/1/2023 | 100162188 |
| 20000000 | Bank of Nova Scotia, Toronto, 4.830% (SOFR +0.530%), 2/1/2023 | 20000000 |
| 35000000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 35042896 |
| 43500000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 43554955 |
| 20000000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 20025946 |
| 23500000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 23529425 |
| 22000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 22031384 |
| 10000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 10014511 |
| 50000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 50086470 |
| 100000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 100000000 |
| 125000000 | Bank of Nova Scotia, Toronto, 4.970% (SOFR +0.670%), 2/1/2023 | 125222681 |
| 24000000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 4.630% <br> (SOFR +0.330%), 2/1/2023<br>| 24006734 |
| 50000000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 4.820% <br> (SOFR +0.520%), 2/1/2023<br>| 50000000 |
| 54000000 | Canadian Imperial Bank of Commerce, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 54053273 |
| 120000000 | Canadian Imperial Bank of Commerce, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 120114742 |
| 120000000 | Canadian Imperial Bank of Commerce, 4.850% (SOFR <br> +0.550%), 2/1/2023<br>| 120168700 |
| 50000000 | Canadian Imperial Holdings, Inc., 4.820% (SOFR <br> +0.520%), 2/1/2023<br>| 50057288 |
| 95000000 | Citibank N.A., New York, 4.720% (SOFR +0.420%), 2/1/2023 | 95038795 |

---

Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

**23**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Finance - Banking— continued** |  |
| $186000000 | Citibank N.A., New York, 4.720% (SOFR +0.420%), 2/1/2023 | $186075711 |
| 100000000 | Citibank N.A., New York, 4.770% (SOFR +0.470%), 2/1/2023 | 100086828 |
| 9900000 | City Furniture, Inc., (Wells Fargo Bank, N.A. LOC), 4.530%, 2/2/2023 | 9900000 |
| 15000000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan <br> Securities LLC COL), 4.730% (SOFR +0.430%), 2/1/2023<br>| 15009267 |
| 47500000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan <br> Securities LLC COL), 4.750% (SOFR +0.450%), 2/1/2023<br>| 47500000 |
| 20500000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 4.670% (SOFR +0.370%), 2/1/2023<br>| 20500000 |
| 50000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 4.800% (SOFR +0.500%), 2/1/2023<br>| 50000000 |
| 50000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 4.810% (SOFR +0.510%), 2/1/2023<br>| 50000000 |
| 45000000 | Commonwealth Bank of Australia, 4.730% (SOFR <br> +0.430%), 2/1/2023<br>| 45000000 |
| 50000000 | Commonwealth Bank of Australia, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 50000000 |
| 25000000 | Commonwealth Bank of Australia, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 25000000 |
| 16700000 | Greene County Development Authority, Reynolds Lodge, LLC <br> Series 2000B, (U.S. Bank, N.A. LOC), 4.450%, 2/1/2023<br>| 16700000 |
| 3000000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. <br> Project 2013A, (Bank of America N.A. LOC), 4.400%, 2/2/2023<br>| 3000000 |
| 7000000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. <br> Project, (Bank of America N.A. LOC), 4.400%, 2/2/2023<br>| 7000000 |
| 7595000 | Gulf Gate Apartments LLC, Series 2003, (Wells Fargo Bank, N.A. <br> LOC), 4.510%, 2/2/2023<br>| 7595000 |
| 11755000 | Hamilton Station Park and Ride, Series 2005, (Wells Fargo Bank, <br> N.A. LOC), 4.510%, 2/2/2023<br>| 11755000 |
| 9000000 | Michael Dennis Sullivan Irrevocable Trust, (Wells Fargo Bank, N.A. <br> LOC), 4.400%, 2/2/2023<br>| 9000000 |
| 100000000 | Mizuho Bank Ltd., 4.860% (SOFR +0.560%), 2/1/2023 | 100000000 |
| 32500000 | MUFG Bank Ltd., 4.700% (SOFR +0.400%), 2/1/2023 | 32511243 |
| 55950000 | MUFG Bank Ltd., 4.790% (SOFR +0.490%), 2/1/2023 | 55950552 |
| 71500000 | MUFG Bank Ltd., 4.850% (SOFR +0.550%), 2/1/2023 | 71500000 |
| 50000000 | National Australia Bank Ltd., Melbourne, 4.700% (SOFR <br> +0.400%), 2/1/2023<br>| 50000000 |
| 37500000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 37500000 |
| 45000000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 45040732 |
| 84000000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 84069077 |
| 22500000 | National Australia Bank Ltd., Melbourne, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 22523148 |

---

Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

**24**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Finance - Banking— continued** |  |
| $96500000 | National Australia Bank Ltd., Melbourne, 4.860% (SOFR <br> +0.560%), 2/1/2023<br>| $96650344 |
| 50000000 | Nordea Bank Abp, 4.540% (SOFR +0.240%), 2/1/2023 | 50011608 |
| 12500000 | Nordea Bank Abp, 4.550% (SOFR +0.250%), 2/1/2023 | 12500799 |
| 36000000 | Nordea Bank Abp, 4.740% (SOFR +0.440%), 2/1/2023 | 36031199 |
| 40000000 | Nordea Bank Abp, 4.800% (SOFR +0.500%), 2/1/2023 | 40000000 |
| 34000000 | Nuveen Floating Rate Income Fund, (Series A), (Sumitomo Mitsui <br> Banking Corp. LOC), 4.620%, 2/2/2023<br>| 34000000 |
| 3115000 | Public Building Corp., Springfield, MO, Jordan Valley Ice Park, <br> Series 2003, (U.S. Bank, N.A. LOC), 4.450%, 2/2/2023<br>| 3115000 |
| 50000000<br><sup>2</sup> <br>| Ridgefield Funding Company, LLC Series A, (BNP Paribas SA COL), <br> 4.700% (SOFR +0.400%), 2/1/2023<br>| 50000000 |
| 35000000 | Ridgefield Funding Company, LLC Series A, (BNP Paribas SA COL), <br> 4.750% (SOFR +0.450%), 2/1/2023<br>| 35000000 |
| 150000000 | Royal Bank of Canada, 4.850% (SOFR +0.550%), 2/1/2023 | 150134487 |
| 62500000 | Royal Bank of Canada, 5.050% (SOFR +0.750%), 2/1/2023 | 62633697 |
| 35000000 | Royal Bank of Canada, New York Branch, 4.870% (SOFR <br> +0.570%), 2/1/2023<br>| 35059341 |
| 95000000 | Royal Bank of Canada, New York Branch, 4.880% (SOFR <br> +0.580%), 2/1/2023<br>| 95152727 |
| 18965000 | Salem Green, LLP, Salem Green Apartments Project, Series 2010, <br> (Wells Fargo Bank, N.A. LOC), 4.510%, 2/2/2023<br>| 18965000 |
| 300000000 | Sumitomo Mitsui Trust Bank Ltd., 4.740% (SOFR <br> +0.440%), 2/1/2023<br>| 300000000 |
| 130500000 | Svenska Handelsbanken, Stockholm, 4.650% (SOFR <br> +0.350%), 2/1/2023<br>| 130500000 |
| 125000000 | Svenska Handelsbanken, Stockholm, 4.860% (SOFR <br> +0.560%), 2/1/2023<br>| 125000000 |
| 80295470 | Taxable Tender Option Bond Trust 2021-MIZ9060TX, <br> (Series 2021-MIZ9060TX) VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 4.590%, 2/1/2023<br>| 80295470 |
| 10000000 | Taxable Tender Option Bond Trust 2021-MIZ9075TX, <br> (Series MIZ-9075TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank <br> Ltd. LOC), 4.590%, 2/1/2023<br>| 10000000 |
| 3534874 | Taxable Tender Option Bond Trust 2021-MIZ9077TX, <br> (Series 2021-MIZ9077TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho <br> Bank Ltd. LOC), 4.590%, 2/1/2023<br>| 3534874 |
| 2207606 | Taxable Tender Option Bond Trust 2021-MIZ9078TX, <br> (Series 2021-MIZ9078TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho <br> Bank Ltd. LOC), 4.590%, 2/1/2023<br>| 2207606 |
| 17500000 | Toronto Dominion Bank, 4.880% (SOFR +0.580%), 2/1/2023 | 17536905 |
| 27500000 | Toronto Dominion Bank, 4.880% (SOFR +0.580%), 2/1/2023 | 27541573 |
| 60000000 | Triborough Bridge & Tunnel Authority, NY, (Series E Taxable) <br> Weekly VRDNs, (UBS AG LOC), 4.350%, 2/2/2023<br>| 60000000 |

---

Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

**25**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Finance - Banking— continued** |  |
| $7000000 | Westpac Banking Corp. Ltd., Sydney, 4.700% (SOFR <br> +0.400%), 2/1/2023<br>| $7003972 |
| 99000000 | Westpac Banking Corp. Ltd., Sydney, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 99000000 |
| 150000000 | Westpac Banking Corp. Ltd., Sydney, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 150000000 |
| 40000000 | Westpac Banking Corp. Ltd., Sydney, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 40000000 |
| 136000000 | Westpac Banking Corp. Ltd., Sydney, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 136000000 |
| 45000000 | Westpac Banking Corp. Ltd., Sydney, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 45056750 |
| 22500000 | Westpac Banking Corp. Ltd., Sydney, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 22530451 |
| 5870000 | Yeshivas Novominsk, Series 2008, (TD Bank, N.A. LOC), <br> 4.570%, 2/2/2023<br>| 5870000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 4630593031 |
|  | **Finance - Retail— 2.4%** |  |
| 10000000 | Chariot Funding LLC, 4.660% (SOFR +0.360%), 2/1/2023 | 10000000 |
| 45000000 | Chariot Funding LLC, 4.850% (SOFR +0.550%), 2/1/2023 | 45000000 |
| 45000000 | Fairway Finance Co. LLC, 4.700% (SOFR +0.400%), 2/1/2023 | 45000000 |
| 61750000 | Old Line Funding, LLC, 4.700% (SOFR +0.400%), 2/1/2023 | 61750000 |
| 47500000 | Old Line Funding, LLC, 4.760% (SOFR +0.460%), 2/1/2023 | 47500000 |
| 42500000 | Old Line Funding, LLC, 4.800% (SOFR +0.500%), 2/1/2023 | 42500000 |
| 40000000 | Old Line Funding, LLC, 4.820% (SOFR +0.520%), 2/1/2023 | 40000000 |
| 45000000 | Old Line Funding, LLC, 4.870% (SOFR +0.570%), 2/1/2023 | 45032735 |
| 25000000 | Thunder Bay Funding, LLC, 4.730% (SOFR +0.430%), 2/1/2023 | 25000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 361782735 |
|  | **Government Agency— 1.7%** |  |
| 12785000 | 1320 W Jefferson LLC, (Federal Home Loan Bank of San Francisco <br> LOC), 4.400%, 2/1/2023<br>| 12785000 |
| 51450000 | Archer 1 LLC, (Federal Home Loan Bank of San Francisco LOC), <br> 4.400%, 2/2/2023<br>| 51450000 |
| 9015000 | Austen Children's Gift Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.400%, 2/2/2023<br>| 9015000 |
| 6830000 | Baker Life Insurance Trust, (Federal Home Loan Bank of Des Moines <br> LOC), 4.400%, 2/2/2023<br>| 6830000 |
| 34850000 | BWF Forge TL Properties Owner LLC, (Federal Home Loan Bank of <br> Des Moines LOC)/(Federal Home Loan Bank of San Francisco LOC), <br> 4.400%, 2/2/2023<br>| 34850000 |
| 5705000 | Catania Family Trust, (Federal Home Loan Bank of Dallas LOC), <br> 4.400%, 2/2/2023<br>| 5705000 |
| 4270000 | Jim Brooks Irrevocable Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.390%, 2/2/2023<br>| 4270000 |

---

Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

**26**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Government Agency— continued** |  |
| $11570000 | Joseph L. Goggins Irrevocable Insurance Trust, (Federal Home Loan <br> Bank of Des Moines LOC), 4.400%, 2/2/2023<br>| $11570000 |
| 3655000 | Karyn Brooks Descendants Trust, (Federal Home Loan Bank of <br> Dallas LOC), 4.390%, 2/2/2023<br>| 3655000 |
| 6380000 | MHF DKF Insurance Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.400%, 2/1/2023<br>| 6380000 |
| 17030000 | Mohr Green Associates L.P., 2012-A, (Federal Home Loan Bank of <br> San Francisco LOC), 4.400%, 2/2/2023<br>| 17030000 |
| 22610000 | NWD 2017 Family Trust No. 1, (Federal Home Loan Bank of Dallas <br> LOC), 4.400%, 2/2/2023<br>| 22610000 |
| 9080000 | Park Stanton Place LP, (Federal Home Loan Bank of San Francisco <br> LOC), 4.400%, 2/2/2023<br>| 9080000 |
| 2205000 | Plaza Fitzsimons Owner, LLC, (Federal Home Loan Bank of <br> San Francisco LOC), 4.400%, 2/1/2023<br>| 2205000 |
| 5010000 | R.J. Brooks Jr. Irrevocable Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.390%, 2/2/2023<br>| 5010000 |
| 6980000 | RK Trust, (Federal Home Loan Bank of Dallas LOC), <br> 4.400%, 2/2/2023<br>| 6980000 |
| 3500000 | Rohnert Park 668, L.P., (Federal Home Loan Bank of San Francisco <br> LOC), 4.813%, 2/2/2023<br>| 3500000 |
| 6255000 | Sibley Family Irrevocable Insurance Trust, (Federal Home Loan Bank <br> of Des Moines LOC), 4.400%, 2/2/2023<br>| 6255000 |
| 6610000 | The CLC Irrevocable Insurance Trust, (Federal Home Loan Bank of <br> Des Moines LOC), 4.400%, 2/2/2023<br>| 6610000 |
| 5120000 | The Eugene Kim Irrevocable Life Insurance Trust, (Federal Home <br> Loan Bank of Dallas LOC), 4.400%, 2/2/2023<br>| 5120000 |
| 22830000 | The Gregory P. Berry Trust, (Federal Home Loan Bank of Des <br> Moines LOC), 4.400%, 2/1/2023<br>| 22830000 |
| 5740000 | The Leopold Family Insurance Trust, (Federal Home Loan Bank of <br> Dallas LOC), 4.400%, 2/2/2023<br>| 5740000 |
| 5975000 | The Thompson 2018 Family Trust, (Federal Home Loan Bank of <br> Dallas LOC), 4.390%, 2/2/2023<br>| 5975000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 265455000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NOTES - VARIABLE <br>(IDENTIFIED COST $5,275,593,417)<br>| &nbsp;&nbsp;&nbsp; 5277830766 |
| <sup>3</sup> <br>| COMMERCIAL PAPER— 9.4% |  |
|  | **Finance - Banking— 5.9%** |  |
| 10000000 | Albion Capital LLC, (MUFG Bank Ltd. LIQ), 4.535%, 2/16/2023 | 9981167 |
| 195000000 | Anglesea Funding LLC, 4.383% - 5.034%, 2/1/2023 - 7/19/2023 | 193954172 |
| 60000000 | Bank of Montreal, 2.800%, 5/9/2023 | 60000000 |
| 40000000 | Canadian Imperial Bank of Commerce, 2.069%, 3/20/2023 | 39760107 |
| 50000000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan <br> Securities LLC COL), 5.055%, 7/24/2023<br>| 48807616 |
| 21000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 5.055%, 7/24/2023<br>| 20499199 |

---

Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

**27**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>3</sup> <br>| COMMERCIAL PAPER— continued |  |
|  | **Finance - Banking— continued** |  |
| $200000000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, <br> 5.034%, 7/25/2023<br>| $195239028 |
| 70000000 | Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 4.823%, 5/5/2023 | 69137106 |
| 22000000 | National Australia Bank Ltd., Melbourne, 3.843%, 6/15/2023 | 21599050 |
| 89500000 | Royal Bank of Canada, 2.229% - 4.050%, 3/29/2023 - 8/23/2023 | 87528070 |
| 122000000 | Toronto Dominion Bank, 2.903%, 5/31/2023 | 120098426 |
| 55000000 | Victory Receivables Corp., (MUFG Bank Ltd. LIQ), <br> 4.809%, 4/17/2023<br>| 54451491 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 921055432 |
|  | **Finance - Retail— 0.4%** |  |
| 7500000 | Fairway Finance Co. LLC, 5.043%, 7/24/2023 | 7318967 |
| 50000000 | Thunder Bay Funding, LLC, 5.091%, 8/2/2023 | 48746222 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56065189 |
|  | **Insurance— 1.9%** |  |
| 300000000 | UnitedHealth Group, Inc., 4.323%, 2/1/2023 | 300000000 |
|  | **Oil & Oil Finance— 0.3%** |  |
| 42400000 | TotalEnergies Capital Canada Ltd., 4.351%, 2/3/2023 | 42389777 |
|  | **Sovereign— 0.9%** |  |
| 115000000 | BNG Bank N.V., 4.341% - 4.553%, 2/1/2023 - 2/27/2023 | 114754354 |
| 30000000 | Export Development Canada, (Canada, Government of SUB), <br> 5.203%, 11/9/2023<br>| 28829167 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 143583521 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL PAPER <br>(IDENTIFIED COST $1,464,607,005)<br>| &nbsp;&nbsp;&nbsp; 1463093919 |
|  | CERTIFICATES OF DEPOSIT— 9.1% |  |
|  | **Finance - Banking— 9.1%** |  |
| 66500000 | Bank of Montreal, 2.850% - 5.470%, 5/24/2023 - 1/8/2024 | 66435127 |
| 325000000 | Credit Agricole Corporate and Investment Bank, 4.310% - 4.490%, <br> 2/1/2023 - 2/7/2023<br>| 325000000 |
| 335500000 | Mizuho Bank Ltd., 4.360% - 4.810%, 2/1/2023 - 5/4/2023 | 335504067 |
| 406500000 | Sumitomo Mitsui Trust Bank Ltd., 4.770% - 4.830%, 4/13/2023 - <br> 5/16/2023<br>| 406541672 |
| 205000000 | Toronto Dominion Bank, 2.800% - 4.070%, 5/5/2023 - 7/18/2023 | 203882621 |
| 70000000 | Toronto Dominion Bank, 5.250%, 1/25/2024 | 70006090 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CERTIFICATES OF DEPOSIT <br>(IDENTIFIED COST $1,408,499,723)<br>| &nbsp;&nbsp;&nbsp; 1407369577 |
|  | TIME DEPOSITS— 6.4% |  |
|  | **Finance - Banking— 6.4%** |  |
| 770000000 | ABN Amro Bank NV, 4.330% - 4.510%, 2/1/2023 - 2/7/2023 | 770000000 |
| 125000000 | Australia & New Zealand Banking Group, Melbourne, <br> 4.360%, 2/3/2023<br>| 125000000 |

---

Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

**28**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | TIME DEPOSITS— continued |  |
|  | **Finance - Banking— continued** |  |
| $100000000 | Mizuho Bank Ltd., 4.320%, 2/1/2023 | $100000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TIME DEPOSITS <br>(IDENTIFIED COST $995,000,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 995000000 |
|  | U.S. TREASURY— 5.0% |  |
|  | **U.S. Treasury Bills— 4.7%** |  |
| 730000000 | United States Treasury Bill, 4.490%, 2/23/2023 | 727996960 |
|  | **U.S. Treasury Notes— 0.3%** |  |
| 50000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.682% (91-day T-Bill <br> +0.034%), 2/7/2023<br>| 50026920 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY <br>(IDENTIFIED COST $777,997,938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 778023880 |
|  | OTHER REPURCHASE AGREEMENTS— 16.8% |  |
|  | **Finance - Banking— 16.8%** |  |
| 288625000 | BNP Paribas S.A., 4.40%, dated 1/31/2023, interest in a <br> $350,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $350,042,778 on 02/01/2023, in <br> which asset-backed securities, corporate bonds, collateralized <br> mortgage obligations, medium-term note and sovereign debt with <br> a market value of $358,110,649 have been received as collateral <br> and held with BNY Mellon as tri-party agent.<br>| 288625000 |
| 60000000 | BofA Securities, Inc., 4.39%, dated 1/31/2023, interest in a <br> $75,000,000 collateralized loan agreement will repurchase securities <br> provided as collateral for $75,009,146 on 02/03/2023, in which <br> corporate bonds with a market value of $76,509,399 have been <br> received as collateral and held with BNY Mellon as tri-party agent.<br>| 60000000 |
| 100000000 | BofA Securities, Inc., 5.19%, dated 9/4/2020, interest in a <br> $100,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $101,297,500 on 5/4/2023, in <br> which American depositary receipts, convertible bonds, <br> exchange-traded funds and sovereign debt with a market value of <br> $102,405,932 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 100000000 |
| 150000000 | BofA Securities, Inc., 4.66%, dated 12/13/2022, interest in a <br> $165,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $165,149,508 on 2/10/2023, in <br> which corporate bonds and medium-term note with a market value <br> of $168,321,047 have been received as collateral and held with <br> BNY Mellon as tri-party agent.<br>| 150000000 |
| 200000000 | BofA Securities, Inc., 5.11%, dated 12/6/2022, interest in a <br> $250,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $226,117,813 on 2/10/2023, in <br> which asset-backed securities and collateralized mortgage <br> obligations with a market value of $229,530,919 have been <br> received as collateral and held with BNY Mellon as tri-party agent.<br>| 200000000 |

---

Federated Hermes Institutional Prime Obligations Fund

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---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS— continued |  |
|  | **Finance - Banking— continued** |  |
| $250000000 | BofA Securities, Inc., 5.19%, dated 9/9/2020, interest in a <br> $250,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $253,243,750 on 5/4/2023, in <br> which American depositary receipt, asset-backed securities, <br> corporate bond, convertible bonds and medium-term with a market <br> value of $256,014,831 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| $250000000 |
| 125000000 | Credit Agricole S.A., 4.72%, dated 6/24/2022, interest in a <br> $300,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $300,275,333 on 2/10/2023, in <br> which asset-backed securities, corporate bonds, collateralized <br> mortgage obligations and sovereign debt with a market value of <br> $306,126,468 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 125000000 |
| 280000000 | Credit Agricole S.A., 4.62%, dated 6/24/2022, interest in a <br> $800,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $800,718,667 on 2/10/2023, in <br> which asset-backed securities, corporate bonds, collateralized <br> mortgage obligations, medium-term note and sovereign debt with <br> a market value of $816,155,252 have been received as collateral <br> and held with BNY Mellon as tri-party agent.<br>| 280000000 |
| 45000000 | HSBC Securities (USA), Inc., 4.42%, dated 1/31/2023, interest in a <br> $245,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $245,030,081 on 2/01/2023, in <br> which corporate bonds, medium-term notes and Sovereign debt <br> with a market value of $249,900,000 have been received as <br> collateral and held with BNY Mellon as tri-party agent.<br>| 45000000 |
| 44625000 | ING Financial Markets LLC, 4.39%, dated 1/31/2023, interest in a <br> $50,000,000 collateralized loan agreement will repurchase securities <br> provided as collateral for $50,006,097 on 2/1/2023, in which <br> corporate bonds, medium-term note and sovereign debt with a <br> market value of $51,006,594 have been received as collateral and <br> held with BNY Mellon as tri-party agent.<br>| 44625000 |
| 65000000 | J.P. Morgan Securities LLC, 4.82%, dated 1/23/2023, interest in a <br> $250,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $251,004,167 on 02/22/2023, in <br> which asset-backed securities, collateralized mortgage obligation, <br> corporate bonds, medium-term notes and Sovereign debt with a <br> market value of $255,000,000 have been received as collateral and <br> held with BNY Mellon as tri-party agent.<br>| 65000000 |
| 50000000 | Mizuho Securities USA, Inc., 4.42%, dated 1/31/2023, interest in a <br> $100,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $100,012,278 on 2/01/2023, in <br> which asset-backed securities and corporate bonds with a market <br> value of $102,012,524 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| 50000000 |

---

Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

**30**

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---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS— continued |  |
|  | **Finance - Banking— continued** |  |
| $85000000 | Mizuho Securities USA, Inc., 4.47%, dated 1/31/2023, interest in a <br> $150,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $150,018,625 on 2/01/2023, in <br> which common stocks with a market value of $153,019,001 have <br> been received as collateral and held with BNY Mellon as tri-party <br> agent.<br>| $85000000 |
| 78625000 | Mitsubishi UFG Securities Americas, Inc., 4.47%, dated 1/31/2023, <br> interest in a $300,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $300,037,250 on <br> 2/1/2023, in which American depositary receipts, common stocks, <br> corporate bonds, exchange-traded funds, unit investment trust and <br> municipal bonds with a market value of $306,038,896 have been <br> received as collateral and held with BNY Mellon as tri-party agent.<br>| 78625000 |
| 135000000 | Pershing LLC, 4.82%, dated 7/14/2022, interest in a $300,000,000 <br> collateralized loan agreement will repurchase securities provided as <br> collateral for $300,281,167 on 2/10/2023, in which asset-backed <br> securities, collateralized mortgage obligations, corporate bonds, <br> commercial paper, common stocks, convertible bond, certificate <br> deposit, exchange-traded funds, medium-term notes, municipal <br> bonds, mutual funds and sovereign debt of with a market value of <br> $306,038,845 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 135000000 |
| 125000000 | Societe Generale, Paris, 4.38%, dated 1/31/2023, interest in a <br> $350,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $350,042,583 on 2/1/2023, in <br> which asset-backed securities, corporate bonds, collateralized <br> mortgage obligations, medium-term note and sovereign debt with <br> a market value of $357,246,293 have been received as collateral <br> and held with BNY Mellon as tri-party agent.<br>| 125000000 |
| 300625000 | Societe Generale, Paris, 4.47%, dated 1/31/2023, interest in a <br> $650,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $650,080,708 on 2/1/2023, in <br> which asset-backed securities, corporate bonds, collateralized <br> mortgage obligations and medium-term with a market value of <br> $663,082,322 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 300625000 |
| 86150000 | Standard Chartered Bank, 4.38%, dated 1/31/2023, interest in a <br> $150,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $150,018,250 on 2/1/2023, in <br> which treasury bonds and treasury notes with a market value of <br> $153,018,623 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 86150000 |
| 125000000 | Wells Fargo Securities LLC, 5.17%, dated 2/3/2022, interest in a <br> $125,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $126,633,576 on 04/10/2023, in <br> which certificate of deposit with a market value of $127,921,140 <br> have been received as collateral and held with BNY Mellon as <br> tri-party agent.<br>| 125000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER REPURCHASE AGREEMENTS <br>(IDENTIFIED COST $2,593,650,000)<br>| &nbsp;&nbsp;&nbsp; 2593650000 |

---

Federated Hermes Institutional Prime Obligations Fund

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**31**

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---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS— 19.3% |  |
|  | **Finance - Banking— 19.3%** |  |
| $2000000000 | Interest in $2,000,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Federal Reserve Bank of New York <br> will repurchase securities provided as collateral for $2,000,238,889 <br> on 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were U.S. Treasury <br> securities with various maturities to 8/15/2040 and the market value <br> of those underlying securities was $2,000,238,961.<br>| $2000000000 |
| 484000000 | Interest in $2,000,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Sumitomo Mitsui Banking Corp will <br> repurchase securities provided as collateral for $2,000,238,889 on <br> 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were <br> U.S. Government Agency securities with various maturities to <br> 10/20/2052 and the market value of those underlying securities <br> was $2,040,243,667.<br>| 484000000 |
| 500000000 | Interest in $1,650,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Mitsubishi UFJ Securities (USA), Inc. <br> will repurchase securities provided as collateral for $1,650,197,083 <br> on 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were <br> U.S. Government Agency securities with various maturities to <br> 2/1/2053 and the market value of those underlying securities <br> was $1,683,201,025.<br>| 500000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REPURCHASE AGREEMENTS <br>(IDENTIFIED COST $2,984,000,000)<br>| &nbsp;&nbsp;&nbsp; 2984000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—100.1% <br>(IDENTIFIED COST $15,499,348,083)<sup>4</sup> <br>| 15498968142 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(0.1)%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16530121) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $15482438021 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Floating/variable note with current rate and current maturity or next reset date shown. Certain* <br> *variable rate securities are not based on a published reference rate and spread but are* <br> *determined by the issuer or agent and are based on current market conditions. These securities* <br> *do not indicate a reference rate and spread in their description above.*<br>|
| 2 | *Denotes a restricted security that either: (a) cannot be offered for public sale without first being* <br> *registered, or availing of an exemption from registration, under the Securities Act of 1933; or* <br> *(b) is subject to a contractual restriction on public sales. At January 31, 2023, these restricted* <br> *securities amounted to $50,000,000, which represented 0.3% of total net assets.*<br>|
| 3 | *Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.* |
| 4 | *Also represents cost of investments for federal tax purposes.* |
| 5 | *Assets, other than investments in securities, less liabilities. See Statement of Assets and* <br> *Liabilities.*<br>|

---

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2023.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

**32**

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Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of January 31, 2023, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | 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 |
| SOFR | —Secured Overnight Financing Rate |
| VRDNs | —Variable Rate Demand Notes |

---

See Notes which are an integral part of the Financial Statements

Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

**33**

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Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value,** <br> **Beginning of Period**<br>| **$0.9998** | **$1.0005** | **$1.0007** | **$1.0004** | **$1.0003** | **$1.0003** |
| **Income From** <br> **Investment Operations:**<br>|  |  |  |  |  |  |
| Net investment income <br> (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0168<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0037<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0156 |
| Net realized and <br> unrealized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0000<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From <br> Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0156 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0156) |
| **Net Asset Value, End** <br> **of Period**<br>| **$1.0003** | **$0.9998** | **$1.0005** | **$1.0007** | **$1.0004** | **$1.0003** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.34%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.62% |
| Expense waiver/<br> reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of <br> period (000 omitted)<br>| $15470601 | $14232133 | $15298656 | $23611390 | $21146776 | $10941508 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Per share numbers have been calculated using the average shares method.* |
| 2 | *Represents less than $0.0001.* |
| 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* <br> *may invest.*<br>|
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

**34**

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Statement of Assets and Liabilities <br>January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in repurchase agreements and other repurchase agreements | $5577650000 |
| Investment in securities | &nbsp;&nbsp;&nbsp; 9921318142 |
| Investment in securities, at value (identified cost $15,499,348,083) | &nbsp;&nbsp; 15498968142 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491777 |
| Income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29017806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp; 15528477725 |
| **Liabilities:** |  |
| Income distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45750094 |
| Payable for investment adviser fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42247 |
| Payable for administrative fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33189 |
| Payable for Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16053 |
| Accrued expenses (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46039704 |
| Net assets for 15,478,355,007 shares outstanding | $15482438021 |
| **Net Assets Consist of:** |  |
| Paid-in capital | $15484239807 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1801786) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $15482438021 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Institutional Shares:** |  |
| $15,470,601,344 ÷ 15,466,521,335 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.0003 |
| **Service Shares:** |  |
| $11,836,577 ÷ 11,833,572 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.0003 |
| **Capital Shares:** |  |
| $100 ÷ 100 shares outstanding, no par value, unlimited shares authorized | $0.9999\* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* *Actual net asset value per share presented differs from calculated net asset value per share due* *to rounding.*

See Notes which are an integral part of the Financial Statements

Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

**35**

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Statement of Operations <br>Six Months Ended January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | $265938005 |
| **Expenses:** |  |
| Investment adviser fee (Note 5) | &nbsp;&nbsp;&nbsp; 15074432 |
| Administrative fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp; 5902297 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219943 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34347 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42783 |
| Auditing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13290 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5143 |
| Portfolio accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114608 |
| Other service fees (Notes 2 and 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15220 |
| Share registration costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44589 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11580 |
| Miscellaneous (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48902 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES | &nbsp;&nbsp;&nbsp; 21527134 |
| Waiver of investment adviser fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp; (7575602) |
| Net expenses | &nbsp;&nbsp;&nbsp; 13951532 |
| Net investment income | &nbsp;&nbsp; 251986473 |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |
| Net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15265 |
| Net change in unrealized depreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; 7527225 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 7542490 |
| Change in net assets resulting from operations | $259528963 |

---

See Notes which are an integral part of the Financial Statements

Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

**36**

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Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023**<br>| **Year Ended** <br>**7/31/2022**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | $251986473 | $50302148 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54512 |
| Net change in unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7527225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9036105) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING <br> FROM OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259528963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41320555 |
| **Distributions to Shareholders:** |  |  |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (251889437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50220717) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (190848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41365) |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> DISTRIBUTIONS TO SHAREHOLDERS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (252080287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50262130) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 14824866983 | &nbsp;&nbsp; 24614918258 |
| Net asset value of shares issued to shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46759820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8299365 |
| Cost of shares redeemed | &nbsp;&nbsp; (13641483543) | &nbsp;&nbsp; (25705000012) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1230143260 | &nbsp;&nbsp;&nbsp; (1081782389) |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1237591936 | &nbsp;&nbsp;&nbsp; (1090723964) |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 14244846085 | &nbsp;&nbsp; 15335570049 |
| End of period | $15482438021 | $14244846085 |

---

See Notes which are an integral part of the Financial Statements

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Notes to Financial Statements

January 31, 2023 (unaudited)

**1. ORGANIZATION** 

Federated Hermes Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included herein are only those of Federated Hermes Institutional Prime Obligations Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares: Institutional Shares, Service Shares and Capital Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income consistent with stability of principal.

The Fund operates as an institutional money market fund. As an institutional money market fund, the Fund: (1) will not be limited to institutional investors, but will continue to be available to retail investors; (2) will utilize current market-based prices (except as otherwise generally permitted to value individual portfolio securities with remaining maturities of 60 days or less at amortized cost in accordance with Securities and Exchange Commission (SEC) rules and guidance) to value its portfolio securities and transact at a floating net asset value (NAV) that uses four decimal-place precision ($1.0000); and (3) has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board of Trustees (the "Trustees") determine such liquidity fees or redemption gates are in the best interest of the Fund.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

**Investment Valuation** 

In calculating its net asset value (NAV), the Fund generally values investments as follows:

◾ <br>

Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the "Adviser").

◾ <br>

Fixed-income securities with remaining maturities of 60 days or less are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in the same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each time it makes a valuation

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determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation.

◾ <br>

Shares of other mutual funds or non-exchange traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.

◾ <br>

For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser's valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser's valuation committee ("Valuation Committee"), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

**Fair Valuation Procedures** 

Pursuant to Rule 2a-5 under the Act, the Trustees have designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in

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accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a "bid" evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

**Repurchase Agreements** 

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund's custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a "securities entitlement" and exercises "control" as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund's Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Repurchase agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and

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Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase price to be paid under the agreement reducing the net settlement amount to zero.

**Investment Income, Gains and Losses, Expenses and Distributions** 

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waivers and reimbursement of $7,575,602 is disclosed in Note 5.

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

**Other Service Fees** 

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Institutional Shares, Service Shares and Capital Shares to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time.

For the six months ended January 31, 2023, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Service Shares | $15220 |

---

For the six months ended January 31, 2023, the Fund's Institutional Shares and Capital Shares did not incur other service fees.

**Federal Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended January 31, 2023, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of January 31, 2023, tax years 2019 through 2022 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

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**When-Issued and Delayed-Delivery Transactions** 

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**Restricted Securities** 

The Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer's expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund's restricted securities, like other securities, are priced in accordance with procedures established by and under the general supervision of the Adviser.

**Other** 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

**3. SHARES OF BENEFICIAL INTEREST** 

The following tables summarize share activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Institutional Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 14716384823 | $14715204781 | 24232087166 | $24233003776 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46657815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46659133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8283360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8282176 |
| Shares redeemed | (13531863278) | &nbsp;&nbsp; (13530838430) | (25296641390) | &nbsp;&nbsp; (25298888431) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM INSTITUTIONAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 1231179360 | $1231025484 | &nbsp;&nbsp; (1056270864) | $(1057602479) |

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Service Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 109666754 | $109662202 | &nbsp;&nbsp;&nbsp;&nbsp; 381843923 | $381914482 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17151 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (110650802) | &nbsp;&nbsp;&nbsp;&nbsp; (110645113) | &nbsp;&nbsp;&nbsp;&nbsp; (401541566) | &nbsp;&nbsp;&nbsp;&nbsp; (401611014) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM SERVICE <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (883358) | $(882224) | &nbsp;&nbsp;&nbsp;&nbsp; (19680489) | $(19679381) |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Capital Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $— |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4498390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4500567) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM CAPITAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4498352) | $(4500529) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM TOTAL FUND <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 1230296002 | $1230143260 | &nbsp;&nbsp; (1080449705) | $(1081782389) |

---

**4. FEDERAL TAX INFORMATION** 

At January 31, 2023, the cost of investments for federal tax purposes was $15,499,348,083. The net unrealized depreciation of investments for federal tax purposes was $379,941. This consists of unrealized appreciation from investments for those securities having an excess of value over cost of $2,726,893 and unrealized depreciation from investments for those securities having an excess of cost over value of $3,106,834.

As of July 31, 2022, the Fund had a capital loss carryforward of $1,400,723 which will reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these net capital losses retain their character as either short-term or long-term and do not expire.

The following schedule summarizes the Fund's capital loss carryforwards:

---

| | | |
|:---|:---|:---|
| **Short-Term** | **Long-Term** | **Total** |
| $1400723 | $— | $1400723 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Investment Adviser Fee** 

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee for competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended January 31, 2023, the Adviser voluntarily waived $7,575,602 of its fee.

**Administrative Fee** 

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, "Investment Complex" is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

---

| | |
|:---|:---|
| **Administrative Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Daily Net Assets** <br>**of the Investment Complex**<br>|
| 0.100% | on assets up to $50 billion |
| 0.075% | on assets over $50 billion |

---

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

**Other Service Fees** 

For the six months ended January 31, 2023, FSSC received $130 of the other service fees disclosed in Note 2.

**Expense Limitation** 

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSSC and FAS) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Institutional Shares, Service Shares and Capital Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.20%, 0.45% and 0.25% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2023; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

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**Directors'/Trustees' and Miscellaneous Fees** 

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors'/Trustees' fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

**Affiliated Shares of Beneficial Interest** 

As of January 31, 2023, a majority of the shares of beneficial interest outstanding are owned by other affiliated investment companies.

**6. CONCENTRATION OF RISK** 

A substantial part of the Fund's portfolio may be comprised of obligations of banks. As a result, the Fund may be more susceptible to any economic, business, political or other developments which generally affect these entities.

**7. LINE OF CREDIT** 

The Fund participates with certain other Federated Hermes Funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement dated June 22, 2022. The LOC was made available to temporarily finance the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund's ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to (a) the highest, on any day, of (i) the federal funds effective rate, (ii) the published secured overnight financing rate plus an assigned percentage, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of a commitment fee based on the amount of the lenders' commitment that has not been utilized, quarterly in arrears and at maturity. As of January 31, 2023, the Fund had no outstanding loans. During the six months ended January 31, 2023, the Fund did not utilize the LOC.

**8. INTERFUND LENDING** 

Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of January 31, 2023, there were no outstanding loans. During the six months ended January 31, 2023, the program was not utilized.

**9. INDEMNIFICATIONS** 

Under the Fund's organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal

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course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party's actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.

**10. OTHER MATTERS** 

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Fund's investments) and the markets in general in significant and unforeseen ways. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such investments. Any such impact could adversely affect the Fund's performance.

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Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2022 to January 31, 2023.

**ACTUAL EXPENSES** 

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to *estimate* the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an *assumed* rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should *not* use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative *total* costs of owning different funds.

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| | | | |
|:---|:---|:---|:---|
|  | **Beginning** <br>**Account Value** <br>**8/1/2022**<br>| **Ending** <br>**Account Value** <br>**1/31/2023**<br>| **Expenses Paid** <br>**During Period**<sup>1</sup> <br>|
| **Actual** | $1000.00 | $1017.50 | $0.92 |
| **Hypothetical (assuming a 5% return** <br> **before expenses)**<br>| $1000.00 | $1024.30 | $0.92 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 1 | *Expenses are equal to the Fund's annualized net expense ratio of 0.18%, multiplied by the* <br> *average account value over the period, multiplied by 184/365 (to reflect the* <br> *one-half-year period).*<br>|

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Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

**47**

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Evaluation and Approval of Advisory Contract–May 2022

**Federated Hermes Institutional Prime Value Obligations Fund (the "Fund")**

At its meetings in May 2022 (the "May Meetings"), the Fund's Board of Trustees (the "Board"), including those Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940 (the "Independent Trustees"), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") (the "Contract") for an additional one-year term. The Board's determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

***<u>Information Received and Review Process</u>***

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO's independent written evaluation (the "CCO Fee Evaluation Report"), along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contract. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as "Senior Officer" prior to the elimination of the Senior Officer position in December 2017.

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered information specifically prepared in connection with the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, "Federated Hermes") in response to requests posed to Federated Hermes by independent legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional matters as the Independent Trustees deemed

Semi-Annual Shareholder Report

**48**

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reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates; Federated Hermes' business and operations; the Adviser's investment philosophy, personnel and processes; the Fund's investment objectives and strategies; the Fund's short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund's particular investment program and a group of its peer funds and/or its benchmark, as appropriate); the Fund's investment objectives; the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the financial condition of Federated Hermes; the Adviser's profitability with respect to the Fund; distribution and sales activity for the Fund; and the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser's cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize "economies of scale" as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any "fall-out" benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fee and expense structures, including a comparison of management fees paid to the adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser's services and fees. The Board noted that the Securities and Exchange Commission ("SEC") disclosure requirements

Semi-Annual Shareholder Report

**49**

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regarding the basis for a fund board's approval of the fund's investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a "Federated Hermes Fund" and, collectively, the ("Federated Hermes Funds").

In addition to considering the above-referenced factors, the Board was mindful of the preferences and expectations of Fund shareholders and the potential disruptions of the Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund on the strength of Federated Hermes' industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund's shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.

In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board's determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.

Semi-Annual Shareholder Report

**50**

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***<u>Nature, Extent and Quality of Services</u>***

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by Federated Hermes. The Board considered the Adviser's personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and Federated Hermes' ability and experience in attracting and retaining qualified personnel to service the Fund. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser's ability to deliver competitive investment performance for the Fund when compared to the Fund's Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund's investment program. The Board also considered the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, in order to maintain a positive yield for the Fund in the low interest rate environment.

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened the organization's investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance ("ESG") factors and issuer engagement on ESG matters. The Board considered the quality of Federated Hermes' communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account Federated Hermes' communications with the Board in light of the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds' officers.

The Board received and evaluated information regarding Federated Hermes' regulatory and compliance environment. The Board considered Federated Hermes' compliance program and compliance history and reports from the CCO about Federated Hermes' compliance with applicable laws and

Semi-Annual Shareholder Report

**51**

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regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes' support of the Federated Hermes Funds' compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund's obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated Hermes' commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes' approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds' compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes' oversight in this regard, including in connection with the designation of the Federated Hermes Funds' investment advisers as the administrators of the Federated Hermes Funds' liquidity risk management program.

The Board also considered the implementation of Federated Hermes' business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes' commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.

The Board considered Federated Hermes' efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Adviser to the Fund.

***<u>Fund Investment Performance</u>***

The Board considered the investment performance of the Fund. In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser's analysis of, the Fund's performance over different time periods that were

Semi-Annual Shareholder Report

**52**

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provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund's gross and net returns, the Fund's investment performance compared to one or more relevant categories or groups of peer funds and the Fund's benchmark index, performance attribution information and commentary on the effect of market conditions.

The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by iMoneyNet, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the CCO's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds' objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.

For the one-year period ended December 31, 2021, the Fund's performance was above the median of the Performance Peer Group. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its Performance Peer Group.

Based on these considerations, the Board concluded that it had continued confidence in the Adviser's overall capabilities to manage the Fund.

***<u>Fund Expenses</u>***

The Board considered the advisory fee and overall expense structure of the Fund and the comparative fee and expense information that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund's total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the category of peer funds selected by iMoneyNet (the "Expense Peer Group"). The Board received a description of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet category.

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged by other advisers for managing funds with comparable investment programs, the Board noted that it found the use of such comparisons to be relevant to its evaluation. The Board focused on comparisons with other similar registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund

Semi-Annual Shareholder Report

**53**

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shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund's shareholders. The Board noted that the range of such other registered funds' fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

The Board noted that, for the year ended December 31, 2021, the Fund's investment advisory fee was waived in its entirety. The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund with the Adviser and noted the position of the Fund's fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was above the median of the Expense Peer Group, but the Board noted that the investment advisory fee was waived in its entirety, and that the overall expense structure of the Fund remained competitive in the context of other factors considered by the Board.

The Board also received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO's conclusion that non-registered fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing and fund liquidity; (vi) different administrative responsibilities; (vii) different degrees of risk associated with management; and (viii) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution's registered fund, noting the CCO's view that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds' advisory fees.

Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.

Semi-Annual Shareholder Report

**54**

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***<u>Profitability</u>***

The Board received and considered profitability information furnished by Federated Hermes, as requested by the CCO. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO's view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered the CCO's view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board noted the impact of the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, on the profitability of the Fund to the Adviser.

The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO's conclusion that, based on such profitability information, Federated Hermes' profit margins did not appear to be excessive. The Board also considered the CCO's view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.

***<u>Economies of Scale</u>***

The Board received and considered information about the notion of possible realization of "economies of scale" as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: personnel, processes and tools for portfolio management, including the use of market data on which portfolio managers make investment decisions; trading operations; ESG integration and issuer engagement on ESG matters; shareholder services; compliance; business continuity; cybersecurity; internal audit and risk management functions; and technology that supports the provision of investment management services. The Board noted that Federated

Semi-Annual Shareholder Report

**55**

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Hermes' investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund's assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered Federated Hermes' reductions in contractual management fees for certain Federated Hermes Funds during the prior year, including in response to the CCO's recommendations in the prior year's CCO Fee Evaluation Report, which have resulted in benefits being realized by shareholders.

The Board also considered reports on adviser-paid fees (commonly referred to as "revenue sharing") that were provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes and the CCO believe that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to evaluate the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.

***<u>Other Benefits</u>***

The Board considered information regarding the compensation and other ancillary (or "fall-out") benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds' investment advisory contracts, Federated Hermes' affiliates also receive fees for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds' administrator and distributor). In this regard, the Board considered that certain of Federated Hermes' affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

Semi-Annual Shareholder Report

**56**

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***<u>Conclusions</u>***

The Board considered: (i) the CCO's conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund is reasonable; and (ii) the CCO's recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board's evaluation of the Federated Hermes Funds' advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board's determination to approve the continuation of the Contract reflects its view that Federated Hermes' performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.

Semi-Annual Shareholder Report

**57**

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Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400, Option #4. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

Semi-Annual Shareholder Report

**58**

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

This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund's Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY** 

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the "householding" program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of "householding." Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of "householding" at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400, Option #4.

Semi-Annual Shareholder Report

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![](edelivery.jpg)

![](fhilogok11p.jpg)

Federated Hermes Institutional Prime Value Obligations Fund <br>Federated Hermes Funds <br>4000 Ericsson Drive <br>Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com** <br>or call 1-800-341-7400.

Federated Securities Corp., Distributor

*CUSIP 60934N583* <br>*CUSIP 60934N575* <br>*CUSIP 60934N567*

*Q450201 (3/23)*© 2023 Federated Hermes, Inc.

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**Semi-Annual Shareholder Report**

***January 31, 2023***

![](img8231de1c1.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Share Class** \| Ticker | **Institutional** \| PVOXX |

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Federated Hermes Institutional Prime Value Obligations Fund

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A Portfolio of Federated Hermes Money Market Obligations Trust

Dear Valued Shareholder,

We are pleased to present the Semi-Annual Shareholder Report for your fund covering the period from August 1, 2022 through January 31, 2023. This report includes a complete listing of your fund's holdings, performance information and financial statements along with other important fund information.

As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.

In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.

Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.

Sincerely, <br> ![](donahuechrissigsmall.jpg)

J. Christopher Donahue, President

*The Fund operates as a "Floating Net Asset Value" Money Market Fund.* <br>*The Share Price will fluctuate. It is possible to lose money by investing in the Fund.*

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**Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee**

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**CONTENTS** 

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| | |
|:---|:---|
| [Federated Hermes Institutional Prime Value Obligations Fund](#xx_43e205c5-109c-4e06-948e-5e0f8f3c68b9_1) | &nbsp;&nbsp; [1](#xx_43e205c5-109c-4e06-948e-5e0f8f3c68b9_1)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Portfolio of Investments Summary Table](#xx_43e205c5-109c-4e06-948e-5e0f8f3c68b9_1) | &nbsp;&nbsp; [1](#xx_43e205c5-109c-4e06-948e-5e0f8f3c68b9_1)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Portfolio of Investments](#xx_43e205c5-109c-4e06-948e-5e0f8f3c68b9_2) | &nbsp;&nbsp; [2](#xx_43e205c5-109c-4e06-948e-5e0f8f3c68b9_2)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#xx_46c27476-0cff-4954-abf1-f2732d4f1bde_1) | &nbsp;&nbsp; [4](#xx_46c27476-0cff-4954-abf1-f2732d4f1bde_1)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#xx_49eaa365-201b-429d-9801-b122f29ca5c0_1) | &nbsp;&nbsp; [5](#xx_49eaa365-201b-429d-9801-b122f29ca5c0_1)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#xx_49eaa365-201b-429d-9801-b122f29ca5c0_2) | &nbsp;&nbsp; [6](#xx_49eaa365-201b-429d-9801-b122f29ca5c0_2)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Changes in Net Assets](#xx_49eaa365-201b-429d-9801-b122f29ca5c0_3) | &nbsp;&nbsp; [7](#xx_49eaa365-201b-429d-9801-b122f29ca5c0_3)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#xx_3d153da1-28ce-47f5-a12e-210c0e58b427_1) | &nbsp;&nbsp; [8](#xx_3d153da1-28ce-47f5-a12e-210c0e58b427_1)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Expense Example](#xx_9f9aa374-9666-4068-bf89-b5530de385a4_1) | [17](#xx_9f9aa374-9666-4068-bf89-b5530de385a4_1)  |
| [Federated Hermes Institutional Prime Obligations Fund](#xx_6aea77ab-dbd1-4678-bb58-74eeb098a305_1) | [19](#xx_6aea77ab-dbd1-4678-bb58-74eeb098a305_1)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Portfolio of Investments Summary Tables](#xx_fbbbf29b-d2a7-4ff4-82e0-45558f51ed4e_1) | [20](#xx_fbbbf29b-d2a7-4ff4-82e0-45558f51ed4e_1)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Portfolio of Investments](#xx_fbbbf29b-d2a7-4ff4-82e0-45558f51ed4e_2) | [21](#xx_fbbbf29b-d2a7-4ff4-82e0-45558f51ed4e_2)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#xx_64914d02-33bd-41e0-b8e6-c511f6f839a6_1) | [32](#xx_64914d02-33bd-41e0-b8e6-c511f6f839a6_1)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#xx_b4b75272-c194-4e7b-b463-743a6f658b12_1) | [33](#xx_b4b75272-c194-4e7b-b463-743a6f658b12_1)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#xx_b4b75272-c194-4e7b-b463-743a6f658b12_2) | [34](#xx_b4b75272-c194-4e7b-b463-743a6f658b12_2)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Changes in Net Assets](#xx_b4b75272-c194-4e7b-b463-743a6f658b12_3) | [35](#xx_b4b75272-c194-4e7b-b463-743a6f658b12_3)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#xx_b2c519f2-0bad-442b-aa37-45e4be47140f_1) | [36](#xx_b2c519f2-0bad-442b-aa37-45e4be47140f_1)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Expense Example](#xx_0897edac-1600-4cbe-af68-babac63aac62_1) | [45](#xx_0897edac-1600-4cbe-af68-babac63aac62_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_b7adb35e-1577-4473-b6a7-efc0a7e91263_1) | [46](#xx_b7adb35e-1577-4473-b6a7-efc0a7e91263_1)  |
| [Voting Proxies on Fund Portfolio Securities](#xx_8a543393-0134-4059-b433-294102daff14_1) | [56](#xx_8a543393-0134-4059-b433-294102daff14_1)  |
| [Portfolio Schedule](#xx_8a543393-0134-4059-b433-294102daff14_1) | [56](#xx_8a543393-0134-4059-b433-294102daff14_1) |

---

------

Portfolio of Investments Summary Table (unaudited)

At January 31, 2023, the Fund's portfolio composition<sup>1</sup> was as follows:

---

| | |
|:---|:---|
| **Security Type** | **Percentage of** <br>**Total Net Assets**<sup>2</sup> <br>|
| Other Repurchase Agreements and Repurchase Agreements | 36.1% |
| Variable Rate Instruments | 33.8% |
| Bank Instruments | 15.4% |
| Commercial Paper | &nbsp;&nbsp; 9.4% |
| U.S. Treasury Securities | &nbsp;&nbsp; 4.9% |
| Other Assets and Liabilities—Net<sup>3</sup> <br>| &nbsp;&nbsp; 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | **100%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *See the Fund's Prospectus and Statement of Additional Information for more complete* <br> *information regarding these security types.*<br>|
| 2 | *As of the date specified above, the Fund owned shares of one or more affiliated investment* <br> *companies. For purposes of this table, the affiliated investment company (other than an affiliated* <br> *money market mutual fund) is not treated as a single portfolio security, but rather the Fund is* <br> *treated as owning a pro rata portion of each security and each other asset and liability owned by* <br> *the affiliated investment company. Accordingly, the percentages of total net assets shown in the* <br> *table will differ from those presented on the Portfolio of Investments.*<br>|
| 3 | *Assets, other than investments in securities, less liabilities. See Statement of Assets and* <br> *Liabilities.*<br>|

---

Semi-Annual Shareholder Report

**1**

------

Portfolio of Investments

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Shares or** <br>**Principal** <br>**Amount**<br>|  | **Value** |
|  | INVESTMENT COMPANY— 99.1% |  |
| 11432196886 | Federated Hermes Institutional Prime Obligations Fund, <br> Institutional Shares, 4.41%<sup>1</sup> <br>(IDENTIFIED COST $11,438,782,213)<br>| $11435626545 |
|  | OTHER REPURCHASE AGREEMENTS— 0.4% |  |
|  | **Finance - Banking— 0.4%** |  |
| $50000000 | Interest in $245,000,000 joint repurchase agreement 4.42%, dated <br> 1/31/2023 under which HSBC Securities (USA), Inc. will repurchase <br> securities provided as collateral for $245,030,081 on 2/1/2023. <br> The securities provided as collateral at the end of the period held <br> with BNY Mellon as tri-party agent, were U.S. Treasury securities <br> with various maturities to 3/15/2053 and the market value of those <br> underlying securities was $249,900,000. <br>(IDENTIFIED COST $50,000,000)<br>| 50000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—99.5% <br>(IDENTIFIED COST $11,488,782,213)<sup>2</sup> <br>| 11485626545 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—0.5%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53891513 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $11539518058 |

---

Affiliated fund holdings are investment companies which are managed by Federated Investment Management Company (the "Adviser") or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended January 31, 2023, were as follows:

---

| | |
|:---|:---|
|  | **Federated Hermes** <br>**Institutional Prime** <br>**Obligations Fund,** <br>**Institutional Shares**<br>|
| Value as of 7/31/2022 | $10294155651 |
| Purchases at Cost | $6664373200 |
| Proceeds from Sales | $(5528515900) |
| Change in Unrealized Appreciation/Depreciation | $4982829 |
| Net Realized Gain/(Loss) | $630765 |
| Value as of 1/31/2023 | $11435626545 |
| Shares Held as of 1/31/2023 | &nbsp;&nbsp; 11432196886 |
| Dividend Income | $179922664 |

---

The Fund invests in Federated Hermes Institutional Prime Obligations Fund (POF), a diversified portfolio of Federated Hermes Money Market Obligations Trust (MMOT) which is also managed by the Adviser. MMOT is an open-end management investment company, registered under the Investment Company Act of 1940, as amended. The investment objective of POF is to provide current income consistent with stability of principal. Income distributions from POF are declared daily and paid monthly. All income distributions are recorded by the Fund as dividend income. Capital gain

Semi-Annual Shareholder Report

**2**

------

distributions of POF, if any, are declared and paid annually, and are recorded by the Fund as capital gains received. At January 31, 2023, POF represents 99.1% of the Fund's net assets. Therefore, the performance of the Fund is directly affected by the performance of POF. To illustrate the security holdings, financial condition, results of operations and changes in net assets of POF, its financial statements are included within this report. The financial statements of POF should be read in conjunction with the Fund's financial statements. The valuation of securities held by POF is discussed in the notes to its financial statements.

---

| | |
|:---|:---|
| 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* <br> *Liabilities.*<br>|

---

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2023.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>The following is a summary of the inputs used, as of January 31, 2023, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1—** <br>**Quoted** <br>**Prices**<br>| **Level 2—** <br>**Other** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| **Level 3—** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Investment Company** | $11435626545 | $— | $— | $11435626545 |
| **Repurchase Agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SECURITIES | $11435626545 | $50000000 | $— | $11485626545 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**3**

------

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value,** <br> **Beginning of Period**<br>| **$0.9995** | **$1.0004** | **$1.0006** | **$1.0003** | **$1.0002** | **$1.0002** |
| **Income From** <br> **Investment Operations:**<br>|  |  |  |  |  |  |
| Net investment income <br> (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0168 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0239 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0156 |
| Net realized and <br> unrealized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0005 | &nbsp;&nbsp;&nbsp;&nbsp; (0.0008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0001 | &nbsp;&nbsp;&nbsp;&nbsp; (0.0000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From <br> Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0173 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0240 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0156 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0168) | &nbsp;&nbsp;&nbsp;&nbsp; (0.0036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0239) | &nbsp;&nbsp;&nbsp;&nbsp; (0.0156) |
| Distributions from net <br> realized gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.0001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.0000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total <br> Distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0168) | &nbsp;&nbsp;&nbsp;&nbsp; (0.0037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0239) | &nbsp;&nbsp;&nbsp;&nbsp; (0.0156) |
| **Net Asset Value, End of** <br> **Period**<br>| **$1.0000** | **$0.9995** | **$1.0004** | **$1.0006** | **$1.0003** | **$1.0002** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>5</sup> <br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59% |
| Expense waiver/<br> reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period <br> (000 omitted)<br>| $11113752 | $9946892 | $12120572 | $15937441 | $13599422 | $6992551 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.0001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 4 | *Computed on an annualized basis.* |
| 5 | *Represents less than 0.01%.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

The financial highlights of the Service Shares and Capital Shares are presented separately.

Semi-Annual Shareholder Report

**4**

------

Statement of Assets and Liabilities <br>January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in securities, at value including $11,435,626,545 of investments in <br> affiliated holdings\* (identified cost $11,488,782,213, including $11,438,782,213 of <br> identified cost in affiliated holdings)<br>| $11485626545 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 716413 |
| Income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6138 |
| Income receivable from affiliated holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41855662 |
| Receivable for shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51910115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp; 11580114873 |
| **Liabilities:** |  |
| Payable for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13032559 |
| Income distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27373837 |
| Payable for investment adviser fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35494 |
| Payable for administrative fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24640 |
| Payable for Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12025 |
| Payable for other service fees (Notes 2 and 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61438 |
| Accrued expenses (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40596815 |
| Net assets for 11,539,757,038 shares outstanding | $11539518058 |
| **Net Assets Consist of:** |  |
| Paid-in capital | $11543492183 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3974125) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $11539518058 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Institutional Shares:** |  |
| $11,113,751,626 ÷ 11,113,980,185 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.0000 |
| **Service Shares:** |  |
| $416,829,592 ÷ 416,839,396 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.0000 |
| **Capital Shares:** |  |
| $8,936,840 ÷ 8,937,457 shares outstanding, no par value, unlimited <br> shares authorized<br>| $0.9999 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* *See information listed after the Fund's Portfolio of Investments.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**5**

------

Statement of Operations <br>Six Months Ended January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends received from affiliated holdings\* | $179922664 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 860159 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INCOME | &nbsp;&nbsp; 180782823 |
| **Expenses:** |  |
| Investment adviser fee (Note 5) | &nbsp;&nbsp;&nbsp; 10791683 |
| Administrative fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp; 4224953 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149993 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44793 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29535 |
| Auditing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13290 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5145 |
| Portfolio accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110551 |
| Other service fees (Notes 2 and 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 483270 |
| Share registration costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84531 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19988 |
| Miscellaneous (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123527 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES | &nbsp;&nbsp;&nbsp; 16081259 |
| **Waiver and Reimbursements:** |  |
| Waiver/reimbursement of investment adviser fee (Note 5) | &nbsp;&nbsp; (10791683) |
| Reimbursement of other operating expenses (Notes 2 and 5) | &nbsp;&nbsp;&nbsp;&nbsp; (4735381) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WAIVER AND REIMBURSEMENTS | &nbsp;&nbsp; (15527064) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 554195 |
| Net investment income | &nbsp;&nbsp; 180228628 |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |
| Net realized gain on investments in an affiliated holding\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630765 |
| Net change in unrealized depreciation of investments in an affiliated holding\* | &nbsp;&nbsp;&nbsp;&nbsp; 4982829 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 5613594 |
| Change in net assets resulting from operations | $185842222 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* *See information listed after the Fund's Portfolio of Investments.*

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**6**

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023**<br>| **Year Ended** <br>**7/31/2022**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | $180228628 | $34665085 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1328799) |
| Net change in unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4982829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6111897) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING <br> FROM OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185842222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27224389 |
| **Distributions to Shareholders:** |  |  |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (174150364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34900178) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5945970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (972903) |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (146290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35840) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> DISTRIBUTIONS TO SHAREHOLDERS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (180242624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35908921) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 21309160653 | &nbsp;&nbsp; 38690164420 |
| Net asset value of shares issued to shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55319705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10482549 |
| Cost of shares redeemed | &nbsp;&nbsp; (20158907114) | &nbsp;&nbsp; (41207066452) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1205573244 | &nbsp;&nbsp;&nbsp; (2506419483) |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1211172842 | &nbsp;&nbsp;&nbsp; (2515104015) |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 10328345216 | &nbsp;&nbsp; 12843449231 |
| End of period | $11539518058 | $10328345216 |

---

See Notes which are an integral part of the Financial Statements

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Notes to Financial Statements

January 31, 2023 (unaudited)

**1. ORGANIZATION** 

Federated Hermes Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included herein are only those of Federated Hermes Institutional Prime Value Obligations Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares: Institutional Shares, Service Shares and Capital Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income consistent with stability of principal and liquidity.

The Fund invests all or substantially all of its net assets in the Institutional Shares of POF (the "Underlying Fund"), an affiliated institutional money market fund with substantially similar investment objectives and strategies as the Fund. Therefore, the performance of the Fund is directly affected by the performance of the Underlying Fund. To illustrate the security holdings, financial condition, results of operations and changes in net assets of the Underlying Fund, its financial statements are included within this report and should be read in conjunction with the Fund's financial statements.

The Fund operates as an institutional money market fund. As an institutional money market fund, the Fund: (1) will not be limited to institutional investors, but will continue to be available to retail investors; (2) will utilize current market-based prices (except as otherwise generally permitted to value individual portfolio securities with remaining maturities of 60 days or less at amortized cost in accordance with Securities and Exchange Commission (SEC) rules and guidance) to value its portfolio securities and transact at a floating net asset value (NAV) that uses four decimal-place precision ($1.0000); and (3) has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board of Trustees (the "Trustees") determine such liquidity fees or redemption gates are in the best interest of the Fund.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

**Investment Valuation** 

In calculating its net asset value (NAV), the Fund generally values investments as follows:

◾ <br>

Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the "Adviser").

◾ <br>

Fixed-income securities with remaining maturities of 60 days or less are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of

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premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in the same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation.

◾ <br>

Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.

◾ <br>

For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser's valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser's valuation committee ("Valuation Committee"), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

**Fair Valuation Procedures** 

Pursuant to Rule 2a-5 under the Act, the Trustees have designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing

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services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a "bid" evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

**Repurchase Agreements** 

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund's custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a "securities entitlement" and exercises "control" as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund's Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

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Repurchase agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase price to be paid under the agreement reducing the net settlement amount to zero.

**Investment Income, Gains and Losses, Expenses and Distributions** 

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waivers and reimbursements of $15,527,064 is disclosed in Note 5.

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

**Other Service Fees** 

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Institutional Shares, Service Shares and Capital Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time.

For the six months ended January 31, 2023, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Service Shares | $478783 |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp; 4487 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $483270 |

---

For the six months ended January 31, 2023, the Fund's Institutional Shares did not incur other service fees.

**Federal Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended January 31, 2023, the Fund did not have a liability for any uncertain tax

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positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of January 31, 2023, tax years 2019 through 2022 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

**When-Issued and Delayed-Delivery Transactions** 

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**Restricted Securities** 

The Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer's expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund's restricted securities, like other securities, are priced in accordance with procedures established by and under the general supervision of the Adviser.

**Other** 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

**3. SHARES OF BENEFICIAL INTEREST** 

The following tables summarize share activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Institutional Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 21053175539 | $21045388899 | 38562278787 | $38557456148 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49342829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49330136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9493387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9489444 |
| Shares redeemed | (19940589021) | &nbsp;&nbsp; (19933269013) | (40735979904) | &nbsp;&nbsp; (40732381207) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM INSTITUTIONAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 1161929347 | $1161450022 | &nbsp;&nbsp; (2164207730) | $(2165435615) |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Service Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 261781882 | $261697514 | &nbsp;&nbsp;&nbsp;&nbsp; 127450141 | $127416583 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5845092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5843498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957294 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (223491086) | &nbsp;&nbsp;&nbsp;&nbsp; (223408022) | &nbsp;&nbsp;&nbsp;&nbsp; (457418370) | &nbsp;&nbsp;&nbsp;&nbsp; (457394097) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM SERVICE <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44135888 | $44132990 | &nbsp;&nbsp;&nbsp;&nbsp; (329010524) | $(329020220) |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Capital Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2075565 | $2074240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5292088 | $5291689 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35811 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2231042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2230079) | &nbsp;&nbsp;&nbsp;&nbsp; (17295855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17291148) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM CAPITAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9351) | $(9768) | &nbsp;&nbsp;&nbsp;&nbsp; (11967941) | $(11963648) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM TOTAL FUND <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 1206055884 | $1205573244 | &nbsp;&nbsp; (2505186195) | $(2506419483) |

---

**4. FEDERAL TAX INFORMATION** 

At January 31, 2023, the cost of investments for federal tax purposes was $11,488,782,213. The net unrealized depreciation of investments for federal tax purposes was $3,155,668. This consists entirely of net unrealized depreciation from investments for those securities having an excess of cost over value of $3,155,668.

**5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Investment Adviser Fee** 

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund's average daily net assets. The Underlying Fund also has an investment advisory agreement with the Adviser by which the Adviser is entitled to an investment adviser fee with respect to the Underlying Fund's average daily net assets. To avoid charging duplicative fees, the Adviser has agreed to waive and/or reimburse its fee with respect to the Fund's net assets invested in the Underlying Fund. For the six months ended January 31, 2023, the Adviser voluntarily waived and/or reimbursed all of its fee.

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In addition, subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended January 31, 2023, the Adviser voluntarily reimbursed $4,735,381 of other operating expenses.

**Administrative Fee** 

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, "Investment Complex" is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

---

| | |
|:---|:---|
| **Administrative Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Daily Net Assets** <br>**of the Investment Complex**<br>|
| 0.100% | on assets up to $50 billion |
| 0.075% | on assets over $50 billion |

---

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

**Other Service Fees** 

For the six months ended January 31, 2023, FSSC did not reimburse other service fees.

**Expense Limitation** 

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers and/or reimbursements of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) and the Fund's share of the fees and expenses of the Underlying Fund paid by the Fund's Institutional Shares, Service Shares and Capital Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.20%, 0.45% and 0.30% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2023; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

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**Directors'/Trustees' and Miscellaneous Fees** 

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors'/Trustees' fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

**Affiliated Shares of Beneficial Interest** 

As of January 31, 2023, a majority of the shares of beneficial interest outstanding are owned by other affiliated investment companies.

**6. CONCENTRATION OF RISK** 

A substantial part of the Fund's portfolio invested in the Underlying Fund may be comprised of obligations of banks. As a result, the Fund may be more susceptible to any economic, business, political or other developments which generally affect these entities.

**7. LINE OF CREDIT** 

The Fund participates with certain other Federated Hermes Funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement dated June 22, 2022. The LOC was made available to temporarily finance the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund's ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to (a) the highest, on any day, of (i) the federal funds effective rate, (ii) the published secured overnight financing rate plus an assigned percentage, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of a commitment fee based on the amount of the lenders' commitment that has not been utilized, quarterly in arrears and at maturity. As of January 31, 2023, the Fund had no outstanding loans. During the six months ended January 31, 2023, the Fund did not utilize the LOC.

**8. INTERFUND LENDING** 

Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of January 31, 2023, there were no outstanding loans. During the six months ended January 31, 2023, the program was not utilized.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. INDEMNIFICATIONS** 

Under the Fund's organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party's actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.

**10. OTHER MATTERS** 

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Fund's investments) and the markets in general in significant and unforeseen ways. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such investments. Any such impact could adversely affect the Fund's performance.

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Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2022 to January 31, 2023.

**ACTUAL EXPENSES** 

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to *estimate* the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an *assumed* rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should *not* use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative *total* costs of owning different funds.

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| | | |
|:---|:---|:---|
|  | **Beginning** <br>**Account Value** <br>**8/1/2022**<br>| **Ending** <br>**Account Value** <br>**1/31/2023**<br>|
| **Actual** | $1000.00 | $1017.50<br>$—<sup>2</sup> <br>|
| **Hypothetical (assuming a 5% return** <br> **before expenses)**<br>| $1000.00 | $1025.21<br>$—<sup>2</sup> <br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 1 | *Expenses are equal to the Fund's annualized net expense ratio of 0.00%, multiplied by the* <br> *average account value over the period, multiplied by 184/365 (to reflect the* <br> *one-half-year period).*<br>|
| 2 | *Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares* <br> *current Fee Limit of 0.20% (as reflected in the Notes to Financial Statements, Note 5 under* <br> *Expense Limitation), multiplied by the average account value over the period, multiplied by* <br> *184/365 (to reflect expenses paid as if they had been in effect throughout the most recent* <br> *one-half-year period) would be $1.02 and $1.02, respectively.*<br>|

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Federated Hermes Institutional Prime Obligations Fund

**Financial INFORMATION**

Federated Hermes Institutional Prime Value Obligations Fund invests primarily in Federated Hermes Institutional Prime Obligations Fund. Therefore, the Federated Hermes Institutional Prime Obligations Fund's financial information is included on pages 20 through 45.

Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

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Portfolio of Investments Summary Tables (unaudited)

At January 31, 2023, the Fund's portfolio composition<sup>1</sup> was as follows:

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| | |
|:---|:---|
| **Security Type** | **Percentage of** <br>**Total Net Assets**<br>|
| Other Repurchase Agreements and Repurchase Agreements | 36.1% |
| Variable Rate Instruments | 34.1% |
| Bank Instruments | 15.5% |
| Commercial Paper | &nbsp;&nbsp; 9.4% |
| U.S. Treasury Securities | &nbsp;&nbsp; 5.0% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | **100%** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 1 | *See the Fund's Prospectus and Statement of Additional Information for a description of these* <br> *security types.*<br>|
| 2 | *Assets, other than investments in securities, less liabilities. See Statement of Assets and* <br> *Liabilities.*<br>|

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At January 31, 2023, the Fund's effective maturity schedule<sup>1</sup> was as follows:

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| | |
|:---|:---|
| **Securities With an** <br>**Effective Maturity of:**<br>| **Percentage of** <br>**Total Net Assets**<br>|
| 1-7 Days<sup>2</sup> <br>| 82.8% |
| 8-30 Days | &nbsp;&nbsp; 6.1% |
| 31-90 Days | &nbsp;&nbsp; 2.9% |
| 91-180 Days | &nbsp;&nbsp; 6.7% |
| 181 Days or more | &nbsp;&nbsp; 1.6% |
| Other Assets and Liabilities—Net<sup>3</sup> <br>| (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | **100%** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 1 | *Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the* <br> *Investment Company Act of 1940, which regulates money market mutual funds.*<br>|
| 2 | *Overnight securities comprised 34.0% of the Fund's portfolio.* |
| 3 | *Assets, other than investments in securities, less liabilities. See Statement of Assets* <br> *and Liabilities.*<br>|

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Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

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Portfolio of Investments

January 31, 2023 (unaudited)

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| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— 34.1% |  |
|  | **Aerospace/Auto— 0.1%** |  |
| $20000000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support <br> Agreement), 4.670% (SOFR +0.370%), 2/1/2023<br>| $20000000 |
|  | **Finance - Banking— 29.9%** |  |
| 47500000 | Australia & New Zealand Banking Group, Melbourne, 4.650% <br> (SOFR +0.350%), 2/1/2023<br>| 47500000 |
| 23000000 | Australia & New Zealand Banking Group, Melbourne, 4.650% <br> (SOFR +0.350%), 2/1/2023<br>| 22999995 |
| 27500000 | Australia & New Zealand Banking Group, Melbourne, 4.680% <br> (SOFR +0.380%), 2/1/2023<br>| 27509708 |
| 30000000 | Bank of Montreal, 4.860% (SOFR +0.560%), 2/1/2023 | 30035207 |
| 60000000 | Bank of Montreal, 4.950% (SOFR +0.650%), 2/1/2023 | 59688403 |
| 110000000 | Bank of Montreal, 5.000% (SOFR +0.700%), 2/1/2023 | 110000000 |
| 60000000 | Bank of Montreal, 5.000% (SOFR +0.700%), 2/1/2023 | 60158696 |
| 50000000 | Bank of Nova Scotia, Toronto, 4.740% (SOFR +0.440%), 2/1/2023 | 50021235 |
| 25000000 | Bank of Nova Scotia, Toronto, 4.800% (SOFR +0.500%), 2/1/2023 | 25021438 |
| 100000000 | Bank of Nova Scotia, Toronto, 4.800% (SOFR +0.500%), 2/1/2023 | 100162188 |
| 20000000 | Bank of Nova Scotia, Toronto, 4.830% (SOFR +0.530%), 2/1/2023 | 20000000 |
| 35000000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 35042896 |
| 43500000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 43554955 |
| 20000000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 20025946 |
| 23500000 | Bank of Nova Scotia, Toronto, 4.850% (SOFR +0.550%), 2/1/2023 | 23529425 |
| 22000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 22031384 |
| 10000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 10014511 |
| 50000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 50086470 |
| 100000000 | Bank of Nova Scotia, Toronto, 4.900% (SOFR +0.600%), 2/1/2023 | 100000000 |
| 125000000 | Bank of Nova Scotia, Toronto, 4.970% (SOFR +0.670%), 2/1/2023 | 125222681 |
| 24000000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 4.630% <br> (SOFR +0.330%), 2/1/2023<br>| 24006734 |
| 50000000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 4.820% <br> (SOFR +0.520%), 2/1/2023<br>| 50000000 |
| 54000000 | Canadian Imperial Bank of Commerce, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 54053273 |
| 120000000 | Canadian Imperial Bank of Commerce, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 120114742 |
| 120000000 | Canadian Imperial Bank of Commerce, 4.850% (SOFR <br> +0.550%), 2/1/2023<br>| 120168700 |
| 50000000 | Canadian Imperial Holdings, Inc., 4.820% (SOFR <br> +0.520%), 2/1/2023<br>| 50057288 |
| 95000000 | Citibank N.A., New York, 4.720% (SOFR +0.420%), 2/1/2023 | 95038795 |

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Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Finance - Banking— continued** |  |
| $186000000 | Citibank N.A., New York, 4.720% (SOFR +0.420%), 2/1/2023 | $186075711 |
| 100000000 | Citibank N.A., New York, 4.770% (SOFR +0.470%), 2/1/2023 | 100086828 |
| 9900000 | City Furniture, Inc., (Wells Fargo Bank, N.A. LOC), 4.530%, 2/2/2023 | 9900000 |
| 15000000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan <br> Securities LLC COL), 4.730% (SOFR +0.430%), 2/1/2023<br>| 15009267 |
| 47500000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan <br> Securities LLC COL), 4.750% (SOFR +0.450%), 2/1/2023<br>| 47500000 |
| 20500000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 4.670% (SOFR +0.370%), 2/1/2023<br>| 20500000 |
| 50000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 4.800% (SOFR +0.500%), 2/1/2023<br>| 50000000 |
| 50000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 4.810% (SOFR +0.510%), 2/1/2023<br>| 50000000 |
| 45000000 | Commonwealth Bank of Australia, 4.730% (SOFR <br> +0.430%), 2/1/2023<br>| 45000000 |
| 50000000 | Commonwealth Bank of Australia, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 50000000 |
| 25000000 | Commonwealth Bank of Australia, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 25000000 |
| 16700000 | Greene County Development Authority, Reynolds Lodge, LLC <br> Series 2000B, (U.S. Bank, N.A. LOC), 4.450%, 2/1/2023<br>| 16700000 |
| 3000000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. <br> Project 2013A, (Bank of America N.A. LOC), 4.400%, 2/2/2023<br>| 3000000 |
| 7000000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. <br> Project, (Bank of America N.A. LOC), 4.400%, 2/2/2023<br>| 7000000 |
| 7595000 | Gulf Gate Apartments LLC, Series 2003, (Wells Fargo Bank, N.A. <br> LOC), 4.510%, 2/2/2023<br>| 7595000 |
| 11755000 | Hamilton Station Park and Ride, Series 2005, (Wells Fargo Bank, <br> N.A. LOC), 4.510%, 2/2/2023<br>| 11755000 |
| 9000000 | Michael Dennis Sullivan Irrevocable Trust, (Wells Fargo Bank, N.A. <br> LOC), 4.400%, 2/2/2023<br>| 9000000 |
| 100000000 | Mizuho Bank Ltd., 4.860% (SOFR +0.560%), 2/1/2023 | 100000000 |
| 32500000 | MUFG Bank Ltd., 4.700% (SOFR +0.400%), 2/1/2023 | 32511243 |
| 55950000 | MUFG Bank Ltd., 4.790% (SOFR +0.490%), 2/1/2023 | 55950552 |
| 71500000 | MUFG Bank Ltd., 4.850% (SOFR +0.550%), 2/1/2023 | 71500000 |
| 50000000 | National Australia Bank Ltd., Melbourne, 4.700% (SOFR <br> +0.400%), 2/1/2023<br>| 50000000 |
| 37500000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 37500000 |
| 45000000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 45040732 |
| 84000000 | National Australia Bank Ltd., Melbourne, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 84069077 |
| 22500000 | National Australia Bank Ltd., Melbourne, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 22523148 |

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Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Finance - Banking— continued** |  |
| $96500000 | National Australia Bank Ltd., Melbourne, 4.860% (SOFR <br> +0.560%), 2/1/2023<br>| $96650344 |
| 50000000 | Nordea Bank Abp, 4.540% (SOFR +0.240%), 2/1/2023 | 50011608 |
| 12500000 | Nordea Bank Abp, 4.550% (SOFR +0.250%), 2/1/2023 | 12500799 |
| 36000000 | Nordea Bank Abp, 4.740% (SOFR +0.440%), 2/1/2023 | 36031199 |
| 40000000 | Nordea Bank Abp, 4.800% (SOFR +0.500%), 2/1/2023 | 40000000 |
| 34000000 | Nuveen Floating Rate Income Fund, (Series A), (Sumitomo Mitsui <br> Banking Corp. LOC), 4.620%, 2/2/2023<br>| 34000000 |
| 3115000 | Public Building Corp., Springfield, MO, Jordan Valley Ice Park, <br> Series 2003, (U.S. Bank, N.A. LOC), 4.450%, 2/2/2023<br>| 3115000 |
| 50000000<br><sup>2</sup> <br>| Ridgefield Funding Company, LLC Series A, (BNP Paribas SA COL), <br> 4.700% (SOFR +0.400%), 2/1/2023<br>| 50000000 |
| 35000000 | Ridgefield Funding Company, LLC Series A, (BNP Paribas SA COL), <br> 4.750% (SOFR +0.450%), 2/1/2023<br>| 35000000 |
| 150000000 | Royal Bank of Canada, 4.850% (SOFR +0.550%), 2/1/2023 | 150134487 |
| 62500000 | Royal Bank of Canada, 5.050% (SOFR +0.750%), 2/1/2023 | 62633697 |
| 35000000 | Royal Bank of Canada, New York Branch, 4.870% (SOFR <br> +0.570%), 2/1/2023<br>| 35059341 |
| 95000000 | Royal Bank of Canada, New York Branch, 4.880% (SOFR <br> +0.580%), 2/1/2023<br>| 95152727 |
| 18965000 | Salem Green, LLP, Salem Green Apartments Project, Series 2010, <br> (Wells Fargo Bank, N.A. LOC), 4.510%, 2/2/2023<br>| 18965000 |
| 300000000 | Sumitomo Mitsui Trust Bank Ltd., 4.740% (SOFR <br> +0.440%), 2/1/2023<br>| 300000000 |
| 130500000 | Svenska Handelsbanken, Stockholm, 4.650% (SOFR <br> +0.350%), 2/1/2023<br>| 130500000 |
| 125000000 | Svenska Handelsbanken, Stockholm, 4.860% (SOFR <br> +0.560%), 2/1/2023<br>| 125000000 |
| 80295470 | Taxable Tender Option Bond Trust 2021-MIZ9060TX, <br> (Series 2021-MIZ9060TX) VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 4.590%, 2/1/2023<br>| 80295470 |
| 10000000 | Taxable Tender Option Bond Trust 2021-MIZ9075TX, <br> (Series MIZ-9075TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank <br> Ltd. LOC), 4.590%, 2/1/2023<br>| 10000000 |
| 3534874 | Taxable Tender Option Bond Trust 2021-MIZ9077TX, <br> (Series 2021-MIZ9077TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho <br> Bank Ltd. LOC), 4.590%, 2/1/2023<br>| 3534874 |
| 2207606 | Taxable Tender Option Bond Trust 2021-MIZ9078TX, <br> (Series 2021-MIZ9078TX) VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho <br> Bank Ltd. LOC), 4.590%, 2/1/2023<br>| 2207606 |
| 17500000 | Toronto Dominion Bank, 4.880% (SOFR +0.580%), 2/1/2023 | 17536905 |
| 27500000 | Toronto Dominion Bank, 4.880% (SOFR +0.580%), 2/1/2023 | 27541573 |
| 60000000 | Triborough Bridge & Tunnel Authority, NY, (Series E Taxable) <br> Weekly VRDNs, (UBS AG LOC), 4.350%, 2/2/2023<br>| 60000000 |

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Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Finance - Banking— continued** |  |
| $7000000 | Westpac Banking Corp. Ltd., Sydney, 4.700% (SOFR <br> +0.400%), 2/1/2023<br>| $7003972 |
| 99000000 | Westpac Banking Corp. Ltd., Sydney, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 99000000 |
| 150000000 | Westpac Banking Corp. Ltd., Sydney, 4.750% (SOFR <br> +0.450%), 2/1/2023<br>| 150000000 |
| 40000000 | Westpac Banking Corp. Ltd., Sydney, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 40000000 |
| 136000000 | Westpac Banking Corp. Ltd., Sydney, 4.800% (SOFR <br> +0.500%), 2/1/2023<br>| 136000000 |
| 45000000 | Westpac Banking Corp. Ltd., Sydney, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 45056750 |
| 22500000 | Westpac Banking Corp. Ltd., Sydney, 4.840% (SOFR <br> +0.540%), 2/1/2023<br>| 22530451 |
| 5870000 | Yeshivas Novominsk, Series 2008, (TD Bank, N.A. LOC), <br> 4.570%, 2/2/2023<br>| 5870000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 4630593031 |
|  | **Finance - Retail— 2.4%** |  |
| 10000000 | Chariot Funding LLC, 4.660% (SOFR +0.360%), 2/1/2023 | 10000000 |
| 45000000 | Chariot Funding LLC, 4.850% (SOFR +0.550%), 2/1/2023 | 45000000 |
| 45000000 | Fairway Finance Co. LLC, 4.700% (SOFR +0.400%), 2/1/2023 | 45000000 |
| 61750000 | Old Line Funding, LLC, 4.700% (SOFR +0.400%), 2/1/2023 | 61750000 |
| 47500000 | Old Line Funding, LLC, 4.760% (SOFR +0.460%), 2/1/2023 | 47500000 |
| 42500000 | Old Line Funding, LLC, 4.800% (SOFR +0.500%), 2/1/2023 | 42500000 |
| 40000000 | Old Line Funding, LLC, 4.820% (SOFR +0.520%), 2/1/2023 | 40000000 |
| 45000000 | Old Line Funding, LLC, 4.870% (SOFR +0.570%), 2/1/2023 | 45032735 |
| 25000000 | Thunder Bay Funding, LLC, 4.730% (SOFR +0.430%), 2/1/2023 | 25000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 361782735 |
|  | **Government Agency— 1.7%** |  |
| 12785000 | 1320 W Jefferson LLC, (Federal Home Loan Bank of San Francisco <br> LOC), 4.400%, 2/1/2023<br>| 12785000 |
| 51450000 | Archer 1 LLC, (Federal Home Loan Bank of San Francisco LOC), <br> 4.400%, 2/2/2023<br>| 51450000 |
| 9015000 | Austen Children's Gift Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.400%, 2/2/2023<br>| 9015000 |
| 6830000 | Baker Life Insurance Trust, (Federal Home Loan Bank of Des Moines <br> LOC), 4.400%, 2/2/2023<br>| 6830000 |
| 34850000 | BWF Forge TL Properties Owner LLC, (Federal Home Loan Bank of <br> Des Moines LOC)/(Federal Home Loan Bank of San Francisco LOC), <br> 4.400%, 2/2/2023<br>| 34850000 |
| 5705000 | Catania Family Trust, (Federal Home Loan Bank of Dallas LOC), <br> 4.400%, 2/2/2023<br>| 5705000 |
| 4270000 | Jim Brooks Irrevocable Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.390%, 2/2/2023<br>| 4270000 |

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Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| NOTES - VARIABLE— continued |  |
|  | **Government Agency— continued** |  |
| $11570000 | Joseph L. Goggins Irrevocable Insurance Trust, (Federal Home Loan <br> Bank of Des Moines LOC), 4.400%, 2/2/2023<br>| $11570000 |
| 3655000 | Karyn Brooks Descendants Trust, (Federal Home Loan Bank of <br> Dallas LOC), 4.390%, 2/2/2023<br>| 3655000 |
| 6380000 | MHF DKF Insurance Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.400%, 2/1/2023<br>| 6380000 |
| 17030000 | Mohr Green Associates L.P., 2012-A, (Federal Home Loan Bank of <br> San Francisco LOC), 4.400%, 2/2/2023<br>| 17030000 |
| 22610000 | NWD 2017 Family Trust No. 1, (Federal Home Loan Bank of Dallas <br> LOC), 4.400%, 2/2/2023<br>| 22610000 |
| 9080000 | Park Stanton Place LP, (Federal Home Loan Bank of San Francisco <br> LOC), 4.400%, 2/2/2023<br>| 9080000 |
| 2205000 | Plaza Fitzsimons Owner, LLC, (Federal Home Loan Bank of <br> San Francisco LOC), 4.400%, 2/1/2023<br>| 2205000 |
| 5010000 | R.J. Brooks Jr. Irrevocable Trust, (Federal Home Loan Bank of Dallas <br> LOC), 4.390%, 2/2/2023<br>| 5010000 |
| 6980000 | RK Trust, (Federal Home Loan Bank of Dallas LOC), <br> 4.400%, 2/2/2023<br>| 6980000 |
| 3500000 | Rohnert Park 668, L.P., (Federal Home Loan Bank of San Francisco <br> LOC), 4.813%, 2/2/2023<br>| 3500000 |
| 6255000 | Sibley Family Irrevocable Insurance Trust, (Federal Home Loan Bank <br> of Des Moines LOC), 4.400%, 2/2/2023<br>| 6255000 |
| 6610000 | The CLC Irrevocable Insurance Trust, (Federal Home Loan Bank of <br> Des Moines LOC), 4.400%, 2/2/2023<br>| 6610000 |
| 5120000 | The Eugene Kim Irrevocable Life Insurance Trust, (Federal Home <br> Loan Bank of Dallas LOC), 4.400%, 2/2/2023<br>| 5120000 |
| 22830000 | The Gregory P. Berry Trust, (Federal Home Loan Bank of Des <br> Moines LOC), 4.400%, 2/1/2023<br>| 22830000 |
| 5740000 | The Leopold Family Insurance Trust, (Federal Home Loan Bank of <br> Dallas LOC), 4.400%, 2/2/2023<br>| 5740000 |
| 5975000 | The Thompson 2018 Family Trust, (Federal Home Loan Bank of <br> Dallas LOC), 4.390%, 2/2/2023<br>| 5975000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 265455000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NOTES - VARIABLE <br>(IDENTIFIED COST $5,275,593,417)<br>| &nbsp;&nbsp;&nbsp; 5277830766 |
| <sup>3</sup> <br>| COMMERCIAL PAPER— 9.4% |  |
|  | **Finance - Banking— 5.9%** |  |
| 10000000 | Albion Capital LLC, (MUFG Bank Ltd. LIQ), 4.535%, 2/16/2023 | 9981167 |
| 195000000 | Anglesea Funding LLC, 4.383% - 5.034%, 2/1/2023 - 7/19/2023 | 193954172 |
| 60000000 | Bank of Montreal, 2.800%, 5/9/2023 | 60000000 |
| 40000000 | Canadian Imperial Bank of Commerce, 2.069%, 3/20/2023 | 39760107 |
| 50000000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan <br> Securities LLC COL), 5.055%, 7/24/2023<br>| 48807616 |
| 21000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities <br> LLC COL), 5.055%, 7/24/2023<br>| 20499199 |

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Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>3</sup> <br>| COMMERCIAL PAPER— continued |  |
|  | **Finance - Banking— continued** |  |
| $200000000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, <br> 5.034%, 7/25/2023<br>| $195239028 |
| 70000000 | Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 4.823%, 5/5/2023 | 69137106 |
| 22000000 | National Australia Bank Ltd., Melbourne, 3.843%, 6/15/2023 | 21599050 |
| 89500000 | Royal Bank of Canada, 2.229% - 4.050%, 3/29/2023 - 8/23/2023 | 87528070 |
| 122000000 | Toronto Dominion Bank, 2.903%, 5/31/2023 | 120098426 |
| 55000000 | Victory Receivables Corp., (MUFG Bank Ltd. LIQ), <br> 4.809%, 4/17/2023<br>| 54451491 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 921055432 |
|  | **Finance - Retail— 0.4%** |  |
| 7500000 | Fairway Finance Co. LLC, 5.043%, 7/24/2023 | 7318967 |
| 50000000 | Thunder Bay Funding, LLC, 5.091%, 8/2/2023 | 48746222 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56065189 |
|  | **Insurance— 1.9%** |  |
| 300000000 | UnitedHealth Group, Inc., 4.323%, 2/1/2023 | 300000000 |
|  | **Oil & Oil Finance— 0.3%** |  |
| 42400000 | TotalEnergies Capital Canada Ltd., 4.351%, 2/3/2023 | 42389777 |
|  | **Sovereign— 0.9%** |  |
| 115000000 | BNG Bank N.V., 4.341% - 4.553%, 2/1/2023 - 2/27/2023 | 114754354 |
| 30000000 | Export Development Canada, (Canada, Government of SUB), <br> 5.203%, 11/9/2023<br>| 28829167 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 143583521 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMERCIAL PAPER <br>(IDENTIFIED COST $1,464,607,005)<br>| &nbsp;&nbsp;&nbsp; 1463093919 |
|  | CERTIFICATES OF DEPOSIT— 9.1% |  |
|  | **Finance - Banking— 9.1%** |  |
| 66500000 | Bank of Montreal, 2.850% - 5.470%, 5/24/2023 - 1/8/2024 | 66435127 |
| 325000000 | Credit Agricole Corporate and Investment Bank, 4.310% - 4.490%, <br> 2/1/2023 - 2/7/2023<br>| 325000000 |
| 335500000 | Mizuho Bank Ltd., 4.360% - 4.810%, 2/1/2023 - 5/4/2023 | 335504067 |
| 406500000 | Sumitomo Mitsui Trust Bank Ltd., 4.770% - 4.830%, 4/13/2023 - <br> 5/16/2023<br>| 406541672 |
| 205000000 | Toronto Dominion Bank, 2.800% - 4.070%, 5/5/2023 - 7/18/2023 | 203882621 |
| 70000000 | Toronto Dominion Bank, 5.250%, 1/25/2024 | 70006090 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CERTIFICATES OF DEPOSIT <br>(IDENTIFIED COST $1,408,499,723)<br>| &nbsp;&nbsp;&nbsp; 1407369577 |
|  | TIME DEPOSITS— 6.4% |  |
|  | **Finance - Banking— 6.4%** |  |
| 770000000 | ABN Amro Bank NV, 4.330% - 4.510%, 2/1/2023 - 2/7/2023 | 770000000 |
| 125000000 | Australia & New Zealand Banking Group, Melbourne, <br> 4.360%, 2/3/2023<br>| 125000000 |

---

Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

**26**

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---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | TIME DEPOSITS— continued |  |
|  | **Finance - Banking— continued** |  |
| $100000000 | Mizuho Bank Ltd., 4.320%, 2/1/2023 | $100000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL TIME DEPOSITS <br>(IDENTIFIED COST $995,000,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 995000000 |
|  | U.S. TREASURY— 5.0% |  |
|  | **U.S. Treasury Bills— 4.7%** |  |
| 730000000 | United States Treasury Bill, 4.490%, 2/23/2023 | 727996960 |
|  | **U.S. Treasury Notes— 0.3%** |  |
| 50000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 4.682% (91-day T-Bill <br> +0.034%), 2/7/2023<br>| 50026920 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY <br>(IDENTIFIED COST $777,997,938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 778023880 |
|  | OTHER REPURCHASE AGREEMENTS— 16.8% |  |
|  | **Finance - Banking— 16.8%** |  |
| 288625000 | BNP Paribas S.A., 4.40%, dated 1/31/2023, interest in a <br> $350,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $350,042,778 on 02/01/2023, in <br> which asset-backed securities, corporate bonds, collateralized <br> mortgage obligations, medium-term note and sovereign debt with <br> a market value of $358,110,649 have been received as collateral <br> and held with BNY Mellon as tri-party agent.<br>| 288625000 |
| 60000000 | BofA Securities, Inc., 4.39%, dated 1/31/2023, interest in a <br> $75,000,000 collateralized loan agreement will repurchase securities <br> provided as collateral for $75,009,146 on 02/03/2023, in which <br> corporate bonds with a market value of $76,509,399 have been <br> received as collateral and held with BNY Mellon as tri-party agent.<br>| 60000000 |
| 100000000 | BofA Securities, Inc., 5.19%, dated 9/4/2020, interest in a <br> $100,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $101,297,500 on 5/4/2023, in <br> which American depositary receipts, convertible bonds, <br> exchange-traded funds and sovereign debt with a market value of <br> $102,405,932 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 100000000 |
| 150000000 | BofA Securities, Inc., 4.66%, dated 12/13/2022, interest in a <br> $165,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $165,149,508 on 2/10/2023, in <br> which corporate bonds and medium-term note with a market value <br> of $168,321,047 have been received as collateral and held with <br> BNY Mellon as tri-party agent.<br>| 150000000 |
| 200000000 | BofA Securities, Inc., 5.11%, dated 12/6/2022, interest in a <br> $250,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $226,117,813 on 2/10/2023, in <br> which asset-backed securities and collateralized mortgage <br> obligations with a market value of $229,530,919 have been <br> received as collateral and held with BNY Mellon as tri-party agent.<br>| 200000000 |

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Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS— continued |  |
|  | **Finance - Banking— continued** |  |
| $250000000 | BofA Securities, Inc., 5.19%, dated 9/9/2020, interest in a <br> $250,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $253,243,750 on 5/4/2023, in <br> which American depositary receipt, asset-backed securities, <br> corporate bond, convertible bonds and medium-term with a market <br> value of $256,014,831 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| $250000000 |
| 125000000 | Credit Agricole S.A., 4.72%, dated 6/24/2022, interest in a <br> $300,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $300,275,333 on 2/10/2023, in <br> which asset-backed securities, corporate bonds, collateralized <br> mortgage obligations and sovereign debt with a market value of <br> $306,126,468 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 125000000 |
| 280000000 | Credit Agricole S.A., 4.62%, dated 6/24/2022, interest in a <br> $800,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $800,718,667 on 2/10/2023, in <br> which asset-backed securities, corporate bonds, collateralized <br> mortgage obligations, medium-term note and sovereign debt with <br> a market value of $816,155,252 have been received as collateral <br> and held with BNY Mellon as tri-party agent.<br>| 280000000 |
| 45000000 | HSBC Securities (USA), Inc., 4.42%, dated 1/31/2023, interest in a <br> $245,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $245,030,081 on 2/01/2023, in <br> which corporate bonds, medium-term notes and Sovereign debt <br> with a market value of $249,900,000 have been received as <br> collateral and held with BNY Mellon as tri-party agent.<br>| 45000000 |
| 44625000 | ING Financial Markets LLC, 4.39%, dated 1/31/2023, interest in a <br> $50,000,000 collateralized loan agreement will repurchase securities <br> provided as collateral for $50,006,097 on 2/1/2023, in which <br> corporate bonds, medium-term note and sovereign debt with a <br> market value of $51,006,594 have been received as collateral and <br> held with BNY Mellon as tri-party agent.<br>| 44625000 |
| 65000000 | J.P. Morgan Securities LLC, 4.82%, dated 1/23/2023, interest in a <br> $250,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $251,004,167 on 02/22/2023, in <br> which asset-backed securities, collateralized mortgage obligation, <br> corporate bonds, medium-term notes and Sovereign debt with a <br> market value of $255,000,000 have been received as collateral and <br> held with BNY Mellon as tri-party agent.<br>| 65000000 |
| 50000000 | Mizuho Securities USA, Inc., 4.42%, dated 1/31/2023, interest in a <br> $100,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $100,012,278 on 2/01/2023, in <br> which asset-backed securities and corporate bonds with a market <br> value of $102,012,524 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| 50000000 |

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Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

**28**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS— continued |  |
|  | **Finance - Banking— continued** |  |
| $85000000 | Mizuho Securities USA, Inc., 4.47%, dated 1/31/2023, interest in a <br> $150,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $150,018,625 on 2/01/2023, in <br> which common stocks with a market value of $153,019,001 have <br> been received as collateral and held with BNY Mellon as tri-party <br> agent.<br>| $85000000 |
| 78625000 | Mitsubishi UFG Securities Americas, Inc., 4.47%, dated 1/31/2023, <br> interest in a $300,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $300,037,250 on <br> 2/1/2023, in which American depositary receipts, common stocks, <br> corporate bonds, exchange-traded funds, unit investment trust and <br> municipal bonds with a market value of $306,038,896 have been <br> received as collateral and held with BNY Mellon as tri-party agent.<br>| 78625000 |
| 135000000 | Pershing LLC, 4.82%, dated 7/14/2022, interest in a $300,000,000 <br> collateralized loan agreement will repurchase securities provided as <br> collateral for $300,281,167 on 2/10/2023, in which asset-backed <br> securities, collateralized mortgage obligations, corporate bonds, <br> commercial paper, common stocks, convertible bond, certificate <br> deposit, exchange-traded funds, medium-term notes, municipal <br> bonds, mutual funds and sovereign debt of with a market value of <br> $306,038,845 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 135000000 |
| 125000000 | Societe Generale, Paris, 4.38%, dated 1/31/2023, interest in a <br> $350,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $350,042,583 on 2/1/2023, in <br> which asset-backed securities, corporate bonds, collateralized <br> mortgage obligations, medium-term note and sovereign debt with <br> a market value of $357,246,293 have been received as collateral <br> and held with BNY Mellon as tri-party agent.<br>| 125000000 |
| 300625000 | Societe Generale, Paris, 4.47%, dated 1/31/2023, interest in a <br> $650,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $650,080,708 on 2/1/2023, in <br> which asset-backed securities, corporate bonds, collateralized <br> mortgage obligations and medium-term with a market value of <br> $663,082,322 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 300625000 |
| 86150000 | Standard Chartered Bank, 4.38%, dated 1/31/2023, interest in a <br> $150,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $150,018,250 on 2/1/2023, in <br> which treasury bonds and treasury notes with a market value of <br> $153,018,623 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| 86150000 |
| 125000000 | Wells Fargo Securities LLC, 5.17%, dated 2/3/2022, interest in a <br> $125,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $126,633,576 on 04/10/2023, in <br> which certificate of deposit with a market value of $127,921,140 <br> have been received as collateral and held with BNY Mellon as <br> tri-party agent.<br>| 125000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER REPURCHASE AGREEMENTS <br>(IDENTIFIED COST $2,593,650,000)<br>| &nbsp;&nbsp;&nbsp; 2593650000 |

---

Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

**29**

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---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS— 19.3% |  |
|  | **Finance - Banking— 19.3%** |  |
| $2000000000 | Interest in $2,000,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Federal Reserve Bank of New York <br> will repurchase securities provided as collateral for $2,000,238,889 <br> on 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were U.S. Treasury <br> securities with various maturities to 8/15/2040 and the market value <br> of those underlying securities was $2,000,238,961.<br>| $2000000000 |
| 484000000 | Interest in $2,000,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Sumitomo Mitsui Banking Corp will <br> repurchase securities provided as collateral for $2,000,238,889 on <br> 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were <br> U.S. Government Agency securities with various maturities to <br> 10/20/2052 and the market value of those underlying securities <br> was $2,040,243,667.<br>| 484000000 |
| 500000000 | Interest in $1,650,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Mitsubishi UFJ Securities (USA), Inc. <br> will repurchase securities provided as collateral for $1,650,197,083 <br> on 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were <br> U.S. Government Agency securities with various maturities to <br> 2/1/2053 and the market value of those underlying securities <br> was $1,683,201,025.<br>| 500000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REPURCHASE AGREEMENTS <br>(IDENTIFIED COST $2,984,000,000)<br>| &nbsp;&nbsp;&nbsp; 2984000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—100.1% <br>(IDENTIFIED COST $15,499,348,083)<sup>4</sup> <br>| 15498968142 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(0.1)%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16530121) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $15482438021 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Floating/variable note with current rate and current maturity or next reset date shown. Certain* <br> *variable rate securities are not based on a published reference rate and spread but are* <br> *determined by the issuer or agent and are based on current market conditions. These securities* <br> *do not indicate a reference rate and spread in their description above.*<br>|
| 2 | *Denotes a restricted security that either: (a) cannot be offered for public sale without first being* <br> *registered, or availing of an exemption from registration, under the Securities Act of 1933; or* <br> *(b) is subject to a contractual restriction on public sales. At January 31, 2023, these restricted* <br> *securities amounted to $50,000,000, which represented 0.3% of total net assets.*<br>|
| 3 | *Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.* |
| 4 | *Also represents cost of investments for federal tax purposes.* |
| 5 | *Assets, other than investments in securities, less liabilities. See Statement of Assets and* <br> *Liabilities.*<br>|

---

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2023.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Federated Hermes Institutional Prime Obligations Fund

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**30**

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Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of January 31, 2023, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | 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 |
| SOFR | —Secured Overnight Financing Rate |
| VRDNs | —Variable Rate Demand Notes |

---

See Notes which are an integral part of the Financial Statements

Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

**31**

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Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value,** <br> **Beginning of Period**<br>| **$0.9998** | **$1.0005** | **$1.0007** | **$1.0004** | **$1.0003** | **$1.0003** |
| **Income From** <br> **Investment Operations:**<br>|  |  |  |  |  |  |
| Net investment income <br> (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0168<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0037<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0156 |
| Net realized and <br> unrealized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0000<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From <br> Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0156 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.0156) |
| **Net Asset Value, End** <br> **of Period**<br>| **$1.0003** | **$0.9998** | **$1.0005** | **$1.0007** | **$1.0004** | **$1.0003** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.34%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.62% |
| Expense waiver/<br> reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of <br> period (000 omitted)<br>| $15470601 | $14232133 | $15298656 | $23611390 | $21146776 | $10941508 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Per share numbers have been calculated using the average shares method.* |
| 2 | *Represents less than $0.0001.* |
| 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* <br> *may invest.*<br>|
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

The financial highlights of the Service Shares and Capital Shares are presented separately.

Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

**32**

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Statement of Assets and Liabilities <br>January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in repurchase agreements and other repurchase agreements | $5577650000 |
| Investment in securities | &nbsp;&nbsp;&nbsp; 9921318142 |
| Investment in securities, at value (identified cost $15,499,348,083) | &nbsp;&nbsp; 15498968142 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491777 |
| Income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29017806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp; 15528477725 |
| **Liabilities:** |  |
| Income distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45750094 |
| Payable for investment adviser fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42247 |
| Payable for administrative fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33189 |
| Payable for Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16053 |
| Accrued expenses (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46039704 |
| Net assets for 15,478,355,007 shares outstanding | $15482438021 |
| **Net Assets Consist of:** |  |
| Paid-in capital | $15484239807 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1801786) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $15482438021 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Institutional Shares:** |  |
| $15,470,601,344 ÷ 15,466,521,335 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.0003 |
| **Service Shares:** |  |
| $11,836,577 ÷ 11,833,572 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.0003 |
| **Capital Shares:** |  |
| $100 ÷ 100 shares outstanding, no par value, unlimited shares authorized | $0.9999\* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* *Actual net asset value per share presented differs from calculated net asset value per share due* *to rounding.*

See Notes which are an integral part of the Financial Statements

Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

**33**

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Statement of Operations <br>Six Months Ended January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | $265938005 |
| **Expenses:** |  |
| Investment adviser fee (Note 5) | &nbsp;&nbsp;&nbsp; 15074432 |
| Administrative fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp; 5902297 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219943 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34347 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42783 |
| Auditing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13290 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5143 |
| Portfolio accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114608 |
| Other service fees (Notes 2 and 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15220 |
| Share registration costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44589 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11580 |
| Miscellaneous (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48902 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES | &nbsp;&nbsp;&nbsp; 21527134 |
| Waiver of investment adviser fee (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp; (7575602) |
| Net expenses | &nbsp;&nbsp;&nbsp; 13951532 |
| Net investment income | &nbsp;&nbsp; 251986473 |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |
| Net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15265 |
| Net change in unrealized depreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; 7527225 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 7542490 |
| Change in net assets resulting from operations | $259528963 |

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Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023**<br>| **Year Ended** <br>**7/31/2022**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | $251986473 | $50302148 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54512 |
| Net change in unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7527225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9036105) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING <br> FROM OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259528963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41320555 |
| **Distributions to Shareholders:** |  |  |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (251889437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50220717) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (190848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41365) |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> DISTRIBUTIONS TO SHAREHOLDERS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (252080287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50262130) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 14824866983 | &nbsp;&nbsp; 24614918258 |
| Net asset value of shares issued to shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46759820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8299365 |
| Cost of shares redeemed | &nbsp;&nbsp; (13641483543) | &nbsp;&nbsp; (25705000012) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1230143260 | &nbsp;&nbsp;&nbsp; (1081782389) |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 1237591936 | &nbsp;&nbsp;&nbsp; (1090723964) |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 14244846085 | &nbsp;&nbsp; 15335570049 |
| End of period | $15482438021 | $14244846085 |

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See Notes which are an integral part of the Financial Statements

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Notes to Financial Statements

January 31, 2023 (unaudited)

**1. ORGANIZATION** 

Federated Hermes Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included herein are only those of Federated Hermes Institutional Prime Obligations Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares: Institutional Shares, Service Shares and Capital Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income consistent with stability of principal.

The Fund operates as an institutional money market fund. As an institutional money market fund, the Fund: (1) will not be limited to institutional investors, but will continue to be available to retail investors; (2) will utilize current market-based prices (except as otherwise generally permitted to value individual portfolio securities with remaining maturities of 60 days or less at amortized cost in accordance with Securities and Exchange Commission (SEC) rules and guidance) to value its portfolio securities and transact at a floating net asset value (NAV) that uses four decimal-place precision ($1.0000); and (3) has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board of Trustees (the "Trustees") determine such liquidity fees or redemption gates are in the best interest of the Fund.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

**Investment Valuation** 

In calculating its net asset value (NAV), the Fund generally values investments as follows:

◾ <br>

Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the "Adviser").

◾ <br>

Fixed-income securities with remaining maturities of 60 days or less are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in the same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each time it makes a valuation

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determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation.

◾ <br>

Shares of other mutual funds or non-exchange traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.

◾ <br>

For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser's valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser's valuation committee ("Valuation Committee"), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

**Fair Valuation Procedures** 

Pursuant to Rule 2a-5 under the Act, the Trustees have designated the Adviser as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in

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accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a "bid" evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

**Repurchase Agreements** 

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund's custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a "securities entitlement" and exercises "control" as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund's Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Repurchase agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and

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Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase price to be paid under the agreement reducing the net settlement amount to zero.

**Investment Income, Gains and Losses, Expenses and Distributions** 

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waivers and reimbursement of $7,575,602 is disclosed in Note 5.

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

**Other Service Fees** 

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Institutional Shares, Service Shares and Capital Shares to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time.

For the six months ended January 31, 2023, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Service Shares | $15220 |

---

For the six months ended January 31, 2023, the Fund's Institutional Shares and Capital Shares did not incur other service fees.

**Federal Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended January 31, 2023, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of January 31, 2023, tax years 2019 through 2022 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

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**When-Issued and Delayed-Delivery Transactions** 

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**Restricted Securities** 

The Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer's expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund's restricted securities, like other securities, are priced in accordance with procedures established by and under the general supervision of the Adviser.

**Other** 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

**3. SHARES OF BENEFICIAL INTEREST** 

The following tables summarize share activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Institutional Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 14716384823 | $14715204781 | 24232087166 | $24233003776 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46657815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46659133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8283360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8282176 |
| Shares redeemed | (13531863278) | &nbsp;&nbsp; (13530838430) | (25296641390) | &nbsp;&nbsp; (25298888431) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM INSTITUTIONAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 1231179360 | $1231025484 | &nbsp;&nbsp; (1056270864) | $(1057602479) |

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Service Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 109666754 | $109662202 | &nbsp;&nbsp;&nbsp;&nbsp; 381843923 | $381914482 |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17151 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (110650802) | &nbsp;&nbsp;&nbsp;&nbsp; (110645113) | &nbsp;&nbsp;&nbsp;&nbsp; (401541566) | &nbsp;&nbsp;&nbsp;&nbsp; (401611014) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM SERVICE <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (883358) | $(882224) | &nbsp;&nbsp;&nbsp;&nbsp; (19680489) | $(19679381) |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Capital Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $— |
| Shares issued to shareholders <br> in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4498390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4500567) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM CAPITAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4498352) | $(4500529) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING <br> FROM TOTAL FUND <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 1230296002 | $1230143260 | &nbsp;&nbsp; (1080449705) | $(1081782389) |

---

**4. FEDERAL TAX INFORMATION** 

At January 31, 2023, the cost of investments for federal tax purposes was $15,499,348,083. The net unrealized depreciation of investments for federal tax purposes was $379,941. This consists of unrealized appreciation from investments for those securities having an excess of value over cost of $2,726,893 and unrealized depreciation from investments for those securities having an excess of cost over value of $3,106,834.

As of July 31, 2022, the Fund had a capital loss carryforward of $1,400,723 which will reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these net capital losses retain their character as either short-term or long-term and do not expire.

The following schedule summarizes the Fund's capital loss carryforwards:

---

| | | |
|:---|:---|:---|
| **Short-Term** | **Long-Term** | **Total** |
| $1400723 | $— | $1400723 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Investment Adviser Fee** 

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee for competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended January 31, 2023, the Adviser voluntarily waived $7,575,602 of its fee.

**Administrative Fee** 

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, "Investment Complex" is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

---

| | |
|:---|:---|
| **Administrative Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Daily Net Assets** <br>**of the Investment Complex**<br>|
| 0.100% | on assets up to $50 billion |
| 0.075% | on assets over $50 billion |

---

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

**Other Service Fees** 

For the six months ended January 31, 2023, FSSC received $130 of the other service fees disclosed in Note 2.

**Expense Limitation** 

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSSC and FAS) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Institutional Shares, Service Shares and Capital Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.20%, 0.45% and 0.25% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2023; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

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**Directors'/Trustees' and Miscellaneous Fees** 

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors'/Trustees' fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

**Affiliated Shares of Beneficial Interest** 

As of January 31, 2023, a majority of the shares of beneficial interest outstanding are owned by other affiliated investment companies.

**6. CONCENTRATION OF RISK** 

A substantial part of the Fund's portfolio may be comprised of obligations of banks. As a result, the Fund may be more susceptible to any economic, business, political or other developments which generally affect these entities.

**7. LINE OF CREDIT** 

The Fund participates with certain other Federated Hermes Funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement dated June 22, 2022. The LOC was made available to temporarily finance the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund's ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to (a) the highest, on any day, of (i) the federal funds effective rate, (ii) the published secured overnight financing rate plus an assigned percentage, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of a commitment fee based on the amount of the lenders' commitment that has not been utilized, quarterly in arrears and at maturity. As of January 31, 2023, the Fund had no outstanding loans. During the six months ended January 31, 2023, the Fund did not utilize the LOC.

**8. INTERFUND LENDING** 

Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of January 31, 2023, there were no outstanding loans. During the six months ended January 31, 2023, the program was not utilized.

**9. INDEMNIFICATIONS** 

Under the Fund's organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal

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course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party's actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.

**10. OTHER MATTERS** 

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Fund's investments) and the markets in general in significant and unforeseen ways. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such investments. Any such impact could adversely affect the Fund's performance.

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Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2022 to January 31, 2023.

**ACTUAL EXPENSES** 

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to *estimate* the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an *assumed* rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should *not* use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative *total* costs of owning different funds.

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| | | | |
|:---|:---|:---|:---|
|  | **Beginning** <br>**Account Value** <br>**8/1/2022**<br>| **Ending** <br>**Account Value** <br>**1/31/2023**<br>| **Expenses Paid** <br>**During Period**<sup>1</sup> <br>|
| **Actual** | $1000.00 | $1017.50 | $0.92 |
| **Hypothetical (assuming a 5% return** <br> **before expenses)**<br>| $1000.00 | $1024.30 | $0.92 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 1 | *Expenses are equal to the Fund's annualized net expense ratio of 0.18%, multiplied by the* <br> *average account value over the period, multiplied by 184/365 (to reflect the* <br> *one-half-year period).*<br>|

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Federated Hermes Institutional Prime Obligations Fund

Semi-Annual Shareholder Report

**45**

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Evaluation and Approval of Advisory Contract–May 2022

**Federated Hermes Institutional Prime Value Obligations Fund (the "Fund")**

At its meetings in May 2022 (the "May Meetings"), the Fund's Board of Trustees (the "Board"), including those Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940 (the "Independent Trustees"), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") (the "Contract") for an additional one-year term. The Board's determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

***<u>Information Received and Review Process</u>***

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO's independent written evaluation (the "CCO Fee Evaluation Report"), along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contract. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as "Senior Officer" prior to the elimination of the Senior Officer position in December 2017.

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered information specifically prepared in connection with the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, "Federated Hermes") in response to requests posed to Federated Hermes by independent legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional matters as the Independent Trustees deemed

Semi-Annual Shareholder Report

**46**

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reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates; Federated Hermes' business and operations; the Adviser's investment philosophy, personnel and processes; the Fund's investment objectives and strategies; the Fund's short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund's particular investment program and a group of its peer funds and/or its benchmark, as appropriate); the Fund's investment objectives; the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the financial condition of Federated Hermes; the Adviser's profitability with respect to the Fund; distribution and sales activity for the Fund; and the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser's cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize "economies of scale" as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any "fall-out" benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fee and expense structures, including a comparison of management fees paid to the adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser's services and fees. The Board noted that the Securities and Exchange Commission ("SEC") disclosure requirements

Semi-Annual Shareholder Report

**47**

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regarding the basis for a fund board's approval of the fund's investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a "Federated Hermes Fund" and, collectively, the ("Federated Hermes Funds").

In addition to considering the above-referenced factors, the Board was mindful of the preferences and expectations of Fund shareholders and the potential disruptions of the Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund on the strength of Federated Hermes' industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund's shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.

In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board's determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.

Semi-Annual Shareholder Report

**48**

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***<u>Nature, Extent and Quality of Services</u>***

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by Federated Hermes. The Board considered the Adviser's personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and Federated Hermes' ability and experience in attracting and retaining qualified personnel to service the Fund. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser's ability to deliver competitive investment performance for the Fund when compared to the Fund's Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund's investment program. The Board also considered the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, in order to maintain a positive yield for the Fund in the low interest rate environment.

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened the organization's investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance ("ESG") factors and issuer engagement on ESG matters. The Board considered the quality of Federated Hermes' communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account Federated Hermes' communications with the Board in light of the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds' officers.

The Board received and evaluated information regarding Federated Hermes' regulatory and compliance environment. The Board considered Federated Hermes' compliance program and compliance history and reports from the CCO about Federated Hermes' compliance with applicable laws and

Semi-Annual Shareholder Report

**49**

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regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes' support of the Federated Hermes Funds' compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund's obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated Hermes' commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes' approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds' compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes' oversight in this regard, including in connection with the designation of the Federated Hermes Funds' investment advisers as the administrators of the Federated Hermes Funds' liquidity risk management program.

The Board also considered the implementation of Federated Hermes' business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes' commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.

The Board considered Federated Hermes' efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Adviser to the Fund.

***<u>Fund Investment Performance</u>***

The Board considered the investment performance of the Fund. In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser's analysis of, the Fund's performance over different time periods that were

Semi-Annual Shareholder Report

**50**

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provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund's gross and net returns, the Fund's investment performance compared to one or more relevant categories or groups of peer funds and the Fund's benchmark index, performance attribution information and commentary on the effect of market conditions.

The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by iMoneyNet, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the CCO's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds' objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.

For the one-year period ended December 31, 2021, the Fund's performance was above the median of the Performance Peer Group. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its Performance Peer Group.

Based on these considerations, the Board concluded that it had continued confidence in the Adviser's overall capabilities to manage the Fund.

***<u>Fund Expenses</u>***

The Board considered the advisory fee and overall expense structure of the Fund and the comparative fee and expense information that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund's total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the category of peer funds selected by iMoneyNet (the "Expense Peer Group"). The Board received a description of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet category.

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged by other advisers for managing funds with comparable investment programs, the Board noted that it found the use of such comparisons to be relevant to its evaluation. The Board focused on comparisons with other similar registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund

Semi-Annual Shareholder Report

**51**

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shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund's shareholders. The Board noted that the range of such other registered funds' fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

The Board noted that, for the year ended December 31, 2021, the Fund's investment advisory fee was waived in its entirety. The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund with the Adviser and noted the position of the Fund's fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was above the median of the Expense Peer Group, but the Board noted that the investment advisory fee was waived in its entirety, and that the overall expense structure of the Fund remained competitive in the context of other factors considered by the Board.

The Board also received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO's conclusion that non-registered fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing and fund liquidity; (vi) different administrative responsibilities; (vii) different degrees of risk associated with management; and (viii) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution's registered fund, noting the CCO's view that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds' advisory fees.

Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.

Semi-Annual Shareholder Report

**52**

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***<u>Profitability</u>***

The Board received and considered profitability information furnished by Federated Hermes, as requested by the CCO. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO's view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered the CCO's view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board noted the impact of the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, on the profitability of the Fund to the Adviser.

The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO's conclusion that, based on such profitability information, Federated Hermes' profit margins did not appear to be excessive. The Board also considered the CCO's view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.

***<u>Economies of Scale</u>***

The Board received and considered information about the notion of possible realization of "economies of scale" as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: personnel, processes and tools for portfolio management, including the use of market data on which portfolio managers make investment decisions; trading operations; ESG integration and issuer engagement on ESG matters; shareholder services; compliance; business continuity; cybersecurity; internal audit and risk management functions; and technology that supports the provision of investment management services. The Board noted that Federated

Semi-Annual Shareholder Report

**53**

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Hermes' investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund's assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered Federated Hermes' reductions in contractual management fees for certain Federated Hermes Funds during the prior year, including in response to the CCO's recommendations in the prior year's CCO Fee Evaluation Report, which have resulted in benefits being realized by shareholders.

The Board also considered reports on adviser-paid fees (commonly referred to as "revenue sharing") that were provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes and the CCO believe that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to evaluate the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.

***<u>Other Benefits</u>***

The Board considered information regarding the compensation and other ancillary (or "fall-out") benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds' investment advisory contracts, Federated Hermes' affiliates also receive fees for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds' administrator and distributor). In this regard, the Board considered that certain of Federated Hermes' affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

Semi-Annual Shareholder Report

**54**

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***<u>Conclusions</u>***

The Board considered: (i) the CCO's conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund is reasonable; and (ii) the CCO's recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board's evaluation of the Federated Hermes Funds' advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board's determination to approve the continuation of the Contract reflects its view that Federated Hermes' performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.

Semi-Annual Shareholder Report

**55**

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Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400, Option #4. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

Semi-Annual Shareholder Report

**56**

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

This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund's Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY** 

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the "householding" program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of "householding." Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of "householding" at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400, Option #4.

Semi-Annual Shareholder Report

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![](edelivery.jpg)

![](fhilogok11p.jpg)

Federated Hermes Institutional Prime Value Obligations Fund <br>Federated Hermes Funds <br>4000 Ericsson Drive <br>Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com** <br>or call 1-800-341-7400.

Federated Securities Corp., Distributor

*CUSIP 60934N583*

*Q454512 (3/23)*© 2023 Federated Hermes, Inc.

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**Semi-Annual Shareholder Report**

***January 31, 2023***

![](img0ba3e5281.gif)

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| | | | |
|:---|:---|:---|:---|
| **Share Class** \| Ticker | **Automated** \| TOAXX | **Institutional** \| TOIXX | **Service** \| TOSXX |
|  | **Capital** \| TOCXX | **Trust** \| TOTXX |  |

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Federated Hermes Treasury Obligations Fund

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A Portfolio of Federated Hermes Money Market Obligations Trust

Dear Valued Shareholder,

We are pleased to present the Semi-Annual Shareholder Report for your fund covering the period from August 1, 2022 through January 31, 2023. This report includes a complete listing of your fund's holdings, performance information and financial statements along with other important fund information.

As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.

In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.

Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.

Sincerely, <br> ![](donahuechrissigsmall.jpg)

J. Christopher Donahue, President

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**Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee**

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**CONTENTS** 

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| | |
|:---|:---|
| [Portfolio of Investments Summary Tables](#xx_b2a4a285-d827-4227-b502-2b150fac3455_1) | &nbsp;&nbsp; [1](#xx_b2a4a285-d827-4227-b502-2b150fac3455_1)  |
| [Portfolio of Investments](#xx_b2a4a285-d827-4227-b502-2b150fac3455_2) | &nbsp;&nbsp; [2](#xx_b2a4a285-d827-4227-b502-2b150fac3455_2)  |
| [Financial Highlights](#xx_b1e192ee-f1ff-4734-ab23-957a7f2bfb69_1) | &nbsp;&nbsp; [7](#xx_b1e192ee-f1ff-4734-ab23-957a7f2bfb69_1)  |
| [Statement of Assets and Liabilities](#xx_e883551c-a3f1-40f0-9325-2972e54a648a_1) | [12](#xx_e883551c-a3f1-40f0-9325-2972e54a648a_1)  |
| [Statement of Operations](#xx_e883551c-a3f1-40f0-9325-2972e54a648a_3) | [14](#xx_e883551c-a3f1-40f0-9325-2972e54a648a_3)  |
| [Statement of Changes in Net Assets](#xx_e883551c-a3f1-40f0-9325-2972e54a648a_4) | [15](#xx_e883551c-a3f1-40f0-9325-2972e54a648a_4)  |
| [Notes to Financial Statements](#xx_bffceac7-e4c7-4939-952f-e9e9502fc54c_1) | [16](#xx_bffceac7-e4c7-4939-952f-e9e9502fc54c_1)  |
| [Shareholder Expense Example](#xx_67b53926-f30e-4695-975e-429c0b4166cf_1) | [25](#xx_67b53926-f30e-4695-975e-429c0b4166cf_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_07785518-8f95-44ce-8233-221f1e119649_1) | [27](#xx_07785518-8f95-44ce-8233-221f1e119649_1)  |
| [Voting Proxies on Fund Portfolio Securities](#xx_9e3f521d-4c44-4403-94c3-68283d6606ad_1) | [37](#xx_9e3f521d-4c44-4403-94c3-68283d6606ad_1)  |
| [Portfolio Schedule](#xx_9e3f521d-4c44-4403-94c3-68283d6606ad_1) | [37](#xx_9e3f521d-4c44-4403-94c3-68283d6606ad_1) |

---

------

Portfolio of Investments Summary Tables (unaudited)

At January 31, 2023, the Fund's portfolio composition<sup>1</sup> was as follows:

---

| | |
|:---|:---|
| **Security Type** | **Percentage of** <br>**Total Net Assets**<br>|
| Repurchase Agreements | 84.5% |
| U.S. Treasury Securities | 12.2% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| &nbsp;&nbsp; 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | **100%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *See the Fund's Prospectus and Statement of Additional Information for a description of the* <br> *types of securities in which the Fund invests.*<br>|
| 2 | *Assets, other than investments in securities, less liabilities. See Statement of Assets and* <br> *Liabilities.*<br>|

---

At January 31, 2023, the Fund's effective maturity schedule<sup>1</sup> was as follows:

---

| | |
|:---|:---|
| **Securities With an** <br>**Effective Maturity of:**<br>| **Percentage of** <br>**Total Net Assets**<br>|
| 1-7 Days | 92.4% |
| 8-30 Days | &nbsp;&nbsp; 0.9% |
| 31-90 Days | &nbsp;&nbsp; 2.0% |
| 91-180 Days | &nbsp;&nbsp; 0.2% |
| 181 Days or more | &nbsp;&nbsp; 1.2% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| &nbsp;&nbsp; 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | **100%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the* <br> *Investment Company Act of 1940, which regulates money market mutual funds.*<br>|
| 2 | *Assets, other than investments in securities, less liabilities. See Statement of Assets* <br> *and Liabilities.*<br>|

---

Semi-Annual Shareholder Report

**1**

------

Portfolio of Investments

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
|  | U.S. TREASURIES— 12.2% |  |
|  | **U.S. Treasury Bills—3.5%** |  |
| $460000000<br><sup>1</sup> <br>| United States Treasury Bill, 4.490%, 2/23/2023 | $458737811 |
| 473000000<br><sup>1</sup> <br>| United States Treasury Bill, 4.505%, 11/2/2023 | 456781748 |
| 1065000000<br><sup>1</sup> <br>| United States Treasury Bill, 4.525%, 3/9/2023 | 1060180875 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 1975700434 |
|  | **U.S. Treasury Notes—8.7%** |  |
| 250000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 4.573% (91-day T-Bill <br> -0.075%), 2/7/2023<br>| 249999986 |
| 679600000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 4.633% (91-day T-Bill <br> -0.015%), 2/7/2023<br>| 679845435 |
| 1216000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 4.677% (91-day T-Bill <br> +0.029%), 2/7/2023<br>| 1216016355 |
| 1323000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 4.685% (91-day T-Bill <br> +0.037%), 2/7/2023<br>| 1322443479 |
| 685000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 4.788% (91-day T-Bill <br> +0.140%), 2/7/2023<br>| 684450785 |
| 290000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 4.848% (91-day T-Bill <br> +0.200%), 2/7/2023<br>| 290000000 |
| 65000000 | United States Treasury Note, 0.125%, 2/28/2023 | 64926363 |
| 66000000 | United States Treasury Note, 0.125%, 5/31/2023 | 65569996 |
| 50000000 | United States Treasury Note, 0.125%, 6/30/2023 | 49556631 |
| 237000000 | United States Treasury Note, 0.375%, 10/31/2023 | 230364212 |
| 82535000 | United States Treasury Note, 1.500%, 3/31/2023 | 82517453 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp; 4935690695 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURIES | &nbsp;&nbsp;&nbsp; 6911391129 |
|  | REPURCHASE AGREEMENTS— 84.5% |  |
| 188913500 | Interest in $188,913,500 joint repurchase agreement 4.31%, dated <br> 1/31/2023 under which Prudential Insurance Co. of America will <br> repurchase securities provided as collateral for $188,936,117 on <br> 2/1/2023. The securities provided as collateral at the end of the <br> period held with State Street Bank & Trust Co. as custodian were <br> U.S. Treasury securities with various maturities to 8/15/2045 and <br> the market value of those underlying securities was $192,725,442.<br>| 188913500 |
| 200727500 | Interest in $200,727,500 joint repurchase agreement 4.31%, dated <br> 1/31/2023 under which Prudential Legacy Insurance Co. of NJ will <br> repurchase securities provided as collateral for $200,751,532 on <br> 2/1/2023. The securities provided as collateral at the end of the <br> period held with State Street Bank & Trust Co. as custodian were <br> U.S. Treasury securities with various maturities to 8/15/2045 and <br> the market value of those underlying securities was $204,883,006.<br>| 200727500 |

---

Semi-Annual Shareholder Report

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS— continued |  |
| $125000000 | Interest in $250,000,000 joint repurchase agreement 4.30%, dated <br> 1/31/2023 under which ING Financial Markets LLC will repurchase <br> securities provided as collateral for $250,029,861 on 2/1/2023. <br> The securities provided as collateral at the end of the period held <br> with State Street Bank & Trust Co. as custodian were U.S. Treasury <br> securities with various maturities to 2/15/2045 and the market <br> value of those underlying securities was $261,643,867.<br>| $125000000 |
| 500000000 | Interest in $500,000,000 joint repurchase agreement 4.30%, dated <br> 1/31/2023 under which National Australia Bank Ltd., Melbourne <br> will repurchase securities provided as collateral for $500,059,722 <br> on 2/1/2023. The securities provided as collateral at the end of the <br> period held with State Street Bank & Trust Co. as custodian were <br> U.S. Treasury securities with various maturities to 4/30/2026 and <br> the market value of those underlying securities was $511,030,171.<br>| 500000000 |
| 350000000 | Interest in $500,000,000 joint repurchase agreement 4.48%, dated <br> 1/31/2023 under which Standard Chartered Bank will repurchase <br> securities provided as collateral for $500,435,556 on 2/7/2023. <br> The securities provided as collateral at the end of the period held <br> with BNY Mellon as tri-party agent, were U.S. Treasury securities <br> with various maturities to 2/15/2052 and the market value of those <br> underlying securities was $510,063,519.<br>| 350000000 |
| 250000000 | Interest in $750,000,000 joint repurchase agreement 4.27%, dated <br> 1/31/2023 under which Standard Chartered Bank will repurchase <br> securities provided as collateral for $750,088,958 on 2/1/2023. <br> The securities provided as collateral at the end of the period held <br> with BNY Mellon as tri-party agent, were U.S. Treasury securities <br> with various maturities to 11/15/2052 and the market value of <br> those underlying securities was $765,090,746.<br>| 250000000 |
| 400000000 | Interest in $800,000,000 joint repurchase agreement 4.27%, dated <br> 1/31/2023 under which Natixis Financial Products LLC will <br> repurchase securities provided as collateral for $800,094,889 on <br> 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were U.S. Treasury <br> securities with various maturities to 5/15/2052 and the market <br> value of those underlying securities was $816,096,809.<br>| 400000000 |
| 750000000 | Interest in $800,000,000 joint repurchase agreement 4.31%, dated <br> 1/4/2023 under which CIBC World Markets Corp. will repurchase <br> securities provided as collateral for $802,777,556 on 2/2/2023. <br> The securities provided as collateral at the end of the period held <br> with BNY Mellon as tri-party agent, were U.S. Treasury securities <br> with various maturities to 2/15/2050 and the market value of those <br> underlying securities was $818,833,113.<br>| 750000000 |
| 500000000 | Interest in $1,000,000,000 joint repurchase agreement 4.31%, <br> dated 1/31/2023 under which Fixed Income Clearing Corp. will <br> repurchase securities provided as collateral for $1,000,119,722 on <br> 2/1/2023. The securities provided as collateral at the end of the <br> period held with State Street Bank & Trust Co. as custodian were <br> U.S. Treasury securities with various maturities to 11/15/2050 and <br> the market value of those underlying securities <br> was $1,024,763,148.<br>| 500000000 |

---

Semi-Annual Shareholder Report

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS— continued |  |
| $312000000 | Interest in $3,000,000,000 joint repurchase agreement 4.30%, <br> dated 1/31/2023 under which Sumitomo Mitsui Banking Corp will <br> repurchase securities provided as collateral for $3,000,358,333 on <br> 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were U.S. Treasury <br> securities with various maturities to 8/15/2048 and the market <br> value of those underlying securities was $3,060,365,506.<br>| $312000000 |
| 3000000000 | Interest in $3,000,000,000 joint repurchase agreement 4.31%, <br> dated 1/31/2023 under which Fixed Income Clearing Corp. will <br> repurchase securities provided as collateral for $3,000,359,167 on <br> 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were U.S. Treasury <br> securities with various maturities to 8/15/2041 and the market <br> value of those underlying securities was $3,060,000,000.<br>| 3000000000 |
| 63684000 | Repurchase agreement 4.22%, dated 1/31/2023 under which BofA <br> Securities, Inc. will repurchase a security provided as collateral for <br> $63,691,465 on 2/1/2023. The security provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, was <br> a U.S. Treasury security maturing on 11/15/2031 and the market <br> value of that underlying security was $64,965,301.<br>| 63684000 |
| 450000000 | Repurchase agreement 4.25%, dated 1/31/2023 under which <br> Barclays Capital, Inc. will repurchase securities provided as <br> collateral for $450,053,125 on 2/1/2023. The securities provided <br> as collateral at the end of the period held with BNY Mellon as <br> tri-party agent, were U.S. Treasury securities with various <br> maturities to 1/31/2027 and the market value of those underlying <br> securities was $459,054,226.<br>| 450000000 |
| 300000000 | Repurchase agreement 4.27%, dated 1/31/2023 under which BNP <br> Paribas S.A. will repurchase securities provided as collateral for <br> $300,035,583 on 2/1/2023. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, <br> were U.S. Treasury securities with various maturities to 8/15/2051 <br> and the market value of those underlying securities <br> was $306,036,297.<br>| 300000000 |
| 200000000 | Repurchase agreement 4.27%, dated 1/31/2023 under which <br> Natwest Markets Securities, Inc. will repurchase securities <br> provided as collateral for $200,023,722 on 2/1/2023. The <br> securities provided as collateral at the end of the period held with <br> BNY Mellon as tri-party agent, were U.S. Treasury securities with <br> various maturities to 5/31/2029 and the market value of those <br> underlying securities was $204,000,051.<br>| 200000000 |
| 250000000 | Repurchase agreement 4.30%, dated 1/31/2023 under which <br> Citibank, N.A. will repurchase securities provided as collateral for <br> $250,029,861 on 2/1/2023. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, <br> were U.S. Treasury securities with various maturities to 1/31/2027 <br> and the market value of those underlying securities <br> was $255,030,479.<br>| 250000000 |

---

Semi-Annual Shareholder Report

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS— continued |  |
| $2150000000 | Interest in a agreement 4.30%, dated 1/31/2023 under which <br> Citigroup Global Markets, Inc. will repurchase securities provided <br> as collateral for $4,150,495,694 on 2/1/2023. The securities <br> provided as collateral at the end of the period held with BNY <br> Mellon as tri-party agent, were U.S. Treasury securities with various <br> maturities to 11/15/2032 and the market value of those underlying <br> securities was $4,233,505,688.<br>| $2150000000 |
| 200000000 | Repurchase agreement 4.30%, dated 1/31/2023 under which <br> Credit Agricole Corporate and Investment Bank will repurchase a <br> security provided as collateral for $200,023,889 on 2/1/2023. The <br> security provided as collateral at the end of the period held with <br> BNY Mellon as tri-party agent, was a U.S. Treasury security <br> maturing on 8/15/2031 and the market value of that underlying <br> security was $204,024,414.<br>| 200000000 |
| 37500000000 | Repurchase agreement 4.30%, dated 1/31/2023 under which <br> Federal Reserve Bank of New York will repurchase securities <br> provided as collateral for $37,504,479,167 on 2/1/2023. The <br> securities provided as collateral at the end of the period held with <br> BNY Mellon as tri-party agent, were U.S. Treasury securities with <br> various maturities to 2/15/2041 and the market value of those <br> underlying securities was $37,504,479,189.<br>| 37500000000 |
| 450001906 | Repurchase agreement 4.30%, dated 1/31/2023 under which <br> Metropolitan Life Insurance Co. will repurchase securities provided <br> as collateral for $450,055,656 on 2/1/2023. The securities <br> provided as collateral at the end of the period held with State <br> Street Bank & Trust Co. as custodian were U.S. Treasury securities <br> with various maturities to 12/31/2027 and the market value of <br> those underlying securities was $459,193,769.<br>| 450001906 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REPURCHASE AGREEMENTS | 48140326906 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—96.7% <br>(AT AMORTIZED COST)<sup>3</sup> <br>| 55051718035 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—3.3%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; 1899685978 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $56951404013 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 of investments for federal tax purposes.* |
| 4 | *Assets, other than investments in securities, less liabilities. See Statement of Assets and* <br> *Liabilities.*<br>|

---

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2023.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Semi-Annual Shareholder Report

**5**

------

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

In valuing the Fund's assets as of January 31, 2023, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**6**

------

Financial Highlights–Automated Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment** <br> **Operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.010) |
| Distributions from net realized <br> gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.010) |
| **Net Asset Value, End of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.03% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.78%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 <br> omitted)<br>| $1299301 | $1615683 | $2390301 | $2076883 | $2138942 | $2059409 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 4 | *Computed on an annualized basis.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**7**

------

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value,** <br> **Beginning of Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From** <br> **Investment Operations:**<br>|  |  |  |  |  |  |
| Net investment income <br> (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From <br> Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) |
| Distributions from net <br> realized gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total <br> Distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) |
| **Net Asset Value, End** <br> **of Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24% |
| Expense waiver/<br> reimbursement<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of <br> period (000 omitted)<br>| $46183195 | $40500072 | $40668867 | $49615082 | $33350766 | $25992845 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 4 | *Computed on an annualized basis.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**8**

------

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment** <br> **Operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.010) |
| Distributions from net realized <br> gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.010) |
| **Net Asset Value, End of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.96%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 <br> omitted)<br>| $5346448 | $4833929 | $5363707 | $5512396 | $4672058 | $3584885 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 4 | *Computed on an annualized basis.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**9**

------

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment** <br> **Operations:**<br>|  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.012 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.012 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.012) |
| Distributions from net realized <br> gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.012) |
| **Net Asset Value, End of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.16%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.12% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 <br> omitted)<br>| $3338082 | $2100176 | $1859069 | $2119651 | $1250599 | $1114276 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 4 | *Computed on an annualized basis.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**10**

------

Financial Highlights–Trust Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.007 | &nbsp;&nbsp;&nbsp;&nbsp; 0.017 | &nbsp;&nbsp;&nbsp;&nbsp; 0.008 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.007 | &nbsp;&nbsp;&nbsp;&nbsp; 0.017 | &nbsp;&nbsp;&nbsp;&nbsp; 0.008 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.007) | &nbsp;&nbsp;&nbsp; (0.017) | &nbsp;&nbsp;&nbsp; (0.008) |
| Distributions from net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.007) | &nbsp;&nbsp;&nbsp; (0.017) | &nbsp;&nbsp;&nbsp; (0.008) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.67%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $784377 | $796860 | $754675 | $1379716 | $860830 | $512289 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 4 | *Computed on an annualized basis.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**11**

------

Statement of Assets and Liabilities <br>January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in repurchase agreements | $48140326906 |
| Investment in securities | &nbsp;&nbsp;&nbsp; 6911391129 |
| Investment in securities, at amortized cost and fair value | &nbsp;&nbsp; 55051718035 |
| Cash | &nbsp;&nbsp;&nbsp; 1958075774 |
| Income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9456930 |
| Receivable for shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120036196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp; 57139286935 |
| **Liabilities:** |  |
| Payable for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64224696 |
| Income distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120892867 |
| Payable for investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188331 |
| Payable for administrative fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121888 |
| Payable for Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68533 |
| Payable for distribution services fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162783 |
| Payable for other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1657425 |
| Accrued expenses (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 566399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187882922 |
| Net assets for 56,972,034,104 shares outstanding | $56951404013 |
| **Net Assets Consist of:** |  |
| Paid-in capital | $56972227107 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20823094) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $56951404013 |

---

Semi-Annual Shareholder Report

**12**

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Statement of Assets and Liabilities–continued

---

| | |
|:---|:---|
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Automated Shares:** |  |
| $1,299,301,491 ÷ 1,299,771,354 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Institutional Shares:** |  |
| $46,183,195,344 ÷ 46,199,930,576 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Service Shares:** |  |
| $5,346,448,033 ÷ 5,348,386,070 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Capital Shares:** |  |
| $3,338,081,739 ÷ 3,339,284,016 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Trust Shares:** |  |
| $784,377,406 ÷ 784,662,088 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**13**

------

Statement of Operations <br>Six Months Ended January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | $911719098 |
| **Expenses:** |  |
| Investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp; 53203426 |
| Administrative fee (Note 4) | &nbsp;&nbsp;&nbsp; 20829406 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 742413 |
| Transfer agent fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 801866 |
| Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151318 |
| Auditing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13290 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5750 |
| Portfolio accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118883 |
| Distribution services fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 962445 |
| Other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp; 10381921 |
| Share registration costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135658 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89230 |
| Miscellaneous (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127827 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES | &nbsp;&nbsp;&nbsp; 87563433 |
| Waiver of investment adviser fee (Note 4) | &nbsp;&nbsp; (21040366) |
| Net expenses | &nbsp;&nbsp;&nbsp; 66523067 |
| Net investment income | &nbsp;&nbsp; 845196031 |
| Net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; 2193422 |
| Change in net assets resulting from operations | $847389453 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**14**

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023**<br>| **Year Ended** <br>**7/31/2022**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | $845196031 | $131731993 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2193422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23055939) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING <br> FROM OPERATIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 847389453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108676054 |
| **Distributions to Shareholders:** |  |  |
| Automated Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19954374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3178441) |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (697190395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (112874570) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74815441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9732842) |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42894139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4902590) |
| Trust Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10287930) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1158642) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> DISTRIBUTIONS TO SHAREHOLDERS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (845142279) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (131847085) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 174147946180 | &nbsp;&nbsp; 262727989725 |
| Net asset value of shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309575384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43327917 |
| Cost of shares redeemed | &nbsp;&nbsp; (167355085334) | &nbsp;&nbsp; (263938044594) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7102436230 | &nbsp;&nbsp;&nbsp;&nbsp; (1166726952) |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7104683404 | &nbsp;&nbsp;&nbsp;&nbsp; (1189897983) |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; 49846720609 | &nbsp;&nbsp;&nbsp;&nbsp; 51036618592 |
| End of period | $56951404013 | $49846720609 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**15**

------

Notes to Financial Statements

January 31, 2023 (unaudited)

**1. ORGANIZATION** 

Federated Hermes Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included herein are only those of Federated Hermes Treasury Obligations Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers five classes of shares: Automated Shares, Institutional Shares, Service Shares, Capital Shares and Trust Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income consistent with stability of principal.

The Fund operates as a government money market fund. As a government money market fund, the Fund: (1) invests at least 99.5% of its total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully; (2) generally continues to use amortized cost to value its portfolio securities and transact at a stable $1.00 net asset value (NAV); and (3) has elected not to be subject to the liquidity fees and gates requirement at this time as permitted by Rule 2a-7 under the Act.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

**Investment Valuation** 

Securities are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

Pursuant to Rule 2a-5 under the Act, the Fund's Board of Trustees (the "Trustees") has designated Federated Investment Management Company (the "Adviser") as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

Semi-Annual Shareholder Report

**16**

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The Adviser, acting through its valuation committee ("Valuation Committee"), is responsible for determining the fair value of investments. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value of securities and oversees the comparison of amortized cost to market-based value. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

**Repurchase Agreements** 

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund's custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a "securities entitlement" and exercises "control" as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Repurchase agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and

Semi-Annual Shareholder Report

**17**

------

Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase price to be paid under the agreement reducing the net settlement amount to zero.

**Investment Income, Gains and Losses, Expenses and Distributions** 

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waiver of $21,040,366 is disclosed in Note 4. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

**Transfer Agent Fees** 

For the six months ended January 31, 2023, transfer agent fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Transfer Agent** <br>**Fees Incurred**<br>|
| Automated Shares | $675311 |
| Institutional Shares | &nbsp;&nbsp; 105637 |
| Service Shares | &nbsp;&nbsp;&nbsp; 12386 |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp; 6647 |
| Trust Shares | &nbsp;&nbsp;&nbsp;&nbsp; 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $801866 |

---

**Other Service Fees** 

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Automated Shares, Institutional Shares, Service Shares, Capital Shares and Trust Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees.

For the six months ended January 31, 2023, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Automated Shares | $1795217 |
| Service Shares | &nbsp;&nbsp;&nbsp; 6311338 |
| Capital Shares | &nbsp;&nbsp;&nbsp; 1312921 |
| Trust Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 962445 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $10381921 |

---

Semi-Annual Shareholder Report

**18**

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For the six months ended January 31, 2023, the Fund's Institutional Shares did not incur other service fees; however it may begin to incur this fee upon approval of the Trustees.

**Federal Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended January 31, 2023, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of January 31, 2023, tax years 2019 through 2022 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

**When-Issued and Delayed-Delivery Transactions** 

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**Other** 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

**3. SHARES OF BENEFICIAL INTEREST** 

The following tables summarize share activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Automated Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763435260 | $763435260 | &nbsp;&nbsp;&nbsp;&nbsp; 2894701881 | $2894701881 |
| Shares issued to <br> shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19049375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19049375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3061270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3061270 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (1099137324) | &nbsp;&nbsp;&nbsp;&nbsp; (1099137324) | &nbsp;&nbsp;&nbsp; (3671626586) | &nbsp;&nbsp;&nbsp;&nbsp; (3671626586) |
| &nbsp;&nbsp;&nbsp; NET CHANGE <br> RESULTING FROM <br> AUTOMATED <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; (316652689) | $(316652689) | &nbsp;&nbsp;&nbsp;&nbsp; (773863435) | $(773863435) |

---

Semi-Annual Shareholder Report

**19**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Institutional Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 160414836207 | $160414836207 | 234597319011 | $234597319011 |
| Shares issued to <br> shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237290812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237290812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34235903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34235903 |
| Shares redeemed | (154970847151) | &nbsp;&nbsp; (154970847151) | (234781536709) | &nbsp;&nbsp; (234781536709) |
| &nbsp;&nbsp;&nbsp; NET CHANGE <br> RESULTING FROM <br> INSTITUTIONAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5681279868 | $5681279868 | &nbsp;&nbsp;&nbsp;&nbsp; (149981795) | $(149981795) |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Service Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 7800692950 | $7800692950 | &nbsp;&nbsp; 19049431252 | $19049431252 |
| Shares issued to <br> shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21288830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21288830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2979735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2979735 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (7309744003) | &nbsp;&nbsp;&nbsp;&nbsp; (7309744003) | &nbsp;&nbsp; (19579938742) | &nbsp;&nbsp;&nbsp; (19579938742) |
| &nbsp;&nbsp;&nbsp; NET CHANGE <br> RESULTING FROM <br> SERVICE <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512237777 | $512237777 | &nbsp;&nbsp;&nbsp;&nbsp; (527527755) | $(527527755) |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Capital Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 4294122640 | $4294122640 | &nbsp;&nbsp;&nbsp;&nbsp; 4606290921 | $4606290921 |
| Shares issued to <br> shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30554964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30554964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2883959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2883959 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (3086542296) | &nbsp;&nbsp;&nbsp;&nbsp; (3086542296) | &nbsp;&nbsp;&nbsp; (4367084030) | &nbsp;&nbsp;&nbsp;&nbsp; (4367084030) |
| &nbsp;&nbsp;&nbsp; NET CHANGE <br> RESULTING FROM <br> CAPITAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1238135308 | $1238135308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242090850 | $242090850 |

---

Semi-Annual Shareholder Report

**20**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Trust Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 874859123 | $874859123 | &nbsp;&nbsp;&nbsp;&nbsp; 1580246660 | $1580246660 |
| Shares issued to <br> shareholders in payment <br> of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1391403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1391403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167050 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (888814560) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (888814560) | &nbsp;&nbsp;&nbsp; (1537858527) | &nbsp;&nbsp;&nbsp;&nbsp; (1537858527) |
| &nbsp;&nbsp;&nbsp; NET CHANGE <br> RESULTING FROM <br> TRUST <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12564034) | $(12564034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42555183 | $42555183 |
| &nbsp;&nbsp;&nbsp; NET CHANGE <br> RESULTING FROM <br> TOTAL FUND <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7102436230 | $7102436230 | &nbsp;&nbsp;&nbsp; (1166726952) | $(1166726952) |

---

**4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Investment Adviser Fee** 

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended January 31, 2023, the Adviser voluntarily waived $21,040,366 of its fee.

**Administrative Fee** 

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, "Investment Complex" is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

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| | |
|:---|:---|
| **Administrative Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Daily Net Assets** <br>**of the Investment Complex**<br>|
| 0.100% | on assets up to $50 billion |
| 0.075% | on assets over $50 billion |

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Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

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**Distribution Services Fee** 

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Trust Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at 0.25% of average daily net assets, annually, to compensate FSC. Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, distribution services fees for the Fund were as follows:

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| | |
|:---|:---|
|  | **Distribution Services** <br>**Fees Incurred**<br>|
| Trust Shares | $962445 |

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When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

**Other Service Fees** 

For the six months ended January 31, 2023, FSSC received $3,865 of the other service fees disclosed in Note 2.

**Expense Limitation** 

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Automated Shares, Institutional Shares, Service Shares, Capital Shares and Trust Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.55%, 0.20%, 0.45%, 0.30% and 0.70% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2023; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

**Directors'/Trustees' and Miscellaneous Fees** 

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors'/Trustees' fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. INTERFUND LENDING** 

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of January 31, 2023, there were no outstanding loans. During the six months ended January 31, 2023, the program was not utilized.

**6. INDEMNIFICATIONS** 

Under the Fund's organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party's actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.

**7. OTHER MATTERS** 

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Fund's investments) and the markets in general in significant and unforeseen ways. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such investments. Any such impact could adversely affect the Fund's performance.

**8. SUBSEQUENT EVENT** 

On February 16, 2023, the Trustees approved the creation of five new share classes to the Fund: Premier (PRM), Advisor (AVR), Select (SEL), Administrative (ADM) and Cash Management (CMS). These share classes are anticipated to become effective during the second quarter of 2023.

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Additionally, changes to the expense structure of certain of the existing classes of the Fund are also anticipated to become effective during the second quarter of 2023. Currently, the Fund may incur and pay other service fees on its Institutional Shares up to a maximum of 0.25%, but does not incur and pay any such fees on Institutional Shares. The Fund's Institutional Shares will incur and pay up to 0.05% of other service fees. In addition, the Expense Limit of the Automated Shares as listed under the Expense Limitation note will be reduced to 0.50%. The Termination Date for each Expense Limit will be extended to the first day of the next month one year after effectiveness of these fee changes.

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Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2022 to January 31, 2023.

**ACTUAL EXPENSES** 

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to *estimate* the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an *assumed* rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should *not* use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative *total* costs of owning different funds.

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| | | | |
|:---|:---|:---|:---|
|  | **Beginning** <br>**Account Value** <br>**8/1/2022**<br>| **Ending** <br>**Account Value** <br>**1/31/2023**<br>| **Expenses Paid** <br>**During Period**<sup>1</sup> <br>|
| **Actual:** |  |  |  |
| Automated Shares | $1000 | $1014.40 | $2.79 |
| Institutional Shares | $1000 | $1016.10 | $1.02 |
| Service Shares | $1000 | $1014.80 | $2.29 |
| Capital Shares | $1000 | $1015.60 | $1.52 |
| Trust Shares | $1000 | $1013.60 | $3.55 |
| **Hypothetical (assuming a 5% return** <br> **before expenses):**<br>|  |  |  |
| Automated Shares | $1000 | $1022.43 | $2.80 |
| Institutional Shares | $1000 | $1024.20 | $1.02 |
| Service Shares | $1000 | $1022.94 | $2.29 |
| Capital Shares | $1000 | $1023.69 | $1.53 |
| Trust Shares | $1000 | $1021.68 | $3.57 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 1 | *Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average* <br> *account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The* <br> *annualized net expense ratios are as follows:*<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Automated Shares | 0.55% |
| Institutional Shares | 0.20% |
| Service Shares | 0.45% |
| Capital Shares | 0.30% |
| Trust Shares | 0.70% |

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Evaluation and Approval of Advisory Contract–May 2022

**Federated Hermes Treasury Obligations Fund (the "Fund")**

At its meetings in May 2022 (the "May Meetings"), the Fund's Board of Trustees (the "Board"), including those Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940 (the "Independent Trustees"), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") (the "Contract") for an additional one-year term. The Board's determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

***<u>Information Received and Review Process</u>***

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO's independent written evaluation (the "CCO Fee Evaluation Report"), along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contract. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as "Senior Officer" prior to the elimination of the Senior Officer position in December 2017.

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered information specifically prepared in connection with the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, "Federated Hermes") in response to requests posed to Federated Hermes by independent legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional matters as the Independent Trustees deemed

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reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates; Federated Hermes' business and operations; the Adviser's investment philosophy, personnel and processes; the Fund's investment objectives and strategies; the Fund's short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund's particular investment program and a group of its peer funds and/or its benchmark, as appropriate); the Fund's investment objectives; the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the financial condition of Federated Hermes; the Adviser's profitability with respect to the Fund; distribution and sales activity for the Fund; and the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser's cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize "economies of scale" as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any "fall-out" benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fee and expense structures, including a comparison of management fees paid to the adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser's services and fees. The Board noted that the Securities and Exchange Commission ("SEC") disclosure requirements

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regarding the basis for a fund board's approval of the fund's investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a "Federated Hermes Fund" and, collectively, the ("Federated Hermes Funds").

In addition to considering the above-referenced factors, the Board was mindful of the preferences and expectations of Fund shareholders and the potential disruptions of the Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund on the strength of Federated Hermes' industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund's shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.

In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board's determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.

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***<u>Nature, Extent and Quality of Services</u>***

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by Federated Hermes. The Board considered the Adviser's personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and Federated Hermes' ability and experience in attracting and retaining qualified personnel to service the Fund. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser's ability to deliver competitive investment performance for the Fund when compared to the Fund's Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund's investment program. The Board also considered the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, in order to maintain a positive yield for the Fund in the low interest rate environment.

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened the organization's investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance ("ESG") factors and issuer engagement on ESG matters. The Board considered the quality of Federated Hermes' communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account Federated Hermes' communications with the Board in light of the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds' officers.

The Board received and evaluated information regarding Federated Hermes' regulatory and compliance environment. The Board considered Federated Hermes' compliance program and compliance history and reports from the CCO about Federated Hermes' compliance with applicable laws and

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regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes' support of the Federated Hermes Funds' compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund's obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated Hermes' commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes' approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds' compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes' oversight in this regard, including in connection with the designation of the Federated Hermes Funds' investment advisers as the administrators of the Federated Hermes Funds' liquidity risk management program.

The Board also considered the implementation of Federated Hermes' business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes' commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.

The Board considered Federated Hermes' efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Adviser to the Fund.

***<u>Fund Investment Performance</u>***

The Board considered the investment performance of the Fund. In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser's analysis of, the Fund's performance over different time periods that were

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provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund's gross and net returns, the Fund's investment performance compared to one or more relevant categories or groups of peer funds and the Fund's benchmark index, performance attribution information and commentary on the effect of market conditions.

The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by iMoneyNet, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the CCO's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds' objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.

The Fund's performance fell below the median of the Performance Peer Group for the one-year period ended December 31, 2021. The Board discussed the Fund's performance with the Adviser and recognized the efforts being taken by the Adviser in the context of other factors considered relevant by the Board. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its Peer Group.

Based on these considerations, the Board concluded that it had continued confidence in the Adviser's overall capabilities to manage the Fund.

***<u>Fund Expenses</u>***

The Board considered the advisory fee and overall expense structure of the Fund and the comparative fee and expense information that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund's total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the category of peer funds selected by iMoneyNet (the "Expense Peer Group"). The Board received a description of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet category.

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged by other advisers for managing funds with comparable investment programs, the Board noted that it found the use of such comparisons to be relevant to its evaluation. The Board focused on comparisons with other similar registered funds more heavily than non-registered fund products or services because such comparisons are

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believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund's shareholders. The Board noted that the range of such other registered funds' fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund's fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was above the median of the Expense Peer Group, but the Board noted the applicable waivers and reimbursements, and that the overall expense structure of the Fund remained competitive in the context of other factors considered by the Board.

The Board also received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO's conclusion that non-registered fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing and fund liquidity; (vi) different administrative responsibilities; (vii) different degrees of risk associated with management; and (viii) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution's registered fund, noting the CCO's view that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds' advisory fees.

Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.

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***<u>Profitability</u>***

The Board received and considered profitability information furnished by Federated Hermes, as requested by the CCO. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO's view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered the CCO's view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board noted the impact of the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, on the profitability of the Fund to the Adviser.

The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO's conclusion that, based on such profitability information, Federated Hermes' profit margins did not appear to be excessive. The Board also considered the CCO's view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.

***<u>Economies of Scale</u>***

The Board received and considered information about the notion of possible realization of "economies of scale" as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: personnel, processes and tools for portfolio management, including the use of market data on which portfolio managers make investment decisions; trading operations; ESG integration and issuer engagement on ESG matters; shareholder services; compliance; business continuity; cybersecurity; internal audit and risk management functions; and technology that supports the provision of investment management services. The Board noted that Federated

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Hermes' investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund's assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered Federated Hermes' reductions in contractual management fees for certain Federated Hermes Funds during the prior year, including in response to the CCO's recommendations in the prior year's CCO Fee Evaluation Report, which have resulted in benefits being realized by shareholders.

The Board also considered reports on adviser-paid fees (commonly referred to as "revenue sharing") that were provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes and the CCO believe that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to evaluate the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.

***<u>Other Benefits</u>***

The Board considered information regarding the compensation and other ancillary (or "fall-out") benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds' investment advisory contracts, Federated Hermes' affiliates also receive fees for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds' administrator and distributor). In this regard, the Board considered that certain of Federated Hermes' affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

Semi-Annual Shareholder Report

**35**

------

***<u>Conclusions</u>***

The Board considered: (i) the CCO's conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund is reasonable; and (ii) the CCO's recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board's evaluation of the Federated Hermes Funds' advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board's determination to approve the continuation of the Contract reflects its view that Federated Hermes' performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.

Semi-Annual Shareholder Report

**36**

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Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400, Option #4. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

Semi-Annual Shareholder Report

**37**

------

*You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.*

This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund's Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY** 

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the "householding" program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of "householding." Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of "householding" at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400, Option #4.

Semi-Annual Shareholder Report

**38**

------

![](edelivery.jpg)

![](fhilogok11p.jpg)

Federated Hermes Treasury Obligations Fund <br>Federated Hermes Funds <br>4000 Ericsson Drive <br>Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com** <br>or call 1-800-341-7400.

Federated Securities Corp., Distributor

*CUSIP 608919726* <br>*CUSIP 60934N500* <br>*CUSIP 60934N872* <br>*CUSIP 60934N823* <br>*CUSIP 60934N120*

*Q450203 (3/23)*© 2023 Federated Hermes, Inc.

![](fscbug_small.jpg)

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**Semi-Annual Shareholder Report**

***January 31, 2023***

![](img22e4e3c51.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** \| Ticker | **Institutional** \| TTOXX | **Cash II** \| TTIXX | **Cash Series** \| TCSXX |

---

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Federated Hermes Trust for U.S. Treasury Obligations

------

A Portfolio of Federated Hermes Money Market Obligations Trust

Dear Valued Shareholder,

We are pleased to present the Semi-Annual Shareholder Report for your fund covering the period from August 1, 2022 through January 31, 2023. This report includes a complete listing of your fund's holdings, performance information and financial statements along with other important fund information.

As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.

In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.

Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.

Sincerely, <br> ![](donahuechrissigsmall.jpg)

J. Christopher Donahue, President

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**Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee**

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Portfolio of Investments Summary Tables](#xx_cd6f3fd8-ef0e-4b8b-92a6-2b4b4f5f350c_1) | &nbsp;&nbsp; [1](#xx_cd6f3fd8-ef0e-4b8b-92a6-2b4b4f5f350c_1)  |
| [Portfolio of Investments](#xx_cd6f3fd8-ef0e-4b8b-92a6-2b4b4f5f350c_2) | &nbsp;&nbsp; [2](#xx_cd6f3fd8-ef0e-4b8b-92a6-2b4b4f5f350c_2)  |
| [Financial Highlights](#xx_460024e5-5e78-4f51-8655-c69fc77fd17c_1) | &nbsp;&nbsp; [4](#xx_460024e5-5e78-4f51-8655-c69fc77fd17c_1)  |
| [Statement of Assets and Liabilities](#xx_d2571854-dbdf-461e-aac8-2de81d16934f_1) | &nbsp;&nbsp; [7](#xx_d2571854-dbdf-461e-aac8-2de81d16934f_1)  |
| [Statement of Operations](#xx_d2571854-dbdf-461e-aac8-2de81d16934f_2) | &nbsp;&nbsp; [8](#xx_d2571854-dbdf-461e-aac8-2de81d16934f_2)  |
| [Statement of Changes in Net Assets](#xx_d2571854-dbdf-461e-aac8-2de81d16934f_3) | &nbsp;&nbsp; [9](#xx_d2571854-dbdf-461e-aac8-2de81d16934f_3)  |
| [Notes to Financial Statements](#xx_9427d96c-1476-4c35-828d-303a6c3fbf54_1) | [10](#xx_9427d96c-1476-4c35-828d-303a6c3fbf54_1)  |
| [Shareholder Expense Example](#xx_b92aca79-2686-4c94-bb19-52283d6eb18c_1) | [18](#xx_b92aca79-2686-4c94-bb19-52283d6eb18c_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_5b1965c2-567c-4f16-af9b-80740167e76e_1) | [20](#xx_5b1965c2-567c-4f16-af9b-80740167e76e_1)  |
| [Voting Proxies on Fund Portfolio Securities](#xx_6bcf3251-5bc0-4fd3-8d8f-8ed2a70be466_1) | [30](#xx_6bcf3251-5bc0-4fd3-8d8f-8ed2a70be466_1)  |
| [Portfolio Schedule](#xx_6bcf3251-5bc0-4fd3-8d8f-8ed2a70be466_1) | [30](#xx_6bcf3251-5bc0-4fd3-8d8f-8ed2a70be466_1) |

---

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Portfolio of Investments Summary Tables (unaudited)

At January 31, 2023, the Fund's portfolio composition<sup>1</sup> was as follows:

---

| | |
|:---|:---|
| **Security Type** | **Percentage of** <br>**Total Net Assets**<br>|
| Repurchase Agreements | 88.9% |
| U.S. Treasury Securities | 10.7% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| &nbsp;&nbsp; 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | **100%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *See the Fund's Prospectus and Statement of Additional Information for a description of the* <br> *types of securities in which the Fund invests.*<br>|
| 2 | *Assets, other than investments in securities, less liabilities. See Statement of Assets and* <br> *Liabilities.*<br>|

---

At January 31, 2023, the Fund's effective maturity schedule<sup>1</sup> was as follows:

---

| | |
|:---|:---|
| **Securities With an** <br>**Effective Maturity of:**<br>| **Percentage of** <br>**Total Net Assets**<br>|
| 1-7 Days | 95.1% |
| 8-30 Days | &nbsp;&nbsp; 1.3% |
| 31-90 Days | &nbsp;&nbsp; 1.9% |
| 91-180 Days | &nbsp;&nbsp; 0.3% |
| 181 Days or more | &nbsp;&nbsp; 1.0% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| &nbsp;&nbsp; 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | **100%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the* <br> *Investment Company Act of 1940, which regulates money market mutual funds.*<br>|
| 2 | *Assets, other than investments in securities, less liabilities. See Statement of Assets* <br> *and Liabilities.*<br>|

---

Semi-Annual Shareholder Report

**1**

------

Portfolio of Investments

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
|  | U.S. TREASURIES— 10.7% |  |
| $30000000<br><sup>1</sup> <br>| United States Treasury Bills, 3.020%, 2/16/2023 | $29962250 |
| 10000000<br><sup>1</sup> <br>| United States Treasury Bills, 3.020%, 6/15/2023 | 9887589 |
| 35000000<br><sup>1</sup> <br>| United States Treasury Bills, 4.490%, 2/23/2023 | 34903964 |
| 27000000<br><sup>1</sup> <br>| United States Treasury Bills, 4.505%, 11/2/2023 | 26074222 |
| 90000000<br><sup>1</sup> <br>| United States Treasury Bills, 4.525%, 3/9/2023 | 89592750 |
| 30180000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 4.574% (91-day T-Bill <br> -0.075%), 2/7/2023<br>| 30164392 |
| 37500000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 4.634% (91-day T-Bill <br> -0.015%), 2/7/2023<br>| 37513046 |
| 61000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 4.678% (91-day T-Bill <br> +0.029%), 2/7/2023<br>| 61000759 |
| 69500000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 4.683% (91-day T-Bill <br> +0.034%), 2/7/2023<br>| 69500572 |
| 55250000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 4.686% (91-day T-Bill <br> +0.037%), 2/7/2023<br>| 55230387 |
| 39000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 4.789% (91-day T-Bill <br> +0.140%), 2/7/2023<br>| 38967047 |
| 24000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 4.849% (91-day T-Bill <br> +0.200%), 2/7/2023<br>| 24000000 |
| 4000000 | United States Treasury Notes, 0.125%, 2/28/2023 | 3995468 |
| 3900000 | United States Treasury Notes, 0.125%, 5/31/2023 | 3874591 |
| 10000000 | United States Treasury Notes, 0.125%, 7/31/2023 | 9821582 |
| 13000000 | United States Treasury Notes, 0.375%, 10/31/2023 | 12636012 |
| 5000000 | United States Treasury Notes, 1.500%, 3/31/2023 | 4998937 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 542123568 |
|  | REPURCHASE AGREEMENTS— 88.9% |  |
| 1203000000 | Interest in $3,000,000,000 joint repurchase agreement 4.30%, dated <br> 1/31/2023 under which Sumitomo Mitsui Banking Corp. will <br> repurchase securities provided as collateral for $3,000,358,333 on <br> 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were U.S. Treasury <br> securities with various maturities to 8/15/2048 and the market value <br> of those underlying securities was $3,060,365,506.<br>| 1203000000 |
| 87000000 | Interest in $4,000,000,000 joint repurchase agreement 4.30%, dated <br> 1/31/2023 under which Citigroup Global Markets, Inc. will <br> repurchase securities provided as collateral for $4,000,477,778 on <br> 2/1/2023. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were U.S. Treasury <br> securities with various maturities to 8/15/2047 and the market value <br> of those underlying securities was $4,080,487,378.<br>| 87000000 |
| 50000000 | Interest in $800,000,000 joint repurchase agreement 4.31%, dated <br> 1/4/2023 under which CIBC World Markets Corp. will repurchase <br> securities provided as collateral for $802,777,556 on 2/2/2023. The <br> securities provided as collateral at the end of the period held with <br> BNY Mellon as tri-party agent, were U.S. Treasury securities with <br> various maturities to 2/15/2050 and the market value of those <br> underlying securities was $818,833,113.<br>| 50000000 |

---

Semi-Annual Shareholder Report

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS— continued |  |
| $2500000000 | Repurchase agreement 4.30%, dated 1/31/2023 under which Federal <br> Reserve Bank of New York will repurchase securities provided as <br> collateral for $2,500,298,611 on 2/1/2023. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party <br> agent, were U.S. Treasury securities with various maturities to <br> 2/15/2041 and the market value of those underlying securities <br> was $2,500,298,636.<br>| $2500000000 |
| 500000000 | Interest in $750,000,000 joint repurchase agreement 4.27%, dated <br> 1/31/2023 under which Standard Chartered Bank will repurchase <br> securities provided as collateral for $750,088,958 on 2/1/2023. The <br> securities provided as collateral at the end of the period held with <br> BNY Mellon as tri-party agent, were U.S. Treasury securities with <br> various maturities to 11/15/2052 and the market value of those <br> underlying securities was $765,090,746.<br>| 500000000 |
| 150000000 | Interest in $500,000,000 joint repurchase agreement 4.48%, dated <br> 1/31/2023 under which Standard Chartered Bank will repurchase <br> securities provided as collateral for $500,435,556 on 2/7/2023. The <br> securities provided as collateral at the end of the period held with <br> BNY Mellon as tri-party agent, were U.S. Treasury securities with <br> various maturities to 2/15/2052 and the market value of those <br> underlying securities was $510,063,519.<br>| 150000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL REPURCHASE AGREEMENTS | 4490000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—99.6% <br>(AT AMORTIZED COST)<sup>3</sup> <br>| 5032123568 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—0.4%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22700833 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $5054824401 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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* <br> *Liabilities.*<br>|

---

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2023.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

In valuing the Fund's assets as of January 31, 2023, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**3**

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Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment** <br> **Operations:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.021 | &nbsp;&nbsp;&nbsp;&nbsp; 0.012 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.021 | &nbsp;&nbsp;&nbsp;&nbsp; 0.012 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment <br> income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.021) | &nbsp;&nbsp;&nbsp; (0.012) |
| Distributions from net realized <br> gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.021) | &nbsp;&nbsp;&nbsp; (0.012) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.28%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.23% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 <br> omitted)<br>| $2428886 | $1134075 | $1464865 | $2334139 | $1344393 | $360889 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 4 | *Computed on an annualized basis.* |
| 5 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**4**

------

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.012 | &nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.006 | &nbsp;&nbsp;&nbsp;&nbsp; 0.014 | &nbsp;&nbsp;&nbsp;&nbsp; 0.005 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.012 | &nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.006 | &nbsp;&nbsp;&nbsp;&nbsp; 0.014 | &nbsp;&nbsp;&nbsp;&nbsp; 0.005 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment <br> income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.012) | &nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.006) | &nbsp;&nbsp;&nbsp; (0.014) | &nbsp;&nbsp;&nbsp; (0.005) |
| Distributions from net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.012) | &nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.006) | &nbsp;&nbsp;&nbsp; (0.014) | &nbsp;&nbsp;&nbsp; (0.005) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.69%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1701090 | $691193 | $735469 | $750118 | $591844 | $635165 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Represents less than 0.01%.* |
| 4 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**5**

------

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.005 | &nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp;&nbsp; 0.004 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.005 | &nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp;&nbsp; 0.004 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.005) | &nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp; (0.004) |
| Distributions from net realized gain | &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp; (0.000)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.005) | &nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp; (0.004) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.24%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $924848 | $719191 | $767050 | $653747 | $496252 | $341124 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Represents less than $0.001.* |
| 2 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 3 | *Represents less than 0.01%.* |
| 4 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 5 | *Computed on an annualized basis.* |
| 6 | *This expense decrease is reflected in both the net expense and the net investment income ratios* <br> *shown above. Amount does not reflect expense waiver/reimbursement recorded by investment* <br> *companies in which the Fund may invest.*<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**6**

------

Statement of Assets and Liabilities <br>January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in repurchase agreements | $4490000000 |
| Investment in securities | &nbsp;&nbsp;&nbsp;&nbsp; 542123568 |
| Investment in securities, at amortized cost and fair value | &nbsp;&nbsp; 5032123568 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825596 |
| Income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780418 |
| Receivable for shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30504390 |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp; 5064440552 |
| **Liabilities:** |  |
| Payable for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6291725 |
| Income distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1758110 |
| Payable for investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14942 |
| Payable for administrative fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10764 |
| Payable for Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3329 |
| Payable for distribution services fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855670 |
| Payable for other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516620 |
| Accrued expenses (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9616151 |
| Net assets for 5,054,785,345 shares outstanding | $5054824401 |
| **Net Assets Consist of:** |  |
| Paid-in capital | $5054785375 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $5054824401 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Institutional Shares:** |  |
| $2,428,886,169 ÷ 2,428,867,497 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Cash II Shares:** |  |
| $1,701,089,904 ÷ 1,701,076,699 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Cash Series Shares:** |  |
| $924,848,328 ÷ 924,841,149 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**7**

------

Statement of Operations <br>Six Months Ended January 31, 2023 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | $57346517 |
| **Expenses:** |  |
| Investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp; 3319425 |
| Administrative fee (Note 4) | &nbsp;&nbsp;&nbsp; 1299753 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49302 |
| Transfer agent fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 741722 |
| Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8096 |
| Auditing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10234 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5345 |
| Portfolio accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102867 |
| Distribution services fee (Note 4) | &nbsp;&nbsp;&nbsp; 4166204 |
| Other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp; 2216771 |
| Share registration costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113792 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42178 |
| Miscellaneous (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40343 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES | &nbsp;&nbsp; 12116032 |
| **Waivers and Reimbursements:** |  |
| Waiver of investment adviser fee (Note 4) | &nbsp;&nbsp; (1601718) |
| Waivers/reimbursements of other operating expenses (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp; (431485) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WAIVERS AND REIMBURSEMENTS | &nbsp;&nbsp; (2033203) |
| Net expenses | &nbsp;&nbsp; 10082829 |
| Net investment income | &nbsp;&nbsp; 47263688 |
| Net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31093 |
| Change in net assets resulting from operations | $47294781 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**8**

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2023**<br>| **Year Ended** <br>**7/31/2022**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | $47263688 | $3701109 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41775) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47294781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3659334 |
| **Distributions to Shareholders:** |  |  |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25060269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2692020) |
| Cash II Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12847979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (549322) |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9306068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (463531) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> DISTRIBUTIONS TO SHAREHOLDERS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47214316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3704873) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 5879944896 | &nbsp;&nbsp; 4421748130 |
| Net asset value of shares issued to shareholders in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39506411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2286934 |
| Cost of shares redeemed | &nbsp;&nbsp; (3409166426) | &nbsp;&nbsp; (4846914198) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 2510284881 | &nbsp;&nbsp;&nbsp;&nbsp; (422879134) |
| Change in net assets | &nbsp;&nbsp; 2510365346 | &nbsp;&nbsp;&nbsp;&nbsp; (422924673) |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 2544459055 | &nbsp;&nbsp; 2967383728 |
| End of period | $5054824401 | $2544459055 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**9**

------

Notes to Financial Statements

January 31, 2023 (unaudited)

**1. ORGANIZATION** 

Federated Hermes Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included herein are only those of Federated Hermes Trust for U.S. Treasury Obligations (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares: Institutional Shares, Cash II Shares and Cash Series Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide stability of principal and current income consistent with stability of principal.

The Fund operates as a government money market fund. As a government money market fund, the Fund: (1) invests at least 99.5% of its total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully; (2) generally continues to use amortized cost to value its portfolio securities and transact at a stable $1.00 net asset value (NAV); and (3) has elected not to be subject to the liquidity fees and gates requirement at this time as permitted by Rule 2a-7 under the Act.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).

**Investment Valuation** 

Securities are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call, demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

Pursuant to Rule 2a-5 under the Act, the Fund's Board of Trustees (the "Trustees") has designated Federated Investment Management Company (the "Adviser") as the Fund's valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees' oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser's fair value determinations.

Semi-Annual Shareholder Report

**10**

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The Adviser, acting through its valuation committee ("Valuation Committee"), is responsible for determining the fair value of investments. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser's affiliated companies and determines fair value of securities and oversees the comparison of amortized cost to market-based value. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser's fair valuation and significant events procedures as part of the Fund's compliance program and will review any changes made to the procedures.

**Repurchase Agreements** 

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund's custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a "securities entitlement" and exercises "control" as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund's Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Repurchase agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and

Semi-Annual Shareholder Report

**11**

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Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase price to be paid under the agreement reducing the net settlement amount to zero.

**Investment Income, Gains and Losses, Expenses and Distributions** 

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses. The detail of the total fund expense waivers and reimbursements of $2,033,203 is disclosed in various locations in Note 2 and Note 4.

**Transfer Agent Fees** 

For the six months ended January 31, 2023, transfer agent fees for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Transfer Agent** <br>**Fees Incurred**<br>| **Transfer Agent** <br>**Fees Reimbursed**<br>|
| Institutional Shares | $5145 | $(15) |
| Cash II Shares | &nbsp;&nbsp; 356432 | &nbsp;&nbsp;&nbsp; (5534) |
| Cash Series Shares | &nbsp;&nbsp; 380145 | &nbsp;&nbsp; (10840) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $741722 | $(16389) |

---

**Other Service Fees** 

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Institutional Shares, Cash II Shares and Cash Series Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time. For the six months ended January 31, 2023, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Cash II Shares | $1179031 |
| Cash Series Shares | &nbsp;&nbsp; 1037740 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $2216771 |

---

For the six months ended January 31, 2023, the Fund's Institutional Shares did not incur other service fees; however it may begin to incur this fee upon approval of the Trustees.

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**Federal Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended January 31, 2023, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of January 31, 2023, tax years 2019 through 2022 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

**When-Issued and Delayed-Delivery Transactions** 

The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**Other** 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.

**3. SHARES OF BENEFICIAL INTEREST** 

The following tables summarize share activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Institutional Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 2808415226 | $2808415226 | 2009686596 | $2009686596 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17654923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17654923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1286508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1286508 |
| Shares redeemed | (1531296109) | &nbsp;&nbsp; (1531296109) | (2341742449) | &nbsp;&nbsp; (2341742449) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> INSTITUTIONAL <br> SHARE TRANSACTIONS<br>| 1294774040 | $1294774040 | &nbsp;&nbsp; (330769345) | $(330769345) |
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Cash II Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1600444607 | $1600444607 | &nbsp;&nbsp;&nbsp; 312738480 | $312738480 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12663540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12663540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541911 |
| Shares redeemed | &nbsp;&nbsp; (603235793) | &nbsp;&nbsp;&nbsp;&nbsp; (603235793) | &nbsp;&nbsp; (357543870) | &nbsp;&nbsp;&nbsp;&nbsp; (357543870) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> CASH II SHARE TRANSACTIONS<br>| 1009872354 | $1009872354 | &nbsp;&nbsp;&nbsp;&nbsp; (44263479) | $(44263479) |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2023** | **Six Months Ended** <br>**1/31/2023** | **Year Ended** <br>**7/31/2022** | **Year Ended** <br>**7/31/2022** |
| **Cash Series Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1471085063 | $1471085063 | 2099323054 | $2099323054 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9187948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9187948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 458515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 458515 |
| Shares redeemed | (1274634524) | &nbsp;&nbsp; (1274634524) | (2147627879) | &nbsp;&nbsp; (2147627879) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> CASH SERIES <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp; 205638487 | $205638487 | &nbsp;&nbsp;&nbsp;&nbsp; (47846310) | $(47846310) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> TOTAL FUND <br> SHARE TRANSACTIONS<br>| 2510284881 | $2510284881 | &nbsp;&nbsp; (422879134) | $(422879134) |

---

**4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Investment Adviser Fee** 

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund's average daily net assets. Under the investment advisory contract, which is subject to annual review by the Trustees, the Adviser will reimburse the amount, limited to the amount of the advisory fee, by which the Fund's Institutional Shares aggregate annual operating expenses, including the investment advisory fee, but excluding interest, taxes, brokerage commissions, expenses of registering and qualifying the Fund and its shares under federal and state laws and regulations, expenses of withholding taxes and extraordinary expenses, exceed 0.45% of the Fund's Institutional Shares average daily net assets. To comply with the 0.45% limitation imposed under the investment advisory contract, the Adviser may waive its advisory fee and/or reimburse its advisory fee or other Fund expenses, affiliates of the Adviser may waive, reimburse or reduce amounts otherwise included in the aggregate annual operating expenses of the Fund, or there may be a combination of waivers, reimbursements and/or reductions by the Adviser and its affiliates. The amount that the Adviser waives/reimburses under the investment advisory contract will be reduced to the extent that affiliates of the Adviser waive, reimburse or reduce amounts that would otherwise be included in the aggregate annual operating expenses of the Fund. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended January 31, 2023, the Adviser voluntarily waived $1,601,718 of its fee and voluntarily reimbursed $16,389 of transfer agent fees.

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**Administrative Fee** 

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, "Investment Complex" is defined as all of the Federated Hermes Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below:

---

| | |
|:---|:---|
| **Administrative Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Daily Net Assets** <br>**of the Investment Complex**<br>|
| 0.100% | on assets up to $50 billion |
| 0.075% | on assets over $50 billion |

---

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

**Distribution Services Fee** 

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Cash II Shares and Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:

---

| | |
|:---|:---|
|  | **Percentage of Average Daily** <br>**Net Assets of Class**<br>|
| Cash II Shares | 0.35% |
| Cash Series Shares | 0.60% |

---

Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2023, distribution services fees for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Distribution Services** <br>**Fees Incurred**<br>| **Distribution Services** <br>**Fees Waived**<br>|
| Cash II Shares | $1675628 | $— |
| Cash Series Shares | &nbsp;&nbsp; 2490576 | &nbsp;&nbsp; (415096) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $4166204 | $(415096) |

---

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended January 31, 2023, FSC retained $12,641 of fees paid by the Fund.

**Other Service Fees** 

For the six months ended January 31, 2023, FSSC did not receive any of the other service fees disclosed in Note 2.

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**Expense Limitation** 

In addition to the contractual fee waiver described under "Investment Adviser Fee" above with regard to the Fund's Institutional Shares, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Institutional Shares, Cash II Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.20%, 0.90% and 1.05% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2023; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

**Directors'/Trustees' and Miscellaneous Fees** 

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors'/Trustees' fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

**5. INTERFUND LENDING** 

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of January 31, 2023, there were no outstanding loans. During the six months ended January 31, 2023, the program was not utilized.

**6. INDEMNIFICATIONS** 

Under the Fund's organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party's actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund's maximum exposure under

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these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.

**7. OTHER MATTERS** 

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread globally. As of the date of the issuance of these financial statements, this coronavirus has resulted in, and may continue to result in, closed borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, and disruptions to supply chains, workflow operations and consumer activity, as well as general concern and uncertainty. The impact of this coronavirus has resulted in substantial economic volatility. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could continue to negatively affect the worldwide economy, as well as the economies of individual countries, individual companies (including certain Fund service providers and issuers of the Fund's investments) and the markets in general in significant and unforeseen ways. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such investments. Any such impact could adversely affect the Fund's performance.

**8. SUBSEQUENT EVENT** 

On February 16, 2023, the Trustees approved the creation of a new Service Shares (SS) class of the Fund. The SS class is anticipated to become effective during the second quarter of 2023.

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Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2022 to January 31, 2023.

**ACTUAL EXPENSES** 

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to *estimate* the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an *assumed* rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should *not* use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative *total* costs of owning different funds.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning** <br>**Account Value** <br>**8/1/2022**<br>| **Ending** <br>**Account Value** <br>**1/31/2023**<br>| **Expenses Paid** <br>**During Period**<sup>1</sup> <br>|
| **Actual:** |  |  |  |
| Institutional Shares | $1000 | $1015.70 | $1.02 |
| Cash II Shares | $1000 | $1012.20 | $4.41 |
| Cash Series Shares | $1000 | $1011.40 | $5.27 |
| **Hypothetical (assuming a 5% return** <br> **before expenses):**<br>|  |  |  |
| Institutional Shares | $1000 | $1024.20 | $1.02 |
| Cash II Shares | $1000 | $1020.82 | $4.43 |
| Cash Series Shares | $1000 | $1019.96 | $5.30 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | *Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average* <br> *account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The* <br> *annualized net expense ratios are as follows:*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Institutional Shares | 0.20% |
| Cash II Shares | 0.87% |
| Cash Series Shares | 1.04% |

---

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Evaluation and Approval of Advisory Contract–May 2022

**Federated Hermes Trust for U.S. Treasury Obligations (the "Fund")**

At its meetings in May 2022 (the "May Meetings"), the Fund's Board of Trustees (the "Board"), including those Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940 (the "Independent Trustees"), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") (the "Contract") for an additional one-year term. The Board's determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

***<u>Information Received and Review Process</u>***

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written evaluation presenting on the topics discussed below. The Board considered the CCO's independent written evaluation (the "CCO Fee Evaluation Report"), along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contract. The CCO, in preparing the CCO Fee Evaluation Report, has the authority to retain consultants, experts or staff as reasonably necessary to assist in the performance of his duties, reports directly to the Board, and can be terminated only with the approval of a majority of the Independent Trustees. At the request of the Independent Trustees, the CCO Fee Evaluation Report followed the same general approach and covered the same topics as that of the report that had previously been delivered by the CCO in his capacity as "Senior Officer" prior to the elimination of the Senior Officer position in December 2017.

In addition to the extensive materials that comprise and accompany the CCO Fee Evaluation Report, the Board considered information specifically prepared in connection with the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the Adviser and its affiliates (collectively, "Federated Hermes") in response to requests posed to Federated Hermes by independent legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional matters as the Independent Trustees deemed

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reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates; Federated Hermes' business and operations; the Adviser's investment philosophy, personnel and processes; the Fund's investment objectives and strategies; the Fund's short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund's particular investment program and a group of its peer funds and/or its benchmark, as appropriate); the Fund's investment objectives; the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the financial condition of Federated Hermes; the Adviser's profitability with respect to the Fund; distribution and sales activity for the Fund; and the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser's cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize "economies of scale" as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any "fall-out" benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fee and expense structures, including a comparison of management fees paid to the adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser's services and fees. The Board noted that the Securities and Exchange Commission ("SEC") disclosure requirements

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regarding the basis for a fund board's approval of the fund's investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a "Federated Hermes Fund" and, collectively, the ("Federated Hermes Funds").

In addition to considering the above-referenced factors, the Board was mindful of the preferences and expectations of Fund shareholders and the potential disruptions of the Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund on the strength of Federated Hermes' industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund's shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.

In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board's determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.

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***<u>Nature, Extent and Quality of Services</u>***

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by Federated Hermes. The Board considered the Adviser's personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and Federated Hermes' ability and experience in attracting and retaining qualified personnel to service the Fund. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser's ability to deliver competitive investment performance for the Fund when compared to the Fund's Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund's investment program. The Board also considered the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, in order to maintain a positive yield for the Fund in the low interest rate environment.

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened the organization's investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance ("ESG") factors and issuer engagement on ESG matters. The Board considered the quality of Federated Hermes' communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account Federated Hermes' communications with the Board in light of the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds' officers.

The Board received and evaluated information regarding Federated Hermes' regulatory and compliance environment. The Board considered Federated Hermes' compliance program and compliance history and reports from the CCO about Federated Hermes' compliance with applicable laws and

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regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes' support of the Federated Hermes Funds' compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund's obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated Hermes' commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes' approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds' compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes' oversight in this regard, including in connection with the designation of the Federated Hermes Funds' investment advisers as the administrators of the Federated Hermes Funds' liquidity risk management program.

The Board also considered the implementation of Federated Hermes' business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes' commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.

The Board considered Federated Hermes' efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Adviser to the Fund.

***<u>Fund Investment Performance</u>***

The Board considered the investment performance of the Fund. In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser's analysis of, the Fund's performance over different time periods that were

Semi-Annual Shareholder Report

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provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund's gross and net returns, the Fund's investment performance compared to one or more relevant categories or groups of peer funds and the Fund's benchmark index, performance attribution information and commentary on the effect of market conditions.

The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by iMoneyNet, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the CCO's view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds' objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.

The Fund's performance fell below the median of the Performance Peer Group for the one-year period ended December 31, 2021. The Board discussed the Fund's performance with the Adviser and recognized the efforts being taken by the Adviser in the context of other factors considered relevant by the Board. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its Peer Group.

Based on these considerations, the Board concluded that it had continued confidence in the Adviser's overall capabilities to manage the Fund.

***<u>Fund Expenses</u>***

The Board considered the advisory fee and overall expense structure of the Fund and the comparative fee and expense information that had been provided in connection with the May Meetings. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund's total expense ratio (i.e., gross and net advisory fees, administrative fees, custody fees, portfolio accounting fees and transfer agency fees) relative to an appropriate group of peer funds compiled by Federated Hermes from the category of peer funds selected by iMoneyNet (the "Expense Peer Group"). The Board received a description of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet category.

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged by other advisers for managing funds with comparable investment programs, the Board noted that it found the use of such comparisons to be relevant to its evaluation. The Board focused on comparisons with other similar registered funds more heavily than non-registered fund products or services because such comparisons are

Semi-Annual Shareholder Report

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believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund's shareholders. The Board noted that the range of such other registered funds' fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund's fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was above the median of the Expense Peer Group, but the Board noted the applicable waivers and reimbursements, and that the overall expense structure of the Fund remained competitive in the context of other factors considered by the Board.

The Board also received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO's conclusion that non-registered fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing and fund liquidity; (vi) different administrative responsibilities; (vii) different degrees of risk associated with management; and (viii) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution's registered fund, noting the CCO's view that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds' advisory fees.

Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.

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***<u>Profitability</u>***

The Board received and considered profitability information furnished by Federated Hermes, as requested by the CCO. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO's view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered the CCO's view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board noted the impact of the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, on the profitability of the Fund to the Adviser.

The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO's conclusion that, based on such profitability information, Federated Hermes' profit margins did not appear to be excessive. The Board also considered the CCO's view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.

***<u>Economies of Scale</u>***

The Board received and considered information about the notion of possible realization of "economies of scale" as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: personnel, processes and tools for portfolio management, including the use of market data on which portfolio managers make investment decisions; trading operations; ESG integration and issuer engagement on ESG matters; shareholder services; compliance; business continuity; cybersecurity; internal audit and risk management functions; and technology that supports the provision of investment management services. The Board noted that Federated

Semi-Annual Shareholder Report

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Hermes' investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund's assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered Federated Hermes' reductions in contractual management fees for certain Federated Hermes Funds during the prior year, including in response to the CCO's recommendations in the prior year's CCO Fee Evaluation Report, which have resulted in benefits being realized by shareholders.

The Board also considered reports on adviser-paid fees (commonly referred to as "revenue sharing") that were provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes and the CCO believe that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to evaluate the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.

***<u>Other Benefits</u>***

The Board considered information regarding the compensation and other ancillary (or "fall-out") benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds' investment advisory contracts, Federated Hermes' affiliates also receive fees for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds' administrator and distributor). In this regard, the Board considered that certain of Federated Hermes' affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

Semi-Annual Shareholder Report

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***<u>Conclusions</u>***

The Board considered: (i) the CCO's conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund is reasonable; and (ii) the CCO's recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board's evaluation of the Federated Hermes Funds' advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board's determination to approve the continuation of the Contract reflects its view that Federated Hermes' performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.

Semi-Annual Shareholder Report

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Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400, Option #4. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at sec.gov.

Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on "Form N-MFP." Form N-MFP is available on the SEC's website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.

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*You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.*

This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund's Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY** 

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the "householding" program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of "householding." Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of "householding" at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400, Option #4.

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![](edelivery.jpg)

![](fhilogok11p.jpg)

Federated Hermes Trust for U.S. Treasury Obligations <br>Federated Hermes Funds <br>4000 Ericsson Drive <br>Warrendale, PA 15086-7561

Contact us at **FederatedInvestors.com** <br>or call 1-800-341-7400.

Federated Securities Corp., Distributor

*CUSIP 60934N799* <br>*CUSIP 608919551* <br>*CUSIP 608919569*

*8042508 (3/23)*© 2023 Federated Hermes, Inc.

![](fscbug_small.jpg)

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**Item 2.** **Code of Ethics**

Not Applicable

**Item 3.** **Audit Committee Financial Expert**

Not Applicable

**Item 4.** **Principal Accountant Fees and Services**

Not Applicable

**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.](cert302.htm)

(a)(3) Not Applicable.

[(b) Certifications pursuant to 18 U.S.C. Section 1350.](cert906.htm)

**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 <u>Federated Hermes Money Market Obligations Trust</u>**

**By <u>/S/ Lori A. Hensler</u>**

**Lori A. Hensler**

**Principal Financial Officer**

**Date <u>March 27, 2023</u>**

**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 <u>/S/ J. Christopher Donahue</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. Christopher Donahue**

**Principal Executive Officer**

**Date <u>March 27, 2023</u>**

**By <u>/S/ Lori A. Hensler</u>**

**Lori A. Hensler**

**Principal Financial Officer**

**Date <u>March 27, 2023</u>**

## Ex-99.Cert

N-CSR Item 13(a)(2) - Exhibits: Certifications

I, J. Christopher Donahue, certify that:

* I have reviewed this report on Form N-CSR of Federated Hermes Money
Market Obligations Trust on behalf of: Federated Hermes Capital Reserves Fund, Federated Hermes Government Reserves Fund, Federated Hermes
Government Obligations Fund, Federated Hermes Government Obligations Tax-Managed Fund, Federated Hermes Institutional Money Market Management,
Federated Hermes Prime Cash Obligations Fund, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Prime
Value Obligations Fund, Federated Hermes Treasury Obligations Fund, Federated Hermes Trust for U.S. Treasury Obligations ("registrant");

* Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

* Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and
for, the periods presented in this report;

* The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940)
and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

* designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;

* designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

* evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and

* disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and

* The registrant's other certifying officers and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

* all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability
to record, process, summarize, and report financial information; and

* any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 27, 2023

/S/ J. Christopher Donahue

J. Christopher Donahue

President - Principal Executive Officer

N-CSR Item 13(a)(2) - Exhibits: Certifications

I, Lori A. Hensler, certify that:

* I have reviewed this report on Form N-CSR of Federated Hermes Money
Market Obligations Trust on behalf of: Federated Hermes Capital Reserves Fund, Federated Hermes Government Reserves Fund, Federated Hermes
Government Obligations Fund, Federated Hermes Government Obligations Tax-Managed Fund, Federated Hermes Institutional Money Market Management,
Federated Hermes Prime Cash Obligations Fund, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Prime
Value Obligations Fund, Federated Hermes Treasury Obligations Fund, Federated Hermes Trust for U.S. Treasury Obligations ("registrant");

* Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

* Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and
for, the periods presented in this report;

* The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940)
and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

* designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;

* designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

* evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and

* disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and

* The registrant's other certifying officers and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

* all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability
to record, process, summarize, and report financial information; and

* any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 27, 2023

/S/ Lori A. Hensler

Lori A. Hensler

Treasurer - Principal Financial Officer

## Exhibit 99.906

N-CSR Item 13(b) - Exhibits: Certifications

 **SECTION 906 CERTIFICATION**

Pursuant to 18 U.S.C.§ 1350, the undersigned officers of **Federated Hermes Money Market Obligations Trust** on behalf of **Federated Hermes Capital Reserves Fund, Federated Hermes Government Reserves Fund, Federated Hermes Government Obligations Fund, Federated Hermes Government Obligations Tax-Managed Fund, Federated Hermes Institutional Money Market Management, Federated Hermes Prime Cash Obligations Fund, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Prime Value Obligations Fund, Federated Hermes Treasury Obligations Fund, Federated Hermes Trust for U.S. Treasury Obligations** (the "Registrant"), hereby certify, to the best of our knowledge, that the Registrant's Report on Form N-CSR for the period ended January 31, 2023 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: <u>March 27, 2023</u> 

/s/ J. Christopher Donahue

J. Christopher Donahue

Title: President, Principal Executive Officer

Dated: <u>March 27, 2023</u> 

/s/ Lori A. Hensler

Lori A. Hensler

Title: Treasurer, Principal Financial Officer

This certification is being furnished solely pursuant to 18 U.S.C.§ 1350 and is not being filed as part of the Report or as a separate disclosure document.