# EDGAR Filing Document

**Accession Number:** 0000856517
**File Stem:** 0001623632-23-000181
**Filing Date:** 2023-1
**Character Count:** 561508
**Document Hash:** d6241a9913111c33281f4e209c1a3168
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001623632-23-000181.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001623632-23-000181

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230127

**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:** 23559746

**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 Municipal Obligations Fund (Series ID: S000009558)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000026108 | Wealth Shares      | MOFXX           |
| C000026109 | Service Shares     | MOSXX           |
| C000026110 | Capital Shares     | MFCXX           |
| C000157041 | Cash II Shares     | MODXX           |
| C000157042 | Cash Series Shares | MFSXX           |
| C000157043 | Investment Shares  | MOIXX           |
| C000157044 | Automated Shares   | MOTXX           |

### Federated Hermes Tax-Free Obligations Fund (Series ID: S000009577)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026164 | Wealth Shares  | TBIXX           |
| C000026165 | Service Shares | TBSXX           |
| C000190788 | Advisor Shares | TBVXX           |

**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>5/31/23</u>

Date of Reporting Period: <u>Six months ended 11/30/22</u>

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

**Semi-Annual Shareholder Report**

***November 30, 2022***

![](img3a27c66a1.gif)

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

---

| | | | |
|:---|:---|:---|:---|
| **Share Class** \| Ticker | **Automated** \| MOTXX | **Investment** \| MOIXX | **Wealth** \| MOFXX |
|  | **Service** \| MOSXX | **Cash II** \| MODXX | **Cash Series** \| MFSXX |
|  | **Capital** \| MFCXX |  |  |

---

------

Federated Hermes Municipal 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 June 1, 2022 through November 30, 2022. 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_535ce33e-d99b-4931-ac02-9595b4f94228_1) | &nbsp;&nbsp; [1](#xx_535ce33e-d99b-4931-ac02-9595b4f94228_1)  |
| [Portfolio of Investments](#xx_535ce33e-d99b-4931-ac02-9595b4f94228_2) | &nbsp;&nbsp; [2](#xx_535ce33e-d99b-4931-ac02-9595b4f94228_2)  |
| [Financial Highlights](#xx_50968313-4b7c-481e-aca6-d32a0caede38_1) | [16](#xx_50968313-4b7c-481e-aca6-d32a0caede38_1)  |
| [Statement of Assets and Liabilities](#xx_faffece5-6ab1-4274-bb86-71ea1b1f90c7_1) | [24](#xx_faffece5-6ab1-4274-bb86-71ea1b1f90c7_1)  |
| [Statement of Operations](#xx_faffece5-6ab1-4274-bb86-71ea1b1f90c7_3) | [26](#xx_faffece5-6ab1-4274-bb86-71ea1b1f90c7_3)  |
| [Statement of Changes in Net Assets](#xx_faffece5-6ab1-4274-bb86-71ea1b1f90c7_4) | [27](#xx_faffece5-6ab1-4274-bb86-71ea1b1f90c7_4)  |
| [Notes to Financial Statements](#xx_7f00e573-0275-4c02-be22-bdd315c55028_1) | [28](#xx_7f00e573-0275-4c02-be22-bdd315c55028_1)  |
| [Shareholder Expense Example](#xx_972c73d4-181a-4478-b318-ea8ba81fa181_1) | [37](#xx_972c73d4-181a-4478-b318-ea8ba81fa181_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_5cb2ed1f-f55c-4d86-aaa6-599be2906ddb_1) | [39](#xx_5cb2ed1f-f55c-4d86-aaa6-599be2906ddb_1)  |
| [Voting Proxies on Fund Portfolio Securities](#xx_1aaaa1b7-cd5b-4c9b-adce-81677128a2ea_1) | [49](#xx_1aaaa1b7-cd5b-4c9b-adce-81677128a2ea_1)  |
| [Portfolio Schedule](#xx_1aaaa1b7-cd5b-4c9b-adce-81677128a2ea_1) | [49](#xx_1aaaa1b7-cd5b-4c9b-adce-81677128a2ea_1) |

---

------

Portfolio of Investments Summary Tables (unaudited)

At November 30, 2022, the Fund's portfolio composition<sup>1</sup> was as follows:

---

| | |
|:---|:---|
| **Security Type** | **Percentage of** <br>**Total Net Assets**<br>|
| Variable Rate Demand Instruments | 76.0% |
| Municipal Notes | 18.0% |
| Commercial Paper | &nbsp;&nbsp; 6.3% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| (0.3)% |
| &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 these* <br> *investments.*<br>|
| 2 | *Assets, other than investments in securities, less liabilities. See Statement of Assets and* <br> *Liabilities.*<br>|

---

At November 30, 2022, 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 | 62.1% |
| 8-30 Days | &nbsp;&nbsp; 3.3% |
| 31-90 Days | 24.9% |
| 91-180 Days | &nbsp;&nbsp; 2.8% |
| 181 Days or more | &nbsp;&nbsp; 7.2% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| (0.3)% |
| &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

November 30, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— 100.3% |  |
|  | **Alabama— 1.9%** |  |
| $9275000 | Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2007) Weekly <br> VRDNs, (Comerica Bank LOC), 2.000%, 12/1/2022<br>| $9275000 |
| 10000000 | Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2011) Weekly <br> VRDNs, (Comerica Bank LOC), 2.000%, 12/1/2022<br>| 10000000 |
| 33700000 | Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly <br> VRDNs, 2.020%, 12/7/2022<br>| 33700000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 52975000 |
|  | **Alaska— 1.1%** |  |
| 32000000 | Valdez, AK Marine Terminal (Phillips Transportation Alaska, Inc.), <br> (Series 1994A) Weekly VRDNs, (ConocoPhillips GTD), <br> 1.900%, 12/7/2022<br>| 32000000 |
|  | **Arizona— 1.3%** |  |
| 32500000 | Arizona State IDA (Vaseo Apartments LP), Mizuho 3a-7 (2021-MIZ9088) <br> VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), <br> 2.150%, 12/1/2022<br>| 32500000 |
| 5610000 | Maricopa County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly <br> VRDNs, (Wells Fargo Bank, N.A. LOC), 2.060%, 12/1/2022<br>| 5610000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 38110000 |
|  | **Arkansas— 0.5%** |  |
| 13500000 | Blytheville, AR (Nucor Corp.), (Series 2002) Weekly VRDNs, <br> 2.050%, 12/7/2022<br>| 13500000 |
|  | **California— 18.4%** |  |
| 3000000 | California Educational Facilities Authority (Stanford University), <br> (Series S-4), CP, 1.750%, Mandatory Tender 12/6/2022<br>| 3000000 |
| 20000000 | California Health Facilities Financing Authority (Dignity Health (Catholic <br> Healthcare West)), Golden Blue (Series 2017-004) VRENs, (Barclays <br> Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.050%, 12/1/2022<br>| 20000000 |
| 31205000 | California Health Facilities Financing Authority (Kaiser Permanente), <br> (Series 2006E), CP, 1.950%, Mandatory Tender 12/15/2022<br>| 31205000 |
| 2356000 | California HFA (Hope on Broadway LP), Tender Option Bond Trust <br> Receipts (Series 2022-XF3018) Weekly VRDNs, (Mizuho Bank Ltd. <br> LIQ)/(Mizuho Bank Ltd. LOC), 2.100%, 12/1/2022<br>| 2356000 |
| 4500000 | California Municipal Finance Authority (Brawley Pacific Associates III), <br> Tender Option Bond Trust Receipts (Series 2022-XF3027) Weekly <br> VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), <br> 2.100%, 12/1/2022<br>| 4500000 |
| 30500000 | California Municipal Finance Authority (Waste Management, Inc.), <br> (Series 2020) TOBs, (Waste Management Holdings, Inc. GTD), 2.950%, <br> Mandatory Tender 12/1/2022<br>| 30500000 |
| 2000000 | California PCFA (C.A. and E.J. Vanderham Family Trust), (Series 2003) <br> Weekly VRDNs, (CoBank, ACB LOC), 2.000%, 12/1/2022<br>| 2000000 |

---

Semi-Annual Shareholder Report

**2**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **California— continued** |  |
| $3000000 | California PCFA (P & D Dairy and Poso Creek Family Dairy, LLC), <br> (Series 2003) Weekly VRDNs, (Bank of the West, San Francisco, CA <br> LOC), 2.000%, 12/1/2022<br>| $3000000 |
| 2940000 | California PCFA (T & W Farms), (Series 2002) Weekly VRDNs, (Bank of <br> America N.A. LOC), 2.000%, 12/1/2022<br>| 2940000 |
| 5154000 | California Statewide Communities Development Authority (Essex <br> Monarch La Brea Apartments LP), Tender Option Bond Trust Floater <br> Certificates (Series 2019-MIZ9012) VRENs, (GTD by Mizuho Bank <br> Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 5154000 |
| 22184000 | California Statewide Communities Development Authority (Essex <br> Monarch Santa Monica Apartments LP), Tender Option Bond Trust <br> Floater Certificates (Series 2019-MIZ9011) VRENs, (GTD by Mizuho <br> Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 22184000 |
| 10000000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2004E), CP, 2.020%, Mandatory <br> Tender 12/14/2022<br>| 10000000 |
| 9000000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2004I), CP, 2.000%, Mandatory <br> Tender 12/13/2022<br>| 9000000 |
| 17190000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2004K), CP, 3.100%, Mandatory Tender 3/2/2023<br>| 17190000 |
| 12500000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2009B-1), CP, 1.900%, Mandatory <br> Tender 12/7/2022<br>| 12500000 |
| 12500000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2009B-4), CP, 3.130%, Mandatory <br> Tender 1/11/2023<br>| 12500000 |
| 7300000 | California Statewide Communities Development Authority MFH <br> (Uptown Newport Building Owner, LP), (2017 Series BB: One Uptown <br> Newport Apartments) Weekly VRDNs, (FHLB of Des Moines LOC), <br> 1.940%, 12/1/2022<br>| 7300000 |
| 4842000 | Los Angeles County, CA (Hope on Broadway LP), Tender Option Bond <br> Trust Receipts (2022-XF3019) Weekly VRDNs, (Mizuho Bank Ltd. <br> LIQ)/(Mizuho Bank Ltd. LOC), 2.100%, 12/1/2022<br>| 4842000 |
| 86050000 | Los Angeles, CA Community Redevelopment Agency (DWF V <br> Hollywood & Vine, LP), Mizuho 3a-7 (Series 2022-MIZ9089) Weekly <br> VRDNs, (GTD by FHLMC)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 86050000 |
| 42415000 | Los Angeles, CA Community Redevelopment Agency (DWF V Wilshire <br> Vermont, LP), Mizuho 3a-7 (Series 2022-MIZ9090) Weekly VRDNs, <br> (GTD by FHLMC)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 42415000 |
| 75000000 | Nuveen California Quality Municipal Income Fund, RIB Floater Trust <br> (Series 2022-FR-RI-005) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank <br> PLC LOC), 2.230%, 12/1/2022<br>| 75000000 |
| 45000000 | River Islands, CA Public Financing Authority (River Islands, CA Public <br> Financing Authority Community Facilities District No. 2015-1), Tender <br> Option Bond Trust Floater Certificates (Series 2022-MIZ9110) VRENs, <br> (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 45000000 |

---

Semi-Annual Shareholder Report

**3**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **California— continued** |  |
| $2770000 | Sacramento County, CA HDA (Shiloh Arms Partners LP), Mizuho 3a-7 <br> (2022-MIZ9093) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. <br> LIQ), 2.150%, 12/1/2022<br>| $2770000 |
| 30000000 | San Francisco, CA City and County (Block 9 MRU Residential LLC), <br> Mizuho 3a-7 (Series 2022-MIZ9100) VRENs, (GTD by Mizuho Bank <br> Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 30000000 |
| 43230000 | San Francisco, CA City and County (Transbay Block 8 Tower <br> Apartments Obligated Group), Mizuho 3a-7 (2021-MIZ9063) VRENs, <br> (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 43230000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 524636000 |
|  | **Colorado— 0.4%** |  |
| 4615000 | Colorado HFA (Acme Manufacturing Company, Inc.), (Series 2016A) <br> Weekly VRDNs, (UMB Bank, N.A. LOC), 2.090%, 12/1/2022<br>| 4615000 |
| 1275000 | Colorado HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007) <br> Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 2.070%, 12/1/2022<br>| 1275000 |
| 1230000 | Colorado HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs, <br> (UMB Bank, N.A. LOC), 2.160%, 12/1/2022<br>| 1230000 |
| 3000000 | Denver, CO City & County Airport Authority, RBC Muni Products <br> (Series G-114) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of <br> Canada LOC), 2.150%, Optional Tender 12/1/2022<br>| 3000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 10120000 |
|  | **Connecticut— 0.5%** |  |
| 4145000 | Connecticut State Special Transportation Fund, RBC Muni Products <br> (Series G-110) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of <br> Canada LOC), 2.080%, Optional Tender 4/3/2023<br>| 4145000 |
| 10060000 | Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays <br> Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.050%, 12/1/2022<br>| 10060000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 14205000 |
|  | **Florida— 4.1%** |  |
| 2100000 | Capital Trust Agency, FL (Milestones Community School, Inc.), Tender <br> Option Bond Trust Receipts (2022-XF2965) Weekly VRDNs, (GTD by <br> Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.100%, 12/1/2022<br>| 2100000 |
| 14000000 | Florida Development Finance Corp. (Brightline Florida Passenger Rail <br> Expansion), (Series A) TOBs, (GTD by United States Treasury), 2.900%, <br> Mandatory Tender 4/4/2023<br>| 14000000 |
| 4280000 | Florida Development Finance Corp. (Navigator Academy of <br> Leadership, Inc.), Tender Option Bond Trust Receipts (2021-XF2945) <br> Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), <br> 2.100%, 12/1/2022<br>| 4280000 |
| 9000000 | Greater Orlando, FL Aviation Authority, (RBC Muni Products Series <br> G-25) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), <br> 2.150%, Optional Tender 4/3/2023<br>| 9000000 |
| 5000000 | Hillsborough County, FL Solid Waste & Resource Recovery, RBC Muni <br> Products (Series G-41) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank <br> of Canada LOC), 2.100%, Optional Tender 3/1/2023<br>| 5000000 |

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Semi-Annual Shareholder Report

**4**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Florida— continued** |  |
| $20500000 | Liberty County, FL (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, <br> 2.050%, 12/1/2022<br>| $20500000 |
| 11830000 | Miami-Dade County, FL (County of Miami-Dade Seaport Department), <br> Tender Option Bond Trust Certificates (2022-XF2988) Weekly VRDNs, <br> (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), <br> 2.040%, 12/1/2022<br>| 11830000 |
| 7490000 | Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 <br> (2021-MIZ9072) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. <br> LIQ), 2.150%, 12/1/2022<br>| 7490000 |
| 4630000 | Miami-Dade County, FL HFA (Superior Manor Phase II LLC), Mizuho <br> 3a-7 (2022-MIZ9087) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank <br> Ltd. LIQ), 2.150%, 12/1/2022<br>| 4630000 |
| 37280000 | Miami-Dade County, FL School District, (Series 2022) TANs, <br> 4.000%, 2/23/2023<br>| 37380046 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 116210046 |
|  | **Georgia— 6.1%** |  |
| 4200000 | Appling County, GA Development Authority (Georgia Power Co.), (1st <br> Series 1997) Daily VRDNs, 1.700%, 12/1/2022<br>| 4200000 |
| 28000000 | Appling County, GA Development Authority (Georgia Power Co.), <br> (First Series 2011) Daily VRDNs, 1.700%, 12/1/2022<br>| 28000000 |
| 9750000 | Atlanta, GA, Urban Residential Finance Authority (Columbia at Sylvan <br> Hills Apartments), (Series 2006) Weekly VRDNs, (FNMA LOC), <br> 2.040%, 12/1/2022<br>| 9750000 |
| 6900000 | Burke County, GA Development Authority (Georgia Power Co.), <br> (Series 2008) Daily VRDNs, 1.700%, 12/1/2022<br>| 6900000 |
| 8815000 | Columbus, GA Development Authority (Avalon Apartments LP), <br> (Series 2008) Weekly VRDNs, (FNMA LOC), 2.040%, 12/1/2022<br>| 8815000 |
| 10000000 | Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), <br> (Series 2008) Weekly VRDNs, (FHLMC LOC), 2.040%, 12/1/2022<br>| 10000000 |
| 13870000 | Effingham County, GA Development Authority (Georgia Power Co.), <br> (Series 2003) Daily VRDNs, 1.710%, 12/1/2022<br>| 13870000 |
| 360000 | Fitzgerald & Ben Hill County, GA Development Authority <br> (Agri-Products, Inc.), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A. <br> LOC), 2.000%, 12/1/2022<br>| 360000 |
| 3700000 | Floyd County, GA Development Authority PCRB (Georgia Power Co.), <br> (First Series 1996) Daily VRDNs, 1.700%, 12/1/2022<br>| 3700000 |
| 2000000 | Heard County, GA Development Authority (Georgia Power Co.), (First <br> Series 1996) Daily VRDNs, 1.710%, 12/1/2022<br>| 2000000 |
| 9300000 | Monroe County, GA Development Authority Pollution Control <br> (Georgia Power Co.), (First Series 1997) Daily VRDNs, <br> 1.700%, 12/1/2022<br>| 9300000 |
| 1775000 | Savannah, GA EDA (Consolidated Utilities, Inc.), (Series 2007) Weekly <br> VRDNs, (Truist Bank LOC), 2.030%, 12/1/2022<br>| 1775000 |
| 72250000 | Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, <br> 1.940%, 12/7/2022<br>| 72250000 |

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Semi-Annual Shareholder Report

**5**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Georgia— continued** |  |
| $1960000 | Wayne County, GA, IDA (Sierra International Machinery LLC), <br> (Series 2011) Weekly VRDNs, (Truist Bank LOC), 2.030%, 12/1/2022<br>| $1960000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 172880000 |
|  | **Hawaii— 0.2%** |  |
| 6110000 | Hawaii State Department of Budget & Finance (Queen's Health <br> Systems), (2015 Series C) VRENs, 2.350%, 12/1/2022<br>| 6110000 |
|  | **Idaho— 0.5%** |  |
| 13690000 | American Falls, ID Reservoir District (Idaho Power Co.), (Series 2000) <br> Weekly VRDNs, 2.400%, 12/7/2022<br>| 13690000 |
|  | **Illinois— 0.6%** |  |
| 17891398 | Metropolitan Pier & Exposition Authority, IL, Tender Option Bond Trust <br> Receipts (2021-MS0001) TOBs, (Morgan Stanley Bank, N.A. <br> LIQ)/(Morgan Stanley Bank, N.A. LOC), 2.200%, Optional <br> Tender 12/15/2022<br>| 17891398 |
|  | **Indiana— 2.2%** |  |
| 6000000 | Bloomington, IN EDRB (SY Henderson Court Investors, LP), <br> (Series 2008: Henderson Court Apartments) Weekly VRDNs, (FHLMC <br> LOC), 2.040%, 12/1/2022<br>| 6000000 |
| 14250000 | Indiana Development Finance Authority (Duke Energy Indiana, Inc.), <br> (Series 2003B) Weekly VRDNs, 2.030%, 12/7/2022<br>| 14250000 |
| 200000 | Indiana Development Finance Authority (South Central Community <br> Mental Health Centers, Inc.), D/B/A Center for Behavioral Health <br> (Series 2002) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), <br> 2.050%, 12/1/2022<br>| 200000 |
| 25000000 | Indiana State Finance Authority (Trinity Healthcare Credit Group), <br> (Series 2008 D-2), CP, 2.000%, Mandatory Tender 1/4/2023<br>| 25000000 |
| 17000000 | Indiana State Finance Authority Environmental (Fulcrum Centerpoint, <br> LLC), (Series 2022) TOBs, (United States Treasury GTD), 4.550%, <br> Mandatory Tender 11/15/2023<br>| 17000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 62450000 |
|  | **Iowa— 0.2%** |  |
| 5300000 | Iowa Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly <br> VRDNs, (AgriBank FCB LOC), 2.000%, 12/1/2022<br>| 5300000 |
|  | **Kansas— 0.9%** |  |
| 4900000 | Burlington, KS (Kansas City Power And Light Co.), (Series 2007A) <br> Weekly VRDNs, 2.150%, 12/7/2022<br>| 4900000 |
| 21000000 | Burlington, KS (Kansas City Power And Light Co.), (Series 2007B) <br> Weekly VRDNs, 2.150%, 12/7/2022<br>| 21000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 25900000 |
|  | **Kentucky— 1.2%** |  |
| 3435000 | Kentucky State Property & Buildings Commission, RBC Muni Products <br> (Series G-116) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of <br> Canada LOC), 2.100%, Mandatory Tender 5/1/2023<br>| 3435000 |
| 11350000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville <br> Gas & Electric Co.), (Series A) Weekly VRDNs, 1.980%, 12/2/2022<br>| 11350000 |

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Semi-Annual Shareholder Report

**6**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Kentucky— continued** |  |
| $18270000 | Meade County, KY Industrial Building Revenue Authority (Nucor <br> Corp.), (Series 2021B-1) Daily VRDNs, 1.800%, 12/1/2022<br>| $18270000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 33055000 |
|  | **Louisiana— 3.6%** |  |
| 9785000 | Calcasieu Parish, LA Public Trust Authority (WPT Corp.), (Series 1997) <br> Weekly VRDNs, (Bank of America N.A. LOC), 2.350%, 12/7/2022<br>| 9785000 |
| 14200000 | East Baton Rouge Parish, LA IDB (Georgia-Pacific LLC), Solid Waste <br> Disposal Revenue Bonds (Series 2004) Weekly VRDNs, <br> 2.000%, 12/7/2022<br>| 14200000 |
| 11000000 | Louisiana Local Government Environmental Facilities CDA (American <br> Biocarbon, CT LLC) TOBs, (GTD by United States Treasury), 3.850%, <br> Mandatory Tender 8/1/2023<br>| 11000000 |
| 18000000 | Louisiana Local Government Environmental Facilities CDA (American <br> Biocarbon, CT LLC), (Series 2021) TOBs, (GTD by United States <br> Treasury), 2.125%, Mandatory Tender 12/1/2022<br>| 18000000 |
| 3790000 | Louisiana State Housing Corporation (Peace Lake Louisiana Tower <br> Community L.P.), Tender Option Bond Trust Floater Certificates <br> (Series 2020-MIZ9053) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho <br> Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 3790000 |
| 18500000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) <br> Weekly VRDNs, (GTD by Nucor Corp.), 2.230%, 12/7/2022<br>| 18500000 |
| 27400000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) <br> Weekly VRDNs, (GTD by Nucor Corp.), 2.300%, 12/7/2022<br>| 27400000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 102675000 |
|  | **Maine— 0.8%** |  |
| 22260000 | Old Town, ME (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, <br> 2.100%, 12/7/2022<br>| 22260000 |
|  | **Maryland— 1.7%** |  |
| 5020000 | Baltimore County, MD (Oak Crest Village Inc.), 3a-7 Credit Enhanced <br> Trust (Series 2022-032) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank <br> PLC LOC), 2.100%, 12/1/2022<br>| 5020000 |
| 5000000 | Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) <br> TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), <br> 2.100%, Optional Tender 1/3/2023<br>| 5000000 |
| 22000000 | Maryland Health and Higher Educational Facilities Authority (Integrace <br> Obligated Group), 3a-7 Credit Enhanced Trust (Series 2022-024) <br> VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), <br> 2.100%, 12/1/2022<br>| 22000000 |
| 15910000 | Montgomery County, MD (Trinity Healthcare Credit Group), <br> (Series 2013MD) TOBs, 2.580%, Mandatory Tender 3/1/2023<br>| 15910000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 47930000 |
|  | **Massachusetts— 1.3%** |  |
| 27000000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), <br> (Series 2004), CP, (GTD by Massachusetts Electric Co.), 2.850%, <br> Mandatory Tender 1/11/2023<br>| 27000000 |

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Semi-Annual Shareholder Report

**7**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Massachusetts— continued** |  |
| $10000000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), <br> (Series 2004), CP, (GTD by Massachusetts Electric Co.), 2.950%, <br> Mandatory Tender 12/2/2022<br>| $10000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 37000000 |
|  | **Michigan— 0.2%** |  |
| 5250000 | Michigan Strategic Fund (Greenville Venture Partners LLC), <br> (Series 2018) Weekly VRDNs, (CoBank, ACB LOC), 2.000%, 12/1/2022<br>| 5250000 |
|  | **Minnesota— 0.9%** |  |
| 25600000 | Roseville, MN, Tender Option Bond Trust Receipts <br> (Series 2022-XF3034) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 2.120%, 12/1/2022<br>| 25600000 |
|  | **Mississippi— 0.2%** |  |
| 5865000 | Mississippi Home Corp, Mizuho 3a-7 (Series 2022-XF3022) Weekly <br> VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), <br> 2.120%, 12/1/2022<br>| 5865000 |
|  | **Missouri— 1.3%** |  |
| 30000000 | Kansas City, MO IDA (Kansas City, MO Airport Revenue), Tender <br> Option Bond Trust Receipts (Series 2020-XL-150) Weekly VRDNs, <br> (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. <br> LIQ), 2.040%, 12/1/2022<br>| 30000000 |
| 3755000 | Kansas City, MO Planned Industrial Expansion Authority (EPD3 <br> Ridgeview LP), Mizuho 3a-7 (2022-MIZ9086) VRENs, (GTD by Mizuho <br> Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 3755000 |
| 2500000 | Lees Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), <br> 2.150%, 12/1/2022<br>| 2500000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 36255000 |
|  | **Montana— 0.2%** |  |
| 3510000 | Montana State Board of Housing (HRDC IX Affordable Housing <br> Solutions LP), Mizuho 3a-7 (2021-MIZ9061) VRENs, (GTD by Mizuho <br> Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 3510000 |
| 3320000 | Montana State Board of Housing (HRDC IX Affordable Housing <br> Solutions LP), Mizuho 3a-7 (2021-MIZ9062) VRENs, (GTD by Mizuho <br> Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 3320000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6830000 |
|  | **Multi-State— 11.9%** |  |
| 63500000 | Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily <br> VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.080%, 12/1/2022<br>| 63500000 |
| 97400000 | Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) <br> Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.080%, 12/1/2022<br>| 97400000 |
| 130100000 | Nuveen Municipal Credit Income Fund, PUTTERs 3a-7 (Series 5039) <br> (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 2.080%, 12/1/2022<br>| 130100000 |
| 37700000 | Nuveen Municipal Credit Opportunities Fund, (Series A) Weekly <br> VRDPs, (Sumitomo Mitsui Banking Corp. LIQ), 2.000%, 12/1/2022<br>| 37700000 |

---

Semi-Annual Shareholder Report

**8**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Multi-State— continued** |  |
| $11875000 | Nuveen Municipal Credit Opportunities Fund, PUTTERs 3a-7 <br> (Series 5033) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, <br> N.A. LIQ), 2.080%, 12/1/2022<br>| $11875000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 340575000 |
|  | **Nebraska— 0.3%** |  |
| 7500000 | Stanton County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs, <br> 2.250%, 12/7/2022<br>| 7500000 |
| 1875000 | Stanton County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs, <br> 2.250%, 12/7/2022<br>| 1875000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9375000 |
|  | **Nevada— 0.4%** |  |
| 1275000 | Director of the State of Nevada Department of Business and Industry <br> (575 Mill Street LLC), IDRB (Series 1998A) Weekly VRDNs, <br> (Manufacturers & Traders Trust Co., Buffalo LOC), 2.110%, 12/1/2022<br>| 1275000 |
| 11500000 | Nevada Housing Division (DWF V Summit Club Holdings LLC), Mizuho <br> 3a-7 (2021-MIZ9091) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank <br> Ltd. LIQ), 2.150%, 12/1/2022<br>| 11500000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 12775000 |
|  | **New Jersey— 7.7%** |  |
| 3903700 | Aberdeen Township, NJ BANs, 1.250%, 12/29/2022 | 3906084 |
| 6641725 | Butler Borough, NJ BANs, 3.750%, 9/8/2023 | 6683960 |
| 5807835 | Clementon, NJ, (Series A) BANs, 4.250%, 9/28/2023 | 5851875 |
| 5915500 | Delran Township, NJ BANs, 4.250%, 9/5/2023 | 5939103 |
| 14770000 | Freehold Borough, NJ BANs, 4.000%, 8/3/2023 | 14875883 |
| 4000000 | Garwood, NJ BANs, 5.000%, 8/3/2023 | 4024284 |
| 5373950 | Hammonton, NJ BANs, 5.000%, 10/26/2023 | 5404113 |
| 2436000 | Haworth Borough, NJ BANs, 4.500%, 7/14/2023 | 2443776 |
| 7505061 | Highlands, NJ BANs, 4.250%, 7/7/2023 | 7555040 |
| 1800000 | Hillsdale Borough, NJ BANs, 1.000%, 12/2/2022 | 1800029 |
| 2561000 | Hillsdale Borough, NJ BANs, 4.500%, 8/24/2023 | 2572781 |
| 6845000 | Middle Township, NJ BANs, 3.750%, 9/7/2023 | 6887323 |
| 4023775 | Mount Olive Township, NJ BANs, 1.250%, 12/15/2022 | 4025081 |
| 5968000 | Mountainside, NJ BANs, 5.000%, 7/20/2023 | 6001046 |
| 13600000 | New Brunswick, NJ BANs, 3.750%, 9/18/2023 | 13689481 |
| 6850000 | New Jersey EDA (Yeshiva of North Jersey), (Series 2018) Weekly <br> VRDNs, (Valley National Bank LOC), 2.200%, 12/1/2022<br>| 6850000 |
| 3380000 | New Jersey EDA (Baptist Home Society of New Jersey) Weekly <br> VRDNs, (Valley National Bank LOC), 2.200%, 12/1/2022<br>| 3380000 |
| 11255000 | New Jersey EDA (Jewish Community Center on the Palisades), <br> (Series 2016) Weekly VRDNs, (Valley National Bank LOC), <br> 2.200%, 12/2/2022<br>| 11255000 |

---

Semi-Annual Shareholder Report

**9**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **New Jersey— continued** |  |
| $1285000 | New Jersey EDA (Temple Emanuel of the Pascack Valley), <br> (Series 2001/2019) Weekly VRDNs, (U.S. Bank, N.A. LOC), <br> 2.150%, 12/2/2022<br>| $1285000 |
| 4160000 | New Jersey Health Care Facilities Financing Authority (Christian Health <br> Care Center), (Series A-2) Weekly VRDNs, (Valley National Bank LOC), <br> 2.100%, 12/1/2022<br>| 4160000 |
| 9065000 | New Jersey State EDA (Jewish Community Housing Corporation of <br> Metropolitan New Jersey), (Series 2010) Weekly VRDNs, (Valley <br> National Bank LOC), 2.020%, 12/1/2022<br>| 9065000 |
| 6716000 | Park Ridge Borough, NJ BANs, 3.250%, 4/28/2023 | 6742624 |
| 6500000 | Pemberton Township, NJ, (Series 2022) BANs, 4.000%, 5/31/2023 | 6531352 |
| 6200000 | Ramsey, NJ BANs, 1.250%, 1/6/2023 | 6204869 |
| 3496000 | Rochelle Park Township, NJ BANs, 4.500%, 8/9/2023 | 3508388 |
| 4041000 | Saddle River, NJ BANs, 5.500%, 6/7/2023 | 4071451 |
| 6585000 | Somers Point, NJ BANs, 1.250%, 12/20/2022 | 6587901 |
| 2345000 | South Hackensack, NJ BANs, 1.250%, 12/15/2022 | 2345761 |
| 6136000 | South River, NJ, (Series B) BANs, 1.250%, 12/16/2022 | 6138133 |
| 3588154 | Springfield Township, NJ BANs, 1.250%, 12/8/2022 | 3588736 |
| 3544300 | Springfield Township, NJ BANs, 4.250%, 9/7/2023 | 3557945 |
| 25000000 | Stone Harbor, NJ BANs, 5.000%, 10/13/2023 | 25155613 |
| 6346649 | Union Beach, NJ BANs, 5.000%, 7/25/2023 | 6386572 |
| 3807000 | Winslow Township, NJ BANs, 3.750%, 9/14/2023 | 3831704 |
| 8068496 | Woolwich, NJ BANs, 3.750%, 5/30/2023 | 8115429 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 220421337 |
|  | **New York— 4.8%** |  |
| 3846510 | Alden Village, NY BANs, 3.750%, 9/7/2023 | 3869411 |
| 2000000 | Hannibal, NY Central School District BANs, 4.250%, 6/28/2023 | 2013330 |
| 5590000 | Hempstead (town), NY IDA MFH (Hempstead Village Housing <br> Associates LP), (Series 2006) Weekly VRDNs, (FNMA LOC), <br> 2.010%, 12/1/2022<br>| 5590000 |
| 5904000 | Lowville, NY, (Series A) BANs, 3.250%, 8/24/2023 | 5912025 |
| 8000000 | Massena, NY Central School District BANs, 4.000%, 6/29/2023 | 8044647 |
| 3670000 | New Rochelle, NY IDA (180 Union Avenue Owner LP), <br> (Series 2006: West End Phase I Facility) Weekly VRDNs, (Citibank N.A., <br> New York LOC), 2.010%, 12/1/2022<br>| 3670000 |
| 15000000 | New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells <br> Fargo Bank, N.A. LIQ), 2.050%, 12/1/2022<br>| 15000000 |
| 72800000 | New York State HFA (42nd and 10th Street Associates LLC), 3a-7 High <br> Grade Trust (Series 2022-007) VRENs, (Barclays Bank PLC <br> LIQ)/(Barclays Bank PLC LOC), 2.300%, 12/1/2022<br>| 72800000 |
| 10000000 | New York Transportation Development Corporation (LaGuardia <br> Gateway Partners, LLC), Tender Option Bond Trust Receipts <br> (Series 2016-XM0403) Weekly VRDNs, (Assured Guaranty Municipal <br> Corp. INS)/(Toronto Dominion Bank LIQ), 2.280%, 12/1/2022<br>| 10000000 |

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Semi-Annual Shareholder Report

**10**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **New York— continued** |  |
| $6700000 | Penn-Yan, NY Central School District BANs, 4.250%, 6/28/2023 | $6744656 |
| 1554371 | Walton, NY Central School District BANs, 4.000%, 6/28/2023 | 1562132 |
| 2500000 | Watervliet, NY City School District BANs, 3.250%, 4/26/2023 | 2510760 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 137716961 |
|  | **North Carolina— 0.2%** |  |
| 3000000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), <br> (Series 2000A) Weekly VRDNs, 2.050%, 12/7/2022<br>| 3000000 |
| 3000000 | Yancey County, NC Industrial Facilities & PCFA (Altec Industries, Inc.), <br> (Series 2007) Weekly VRDNs, (Truist Bank LOC), 2.030%, 12/1/2022<br>| 3000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
|  | **Ohio— 1.6%** |  |
| 30470000 | Middletown, OH (Premier Health Partners Obligated Group), Golden <br> Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank <br> PLC LOC), 2.050%, 12/1/2022<br>| 30470000 |
| 8100000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), <br> Barclays Golden Blue (Series 2020-002) VRENs, (Barclays Bank PLC <br> LIQ)/(Barclays Bank PLC LOC), 2.050%, 12/1/2022<br>| 8100000 |
| 7000000 | Toledo-Lucas County, OH Port Authority (Van Deurzen Dairy LLC), <br> (Series 2006) Weekly VRDNs, (AgriBank FCB LOC), 2.000%, 12/1/2022<br>| 7000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 45570000 |
|  | **Oklahoma— 3.0%** |  |
| 14850000 | Garfield County, OK Industrial Authority Pollution Control (Oklahoma <br> Gas and Electric Co.), (Series 1995-A) Weekly VRDNs, <br> 2.080%, 12/7/2022<br>| 14850000 |
| 30400000 | Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (1995 <br> Series A) Weekly VRDNs, 2.000%, 12/7/2022<br>| 30400000 |
| 40450000 | Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), <br> (Series 1997A) Weekly VRDNs, 2.080%, 12/7/2022<br>| 40450000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 85700000 |
|  | **Oregon— 0.1%** |  |
| 4360000 | Port of Morrow, OR Pollution Control (Idaho Power Co.), (Series 2000) <br> Weekly VRDNs, 2.400%, 12/7/2022<br>| 4360000 |
|  | **Pennsylvania— 0.1%** |  |
| 480000 | East Hempfield Township, PA IDA (BGT Realty), (Series of 2005) <br> Weekly VRDNs, (Fulton Bank, N.A. LOC), 2.200%, 12/1/2022<br>| 480000 |
| 2000000 | Philadelphia, PA Authority for Industrial Development (Susquehanna <br> Net Zero Housing, L.P.), Tender Option Bond Trust Floater Certificates <br> (2020-MIZ9051) VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. <br> LOC), 2.150%, 12/1/2022<br>| 2000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2480000 |
|  | **South Carolina— 1.1%** |  |
| 21500000 | Berkeley County, SC IDB (Nucor Corp.) Weekly VRDNs, <br> 2.250%, 12/7/2022<br>| 21500000 |

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Semi-Annual Shareholder Report

**11**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **South Carolina— continued** |  |
| $10100000 | Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, <br> 2.250%, 12/7/2022<br>| $10100000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 31600000 |
|  | **South Dakota— 0.1%** |  |
| 3000000 | South Dakota Value Added Finance Authority (Prairie Gold Dairy LLC), <br> (Series 2004) Weekly VRDNs, (CoBank, ACB LOC), 2.000%, 12/1/2022<br>| 3000000 |
|  | **Tennessee— 1.8%** |  |
| 5500000 | Covington, TN IDB (Charms Co.), (Series 1992) Weekly VRDNs, (Bank <br> of America N.A. LOC), 2.000%, 12/7/2022<br>| 5500000 |
| 25620000 | Memphis-Shelby County, TN Industrial Development Board - PCRB <br> (Nucor Steel Memphis, Inc.), (Series 2007) Weekly VRDNs, (GTD by <br> Nucor Corp.), 2.250%, 12/7/2022<br>| 25620000 |
| 21400000 | Metropolitan Government Nashville & Davidson County, TN, (2014 <br> Program), CPX, 2.850%, Mandatory Tender 2/1/2023<br>| 21400000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 52520000 |
|  | **Texas— 13.0%** |  |
| 2700000 | Alamo, TX CCD, RBC Muni Products (Series G-111) TOBs, (Royal Bank <br> of Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Mandatory <br> Tender 5/1/2023<br>| 2700000 |
| 2700000 | El Paso, TX Housing Finance Corp., Mizuho 3a-7 (2022-MIZ9104) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), <br> 2.150%, 12/1/2022<br>| 2700000 |
| 4000000 | Jewett, TX Economic Development Corporation (Nucor Corp.), <br> (Series 2003) Weekly VRDNs, 2.250%, 12/7/2022<br>| 4000000 |
| 4000000 | Mission, TX Economic Development Corp. (Waste Management, Inc.), <br> (Series 2020A) TOBs, (GTD by Waste Management Holdings, Inc.), <br> 2.950%, Mandatory Tender 12/1/2022<br>| 4000000 |
| 9500000 | Mission, TX Economic Development Corp. (Waste Management, Inc.), <br> (Series 2020B) TOBs, (GTD by Waste Management Holdings, Inc.), <br> 2.950%, Mandatory Tender 12/1/2022<br>| 9500000 |
| 4700000 | North Texas Tollway Authority, RBC Municipal Products Trust <br> (Series 2019 G-112) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of <br> Canada LOC), 2.100%, Optional Tender 1/3/2023<br>| 4700000 |
| 61600000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills <br> Resources LLC), (Series 2002A) Daily VRDNs, 1.900%, 12/1/2022<br>| 61600000 |
| 18825000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills <br> Resources LLC), (Series 2003) Daily VRDNs, 1.970%, 12/1/2022<br>| 18825000 |
| 25000000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills <br> Resources LLC), (Series 2005) Daily VRDNs, 1.970%, 12/1/2022<br>| 25000000 |
| 40600000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills <br> Resources LLC), (Series 2006) Daily VRDNs, 1.970%, 12/1/2022<br>| 40600000 |
| 3900000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills <br> Resources LLC), (Series 2007) Daily VRDNs, 1.970%, 12/1/2022<br>| 3900000 |
| 22450000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva <br> Enterprises LLC), (Series 2010A) Daily VRDNs, 1.850%, 12/1/2022<br>| 22450000 |

---

Semi-Annual Shareholder Report

**12**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Texas— continued** |  |
| $10250000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva <br> Enterprises LLC), (Series 2010B) Daily VRDNs, 1.850%, 12/1/2022<br>| $10250000 |
| 35600000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva <br> Enterprises LLC), (Series 2010C) Daily VRDNs, 1.880%, 12/1/2022<br>| 35600000 |
| 83900000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva <br> Enterprises LLC), (Series 2010E) Weekly VRDNs, 2.600%, 12/7/2022<br>| 83900000 |
| 26000000 | Texas State Affordable Housing Corp., Tender Option Bond Trust <br> Receipts (Series 2022-XF3033) Weekly VRDNs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022<br>| 26000000 |
| 15000000 | Texas State Department of Housing & Community Affairs (Onion Creek <br> Housing Partners Ltd.), (Series 2007) Weekly VRDNs, (FNMA LOC), <br> 2.040%, 12/1/2022<br>| 15000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 370725000 |
|  | **Virginia— 0.1%** |  |
| 1610000 | Emporia, VA Industrial Development Board (Toll VA III LP), <br> (Series 1999) Weekly VRDNs, (Truist Bank LOC), 1.980%, 12/1/2022<br>| 1610000 |
|  | **Washington— 0.0%** |  |
| 1260000 | Washington State Economic Development Finance Authority (Mesa <br> Dairy, LLC), (Series 2007E) Weekly VRDNs, (Bank of the West, <br> San Francisco, CA LOC), 2.000%, 12/1/2022<br>| 1260000 |
|  | **Wisconsin— 3.8%** |  |
| 15985000 | Public Finance Authority, WI (Agape Meadowcreek, Inc.), Tender <br> Option Bond Trust Floater Certificates (Series 2022-XF3026) Weekly <br> VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), <br> 2.120%, 12/1/2022<br>| 15985000 |
| 1415000 | Public Finance Authority, WI (Carolina Charter Academy, Inc.), Tender <br> Option Bond Trust Receipts (Series 2021-XF2931) Weekly VRDNs, <br> (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), <br> 2.100%, 12/1/2022<br>| 1415000 |
| 2050000 | Public Finance Authority, WI (DCA Lexington Properties, LLC), Tender <br> Option Bond Trust Receipts (Series 2021-XF2933) Weekly VRDNs, <br> (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.100%, 12/1/2022<br>| 2050000 |
| 685000 | West Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly <br> VRDNs, (U.S. Bank, N.A. LOC), 2.210%, 12/1/2022<br>| 685000 |
| 2265000 | Wisconsin State Public Finance Authority (Birchwood Properties LP), <br> (Series 2016) Weekly VRDNs, (FHLB of Des Moines LOC), <br> 2.120%, 12/1/2022<br>| 2265000 |
| 57500000 | Wisconsin State Public Finance Authority (Waste Management, Inc.), <br> (Series A-2) TOBs, 4.000%, Mandatory Tender 2/1/2023<br>| 57500000 |

---

Semi-Annual Shareholder Report

**13**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Wisconsin— continued** |  |
| $30000000 | Wisconsin State Public Finance Authority (Waste Management, Inc.), <br> (Series A-3) TOBs, (GTD by Waste Management Holdings, Inc.), <br> 4.000%, Mandatory Tender 2/1/2023<br>| $30000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 109900000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—100.3% <br>(AT AMORTIZED COST)<sup>2</sup> <br>| 2864285742 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(0.3)%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9219704) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $2855066038 |

---

Securities that are subject to the federal alternative minimum tax (AMT) represent 50.9% of the portfolio as calculated based upon total market value.

---

| | |
|:---|:---|
| 1 | *Current rate and current maturity or next reset date shown for floating rate notes and variable* <br> *rate notes/demand instruments. Certain variable rate securities are not based on a published* <br> *reference rate and spread but are determined by the issuer or agent and are based on current* <br> *market conditions. These securities do not indicate a reference rate and spread in their* <br> *description above.*<br>|
| 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 November 30, 2022.

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

**14**

------

In valuing the Fund's assets as of November 30, 2022, 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: | The following acronym(s) are used throughout this portfolio: |
| BANs | —Bond Anticipation Notes |
| CCD | —Community College District |
| CDA | —Community Development Authority |
| CP | —Commercial Paper |
| CPX | —Commercial Paper Extendible |
| EDA | —Economic Development Authority |
| EDRB | —Economic Development Revenue Bond |
| FHLB | —Federal Home Loan Bank |
| FHLMC | —Federal Home Loan Mortgage Corporation |
| FNMA | —Federal National Mortgage Association |
| GTD | —Guaranteed |
| HDA | —Hospital Development Authority |
| HFA | —Housing Finance Authority |
| IDA | —Industrial Development Authority |
| IDB | —Industrial Development Bond |
| IDRB | —Industrial Development Revenue Bond |
| INS | —Insured |
| LIQ | —Liquidity Agreement |
| LOC | —Letter of Credit |
| MFH | —Multi-Family Housing |
| PCFA | —Pollution Control Financing Authority |
| PCRB | —Pollution Control Revenue Bond |
| PCRBs | —Pollution Control Revenue Bonds |
| PUTTERs | —Puttable Tax-Exempt Receipts |
| TANs | —Tax Anticipation Notes |
| TOBs | —Tender Option Bonds |
| VMTP | —Variable Municipal Term Preferred |
| VRDNs | —Variable Rate Demand Notes |
| VRDPs | —Variable Rate Demand Preferreds |
| VRENs | —Variable Rate Extendible Notes |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**15**

------

Financial Highlights–Automated Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **2022** | **2021** | **2020** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **2018**<sup>2</sup> | **2017**<sup>3</sup> |
| **Net Asset Value, Beginning of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment** <br> **Operations:**<br>|  |  |  |  |  |  |  |
| Net investment income | 0.006 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.009 | &nbsp;&nbsp;&nbsp;&nbsp; 0.010<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp; 0.007 | 0.002 |
| Net realized gain (loss) | 0.000 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.000<sup>4</sup> <br>| 0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| 0.006 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.009 | &nbsp;&nbsp;&nbsp;&nbsp; 0.010 | &nbsp;&nbsp;&nbsp; 0.007 | 0.003 |
| **Less Distributions:** |  |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| (0.006) | &nbsp;&nbsp;&nbsp; (0.000)<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; (0.009) | &nbsp;&nbsp;&nbsp; (0.010) | &nbsp;&nbsp; (0.007) | (0.002) |
| Distributions from net realized <br> gain<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.000)<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>4</sup> <br>| &nbsp;&nbsp; (0.000)<sup>4</sup> <br>| (0.001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.006) | &nbsp;&nbsp;&nbsp; (0.000)<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; (0.009) | &nbsp;&nbsp;&nbsp; (0.010) | &nbsp;&nbsp; (0.007) | (0.003) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.29% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |  |
| Net expenses<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp; 0.56%<sup>8</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.56%<sup>8</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.61% |
| Net investment income | &nbsp;&nbsp;&nbsp; 0.41%<sup>8</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%<sup>8</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.23% |
| Expense waiver/reimbursement<sup>9</sup> <br>| &nbsp;&nbsp;&nbsp; 0.08%<sup>8</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>8</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.11% |
| **Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (000 <br> omitted)<br>| $4377 | $700243 | $683243 | $818565 | $636808 | $48952 | &nbsp;&nbsp;&nbsp;&nbsp; $0<sup>10</sup> <br>|

---

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

---

| | |
|:---|:---|
| 1 | *The Fund has changed its fiscal year end from July 31 to May 31. This period represents the* <br> *ten-month period from August 1, 2018 to May 31, 2019.*<br>|
| 2 | *Effective September 28, 2017, Trust Shares were re-designated as Automated Shares.* |
| 3 | *Certain ratios included above in Ratios to Average Net Assets and per share amounts may be* <br> *inflated or deflated as compared to the fee structure for each respective share class as a result* <br> *of daily systematic allocations being rounded to the nearest penny for fund level income,* <br> *expense and realized/unrealized gain/loss amounts. Such differences are immaterial.*<br>|
| 4 | *Represents less than $0.001.* |
| 5 | *Per share numbers have been calculated using the average shares method.* |
| 6 | *Based on net asset value. Total returns for periods of less than one year are not annualized.* |
| 7 | *Amount does not reflect net expenses incurred by investment companies in which the Fund* <br> *may invest.*<br>|
| 8 | *Computed on an annualized basis.* |
| 9 | *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>|
| 10 | *Represents less than $1,000.* |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**16**

------

Financial Highlights–Investment Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **2022** | **2021** | **2020** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **2018** | **2017** |
| **Net Asset Value, Beginning of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment** <br> **Operations:**<br>|  |  |  |  |  |  |  |
| Net investment income | 0.005 | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.007 | &nbsp;&nbsp;&nbsp; 0.008<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.005 | &nbsp;&nbsp;&nbsp; 0.001 |
| Net realized gain (loss) | 0.000 | 0.000<sup>2</sup> <br>| 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; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| 0.005 | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.007 | &nbsp;&nbsp;&nbsp; 0.008 | &nbsp;&nbsp;&nbsp; 0.005 | &nbsp;&nbsp;&nbsp; 0.002 |
| **Less Distributions:** |  |  |  |  |  |  |  |
| Distributions from net investment <br> income<br>| (0.005) | (0.000)<sup>2</sup> <br>| (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.007) | &nbsp;&nbsp; (0.008) | &nbsp;&nbsp; (0.005) | &nbsp;&nbsp; (0.001) |
| Distributions from net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.000)<sup>2</sup> <br>| (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.005) | (0.000)<sup>2</sup> <br>| (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.007) | &nbsp;&nbsp; (0.008) | &nbsp;&nbsp; (0.005) | &nbsp;&nbsp; (0.002) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp;&nbsp; 0.17% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp; 0.78%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp; 0.27% | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp;&nbsp; 0.78%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp;&nbsp; 0.76% |
| Net investment income | &nbsp;&nbsp;&nbsp; 1.08%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp;&nbsp; 0.11% |
| Expense waiver/reimbursement<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp; 0.12%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp; 0.12%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp; 0.16% |
| **Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (000 <br> omitted)<br>| $4033 | $2874 | $4756 | $11112 | $44873 | $40219 | $68690 |

---

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

---

| | |
|:---|:---|
| 1 | *The Fund has changed its fiscal year end from July 31 to May 31. This period represents the* <br> *ten-month period from August 1, 2018 to May 31, 2019.*<br>|
| 2 | *Represents less than $0.001.* |
| 3 | *Per share numbers have been calculated using the average shares method.* |
| 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

**17**

------

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **2022** | **2021** | **2020** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **2018** | **2017** |
| **Net Asset Value,** <br> **Beginning of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From** <br> **Investment** <br> **Operations:**<br>|  |  |  |  |  |  |  |
| Net investment <br> income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp; 0.001 |
| Net realized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000 | &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 | &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; 0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From <br> Investment <br>Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp; 0.002 |
| **Less** <br> **Distributions:**<br>|  |  |  |  |  |  |  |
| Distributions from <br> net investment <br> income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp; (0.001) |
| Distributions from <br> net realized gain<br>| &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; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; (0.001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total <br> Distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp; (0.002) |
| **Net Asset Value,** <br> **End of Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.78% | &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; 1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.72% |
| **Ratios to Average** <br> **Net Assets:**<br>|  |  |  |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% |
| Net investment <br> income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.52%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64% |
| Expense waiver/<br> reimbursement<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &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%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% |
| **Supplemental** <br> **Data:**<br>|  |  |  |  |  |  |  |
| Net assets, end of <br> period (000 <br> omitted)<br>| $2160489 | $1772201 | $1372803 | $1510434 | $1713390 | $1163568 | $667169 |

---

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

---

| | |
|:---|:---|
| 1 | *The Fund has changed its fiscal year end from July 31 to May 31. This period represents the* <br> *ten-month period from August 1, 2018 to May 31, 2019.*<br>|
| 2 | *Per share numbers have 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.* |

---

Semi-Annual Shareholder Report

**18**

------

---

| | |
|:---|:---|
| 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

**19**

------

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **2022** | **2021** | **2020** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **2018** | **2017** |
| **Net Asset Value, Beginning** <br> **of Period**<br>| **$1.00** | **$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; 0.007 | &nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.010 | &nbsp;&nbsp;&nbsp;&nbsp; 0.011<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.008 | &nbsp;&nbsp;&nbsp;&nbsp; 0.004 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.000 | &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; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From <br> Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.007 | &nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.010 | &nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp; 0.008 | &nbsp;&nbsp;&nbsp;&nbsp; 0.005 |
| **Less Distributions:** |  |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp; (0.007) | &nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.010) | &nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp; (0.008) | &nbsp;&nbsp;&nbsp; (0.004) |
| Distributions from net <br> realized gain<br>| &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; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; (0.007) | &nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.010) | &nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp; (0.008) | &nbsp;&nbsp;&nbsp; (0.005) |
| **Net Asset Value, End of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.31%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.26%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39% |
| Expense waiver/<br> reimbursement<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% |
| **Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period <br> (000 omitted)<br>| $229937 | $232943 | $255785 | $515994 | $410580 | $449099 | $369709 |

---

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

---

| | |
|:---|:---|
| 1 | *The Fund has changed its fiscal year end from July 31 to May 31. This period represents the* <br> *ten-month period from August 1, 2018 to May 31, 2019.*<br>|
| 2 | *Represents less than $0.001.* |
| 3 | *Per share numbers have been calculated using the average shares method.* |
| 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–Cash II Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **2022** | **2021** | **2020** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **2018** | **2017** |
| **Net Asset Value, Beginning of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From Investment** <br> **Operations:**<br>|  |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; 0.004 | &nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.006 | &nbsp;&nbsp;&nbsp; 0.007<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.004 | &nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 0.000 | &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; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp; 0.004 | &nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.006 | &nbsp;&nbsp;&nbsp; 0.007 | &nbsp;&nbsp;&nbsp; 0.004 | &nbsp;&nbsp;&nbsp; 0.001 |
| **Less Distributions:** |  |  |  |  |  |  |  |
| Distributions from net investment <br> income<br>| &nbsp;&nbsp; (0.004) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.006) | &nbsp;&nbsp; (0.007) | &nbsp;&nbsp; (0.004) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp; (0.004) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.006) | &nbsp;&nbsp; (0.007) | &nbsp;&nbsp; (0.004) | &nbsp;&nbsp; (0.001) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; 0.43% | &nbsp;&nbsp;&nbsp;&nbsp; 0.11% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.91%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 0.82% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.84%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.83%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.04% |
| Expense waiver/reimbursement<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp; 0.19% |
| **Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (000 <br> omitted)<br>| $66957 | $71843 | $74123 | $44704 | $50506 | $49804 | $88884 |

---

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

---

| | |
|:---|:---|
| 1 | *The Fund has changed its fiscal year end from July 31 to May 31. This period represents the* <br> *ten-month period from August 1, 2018 to May 31, 2019.*<br>|
| 2 | *Represents less than $0.001.* |
| 3 | *Per share numbers have been calculated using the average shares method.* |
| 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**

------

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **2022** | **2021** | **2020** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **2018** | **2017** |
| **Net Asset Value, Beginning** <br> **of Period**<br>| **$1.00** | **$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; 0.004 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.005 | &nbsp;&nbsp;&nbsp;&nbsp; 0.006<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.000 | &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; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From <br> Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.004 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.005 | &nbsp;&nbsp;&nbsp;&nbsp; 0.006 | &nbsp;&nbsp;&nbsp;&nbsp; 0.003 | &nbsp;&nbsp;&nbsp;&nbsp; 0.001 |
| **Less Distributions:** |  |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp; (0.004) | &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.005) | &nbsp;&nbsp;&nbsp; (0.006) | &nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net <br> realized gain<br>| &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; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; (0.004) | &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.005) | &nbsp;&nbsp;&nbsp; (0.006) | &nbsp;&nbsp;&nbsp; (0.003) | &nbsp;&nbsp;&nbsp; (0.001) |
| **Net Asset Value, End of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.83% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01% |
| Expense waiver/<br> reimbursement<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45% |
| **Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period <br> (000 omitted)<br>| $197862 | $237579 | $288115 | $240445 | $281674 | $328142 | $118975 |

---

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

---

| | |
|:---|:---|
| 1 | *The Fund has changed its fiscal year end from July 31 to May 31. This period represents the* <br> *ten-month period from August 1, 2018 to May 31, 2019.*<br>|
| 2 | *Represents less than $0.001.* |
| 3 | *Per share numbers have been calculated using the average shares method.* |
| 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

**22**

------

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **2022** | **2021** | **2020** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **2018** | **2017** |
| **Net Asset Value, Beginning** <br> **of Period**<br>| **$1.00** | **$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; 0.007 | &nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp; 0.012 | &nbsp;&nbsp;&nbsp;&nbsp; 0.012<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.010 | &nbsp;&nbsp;&nbsp;&nbsp; 0.006 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.000 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From <br> Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.007 | &nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp; 0.012 | &nbsp;&nbsp;&nbsp;&nbsp; 0.012 | &nbsp;&nbsp;&nbsp;&nbsp; 0.010 | &nbsp;&nbsp;&nbsp;&nbsp; 0.007 |
| **Less Distributions:** |  |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp; (0.007) | &nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp; (0.012) | &nbsp;&nbsp;&nbsp; (0.012) | &nbsp;&nbsp;&nbsp; (0.010) | &nbsp;&nbsp;&nbsp; (0.006) |
| Distributions from net <br> realized gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; (0.001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; (0.007) | &nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp; (0.012) | &nbsp;&nbsp;&nbsp; (0.012) | &nbsp;&nbsp;&nbsp; (0.010) | &nbsp;&nbsp;&nbsp; (0.007) |
| **Net Asset Value, End of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.62% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.44%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57% |
| Expense waiver/<br> reimbursement<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% |
| **Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period <br> (000 omitted)<br>| $191411 | $195389 | $289938 | $359491 | $409796 | $635782 | $255216 |

---

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

---

| | |
|:---|:---|
| 1 | *The Fund has changed its fiscal year end from July 31 to May 31. This period represents the* <br> *ten-month period from August 1, 2018 to May 31, 2019.*<br>|
| 2 | *Per share numbers have 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

**23**

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Statement of Assets and Liabilities <br>November 30, 2022 (unaudited)

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in securities, at amortized cost and fair value | $2864285742 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3437510 |
| Income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9356449 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24887771 |
| Receivable for shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2390397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp; 2904357869 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38979829 |
| Payable for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9584928 |
| Income distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340977 |
| Payable for investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8643 |
| Payable for administrative fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6130 |
| Payable for Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 |
| Payable for distribution services fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102464 |
| Payable for other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141905 |
| Accrued expenses (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49291831 |
| Net assets for 2,855,015,691 shares outstanding | $2855066038 |
| **Net Assets Consist of:** |  |
| Paid-in capital | $2854995379 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $2855066038 |

---

Semi-Annual Shareholder Report

**24**

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Statement of Assets and Liabilities–continued

---

| | |
|:---|:---|
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Automated Shares:** |  |
| $4,377,023 ÷ 4,376,946 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Investment Shares:** |  |
| $4,033,458 ÷ 4,033,387 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Wealth Shares:** |  |
| $2,160,488,978 ÷ 2,160,450,864 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Service Shares:** |  |
| $229,936,916 ÷ 229,932,861 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Cash II Shares:** |  |
| $66,957,074 ÷ 66,955,894 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Cash Series Shares:** |  |
| $197,861,570 ÷ 197,858,088 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Capital Shares:** |  |
| $191,411,019 ÷ 191,407,651 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

**25**

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Statement of Operations <br>Six Months Ended November 30, 2022 (unaudited)

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | $24917552 |
| **Expenses:** |  |
| Investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp; 2862503 |
| Administrative fee (Note 4) | &nbsp;&nbsp;&nbsp; 1122899 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42753 |
| Transfer agent fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252665 |
| Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8989 |
| Auditing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11851 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4229 |
| Portfolio accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125779 |
| Distribution services fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 796503 |
| Other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 968434 |
| Share registration costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93967 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21216 |
| Miscellaneous (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10609 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES | &nbsp;&nbsp;&nbsp; 6322397 |
| **Waivers and Reimbursements:** |  |
| Waiver of investment adviser fee (Note 4) | &nbsp;&nbsp; (1253460) |
| Waivers/reimbursements of other operating expenses (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp; (191814) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WAIVERS AND REIMBURSEMENTS | &nbsp;&nbsp; (1445274) |
| Net expenses | &nbsp;&nbsp;&nbsp; 4877123 |
| Net investment income | &nbsp;&nbsp; 20040429 |
| Change in net assets resulting from operations | $20040429 |

---

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>**11/30/2022**<br>| **Year Ended** <br>**5/31/2022**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | $20040429 | $2176337 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69113 |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20040429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2245450 |
| **Distributions to Shareholders:** |  |  |
| Automated Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (335661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (242884) |
| Investment Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (720) |
| Wealth Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15614472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1667616) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1536629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127174) |
| Cash II Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (296764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9913) |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (810926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37090) |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1431863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (177141) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> DISTRIBUTIONS TO SHAREHOLDERS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20040219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2262538) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 3378335781 | &nbsp;&nbsp; 3952421143 |
| Net asset value of shares issued to shareholders in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18470106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2064912 |
| Cost of shares redeemed | &nbsp;&nbsp; (3754811666) | &nbsp;&nbsp; (3710160577) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; (358005779) | &nbsp;&nbsp;&nbsp;&nbsp; 244325478 |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; (358005569) | &nbsp;&nbsp;&nbsp;&nbsp; 244308390 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 3213071607 | &nbsp;&nbsp; 2968763217 |
| End of period | $2855066038 | $3213071607 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**27**

------

Notes to Financial Statements

November 30, 2022 (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 Municipal 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 seven classes of shares: Automated Shares, Investment Shares, Wealth Shares, Service Shares, Cash II Shares, Cash Series 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 exempt from all federal regular income tax consistent with stability of principal. Interest income from the Fund's investments may be subject to the federal AMT for individuals and state and local taxes.

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.

Semi-Annual Shareholder Report

**28**

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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.

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 waivers and reimbursements of $1,445,274 is disclosed in various locations in this Note 2 and 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.

Semi-Annual Shareholder Report

**29**

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**Transfer Agent Fees** 

For the six months ended November 30, 2022, transfer agent fees for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Transfer Agent** <br>**Fees Incurred**<br>| **Transfer Agent** <br>**Fees Reimbursed**<br>|
| Automated Shares | $83188 | $— |
| Investment Shares | &nbsp;&nbsp;&nbsp;&nbsp; 1290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Wealth Shares | &nbsp;&nbsp;&nbsp; 17182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; 2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash II Shares | &nbsp;&nbsp;&nbsp; 33748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash Series Shares | &nbsp;&nbsp; 113512 | &nbsp;&nbsp; (33486) |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp; 1705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $252665 | $(33488) |

---

**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, Investment Shares, Wealth Shares, Service Shares, Cash II Shares, Cash Series 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 November 30, 2022, other service fees for the Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>| **Other Service** <br>**Fees Reimbursed**<br>| **Other Service Fees** <br>**Waived by Unaffiliated** <br>**Third Parties**<br>|
| Automated Shares | $205465 | $— | $— |
| Investment Shares | &nbsp;&nbsp;&nbsp;&nbsp; 3210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
| Service Shares | &nbsp;&nbsp; 293252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash II Shares | &nbsp;&nbsp;&nbsp; 88226 | &nbsp;&nbsp;&nbsp;&nbsp; (504) | &nbsp;&nbsp;&nbsp; (2373) |
| Cash Series Shares | &nbsp;&nbsp; 279044 | &nbsp;&nbsp; (5040) | &nbsp;&nbsp; (27207) |
| Capital Shares | &nbsp;&nbsp;&nbsp; 99237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $968434 | $(5544) | $(29581) |

---

For the six months ended November 30, 2022, the Fund's Wealth 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 November 30, 2022, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities

Semi-Annual Shareholder Report

**30**

------

as income tax expense in the Statement of Operations. As of November 30, 2022, 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 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>**11/30/2022** | **Six Months Ended** <br>**11/30/2022** | **Year Ended** <br>**5/31/2022** | **Year Ended** <br>**5/31/2022** |
| **Automated Shares:** | **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>| **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>|
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 32311 | $32311 | &nbsp;&nbsp;&nbsp; 371576 | $371576 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243 |
| Shares redeemed | &nbsp;&nbsp; (728501) | &nbsp;&nbsp;&nbsp;&nbsp; (728501) | &nbsp;&nbsp; (354815) | &nbsp;&nbsp;&nbsp;&nbsp; (354815) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> AUTOMATED <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; (695855) | $(695855) | &nbsp;&nbsp;&nbsp;&nbsp; 17004 | $17004 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**11/30/2022** | **Six Months Ended** <br>**11/30/2022** | **Year Ended** <br>**5/31/2022** | **Year Ended** <br>**5/31/2022** |
| **Investment Shares:** | **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>| **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>|
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5051 | $5051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6695 | $6695 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (3905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3905) | &nbsp;&nbsp;&nbsp;&nbsp; (8579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8579) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> INVESTMENT <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1160 | $1160 | &nbsp;&nbsp;&nbsp;&nbsp; (1883) | $(1883) |
|  | **Six Months Ended** <br>**11/30/2022** | **Six Months Ended** <br>**11/30/2022** | **Year Ended** <br>**5/31/2022** | **Year Ended** <br>**5/31/2022** |
| **Wealth Shares:** | **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>| **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>|
| Shares sold | 2649014 | $2649014 | 2302899 | $2302899 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1492 |
| Shares redeemed | (2275110) | &nbsp;&nbsp; (2275110) | (1904990) | &nbsp;&nbsp; (1904990) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> WEALTH SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp; 388277 | $388277 | &nbsp;&nbsp;&nbsp; 399401 | $399401 |
|  | **Six Months Ended** <br>**11/30/2022** | **Six Months Ended** <br>**11/30/2022** | **Year Ended** <br>**5/31/2022** | **Year Ended** <br>**5/31/2022** |
| **Service Shares:** | **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>| **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>|
| Shares sold | &nbsp;&nbsp;&nbsp; 290134 | $290134 | &nbsp;&nbsp;&nbsp; 583932 | $583932 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 |
| Shares redeemed | &nbsp;&nbsp; (294376) | &nbsp;&nbsp;&nbsp;&nbsp; (294376) | &nbsp;&nbsp; (606878) | &nbsp;&nbsp;&nbsp;&nbsp; (606878) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> SERVICE SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3006) | $(3006) | &nbsp;&nbsp;&nbsp;&nbsp; (22840) | $(22840) |
|  | **Six Months Ended** <br>**11/30/2022** | **Six Months Ended** <br>**11/30/2022** | **Year Ended** <br>**5/31/2022** | **Year Ended** <br>**5/31/2022** |
| **Cash II Shares:** | **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>| **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>|
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 26082 | $26082 | &nbsp;&nbsp;&nbsp;&nbsp; 30387 | $30387 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (31262) | &nbsp;&nbsp;&nbsp;&nbsp; (31262) | &nbsp;&nbsp;&nbsp;&nbsp; (32676) | &nbsp;&nbsp;&nbsp;&nbsp; (32676) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> CASH II SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4887) | $(4887) | &nbsp;&nbsp;&nbsp;&nbsp; (2279) | $(2279) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**11/30/2022** | **Six Months Ended** <br>**11/30/2022** | **Year Ended** <br>**5/31/2022** | **Year Ended** <br>**5/31/2022** |
| **Cash Series Shares:** | **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>| **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>|
| Shares sold | &nbsp;&nbsp;&nbsp; 210138 | $210138 | &nbsp;&nbsp;&nbsp; 483411 | $483411 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| Shares redeemed | &nbsp;&nbsp; (250655) | &nbsp;&nbsp;&nbsp;&nbsp; (250655) | &nbsp;&nbsp; (533981) | &nbsp;&nbsp;&nbsp;&nbsp; (533981) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> CASH SERIES <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39717) | $(39717) | &nbsp;&nbsp;&nbsp;&nbsp; (50533) | $(50533) |
|  | **Six Months Ended** <br>**11/30/2022** | **Six Months Ended** <br>**11/30/2022** | **Year Ended** <br>**5/31/2022** | **Year Ended** <br>**5/31/2022** |
| **Capital Shares:** | **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>| **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>|
| Shares sold | &nbsp;&nbsp;&nbsp; 165606 | $165606 | &nbsp;&nbsp;&nbsp; 173522 | $173522 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 |
| Shares redeemed | &nbsp;&nbsp; (171003) | &nbsp;&nbsp;&nbsp;&nbsp; (171003) | &nbsp;&nbsp; (268244) | &nbsp;&nbsp;&nbsp;&nbsp; (268244) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> CAPITAL SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3978) | $(3978) | &nbsp;&nbsp;&nbsp;&nbsp; (94545) | $(94545) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> TOTAL FUND <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; (358006) | $(358006) | &nbsp;&nbsp;&nbsp; 244325 | $244325 |

---

**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 November 30, 2022, the Adviser voluntarily waived $1,253,460 of its fee and voluntarily reimbursed $33,488 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 November 30, 2022, 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 Investment Shares, 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>|
| Investment Shares | 0.25% |
| 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 November 30, 2022, distribution services fees for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Distribution Services** <br>**Fees Incurred**<br>| **Distribution Services** <br>**Fees Waived**<br>|
| Investment Shares | $3210 | $(385) |
| Cash II Shares | &nbsp;&nbsp; 123588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash Series Shares | &nbsp;&nbsp; 669705 | &nbsp;&nbsp; (122816) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $796503 | $(123201) |

---

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended November 30, 2022, FSC retained $142,867 of fees paid by the Fund.

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**Other Service Fees** 

For the six months ended November 30, 2022, FSSC received $645 and reimbursed $5,544 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, Investment Shares, Wealth Shares, Service Shares, Cash II Shares, Cash Series Shares and Capital Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.56%, 0.78%, 0.21%, 0.46%, 0.91%, 1.02% and 0.31% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) August 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.

**Interfund Transactions** 

During the six months ended November 30, 2022, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Directors/Trustees and/or common Officers. These purchase and sale transactions complied with Rule 17a-7 under the Act and amounted to $596,329,000 and $670,472,000, respectively. Net realized gain/loss recognized on these transactions was $0.

**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 November 30, 2022, there were no outstanding loans. During the six months ended November 30, 2022, 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.

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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 June 1, 2022 to November 30, 2022.

**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>**6/1/2022**<br>| **Ending** <br>**Account Value** <br>**11/30/2022**<br>| **Expenses Paid** <br>**During Period**<sup>1</sup> <br>|
| **Actual:** |  |  |  |
| Automated Shares | $1000 | $1006.00 | $2.82 |
| Investment Shares | $1000 | $1004.90 | $3.92 |
| Wealth Shares | $1000 | $1007.80 | $1.06 |
| Service Shares | $1000 | $1006.50 | $2.31 |
| Cash II Shares | $1000 | $1004.30 | $4.52 |
| Cash Series Shares | $1000 | $1003.80 | $5.02 |
| Capital Shares | $1000 | $1007.30 | $1.56 |
| **Hypothetical (assuming a 5% return** <br> **before expenses):**<br>|  |  |  |
| Automated Shares | $1000 | $1022.26 | $2.84 |
| Investment Shares | $1000 | $1021.16 | $3.95 |
| Wealth Shares | $1000 | $1024.02 | $1.07 |
| Service Shares | $1000 | $1022.76 | $2.33 |
| Cash II Shares | $1000 | $1020.56 | $4.56 |
| Cash Series Shares | $1000 | $1020.05 | $5.06 |
| Capital Shares | $1000 | $1023.51 | $1.57 |

---

&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 183/365 (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 | 0.56% |
| Investment Shares | 0.78% |
| Wealth Shares | 0.21% |
| Service Shares | 0.46% |
| Cash II Shares | 0.90% |
| Cash Series Shares | 1.00% |
| Capital Shares | 0.31% |

---

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Evaluation and Approval of Advisory Contract–May 2022

**Federated Hermes Municipal 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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**43**

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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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**44**

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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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**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**

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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

**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. 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 Municipal 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 608919643* <br>*CUSIP 608919635* <br>*CUSIP 60934N658* <br>*CUSIP 60934N641* <br>*CUSIP 608919668* <br>*CUSIP 608919650* <br>*CUSIP 60934N633*

*Q450197 (1/23)*© 2023 Federated Hermes, Inc.

![](fscbug_small.jpg)

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**Semi-Annual Shareholder Report**

***November 30, 2022***

![](imgc95e7e351.gif)

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

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| | |
|:---|:---|
| **Share Class** \| Ticker | **Wealth** \| MOFXX |

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Federated Hermes Municipal 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 June 1, 2022 through November 30, 2022. 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_2548bc3b-107d-4f4e-96d1-ed6e02d2d4dc_1) | &nbsp;&nbsp; [1](#xx_2548bc3b-107d-4f4e-96d1-ed6e02d2d4dc_1)  |
| [Portfolio of Investments](#xx_2548bc3b-107d-4f4e-96d1-ed6e02d2d4dc_2) | &nbsp;&nbsp; [2](#xx_2548bc3b-107d-4f4e-96d1-ed6e02d2d4dc_2)  |
| [Financial Highlights](#xx_1e9b4ca1-23ca-4d19-8f4e-2128de34a19e_1) | [16](#xx_1e9b4ca1-23ca-4d19-8f4e-2128de34a19e_1)  |
| [Statement of Assets and Liabilities](#xx_3f4c9e8d-21e4-4044-979f-847c6be49394_1) | [18](#xx_3f4c9e8d-21e4-4044-979f-847c6be49394_1)  |
| [Statement of Operations](#xx_3f4c9e8d-21e4-4044-979f-847c6be49394_3) | [20](#xx_3f4c9e8d-21e4-4044-979f-847c6be49394_3)  |
| [Statement of Changes in Net Assets](#xx_3f4c9e8d-21e4-4044-979f-847c6be49394_4) | [21](#xx_3f4c9e8d-21e4-4044-979f-847c6be49394_4)  |
| [Notes to Financial Statements](#xx_60316954-e9ef-4ea6-81cc-1c937a78a874_1) | [22](#xx_60316954-e9ef-4ea6-81cc-1c937a78a874_1)  |
| [Shareholder Expense Example](#xx_56f72dc1-ae74-4187-b977-26ba2440c618_1) | [31](#xx_56f72dc1-ae74-4187-b977-26ba2440c618_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_64b9d79d-9a07-407d-ab47-777e3bbbc47d_1) | [32](#xx_64b9d79d-9a07-407d-ab47-777e3bbbc47d_1)  |
| [Voting Proxies on Fund Portfolio Securities](#xx_7c4f2c29-6a1b-4f86-a7c5-64f5144a5b09_1) | [42](#xx_7c4f2c29-6a1b-4f86-a7c5-64f5144a5b09_1)  |
| [Portfolio Schedule](#xx_7c4f2c29-6a1b-4f86-a7c5-64f5144a5b09_1) | [42](#xx_7c4f2c29-6a1b-4f86-a7c5-64f5144a5b09_1) |

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Portfolio of Investments Summary Tables (unaudited)

At November 30, 2022, 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 Demand Instruments | 76.0% |
| Municipal Notes | 18.0% |
| Commercial Paper | &nbsp;&nbsp; 6.3% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| (0.3)% |
| &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 November 30, 2022, 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 | 62.1% |
| 8-30 Days | &nbsp;&nbsp; 3.3% |
| 31-90 Days | 24.9% |
| 91-180 Days | &nbsp;&nbsp; 2.8% |
| 181 Days or more | &nbsp;&nbsp; 7.2% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| (0.3)% |
| &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 | *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

November 30, 2022 (unaudited)

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| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— 100.3% |  |
|  | **Alabama— 1.9%** |  |
| $9275000 | Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2007) Weekly <br> VRDNs, (Comerica Bank LOC), 2.000%, 12/1/2022<br>| $9275000 |
| 10000000 | Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2011) Weekly <br> VRDNs, (Comerica Bank LOC), 2.000%, 12/1/2022<br>| 10000000 |
| 33700000 | Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly <br> VRDNs, 2.020%, 12/7/2022<br>| 33700000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 52975000 |
|  | **Alaska— 1.1%** |  |
| 32000000 | Valdez, AK Marine Terminal (Phillips Transportation Alaska, Inc.), <br> (Series 1994A) Weekly VRDNs, (ConocoPhillips GTD), <br> 1.900%, 12/7/2022<br>| 32000000 |
|  | **Arizona— 1.3%** |  |
| 32500000 | Arizona State IDA (Vaseo Apartments LP), Mizuho 3a-7 (2021-MIZ9088) <br> VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), <br> 2.150%, 12/1/2022<br>| 32500000 |
| 5610000 | Maricopa County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly <br> VRDNs, (Wells Fargo Bank, N.A. LOC), 2.060%, 12/1/2022<br>| 5610000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 38110000 |
|  | **Arkansas— 0.5%** |  |
| 13500000 | Blytheville, AR (Nucor Corp.), (Series 2002) Weekly VRDNs, <br> 2.050%, 12/7/2022<br>| 13500000 |
|  | **California— 18.4%** |  |
| 3000000 | California Educational Facilities Authority (Stanford University), <br> (Series S-4), CP, 1.750%, Mandatory Tender 12/6/2022<br>| 3000000 |
| 20000000 | California Health Facilities Financing Authority (Dignity Health (Catholic <br> Healthcare West)), Golden Blue (Series 2017-004) VRENs, (Barclays <br> Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.050%, 12/1/2022<br>| 20000000 |
| 31205000 | California Health Facilities Financing Authority (Kaiser Permanente), <br> (Series 2006E), CP, 1.950%, Mandatory Tender 12/15/2022<br>| 31205000 |
| 2356000 | California HFA (Hope on Broadway LP), Tender Option Bond Trust <br> Receipts (Series 2022-XF3018) Weekly VRDNs, (Mizuho Bank Ltd. <br> LIQ)/(Mizuho Bank Ltd. LOC), 2.100%, 12/1/2022<br>| 2356000 |
| 4500000 | California Municipal Finance Authority (Brawley Pacific Associates III), <br> Tender Option Bond Trust Receipts (Series 2022-XF3027) Weekly <br> VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), <br> 2.100%, 12/1/2022<br>| 4500000 |
| 30500000 | California Municipal Finance Authority (Waste Management, Inc.), <br> (Series 2020) TOBs, (Waste Management Holdings, Inc. GTD), 2.950%, <br> Mandatory Tender 12/1/2022<br>| 30500000 |
| 2000000 | California PCFA (C.A. and E.J. Vanderham Family Trust), (Series 2003) <br> Weekly VRDNs, (CoBank, ACB LOC), 2.000%, 12/1/2022<br>| 2000000 |

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Semi-Annual Shareholder Report

**2**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **California— continued** |  |
| $3000000 | California PCFA (P & D Dairy and Poso Creek Family Dairy, LLC), <br> (Series 2003) Weekly VRDNs, (Bank of the West, San Francisco, CA <br> LOC), 2.000%, 12/1/2022<br>| $3000000 |
| 2940000 | California PCFA (T & W Farms), (Series 2002) Weekly VRDNs, (Bank of <br> America N.A. LOC), 2.000%, 12/1/2022<br>| 2940000 |
| 5154000 | California Statewide Communities Development Authority (Essex <br> Monarch La Brea Apartments LP), Tender Option Bond Trust Floater <br> Certificates (Series 2019-MIZ9012) VRENs, (GTD by Mizuho Bank <br> Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 5154000 |
| 22184000 | California Statewide Communities Development Authority (Essex <br> Monarch Santa Monica Apartments LP), Tender Option Bond Trust <br> Floater Certificates (Series 2019-MIZ9011) VRENs, (GTD by Mizuho <br> Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 22184000 |
| 10000000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2004E), CP, 2.020%, Mandatory <br> Tender 12/14/2022<br>| 10000000 |
| 9000000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2004I), CP, 2.000%, Mandatory <br> Tender 12/13/2022<br>| 9000000 |
| 17190000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2004K), CP, 3.100%, Mandatory Tender 3/2/2023<br>| 17190000 |
| 12500000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2009B-1), CP, 1.900%, Mandatory <br> Tender 12/7/2022<br>| 12500000 |
| 12500000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2009B-4), CP, 3.130%, Mandatory <br> Tender 1/11/2023<br>| 12500000 |
| 7300000 | California Statewide Communities Development Authority MFH <br> (Uptown Newport Building Owner, LP), (2017 Series BB: One Uptown <br> Newport Apartments) Weekly VRDNs, (FHLB of Des Moines LOC), <br> 1.940%, 12/1/2022<br>| 7300000 |
| 4842000 | Los Angeles County, CA (Hope on Broadway LP), Tender Option Bond <br> Trust Receipts (2022-XF3019) Weekly VRDNs, (Mizuho Bank Ltd. <br> LIQ)/(Mizuho Bank Ltd. LOC), 2.100%, 12/1/2022<br>| 4842000 |
| 86050000 | Los Angeles, CA Community Redevelopment Agency (DWF V <br> Hollywood & Vine, LP), Mizuho 3a-7 (Series 2022-MIZ9089) Weekly <br> VRDNs, (GTD by FHLMC)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 86050000 |
| 42415000 | Los Angeles, CA Community Redevelopment Agency (DWF V Wilshire <br> Vermont, LP), Mizuho 3a-7 (Series 2022-MIZ9090) Weekly VRDNs, <br> (GTD by FHLMC)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 42415000 |
| 75000000 | Nuveen California Quality Municipal Income Fund, RIB Floater Trust <br> (Series 2022-FR-RI-005) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank <br> PLC LOC), 2.230%, 12/1/2022<br>| 75000000 |
| 45000000 | River Islands, CA Public Financing Authority (River Islands, CA Public <br> Financing Authority Community Facilities District No. 2015-1), Tender <br> Option Bond Trust Floater Certificates (Series 2022-MIZ9110) VRENs, <br> (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 45000000 |

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Semi-Annual Shareholder Report

**3**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **California— continued** |  |
| $2770000 | Sacramento County, CA HDA (Shiloh Arms Partners LP), Mizuho 3a-7 <br> (2022-MIZ9093) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. <br> LIQ), 2.150%, 12/1/2022<br>| $2770000 |
| 30000000 | San Francisco, CA City and County (Block 9 MRU Residential LLC), <br> Mizuho 3a-7 (Series 2022-MIZ9100) VRENs, (GTD by Mizuho Bank <br> Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 30000000 |
| 43230000 | San Francisco, CA City and County (Transbay Block 8 Tower <br> Apartments Obligated Group), Mizuho 3a-7 (2021-MIZ9063) VRENs, <br> (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 43230000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 524636000 |
|  | **Colorado— 0.4%** |  |
| 4615000 | Colorado HFA (Acme Manufacturing Company, Inc.), (Series 2016A) <br> Weekly VRDNs, (UMB Bank, N.A. LOC), 2.090%, 12/1/2022<br>| 4615000 |
| 1275000 | Colorado HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007) <br> Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 2.070%, 12/1/2022<br>| 1275000 |
| 1230000 | Colorado HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs, <br> (UMB Bank, N.A. LOC), 2.160%, 12/1/2022<br>| 1230000 |
| 3000000 | Denver, CO City & County Airport Authority, RBC Muni Products <br> (Series G-114) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of <br> Canada LOC), 2.150%, Optional Tender 12/1/2022<br>| 3000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 10120000 |
|  | **Connecticut— 0.5%** |  |
| 4145000 | Connecticut State Special Transportation Fund, RBC Muni Products <br> (Series G-110) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of <br> Canada LOC), 2.080%, Optional Tender 4/3/2023<br>| 4145000 |
| 10060000 | Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays <br> Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.050%, 12/1/2022<br>| 10060000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 14205000 |
|  | **Florida— 4.1%** |  |
| 2100000 | Capital Trust Agency, FL (Milestones Community School, Inc.), Tender <br> Option Bond Trust Receipts (2022-XF2965) Weekly VRDNs, (GTD by <br> Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.100%, 12/1/2022<br>| 2100000 |
| 14000000 | Florida Development Finance Corp. (Brightline Florida Passenger Rail <br> Expansion), (Series A) TOBs, (GTD by United States Treasury), 2.900%, <br> Mandatory Tender 4/4/2023<br>| 14000000 |
| 4280000 | Florida Development Finance Corp. (Navigator Academy of <br> Leadership, Inc.), Tender Option Bond Trust Receipts (2021-XF2945) <br> Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), <br> 2.100%, 12/1/2022<br>| 4280000 |
| 9000000 | Greater Orlando, FL Aviation Authority, (RBC Muni Products Series <br> G-25) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), <br> 2.150%, Optional Tender 4/3/2023<br>| 9000000 |
| 5000000 | Hillsborough County, FL Solid Waste & Resource Recovery, RBC Muni <br> Products (Series G-41) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank <br> of Canada LOC), 2.100%, Optional Tender 3/1/2023<br>| 5000000 |

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Semi-Annual Shareholder Report

**4**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Florida— continued** |  |
| $20500000 | Liberty County, FL (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, <br> 2.050%, 12/1/2022<br>| $20500000 |
| 11830000 | Miami-Dade County, FL (County of Miami-Dade Seaport Department), <br> Tender Option Bond Trust Certificates (2022-XF2988) Weekly VRDNs, <br> (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), <br> 2.040%, 12/1/2022<br>| 11830000 |
| 7490000 | Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 <br> (2021-MIZ9072) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. <br> LIQ), 2.150%, 12/1/2022<br>| 7490000 |
| 4630000 | Miami-Dade County, FL HFA (Superior Manor Phase II LLC), Mizuho <br> 3a-7 (2022-MIZ9087) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank <br> Ltd. LIQ), 2.150%, 12/1/2022<br>| 4630000 |
| 37280000 | Miami-Dade County, FL School District, (Series 2022) TANs, <br> 4.000%, 2/23/2023<br>| 37380046 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 116210046 |
|  | **Georgia— 6.1%** |  |
| 4200000 | Appling County, GA Development Authority (Georgia Power Co.), (1st <br> Series 1997) Daily VRDNs, 1.700%, 12/1/2022<br>| 4200000 |
| 28000000 | Appling County, GA Development Authority (Georgia Power Co.), <br> (First Series 2011) Daily VRDNs, 1.700%, 12/1/2022<br>| 28000000 |
| 9750000 | Atlanta, GA, Urban Residential Finance Authority (Columbia at Sylvan <br> Hills Apartments), (Series 2006) Weekly VRDNs, (FNMA LOC), <br> 2.040%, 12/1/2022<br>| 9750000 |
| 6900000 | Burke County, GA Development Authority (Georgia Power Co.), <br> (Series 2008) Daily VRDNs, 1.700%, 12/1/2022<br>| 6900000 |
| 8815000 | Columbus, GA Development Authority (Avalon Apartments LP), <br> (Series 2008) Weekly VRDNs, (FNMA LOC), 2.040%, 12/1/2022<br>| 8815000 |
| 10000000 | Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), <br> (Series 2008) Weekly VRDNs, (FHLMC LOC), 2.040%, 12/1/2022<br>| 10000000 |
| 13870000 | Effingham County, GA Development Authority (Georgia Power Co.), <br> (Series 2003) Daily VRDNs, 1.710%, 12/1/2022<br>| 13870000 |
| 360000 | Fitzgerald & Ben Hill County, GA Development Authority <br> (Agri-Products, Inc.), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A. <br> LOC), 2.000%, 12/1/2022<br>| 360000 |
| 3700000 | Floyd County, GA Development Authority PCRB (Georgia Power Co.), <br> (First Series 1996) Daily VRDNs, 1.700%, 12/1/2022<br>| 3700000 |
| 2000000 | Heard County, GA Development Authority (Georgia Power Co.), (First <br> Series 1996) Daily VRDNs, 1.710%, 12/1/2022<br>| 2000000 |
| 9300000 | Monroe County, GA Development Authority Pollution Control <br> (Georgia Power Co.), (First Series 1997) Daily VRDNs, <br> 1.700%, 12/1/2022<br>| 9300000 |
| 1775000 | Savannah, GA EDA (Consolidated Utilities, Inc.), (Series 2007) Weekly <br> VRDNs, (Truist Bank LOC), 2.030%, 12/1/2022<br>| 1775000 |
| 72250000 | Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, <br> 1.940%, 12/7/2022<br>| 72250000 |

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Semi-Annual Shareholder Report

**5**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Georgia— continued** |  |
| $1960000 | Wayne County, GA, IDA (Sierra International Machinery LLC), <br> (Series 2011) Weekly VRDNs, (Truist Bank LOC), 2.030%, 12/1/2022<br>| $1960000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 172880000 |
|  | **Hawaii— 0.2%** |  |
| 6110000 | Hawaii State Department of Budget & Finance (Queen's Health <br> Systems), (2015 Series C) VRENs, 2.350%, 12/1/2022<br>| 6110000 |
|  | **Idaho— 0.5%** |  |
| 13690000 | American Falls, ID Reservoir District (Idaho Power Co.), (Series 2000) <br> Weekly VRDNs, 2.400%, 12/7/2022<br>| 13690000 |
|  | **Illinois— 0.6%** |  |
| 17891398 | Metropolitan Pier & Exposition Authority, IL, Tender Option Bond Trust <br> Receipts (2021-MS0001) TOBs, (Morgan Stanley Bank, N.A. <br> LIQ)/(Morgan Stanley Bank, N.A. LOC), 2.200%, Optional <br> Tender 12/15/2022<br>| 17891398 |
|  | **Indiana— 2.2%** |  |
| 6000000 | Bloomington, IN EDRB (SY Henderson Court Investors, LP), <br> (Series 2008: Henderson Court Apartments) Weekly VRDNs, (FHLMC <br> LOC), 2.040%, 12/1/2022<br>| 6000000 |
| 14250000 | Indiana Development Finance Authority (Duke Energy Indiana, Inc.), <br> (Series 2003B) Weekly VRDNs, 2.030%, 12/7/2022<br>| 14250000 |
| 200000 | Indiana Development Finance Authority (South Central Community <br> Mental Health Centers, Inc.), D/B/A Center for Behavioral Health <br> (Series 2002) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), <br> 2.050%, 12/1/2022<br>| 200000 |
| 25000000 | Indiana State Finance Authority (Trinity Healthcare Credit Group), <br> (Series 2008 D-2), CP, 2.000%, Mandatory Tender 1/4/2023<br>| 25000000 |
| 17000000 | Indiana State Finance Authority Environmental (Fulcrum Centerpoint, <br> LLC), (Series 2022) TOBs, (United States Treasury GTD), 4.550%, <br> Mandatory Tender 11/15/2023<br>| 17000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 62450000 |
|  | **Iowa— 0.2%** |  |
| 5300000 | Iowa Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly <br> VRDNs, (AgriBank FCB LOC), 2.000%, 12/1/2022<br>| 5300000 |
|  | **Kansas— 0.9%** |  |
| 4900000 | Burlington, KS (Kansas City Power And Light Co.), (Series 2007A) <br> Weekly VRDNs, 2.150%, 12/7/2022<br>| 4900000 |
| 21000000 | Burlington, KS (Kansas City Power And Light Co.), (Series 2007B) <br> Weekly VRDNs, 2.150%, 12/7/2022<br>| 21000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 25900000 |
|  | **Kentucky— 1.2%** |  |
| 3435000 | Kentucky State Property & Buildings Commission, RBC Muni Products <br> (Series G-116) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of <br> Canada LOC), 2.100%, Mandatory Tender 5/1/2023<br>| 3435000 |
| 11350000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville <br> Gas & Electric Co.), (Series A) Weekly VRDNs, 1.980%, 12/2/2022<br>| 11350000 |

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Semi-Annual Shareholder Report

**6**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Kentucky— continued** |  |
| $18270000 | Meade County, KY Industrial Building Revenue Authority (Nucor <br> Corp.), (Series 2021B-1) Daily VRDNs, 1.800%, 12/1/2022<br>| $18270000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 33055000 |
|  | **Louisiana— 3.6%** |  |
| 9785000 | Calcasieu Parish, LA Public Trust Authority (WPT Corp.), (Series 1997) <br> Weekly VRDNs, (Bank of America N.A. LOC), 2.350%, 12/7/2022<br>| 9785000 |
| 14200000 | East Baton Rouge Parish, LA IDB (Georgia-Pacific LLC), Solid Waste <br> Disposal Revenue Bonds (Series 2004) Weekly VRDNs, <br> 2.000%, 12/7/2022<br>| 14200000 |
| 11000000 | Louisiana Local Government Environmental Facilities CDA (American <br> Biocarbon, CT LLC) TOBs, (GTD by United States Treasury), 3.850%, <br> Mandatory Tender 8/1/2023<br>| 11000000 |
| 18000000 | Louisiana Local Government Environmental Facilities CDA (American <br> Biocarbon, CT LLC), (Series 2021) TOBs, (GTD by United States <br> Treasury), 2.125%, Mandatory Tender 12/1/2022<br>| 18000000 |
| 3790000 | Louisiana State Housing Corporation (Peace Lake Louisiana Tower <br> Community L.P.), Tender Option Bond Trust Floater Certificates <br> (Series 2020-MIZ9053) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho <br> Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 3790000 |
| 18500000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) <br> Weekly VRDNs, (GTD by Nucor Corp.), 2.230%, 12/7/2022<br>| 18500000 |
| 27400000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) <br> Weekly VRDNs, (GTD by Nucor Corp.), 2.300%, 12/7/2022<br>| 27400000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 102675000 |
|  | **Maine— 0.8%** |  |
| 22260000 | Old Town, ME (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, <br> 2.100%, 12/7/2022<br>| 22260000 |
|  | **Maryland— 1.7%** |  |
| 5020000 | Baltimore County, MD (Oak Crest Village Inc.), 3a-7 Credit Enhanced <br> Trust (Series 2022-032) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank <br> PLC LOC), 2.100%, 12/1/2022<br>| 5020000 |
| 5000000 | Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) <br> TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), <br> 2.100%, Optional Tender 1/3/2023<br>| 5000000 |
| 22000000 | Maryland Health and Higher Educational Facilities Authority (Integrace <br> Obligated Group), 3a-7 Credit Enhanced Trust (Series 2022-024) <br> VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), <br> 2.100%, 12/1/2022<br>| 22000000 |
| 15910000 | Montgomery County, MD (Trinity Healthcare Credit Group), <br> (Series 2013MD) TOBs, 2.580%, Mandatory Tender 3/1/2023<br>| 15910000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 47930000 |
|  | **Massachusetts— 1.3%** |  |
| 27000000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), <br> (Series 2004), CP, (GTD by Massachusetts Electric Co.), 2.850%, <br> Mandatory Tender 1/11/2023<br>| 27000000 |

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Semi-Annual Shareholder Report

**7**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Massachusetts— continued** |  |
| $10000000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), <br> (Series 2004), CP, (GTD by Massachusetts Electric Co.), 2.950%, <br> Mandatory Tender 12/2/2022<br>| $10000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 37000000 |
|  | **Michigan— 0.2%** |  |
| 5250000 | Michigan Strategic Fund (Greenville Venture Partners LLC), <br> (Series 2018) Weekly VRDNs, (CoBank, ACB LOC), 2.000%, 12/1/2022<br>| 5250000 |
|  | **Minnesota— 0.9%** |  |
| 25600000 | Roseville, MN, Tender Option Bond Trust Receipts <br> (Series 2022-XF3034) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 2.120%, 12/1/2022<br>| 25600000 |
|  | **Mississippi— 0.2%** |  |
| 5865000 | Mississippi Home Corp, Mizuho 3a-7 (Series 2022-XF3022) Weekly <br> VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), <br> 2.120%, 12/1/2022<br>| 5865000 |
|  | **Missouri— 1.3%** |  |
| 30000000 | Kansas City, MO IDA (Kansas City, MO Airport Revenue), Tender <br> Option Bond Trust Receipts (Series 2020-XL-150) Weekly VRDNs, <br> (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. <br> LIQ), 2.040%, 12/1/2022<br>| 30000000 |
| 3755000 | Kansas City, MO Planned Industrial Expansion Authority (EPD3 <br> Ridgeview LP), Mizuho 3a-7 (2022-MIZ9086) VRENs, (GTD by Mizuho <br> Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 3755000 |
| 2500000 | Lees Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), <br> 2.150%, 12/1/2022<br>| 2500000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 36255000 |
|  | **Montana— 0.2%** |  |
| 3510000 | Montana State Board of Housing (HRDC IX Affordable Housing <br> Solutions LP), Mizuho 3a-7 (2021-MIZ9061) VRENs, (GTD by Mizuho <br> Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 3510000 |
| 3320000 | Montana State Board of Housing (HRDC IX Affordable Housing <br> Solutions LP), Mizuho 3a-7 (2021-MIZ9062) VRENs, (GTD by Mizuho <br> Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 3320000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6830000 |
|  | **Multi-State— 11.9%** |  |
| 63500000 | Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily <br> VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.080%, 12/1/2022<br>| 63500000 |
| 97400000 | Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) <br> Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.080%, 12/1/2022<br>| 97400000 |
| 130100000 | Nuveen Municipal Credit Income Fund, PUTTERs 3a-7 (Series 5039) <br> (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 2.080%, 12/1/2022<br>| 130100000 |
| 37700000 | Nuveen Municipal Credit Opportunities Fund, (Series A) Weekly <br> VRDPs, (Sumitomo Mitsui Banking Corp. LIQ), 2.000%, 12/1/2022<br>| 37700000 |

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Semi-Annual Shareholder Report

**8**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Multi-State— continued** |  |
| $11875000 | Nuveen Municipal Credit Opportunities Fund, PUTTERs 3a-7 <br> (Series 5033) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, <br> N.A. LIQ), 2.080%, 12/1/2022<br>| $11875000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 340575000 |
|  | **Nebraska— 0.3%** |  |
| 7500000 | Stanton County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs, <br> 2.250%, 12/7/2022<br>| 7500000 |
| 1875000 | Stanton County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs, <br> 2.250%, 12/7/2022<br>| 1875000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9375000 |
|  | **Nevada— 0.4%** |  |
| 1275000 | Director of the State of Nevada Department of Business and Industry <br> (575 Mill Street LLC), IDRB (Series 1998A) Weekly VRDNs, <br> (Manufacturers & Traders Trust Co., Buffalo LOC), 2.110%, 12/1/2022<br>| 1275000 |
| 11500000 | Nevada Housing Division (DWF V Summit Club Holdings LLC), Mizuho <br> 3a-7 (2021-MIZ9091) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank <br> Ltd. LIQ), 2.150%, 12/1/2022<br>| 11500000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 12775000 |
|  | **New Jersey— 7.7%** |  |
| 3903700 | Aberdeen Township, NJ BANs, 1.250%, 12/29/2022 | 3906084 |
| 6641725 | Butler Borough, NJ BANs, 3.750%, 9/8/2023 | 6683960 |
| 5807835 | Clementon, NJ, (Series A) BANs, 4.250%, 9/28/2023 | 5851875 |
| 5915500 | Delran Township, NJ BANs, 4.250%, 9/5/2023 | 5939103 |
| 14770000 | Freehold Borough, NJ BANs, 4.000%, 8/3/2023 | 14875883 |
| 4000000 | Garwood, NJ BANs, 5.000%, 8/3/2023 | 4024284 |
| 5373950 | Hammonton, NJ BANs, 5.000%, 10/26/2023 | 5404113 |
| 2436000 | Haworth Borough, NJ BANs, 4.500%, 7/14/2023 | 2443776 |
| 7505061 | Highlands, NJ BANs, 4.250%, 7/7/2023 | 7555040 |
| 1800000 | Hillsdale Borough, NJ BANs, 1.000%, 12/2/2022 | 1800029 |
| 2561000 | Hillsdale Borough, NJ BANs, 4.500%, 8/24/2023 | 2572781 |
| 6845000 | Middle Township, NJ BANs, 3.750%, 9/7/2023 | 6887323 |
| 4023775 | Mount Olive Township, NJ BANs, 1.250%, 12/15/2022 | 4025081 |
| 5968000 | Mountainside, NJ BANs, 5.000%, 7/20/2023 | 6001046 |
| 13600000 | New Brunswick, NJ BANs, 3.750%, 9/18/2023 | 13689481 |
| 6850000 | New Jersey EDA (Yeshiva of North Jersey), (Series 2018) Weekly <br> VRDNs, (Valley National Bank LOC), 2.200%, 12/1/2022<br>| 6850000 |
| 3380000 | New Jersey EDA (Baptist Home Society of New Jersey) Weekly <br> VRDNs, (Valley National Bank LOC), 2.200%, 12/1/2022<br>| 3380000 |
| 11255000 | New Jersey EDA (Jewish Community Center on the Palisades), <br> (Series 2016) Weekly VRDNs, (Valley National Bank LOC), <br> 2.200%, 12/2/2022<br>| 11255000 |

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Semi-Annual Shareholder Report

**9**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **New Jersey— continued** |  |
| $1285000 | New Jersey EDA (Temple Emanuel of the Pascack Valley), <br> (Series 2001/2019) Weekly VRDNs, (U.S. Bank, N.A. LOC), <br> 2.150%, 12/2/2022<br>| $1285000 |
| 4160000 | New Jersey Health Care Facilities Financing Authority (Christian Health <br> Care Center), (Series A-2) Weekly VRDNs, (Valley National Bank LOC), <br> 2.100%, 12/1/2022<br>| 4160000 |
| 9065000 | New Jersey State EDA (Jewish Community Housing Corporation of <br> Metropolitan New Jersey), (Series 2010) Weekly VRDNs, (Valley <br> National Bank LOC), 2.020%, 12/1/2022<br>| 9065000 |
| 6716000 | Park Ridge Borough, NJ BANs, 3.250%, 4/28/2023 | 6742624 |
| 6500000 | Pemberton Township, NJ, (Series 2022) BANs, 4.000%, 5/31/2023 | 6531352 |
| 6200000 | Ramsey, NJ BANs, 1.250%, 1/6/2023 | 6204869 |
| 3496000 | Rochelle Park Township, NJ BANs, 4.500%, 8/9/2023 | 3508388 |
| 4041000 | Saddle River, NJ BANs, 5.500%, 6/7/2023 | 4071451 |
| 6585000 | Somers Point, NJ BANs, 1.250%, 12/20/2022 | 6587901 |
| 2345000 | South Hackensack, NJ BANs, 1.250%, 12/15/2022 | 2345761 |
| 6136000 | South River, NJ, (Series B) BANs, 1.250%, 12/16/2022 | 6138133 |
| 3588154 | Springfield Township, NJ BANs, 1.250%, 12/8/2022 | 3588736 |
| 3544300 | Springfield Township, NJ BANs, 4.250%, 9/7/2023 | 3557945 |
| 25000000 | Stone Harbor, NJ BANs, 5.000%, 10/13/2023 | 25155613 |
| 6346649 | Union Beach, NJ BANs, 5.000%, 7/25/2023 | 6386572 |
| 3807000 | Winslow Township, NJ BANs, 3.750%, 9/14/2023 | 3831704 |
| 8068496 | Woolwich, NJ BANs, 3.750%, 5/30/2023 | 8115429 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 220421337 |
|  | **New York— 4.8%** |  |
| 3846510 | Alden Village, NY BANs, 3.750%, 9/7/2023 | 3869411 |
| 2000000 | Hannibal, NY Central School District BANs, 4.250%, 6/28/2023 | 2013330 |
| 5590000 | Hempstead (town), NY IDA MFH (Hempstead Village Housing <br> Associates LP), (Series 2006) Weekly VRDNs, (FNMA LOC), <br> 2.010%, 12/1/2022<br>| 5590000 |
| 5904000 | Lowville, NY, (Series A) BANs, 3.250%, 8/24/2023 | 5912025 |
| 8000000 | Massena, NY Central School District BANs, 4.000%, 6/29/2023 | 8044647 |
| 3670000 | New Rochelle, NY IDA (180 Union Avenue Owner LP), <br> (Series 2006: West End Phase I Facility) Weekly VRDNs, (Citibank N.A., <br> New York LOC), 2.010%, 12/1/2022<br>| 3670000 |
| 15000000 | New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells <br> Fargo Bank, N.A. LIQ), 2.050%, 12/1/2022<br>| 15000000 |
| 72800000 | New York State HFA (42nd and 10th Street Associates LLC), 3a-7 High <br> Grade Trust (Series 2022-007) VRENs, (Barclays Bank PLC <br> LIQ)/(Barclays Bank PLC LOC), 2.300%, 12/1/2022<br>| 72800000 |
| 10000000 | New York Transportation Development Corporation (LaGuardia <br> Gateway Partners, LLC), Tender Option Bond Trust Receipts <br> (Series 2016-XM0403) Weekly VRDNs, (Assured Guaranty Municipal <br> Corp. INS)/(Toronto Dominion Bank LIQ), 2.280%, 12/1/2022<br>| 10000000 |

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Semi-Annual Shareholder Report

**10**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **New York— continued** |  |
| $6700000 | Penn-Yan, NY Central School District BANs, 4.250%, 6/28/2023 | $6744656 |
| 1554371 | Walton, NY Central School District BANs, 4.000%, 6/28/2023 | 1562132 |
| 2500000 | Watervliet, NY City School District BANs, 3.250%, 4/26/2023 | 2510760 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 137716961 |
|  | **North Carolina— 0.2%** |  |
| 3000000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), <br> (Series 2000A) Weekly VRDNs, 2.050%, 12/7/2022<br>| 3000000 |
| 3000000 | Yancey County, NC Industrial Facilities & PCFA (Altec Industries, Inc.), <br> (Series 2007) Weekly VRDNs, (Truist Bank LOC), 2.030%, 12/1/2022<br>| 3000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
|  | **Ohio— 1.6%** |  |
| 30470000 | Middletown, OH (Premier Health Partners Obligated Group), Golden <br> Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank <br> PLC LOC), 2.050%, 12/1/2022<br>| 30470000 |
| 8100000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), <br> Barclays Golden Blue (Series 2020-002) VRENs, (Barclays Bank PLC <br> LIQ)/(Barclays Bank PLC LOC), 2.050%, 12/1/2022<br>| 8100000 |
| 7000000 | Toledo-Lucas County, OH Port Authority (Van Deurzen Dairy LLC), <br> (Series 2006) Weekly VRDNs, (AgriBank FCB LOC), 2.000%, 12/1/2022<br>| 7000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 45570000 |
|  | **Oklahoma— 3.0%** |  |
| 14850000 | Garfield County, OK Industrial Authority Pollution Control (Oklahoma <br> Gas and Electric Co.), (Series 1995-A) Weekly VRDNs, <br> 2.080%, 12/7/2022<br>| 14850000 |
| 30400000 | Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (1995 <br> Series A) Weekly VRDNs, 2.000%, 12/7/2022<br>| 30400000 |
| 40450000 | Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), <br> (Series 1997A) Weekly VRDNs, 2.080%, 12/7/2022<br>| 40450000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 85700000 |
|  | **Oregon— 0.1%** |  |
| 4360000 | Port of Morrow, OR Pollution Control (Idaho Power Co.), (Series 2000) <br> Weekly VRDNs, 2.400%, 12/7/2022<br>| 4360000 |
|  | **Pennsylvania— 0.1%** |  |
| 480000 | East Hempfield Township, PA IDA (BGT Realty), (Series of 2005) <br> Weekly VRDNs, (Fulton Bank, N.A. LOC), 2.200%, 12/1/2022<br>| 480000 |
| 2000000 | Philadelphia, PA Authority for Industrial Development (Susquehanna <br> Net Zero Housing, L.P.), Tender Option Bond Trust Floater Certificates <br> (2020-MIZ9051) VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. <br> LOC), 2.150%, 12/1/2022<br>| 2000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2480000 |
|  | **South Carolina— 1.1%** |  |
| 21500000 | Berkeley County, SC IDB (Nucor Corp.) Weekly VRDNs, <br> 2.250%, 12/7/2022<br>| 21500000 |

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Semi-Annual Shareholder Report

**11**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **South Carolina— continued** |  |
| $10100000 | Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, <br> 2.250%, 12/7/2022<br>| $10100000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 31600000 |
|  | **South Dakota— 0.1%** |  |
| 3000000 | South Dakota Value Added Finance Authority (Prairie Gold Dairy LLC), <br> (Series 2004) Weekly VRDNs, (CoBank, ACB LOC), 2.000%, 12/1/2022<br>| 3000000 |
|  | **Tennessee— 1.8%** |  |
| 5500000 | Covington, TN IDB (Charms Co.), (Series 1992) Weekly VRDNs, (Bank <br> of America N.A. LOC), 2.000%, 12/7/2022<br>| 5500000 |
| 25620000 | Memphis-Shelby County, TN Industrial Development Board - PCRB <br> (Nucor Steel Memphis, Inc.), (Series 2007) Weekly VRDNs, (GTD by <br> Nucor Corp.), 2.250%, 12/7/2022<br>| 25620000 |
| 21400000 | Metropolitan Government Nashville & Davidson County, TN, (2014 <br> Program), CPX, 2.850%, Mandatory Tender 2/1/2023<br>| 21400000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 52520000 |
|  | **Texas— 13.0%** |  |
| 2700000 | Alamo, TX CCD, RBC Muni Products (Series G-111) TOBs, (Royal Bank <br> of Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Mandatory <br> Tender 5/1/2023<br>| 2700000 |
| 2700000 | El Paso, TX Housing Finance Corp., Mizuho 3a-7 (2022-MIZ9104) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), <br> 2.150%, 12/1/2022<br>| 2700000 |
| 4000000 | Jewett, TX Economic Development Corporation (Nucor Corp.), <br> (Series 2003) Weekly VRDNs, 2.250%, 12/7/2022<br>| 4000000 |
| 4000000 | Mission, TX Economic Development Corp. (Waste Management, Inc.), <br> (Series 2020A) TOBs, (GTD by Waste Management Holdings, Inc.), <br> 2.950%, Mandatory Tender 12/1/2022<br>| 4000000 |
| 9500000 | Mission, TX Economic Development Corp. (Waste Management, Inc.), <br> (Series 2020B) TOBs, (GTD by Waste Management Holdings, Inc.), <br> 2.950%, Mandatory Tender 12/1/2022<br>| 9500000 |
| 4700000 | North Texas Tollway Authority, RBC Municipal Products Trust <br> (Series 2019 G-112) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of <br> Canada LOC), 2.100%, Optional Tender 1/3/2023<br>| 4700000 |
| 61600000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills <br> Resources LLC), (Series 2002A) Daily VRDNs, 1.900%, 12/1/2022<br>| 61600000 |
| 18825000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills <br> Resources LLC), (Series 2003) Daily VRDNs, 1.970%, 12/1/2022<br>| 18825000 |
| 25000000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills <br> Resources LLC), (Series 2005) Daily VRDNs, 1.970%, 12/1/2022<br>| 25000000 |
| 40600000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills <br> Resources LLC), (Series 2006) Daily VRDNs, 1.970%, 12/1/2022<br>| 40600000 |
| 3900000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills <br> Resources LLC), (Series 2007) Daily VRDNs, 1.970%, 12/1/2022<br>| 3900000 |
| 22450000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva <br> Enterprises LLC), (Series 2010A) Daily VRDNs, 1.850%, 12/1/2022<br>| 22450000 |

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Semi-Annual Shareholder Report

**12**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Texas— continued** |  |
| $10250000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva <br> Enterprises LLC), (Series 2010B) Daily VRDNs, 1.850%, 12/1/2022<br>| $10250000 |
| 35600000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva <br> Enterprises LLC), (Series 2010C) Daily VRDNs, 1.880%, 12/1/2022<br>| 35600000 |
| 83900000 | Port of Port Arthur Navigation District of Jefferson County, TX (Motiva <br> Enterprises LLC), (Series 2010E) Weekly VRDNs, 2.600%, 12/7/2022<br>| 83900000 |
| 26000000 | Texas State Affordable Housing Corp., Tender Option Bond Trust <br> Receipts (Series 2022-XF3033) Weekly VRDNs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022<br>| 26000000 |
| 15000000 | Texas State Department of Housing & Community Affairs (Onion Creek <br> Housing Partners Ltd.), (Series 2007) Weekly VRDNs, (FNMA LOC), <br> 2.040%, 12/1/2022<br>| 15000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 370725000 |
|  | **Virginia— 0.1%** |  |
| 1610000 | Emporia, VA Industrial Development Board (Toll VA III LP), <br> (Series 1999) Weekly VRDNs, (Truist Bank LOC), 1.980%, 12/1/2022<br>| 1610000 |
|  | **Washington— 0.0%** |  |
| 1260000 | Washington State Economic Development Finance Authority (Mesa <br> Dairy, LLC), (Series 2007E) Weekly VRDNs, (Bank of the West, <br> San Francisco, CA LOC), 2.000%, 12/1/2022<br>| 1260000 |
|  | **Wisconsin— 3.8%** |  |
| 15985000 | Public Finance Authority, WI (Agape Meadowcreek, Inc.), Tender <br> Option Bond Trust Floater Certificates (Series 2022-XF3026) Weekly <br> VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), <br> 2.120%, 12/1/2022<br>| 15985000 |
| 1415000 | Public Finance Authority, WI (Carolina Charter Academy, Inc.), Tender <br> Option Bond Trust Receipts (Series 2021-XF2931) Weekly VRDNs, <br> (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), <br> 2.100%, 12/1/2022<br>| 1415000 |
| 2050000 | Public Finance Authority, WI (DCA Lexington Properties, LLC), Tender <br> Option Bond Trust Receipts (Series 2021-XF2933) Weekly VRDNs, <br> (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.100%, 12/1/2022<br>| 2050000 |
| 685000 | West Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly <br> VRDNs, (U.S. Bank, N.A. LOC), 2.210%, 12/1/2022<br>| 685000 |
| 2265000 | Wisconsin State Public Finance Authority (Birchwood Properties LP), <br> (Series 2016) Weekly VRDNs, (FHLB of Des Moines LOC), <br> 2.120%, 12/1/2022<br>| 2265000 |
| 57500000 | Wisconsin State Public Finance Authority (Waste Management, Inc.), <br> (Series A-2) TOBs, 4.000%, Mandatory Tender 2/1/2023<br>| 57500000 |

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Semi-Annual Shareholder Report

**13**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Wisconsin— continued** |  |
| $30000000 | Wisconsin State Public Finance Authority (Waste Management, Inc.), <br> (Series A-3) TOBs, (GTD by Waste Management Holdings, Inc.), <br> 4.000%, Mandatory Tender 2/1/2023<br>| $30000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 109900000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—100.3% <br>(AT AMORTIZED COST)<sup>2</sup> <br>| 2864285742 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—(0.3)%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9219704) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $2855066038 |

---

Securities that are subject to the federal alternative minimum tax (AMT) represent 50.9% of the portfolio as calculated based upon total market value.

---

| | |
|:---|:---|
| 1 | *Current rate and current maturity or next reset date shown for floating rate notes and variable* <br> *rate notes/demand instruments. Certain variable rate securities are not based on a published* <br> *reference rate and spread but are determined by the issuer or agent and are based on current* <br> *market conditions. These securities do not indicate a reference rate and spread in their* <br> *description above.*<br>|
| 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 November 30, 2022.

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

**14**

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In valuing the Fund's assets as of November 30, 2022, 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: | The following acronym(s) are used throughout this portfolio: |
| BANs | —Bond Anticipation Notes |
| CCD | —Community College District |
| CDA | —Community Development Authority |
| CP | —Commercial Paper |
| CPX | —Commercial Paper Extendible |
| EDA | —Economic Development Authority |
| EDRB | —Economic Development Revenue Bond |
| FHLB | —Federal Home Loan Bank |
| FHLMC | —Federal Home Loan Mortgage Corporation |
| FNMA | —Federal National Mortgage Association |
| GTD | —Guaranteed |
| HDA | —Hospital Development Authority |
| HFA | —Housing Finance Authority |
| IDA | —Industrial Development Authority |
| IDB | —Industrial Development Bond |
| IDRB | —Industrial Development Revenue Bond |
| INS | —Insured |
| LIQ | —Liquidity Agreement |
| LOC | —Letter of Credit |
| MFH | —Multi-Family Housing |
| PCFA | —Pollution Control Financing Authority |
| PCRB | —Pollution Control Revenue Bond |
| PCRBs | —Pollution Control Revenue Bonds |
| PUTTERs | —Puttable Tax-Exempt Receipts |
| TANs | —Tax Anticipation Notes |
| TOBs | —Tender Option Bonds |
| VMTP | —Variable Municipal Term Preferred |
| VRDNs | —Variable Rate Demand Notes |
| VRDPs | —Variable Rate Demand Preferreds |
| VRENs | —Variable Rate Extendible Notes |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**15**

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Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **2022** | **2021** | **2020** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **2018** | **2017** |
| **Net Asset Value,** <br> **Beginning of** <br> **Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Income From** <br> **Investment** <br> **Operations:**<br>|  |  |  |  |  |  |  |
| Net investment <br> income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp; 0.001 |
| Net realized gain <br> (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000 | &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 | &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; 0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From <br> Investment <br>Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.011 | &nbsp;&nbsp;&nbsp;&nbsp; 0.002 |
| **Less** <br> **Distributions:**<br>|  |  |  |  |  |  |  |
| Distributions from <br> net investment <br> income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp; (0.001) |
| Distributions from <br> net realized gain<br>| &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; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; (0.001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total <br> Distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.011) | &nbsp;&nbsp;&nbsp; (0.002) |
| **Net Asset Value,** <br> **End of Period**<br>| **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.78% | &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; 1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.72% |
| **Ratios to Average** <br> **Net Assets:**<br>|  |  |  |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% |
| Net investment <br> income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.52%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64% |
| Expense waiver/<br> reimbursement<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &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%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11% |
| **Supplemental** <br> **Data:**<br>|  |  |  |  |  |  |  |
| Net assets, end of <br> period (000 <br> omitted)<br>| $2160489 | $1772201 | $1372803 | $1510434 | $1713390 | $1163568 | $667169 |

---

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

---

| | |
|:---|:---|
| 1 | *The Fund has changed its fiscal year end from July 31 to May 31. This period represents the* <br> *ten-month period from August 1, 2018 to May 31, 2019.*<br>|
| 2 | *Per share numbers have 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>|

---

Semi-Annual Shareholder Report

**16**

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---

| | |
|:---|:---|
| 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

The financial highlights of the Automated Shares, Investment Shares, Service Shares, Cash II Shares, Cash Series Shares and Capital Shares are presented separately.

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Statement of Assets and Liabilities <br>November 30, 2022 (unaudited)

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in securities, at amortized cost and fair value | $2864285742 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3437510 |
| Income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9356449 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24887771 |
| Receivable for shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2390397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp; 2904357869 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38979829 |
| Payable for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9584928 |
| Income distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340977 |
| Payable for investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8643 |
| Payable for administrative fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6130 |
| Payable for Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 |
| Payable for distribution services fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102464 |
| Payable for other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141905 |
| Accrued expenses (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49291831 |
| Net assets for 2,855,015,691 shares outstanding | $2855066038 |
| **Net Assets Consist of:** |  |
| Paid-in capital | $2854995379 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $2855066038 |

---

Semi-Annual Shareholder Report

**18**

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Statement of Assets and Liabilities–continued

---

| | |
|:---|:---|
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Automated Shares:** |  |
| $4,377,023 ÷ 4,376,946 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Investment Shares:** |  |
| $4,033,458 ÷ 4,033,387 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Wealth Shares:** |  |
| $2,160,488,978 ÷ 2,160,450,864 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Service Shares:** |  |
| $229,936,916 ÷ 229,932,861 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Cash II Shares:** |  |
| $66,957,074 ÷ 66,955,894 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Cash Series Shares:** |  |
| $197,861,570 ÷ 197,858,088 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Capital Shares:** |  |
| $191,411,019 ÷ 191,407,651 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

**19**

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Statement of Operations <br>Six Months Ended November 30, 2022 (unaudited)

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | $24917552 |
| **Expenses:** |  |
| Investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp; 2862503 |
| Administrative fee (Note 4) | &nbsp;&nbsp;&nbsp; 1122899 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42753 |
| Transfer agent fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252665 |
| Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8989 |
| Auditing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11851 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4229 |
| Portfolio accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125779 |
| Distribution services fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 796503 |
| Other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 968434 |
| Share registration costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93967 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21216 |
| Miscellaneous (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10609 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES | &nbsp;&nbsp;&nbsp; 6322397 |
| **Waivers and Reimbursements:** |  |
| Waiver of investment adviser fee (Note 4) | &nbsp;&nbsp; (1253460) |
| Waivers/reimbursements of other operating expenses (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp; (191814) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WAIVERS AND REIMBURSEMENTS | &nbsp;&nbsp; (1445274) |
| Net expenses | &nbsp;&nbsp;&nbsp; 4877123 |
| Net investment income | &nbsp;&nbsp; 20040429 |
| Change in net assets resulting from operations | $20040429 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**20**

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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>**11/30/2022**<br>| **Year Ended** <br>**5/31/2022**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | $20040429 | $2176337 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69113 |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20040429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2245450 |
| **Distributions to Shareholders:** |  |  |
| Automated Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (335661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (242884) |
| Investment Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (720) |
| Wealth Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15614472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1667616) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1536629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127174) |
| Cash II Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (296764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9913) |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (810926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37090) |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1431863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (177141) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> DISTRIBUTIONS TO SHAREHOLDERS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20040219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2262538) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 3378335781 | &nbsp;&nbsp; 3952421143 |
| Net asset value of shares issued to shareholders in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18470106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2064912 |
| Cost of shares redeemed | &nbsp;&nbsp; (3754811666) | &nbsp;&nbsp; (3710160577) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; (358005779) | &nbsp;&nbsp;&nbsp;&nbsp; 244325478 |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; (358005569) | &nbsp;&nbsp;&nbsp;&nbsp; 244308390 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 3213071607 | &nbsp;&nbsp; 2968763217 |
| End of period | $2855066038 | $3213071607 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**21**

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Notes to Financial Statements

November 30, 2022 (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 Municipal 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 seven classes of shares: Automated Shares, Investment Shares, Wealth Shares, Service Shares, Cash II Shares, Cash Series 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 exempt from all federal regular income tax consistent with stability of principal. Interest income from the Fund's investments may be subject to the federal AMT for individuals and state and local taxes.

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.

Semi-Annual Shareholder Report

**22**

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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.

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 waivers and reimbursements of $1,445,274 is disclosed in various locations in this Note 2 and 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.

Semi-Annual Shareholder Report

**23**

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**Transfer Agent Fees** 

For the six months ended November 30, 2022, transfer agent fees for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Transfer Agent** <br>**Fees Incurred**<br>| **Transfer Agent** <br>**Fees Reimbursed**<br>|
| Automated Shares | $83188 | $— |
| Investment Shares | &nbsp;&nbsp;&nbsp;&nbsp; 1290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Wealth Shares | &nbsp;&nbsp;&nbsp; 17182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; 2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash II Shares | &nbsp;&nbsp;&nbsp; 33748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash Series Shares | &nbsp;&nbsp; 113512 | &nbsp;&nbsp; (33486) |
| Capital Shares | &nbsp;&nbsp;&nbsp;&nbsp; 1705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $252665 | $(33488) |

---

**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, Investment Shares, Wealth Shares, Service Shares, Cash II Shares, Cash Series 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 November 30, 2022, other service fees for the Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>| **Other Service** <br>**Fees Reimbursed**<br>| **Other Service Fees** <br>**Waived by Unaffiliated** <br>**Third Parties**<br>|
| Automated Shares | $205465 | $— | $— |
| Investment Shares | &nbsp;&nbsp;&nbsp;&nbsp; 3210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
| Service Shares | &nbsp;&nbsp; 293252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash II Shares | &nbsp;&nbsp;&nbsp; 88226 | &nbsp;&nbsp;&nbsp;&nbsp; (504) | &nbsp;&nbsp;&nbsp; (2373) |
| Cash Series Shares | &nbsp;&nbsp; 279044 | &nbsp;&nbsp; (5040) | &nbsp;&nbsp; (27207) |
| Capital Shares | &nbsp;&nbsp;&nbsp; 99237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $968434 | $(5544) | $(29581) |

---

For the six months ended November 30, 2022, the Fund's Wealth 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 November 30, 2022, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities

Semi-Annual Shareholder Report

**24**

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as income tax expense in the Statement of Operations. As of November 30, 2022, 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 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>**11/30/2022** | **Six Months Ended** <br>**11/30/2022** | **Year Ended** <br>**5/31/2022** | **Year Ended** <br>**5/31/2022** |
| **Automated Shares:** | **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>| **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>|
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 32311 | $32311 | &nbsp;&nbsp;&nbsp; 371576 | $371576 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243 |
| Shares redeemed | &nbsp;&nbsp; (728501) | &nbsp;&nbsp;&nbsp;&nbsp; (728501) | &nbsp;&nbsp; (354815) | &nbsp;&nbsp;&nbsp;&nbsp; (354815) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> AUTOMATED <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; (695855) | $(695855) | &nbsp;&nbsp;&nbsp;&nbsp; 17004 | $17004 |

---

Semi-Annual Shareholder Report

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**11/30/2022** | **Six Months Ended** <br>**11/30/2022** | **Year Ended** <br>**5/31/2022** | **Year Ended** <br>**5/31/2022** |
| **Investment Shares:** | **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>| **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>|
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5051 | $5051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6695 | $6695 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (3905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3905) | &nbsp;&nbsp;&nbsp;&nbsp; (8579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8579) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> INVESTMENT <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1160 | $1160 | &nbsp;&nbsp;&nbsp;&nbsp; (1883) | $(1883) |
|  | **Six Months Ended** <br>**11/30/2022** | **Six Months Ended** <br>**11/30/2022** | **Year Ended** <br>**5/31/2022** | **Year Ended** <br>**5/31/2022** |
| **Wealth Shares:** | **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>| **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>|
| Shares sold | 2649014 | $2649014 | 2302899 | $2302899 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1492 |
| Shares redeemed | (2275110) | &nbsp;&nbsp; (2275110) | (1904990) | &nbsp;&nbsp; (1904990) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> WEALTH SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp; 388277 | $388277 | &nbsp;&nbsp;&nbsp; 399401 | $399401 |
|  | **Six Months Ended** <br>**11/30/2022** | **Six Months Ended** <br>**11/30/2022** | **Year Ended** <br>**5/31/2022** | **Year Ended** <br>**5/31/2022** |
| **Service Shares:** | **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>| **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>|
| Shares sold | &nbsp;&nbsp;&nbsp; 290134 | $290134 | &nbsp;&nbsp;&nbsp; 583932 | $583932 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 |
| Shares redeemed | &nbsp;&nbsp; (294376) | &nbsp;&nbsp;&nbsp;&nbsp; (294376) | &nbsp;&nbsp; (606878) | &nbsp;&nbsp;&nbsp;&nbsp; (606878) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> SERVICE SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3006) | $(3006) | &nbsp;&nbsp;&nbsp;&nbsp; (22840) | $(22840) |
|  | **Six Months Ended** <br>**11/30/2022** | **Six Months Ended** <br>**11/30/2022** | **Year Ended** <br>**5/31/2022** | **Year Ended** <br>**5/31/2022** |
| **Cash II Shares:** | **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>| **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>|
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 26082 | $26082 | &nbsp;&nbsp;&nbsp;&nbsp; 30387 | $30387 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (31262) | &nbsp;&nbsp;&nbsp;&nbsp; (31262) | &nbsp;&nbsp;&nbsp;&nbsp; (32676) | &nbsp;&nbsp;&nbsp;&nbsp; (32676) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> CASH II SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4887) | $(4887) | &nbsp;&nbsp;&nbsp;&nbsp; (2279) | $(2279) |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**11/30/2022** | **Six Months Ended** <br>**11/30/2022** | **Year Ended** <br>**5/31/2022** | **Year Ended** <br>**5/31/2022** |
| **Cash Series Shares:** | **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>| **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>|
| Shares sold | &nbsp;&nbsp;&nbsp; 210138 | $210138 | &nbsp;&nbsp;&nbsp; 483411 | $483411 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| Shares redeemed | &nbsp;&nbsp; (250655) | &nbsp;&nbsp;&nbsp;&nbsp; (250655) | &nbsp;&nbsp; (533981) | &nbsp;&nbsp;&nbsp;&nbsp; (533981) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> CASH SERIES <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39717) | $(39717) | &nbsp;&nbsp;&nbsp;&nbsp; (50533) | $(50533) |
|  | **Six Months Ended** <br>**11/30/2022** | **Six Months Ended** <br>**11/30/2022** | **Year Ended** <br>**5/31/2022** | **Year Ended** <br>**5/31/2022** |
| **Capital Shares:** | **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>| **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>|
| Shares sold | &nbsp;&nbsp;&nbsp; 165606 | $165606 | &nbsp;&nbsp;&nbsp; 173522 | $173522 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 |
| Shares redeemed | &nbsp;&nbsp; (171003) | &nbsp;&nbsp;&nbsp;&nbsp; (171003) | &nbsp;&nbsp; (268244) | &nbsp;&nbsp;&nbsp;&nbsp; (268244) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> CAPITAL SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3978) | $(3978) | &nbsp;&nbsp;&nbsp;&nbsp; (94545) | $(94545) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> TOTAL FUND <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; (358006) | $(358006) | &nbsp;&nbsp;&nbsp; 244325 | $244325 |

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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 November 30, 2022, the Adviser voluntarily waived $1,253,460 of its fee and voluntarily reimbursed $33,488 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 November 30, 2022, 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 Investment Shares, 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:

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| | |
|:---|:---|
|  | **Percentage of Average Daily** <br>**Net Assets of Class**<br>|
| Investment Shares | 0.25% |
| 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 November 30, 2022, distribution services fees for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Distribution Services** <br>**Fees Incurred**<br>| **Distribution Services** <br>**Fees Waived**<br>|
| Investment Shares | $3210 | $(385) |
| Cash II Shares | &nbsp;&nbsp; 123588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash Series Shares | &nbsp;&nbsp; 669705 | &nbsp;&nbsp; (122816) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $796503 | $(123201) |

---

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended November 30, 2022, FSC retained $142,867 of fees paid by the Fund.

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**Other Service Fees** 

For the six months ended November 30, 2022, FSSC received $645 and reimbursed $5,544 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, Investment Shares, Wealth Shares, Service Shares, Cash II Shares, Cash Series Shares and Capital Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.56%, 0.78%, 0.21%, 0.46%, 0.91%, 1.02% and 0.31% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) August 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.

**Interfund Transactions** 

During the six months ended November 30, 2022, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Directors/Trustees and/or common Officers. These purchase and sale transactions complied with Rule 17a-7 under the Act and amounted to $596,329,000 and $670,472,000, respectively. Net realized gain/loss recognized on these transactions was $0.

**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 November 30, 2022, there were no outstanding loans. During the six months ended November 30, 2022, 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.

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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 June 1, 2022 to November 30, 2022.

**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>**6/1/2022**<br>| **Ending** <br>**Account Value** <br>**11/30/2022**<br>| **Expenses Paid** <br>**During Period**<sup>1</sup> <br>|
| **Actual** | $1000.00 | $1007.80 | $1.06 |
| **Hypothetical (assuming a 5% return** <br> **before expenses)**<br>| $1000.00 | $1024.02 | $1.07 |

---

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

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| | |
|:---|:---|
| 1 | *Expenses are equal to the Fund's Wealth Shares annualized net expense ratio of 0.21%,* <br> *multiplied by the average account value over the period, multiplied by 183/365 (to reflect the* <br> *one-half-year period).*<br>|

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Evaluation and Approval of Advisory Contract–May 2022

**Federated Hermes Municipal 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

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 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

**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

**43**

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![](edelivery.jpg)

![](fhilogok11p.jpg)

Federated Hermes Municipal 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 60934N658*

*34427 (1/23)*© 2023 Federated Hermes, Inc.

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**Semi-Annual Shareholder Report**

***November 30, 2022***

![](img7780f1c41.gif)

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

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| | | | |
|:---|:---|:---|:---|
| **Share Class** \| Ticker | **Wealth** \| TBIXX | **Advisor** \| TBVXX | **Service** \| TBSXX |

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Federated Hermes Tax-Free 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 June 1, 2022 through November 30, 2022. 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_aa2c15d3-01f2-4b24-b365-92eafbd2b2d8_1) | &nbsp;&nbsp; [1](#xx_aa2c15d3-01f2-4b24-b365-92eafbd2b2d8_1)  |
| [Portfolio of Investments](#xx_aa2c15d3-01f2-4b24-b365-92eafbd2b2d8_2) | &nbsp;&nbsp; [2](#xx_aa2c15d3-01f2-4b24-b365-92eafbd2b2d8_2)  |
| [Financial Highlights](#xx_ae4ee118-5f45-4c58-bf0e-f36e930a76e2_1) | [18](#xx_ae4ee118-5f45-4c58-bf0e-f36e930a76e2_1)  |
| [Statement of Assets and Liabilities](#xx_3c6c62e9-b695-4d27-93c5-8bb83a2d57ab_1) | [21](#xx_3c6c62e9-b695-4d27-93c5-8bb83a2d57ab_1)  |
| [Statement of Operations](#xx_3c6c62e9-b695-4d27-93c5-8bb83a2d57ab_2) | [22](#xx_3c6c62e9-b695-4d27-93c5-8bb83a2d57ab_2)  |
| [Statement of Changes in Net Assets](#xx_3c6c62e9-b695-4d27-93c5-8bb83a2d57ab_3) | [23](#xx_3c6c62e9-b695-4d27-93c5-8bb83a2d57ab_3)  |
| [Notes to Financial Statements](#xx_365e5cb8-09bb-4a66-a265-6ef204d0a20c_1) | [24](#xx_365e5cb8-09bb-4a66-a265-6ef204d0a20c_1)  |
| [Shareholder Expense Example](#xx_9d312e2e-ed2a-4871-abaa-c9bf006f76bc_1) | [31](#xx_9d312e2e-ed2a-4871-abaa-c9bf006f76bc_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_6ef2c391-8eaf-4c27-8293-8993b92ef62d_1) | [33](#xx_6ef2c391-8eaf-4c27-8293-8993b92ef62d_1)  |
| [Voting Proxies on Fund Portfolio Securities](#xx_c19718ba-2125-4f0a-bdbc-0ad55b29a04e_1) | [43](#xx_c19718ba-2125-4f0a-bdbc-0ad55b29a04e_1)  |
| [Portfolio Schedule](#xx_c19718ba-2125-4f0a-bdbc-0ad55b29a04e_1) | [43](#xx_c19718ba-2125-4f0a-bdbc-0ad55b29a04e_1) |

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Portfolio of Investments Summary Tables (unaudited)

At November 30, 2022, 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 Demand Instruments | 75.7% |
| Municipal Notes | 13.0% |
| Commercial Paper | 10.7% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| &nbsp;&nbsp; 0.6% |
| &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 the* <br> *principal 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>|

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At November 30, 2022, 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 | 71.7% |
| 8-30 Days | &nbsp;&nbsp; 2.0% |
| 31-90 Days | 16.1% |
| 91-180 Days | &nbsp;&nbsp; 4.8% |
| 181 Days or more | &nbsp;&nbsp; 4.8% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| &nbsp;&nbsp; 0.6% |
| &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 | *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

November 30, 2022 (unaudited)

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| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— 99.4% |  |
|  | **Alabama— 5.0%** |  |
| $7510000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily <br> VRDNs, 1.100%, 12/1/2022<br>| $7510000 |
| 8600000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily <br> VRDNs, 1.100%, 12/1/2022<br>| 8600000 |
| 50000000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-D) Weekly <br> VRDNs, 2.020%, 12/7/2022<br>| 50000000 |
| 2735000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, <br> 1.100%, 12/1/2022<br>| 2735000 |
| 3100000 | Eutaw, AL Industrial Development Board PCRB (Alabama Power Co.), <br> (Series 1998) Daily VRDNs, 1.100%, 12/1/2022<br>| 3100000 |
| 13000000 | Mobile, AL IDB (Alabama Power Co.), (Second Series 2009) Daily <br> VRDNs, 1.120%, 12/1/2022<br>| 13000000 |
| 44300000 | Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly <br> VRDNs, 2.020%, 12/7/2022<br>| 44300000 |
| 33810000 | West Jefferson, AL IDB PCRB (Alabama Power Co.), (Series 1998) <br> Weekly VRDNs, 2.020%, 12/1/2022<br>| 33810000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 163055000 |
|  | **Alaska— 0.4%** |  |
| 13540000 | Valdez, AK Marine Terminal (Exxon Pipeline Co.), (Series 1993 C) Daily <br> VRDNs, (Exxon Mobil Corp. GTD), 1.000%, 12/1/2022<br>| 13540000 |
|  | **Arizona— 0.9%** |  |
| 30000000 | Arizona State IDA (Vaseo Apartments LP), Mizuho 3a-7 (2021-MIZ9088) <br> VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), <br> 2.150%, 12/1/2022<br>| 30000000 |
|  | **California— 9.8%** |  |
| 40000000 | California Health Facilities Financing Authority (Dignity Health (Catholic <br> Healthcare West)), Golden Blue (Series 2017-004) VRENs, (Barclays <br> Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.050%, 12/1/2022<br>| 40000000 |
| 3610000 | California HFA, Mizuho 3a-7 (Series 2022-MIZ9097) VRENs, (GTD by <br> Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 3610000 |
| 19850000 | California HFA, Tender Option Bond Trust Floater Certificates <br> (Series 2022-XF3059) Weekly VRDNs, (GTD by Mizuho Bank <br> Ltd.)/(Mizuho Bank Ltd. LIQ), 2.100%, 12/1/2022<br>| 19850000 |
| 4350000 | California Infrastructure & Economic Development Bank (Los Angeles <br> Society for the Prevention of Cruelty to Animals), (Series 2002A) <br> Weekly VRDNs, (Bank of New York Mellon, N.A. LOC), <br> 1.870%, 12/1/2022<br>| 4350000 |
| 7500000 | California Municipal Finance Authority (Montague Parkway Associates <br> LP), Tender Option Bond Trust Floater Certificates (2020-MIZ9041) <br> Daily VRDNs, (Federal Home Loan Mortgage Corp. GTD)/(Mizuho <br> Bank Ltd. LIQ), 1.100%, 12/1/2022<br>| 7500000 |

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Semi-Annual Shareholder Report

**2**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **California— continued** |  |
| $8815000 | California School Finance Authority (CPMS Higher Ground, LLC), <br> Tender Option Bond Trust Receipts (2020-XF2893) Weekly VRDNs, <br> (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.100%, 12/1/2022<br>| $8815000 |
| 8471000 | California Statewide Communities Development Authority (Essex <br> Monarch Santa Monica Apartments LP), Tender Option Bond Trust <br> Floater Certificates (Series 2019-MIZ9011) VRENs, (GTD by Mizuho <br> Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 8471000 |
| 11000000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2004E), CP, 2.020%, Mandatory <br> Tender 12/14/2022<br>| 11000000 |
| 12395000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2004I), CP, 2.000%, Mandatory <br> Tender 12/13/2022<br>| 12395000 |
| 7310000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2004I), CP, 2.020%, Mandatory Tender 12/7/2022<br>| 7310000 |
| 20000000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2004K), CP, 3.100%, Mandatory Tender 3/2/2023<br>| 20000000 |
| 13000000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2008B), CP, 2.780%, Mandatory Tender 3/7/2023<br>| 13000000 |
| 12500000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2009B-1), CP, 1.900%, Mandatory <br> Tender 12/7/2022<br>| 12500000 |
| 8300000 | California Statewide Communities Development Authority MFH <br> (Uptown Newport Building Owner, LP), (2017 Series AA: One Uptown <br> Newport Apartments) Weekly VRDNs, (Comerica Bank LOC), <br> 1.950%, 12/1/2022<br>| 8300000 |
| 4500000 | California Statewide Communities Development Authority MFH <br> (Uptown Newport Building Owner, LP), (2017 Series BB: One Uptown <br> Newport Apartments) Weekly VRDNs, (Federal Home Loan Bank of <br> Des Moines LOC), 1.940%, 12/1/2022<br>| 4500000 |
| 28180000 | California Statewide Communities Development Authority MFH <br> (Uptown Newport Building Owner, LP), (2021 Series A: One Uptown <br> Newport Apartments) Weekly VRDNs, (Landesbank Hessen-Thuringen <br> LOC), 1.960%, 12/1/2022<br>| 28180000 |
| 4655000 | Davis Joint Unified School District, CA, Tender Option Bond Trust <br> Certificates (Series 2019-XM0730) Weekly VRDNs, (Assured Guaranty <br> Municipal Corp. INS)/(Barclays Bank PLC LIQ), 2.020%, 12/1/2022<br>| 4655000 |
| 7075000 | Foothill/Eastern Transportation Corridor Agency, CA, Tender Option <br> Bond Trust Certificates (2019-XL011) Weekly VRDNs, (Assured <br> Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), <br> 2.020%, 12/1/2022<br>| 7075000 |
| 21185000 | River Islands, CA Public Financing Authority (River Islands, CA Public <br> Financing Authority-Community Facilities District No. 2015-1), Tender <br> Option Bond Trust Floater Certificates (Series 2022-MIZ9110) VRENs, <br> (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 21185000 |
| 32200000 | San Francisco, CA City and County (Block 9 MRU Residential LLC), <br> Mizuho 3A-7 (Series 2022-MIZ9100) VRENs, (GTD by Mizuho Bank <br> Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 32200000 |

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Semi-Annual Shareholder Report

**3**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **California— continued** |  |
| $13400000 | San Francisco, CA City and County (Transbay Block 8 Tower <br> Apartments Obligated Group), Mizuho 3a-7 (2021-MIZ9063) VRENs, <br> (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| $13400000 |
| 28625000 | Sweetwater, CA Union High School District, Tender Option Bond Trust <br> (Series 2022-XF1394) Weekly VRDNs, (JPMorgan Chase Bank, N.A. <br> LIQ), 2.020%, 12/1/2022<br>| 28625000 |
| 5000000 | Western Placer, CA Unified School District, Tender Option Bond Trust <br> Receipts (Series 2017-XG0152) Weekly VRDNs, (Assured Guaranty <br> Municipal Corp. INS)/(Barclays Bank PLC LIQ), 2.020%, 12/1/2022<br>| 5000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 321921000 |
|  | **Colorado— 1.4%** |  |
| 17570000 | Colorado Health Facilities Authority (Children's Hospital Colorado <br> Obligated Group), PUTTERs (Series 5008) Daily VRDNs, (JPMorgan <br> Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), <br> 1.080%, 12/1/2022<br>| 17570000 |
| 2279265 | Colorado HFA (Steele San Juan, LLC), Mizuho 3a-7 <br> (Series 2021-MIZ9068) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho <br> Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 2279265 |
| 25772000 | Colorado HFA, (Series 2022-XF3035) Weekly VRDNs, (Mizuho Bank <br> Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022<br>| 25772000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 45621265 |
|  | **Connecticut— 0.9%** |  |
| 26235000 | Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays <br> Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.050%, 12/1/2022<br>| 26235000 |
| 3465000 | Shelton, CT Housing Authority (Crosby Commons), (Series 1998) <br> Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), <br> 1.970%, 12/1/2022<br>| 3465000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 29700000 |
|  | **Florida— 11.4%** |  |
| 19240000 | Clearwater, FL Water and Sewer Authority, Solar Eclipse <br> (Series 2017-0014) Daily VRDNs, (U.S. Bank, N.A. LIQ), <br> 0.990%, 12/1/2022<br>| 19240000 |
| 18400000 | Escambia County, FL Solid Waste Disposal (Gulf Power Co.), (First <br> Series 2009) Daily VRDNs, 1.100%, 12/1/2022<br>| 18400000 |
| 4230000 | Florida Development Finance Corp. (Navigator Academy of <br> Leadership, Inc.), Tender Option Bond Trust Receipts (2021-XF2945) <br> Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), <br> 2.100%, 12/1/2022<br>| 4230000 |
| 13000000 | Hillsborough County, FL IDA (Baycare Health System), (Series 2020B) <br> Daily VRDNs, (TD Bank, N.A. LOC), 1.000%, 12/1/2022<br>| 13000000 |
| 25000000 | JEA, FL Electric System, (Series 2008C-3), CP, (Royal Bank of Canada <br> LIQ), 2.650%, Mandatory Tender 12/6/2022<br>| 25000000 |
| 6075000 | JEA, FL Electric System, (Series Three 2008A) Weekly VRDNs, (Royal <br> Bank of Canada LIQ), 1.870%, 12/7/2022<br>| 6075000 |
| 24450000 | JEA, FL Electric System, (Series Three 2008B-2: Senior Revenue Bonds) <br> Weekly VRDNs, (Royal Bank of Canada LIQ), 1.870%, 12/7/2022<br>| 24450000 |

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Semi-Annual Shareholder Report

**4**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Florida— continued** |  |
| $14300000 | Manatee County, FL (Florida Power & Light Co.), Pollution Control <br> Revenue Refunding Bonds (Series 1994) Daily VRDNs, <br> 1.150%, 12/1/2022<br>| $14300000 |
| 14500000 | Martin County, FL (Florida Power & Light Co.), (Series 2022) Weekly <br> VRDNs, 1.950%, 12/1/2022<br>| 14500000 |
| 2495000 | Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 <br> (2021-MIZ9072) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. <br> LIQ), 2.150%, 12/1/2022<br>| 2495000 |
| 1400000 | Miami-Dade County, FL HFA (Superior Manor Phase II LLC), Mizuho <br> 3a-7 (2022-MIZ9087) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank <br> Ltd. LIQ), 2.150%, 12/1/2022<br>| 1400000 |
| 46170000 | Miami-Dade County, FL School District, (Series 2022) TANs, <br> 4.000%, 2/23/2023<br>| 46350092 |
| 3160000 | Miami-Dade County, FL Seaport, Tender Option Bond Trust <br> Certificates (Series 2022-ZL0343) Weekly VRDNs, (Assured Guaranty <br> Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 2.050%, 12/1/2022<br>| 3160000 |
| 16500000 | Polk County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs, <br> 2.200%, 12/1/2022<br>| 16500000 |
| 111160000 | St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) <br> Daily VRDNs, 1.050%, 12/1/2022<br>| 111160000 |
| 3700000 | Tampa-Hillsborough County, FL Expressway Authority, RBC Muni <br> Products (Series G-113) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank <br> of Canada LOC), 2.100%, Optional Tender 1/3/2023<br>| 3700000 |
| 6440000 | Tolomato Community Development District, FL, (Series 2022-XL0297) <br> Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan <br> Stanley Bank, N.A. LIQ), 2.020%, 12/1/2022<br>| 6440000 |
| 44500000 | Volusia County, FL Hospital Authority (Halifax Hospital Medical Center, <br> FL), PUTTERs 3a-7 (Series 5032) Daily VRDNs, (JPMorgan Chase Bank, <br> N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 1.080%, 12/1/2022<br>| 44500000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 374900092 |
|  | **Georgia— 0.3%** |  |
| 805000 | Brookhaven Development Authority, GA (Children's Healthcare of <br> Atlanta, Inc.), Tender Option Bond Trust Receipts <br> (Series 2019-XG0224) Weekly VRDNs, (Bank of America N.A. LIQ), <br> 1.930%, 12/1/2022<br>| 805000 |
| 3330000 | Columbia County, GA Development Authority (Schools for <br> Arts-Infused Learning, Inc.), Tender Option Bond Trust Receipts <br> (2022-XF2966) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank <br> Ltd. LIQ), 2.100%, 12/1/2022<br>| 3330000 |
| 7525000 | Municipal Electric Authority of Georgia, (Series 2022-XG0417) Weekly <br> VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. <br> LIQ), 2.010%, 12/1/2022<br>| 7525000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 11660000 |
|  | **Idaho— 0.2%** |  |
| 6500000 | Idaho Health Facilities Authority (Trinity Healthcare Credit Group), <br> (Series 2013ID) TOBs, 3.300%, Mandatory Tender 2/1/2023<br>| 6500000 |

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Semi-Annual Shareholder Report

**5**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Illinois— 3.3%** |  |
| $600000 | Chicago, IL MFH Revenue (Churchview Manor Senior Apartments), <br> (Series 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), <br> 2.240%, 12/1/2022<br>| $600000 |
| 10200000 | Chicago, IL Park District, (Series 2015-XF2111) Weekly VRDNs, (Build <br> America Mutual Assurance INS)/(Citibank N.A., New York LIQ), <br> 2.000%, 12/1/2022<br>| 10200000 |
| 5000000 | Chicago, IL Park District, Tender Option Bond Trust Certificates <br> (Series 2021-XX1168) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Build <br> America Mutual Assurance INS), 2.000%, 12/1/2022<br>| 5000000 |
| 3000000 | Chicago, IL Park District, Tender Option Bond Trust Certificates <br> (Series 2021-XX1169) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Build <br> America Mutual Assurance INS), 2.000%, 12/1/2022<br>| 3000000 |
| 27000000 | Chicago, IL Sales Tax, Tender Option Bond Trust Receipt <br> (Series 2019-XF0779) Weekly VRDNs, (Build America Mutual Assurance <br> INS)/(Toronto Dominion Bank LIQ), 1.950%, 12/1/2022<br>| 27000000 |
| 8780000 | Macon County, IL School District #61 (Decatur), Tender Option Bond <br> Trust Certificates (Series 2020-XM0855) Weekly VRDNs, (Assured <br> Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), <br> 1.980%, 12/1/2022<br>| 8780000 |
| 16233602 | Metropolitan Pier & Exposition Authority, IL, Tender Option Bond Trust <br> Receipts (2021-MS0001) TOBs, (Morgan Stanley Bank, N.A. <br> LIQ)/(Morgan Stanley Bank, N.A. LOC), 2.200%, Optional <br> Tender 12/15/2022<br>| 16233602 |
| 33750000 | Sales Tax Securitization Corp., IL, Tender Option Bond Trust <br> Certificates (Series 2018-XM0714) Weekly VRDNs, (Build America <br> Mutual Assurance INS)/(Morgan Stanley Bank, N.A. LIQ), <br> 1.980%, 12/1/2022<br>| 33750000 |
| 2960000 | Sales Tax Securitization Corp., IL, Tender Option Bond Trust <br> Certificates (Series 2022-XL0294) Weekly VRDNs, (Barclays Bank plc <br> LIQ)/(Build America Mutual Assurance INS), 2.000%, 12/1/2022<br>| 2960000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 107523602 |
|  | **Indiana— 3.2%** |  |
| 17440000 | Indiana State Finance Authority (Ascension Health Alliance Senior <br> Credit Group), (Series 2008E-4) Weekly VRDNs, 1.820%, 12/7/2022<br>| 17440000 |
| 50000000 | Indiana State Finance Authority (Trinity Healthcare Credit Group), <br> (Series 2008 D-2), CP, 2.000%, Mandatory Tender 1/4/2023<br>| 50000000 |
| 12140000 | Indiana State Finance Authority Environmental (Ispat Inland Inc.), <br> (Series 2005) Weekly VRDNs, (Cooperatieve Rabobank UA LOC), <br> 2.000%, 12/7/2022<br>| 12140000 |
| 25200000 | Indiana State Finance Authority Hospital Revenue (Parkview Health <br> System Obligated Group), (Series 2009D) Daily VRDNs, (Wells Fargo <br> Bank, N.A. LOC), 1.050%, 12/1/2022<br>| 25200000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 104780000 |
|  | **Kentucky— 0.6%** |  |
| 16465000 | Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs, <br> (Fifth Third Bank, N.A. LOC), 1.880%, 12/2/2022<br>| 16465000 |

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Semi-Annual Shareholder Report

**6**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Kentucky— continued** |  |
| $3965000 | Kentucky State Property & Buildings Commission, RBC Muni Products <br> (Series G-116) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of <br> Canada LOC), 2.100%, Mandatory Tender 5/1/2023<br>| $3965000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 20430000 |
|  | **Louisiana— 0.1%** |  |
| 910000 | Louisiana Local Government Environmental Facilities CDA (The <br> Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly <br> VRDNs, (Federal Home Loan Bank of Dallas LOC), 1.980%, 12/7/2022<br>| 910000 |
| 3100000 | Louisiana State Housing Corporation (Peace Lake Louisiana Tower <br> Community L.P.), Tender Option Bond Trust Floater Certificates <br> (Series 2020-MIZ9053) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho <br> Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 3100000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4010000 |
|  | **Maryland— 2.7%** |  |
| 7500000 | Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) <br> TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), <br> 2.100%, Optional Tender 1/3/2023<br>| 7500000 |
| 30000000 | Maryland State Economic Development Corp. (929 N Wolfe Street <br> LLC), (Series 2022-XF3015) Weekly VRDNs, (Mizuho Bank Ltd. LOC), <br> 2.120%, 12/1/2022<br>| 30000000 |
| 53000000 | Montgomery County, MD (Trinity Healthcare Credit Group), <br> (Series 2013MD) TOBs, 2.580%, Mandatory Tender 12/1/2022<br>| 53000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 90500000 |
|  | **Michigan— 2.2%** |  |
| 4000000 | Jackson County, MI Public Schools, Tender Option Bond Trust Receipts <br> (Series 2018-XF2650) Weekly VRDNs, (Bank of America N.A. <br> LIQ)/(Michigan School Bond Qualification and Loan Program COL), <br> 2.000%, 12/1/2022<br>| 4000000 |
| 11100000 | Michigan State Building Authority, (Series III) VRENs, <br> 1.960%, 12/1/2022<br>| 11100000 |
| 40560000 | Michigan State Finance Authority Revenue (Trinity Healthcare Credit <br> Group), (Series 2013MI-1) TOBs, 2.580%, Mandatory Tender 12/1/2022<br>| 40560000 |
| 8850000 | Michigan State Strategic Fund (Henry Ford Museum & Greenfield <br> Village) Daily VRDNs, (Comerica Bank LOC), 1.150%, 12/1/2022<br>| 8850000 |
| 2990000 | Michigan Strategic Fund (Washtenaw Christian Academy), <br> (Series 2008) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), <br> 1.880%, 12/2/2022<br>| 2990000 |
| 4000000 | Trenton, MI Public Schools, Tender Option Bond Trust Receipts <br> (Series 2018-XF2651) Weekly VRDNs, (Bank of America N.A. LIQ)/(GTD <br> by Michigan School Bond Qualification and Loan Program), <br> 2.000%, 12/1/2022<br>| 4000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 71500000 |
|  | **Minnesota— 0.6%** |  |
| 19500000 | Dakota County, MN Community Development Agency, <br> (Series 2022-XF3050) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 2.120%, 12/1/2022<br>| 19500000 |

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Semi-Annual Shareholder Report

**7**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Mississippi— 0.9%** |  |
| $30600000 | Perry County, MS (Leaf River Cellulose LLC), (Series 2021) Weekly <br> VRDNs, (GTD by Georgia-Pacific LLC), 1.930%, 12/1/2022<br>| $30600000 |
|  | **Missouri— 0.4%** |  |
| 1100000 | Kansas City, MO Planned Industrial Expansion Authority (EPD3 <br> Ridgeview LP), Mizuho 3a-7 (2022-MIZ9086) VRENs, (GTD by Mizuho <br> Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 1100000 |
| 2500000 | Lees Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) <br> VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), <br> 2.150%, 12/1/2022<br>| 2500000 |
| 10000000 | Missouri State HEFA (Stowers Institute for Medical Research), RBC <br> Muni Products (Series 2018 C-16) Weekly VRDNs, (Royal Bank of <br> Canada LIQ)/(Royal Bank of Canada LOC), 1.950%, 12/1/2022<br>| 10000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 13600000 |
|  | **Montana— 0.2%** |  |
| 7815000 | Montana State Board of Housing (HRDC IX Affordable Housing <br> Solutions LP), Mizuho 3a-7 (2021-MIZ9061) VRENs, (GTD by Mizuho <br> Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 7815000 |
|  | **Multi-State— 7.0%** |  |
| 116000000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly <br> VRDPs, (Societe Generale, Paris LIQ), 1.960%, 12/1/2022<br>| 116000000 |
| 88400000 | Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, <br> (Series 2) Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ), <br> 1.960%, 12/1/2022<br>| 88400000 |
| 25000000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) <br> Weekly VRDPs, (Barclays Bank PLC LIQ), 1.950%, 12/1/2022<br>| 25000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 229400000 |
|  | **Nebraska— 0.7%** |  |
| 21600000 | Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, <br> 1.950%, 12/1/2022<br>| 21600000 |
|  | **Nevada— 0.3%** |  |
| 10500000 | Nevada Housing Division (DWF V Summit Club Holdings LLC), Mizuho <br> 3a-7 (2021-MIZ9091) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank <br> Ltd. LIQ), 2.150%, 12/1/2022<br>| 10500000 |
|  | **New Jersey— 3.0%** |  |
| 11140000 | Clark Township, NJ BANs, 1.000%, 12/2/2022 | 11140188 |
| 4303451 | Cranbury Township, NJ BANs, 3.750%, 8/31/2023 | 4333887 |
| 2688415 | Englewood Cliffs, NJ BANs, 4.500%, 8/9/2023 | 2697942 |
| 20940000 | Garden State Preservation Trust, NJ (New Jersey State), Tender Option <br> Bond Trust Receipts (2016-ZF0416) Weekly VRDNs, (Assured Guaranty <br> Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), <br> 2.020%, 12/1/2022<br>| 20940000 |
| 9892000 | Glen Rock, NJ BANs, 4.750%, 7/20/2023 | 9946858 |
| 8050000 | Hackensack, NJ BANs, 3.750%, 8/30/2023 | 8108530 |
| 2367700 | Laurel Springs, NJ, (Series A) BANs, 3.750%, 9/13/2023 | 2381206 |

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Semi-Annual Shareholder Report

**8**

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---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **New Jersey— continued** |  |
| $4000000 | New Jersey Turnpike Authority, RBC Muni Products (Series G-119) <br> TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), <br> 2.080%, Optional Tender 1/3/2023<br>| $4000000 |
| 7835000 | North Caldwell, NJ BANs, 4.500%, 7/13/2023 | 7865455 |
| 5759000 | Ocean Township, NJ (Ocean County) BANs, 3.750%, 9/6/2023 | 5797492 |
| 4460000 | Old Tappan, NJ BANs, 4.500%, 3/1/2023 | 4468166 |
| 5500000 | Red Bank, NJ BANs, 3.500%, 1/27/2023 | 5504240 |
| 2045000 | Riverside Township, NJ BANs, 4.750%, 8/16/2023 | 2053419 |
| 8500000 | Tenafly, NJ BANs, 4.500%, 5/26/2023 | 8532441 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 97769824 |
|  | **New Mexico— 0.2%** |  |
| 6705000 | New Mexico State Hospital Equipment Loan Council (Haverland Carter <br> Lifestyle Obligated Group), Barclays 3a-7 Credit Enhanced <br> (Series 2022-034) VRENs, (Barclays Bank plc LIQ)/(Barclays Bank plc <br> LOC), 2.100%, 12/1/2022<br>| 6705000 |
|  | **New York— 15.7%** |  |
| 3935213 | Battery Park, NY City Authority, RBC Muni Products <br> (Series 2019-E-137) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal <br> Bank of Canada LOC), 1.930%, 12/1/2022<br>| 3935213 |
| 11210000 | Broome County, NY (United Health Services Hospitals, Inc.), <br> (Series 2022-XF1289) Weekly VRDNs, (Assured Guaranty Municipal <br> Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 2.050%, 12/1/2022<br>| 11210000 |
| 9200000 | East Irondequoit, NY Central School District BANs, 4.250%, 6/28/2023 | 9264954 |
| 1750000 | Greenport, NY Union Free School District TANs, 4.500%, 4/3/2023 | 1754675 |
| 20000000 | Metropolitan Transportation Authority, NY (MTA Transportation <br> Revenue), (Series 2012A-2) Weekly VRDNs, (Bank of Montreal LOC), <br> 2.000%, 12/1/2022<br>| 20000000 |
| 10490000 | Metropolitan Transportation Authority, NY (MTA Transportation <br> Revenue), Tender Option Bond Trust Receipts (Series 2018-XM0697) <br> Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. <br> LOC), 1.950%, 12/1/2022<br>| 10490000 |
| 8340000 | Metropolitan Transportation Authority, NY, (Series 2022-XX1236) <br> Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank <br> plc LIQ), 2.020%, 12/1/2022<br>| 8340000 |
| 21500000 | Metropolitan Transportation Authority, NY, (Subseries 2005E-1) Weekly <br> VRDNs, (Barclays Bank PLC LOC), 1.880%, 12/1/2022<br>| 21500000 |
| 25000000 | New York City, NY Municipal Water Finance Authority, (Series 2010CC) <br> Weekly VRDNs, (Barclays Bank PLC LIQ), 1.880%, 12/1/2022<br>| 25000000 |
| 19000000 | New York City, NY Municipal Water Finance Authority, Second General <br> Resolution (Fiscal 2009 Series BB-1) Daily VRDNs, (UBS AG LIQ), <br> 1.020%, 12/1/2022<br>| 19000000 |
| 19850000 | New York City, NY Municipal Water Finance Authority, Second General <br> Resolution (Fiscal 2009 Series BB-2) Daily VRDNs, (Landesbank <br> Hessen-Thuringen LIQ), 1.020%, 12/1/2022<br>| 19850000 |
| 15000000 | New York City, NY Transitional Finance Authority, (Subseries A2) Daily <br> VRDNs, (UBS AG LIQ), 1.020%, 12/1/2022<br>| 15000000 |

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Semi-Annual Shareholder Report

**9**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **New York— continued** |  |
| $16185000 | New York City, NY, (Fiscal 2006 Series I-8) Daily VRDNs, (State Street <br> Bank and Trust Co. LIQ), 1.050%, 12/1/2022<br>| $16185000 |
| 6395000 | New York City, NY, (Fiscal 2008 Subseries L-4) Daily VRDNs, (U.S. Bank, <br> N.A. LOC), 1.050%, 12/1/2022<br>| 6395000 |
| 6000000 | New York City, NY, (Fiscal 2010 Series G Subseries G-4) Weekly <br> VRDNs, (Barclays Bank PLC LIQ), 1.880%, 12/1/2022<br>| 6000000 |
| 2200000 | New York City, NY, (Fiscal 2012 Series A-4) Weekly VRDNs, (MUFG <br> Bank Ltd. LOC), 1.880%, 12/1/2022<br>| 2200000 |
| 10000000 | New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells <br> Fargo Bank, N.A. LIQ), 2.050%, 12/1/2022<br>| 10000000 |
| 3635000 | New York State Dormitory Authority (Blythedale Children's Hospital), <br> (Series 2009) Weekly VRDNs, (TD Bank, N.A. LOC), 1.920%, 12/1/2022<br>| 3635000 |
| 3000000 | New York State Dormitory Authority (Northwell Healthcare, Inc.), <br> Tender Option Bond Trust Certificates (Series 2022-XL0272) Weekly <br> VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley <br> Bank, N.A. LIQ), 2.020%, 12/1/2022<br>| 3000000 |
| 5500000 | New York State HFA (10 Barclay Street Housing LLC), (Series A) Weekly <br> VRDNs, (Federal National Mortgage Association LOC), <br> 1.800%, 12/7/2022<br>| 5500000 |
| 3500000 | New York State HFA (100 Maiden Lane), (2004 Series A) Weekly <br> VRDNs, (Federal National Mortgage Association LOC), <br> 1.850%, 12/7/2022<br>| 3500000 |
| 17000000 | New York State HFA (17th and 10th Associates, LLC), <br> (Series 2009A: Related-Taconic West 17th Street) Weekly VRDNs, <br> (Federal National Mortgage Association LOC), 1.800%, 12/7/2022<br>| 17000000 |
| 83795000 | New York State HFA (42nd and 10th Street Associates LLC), <br> (Series 2022-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC <br> LOC), 2.100%, 12/1/2022<br>| 83795000 |
| 2500000 | New York State Power Authority (New York State Power Authority <br> Transmission Project), (Series 2022-XF1300) Weekly VRDNs, (Assured <br> Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), <br> 2.020%, 12/1/2022<br>| 2500000 |
| 5475000 | New York State Power Authority (New York State Power Authority <br> Transmission Project), (Series 2022-YX1184) Weekly VRDNs, (GTD by <br> Assured Guaranty Municipal Corp.)/(Barclays Bank PLC LIQ), <br> 1.980%, 12/1/2022<br>| 5475000 |
| 8300000 | New York State Power Authority, (Series 2), CP, (JPMorgan Chase <br> Bank, N.A. LIQ)/(State Street Bank and Trust Co. LIQ)/(TD Bank, N.A. <br> LIQ)/(Wells Fargo Bank, N.A. LIQ), 2.600%, Mandatory <br> Tender 12/6/2022<br>| 8300000 |
| 5850000 | New York State Thruway Authority, Tender Option Bond Certificates <br> (Series 2022-XL0312) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), <br> 2.050%, 12/1/2022<br>| 5850000 |
| 35500000 | Northport - East Northport, NY Unified Free School District TANs, <br> 3.500%, 3/1/2023<br>| 35591502 |
| 40900000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) <br> Weekly VRDPs, (Royal Bank of Canada LIQ), 1.950%, 12/1/2022<br>| 40900000 |

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Semi-Annual Shareholder Report

**10**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **New York— continued** |  |
| $11000000 | Penn-Yan, NY Central School District BANs, 4.250%, 6/28/2023 | $11073316 |
| 18000000 | Riverhead, NY Central School District, (Series B) TANs, <br> 4.000%, 6/28/2023<br>| 18141749 |
| 30000000 | Syosset, NY CSD TANs, 4.000%, 6/28/2023 | 30236331 |
| 20000000 | Triborough Bridge & Tunnel Authority, NY, (Series B-2A) Weekly <br> VRDNs, (State Street Bank and Trust Co. LOC), 2.000%, 12/7/2022<br>| 20000000 |
| 10350000 | Troy, NY Enlarged CSD BANs, 4.000%, 6/8/2023 | 10449683 |
| 6000000 | West Genesee, NY Central School District RANs, 3.500%, 12/28/2022 | 6005471 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 517077894 |
|  | **North Carolina— 0.3%** |  |
| 10000000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health <br> (previously Carolinas HealthCare) System), (Series 2007E) Daily VRDNs, <br> (TD Bank, N.A. LOC), 1.000%, 12/1/2022<br>| 10000000 |
|  | **Ohio— 3.8%** |  |
| 4000000 | Cleveland, OH, Tender Option Bond Trust Receipts <br> (Series 2018-XF2657) Weekly VRDNs, (Bank of America N.A. LIQ), <br> 2.040%, 12/1/2022<br>| 4000000 |
| 15585000 | Franklin County, OH Hospital Facility Authority (Nationwide Children's <br> Hospital), (Series 2013A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. <br> LIQ), 1.860%, 12/1/2022<br>| 15585000 |
| 10750000 | Franklin County, OH Mortgage Revenue (Trinity Healthcare Credit <br> Group), (Series 2013OH) TOBs, 3.300%, Mandatory Tender 2/1/2023<br>| 10750000 |
| 2190000 | Licking County, OH, Airport Facilities Improvement BANs Series 2022) <br> BANs, 4.000%, 8/29/2023<br>| 2207984 |
| 1095000 | Lorain County, OH, (Series B) BANs, 2.000%, 12/15/2022 | 1095669 |
| 23640000 | Middletown, OH (Premier Health Partners Obligated Group), Golden <br> Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank <br> PLC LOC), 2.050%, 12/1/2022<br>| 23640000 |
| 9200000 | Ohio State (Capital Facilities Lease-Appropriation - Adult Correction <br> Building Fund), (Series 2016C) Weekly VRDNs, (Ohio State LIQ), <br> 2.000%, 12/7/2022<br>| 9200000 |
| 29145000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), <br> (Series B-5), CP, 1.800%, Mandatory Tender 12/1/2022<br>| 29145000 |
| 4285000 | Ohio State Hospital Revenue (University Hospitals Health System Inc. <br> Obligated Group), (Series C-18) Weekly VRDNs, (Royal Bank of Canada <br> LIQ)/(Royal Bank of Canada LOC), 1.940%, 12/1/2022<br>| 4285000 |
| 14800000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), <br> Barclays Golden Blue (Series 2020-002) VRENs, (Barclays Bank plc <br> LIQ)/(Barclays Bank plc LOC), 2.050%, 12/1/2022<br>| 14800000 |
| 10000000 | Ohio University, (RBC Muni Products Series G-27) TOBs, (Royal Bank of <br> Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Optional <br> Tender 12/1/2022<br>| 10000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 124708653 |

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Semi-Annual Shareholder Report

**11**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Oklahoma— 0.1%** |  |
| $3410000 | Oklahoma Development Finance Authority (OU Medicine), Tender <br> Option Bond Trust Receipts (Series 2018-XG0210) Weekly VRDNs, <br> (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), <br> 1.950%, 12/1/2022<br>| $3410000 |
|  | **Oregon— 0.3%** |  |
| 5000000 | Oregon State Department of Transportation, (Series A-1), CP, (Wells <br> Fargo Bank, N.A. LOC), 2.470%, Mandatory Tender 12/1/2022<br>| 5000000 |
| 1250000 | Oregon State Department of Transportation, (Series A-1), CP, (Wells <br> Fargo Bank, N.A. LOC), 3.000%, Mandatory Tender 2/1/2023<br>| 1250000 |
| 3400000 | Oregon State Department of Transportation, (Series A-2), CP, (Bank of <br> Montreal LOC), 3.000%, Mandatory Tender 2/1/2023<br>| 3400000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9650000 |
|  | **Pennsylvania— 6.2%** |  |
| 6400000 | Allegheny County, PA HDA (Dialysis Clinic, Inc.), (Series 1997) Weekly <br> VRDNs, (Fifth Third Bank, N.A. LOC), 1.870%, 12/1/2022<br>| 6400000 |
| 4490000 | Berks County, PA IDA (Tower Health), Tender Option Bond Trust <br> Certificates (Series 2018-XL0061) Weekly VRDNs, (Barclays Bank plc <br> LIQ)/(Barclays Bank plc LOC), 1.980%, 12/1/2022<br>| 4490000 |
| 2065000 | Chester County, PA HEFA (Tel Hai Obligated Group Project), <br> (Series of 2009) Weekly VRDNs, (Manufacturers & Traders Trust Co., <br> Buffalo LOC), 1.970%, 12/1/2022<br>| 2065000 |
| 11995000 | Pennsylvania State Higher Education Facilities Authority (Foundation <br> for Indiana University of Pennsylvania), RBC Muni Products (E-75) <br> TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), <br> 2.100%, Optional Tender 1/3/2023<br>| 11995000 |
| 23300000 | Pennsylvania State Higher Education Facilities Authority (University of <br> Pennsylvania Health System), (2008 Series A) Weekly VRDNs, (Bank of <br> America N.A. LOC), 1.840%, 12/7/2022<br>| 23300000 |
| 12605000 | Pennsylvania State Turnpike Commission, (Series 2022-ZL0364) Weekly <br> VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.050%, 12/1/2022<br>| 12605000 |
| 9500000 | Pennsylvania State Turnpike Commission, PUTTERs (Series 5025) Daily <br> VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, <br> N.A. LOC), 1.080%, 12/1/2022<br>| 9500000 |
| 24830000 | Pennsylvania State Turnpike Commission, PUTTERs (Series 5026) Daily <br> VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, <br> N.A. LOC), 1.080%, 12/1/2022<br>| 24830000 |
| 7180000 | Pennsylvania State Turnpike Commission, Tender Option Bond Trust <br> Certificates (Series 2020-XM0861) Weekly VRDNs, (Assured Guaranty <br> Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), <br> 1.980%, 12/1/2022<br>| 7180000 |
| 1525000 | Philadelphia, PA Authority for Industrial Development (Susquehanna <br> Net Zero Housing, L.P.), Tender Option Bond Trust Floater Certificates <br> (2020-MIZ9051) VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. <br> LOC), 2.150%, 12/1/2022<br>| 1525000 |
| 6865000 | Philadelphia, PA School District, Tender Option Bond Trust Receipts <br> (Series 2020-XF0881) Weekly VRDNs, (Assured Guaranty Municipal <br> Corp. INS)/(Toronto Dominion Bank LIQ), 1.980%, 12/1/2022<br>| 6865000 |

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Semi-Annual Shareholder Report

**12**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Pennsylvania— continued** |  |
| $59475000 | Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, <br> (Series A of 2007) Weekly VRDNs, (Assured Guaranty Municipal Corp. <br> INS)/(PNC Bank, N.A. LIQ), 1.910%, 12/1/2022<br>| $59475000 |
| 18700000 | Southcentral PA, General Authority (Wellspan Health Obligated <br> Group), (Series 2019E) Daily VRDNs, (U.S. Bank, N.A. LIQ), <br> 1.070%, 12/1/2022<br>| 18700000 |
| 14000000 | State Public School Building Authority, PA (Philadelphia, PA School <br> District), Tender Option Bond Trust Certificates (2016-XG0085) Weekly <br> VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley <br> Bank, N.A. LIQ), 1.980%, 12/1/2022<br>| 14000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 202930000 |
|  | **South Carolina— 0.4%** |  |
| 5530000 | South Carolina State Public Service Authority, Tender Option Bond <br> Trust Certificates (Series 2022-XL0313) Weekly VRDNs, (Build America <br> Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), <br> 2.020%, 12/1/2022<br>| 5530000 |
| 6670000 | South Carolina Transportation Infrastructure Bank, Tender Option Bond <br> Trust Receipts (Series G-109) TOBs, (Royal Bank of Canada LIQ)/(Royal <br> Bank of Canada LOC), 2.100%, Optional Tender 4/3/2023<br>| 6670000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 12200000 |
|  | **Tennessee— 4.7%** |  |
| 2300000 | Blount County, TN Public Building Authority (Knox County, TN), <br> (Series C-3-A) Weekly VRDNs, (Truist Bank LIQ), 2.000%, 12/1/2022<br>| 2300000 |
| 23620000 | Johnson City, TN Health & Education Facilities Board (Ballad Health), <br> (Series 2022B) Weekly VRDNs, (Truist Bank LOC), 1.920%, 12/1/2022<br>| 23620000 |
| 3150000 | Metropolitan Government Nashville & Davidson County, TN HEFA <br> (Meharry Medical College), (Series 2009) Weekly VRDNs, (Fifth Third <br> Bank, N.A. LOC), 1.880%, 12/2/2022<br>| 3150000 |
| 23000000 | Metropolitan Government Nashville & Davidson County, TN, (2014 <br> Program), CPX, 2.850%, Mandatory Tender 2/1/2023<br>| 23000000 |
| 7500000 | Sevier County, TN Public Building Authority, (Series V-B-1) Weekly <br> VRDNs, (Truist Bank LOC), 2.000%, 12/1/2022<br>| 7500000 |
| 58800000 | Shelby County, TN Health Education & Housing Facilities Board <br> (Methodist Le Bonheur Healthcare), (Series 2008A) Daily VRDNs, <br> (Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ), <br> 1.030%, 12/1/2022<br>| 58800000 |
| 36320000 | Shelby County, TN Health Education & Housing Facilities Board <br> (Methodist Le Bonheur Healthcare), (Series 2008B) Daily VRDNs, <br> (Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ), <br> 1.070%, 12/1/2022<br>| 36320000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 154690000 |
|  | **Texas— 8.0%** |  |
| 11005000 | Dallas, TX, (Series A), CP, 2.350%, Mandatory Tender 12/7/2022 | 11005000 |
| 3485000 | Dallas, TX, (Series A), CP, 2.800%, Mandatory Tender 12/7/2022 | 3485000 |

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Semi-Annual Shareholder Report

**13**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Texas— continued** |  |
| $3060000 | El Paso, TX Housing Finance Corp., Mizuho 3A-7 (2022-MIZ9104) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), <br> 2.150%, 12/1/2022<br>| $3060000 |
| 7100000 | Gulf Coast, TX IDA (Exxon Mobil Corp.), (Series 2012) Daily VRDNs, <br> 1.000%, 12/1/2022<br>| 7100000 |
| 95000000 | Harris County, TX Cultural Education Facilities Finance Corp. <br> (Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP, <br> 1.050%, Mandatory Tender 12/1/2022<br>| 95000000 |
| 7600000 | Port Arthur Navigation District, TX IDC (TOTAL Petrochemicals USA, <br> Inc.), (Series 2012B) Weekly VRDNs, (GTD by TotalEnergies SE), <br> 1.890%, 12/7/2022<br>| 7600000 |
| 10600000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills <br> Resources LLC), (Series 2002B) Daily VRDNs, 1.950%, 12/1/2022<br>| 10600000 |
| 41000000 | Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL <br> Petrochemicals USA, Inc.), Exempt Facilities Revenue Bonds <br> (Series 2009) Weekly VRDNs, (GTD by TotalEnergies SE), <br> 1.890%, 12/7/2022<br>| 41000000 |
| 20000000 | San Antonio, TX Electric & Gas System, (2012 Series A), CP, 2.750%, <br> Mandatory Tender 12/8/2022<br>| 20000000 |
| 6075000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor <br> Scott & White Health Care System), (Series 2011C) Daily VRDNs, (TD <br> Bank, N.A. LOC), 1.000%, 12/1/2022<br>| 6075000 |
| 8565000 | Tarrant County, TX Cultural Education Facilities Finance Corp. <br> (Methodist Hospitals of Dallas), (Series 2008A) Daily VRDNs, (TD Bank, <br> N.A. LOC), 1.000%, 12/1/2022<br>| 8565000 |
| 10000000 | Texas State Affordable Housing Corp., Tender Option Bond Trust <br> Receipts (Series 2022-XF3033) Weekly VRDNs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022<br>| 10000000 |
| 40000000 | Texas State, (Veterans Bonds Series 2022) Weekly VRDNs, (Sumitomo <br> Mitsui Banking Corp. LIQ), 1.950%, 12/7/2022<br>| 40000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 263490000 |
|  | **Virginia— 1.6%** |  |
| 1700000 | Fairfax County, VA EDA (Young Men's Christian Association of <br> Metropolitan Washington), (Series 2001) Weekly VRDNs, <br> (Manufacturers & Traders Trust Co., Buffalo LOC), 1.970%, 12/2/2022<br>| 1700000 |
| 6500000 | Loudoun County, VA IDA (Howard Hughes Medical Institute), <br> (Series 2003D) Weekly VRDNs, 1.900%, 12/7/2022<br>| 6500000 |
| 335000 | Lynchburg, VA Economic Development Authority (Centra Health <br> Obligated Group), (Series 2017C) Weekly VRDNs, (Truist Bank LOC), <br> 2.000%, 12/1/2022<br>| 335000 |
| 9885000 | Norfolk, VA EDA (Sentara Health Systems Obligation Group), <br> (Series 2016B) Weekly VRDNs, 1.800%, 12/7/2022<br>| 9885000 |
| 5000000 | Norfolk, VA EDA (Sentara Health Systems Obligation Group), <br> (Series C-19) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank <br> of Canada LOC), 1.940%, 12/1/2022<br>| 5000000 |

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Semi-Annual Shareholder Report

**14**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Virginia— continued** |  |
| $6000000 | Norfolk, VA EDA (Sentara Health Systems Obligation Group), <br> (Series C-20) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank <br> of Canada LOC), 1.940%, 12/1/2022<br>| $6000000 |
| 2000000 | University of Virginia (The Rectors and Visitors of), Solar Eclipse <br> (Series 2017-0017) Weekly VRDNs, (U.S. Bank, N.A. LIQ), <br> 1.950%, 12/1/2022<br>| 2000000 |
| 8585000 | Virginia Small Business Financing Authority (Bon Secours Mercy <br> Health), Tender Option Bond Trust Receipts (Series 2020-XF0926) <br> Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.050%, 12/1/2022<br>| 8585000 |
| 1540000 | Virginia Small Business Financing Authority (Bon Secours Mercy <br> Health), Tender Option Bond Trust Receipts (Series 2020-ZF0916) <br> Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.050%, 12/1/2022<br>| 1540000 |
| 3600000 | Virginia Small Business Financing Authority (Bon Secours Mercy <br> Health), Tender Option Bond Trust Receipts (Series 2020-ZF0927) <br> Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.050%, 12/1/2022<br>| 3600000 |
| 2515000 | Virginia Small Business Financing Authority (Bon Secours Mercy <br> Health), Tender Option Bond Trust Receipts (Series 2020-ZF0928) <br> Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.050%, 12/1/2022<br>| 2515000 |
| 3555000 | Virginia State Public Building Authority Public Facilities (Virginia State), <br> RBC Muni Products (Series G-40) TOBs, (Royal Bank of Canada <br> LIQ)/(Royal Bank of Canada LOC), 2.100%, Optional Tender 2/1/2023<br>| 3555000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 51215000 |
|  | **West Virginia— 0.2%** |  |
| 1475000 | Morgantown, WV Combined Utility System (Morgantown Utility Board, <br> Inc.), Tender Option Bond Trust Receipts (Series 2018-ZF0672) Weekly <br> VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), <br> 1.950%, 12/1/2022<br>| 1475000 |
| 5635000 | West Virginia State Hospital Finance Authority (Cabell Huntington <br> Hospital), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), <br> 2.000%, 12/1/2022<br>| 5635000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7110000 |
|  | **Wisconsin— 2.4%** |  |
| 4000000 | Fort Atkinson, WI School District BANs, 4.000%, 6/22/2023 | 4008400 |
| 16646000 | Public Finance Authority, WI (Agape Meadowcreek, Inc.), Tender <br> Option Bond Trust Floater Certificates (Series 2022-XF3026) Weekly <br> VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), <br> 2.120%, 12/1/2022<br>| 16646000 |
| 2790000 | Public Finance Authority, WI (Atlantic Housing Foundation, Inc.), <br> Mizuho 3a-7 (2022-MIZ9092) VRENs, (GTD by Mizuho Bank <br> Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 2790000 |
| 31420000 | Public Finance Authority, WI (Bradford Preparatory School), <br> (Series 2022-XF2997) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 31420000 |
| 11061000 | Wisconsin Center District, Tender Option Bond Trust Receipts <br> (Series 2020-XF1208) Weekly VRDNs, (Assured Guaranty Municipal <br> Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 2.020%, 12/1/2022<br>| 11061000 |

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Semi-Annual Shareholder Report

**15**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Wisconsin— continued** |  |
| $13600000 | Wisconsin State, (Series A) Weekly VRDNs, 2.000%, 12/1/2022 | $13600000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 79525400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—99.4% <br>(AT AMORTIZED COST)<sup>2</sup> <br>| 3269137730 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—0.6%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19141243 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $3288278973 |

---

At November 30, 2022, the Fund held no securities that are subject to the federal alternative minimum tax (AMT) (unaudited).

---

| | |
|:---|:---|
| 1 | *Current rate and current maturity or next reset date shown for floating rate notes and variable* <br> *rate notes/demand instruments. Certain variable rate securities are not based on a published* <br> *reference rate and spread but are determined by the issuer or agent and are based on current* <br> *market conditions. These securities do not indicate a reference rate and spread in their* <br> *description above.*<br>|
| 2 | *Also represents cost for federal tax purposes.* |
| 3 | *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 November 30, 2022.

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

**16**

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In valuing the Fund's assets as of November 30, 2022, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

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| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | The following acronym(s) are used throughout this portfolio: |
| BANs | —Bond Anticipation Notes |
| CDA | —Community Development Authority |
| COL | —Collateralized |
| CP | —Commercial Paper |
| CPX | —Commercial Paper Extendible |
| CSD | —Central School District |
| EDA | —Economic Development Authority |
| GTD | —Guaranteed |
| HDA | —Hospital Development Authority |
| HEFA | —Health and Education Facilities Authority |
| HFA | —Housing Finance Authority |
| IDA | —Industrial Development Authority |
| IDB | —Industrial Development Bond |
| IDC | —Industrial Development Corporation |
| INS | —Insured |
| LIQ | —Liquidity Agreement |
| LOC | —Letter of Credit |
| MFH | —Multi-Family Housing |
| PCRB | —Pollution Control Revenue Bond |
| PCRBs | —Pollution Control Revenue Bonds |
| PLC | —Public Limited Company |
| PUTTERs | —Puttable Tax-Exempt Receipts |
| RANs | —Revenue Anticipation Notes |
| TANs | —Tax Anticipation Notes |
| TOBs | —Tender Option Bonds |
| VRDNs | —Variable Rate Demand Notes |
| VRDPs | —Variable Rate Demand Preferreds |
| VRENs | —Variable Rate Extendible Notes |

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See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**17**

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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>**11/30/2022** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **2022** | **2021** | **2020** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **2018** | **2017** |
| **Net Asset Value,** <br> **Beginning of Period**<br>| **$1.00** | **$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; 0.007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.006 |
| 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; 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;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From <br> Investment <br>Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.008 |
| **Less Distributions:** |  |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.007) | &nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp; (0.012) | &nbsp;&nbsp;&nbsp;&nbsp; (0.012) | &nbsp;&nbsp;&nbsp;&nbsp; (0.010) | &nbsp;&nbsp;&nbsp;&nbsp; (0.006) |
| Distributions from net <br> realized gain<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; (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; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.002) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total <br> Distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.007) | &nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp; (0.012) | &nbsp;&nbsp;&nbsp;&nbsp; (0.012) | &nbsp;&nbsp;&nbsp;&nbsp; (0.010) | &nbsp;&nbsp;&nbsp;&nbsp; (0.008) |
| **Net Asset Value, End of** <br> **Period**<br>| **$1.00** | **$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; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.46%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57% |
| Expense waiver/<br> reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% |
| **Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period <br> (000 omitted)<br>| $2928409 | $2374257 | $2415796 | $4131257 | $3403098 | $3054475 | $2270120 |

---

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

---

| | |
|:---|:---|
| 1 | *The Fund has changed its fiscal year end from July 31 to May 31. This period represents the* <br> *ten-month period from August 1, 2018 to May 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–Advisor Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1, 2</sup> |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **2022** | **2021** | **2020** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1, 2</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; 0.007 | &nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp; 0.012 | 0.006 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.000<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.000<sup>3</sup> <br>| &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; 0.007 | &nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp; 0.012 | 0.006 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp;&nbsp; (0.007) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.012) | (0.006) |
| Distributions from net realized gain | &nbsp;&nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp; (0.000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; (0.007) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.012) | (0.006) |
| **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; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp; 0.55% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16% | &nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp; 0.22%<sup>6</sup> <br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp;&nbsp; 0.07% | &nbsp;&nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 1.61%<sup>6</sup> <br>|
| Expense waiver/reimbursement<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp; 0.09%<sup>6</sup> <br>|
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $169954 | $41546 | $18161 | $42186 | $5368 |

---

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

---

| | |
|:---|:---|
| 1 | *Reflects operations for the period from January 18, 2019 (commencement of operations) to* <br> *May 31, 2019. Certain ratios included above in Ratios to Average Net Assets and per share* <br> *amounts may be inflated or deflated as compared to the fee structure for each respective share* <br> *class as a result of daily systematic allocations being rounded to the nearest penny for fund level* <br> *income, expense and realized gain/loss amounts. Such differences are immaterial.*<br>|
| 2 | *The Fund changed its fiscal year end from July 31 to May 31.* |
| 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

**19**

------

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **2022** | **2021** | **2020** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **2018** | **2017** |
| **Net Asset Value, Beginning of** <br> **Period**<br>| **$1.00** | **$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; 0.006 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.009 | &nbsp;&nbsp;&nbsp;&nbsp; 0.010 | &nbsp;&nbsp;&nbsp;&nbsp; 0.008 | &nbsp;&nbsp;&nbsp;&nbsp; 0.003 |
| Net realized gain (loss) | &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; 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; 0.002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From Investment <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.006 | &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.009 | &nbsp;&nbsp;&nbsp;&nbsp; 0.010 | &nbsp;&nbsp;&nbsp;&nbsp; 0.008 | &nbsp;&nbsp;&nbsp;&nbsp; 0.005 |
| **Less Distributions:** |  |  |  |  |  |  |  |
| Distributions from net investment <br> income<br>| &nbsp;&nbsp;&nbsp; (0.006) | &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.009) | &nbsp;&nbsp;&nbsp; (0.010) | &nbsp;&nbsp;&nbsp; (0.008) | &nbsp;&nbsp;&nbsp; (0.003) |
| Distributions from net realized gain | &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; (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; (0.002) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; (0.006) | &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; (0.009) | &nbsp;&nbsp;&nbsp; (0.010) | &nbsp;&nbsp;&nbsp; (0.008) | &nbsp;&nbsp;&nbsp; (0.005) |
| **Net Asset Value, End of Period** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** | **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57% | &nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp;&nbsp; 0.52% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp; 0.26% | &nbsp;&nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp;&nbsp; 0.46%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp;&nbsp; 0.46% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.16%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 1.20%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp; 0.31% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp; 0.09% |
| **Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (000 <br> omitted)<br>| $189915 | $161073 | $226166 | $217345 | $213406 | $297390 | $228340 |

---

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

---

| | |
|:---|:---|
| 1 | *The Fund has changed its fiscal year end from July 31 to May 31. This period represents the* <br> *ten-month period from August 1, 2018 to May 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

**20**

------

Statement of Assets and Liabilities <br>November 30, 2022 (unaudited)

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in securities, at amortized cost and fair value | $3269137730 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5777995 |
| Income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10498996 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57947222 |
| Receivable for shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17616669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp; 3360978612 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67843400 |
| Payable for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3398473 |
| Income distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1403178 |
| Payable for investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10421 |
| Payable for administrative fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7016 |
| Accrued expenses (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72699639 |
| Net assets for 3,288,266,380 shares outstanding | $3288278973 |
| **Net Assets Consist of:** |  |
| Paid-in capital | $3288246897 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $3288278973 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Wealth Shares:** |  |
| $2,928,409,237 ÷ 2,928,397,916 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Advisor Shares:** |  |
| $169,954,437 ÷ 169,953,905 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Service Shares:** |  |
| $189,915,299 ÷ 189,914,559 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

**21**

------

Statement of Operations <br>Six Months Ended November 30, 2022 (unaudited)

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | $23422329 |
| **Expenses:** |  |
| Investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp; 2887305 |
| Administrative fee (Note 4) | &nbsp;&nbsp;&nbsp; 1132397 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42935 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13296 |
| Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7865 |
| Auditing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11851 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1575 |
| Portfolio accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105241 |
| Other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206397 |
| Share registration costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59478 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14085 |
| Miscellaneous (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31796 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES | &nbsp;&nbsp;&nbsp; 4514221 |
| Waiver of investment adviser fee (Note 4) | &nbsp;&nbsp; (1205414) |
| Net expenses | &nbsp;&nbsp;&nbsp; 3308807 |
| Net investment income | &nbsp;&nbsp; 20113522 |
| Net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26809 |
| Change in net assets resulting from operations | $20140331 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**22**

------

Statement of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022**<br>| **Year Ended** <br>**5/31/2022**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | $20113522 | $1993737 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42794 |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20140331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2036531 |
| **Distributions to Shareholders:** |  |  |
| Wealth Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18460626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2168585) |
| Advisor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (702220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27583) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (961051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69395) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> DISTRIBUTIONS TO SHAREHOLDERS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20123897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2265563) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 3256101794 | &nbsp;&nbsp; 3448904393 |
| Net asset value of shares issued to shareholders in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13391778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1339475 |
| Cost of shares redeemed | &nbsp;&nbsp; (2558106689) | &nbsp;&nbsp; (3533261962) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 711386883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83018094) |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 711403317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83247126) |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 2576875656 | &nbsp;&nbsp; 2660122782 |
| End of period | $3288278973 | $2576875656 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**23**

------

Notes to Financial Statements

November 30, 2022 (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 Tax-Free 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: Wealth Shares, Advisor 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 dividend income exempt from federal regular income tax consistent with stability of principal. Interest income from the Fund's investments normally will not be subject to the AMT for individuals, and may be subject to state and local taxes.

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.

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Pursuant to Rule 2a-5 under the Act, 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 $1,205,414 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.

**Other Service Fees** 

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Wealth Shares, Advisor 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. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time.

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For the six months ended November 30, 2022, other service fees for the Fund were as follows:

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| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Service Shares | $206397 |

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For the six months ended November 30, 2022, the Fund's Wealth Shares and Advisor 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 November 30, 2022, 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 November 30, 2022, 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 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.

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**3. SHARES OF BENEFICIAL INTEREST** 

The following tables summarize share activity:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**11/30/2022** | **Six Months Ended** <br>**11/30/2022** | **Year Ended** <br>**5/31/2022** | **Year Ended** <br>**5/31/2022** |
| **Wealth Shares:** | **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>| **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>|
| Shares sold | 2820064 | $2820064 | 3133791 | $3133791 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1278 |
| Shares redeemed | (2278119) | &nbsp;&nbsp; (2278119) | (3176400) | &nbsp;&nbsp; (3176400) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> WEALTH SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp; 554137 | $554137 | &nbsp;&nbsp;&nbsp;&nbsp; (41331) | $(41331) |
|  | **Six Months Ended** <br>**11/30/2022** | **Six Months Ended** <br>**11/30/2022** | **Year Ended** <br>**5/31/2022** | **Year Ended** <br>**5/31/2022** |
| **Advisor Shares:** | **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>| **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>|
| Shares sold | &nbsp;&nbsp;&nbsp; 261818 | $261818 | &nbsp;&nbsp;&nbsp;&nbsp; 36197 | $36197 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| Shares redeemed | &nbsp;&nbsp; (134110) | &nbsp;&nbsp;&nbsp;&nbsp; (134110) | &nbsp;&nbsp;&nbsp;&nbsp; (12838) | &nbsp;&nbsp;&nbsp;&nbsp; (12838) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> ADVISOR SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp; 128409 | $128409 | &nbsp;&nbsp;&nbsp;&nbsp; 23387 | $23387 |
|  | **Six Months Ended** <br>**11/30/2022** | **Six Months Ended** <br>**11/30/2022** | **Year Ended** <br>**5/31/2022** | **Year Ended** <br>**5/31/2022** |
| **Service Shares:** | **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>| **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>|
| Shares sold | &nbsp;&nbsp;&nbsp; 174220 | $174220 | &nbsp;&nbsp;&nbsp; 278917 | $278917 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| Shares redeemed | &nbsp;&nbsp; (145878) | &nbsp;&nbsp;&nbsp;&nbsp; (145878) | &nbsp;&nbsp; (344024) | &nbsp;&nbsp;&nbsp;&nbsp; (344024) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> SERVICE SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28841 | $28841 | &nbsp;&nbsp;&nbsp;&nbsp; (65073) | $(65073) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> TOTAL FUND <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp; 711387 | $711387 | &nbsp;&nbsp;&nbsp;&nbsp; (83017) | $(83017) |

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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 November 30, 2022, the Adviser voluntarily waived $1,205,414 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 November 30, 2022, 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 November 30, 2022, FSSC received $2,697 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 Wealth Shares, Advisor Shares and Service Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.21%, 0.21% and 0.46% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) August 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.

**Interfund Transactions** 

During the six months ended November 30, 2022, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Directors/Trustees and/or common Officers. These purchase and sale transactions complied with Rule 17a-7 under the Act and amounted to $1,029,985,000 and $603,460,000 respectively.

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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 November 30, 2022, there were no outstanding loans. During the six months ended November 30, 2022, 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 June 1, 2022 to November 30, 2022.

**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>**6/1/2022**<br>| **Ending** <br>**Account Value** <br>**11/30/2022**<br>| **Expenses Paid** <br>**During Period**<sup>1</sup> <br>|
| **Actual:** |  |  |  |
| Wealth Shares | $1000 | $1007.00 | $1.06 |
| Advisor Shares | $1000 | $1007.00 | $1.06 |
| Service Shares | $1000 | $1005.70 | $2.31 |
| **Hypothetical (assuming a 5% return** <br> **before expenses):**<br>|  |  |  |
| Wealth Shares | $1000 | $1024.02 | $1.07 |
| Advisor Shares | $1000 | $1024.02 | $1.07 |
| Service Shares | $1000 | $1022.76 | $2.33 |

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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 183/365 (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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| | |
|:---|:---|
| Wealth Shares | 0.21% |
| Advisor Shares | 0.21% |
| Service Shares | 0.46% |

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Evaluation and Approval of Advisory Contract–May 2022

**Federated Hermes Tax-Free 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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**38**

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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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**39**

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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

**40**

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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.

Semi-Annual Shareholder Report

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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 Tax-Free 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 60934N401* <br>*CUSIP 608919411* <br>*CUSIP 60934N880*

*Q450202 (1/23)*© 2023 Federated Hermes, Inc.

![](fscbug_small.jpg)

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**Semi-Annual Shareholder Report**

***November 30, 2022***

![](img3f51ded11.gif)

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

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| | |
|:---|:---|
| **Share Class** \| Ticker | **Wealth** \| TBIXX |

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Federated Hermes Tax-Free 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 June 1, 2022 through November 30, 2022. 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_a4f205e5-005a-4aa4-9e4e-9aab07406f12_1) | &nbsp;&nbsp; [1](#xx_a4f205e5-005a-4aa4-9e4e-9aab07406f12_1)  |
| [Portfolio of Investments](#xx_a4f205e5-005a-4aa4-9e4e-9aab07406f12_2) | &nbsp;&nbsp; [2](#xx_a4f205e5-005a-4aa4-9e4e-9aab07406f12_2)  |
| [Financial Highlights](#xx_fbfebaec-3bd8-4743-be9e-808f0e3f0896_1) | [18](#xx_fbfebaec-3bd8-4743-be9e-808f0e3f0896_1)  |
| [Statement of Assets and Liabilities](#xx_03857335-5082-4ad9-8280-dc864ed2055c_1) | [19](#xx_03857335-5082-4ad9-8280-dc864ed2055c_1)  |
| [Statement of Operations](#xx_03857335-5082-4ad9-8280-dc864ed2055c_2) | [20](#xx_03857335-5082-4ad9-8280-dc864ed2055c_2)  |
| [Statement of Changes in Net Assets](#xx_03857335-5082-4ad9-8280-dc864ed2055c_3) | [21](#xx_03857335-5082-4ad9-8280-dc864ed2055c_3)  |
| [Notes to Financial Statements](#xx_68d1998b-d612-483f-9fdf-7911e17822da_1) | [22](#xx_68d1998b-d612-483f-9fdf-7911e17822da_1)  |
| [Shareholder Expense Example](#xx_1950e5b1-2740-4e5b-a5e5-725d109d2521_1) | [29](#xx_1950e5b1-2740-4e5b-a5e5-725d109d2521_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_7658a2c9-582d-41e9-acfd-d083590eadcc_1) | [30](#xx_7658a2c9-582d-41e9-acfd-d083590eadcc_1)  |
| [Voting Proxies on Fund Portfolio Securities](#xx_b022b813-2c72-4f53-aa14-444a2e1da6e8_1) | [40](#xx_b022b813-2c72-4f53-aa14-444a2e1da6e8_1)  |
| [Portfolio Schedule](#xx_b022b813-2c72-4f53-aa14-444a2e1da6e8_1) | [40](#xx_b022b813-2c72-4f53-aa14-444a2e1da6e8_1) |

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Portfolio of Investments Summary Tables (unaudited)

At November 30, 2022, 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 Demand Instruments | 75.7% |
| Municipal Notes | 13.0% |
| Commercial Paper | 10.7% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| &nbsp;&nbsp; 0.6% |
| &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 the* <br> *principal 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>|

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At November 30, 2022, 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 | 71.7% |
| 8-30 Days | &nbsp;&nbsp; 2.0% |
| 31-90 Days | 16.1% |
| 91-180 Days | &nbsp;&nbsp; 4.8% |
| 181 Days or more | &nbsp;&nbsp; 4.8% |
| Other Assets and Liabilities—Net<sup>2</sup> <br>| &nbsp;&nbsp; 0.6% |
| &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 | *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

November 30, 2022 (unaudited)

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| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— 99.4% |  |
|  | **Alabama— 5.0%** |  |
| $7510000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily <br> VRDNs, 1.100%, 12/1/2022<br>| $7510000 |
| 8600000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily <br> VRDNs, 1.100%, 12/1/2022<br>| 8600000 |
| 50000000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-D) Weekly <br> VRDNs, 2.020%, 12/7/2022<br>| 50000000 |
| 2735000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, <br> 1.100%, 12/1/2022<br>| 2735000 |
| 3100000 | Eutaw, AL Industrial Development Board PCRB (Alabama Power Co.), <br> (Series 1998) Daily VRDNs, 1.100%, 12/1/2022<br>| 3100000 |
| 13000000 | Mobile, AL IDB (Alabama Power Co.), (Second Series 2009) Daily <br> VRDNs, 1.120%, 12/1/2022<br>| 13000000 |
| 44300000 | Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly <br> VRDNs, 2.020%, 12/7/2022<br>| 44300000 |
| 33810000 | West Jefferson, AL IDB PCRB (Alabama Power Co.), (Series 1998) <br> Weekly VRDNs, 2.020%, 12/1/2022<br>| 33810000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 163055000 |
|  | **Alaska— 0.4%** |  |
| 13540000 | Valdez, AK Marine Terminal (Exxon Pipeline Co.), (Series 1993 C) Daily <br> VRDNs, (Exxon Mobil Corp. GTD), 1.000%, 12/1/2022<br>| 13540000 |
|  | **Arizona— 0.9%** |  |
| 30000000 | Arizona State IDA (Vaseo Apartments LP), Mizuho 3a-7 (2021-MIZ9088) <br> VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), <br> 2.150%, 12/1/2022<br>| 30000000 |
|  | **California— 9.8%** |  |
| 40000000 | California Health Facilities Financing Authority (Dignity Health (Catholic <br> Healthcare West)), Golden Blue (Series 2017-004) VRENs, (Barclays <br> Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.050%, 12/1/2022<br>| 40000000 |
| 3610000 | California HFA, Mizuho 3a-7 (Series 2022-MIZ9097) VRENs, (GTD by <br> Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 3610000 |
| 19850000 | California HFA, Tender Option Bond Trust Floater Certificates <br> (Series 2022-XF3059) Weekly VRDNs, (GTD by Mizuho Bank <br> Ltd.)/(Mizuho Bank Ltd. LIQ), 2.100%, 12/1/2022<br>| 19850000 |
| 4350000 | California Infrastructure & Economic Development Bank (Los Angeles <br> Society for the Prevention of Cruelty to Animals), (Series 2002A) <br> Weekly VRDNs, (Bank of New York Mellon, N.A. LOC), <br> 1.870%, 12/1/2022<br>| 4350000 |
| 7500000 | California Municipal Finance Authority (Montague Parkway Associates <br> LP), Tender Option Bond Trust Floater Certificates (2020-MIZ9041) <br> Daily VRDNs, (Federal Home Loan Mortgage Corp. GTD)/(Mizuho <br> Bank Ltd. LIQ), 1.100%, 12/1/2022<br>| 7500000 |

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Semi-Annual Shareholder Report

**2**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **California— continued** |  |
| $8815000 | California School Finance Authority (CPMS Higher Ground, LLC), <br> Tender Option Bond Trust Receipts (2020-XF2893) Weekly VRDNs, <br> (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.100%, 12/1/2022<br>| $8815000 |
| 8471000 | California Statewide Communities Development Authority (Essex <br> Monarch Santa Monica Apartments LP), Tender Option Bond Trust <br> Floater Certificates (Series 2019-MIZ9011) VRENs, (GTD by Mizuho <br> Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 8471000 |
| 11000000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2004E), CP, 2.020%, Mandatory <br> Tender 12/14/2022<br>| 11000000 |
| 12395000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2004I), CP, 2.000%, Mandatory <br> Tender 12/13/2022<br>| 12395000 |
| 7310000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2004I), CP, 2.020%, Mandatory Tender 12/7/2022<br>| 7310000 |
| 20000000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2004K), CP, 3.100%, Mandatory Tender 3/2/2023<br>| 20000000 |
| 13000000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2008B), CP, 2.780%, Mandatory Tender 3/7/2023<br>| 13000000 |
| 12500000 | California Statewide Communities Development Authority (Kaiser <br> Permanente), (Series 2009B-1), CP, 1.900%, Mandatory <br> Tender 12/7/2022<br>| 12500000 |
| 8300000 | California Statewide Communities Development Authority MFH <br> (Uptown Newport Building Owner, LP), (2017 Series AA: One Uptown <br> Newport Apartments) Weekly VRDNs, (Comerica Bank LOC), <br> 1.950%, 12/1/2022<br>| 8300000 |
| 4500000 | California Statewide Communities Development Authority MFH <br> (Uptown Newport Building Owner, LP), (2017 Series BB: One Uptown <br> Newport Apartments) Weekly VRDNs, (Federal Home Loan Bank of <br> Des Moines LOC), 1.940%, 12/1/2022<br>| 4500000 |
| 28180000 | California Statewide Communities Development Authority MFH <br> (Uptown Newport Building Owner, LP), (2021 Series A: One Uptown <br> Newport Apartments) Weekly VRDNs, (Landesbank Hessen-Thuringen <br> LOC), 1.960%, 12/1/2022<br>| 28180000 |
| 4655000 | Davis Joint Unified School District, CA, Tender Option Bond Trust <br> Certificates (Series 2019-XM0730) Weekly VRDNs, (Assured Guaranty <br> Municipal Corp. INS)/(Barclays Bank PLC LIQ), 2.020%, 12/1/2022<br>| 4655000 |
| 7075000 | Foothill/Eastern Transportation Corridor Agency, CA, Tender Option <br> Bond Trust Certificates (2019-XL011) Weekly VRDNs, (Assured <br> Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), <br> 2.020%, 12/1/2022<br>| 7075000 |
| 21185000 | River Islands, CA Public Financing Authority (River Islands, CA Public <br> Financing Authority-Community Facilities District No. 2015-1), Tender <br> Option Bond Trust Floater Certificates (Series 2022-MIZ9110) VRENs, <br> (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 21185000 |
| 32200000 | San Francisco, CA City and County (Block 9 MRU Residential LLC), <br> Mizuho 3A-7 (Series 2022-MIZ9100) VRENs, (GTD by Mizuho Bank <br> Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 32200000 |

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Semi-Annual Shareholder Report

**3**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **California— continued** |  |
| $13400000 | San Francisco, CA City and County (Transbay Block 8 Tower <br> Apartments Obligated Group), Mizuho 3a-7 (2021-MIZ9063) VRENs, <br> (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| $13400000 |
| 28625000 | Sweetwater, CA Union High School District, Tender Option Bond Trust <br> (Series 2022-XF1394) Weekly VRDNs, (JPMorgan Chase Bank, N.A. <br> LIQ), 2.020%, 12/1/2022<br>| 28625000 |
| 5000000 | Western Placer, CA Unified School District, Tender Option Bond Trust <br> Receipts (Series 2017-XG0152) Weekly VRDNs, (Assured Guaranty <br> Municipal Corp. INS)/(Barclays Bank PLC LIQ), 2.020%, 12/1/2022<br>| 5000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 321921000 |
|  | **Colorado— 1.4%** |  |
| 17570000 | Colorado Health Facilities Authority (Children's Hospital Colorado <br> Obligated Group), PUTTERs (Series 5008) Daily VRDNs, (JPMorgan <br> Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), <br> 1.080%, 12/1/2022<br>| 17570000 |
| 2279265 | Colorado HFA (Steele San Juan, LLC), Mizuho 3a-7 <br> (Series 2021-MIZ9068) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho <br> Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 2279265 |
| 25772000 | Colorado HFA, (Series 2022-XF3035) Weekly VRDNs, (Mizuho Bank <br> Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022<br>| 25772000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 45621265 |
|  | **Connecticut— 0.9%** |  |
| 26235000 | Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays <br> Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.050%, 12/1/2022<br>| 26235000 |
| 3465000 | Shelton, CT Housing Authority (Crosby Commons), (Series 1998) <br> Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), <br> 1.970%, 12/1/2022<br>| 3465000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 29700000 |
|  | **Florida— 11.4%** |  |
| 19240000 | Clearwater, FL Water and Sewer Authority, Solar Eclipse <br> (Series 2017-0014) Daily VRDNs, (U.S. Bank, N.A. LIQ), <br> 0.990%, 12/1/2022<br>| 19240000 |
| 18400000 | Escambia County, FL Solid Waste Disposal (Gulf Power Co.), (First <br> Series 2009) Daily VRDNs, 1.100%, 12/1/2022<br>| 18400000 |
| 4230000 | Florida Development Finance Corp. (Navigator Academy of <br> Leadership, Inc.), Tender Option Bond Trust Receipts (2021-XF2945) <br> Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), <br> 2.100%, 12/1/2022<br>| 4230000 |
| 13000000 | Hillsborough County, FL IDA (Baycare Health System), (Series 2020B) <br> Daily VRDNs, (TD Bank, N.A. LOC), 1.000%, 12/1/2022<br>| 13000000 |
| 25000000 | JEA, FL Electric System, (Series 2008C-3), CP, (Royal Bank of Canada <br> LIQ), 2.650%, Mandatory Tender 12/6/2022<br>| 25000000 |
| 6075000 | JEA, FL Electric System, (Series Three 2008A) Weekly VRDNs, (Royal <br> Bank of Canada LIQ), 1.870%, 12/7/2022<br>| 6075000 |
| 24450000 | JEA, FL Electric System, (Series Three 2008B-2: Senior Revenue Bonds) <br> Weekly VRDNs, (Royal Bank of Canada LIQ), 1.870%, 12/7/2022<br>| 24450000 |

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Semi-Annual Shareholder Report

**4**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Florida— continued** |  |
| $14300000 | Manatee County, FL (Florida Power & Light Co.), Pollution Control <br> Revenue Refunding Bonds (Series 1994) Daily VRDNs, <br> 1.150%, 12/1/2022<br>| $14300000 |
| 14500000 | Martin County, FL (Florida Power & Light Co.), (Series 2022) Weekly <br> VRDNs, 1.950%, 12/1/2022<br>| 14500000 |
| 2495000 | Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 <br> (2021-MIZ9072) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. <br> LIQ), 2.150%, 12/1/2022<br>| 2495000 |
| 1400000 | Miami-Dade County, FL HFA (Superior Manor Phase II LLC), Mizuho <br> 3a-7 (2022-MIZ9087) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank <br> Ltd. LIQ), 2.150%, 12/1/2022<br>| 1400000 |
| 46170000 | Miami-Dade County, FL School District, (Series 2022) TANs, <br> 4.000%, 2/23/2023<br>| 46350092 |
| 3160000 | Miami-Dade County, FL Seaport, Tender Option Bond Trust <br> Certificates (Series 2022-ZL0343) Weekly VRDNs, (Assured Guaranty <br> Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 2.050%, 12/1/2022<br>| 3160000 |
| 16500000 | Polk County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs, <br> 2.200%, 12/1/2022<br>| 16500000 |
| 111160000 | St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) <br> Daily VRDNs, 1.050%, 12/1/2022<br>| 111160000 |
| 3700000 | Tampa-Hillsborough County, FL Expressway Authority, RBC Muni <br> Products (Series G-113) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank <br> of Canada LOC), 2.100%, Optional Tender 1/3/2023<br>| 3700000 |
| 6440000 | Tolomato Community Development District, FL, (Series 2022-XL0297) <br> Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan <br> Stanley Bank, N.A. LIQ), 2.020%, 12/1/2022<br>| 6440000 |
| 44500000 | Volusia County, FL Hospital Authority (Halifax Hospital Medical Center, <br> FL), PUTTERs 3a-7 (Series 5032) Daily VRDNs, (JPMorgan Chase Bank, <br> N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 1.080%, 12/1/2022<br>| 44500000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 374900092 |
|  | **Georgia— 0.3%** |  |
| 805000 | Brookhaven Development Authority, GA (Children's Healthcare of <br> Atlanta, Inc.), Tender Option Bond Trust Receipts <br> (Series 2019-XG0224) Weekly VRDNs, (Bank of America N.A. LIQ), <br> 1.930%, 12/1/2022<br>| 805000 |
| 3330000 | Columbia County, GA Development Authority (Schools for <br> Arts-Infused Learning, Inc.), Tender Option Bond Trust Receipts <br> (2022-XF2966) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank <br> Ltd. LIQ), 2.100%, 12/1/2022<br>| 3330000 |
| 7525000 | Municipal Electric Authority of Georgia, (Series 2022-XG0417) Weekly <br> VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. <br> LIQ), 2.010%, 12/1/2022<br>| 7525000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 11660000 |
|  | **Idaho— 0.2%** |  |
| 6500000 | Idaho Health Facilities Authority (Trinity Healthcare Credit Group), <br> (Series 2013ID) TOBs, 3.300%, Mandatory Tender 2/1/2023<br>| 6500000 |

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Semi-Annual Shareholder Report

**5**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Illinois— 3.3%** |  |
| $600000 | Chicago, IL MFH Revenue (Churchview Manor Senior Apartments), <br> (Series 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), <br> 2.240%, 12/1/2022<br>| $600000 |
| 10200000 | Chicago, IL Park District, (Series 2015-XF2111) Weekly VRDNs, (Build <br> America Mutual Assurance INS)/(Citibank N.A., New York LIQ), <br> 2.000%, 12/1/2022<br>| 10200000 |
| 5000000 | Chicago, IL Park District, Tender Option Bond Trust Certificates <br> (Series 2021-XX1168) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Build <br> America Mutual Assurance INS), 2.000%, 12/1/2022<br>| 5000000 |
| 3000000 | Chicago, IL Park District, Tender Option Bond Trust Certificates <br> (Series 2021-XX1169) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Build <br> America Mutual Assurance INS), 2.000%, 12/1/2022<br>| 3000000 |
| 27000000 | Chicago, IL Sales Tax, Tender Option Bond Trust Receipt <br> (Series 2019-XF0779) Weekly VRDNs, (Build America Mutual Assurance <br> INS)/(Toronto Dominion Bank LIQ), 1.950%, 12/1/2022<br>| 27000000 |
| 8780000 | Macon County, IL School District #61 (Decatur), Tender Option Bond <br> Trust Certificates (Series 2020-XM0855) Weekly VRDNs, (Assured <br> Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), <br> 1.980%, 12/1/2022<br>| 8780000 |
| 16233602 | Metropolitan Pier & Exposition Authority, IL, Tender Option Bond Trust <br> Receipts (2021-MS0001) TOBs, (Morgan Stanley Bank, N.A. <br> LIQ)/(Morgan Stanley Bank, N.A. LOC), 2.200%, Optional <br> Tender 12/15/2022<br>| 16233602 |
| 33750000 | Sales Tax Securitization Corp., IL, Tender Option Bond Trust <br> Certificates (Series 2018-XM0714) Weekly VRDNs, (Build America <br> Mutual Assurance INS)/(Morgan Stanley Bank, N.A. LIQ), <br> 1.980%, 12/1/2022<br>| 33750000 |
| 2960000 | Sales Tax Securitization Corp., IL, Tender Option Bond Trust <br> Certificates (Series 2022-XL0294) Weekly VRDNs, (Barclays Bank plc <br> LIQ)/(Build America Mutual Assurance INS), 2.000%, 12/1/2022<br>| 2960000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 107523602 |
|  | **Indiana— 3.2%** |  |
| 17440000 | Indiana State Finance Authority (Ascension Health Alliance Senior <br> Credit Group), (Series 2008E-4) Weekly VRDNs, 1.820%, 12/7/2022<br>| 17440000 |
| 50000000 | Indiana State Finance Authority (Trinity Healthcare Credit Group), <br> (Series 2008 D-2), CP, 2.000%, Mandatory Tender 1/4/2023<br>| 50000000 |
| 12140000 | Indiana State Finance Authority Environmental (Ispat Inland Inc.), <br> (Series 2005) Weekly VRDNs, (Cooperatieve Rabobank UA LOC), <br> 2.000%, 12/7/2022<br>| 12140000 |
| 25200000 | Indiana State Finance Authority Hospital Revenue (Parkview Health <br> System Obligated Group), (Series 2009D) Daily VRDNs, (Wells Fargo <br> Bank, N.A. LOC), 1.050%, 12/1/2022<br>| 25200000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 104780000 |
|  | **Kentucky— 0.6%** |  |
| 16465000 | Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs, <br> (Fifth Third Bank, N.A. LOC), 1.880%, 12/2/2022<br>| 16465000 |

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Semi-Annual Shareholder Report

**6**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Kentucky— continued** |  |
| $3965000 | Kentucky State Property & Buildings Commission, RBC Muni Products <br> (Series G-116) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of <br> Canada LOC), 2.100%, Mandatory Tender 5/1/2023<br>| $3965000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 20430000 |
|  | **Louisiana— 0.1%** |  |
| 910000 | Louisiana Local Government Environmental Facilities CDA (The <br> Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly <br> VRDNs, (Federal Home Loan Bank of Dallas LOC), 1.980%, 12/7/2022<br>| 910000 |
| 3100000 | Louisiana State Housing Corporation (Peace Lake Louisiana Tower <br> Community L.P.), Tender Option Bond Trust Floater Certificates <br> (Series 2020-MIZ9053) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho <br> Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 3100000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4010000 |
|  | **Maryland— 2.7%** |  |
| 7500000 | Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) <br> TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), <br> 2.100%, Optional Tender 1/3/2023<br>| 7500000 |
| 30000000 | Maryland State Economic Development Corp. (929 N Wolfe Street <br> LLC), (Series 2022-XF3015) Weekly VRDNs, (Mizuho Bank Ltd. LOC), <br> 2.120%, 12/1/2022<br>| 30000000 |
| 53000000 | Montgomery County, MD (Trinity Healthcare Credit Group), <br> (Series 2013MD) TOBs, 2.580%, Mandatory Tender 12/1/2022<br>| 53000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 90500000 |
|  | **Michigan— 2.2%** |  |
| 4000000 | Jackson County, MI Public Schools, Tender Option Bond Trust Receipts <br> (Series 2018-XF2650) Weekly VRDNs, (Bank of America N.A. <br> LIQ)/(Michigan School Bond Qualification and Loan Program COL), <br> 2.000%, 12/1/2022<br>| 4000000 |
| 11100000 | Michigan State Building Authority, (Series III) VRENs, <br> 1.960%, 12/1/2022<br>| 11100000 |
| 40560000 | Michigan State Finance Authority Revenue (Trinity Healthcare Credit <br> Group), (Series 2013MI-1) TOBs, 2.580%, Mandatory Tender 12/1/2022<br>| 40560000 |
| 8850000 | Michigan State Strategic Fund (Henry Ford Museum & Greenfield <br> Village) Daily VRDNs, (Comerica Bank LOC), 1.150%, 12/1/2022<br>| 8850000 |
| 2990000 | Michigan Strategic Fund (Washtenaw Christian Academy), <br> (Series 2008) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), <br> 1.880%, 12/2/2022<br>| 2990000 |
| 4000000 | Trenton, MI Public Schools, Tender Option Bond Trust Receipts <br> (Series 2018-XF2651) Weekly VRDNs, (Bank of America N.A. LIQ)/(GTD <br> by Michigan School Bond Qualification and Loan Program), <br> 2.000%, 12/1/2022<br>| 4000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 71500000 |
|  | **Minnesota— 0.6%** |  |
| 19500000 | Dakota County, MN Community Development Agency, <br> (Series 2022-XF3050) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 2.120%, 12/1/2022<br>| 19500000 |

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Semi-Annual Shareholder Report

**7**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Mississippi— 0.9%** |  |
| $30600000 | Perry County, MS (Leaf River Cellulose LLC), (Series 2021) Weekly <br> VRDNs, (GTD by Georgia-Pacific LLC), 1.930%, 12/1/2022<br>| $30600000 |
|  | **Missouri— 0.4%** |  |
| 1100000 | Kansas City, MO Planned Industrial Expansion Authority (EPD3 <br> Ridgeview LP), Mizuho 3a-7 (2022-MIZ9086) VRENs, (GTD by Mizuho <br> Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 1100000 |
| 2500000 | Lees Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) <br> VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), <br> 2.150%, 12/1/2022<br>| 2500000 |
| 10000000 | Missouri State HEFA (Stowers Institute for Medical Research), RBC <br> Muni Products (Series 2018 C-16) Weekly VRDNs, (Royal Bank of <br> Canada LIQ)/(Royal Bank of Canada LOC), 1.950%, 12/1/2022<br>| 10000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 13600000 |
|  | **Montana— 0.2%** |  |
| 7815000 | Montana State Board of Housing (HRDC IX Affordable Housing <br> Solutions LP), Mizuho 3a-7 (2021-MIZ9061) VRENs, (GTD by Mizuho <br> Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 7815000 |
|  | **Multi-State— 7.0%** |  |
| 116000000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly <br> VRDPs, (Societe Generale, Paris LIQ), 1.960%, 12/1/2022<br>| 116000000 |
| 88400000 | Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, <br> (Series 2) Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ), <br> 1.960%, 12/1/2022<br>| 88400000 |
| 25000000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) <br> Weekly VRDPs, (Barclays Bank PLC LIQ), 1.950%, 12/1/2022<br>| 25000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 229400000 |
|  | **Nebraska— 0.7%** |  |
| 21600000 | Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, <br> 1.950%, 12/1/2022<br>| 21600000 |
|  | **Nevada— 0.3%** |  |
| 10500000 | Nevada Housing Division (DWF V Summit Club Holdings LLC), Mizuho <br> 3a-7 (2021-MIZ9091) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank <br> Ltd. LIQ), 2.150%, 12/1/2022<br>| 10500000 |
|  | **New Jersey— 3.0%** |  |
| 11140000 | Clark Township, NJ BANs, 1.000%, 12/2/2022 | 11140188 |
| 4303451 | Cranbury Township, NJ BANs, 3.750%, 8/31/2023 | 4333887 |
| 2688415 | Englewood Cliffs, NJ BANs, 4.500%, 8/9/2023 | 2697942 |
| 20940000 | Garden State Preservation Trust, NJ (New Jersey State), Tender Option <br> Bond Trust Receipts (2016-ZF0416) Weekly VRDNs, (Assured Guaranty <br> Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), <br> 2.020%, 12/1/2022<br>| 20940000 |
| 9892000 | Glen Rock, NJ BANs, 4.750%, 7/20/2023 | 9946858 |
| 8050000 | Hackensack, NJ BANs, 3.750%, 8/30/2023 | 8108530 |
| 2367700 | Laurel Springs, NJ, (Series A) BANs, 3.750%, 9/13/2023 | 2381206 |

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Semi-Annual Shareholder Report

**8**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **New Jersey— continued** |  |
| $4000000 | New Jersey Turnpike Authority, RBC Muni Products (Series G-119) <br> TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), <br> 2.080%, Optional Tender 1/3/2023<br>| $4000000 |
| 7835000 | North Caldwell, NJ BANs, 4.500%, 7/13/2023 | 7865455 |
| 5759000 | Ocean Township, NJ (Ocean County) BANs, 3.750%, 9/6/2023 | 5797492 |
| 4460000 | Old Tappan, NJ BANs, 4.500%, 3/1/2023 | 4468166 |
| 5500000 | Red Bank, NJ BANs, 3.500%, 1/27/2023 | 5504240 |
| 2045000 | Riverside Township, NJ BANs, 4.750%, 8/16/2023 | 2053419 |
| 8500000 | Tenafly, NJ BANs, 4.500%, 5/26/2023 | 8532441 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 97769824 |
|  | **New Mexico— 0.2%** |  |
| 6705000 | New Mexico State Hospital Equipment Loan Council (Haverland Carter <br> Lifestyle Obligated Group), Barclays 3a-7 Credit Enhanced <br> (Series 2022-034) VRENs, (Barclays Bank plc LIQ)/(Barclays Bank plc <br> LOC), 2.100%, 12/1/2022<br>| 6705000 |
|  | **New York— 15.7%** |  |
| 3935213 | Battery Park, NY City Authority, RBC Muni Products <br> (Series 2019-E-137) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal <br> Bank of Canada LOC), 1.930%, 12/1/2022<br>| 3935213 |
| 11210000 | Broome County, NY (United Health Services Hospitals, Inc.), <br> (Series 2022-XF1289) Weekly VRDNs, (Assured Guaranty Municipal <br> Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 2.050%, 12/1/2022<br>| 11210000 |
| 9200000 | East Irondequoit, NY Central School District BANs, 4.250%, 6/28/2023 | 9264954 |
| 1750000 | Greenport, NY Union Free School District TANs, 4.500%, 4/3/2023 | 1754675 |
| 20000000 | Metropolitan Transportation Authority, NY (MTA Transportation <br> Revenue), (Series 2012A-2) Weekly VRDNs, (Bank of Montreal LOC), <br> 2.000%, 12/1/2022<br>| 20000000 |
| 10490000 | Metropolitan Transportation Authority, NY (MTA Transportation <br> Revenue), Tender Option Bond Trust Receipts (Series 2018-XM0697) <br> Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. <br> LOC), 1.950%, 12/1/2022<br>| 10490000 |
| 8340000 | Metropolitan Transportation Authority, NY, (Series 2022-XX1236) <br> Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank <br> plc LIQ), 2.020%, 12/1/2022<br>| 8340000 |
| 21500000 | Metropolitan Transportation Authority, NY, (Subseries 2005E-1) Weekly <br> VRDNs, (Barclays Bank PLC LOC), 1.880%, 12/1/2022<br>| 21500000 |
| 25000000 | New York City, NY Municipal Water Finance Authority, (Series 2010CC) <br> Weekly VRDNs, (Barclays Bank PLC LIQ), 1.880%, 12/1/2022<br>| 25000000 |
| 19000000 | New York City, NY Municipal Water Finance Authority, Second General <br> Resolution (Fiscal 2009 Series BB-1) Daily VRDNs, (UBS AG LIQ), <br> 1.020%, 12/1/2022<br>| 19000000 |
| 19850000 | New York City, NY Municipal Water Finance Authority, Second General <br> Resolution (Fiscal 2009 Series BB-2) Daily VRDNs, (Landesbank <br> Hessen-Thuringen LIQ), 1.020%, 12/1/2022<br>| 19850000 |
| 15000000 | New York City, NY Transitional Finance Authority, (Subseries A2) Daily <br> VRDNs, (UBS AG LIQ), 1.020%, 12/1/2022<br>| 15000000 |

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Semi-Annual Shareholder Report

**9**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **New York— continued** |  |
| $16185000 | New York City, NY, (Fiscal 2006 Series I-8) Daily VRDNs, (State Street <br> Bank and Trust Co. LIQ), 1.050%, 12/1/2022<br>| $16185000 |
| 6395000 | New York City, NY, (Fiscal 2008 Subseries L-4) Daily VRDNs, (U.S. Bank, <br> N.A. LOC), 1.050%, 12/1/2022<br>| 6395000 |
| 6000000 | New York City, NY, (Fiscal 2010 Series G Subseries G-4) Weekly <br> VRDNs, (Barclays Bank PLC LIQ), 1.880%, 12/1/2022<br>| 6000000 |
| 2200000 | New York City, NY, (Fiscal 2012 Series A-4) Weekly VRDNs, (MUFG <br> Bank Ltd. LOC), 1.880%, 12/1/2022<br>| 2200000 |
| 10000000 | New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells <br> Fargo Bank, N.A. LIQ), 2.050%, 12/1/2022<br>| 10000000 |
| 3635000 | New York State Dormitory Authority (Blythedale Children's Hospital), <br> (Series 2009) Weekly VRDNs, (TD Bank, N.A. LOC), 1.920%, 12/1/2022<br>| 3635000 |
| 3000000 | New York State Dormitory Authority (Northwell Healthcare, Inc.), <br> Tender Option Bond Trust Certificates (Series 2022-XL0272) Weekly <br> VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley <br> Bank, N.A. LIQ), 2.020%, 12/1/2022<br>| 3000000 |
| 5500000 | New York State HFA (10 Barclay Street Housing LLC), (Series A) Weekly <br> VRDNs, (Federal National Mortgage Association LOC), <br> 1.800%, 12/7/2022<br>| 5500000 |
| 3500000 | New York State HFA (100 Maiden Lane), (2004 Series A) Weekly <br> VRDNs, (Federal National Mortgage Association LOC), <br> 1.850%, 12/7/2022<br>| 3500000 |
| 17000000 | New York State HFA (17th and 10th Associates, LLC), <br> (Series 2009A: Related-Taconic West 17th Street) Weekly VRDNs, <br> (Federal National Mortgage Association LOC), 1.800%, 12/7/2022<br>| 17000000 |
| 83795000 | New York State HFA (42nd and 10th Street Associates LLC), <br> (Series 2022-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC <br> LOC), 2.100%, 12/1/2022<br>| 83795000 |
| 2500000 | New York State Power Authority (New York State Power Authority <br> Transmission Project), (Series 2022-XF1300) Weekly VRDNs, (Assured <br> Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), <br> 2.020%, 12/1/2022<br>| 2500000 |
| 5475000 | New York State Power Authority (New York State Power Authority <br> Transmission Project), (Series 2022-YX1184) Weekly VRDNs, (GTD by <br> Assured Guaranty Municipal Corp.)/(Barclays Bank PLC LIQ), <br> 1.980%, 12/1/2022<br>| 5475000 |
| 8300000 | New York State Power Authority, (Series 2), CP, (JPMorgan Chase <br> Bank, N.A. LIQ)/(State Street Bank and Trust Co. LIQ)/(TD Bank, N.A. <br> LIQ)/(Wells Fargo Bank, N.A. LIQ), 2.600%, Mandatory <br> Tender 12/6/2022<br>| 8300000 |
| 5850000 | New York State Thruway Authority, Tender Option Bond Certificates <br> (Series 2022-XL0312) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), <br> 2.050%, 12/1/2022<br>| 5850000 |
| 35500000 | Northport - East Northport, NY Unified Free School District TANs, <br> 3.500%, 3/1/2023<br>| 35591502 |
| 40900000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) <br> Weekly VRDPs, (Royal Bank of Canada LIQ), 1.950%, 12/1/2022<br>| 40900000 |

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Semi-Annual Shareholder Report

**10**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **New York— continued** |  |
| $11000000 | Penn-Yan, NY Central School District BANs, 4.250%, 6/28/2023 | $11073316 |
| 18000000 | Riverhead, NY Central School District, (Series B) TANs, <br> 4.000%, 6/28/2023<br>| 18141749 |
| 30000000 | Syosset, NY CSD TANs, 4.000%, 6/28/2023 | 30236331 |
| 20000000 | Triborough Bridge & Tunnel Authority, NY, (Series B-2A) Weekly <br> VRDNs, (State Street Bank and Trust Co. LOC), 2.000%, 12/7/2022<br>| 20000000 |
| 10350000 | Troy, NY Enlarged CSD BANs, 4.000%, 6/8/2023 | 10449683 |
| 6000000 | West Genesee, NY Central School District RANs, 3.500%, 12/28/2022 | 6005471 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 517077894 |
|  | **North Carolina— 0.3%** |  |
| 10000000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health <br> (previously Carolinas HealthCare) System), (Series 2007E) Daily VRDNs, <br> (TD Bank, N.A. LOC), 1.000%, 12/1/2022<br>| 10000000 |
|  | **Ohio— 3.8%** |  |
| 4000000 | Cleveland, OH, Tender Option Bond Trust Receipts <br> (Series 2018-XF2657) Weekly VRDNs, (Bank of America N.A. LIQ), <br> 2.040%, 12/1/2022<br>| 4000000 |
| 15585000 | Franklin County, OH Hospital Facility Authority (Nationwide Children's <br> Hospital), (Series 2013A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. <br> LIQ), 1.860%, 12/1/2022<br>| 15585000 |
| 10750000 | Franklin County, OH Mortgage Revenue (Trinity Healthcare Credit <br> Group), (Series 2013OH) TOBs, 3.300%, Mandatory Tender 2/1/2023<br>| 10750000 |
| 2190000 | Licking County, OH, Airport Facilities Improvement BANs Series 2022) <br> BANs, 4.000%, 8/29/2023<br>| 2207984 |
| 1095000 | Lorain County, OH, (Series B) BANs, 2.000%, 12/15/2022 | 1095669 |
| 23640000 | Middletown, OH (Premier Health Partners Obligated Group), Golden <br> Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank <br> PLC LOC), 2.050%, 12/1/2022<br>| 23640000 |
| 9200000 | Ohio State (Capital Facilities Lease-Appropriation - Adult Correction <br> Building Fund), (Series 2016C) Weekly VRDNs, (Ohio State LIQ), <br> 2.000%, 12/7/2022<br>| 9200000 |
| 29145000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), <br> (Series B-5), CP, 1.800%, Mandatory Tender 12/1/2022<br>| 29145000 |
| 4285000 | Ohio State Hospital Revenue (University Hospitals Health System Inc. <br> Obligated Group), (Series C-18) Weekly VRDNs, (Royal Bank of Canada <br> LIQ)/(Royal Bank of Canada LOC), 1.940%, 12/1/2022<br>| 4285000 |
| 14800000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), <br> Barclays Golden Blue (Series 2020-002) VRENs, (Barclays Bank plc <br> LIQ)/(Barclays Bank plc LOC), 2.050%, 12/1/2022<br>| 14800000 |
| 10000000 | Ohio University, (RBC Muni Products Series G-27) TOBs, (Royal Bank of <br> Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Optional <br> Tender 12/1/2022<br>| 10000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 124708653 |

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Semi-Annual Shareholder Report

**11**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Oklahoma— 0.1%** |  |
| $3410000 | Oklahoma Development Finance Authority (OU Medicine), Tender <br> Option Bond Trust Receipts (Series 2018-XG0210) Weekly VRDNs, <br> (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), <br> 1.950%, 12/1/2022<br>| $3410000 |
|  | **Oregon— 0.3%** |  |
| 5000000 | Oregon State Department of Transportation, (Series A-1), CP, (Wells <br> Fargo Bank, N.A. LOC), 2.470%, Mandatory Tender 12/1/2022<br>| 5000000 |
| 1250000 | Oregon State Department of Transportation, (Series A-1), CP, (Wells <br> Fargo Bank, N.A. LOC), 3.000%, Mandatory Tender 2/1/2023<br>| 1250000 |
| 3400000 | Oregon State Department of Transportation, (Series A-2), CP, (Bank of <br> Montreal LOC), 3.000%, Mandatory Tender 2/1/2023<br>| 3400000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9650000 |
|  | **Pennsylvania— 6.2%** |  |
| 6400000 | Allegheny County, PA HDA (Dialysis Clinic, Inc.), (Series 1997) Weekly <br> VRDNs, (Fifth Third Bank, N.A. LOC), 1.870%, 12/1/2022<br>| 6400000 |
| 4490000 | Berks County, PA IDA (Tower Health), Tender Option Bond Trust <br> Certificates (Series 2018-XL0061) Weekly VRDNs, (Barclays Bank plc <br> LIQ)/(Barclays Bank plc LOC), 1.980%, 12/1/2022<br>| 4490000 |
| 2065000 | Chester County, PA HEFA (Tel Hai Obligated Group Project), <br> (Series of 2009) Weekly VRDNs, (Manufacturers & Traders Trust Co., <br> Buffalo LOC), 1.970%, 12/1/2022<br>| 2065000 |
| 11995000 | Pennsylvania State Higher Education Facilities Authority (Foundation <br> for Indiana University of Pennsylvania), RBC Muni Products (E-75) <br> TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), <br> 2.100%, Optional Tender 1/3/2023<br>| 11995000 |
| 23300000 | Pennsylvania State Higher Education Facilities Authority (University of <br> Pennsylvania Health System), (2008 Series A) Weekly VRDNs, (Bank of <br> America N.A. LOC), 1.840%, 12/7/2022<br>| 23300000 |
| 12605000 | Pennsylvania State Turnpike Commission, (Series 2022-ZL0364) Weekly <br> VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.050%, 12/1/2022<br>| 12605000 |
| 9500000 | Pennsylvania State Turnpike Commission, PUTTERs (Series 5025) Daily <br> VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, <br> N.A. LOC), 1.080%, 12/1/2022<br>| 9500000 |
| 24830000 | Pennsylvania State Turnpike Commission, PUTTERs (Series 5026) Daily <br> VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, <br> N.A. LOC), 1.080%, 12/1/2022<br>| 24830000 |
| 7180000 | Pennsylvania State Turnpike Commission, Tender Option Bond Trust <br> Certificates (Series 2020-XM0861) Weekly VRDNs, (Assured Guaranty <br> Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), <br> 1.980%, 12/1/2022<br>| 7180000 |
| 1525000 | Philadelphia, PA Authority for Industrial Development (Susquehanna <br> Net Zero Housing, L.P.), Tender Option Bond Trust Floater Certificates <br> (2020-MIZ9051) VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. <br> LOC), 2.150%, 12/1/2022<br>| 1525000 |
| 6865000 | Philadelphia, PA School District, Tender Option Bond Trust Receipts <br> (Series 2020-XF0881) Weekly VRDNs, (Assured Guaranty Municipal <br> Corp. INS)/(Toronto Dominion Bank LIQ), 1.980%, 12/1/2022<br>| 6865000 |

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Semi-Annual Shareholder Report

**12**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Pennsylvania— continued** |  |
| $59475000 | Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, <br> (Series A of 2007) Weekly VRDNs, (Assured Guaranty Municipal Corp. <br> INS)/(PNC Bank, N.A. LIQ), 1.910%, 12/1/2022<br>| $59475000 |
| 18700000 | Southcentral PA, General Authority (Wellspan Health Obligated <br> Group), (Series 2019E) Daily VRDNs, (U.S. Bank, N.A. LIQ), <br> 1.070%, 12/1/2022<br>| 18700000 |
| 14000000 | State Public School Building Authority, PA (Philadelphia, PA School <br> District), Tender Option Bond Trust Certificates (2016-XG0085) Weekly <br> VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley <br> Bank, N.A. LIQ), 1.980%, 12/1/2022<br>| 14000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 202930000 |
|  | **South Carolina— 0.4%** |  |
| 5530000 | South Carolina State Public Service Authority, Tender Option Bond <br> Trust Certificates (Series 2022-XL0313) Weekly VRDNs, (Build America <br> Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), <br> 2.020%, 12/1/2022<br>| 5530000 |
| 6670000 | South Carolina Transportation Infrastructure Bank, Tender Option Bond <br> Trust Receipts (Series G-109) TOBs, (Royal Bank of Canada LIQ)/(Royal <br> Bank of Canada LOC), 2.100%, Optional Tender 4/3/2023<br>| 6670000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 12200000 |
|  | **Tennessee— 4.7%** |  |
| 2300000 | Blount County, TN Public Building Authority (Knox County, TN), <br> (Series C-3-A) Weekly VRDNs, (Truist Bank LIQ), 2.000%, 12/1/2022<br>| 2300000 |
| 23620000 | Johnson City, TN Health & Education Facilities Board (Ballad Health), <br> (Series 2022B) Weekly VRDNs, (Truist Bank LOC), 1.920%, 12/1/2022<br>| 23620000 |
| 3150000 | Metropolitan Government Nashville & Davidson County, TN HEFA <br> (Meharry Medical College), (Series 2009) Weekly VRDNs, (Fifth Third <br> Bank, N.A. LOC), 1.880%, 12/2/2022<br>| 3150000 |
| 23000000 | Metropolitan Government Nashville & Davidson County, TN, (2014 <br> Program), CPX, 2.850%, Mandatory Tender 2/1/2023<br>| 23000000 |
| 7500000 | Sevier County, TN Public Building Authority, (Series V-B-1) Weekly <br> VRDNs, (Truist Bank LOC), 2.000%, 12/1/2022<br>| 7500000 |
| 58800000 | Shelby County, TN Health Education & Housing Facilities Board <br> (Methodist Le Bonheur Healthcare), (Series 2008A) Daily VRDNs, <br> (Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ), <br> 1.030%, 12/1/2022<br>| 58800000 |
| 36320000 | Shelby County, TN Health Education & Housing Facilities Board <br> (Methodist Le Bonheur Healthcare), (Series 2008B) Daily VRDNs, <br> (Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ), <br> 1.070%, 12/1/2022<br>| 36320000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 154690000 |
|  | **Texas— 8.0%** |  |
| 11005000 | Dallas, TX, (Series A), CP, 2.350%, Mandatory Tender 12/7/2022 | 11005000 |
| 3485000 | Dallas, TX, (Series A), CP, 2.800%, Mandatory Tender 12/7/2022 | 3485000 |

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Semi-Annual Shareholder Report

**13**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Texas— continued** |  |
| $3060000 | El Paso, TX Housing Finance Corp., Mizuho 3A-7 (2022-MIZ9104) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), <br> 2.150%, 12/1/2022<br>| $3060000 |
| 7100000 | Gulf Coast, TX IDA (Exxon Mobil Corp.), (Series 2012) Daily VRDNs, <br> 1.000%, 12/1/2022<br>| 7100000 |
| 95000000 | Harris County, TX Cultural Education Facilities Finance Corp. <br> (Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP, <br> 1.050%, Mandatory Tender 12/1/2022<br>| 95000000 |
| 7600000 | Port Arthur Navigation District, TX IDC (TOTAL Petrochemicals USA, <br> Inc.), (Series 2012B) Weekly VRDNs, (GTD by TotalEnergies SE), <br> 1.890%, 12/7/2022<br>| 7600000 |
| 10600000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills <br> Resources LLC), (Series 2002B) Daily VRDNs, 1.950%, 12/1/2022<br>| 10600000 |
| 41000000 | Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL <br> Petrochemicals USA, Inc.), Exempt Facilities Revenue Bonds <br> (Series 2009) Weekly VRDNs, (GTD by TotalEnergies SE), <br> 1.890%, 12/7/2022<br>| 41000000 |
| 20000000 | San Antonio, TX Electric & Gas System, (2012 Series A), CP, 2.750%, <br> Mandatory Tender 12/8/2022<br>| 20000000 |
| 6075000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor <br> Scott & White Health Care System), (Series 2011C) Daily VRDNs, (TD <br> Bank, N.A. LOC), 1.000%, 12/1/2022<br>| 6075000 |
| 8565000 | Tarrant County, TX Cultural Education Facilities Finance Corp. <br> (Methodist Hospitals of Dallas), (Series 2008A) Daily VRDNs, (TD Bank, <br> N.A. LOC), 1.000%, 12/1/2022<br>| 8565000 |
| 10000000 | Texas State Affordable Housing Corp., Tender Option Bond Trust <br> Receipts (Series 2022-XF3033) Weekly VRDNs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022<br>| 10000000 |
| 40000000 | Texas State, (Veterans Bonds Series 2022) Weekly VRDNs, (Sumitomo <br> Mitsui Banking Corp. LIQ), 1.950%, 12/7/2022<br>| 40000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 263490000 |
|  | **Virginia— 1.6%** |  |
| 1700000 | Fairfax County, VA EDA (Young Men's Christian Association of <br> Metropolitan Washington), (Series 2001) Weekly VRDNs, <br> (Manufacturers & Traders Trust Co., Buffalo LOC), 1.970%, 12/2/2022<br>| 1700000 |
| 6500000 | Loudoun County, VA IDA (Howard Hughes Medical Institute), <br> (Series 2003D) Weekly VRDNs, 1.900%, 12/7/2022<br>| 6500000 |
| 335000 | Lynchburg, VA Economic Development Authority (Centra Health <br> Obligated Group), (Series 2017C) Weekly VRDNs, (Truist Bank LOC), <br> 2.000%, 12/1/2022<br>| 335000 |
| 9885000 | Norfolk, VA EDA (Sentara Health Systems Obligation Group), <br> (Series 2016B) Weekly VRDNs, 1.800%, 12/7/2022<br>| 9885000 |
| 5000000 | Norfolk, VA EDA (Sentara Health Systems Obligation Group), <br> (Series C-19) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank <br> of Canada LOC), 1.940%, 12/1/2022<br>| 5000000 |

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Semi-Annual Shareholder Report

**14**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Virginia— continued** |  |
| $6000000 | Norfolk, VA EDA (Sentara Health Systems Obligation Group), <br> (Series C-20) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank <br> of Canada LOC), 1.940%, 12/1/2022<br>| $6000000 |
| 2000000 | University of Virginia (The Rectors and Visitors of), Solar Eclipse <br> (Series 2017-0017) Weekly VRDNs, (U.S. Bank, N.A. LIQ), <br> 1.950%, 12/1/2022<br>| 2000000 |
| 8585000 | Virginia Small Business Financing Authority (Bon Secours Mercy <br> Health), Tender Option Bond Trust Receipts (Series 2020-XF0926) <br> Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.050%, 12/1/2022<br>| 8585000 |
| 1540000 | Virginia Small Business Financing Authority (Bon Secours Mercy <br> Health), Tender Option Bond Trust Receipts (Series 2020-ZF0916) <br> Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.050%, 12/1/2022<br>| 1540000 |
| 3600000 | Virginia Small Business Financing Authority (Bon Secours Mercy <br> Health), Tender Option Bond Trust Receipts (Series 2020-ZF0927) <br> Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.050%, 12/1/2022<br>| 3600000 |
| 2515000 | Virginia Small Business Financing Authority (Bon Secours Mercy <br> Health), Tender Option Bond Trust Receipts (Series 2020-ZF0928) <br> Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.050%, 12/1/2022<br>| 2515000 |
| 3555000 | Virginia State Public Building Authority Public Facilities (Virginia State), <br> RBC Muni Products (Series G-40) TOBs, (Royal Bank of Canada <br> LIQ)/(Royal Bank of Canada LOC), 2.100%, Optional Tender 2/1/2023<br>| 3555000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 51215000 |
|  | **West Virginia— 0.2%** |  |
| 1475000 | Morgantown, WV Combined Utility System (Morgantown Utility Board, <br> Inc.), Tender Option Bond Trust Receipts (Series 2018-ZF0672) Weekly <br> VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), <br> 1.950%, 12/1/2022<br>| 1475000 |
| 5635000 | West Virginia State Hospital Finance Authority (Cabell Huntington <br> Hospital), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), <br> 2.000%, 12/1/2022<br>| 5635000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7110000 |
|  | **Wisconsin— 2.4%** |  |
| 4000000 | Fort Atkinson, WI School District BANs, 4.000%, 6/22/2023 | 4008400 |
| 16646000 | Public Finance Authority, WI (Agape Meadowcreek, Inc.), Tender <br> Option Bond Trust Floater Certificates (Series 2022-XF3026) Weekly <br> VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), <br> 2.120%, 12/1/2022<br>| 16646000 |
| 2790000 | Public Finance Authority, WI (Atlantic Housing Foundation, Inc.), <br> Mizuho 3a-7 (2022-MIZ9092) VRENs, (GTD by Mizuho Bank <br> Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 2790000 |
| 31420000 | Public Finance Authority, WI (Bradford Preparatory School), <br> (Series 2022-XF2997) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 2.150%, 12/1/2022<br>| 31420000 |
| 11061000 | Wisconsin Center District, Tender Option Bond Trust Receipts <br> (Series 2020-XF1208) Weekly VRDNs, (Assured Guaranty Municipal <br> Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 2.020%, 12/1/2022<br>| 11061000 |

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Semi-Annual Shareholder Report

**15**

------

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS— continued |  |
|  | **Wisconsin— continued** |  |
| $13600000 | Wisconsin State, (Series A) Weekly VRDNs, 2.000%, 12/1/2022 | $13600000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL | &nbsp;&nbsp;&nbsp;&nbsp; 79525400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENT IN SECURITIES—99.4% <br>(AT AMORTIZED COST)<sup>2</sup> <br>| 3269137730 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OTHER ASSETS AND LIABILITIES - NET—0.6%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19141243 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL NET ASSETS—100% | $3288278973 |

---

At November 30, 2022, the Fund held no securities that are subject to the federal alternative minimum tax (AMT) (unaudited).

---

| | |
|:---|:---|
| 1 | *Current rate and current maturity or next reset date shown for floating rate notes and variable* <br> *rate notes/demand instruments. Certain variable rate securities are not based on a published* <br> *reference rate and spread but are determined by the issuer or agent and are based on current* <br> *market conditions. These securities do not indicate a reference rate and spread in their* <br> *description above.*<br>|
| 2 | *Also represents cost 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 November 30, 2022.

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

**16**

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In valuing the Fund's assets as of November 30, 2022, 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: | The following acronym(s) are used throughout this portfolio: |
| BANs | —Bond Anticipation Notes |
| CDA | —Community Development Authority |
| COL | —Collateralized |
| CP | —Commercial Paper |
| CPX | —Commercial Paper Extendible |
| CSD | —Central School District |
| EDA | —Economic Development Authority |
| GTD | —Guaranteed |
| HDA | —Hospital Development Authority |
| HEFA | —Health and Education Facilities Authority |
| HFA | —Housing Finance Authority |
| IDA | —Industrial Development Authority |
| IDB | —Industrial Development Bond |
| IDC | —Industrial Development Corporation |
| INS | —Insured |
| LIQ | —Liquidity Agreement |
| LOC | —Letter of Credit |
| MFH | —Multi-Family Housing |
| PCRB | —Pollution Control Revenue Bond |
| PCRBs | —Pollution Control Revenue Bonds |
| PLC | —Public Limited Company |
| PUTTERs | —Puttable Tax-Exempt Receipts |
| RANs | —Revenue Anticipation Notes |
| TANs | —Tax Anticipation Notes |
| TOBs | —Tender Option Bonds |
| VRDNs | —Variable Rate Demand Notes |
| VRDPs | —Variable Rate Demand Preferreds |
| VRENs | —Variable Rate Extendible Notes |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**17**

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Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2022** | **2022** | **2021** | **2020** | **Period** <br>**Ended** <br>**5/31/2019**<sup>1</sup> | **2018** | **2017** |
| **Net Asset Value,** <br> **Beginning of Period**<br>| **$1.00** | **$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; 0.007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.006 |
| 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; 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;&nbsp;&nbsp; 0.000<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total From <br> Investment <br>Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.008 |
| **Less Distributions:** |  |  |  |  |  |  |  |
| Distributions from net <br> investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.007) | &nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp; (0.012) | &nbsp;&nbsp;&nbsp;&nbsp; (0.012) | &nbsp;&nbsp;&nbsp;&nbsp; (0.010) | &nbsp;&nbsp;&nbsp;&nbsp; (0.006) |
| Distributions from net <br> realized gain<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; (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; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.002) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total <br> Distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.007) | &nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp; (0.001) | &nbsp;&nbsp;&nbsp;&nbsp; (0.012) | &nbsp;&nbsp;&nbsp;&nbsp; (0.012) | &nbsp;&nbsp;&nbsp;&nbsp; (0.010) | &nbsp;&nbsp;&nbsp;&nbsp; (0.008) |
| **Net Asset Value, End of** <br> **Period**<br>| **$1.00** | **$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; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21% |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.46%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57% |
| Expense waiver/<br> reimbursement<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09% |
| **Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period <br> (000 omitted)<br>| $2928409 | $2374257 | $2415796 | $4131257 | $3403098 | $3054475 | $2270120 |

---

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

---

| | |
|:---|:---|
| 1 | *The Fund has changed its fiscal year end from July 31 to May 31. This period represents the* <br> *ten-month period from August 1, 2018 to May 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

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

Semi-Annual Shareholder Report

**18**

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Statement of Assets and Liabilities <br>November 30, 2022 (unaudited)

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in securities, at amortized cost and fair value | $3269137730 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5777995 |
| Income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10498996 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57947222 |
| Receivable for shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17616669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp; 3360978612 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67843400 |
| Payable for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3398473 |
| Income distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1403178 |
| Payable for investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10421 |
| Payable for administrative fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7016 |
| Accrued expenses (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72699639 |
| Net assets for 3,288,266,380 shares outstanding | $3288278973 |
| **Net Assets Consist of:** |  |
| Paid-in capital | $3288246897 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $3288278973 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Wealth Shares:** |  |
| $2,928,409,237 ÷ 2,928,397,916 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Advisor Shares:** |  |
| $169,954,437 ÷ 169,953,905 shares outstanding, no par value, unlimited <br> shares authorized<br>| $1.00 |
| **Service Shares:** |  |
| $189,915,299 ÷ 189,914,559 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

**19**

------

Statement of Operations <br>Six Months Ended November 30, 2022 (unaudited)

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | $23422329 |
| **Expenses:** |  |
| Investment adviser fee (Note 4) | &nbsp;&nbsp;&nbsp; 2887305 |
| Administrative fee (Note 4) | &nbsp;&nbsp;&nbsp; 1132397 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42935 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13296 |
| Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7865 |
| Auditing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11851 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1575 |
| Portfolio accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105241 |
| Other service fees (Notes 2 and 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206397 |
| Share registration costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59478 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14085 |
| Miscellaneous (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31796 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXPENSES | &nbsp;&nbsp;&nbsp; 4514221 |
| Waiver of investment adviser fee (Note 4) | &nbsp;&nbsp; (1205414) |
| Net expenses | &nbsp;&nbsp;&nbsp; 3308807 |
| Net investment income | &nbsp;&nbsp; 20113522 |
| Net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26809 |
| Change in net assets resulting from operations | $20140331 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**20**

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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>**11/30/2022**<br>| **Year Ended** <br>**5/31/2022**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | $20113522 | $1993737 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42794 |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20140331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2036531 |
| **Distributions to Shareholders:** |  |  |
| Wealth Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18460626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2168585) |
| Advisor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (702220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27583) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (961051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69395) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> DISTRIBUTIONS TO SHAREHOLDERS<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20123897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2265563) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 3256101794 | &nbsp;&nbsp; 3448904393 |
| Net asset value of shares issued to shareholders in payment of <br> distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13391778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1339475 |
| Cost of shares redeemed | &nbsp;&nbsp; (2558106689) | &nbsp;&nbsp; (3533261962) |
| &nbsp;&nbsp;&nbsp;&nbsp; CHANGE IN NET ASSETS RESULTING FROM <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 711386883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83018094) |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 711403317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83247126) |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 2576875656 | &nbsp;&nbsp; 2660122782 |
| End of period | $3288278973 | $2576875656 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

**21**

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Notes to Financial Statements

November 30, 2022 (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 Tax-Free 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: Wealth Shares, Advisor 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 dividend income exempt from federal regular income tax consistent with stability of principal. Interest income from the Fund's investments normally will not be subject to the AMT for individuals, and may be subject to state and local taxes.

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.

Semi-Annual Shareholder Report

**22**

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Pursuant to Rule 2a-5 under the Act, 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 $1,205,414 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.

**Other Service Fees** 

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Wealth Shares, Advisor 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. 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

**23**

------

For the six months ended November 30, 2022, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Service Shares | $206397 |

---

For the six months ended November 30, 2022, the Fund's Wealth Shares and Advisor 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 November 30, 2022, 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 November 30, 2022, 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 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.

Semi-Annual Shareholder Report

**24**

------

&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>**11/30/2022** | **Six Months Ended** <br>**11/30/2022** | **Year Ended** <br>**5/31/2022** | **Year Ended** <br>**5/31/2022** |
| **Wealth Shares:** | **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>| **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>|
| Shares sold | 2820064 | $2820064 | 3133791 | $3133791 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1278 |
| Shares redeemed | (2278119) | &nbsp;&nbsp; (2278119) | (3176400) | &nbsp;&nbsp; (3176400) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> WEALTH SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp; 554137 | $554137 | &nbsp;&nbsp;&nbsp;&nbsp; (41331) | $(41331) |
|  | **Six Months Ended** <br>**11/30/2022** | **Six Months Ended** <br>**11/30/2022** | **Year Ended** <br>**5/31/2022** | **Year Ended** <br>**5/31/2022** |
| **Advisor Shares:** | **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>| **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>|
| Shares sold | &nbsp;&nbsp;&nbsp; 261818 | $261818 | &nbsp;&nbsp;&nbsp;&nbsp; 36197 | $36197 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| Shares redeemed | &nbsp;&nbsp; (134110) | &nbsp;&nbsp;&nbsp;&nbsp; (134110) | &nbsp;&nbsp;&nbsp;&nbsp; (12838) | &nbsp;&nbsp;&nbsp;&nbsp; (12838) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> ADVISOR SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp; 128409 | $128409 | &nbsp;&nbsp;&nbsp;&nbsp; 23387 | $23387 |
|  | **Six Months Ended** <br>**11/30/2022** | **Six Months Ended** <br>**11/30/2022** | **Year Ended** <br>**5/31/2022** | **Year Ended** <br>**5/31/2022** |
| **Service Shares:** | **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>| **Shares** <br>**(000's omitted)**<br>| **Amount** <br>**(000's omitted)**<br>|
| Shares sold | &nbsp;&nbsp;&nbsp; 174220 | $174220 | &nbsp;&nbsp;&nbsp; 278917 | $278917 |
| Shares issued to shareholders in <br> payment of distributions declared<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| Shares redeemed | &nbsp;&nbsp; (145878) | &nbsp;&nbsp;&nbsp;&nbsp; (145878) | &nbsp;&nbsp; (344024) | &nbsp;&nbsp;&nbsp;&nbsp; (344024) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> SERVICE SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28841 | $28841 | &nbsp;&nbsp;&nbsp;&nbsp; (65073) | $(65073) |
| &nbsp;&nbsp;&nbsp; NET CHANGE RESULTING FROM <br> TOTAL FUND <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp;&nbsp; 711387 | $711387 | &nbsp;&nbsp;&nbsp;&nbsp; (83017) | $(83017) |

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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 November 30, 2022, the Adviser voluntarily waived $1,205,414 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 |

---

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 November 30, 2022, 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 November 30, 2022, FSSC received $2,697 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 Wealth Shares, Advisor Shares and Service Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.21%, 0.21% and 0.46% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) August 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.

**Interfund Transactions** 

During the six months ended November 30, 2022, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Directors/Trustees and/or common Officers. These purchase and sale transactions complied with Rule 17a-7 under the Act and amounted to $1,029,985,000 and $603,460,000 respectively.

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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 November 30, 2022, there were no outstanding loans. During the six months ended November 30, 2022, 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 June 1, 2022 to November 30, 2022.

**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>**6/1/2022**<br>| **Ending** <br>**Account Value** <br>**11/30/2022**<br>| **Expenses Paid** <br>**During Period**<sup>1</sup> <br>|
| **Actual** | $1000.00 | $1007.00 | $1.06 |
| **Hypothetical (assuming a 5% return** <br> **before expenses)**<br>| $1000.00 | $1024.02 | $1.07 |

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

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| | |
|:---|:---|
| 1 | *Expenses are equal to the Fund's Wealth Shares annualized net expense ratio of 0.21%,* <br> *multiplied by the average account value over the period, multiplied by 183/365 (to reflect the* <br> *one-half-year period).*<br>|

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Evaluation and Approval of Advisory Contract–May 2022

**Federated Hermes Tax-Free 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

**38**

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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

**39**

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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**

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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

**41**

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![](edelivery.jpg)

![](fhilogok11p.jpg)

Federated Hermes Tax-Free 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 60934N401*

*40128 (1/23)*© 2023 Federated Hermes, Inc.

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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>January 23, 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>January 23, 2023</u>**

**By <u>/S/ Lori A. Hensler</u>**

**Lori A. Hensler**

**Principal Financial Officer**

**Date <u>January 23, 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 Municipal Obligations Fund, Federated Hermes Tax-Free Obligations Fund ("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: January 23, 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 Municipal Obligations Fund, Federated Hermes Tax-Free Obligations Fund ("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: January 23, 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 Municipal Obligations Fund, Federated Hermes Tax-Free Obligations Fund** (the "Registrant"), hereby certify, to the best of our knowledge, that the Registrant's Report on Form N-CSR for the period ended November 30, 2022 (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>January 23, 2023</u>

/s/ J. Christopher Donahue

J. Christopher Donahue

Title: President, Principal Executive Officer

Dated: <u>January 23, 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.