# EDGAR Filing Document

**Accession Number:** 0000856517
**File Stem:** 0001623632-26-000166
**Filing Date:** 2026-1
**Character Count:** 367673
**Document Hash:** ad535953919568f7c32832ab5d6b8d6b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001623632-26-000166.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001623632-26-000166

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**EFFECTIVENESS DATE**: 20260128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federated Hermes Money Market Obligations Trust
- **CENTRAL INDEX KEY:** 0000856517

**ORGANIZATION NAME:**
- **EIN:** 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:** 26569923

**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           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**United States Securities and Exchange Commission Washington, D.C. 20549**

**Form N-CSRS Certified Shareholder Report of Registered Management Investment Companies**

<u>811-5950</u> (Investment Company Act File Number)

**<u>Federated Hermes Money Market Obligations Trust</u>** (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>2026-05-31</u>

Date of Reporting Period: <u>Six months ended 2025-11-30</u>

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

![Image](ie64bf673f06b246206ce1517.jpg)

# Federated Hermes Municipal Obligations Fund

# Automated Shares \| MOTXX

#### Semi-Annual Shareholder Report - November 30, 2025

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Municipal Obligations Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Automated Shares | $25 | 0.50% |

---

## Key Fund Statistics
* Net Assets$7,308,284,782

* Number of Investments512

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i2db16622ba32e62e1e3fbe5a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Commerical Paper | 10.1% |
| Municipal Notes | 20.0% |
| Variable Rate Demand Instruments | 70.2% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i3f9b562dc08c74aa14d7b1cd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 10.3% |
| 91-180 Days | 4.3% |
| 31-90 Days | 21.0% |
| 8-30 Days | 5.5% |
| 1-7 Days | 59.2% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Municipal Obligations Fund

## Additional Information about the Fund
Additional information is available on the Fund's website at FederatedHermes.com/us/FundInformation, including its:

• prospectus • financial information • holdings • proxy voting information

CUSIP 608919643

Q450197-A (01/26)

Federated Securities Corp., Distributor

<u>FederatedHermes.com/us</u>

&nbsp;&nbsp;&nbsp;&nbsp;© 2026 Federated Hermes, Inc.

![Image](ie64bf673f06b246206ce1517.jpg)

# Federated Hermes Municipal Obligations Fund

# Capital Shares \| MFCXX

#### Semi-Annual Shareholder Report - November 30, 2025

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Municipal Obligations Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Capital Shares | $16 | 0.31% |

---

## Key Fund Statistics
* Net Assets$7,308,284,782

* Number of Investments512

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i2db16622ba32e62e1e3fbe5a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Commerical Paper | 10.1% |
| Municipal Notes | 20.0% |
| Variable Rate Demand Instruments | 70.2% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i3f9b562dc08c74aa14d7b1cd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 10.3% |
| 91-180 Days | 4.3% |
| 31-90 Days | 21.0% |
| 8-30 Days | 5.5% |
| 1-7 Days | 59.2% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Municipal Obligations Fund

## Additional Information about the Fund
Additional information is available on the Fund's website at FederatedHermes.com/us/FundInformation, including its:

• prospectus • financial information • holdings • proxy voting information

CUSIP 60934N633

Q450197-G (01/26)

Federated Securities Corp., Distributor

<u>FederatedHermes.com/us</u>

&nbsp;&nbsp;&nbsp;&nbsp;© 2026 Federated Hermes, Inc.

![Image](ie64bf673f06b246206ce1517.jpg)

# Federated Hermes Municipal Obligations Fund

# Cash II Shares \| MODXX

#### Semi-Annual Shareholder Report - November 30, 2025

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Municipal Obligations Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash II Shares | $46 | 0.91% |

---

## Key Fund Statistics
* Net Assets$7,308,284,782

* Number of Investments512

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i2db16622ba32e62e1e3fbe5a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Commerical Paper | 10.1% |
| Municipal Notes | 20.0% |
| Variable Rate Demand Instruments | 70.2% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i3f9b562dc08c74aa14d7b1cd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 10.3% |
| 91-180 Days | 4.3% |
| 31-90 Days | 21.0% |
| 8-30 Days | 5.5% |
| 1-7 Days | 59.2% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Municipal Obligations Fund

## Additional Information about the Fund
Additional information is available on the Fund's website at FederatedHermes.com/us/FundInformation, including its:

• prospectus • financial information • holdings • proxy voting information

CUSIP 608919668

Q450197-E (01/26)

Federated Securities Corp., Distributor

<u>FederatedHermes.com/us</u>

&nbsp;&nbsp;&nbsp;&nbsp;© 2026 Federated Hermes, Inc.

![Image](ie64bf673f06b246206ce1517.jpg)

# Federated Hermes Municipal Obligations Fund

# Cash Series Shares \| MFSXX

#### Semi-Annual Shareholder Report - November 30, 2025

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Municipal Obligations Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash Series Shares | $51 | 1.02% |

---

## Key Fund Statistics
* Net Assets$7,308,284,782

* Number of Investments512

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i2db16622ba32e62e1e3fbe5a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Commerical Paper | 10.1% |
| Municipal Notes | 20.0% |
| Variable Rate Demand Instruments | 70.2% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i3f9b562dc08c74aa14d7b1cd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 10.3% |
| 91-180 Days | 4.3% |
| 31-90 Days | 21.0% |
| 8-30 Days | 5.5% |
| 1-7 Days | 59.2% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Municipal Obligations Fund

## Additional Information about the Fund
Additional information is available on the Fund's website at FederatedHermes.com/us/FundInformation, including its:

• prospectus • financial information • holdings • proxy voting information

CUSIP 608919650

Q450197-F (01/26)

Federated Securities Corp., Distributor

<u>FederatedHermes.com/us</u>

&nbsp;&nbsp;&nbsp;&nbsp;© 2026 Federated Hermes, Inc.

![Image](ie64bf673f06b246206ce1517.jpg)

# Federated Hermes Municipal Obligations Fund

# Investment Shares \| MOIXX

#### Semi-Annual Shareholder Report - November 30, 2025

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Municipal Obligations Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investment Shares | $37 | 0.73% |

---

## Key Fund Statistics
* Net Assets$7,308,284,782

* Number of Investments512

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i2db16622ba32e62e1e3fbe5a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Commerical Paper | 10.1% |
| Municipal Notes | 20.0% |
| Variable Rate Demand Instruments | 70.2% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i3f9b562dc08c74aa14d7b1cd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 10.3% |
| 91-180 Days | 4.3% |
| 31-90 Days | 21.0% |
| 8-30 Days | 5.5% |
| 1-7 Days | 59.2% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Municipal Obligations Fund

## Additional Information about the Fund
Additional information is available on the Fund's website at FederatedHermes.com/us/FundInformation, including its:

• prospectus • financial information • holdings • proxy voting information

CUSIP 608919635

Q450197-B (01/26)

Federated Securities Corp., Distributor

<u>FederatedHermes.com/us</u>

&nbsp;&nbsp;&nbsp;&nbsp;© 2026 Federated Hermes, Inc.

![Image](ie64bf673f06b246206ce1517.jpg)

# Federated Hermes Municipal Obligations Fund

# Service Shares \| MOSXX

#### Semi-Annual Shareholder Report - November 30, 2025

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Municipal Obligations Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Shares | $23 | 0.46% |

---

## Key Fund Statistics
* Net Assets$7,308,284,782

* Number of Investments512

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i2db16622ba32e62e1e3fbe5a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Commerical Paper | 10.1% |
| Municipal Notes | 20.0% |
| Variable Rate Demand Instruments | 70.2% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i3f9b562dc08c74aa14d7b1cd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 10.3% |
| 91-180 Days | 4.3% |
| 31-90 Days | 21.0% |
| 8-30 Days | 5.5% |
| 1-7 Days | 59.2% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Municipal Obligations Fund

## Additional Information about the Fund
Additional information is available on the Fund's website at FederatedHermes.com/us/FundInformation, including its:

• prospectus • financial information • holdings • proxy voting information

CUSIP 60934N641

Q450197-D (01/26)

Federated Securities Corp., Distributor

<u>FederatedHermes.com/us</u>

&nbsp;&nbsp;&nbsp;&nbsp;© 2026 Federated Hermes, Inc.

![Image](ie64bf673f06b246206ce1517.jpg)

# Federated Hermes Municipal Obligations Fund

# Wealth Shares \| MOFXX

#### Semi-Annual Shareholder Report - November 30, 2025

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Municipal Obligations Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Wealth Shares | $11 | 0.21% |

---

## Key Fund Statistics
* Net Assets$7,308,284,782

* Number of Investments512

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i2db16622ba32e62e1e3fbe5a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Commerical Paper | 10.1% |
| Municipal Notes | 20.0% |
| Variable Rate Demand Instruments | 70.2% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i3f9b562dc08c74aa14d7b1cd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 10.3% |
| 91-180 Days | 4.3% |
| 31-90 Days | 21.0% |
| 8-30 Days | 5.5% |
| 1-7 Days | 59.2% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Municipal Obligations Fund

## Additional Information about the Fund
Additional information is available on the Fund's website at FederatedHermes.com/us/FundInformation, including its:

• prospectus • financial information • holdings • proxy voting information

CUSIP 60934N658

Q450197-C (01/26)

Federated Securities Corp., Distributor

<u>FederatedHermes.com/us</u>

&nbsp;&nbsp;&nbsp;&nbsp;© 2026 Federated Hermes, Inc.

![Image](ie64bf673f06b246206ce1517.jpg)

# Federated Hermes Tax-Free Obligations Fund

# Advisor Shares \| TBVXX

#### Semi-Annual Shareholder Report - November 30, 2025

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Tax-Free Obligations Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Shares | $11 | 0.21% |

---

## Key Fund Statistics
* Net Assets$5,635,151,603

* Number of Investments378

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i93916bd6d806bd715002d398.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Commercial Paper | 18.7% |
| Municipal Notes | 18.7% |
| Variable Rate Demand Instruments | 64.5% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](iee5baa5b74513246769721a0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 9.8% |
| 91-180 Days | 9.4% |
| 31-90 Days | 20.0% |
| 8-30 Days | 5.6% |
| 1-7 Days | 57.1% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Tax-Free Obligations Fund

## Additional Information about the Fund
Additional information is available on the Fund's website at FederatedHermes.com/us/FundInformation, including its:

• prospectus • financial information • holdings • proxy voting information

CUSIP 608919411

Q450202-B (01/26)

Federated Securities Corp., Distributor

<u>FederatedHermes.com/us</u>

&nbsp;&nbsp;&nbsp;&nbsp;© 2026 Federated Hermes, Inc.

![Image](ie64bf673f06b246206ce1517.jpg)

# Federated Hermes Tax-Free Obligations Fund

# Service Shares \| TBSXX

#### Semi-Annual Shareholder Report - November 30, 2025

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Tax-Free Obligations Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Shares | $23 | 0.46% |

---

## Key Fund Statistics
* Net Assets$5,635,151,603

* Number of Investments378

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i93916bd6d806bd715002d398.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Commercial Paper | 18.7% |
| Municipal Notes | 18.7% |
| Variable Rate Demand Instruments | 64.5% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](iee5baa5b74513246769721a0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 9.8% |
| 91-180 Days | 9.4% |
| 31-90 Days | 20.0% |
| 8-30 Days | 5.6% |
| 1-7 Days | 57.1% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Tax-Free Obligations Fund

## Additional Information about the Fund
Additional information is available on the Fund's website at FederatedHermes.com/us/FundInformation, including its:

• prospectus • financial information • holdings • proxy voting information

CUSIP 60934N880

Q450202-C (01/26)

Federated Securities Corp., Distributor

<u>FederatedHermes.com/us</u>

&nbsp;&nbsp;&nbsp;&nbsp;© 2026 Federated Hermes, Inc.

![Image](ie64bf673f06b246206ce1517.jpg)

# Federated Hermes Tax-Free Obligations Fund

# Wealth Shares \| TBIXX

#### Semi-Annual Shareholder Report - November 30, 2025

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Tax-Free Obligations Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Wealth Shares | $11 | 0.21% |

---

## Key Fund Statistics
* Net Assets$5,635,151,603

* Number of Investments378

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i93916bd6d806bd715002d398.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Commercial Paper | 18.7% |
| Municipal Notes | 18.7% |
| Variable Rate Demand Instruments | 64.5% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](iee5baa5b74513246769721a0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 9.8% |
| 91-180 Days | 9.4% |
| 31-90 Days | 20.0% |
| 8-30 Days | 5.6% |
| 1-7 Days | 57.1% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Tax-Free Obligations Fund

## Additional Information about the Fund
Additional information is available on the Fund's website at FederatedHermes.com/us/FundInformation, including its:

• prospectus • financial information • holdings • proxy voting information

CUSIP 60934N401

Q450202-A (01/26)

Federated Securities Corp., Distributor

<u>FederatedHermes.com/us</u>

&nbsp;&nbsp;&nbsp;&nbsp;© 2026 Federated Hermes, Inc.

**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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Financial Statements filed under Item 7 of this form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Companies**

**Semi-Annual Financial Statements**

**and Additional Information**

**November 30, 2025**

![](imge04054a21.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

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](#xx_535ce33e-d99b-4931-ac02-9595b4f94228_1) | [1](#xx_535ce33e-d99b-4931-ac02-9595b4f94228_1)  |
| [Financial Highlights](#xx_50968313-4b7c-481e-aca6-d32a0caede38_1) | [18](#xx_50968313-4b7c-481e-aca6-d32a0caede38_1)  |
| [Statement of Assets and Liabilities](#xx_faffece5-6ab1-4274-bb86-71ea1b1f90c7_1) | [25](#xx_faffece5-6ab1-4274-bb86-71ea1b1f90c7_1)  |
| [Statement of Operations](#xx_faffece5-6ab1-4274-bb86-71ea1b1f90c7_2) | [26](#xx_faffece5-6ab1-4274-bb86-71ea1b1f90c7_2)  |
| [Statement of Changes in Net Assets](#xx_faffece5-6ab1-4274-bb86-71ea1b1f90c7_3) | [27](#xx_faffece5-6ab1-4274-bb86-71ea1b1f90c7_3)  |
| [Notes to Financial Statements](#xx_7f00e573-0275-4c02-be22-bdd315c55028_1) | [28](#xx_7f00e573-0275-4c02-be22-bdd315c55028_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_5cb2ed1f-f55c-4d86-aaa6-599be2906ddb_1) | [33](#xx_5cb2ed1f-f55c-4d86-aaa6-599be2906ddb_1) |

---

------

Portfolio of Investments

November 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—100.3% |  |
|  | **Alabama—3.6%** |  |
| $9200000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 2.950%, 12/1/2025 | &nbsp;&nbsp; $9200000 |
| 5100000 | Cooperative District of Fort Spanish, AL, Tender Option Bond Trust Receipts (Series 2021-XF2958) Weekly VRDNs, <br> (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 5100000 |
| 4895000 | Cooperative District of Fort Spanish, AL, Tender Option Bond Trust Receipts (Series 2021-XF2959) Weekly VRDNs, <br> (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 4895000 |
| 16900000 | Decatur, AL IDB (Nucor Steel Decatur LLC), (Series 2003-A) Weekly VRDNs, (Nucor Corp. GTD), 3.100%, 12/3/2025 | &nbsp;&nbsp; 16900000 |
| 40000000 | UAB St. Vincent's Health System Authority, BAML 3a-7 (Series 2025-BAML5063), (Bank of America N.A. LIQ)/(Bank of <br> America N.A. LOC), 2.990%, Optional Tender 2/12/2026<br>| &nbsp;&nbsp; 40000000 |
| 10315000 | Walker County, AL Economic and IDA (Alabama Power Co.), (First Series 2023) Daily VRDNs, 2.950%, 12/1/2025 | &nbsp;&nbsp; 10315000 |
| 77900000 | Walker County, AL Economic and IDA (Alabama Power Co.), (Second Series 2023) Daily VRDNs, 2.950%, 12/1/2025 | &nbsp;&nbsp; 77900000 |
| 65965000 | West Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2008) Daily VRDNs, 2.950%, 12/1/2025 | &nbsp;&nbsp; 65965000 |
| 35000000 | West Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2023) Weekly VRDNs, 3.150%, 12/4/2025 | &nbsp;&nbsp; 35000000 |
|  | TOTAL | &nbsp;&nbsp; 265275000 |
|  | **Alaska—0.2%** |  |
| 3532487 | Alaska State Housing Finance Corp. (Steel Chenana LLC), Mizuho 3a-7 (Series 2024-MIZ9201) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 3532487 |
| 10000000 | Anchorage, AK, Tender Option Bond Trust Certificates (Series 2024-XF3288) Weekly VRDNs, (Assured Guaranty, Inc. <br> INS)/(Wells Fargo Bank, N.A. LIQ), 2.940%, 12/4/2025<br>| &nbsp;&nbsp; 10000000 |
|  | TOTAL | &nbsp;&nbsp; 13532487 |
|  | **Arizona—1.6%** |  |
| 12112000 | Arizona Health Facilities Authority (CommonSpirit Health), Mizuho 3a-7 (Series 2022-MIZ9098) Weekly VRDNs, (Mizuho <br> Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.990%, 12/4/2025<br>| &nbsp;&nbsp; 12112000 |
| 12630000 | Arizona State Development Authority (Casa Grande AH I LLLP), Mizuho 3a-7 (Series 2024-MIZ9160) VRENs, (Mizuho Bank <br> Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 12630000 |
| 3400000 | Arizona State IDA (IH Phoenix Apartments Owner I LLC), Mizuho 3a-7 (Series 2025-MIZ9219) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 3400000 |
| 3420000 | Arizona State IDA (IH Phoenix Apartments Owner II LLC), Mizuho 3a-7 (Series 2025-MIZ9216) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 3420000 |
| 3015000 | Arizona State IDA (Marana Leased Housing Associates I, LLP), Tender Option Bond Trust Certificates <br> (Series 2023-XF3174) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 3015000 |
| 5292022 | Arizona State IDA (Roers Casa Grande Apartments Owner LLC), Mizuho 3a-7 (Series 2024-MIZ9187) VRENs, (Mizuho Bank <br> Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 5292022 |
| 7480000 | Arizona State IDA (Roers Flagstaff Apartment Owner LLC), Mizuho 3a-7 (Series 2024-MIZ9194) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 7480000 |
| 8045000 | Arizona State IDA (Roers Maricopa Apartments Owner LLC), (Series 2024-MIZ9176) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 8045000 |
| 4690000 | Arizona State IDA (Roers Maricopa Apartments Owner LLC), Mizuho 3a-7 (Series 2023-MIZ9155) VRENs, (Mizuho Bank <br> Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 4690000 |
| 2535000 | Arizona State IDA (The Villas on Shelby, LLC), Mizuho 3a-7 (Series 2025-MIZ9211) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 2535000 |
| 21850000 | Arizona State IDA (Vaseo Apartments LP), Mizuho 3a-7 (Series 2023-MIZ9118) Weekly VRDNs, (FHLMC GTD)/(Mizuho <br> Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 21850000 |
| 9000000 | Arizona State IDA (Washington Yu Ying Public Charter School), Tender Option Bond Trust Receipts (Series 2025-ESRF002) <br> Weekly VRDNs, (PNC Bank, N.A. LOC), 2.930%, 12/4/2025<br>| &nbsp;&nbsp; 9000000 |
| 8750000 | Arizona State IDA (Zeta Charter Schools, Inc. Obligated Group), Tender Option Bond Trust Receipts <br> (Series 2025-ESRF001) Weekly VRDNs, (PNC Bank, N.A. LOC), 2.930%, 12/4/2025<br>| &nbsp;&nbsp; 8750000 |
| 5610000 | Maricopa County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), <br> 2.830%, 12/4/2025<br>| &nbsp;&nbsp; 5610000 |
| 6750000 | Pinal County, AZ IDA (Milky Way Dairy LLC), (Series 2002) Weekly VRDNs, (BMO Bank, N.A. LOC), 3.040%, 12/4/2025 | &nbsp;&nbsp; 6750000 |
|  | TOTAL | &nbsp;&nbsp; 114579022 |
|  | **Arkansas—0.1%** |  |
| 700000 | Blytheville, AR (Nucor Corp.), (Series 1998) Weekly VRDNs, 3.100%, 12/3/2025 | &nbsp;&nbsp; 700000 |

---

Semi-Annual Financial Statements and Additional Information

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Arkansas—continued** |  |
| $3550000 | Blytheville, AR (Nucor Corp.), (Series 2002) Weekly VRDNs, 3.100%, 12/3/2025 | &nbsp;&nbsp; $3550000 |
|  | TOTAL | &nbsp;&nbsp; 4250000 |
|  | **California—10.1%** |  |
| 4500000 | California Health Facilities Financing Authority (Adventist Health System/West), RBC Municipal Products (Series C-21) <br> Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.790%, 12/4/2025<br>| &nbsp;&nbsp; 4500000 |
| 18415000 | California Health Facilities Financing Authority (CommonSpirit Health), Golden Blue (Series 2017-004) VRENs, (Barclays <br> Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.040%, 12/4/2025<br>| &nbsp;&nbsp; 18415000 |
| 2034000 | California Health Facilities Financing Authority (CommonSpirit Health), Mizuho 3a-7 (Series 2022-MIZ9099) Weekly <br> VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.990%, 12/4/2025<br>| &nbsp;&nbsp; 2034000 |
| 10000000 | California HFA (Monarch Hillside Apartments LP), Mizuho 3a-7 (Series 2025-MIZ9231) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 10000000 |
| 20000000 | California HFA (Residency at Empire I LP), Tender Option Bond Trust Receipts (Series 2023-XF3077) Weekly VRDNs, <br> (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 20000000 |
| 2805000 | California HFA, Tender Option Bond Trust Certificates (Series 2022-XF3059) Weekly VRDNs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 2805000 |
| 15920000 | California HFA, Tender Option Bond Trust Certificates (Series 2023-XF3087) Weekly VRDNs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 15920000 |
| 11065000 | California Municipal Finance Authority (Harbor Park Apartments Phase 2, LP), Mizuho 3a-7 (Series 2025-MIZ9209) VRENs, <br> (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 11065000 |
| 10965000 | California Municipal Finance Authority (Sunnyview Villa Community Partners LP), Mizuho 3a-7 (Series 2023-MIZ9144) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 10965000 |
| 30000000 | California Statewide Communities Development Authority (Essex Fountain Park Apartments, LP), Mizuho 3a-7 <br> (Series 2025-MIZ9233) VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 30000000 |
| 5730000 | California Statewide Communities Development Authority (Fiddyment Affordable Partners LP), Mizuho 3a-7 <br> (Series 2023-MIZ9142) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 5730000 |
| 29860000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 2.680%, Mandatory <br> Tender 1/8/2026<br>| &nbsp;&nbsp; 29860000 |
| 2500000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 2.680%, Mandatory <br> Tender 1/8/2026<br>| &nbsp;&nbsp; 2500000 |
| 10640000 | California Statewide Communities Development Authority (Kensington Apartments LP), Mizuho 3a-7 <br> (Series 2022-MIZ9113) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 10640000 |
| 19929396 | California Statewide Communities Development Authority (Lexington Green Community Partners II, LP), Mizuho 3a-7 <br> (Series 2024-MIZ9184) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 19929396 |
| 10000000 | California Statewide Communities Development Authority (Northwest Gateway Apartments LP), (Series 2025-MIZ9232) <br> VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 10000000 |
| 5440000 | California Statewide Communities Development Authority (Silvey Villas Partners LP), Mizuho 3a-7 (Series 2023-MIZ9133) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 5440000 |
| 11990000 | California Statewide Communities Development Authority (TRG - Copeland Creek LP), Mizuho 3a-7 <br> (Series 2023-MIZ9135) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 11990000 |
| 70240000 | California Statewide Communities Development Authority (Uptown Housing Partners LLC), BAML 3a-7 <br> (Series 2024-BAML6023) Daily VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.000%, 12/1/2025<br>| &nbsp;&nbsp; 70240000 |
| 9955000 | California Statewide Communities Development Authority (Uptown Housing Partners LLC), BAML 3a-7 <br> (Series 2024-BAML6024) Daily VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.000%, 12/1/2025<br>| &nbsp;&nbsp; 9955000 |
| 5500000 | California Statewide Communities Development Authority MFH (Prospera Homestead Partners LP), Mizuho 3a-7 <br> (Series 2024-MIZ9166) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 5500000 |
| 10700000 | California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2017 Series BB: <br> One Uptown Newport Apartments) Weekly VRDNs, (FHLB of Des Moines LOC), 2.490%, 12/4/2025<br>| &nbsp;&nbsp; 10700000 |
| 5000000 | Los Angeles County, CA Housing Authority Multi Family Housing (The Solemint Heights Partnership), MIZUHO 3a-7 <br> (Series 2020-MIZ9039) Daily VRDNs, (FHLMC GTD)/(Mizuho Bank Ltd. LIQ), 2.950%, 12/1/2025<br>| &nbsp;&nbsp; 5000000 |
| 10000000 | Los Angeles, CA (Grand Avenue M Urban Housing LLC), Mizuho 3a-7 (Series 2025-9221) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 10000000 |
| 32000000 | Los Angeles, CA Community Redevelopment Agency (DWF V Hollywood & Vine, LP), Mizuho 3a-7 (Series 2025-MIZ9237) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 32000000 |
| 43285000 | Los Angeles, CA Community Redevelopment Agency (DWF V Wilshire Vermont, LP), Mizuho 3a-7 (Series 2024-MIZ9189) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.090%, 12/4/2025<br>| &nbsp;&nbsp; 43285000 |
| 75000000 | Nuveen California Quality Municipal Income Fund, RIB Floater Trust (Series 2022-FR-RI-005) (Series 2 Preferred Shares) <br> VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.140%, 12/4/2025<br>| &nbsp;&nbsp; 75000000 |
| 22500000 | River Islands, CA Public Financing Authority-Community Facilities District No. 2015-1, Mizuho 3a-7 (Series 2024-MIZ9188) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 22500000 |

---

Semi-Annual Financial Statements and Additional Information

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **California—continued** |  |
| $20000000 | San Diego, CA Housing Authority (Scripps Mesa Apartments), Mizuho 3a-7 (Series 2024-MIZ9198) VRENs, (Mizuho Bank <br> Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; $20000000 |
| 98455000 | San Francisco, CA City and County (1500 Mission Urban Housing LP), Mizuho 3a-7 (Series 2022-MIZ9115) VRENs, (Mizuho <br> Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 98455000 |
| 9190658 | San Francisco, CA City and County (1601 Mariposa Apartments), Mizuho 3a-7 (Series 2022-MIZ9095) VRENs, (Mizuho <br> Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 9190658 |
| 42779000 | San Francisco, CA City and County (Transbay Block 8 Tower Apartments Obligated Group), Mizuho 3a-7 (2021-MIZ9063) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 42779000 |
| 4440000 | San Jose, CA Redevelopment Successor Agency (101 San Fernando Apartments), Mizuho 3a-7 (Series 2025-MIZ9222) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 4440000 |
| 7000000 | University of California (The Regents of), (Series A), CP, 2.600%, Mandatory Tender 12/9/2025 | &nbsp;&nbsp; 7000000 |
| 21000000 | University of California (The Regents of), (Series A), CP, 2.699%, Mandatory Tender 12/3/2025 | &nbsp;&nbsp; 21000000 |
| 20000000 | University of California (The Regents of), (Series A), CP, 2.700%, Mandatory Tender 12/5/2025 | &nbsp;&nbsp; 20000000 |
| 7500000 | University of California (The Regents of), (Series A), CP, 2.730%, Mandatory Tender 12/12/2025 | &nbsp;&nbsp; 7500000 |
|  | TOTAL | &nbsp;&nbsp; 736338054 |
|  | **Colorado—0.6%** |  |
| 6400000 | Colorado Health Facilities Authority (National Jewish Medical and Research Center), (Series 2005) Weekly VRDNs, (UMB <br> Bank, N.A. LOC), 3.050%, 12/4/2025<br>| &nbsp;&nbsp; 6400000 |
| 4615000 | Colorado HFA (Acme Manufacturing Co., Inc.), (Series 2016A) Weekly VRDNs, (UMB Bank, N.A. LOC), 3.270%, 12/4/2025 | &nbsp;&nbsp; 4615000 |
| 960000 | Colorado HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), <br> 3.090%, 12/4/2025<br>| &nbsp;&nbsp; 960000 |
| 780000 | Colorado HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs, (UMB Bank, N.A. LOC), 3.310%, 12/4/2025 | &nbsp;&nbsp; 780000 |
| 4370000 | Colorado HFA (Steele Glennpark LIHTC LLC), Mizuho 3a-7 (Series 2024-MIZ9193) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 4370000 |
| 3600000 | Denver, CO City & County Department of Aviation, Airport System Subordinate Revenue Bonds (Series 2018A), <br> 5.000%, 12/1/2025<br>| &nbsp;&nbsp; 3600000 |
| 1000000 | Denver, CO City & County Department of Aviation, Airport System Subordinate Revenue Bonds (Series 2018A), <br> 5.000%, 12/1/2026<br>| &nbsp;&nbsp; 1020037 |
| 22490000 | Denver, CO City & County Department of Aviation, Tender Option Bond Trust Receipts (Series 2018- XM0715) Weekly <br> VRDNs, (Morgan Stanley Bank, N.A. LIQ), 3.090%, 12/4/2025<br>| &nbsp;&nbsp; 22490000 |
|  | TOTAL | &nbsp;&nbsp; 44235037 |
|  | **Connecticut—0.3%** |  |
| 20000000 | Connecticut State HFA, (2017 Subseries C-3) Weekly VRDNs, (TD Bank, N.A. LIQ), 2.820%, 12/4/2025 | &nbsp;&nbsp; 20000000 |
| 4000000 | Norfolk, CT BANs, 3.500%, 9/2/2026 | &nbsp;&nbsp; 4021960 |
|  | TOTAL | &nbsp;&nbsp; 24021960 |
|  | **District of Columbia—0.5%** |  |
| 14760000 | District of Columbia Housing Finance Agency Multifamily Development, Tender Option Bond Trust Receipts <br> (Series 2025-CF7039) Weekly VRDNs, (Citibank, N.A. LIQ)/(Citibank, N.A. LOC), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 14760000 |
| 18790000 | Metropolitan Washington, DC Airports Authority, (Series 2025-MS0052), (Morgan Stanley Bank, N.A. LIQ), 2.950%, <br> Optional Tender 12/11/2025<br>| &nbsp;&nbsp; 18790000 |
| 2500000 | Metropolitan Washington, DC Airports Authority, (Series A), 5.000%, 10/1/2026 | &nbsp;&nbsp; 2549390 |
|  | TOTAL | &nbsp;&nbsp; 36099390 |
|  | **Florida—5.7%** |  |
| 5500000 | Broward County, FL (Florida Power & Light Co.), (Series 2018B) Weekly VRDNs, 2.900%, 12/3/2025 | &nbsp;&nbsp; 5500000 |
| 20405000 | Florida Development Finance Corp. (Baptist Health System, Inc.), (Series BAML5066), (Bank of America N.A. LIQ)/(Bank <br> of America N.A. LOC), 2.940%, Optional Tender 12/18/2025<br>| &nbsp;&nbsp; 20405000 |
| 1730000 | Greater Orlando, FL Aviation Authority, Airport Facilities Revenue Bonds (Series 2024), 5.000%, 10/1/2026 | &nbsp;&nbsp; 1764622 |
| 7955000 | Hillsborough County, FL IDA (BayCare Obligated Group), (Series 2020B) Daily VRDNs, (TD Bank, N.A. LOC), <br> 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 7955000 |
| 6105000 | Lee County, FL Port Authority, Tender Option Bond Trust Certificates (Series 2024-XF3252) Weekly VRDNs, (Assured <br> Guaranty Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 3.040%, 12/4/2025<br>| &nbsp;&nbsp; 6105000 |
| 25000000 | Liberty County, FL (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 2.840%, 12/4/2025 | &nbsp;&nbsp; 25000000 |
| 11830000 | Miami-Dade County, FL (County of Miami-Dade Seaport Department), Tender Option Bond Trust Certificates <br> (2022-XF2988) Weekly VRDNs, (Assured Guaranty, Inc. INS)/(Barclays Bank PLC LIQ), 2.930%, 12/4/2025<br>| &nbsp;&nbsp; 11830000 |
| 88850000 | Miami-Dade County, FL Aviation Department, Morgan Stanley 3a-7 (Series 2025-CF7044) Weekly VRDNs, (Assured <br> Guaranty, Inc. INS)/(Berkshire Hathaway Assurance Corp. INS)/(Citibank, N.A. LIQ), 2.940%, 12/4/2025<br>| &nbsp;&nbsp; 88850000 |

---

Semi-Annual Financial Statements and Additional Information

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Florida—continued** |  |
| $9500000 | Miami-Dade County, FL Aviation Department, Morgan Stanley 3a-7 (Series 2025-MS0050), (Morgan Stanley Bank, N.A. <br> LIQ)/(Morgan Stanley Bank, N.A. LOC), 2.960%, Optional Tender 2/12/2026<br>| &nbsp;&nbsp; $9500000 |
| 10500000 | Miami-Dade County, FL Aviation Department, Tender Option Bond Trust Certificates (Series 2025-XF1827) Weekly <br> VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 10500000 |
| 7500000 | Miami-Dade County, FL Aviation Department, Tender Option Bond Trust Receipts (Series 2023-XF1609) Weekly VRDNs, <br> (JPMorgan Chase Bank, N.A. LIQ), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 7500000 |
| 12880000 | Miami-Dade County, FL Aviation Department, Tender Option Bond Trust Receipts (Series 2024-XM1186) Daily VRDNs, <br> (JPMorgan Chase Bank, N.A. LIQ), 3.070%, 12/1/2025<br>| &nbsp;&nbsp; 12880000 |
| 8000000 | Miami-Dade County, FL Aviation Department, Tender Option Bond Trust Receipts (Series 2025-XM1240) Daily VRDNs, <br> (JPMorgan Chase Bank, N.A. LIQ), 3.070%, 12/1/2025<br>| &nbsp;&nbsp; 8000000 |
| 6450650 | Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 (2021-MIZ9072) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 6450650 |
| 7075000 | Miami-Dade County, FL HFA (Superior Manor Phase II LLC), Mizuho 3a-7 (2022-MIZ9087) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 7075000 |
| 29000000 | Miami-Dade County, FL IDA (Florida Power & Light Co.), (Series 2024A) Weekly VRDNs, 2.950%, 12/4/2025 | &nbsp;&nbsp; 29000000 |
| 32500000 | Miami-Dade County, FL IDA (Florida Power & Light Co.), (Series 2024B) Weekly VRDNs, 2.950%, 12/4/2025 | &nbsp;&nbsp; 32500000 |
| 5015000 | Orange County, FL, Health Facilities Authority (Orlando Health, Inc.), Barclays 3a-7 (Series 2022-FR RI-026) VRENs, <br> (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.090%, 12/4/2025<br>| &nbsp;&nbsp; 5015000 |
| 64550000 | Palm Beach County, FL Health Facilities Authority (Morselife Obligated Group), GOLDEN BLUE 3a-7(Series 2023-003) <br> VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.140%, 12/4/2025<br>| &nbsp;&nbsp; 64550000 |
| 53785000 | St. Lucie County, FL Solid Waste Disposal (Florida Power & Light Co.), (Series 2003) Weekly VRDNs, 2.900%, 12/3/2025 | &nbsp;&nbsp; 53785000 |
| 5300000 | Sumter County, FL IDA (American Cement Co. LLC), (Series 2007) Weekly VRDNs, (Bank of America N.A. LOC), <br> 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 5300000 |
|  | TOTAL | &nbsp;&nbsp; 419465272 |
|  | **Georgia—3.5%** |  |
| 20770000 | Alpharetta, GA Development Authority (Wellstar Health System, Inc.), (Series 2025A) Weekly VRDNs, (Truist Bank LOC), <br> 2.900%, 12/4/2025<br>| &nbsp;&nbsp; 20770000 |
| 10700000 | Appling County, GA Development Authority (Georgia Power Co.), (1st Series 1997) Daily VRDNs, 2.950%, 12/1/2025 | &nbsp;&nbsp; 10700000 |
| 1400000 | Appling County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 2.950%, 12/1/2025 | &nbsp;&nbsp; 1400000 |
| 12700000 | Atlanta, GA (Atlanta, GA Department of Aviation), (Series Q-2), CP, (Truist Bank LOC), 2.780%, Mandatory <br> Tender 12/17/2025<br>| &nbsp;&nbsp; 12700000 |
| 9350000 | Atlanta, GA Urban Residential Finance Authority (Columbia at Sylvan Hills Apartments), (Series 2006) Weekly VRDNs, <br> (FNMA LOC), 2.920%, 12/4/2025<br>| &nbsp;&nbsp; 9350000 |
| 55300000 | Bartow County, GA Development Authority (Georgia Power Co.), (First Series 2022) Daily VRDNs, 2.950%, 12/1/2025 | &nbsp;&nbsp; 55300000 |
| 37575000 | Bartow County, GA Development Authority (Georgia Power Co.), (Second Series 2022) Daily VRDNs, 3.000%, 12/1/2025 | &nbsp;&nbsp; 37575000 |
| 26800000 | Burke County, GA Development Authority (Georgia Power Co.), (Third Series 2012) Daily VRDNs, 2.950%, 12/1/2025 | &nbsp;&nbsp; 26800000 |
| 8115000 | Columbus, GA Development Authority (Avalon Apartments LP), (Series 2008) Weekly VRDNs, (FNMA LOC), <br> 2.920%, 12/4/2025<br>| &nbsp;&nbsp; 8115000 |
| 10000000 | Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs, (FHLMC LOC), <br> 2.920%, 12/4/2025<br>| &nbsp;&nbsp; 10000000 |
| 6400000 | Coweta County, GA Development Authority (Georgia Power Co.), (First Series 2006) Daily VRDNs, 2.950%, 12/1/2025 | &nbsp;&nbsp; 6400000 |
| 180000 | Fitzgerald & Ben Hill County, GA Development Authority (Agri-Products, Inc.), (Series 2007) Weekly VRDNs, (U.S. Bank, <br> N.A. LOC), 3.000%, 12/4/2025<br>| &nbsp;&nbsp; 180000 |
| 200000 | Heard County, GA Development Authority (Georgia Power Co.), (First Series 1996) Daily VRDNs, 2.960%, 12/1/2025 | &nbsp;&nbsp; 200000 |
| 1900000 | Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2017) Weekly VRDNs, 3.000%, 12/4/2025 | &nbsp;&nbsp; 1900000 |
| 17940000 | Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2019) Weekly VRDNs, 2.950%, 12/4/2025 | &nbsp;&nbsp; 17940000 |
| 25000000 | Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2019) Weekly VRDNs, 3.000%, 12/4/2025 | &nbsp;&nbsp; 25000000 |
| 8100000 | Monroe County, GA Development Authority (Georgia Power Co.), PCRBs (First Series 1997) Daily VRDNs, <br> 2.950%, 12/1/2025<br>| &nbsp;&nbsp; 8100000 |
| 765000 | Savannah, GA EDA (Consolidated Utilities, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 3.000%, 12/4/2025 | &nbsp;&nbsp; 765000 |
| 825000 | Wayne County, GA, IDA (Sierra International Machinery LLC), (Series 2011) Weekly VRDNs, (Truist Bank LOC), <br> 3.000%, 12/4/2025<br>| &nbsp;&nbsp; 825000 |
|  | TOTAL | &nbsp;&nbsp; 254020000 |
|  | **Hawaii—0.2%** |  |
| 17600000 | Hawaii State Airports System, Tender Option Trust Bond Certificates (Series 2025-XF1951) Daily VRDNs, (JPMorgan <br> Chase Bank, N.A. LIQ), 3.030%, 12/1/2025<br>| &nbsp;&nbsp; 17600000 |

---

Semi-Annual Financial Statements and Additional Information

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Idaho—0.1%** |  |
| $4200000 | Idaho Health Facilities Authority (St. Luke's Health System), (Series 2025D) Daily VRDNs, (TD Bank, N.A. LOC), <br> 2.850%, 12/1/2025<br>| &nbsp;&nbsp; $4200000 |
|  | **Illinois—3.5%** |  |
| 7500000 | Chicago, IL (Chicago, IL O'Hare International Airport), Tender Option Bond Trust Certificates (Series 2025-XF3349) <br> Weekly VRDNs, (Barclays Bank PLC LIQ), 2.930%, 12/4/2025<br>| &nbsp;&nbsp; 7500000 |
| 3940000 | Chicago, IL (Chicago, IL O'Hare International Airport), Tender Option Bond Trust Certificates 2025-XL0622 Weekly <br> VRDNs, (Barclays Bank PLC LIQ), 2.930%, 12/4/2025<br>| &nbsp;&nbsp; 3940000 |
| 3550000 | Chicago, IL Midway Airport, Senior Lien Airport Revenue Refunding Bonds (Series 2023C), 5.000%, 1/1/2026 | &nbsp;&nbsp; 3554960 |
| 10505000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Bonds (Series 2024E), 5.000%, 1/1/2026 | &nbsp;&nbsp; 10522754 |
| 9475000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2022C), <br> 5.000%, 1/1/2026<br>| &nbsp;&nbsp; 9487061 |
| 4000000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2024C), <br> 5.000%, 1/1/2026<br>| &nbsp;&nbsp; 4006505 |
| 36920000 | Chicago, IL O'Hare International Airport, Tender Option Bond Trust Certificates (Series 2022-XM1078) Weekly VRDNs, <br> (Assured Guaranty, Inc. INS)/(JPMorgan Chase Bank, N.A. LIQ), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 36920000 |
| 8000000 | Chicago, IL O'Hare International Airport, Tender Option Bond Trust Receipts (Series 2022-XF1379) Weekly VRDNs, <br> (JPMorgan Chase Bank, N.A. LIQ), 2.930%, 12/4/2025<br>| &nbsp;&nbsp; 8000000 |
| 9600000 | Chicago, IL O'Hare International Airport, Tender Option Bond Trust Receipts (Series 2022-XF1424) Weekly VRDNs, <br> (Assured Guaranty, Inc. INS)/(JPMorgan Chase Bank, N.A. LIQ), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 9600000 |
| 24000000 | Chicago, IL O'Hare International Airport, Tender Option Bond Trust Receipts (Series 2022-XM1038) Weekly VRDNs, <br> (Assured Guaranty, Inc. INS)/(JPMorgan Chase Bank, N.A. LIQ), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 24000000 |
| 15200000 | Chicago, IL O'Hare International Airport, Tender Option Bond Trust Receipts (Series 2022-XM1044) Weekly VRDNs, <br> (JPMorgan Chase Bank, N.A. LIQ), 2.930%, 12/4/2025<br>| &nbsp;&nbsp; 15200000 |
| 1420000 | Chicago, IL O'Hare International Airport, Tender Option Bond Trust Receipts (Series 2023-XF1457) Daily VRDNs, <br> (JPMorgan Chase Bank, N.A. LIQ), 3.300%, 12/1/2025<br>| &nbsp;&nbsp; 1420000 |
| 6000000 | Illinois Development Finance Authority IDB (Toyal America, Inc.), (Series 1997) Weekly VRDNs, (MUFG Bank Ltd. LOC), <br> 2.830%, 12/4/2025<br>| &nbsp;&nbsp; 6000000 |
| 22000000 | Illinois Finance Authority (City of Hope Obligated Group), BAML VRDO (Series 2025-VRS207) Daily VRDNs, (Bank of <br> America N.A. LIQ)/(Bank of America N.A. LOC), 2.950%, 12/1/2025<br>| &nbsp;&nbsp; 22000000 |
| 8455000 | Illinois Finance Authority (Plymouth Place, Inc.), Golden Blue (Series 2025-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays <br> Bank PLC LOC), 3.090%, 12/4/2025<br>| &nbsp;&nbsp; 8455000 |
| 6840000 | Illinois Finance Authority (University of Chicago Medical Center Obligated Group), Mizuho 3a-7 (Series 2024-MIZ9165) <br> Daily VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.000%, 12/1/2025<br>| &nbsp;&nbsp; 6840000 |
| 20710000 | Illinois Finance Authority (University of Chicago Medical Center Obligated Group), Mizuho 3a-7 (Series 2024-MIZ9167) <br> Daily VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.000%, 12/1/2025<br>| &nbsp;&nbsp; 20710000 |
| 61210000 | Illinois Housing Development Authority (900 West Randolph), Mizuho 3a-7 (Series 2025-MIZ9224) VRENs, (Mizuho Bank <br> Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 61210000 |
|  | TOTAL | &nbsp;&nbsp; 259366280 |
|  | **Indiana—0.3%** |  |
| 8750000 | Rush County, IN (Hulsbosch Farms LLC), (Series 2025) Weekly VRDNs, (BMO Bank, N.A. LOC), 3.000%, 12/4/2025 | &nbsp;&nbsp; 8750000 |
| 10000000 | Whiting, IN Environmental Facilities (BP Products North America, Inc.), (Series 2019A), (BP PLC GTD), 2.850%, Mandatory <br> Tender 6/5/2026<br>| &nbsp;&nbsp; 10118293 |
|  | TOTAL | &nbsp;&nbsp; 18868293 |
|  | **Iowa—0.2%** |  |
| 5300000 | Iowa Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly VRDNs, (AgriBank FCB LOC), 3.000%, 12/4/2025 | &nbsp;&nbsp; 5300000 |
| 12835000 | Iowa Finance Authority (UnityPoint Health), Barclays 3a-7 (Series 2024-FR-RI-003) VRENs, (Barclays Bank PLC <br> LIQ)/(Barclays Bank PLC LOC), 3.040%, 12/4/2025<br>| &nbsp;&nbsp; 12835000 |
|  | TOTAL | &nbsp;&nbsp; 18135000 |
|  | **Kansas—1.0%** |  |
| 10000000 | Burlington, KS (Evergy Metro, Inc.), (Series 2007A) Weekly VRDNs, 2.900%, 12/3/2025 | &nbsp;&nbsp; 10000000 |
| 21000000 | Burlington, KS (Evergy Metro, Inc.), (Series 2007B) Weekly VRDNs, 2.900%, 12/3/2025 | &nbsp;&nbsp; 21000000 |
| 9850000 | Hamilton County, KS (R.C. Geven Farms, LLC), (Series 2024A) Weekly VRDNs, (CoBank, ACB LOC), 3.000%, 12/4/2025 | &nbsp;&nbsp; 9850000 |
| 8045000 | Kansas State Development Finance Authority (OPG Canterbury Partners LLC), Mizuho 3a-7 (Series 2024-MIZ9173) VRENs, <br> (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 8045000 |
| 12000000 | Meade County, KS (High Plains Ponderosa Dairy LLC), (Series 2023) Weekly VRDNs, (AgriBank FCB LOC), <br> 3.000%, 12/4/2025<br>| &nbsp;&nbsp; 12000000 |
| 12500000 | Pawnee County, KS (ILS Feeders) Weekly VRDNs, (CoBank, ACB LOC), 3.000%, 12/4/2025 | &nbsp;&nbsp; 12500000 |

---

Semi-Annual Financial Statements and Additional Information

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Kansas—continued** |  |
| $3184984 | Wichita, KS (Steele Shadybrook Estates LLC), Mizuho 3a-7 (Series 2024-MIZ9159) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; $3184984 |
|  | TOTAL | &nbsp;&nbsp; 76579984 |
|  | **Kentucky—3.8%** |  |
| 4500000 | Fayette County, KY School District, Morgan Stanley 3a-7 (Series 2025-MS0055), (Build America Mutual Assurance <br> INS)/(Morgan Stanley Bank, N.A. LIQ), 2.960%, Optional Tender 12/4/2025<br>| &nbsp;&nbsp; 4500000 |
| 9640000 | Kentucky Economic Development Finance Authority (Madonna Manor, Inc.), BAML 3a-7 (Series 2023-BAML 5038), (Bank <br> of America N.A. LIQ)/(Bank of America N.A. LOC), 3.040%, Optional Tender 1/8/2026<br>| &nbsp;&nbsp; 9640000 |
| 97425000 | Knott County, KY (Kentucky Lithium LLC), MS 3a-7 (Series 2025-MS0035), (Morgan Stanley Bank, N.A. LIQ)/(Morgan <br> Stanley Bank, N.A. LOC), 3.090%, Optional Tender 12/18/2025<br>| &nbsp;&nbsp; 97425000 |
| 28900000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), (2007 Series A) Weekly <br> VRDNs, 2.880%, 12/5/2025<br>| &nbsp;&nbsp; 28900000 |
| 33200000 | Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), (2007 Series B) Weekly <br> VRDNs, 2.900%, 12/5/2025<br>| &nbsp;&nbsp; 33200000 |
| 16600000 | Louisville & Jefferson County, KY Regional Airport Authority (UPS Worldwide Forwarding, Inc.), Revenue Bonds (Series C) <br> Daily VRDNs, (United Parcel Service, Inc. GTD), 2.900%, 12/1/2025<br>| &nbsp;&nbsp; 16600000 |
| 7600000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2020A-1) Daily VRDNs, <br> 3.350%, 12/1/2025<br>| &nbsp;&nbsp; 7600000 |
| 21850000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021A-1) Daily VRDNs, <br> 3.350%, 12/1/2025<br>| &nbsp;&nbsp; 21850000 |
| 60195000 | Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021B-1) Daily VRDNs, <br> 3.400%, 12/1/2025<br>| &nbsp;&nbsp; 60195000 |
|  | TOTAL | &nbsp;&nbsp; 279910000 |
|  | **Louisiana—1.1%** |  |
| 10889000 | Calcasieu Parish, LA Public Trust Authority (WPT Corp.), (Series 1997) Weekly VRDNs, (Bank of America N.A. LOC), <br> 3.080%, 12/3/2025<br>| &nbsp;&nbsp; 10889000 |
| 13775000 | East Baton Rouge Parish, LA IDB (Georgia-Pacific LLC), Sold Waste Disposal Revenue Bonds (Series 2004) Weekly VRDNs, <br> 2.950%, 12/3/2025<br>| &nbsp;&nbsp; 13775000 |
| 5477685 | Louisiana State Housing Corp. (Peace Lake Louisiana Tower Community, LP), MIZUHO 3a-7 (Series 2020-MIZ9053) VRENs, <br> (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 5477685 |
| 5000000 | New Orleans, LA Aviation Board, General Airport Revenue Refunding Bonds (Series 2024B), 5.000%, 1/1/2026 | &nbsp;&nbsp; 5008092 |
| 4960000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (Nucor Corp. GTD), 3.040%, 12/3/2025 | &nbsp;&nbsp; 4960000 |
| 41575000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 3.000%, 12/3/2025 | &nbsp;&nbsp; 41575000 |
|  | TOTAL | &nbsp;&nbsp; 81684777 |
|  | **Maryland—1.6%** |  |
| 7065000 | Baltimore County, MD (Oak Crest Village, Inc.), 3a-7 Credit Enhanced Trust (Series 2022-032) VRENs, (Barclays Bank PLC <br> LIQ)/(Barclays Bank PLC LOC), 3.140%, 12/4/2025<br>| &nbsp;&nbsp; 7065000 |
| 10850000 | Baltimore County, MD (Riderwood Village Obligated Group), Barclays 3a-7 (Series 2022-029) VRENs, (Barclays Bank PLC <br> LIQ)/(Barclays Bank PLC LOC), 3.140%, 12/4/2025<br>| &nbsp;&nbsp; 10850000 |
| 27000000 | Maryland Health and Higher Educational Facilities Authority (Integrace Obligated Group), 3a-7 Credit Enhanced Trust <br> (Series 2022-024) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.140%, 12/4/2025<br>| &nbsp;&nbsp; 27000000 |
| 10195000 | Maryland State Department of Transportation (Baltimore/Washington International Thurgood Marshall Airport), Tender <br> Option Trust Bond Certificates (Series 2025-XM1270) Daily VRDNs, (Assured Guaranty, Inc. INS)/(JPMorgan Chase Bank, <br> N.A. LIQ), 3.070%, 12/1/2025<br>| &nbsp;&nbsp; 10195000 |
| 26092000 | Maryland State Economic Development Corp. (929 N Wolfe Street LLC), Tender Option Bond Trust Receipts <br> (Series 2022-XF3015) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 26092000 |
| 16610000 | Maryland State Economic Development Corp. (Woodington Gardens Affordable LLC), Tender Option Bond Trust <br> Certificates (Series 2024-XF3222) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 16610000 |
| 16125000 | Montgomery County, MD Housing Opportunities Commission (F-C Harris Silver Spring LP), BAML 3a-7 <br> (Series 2024-BAML6033) Daily VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.000%, 12/1/2025<br>| &nbsp;&nbsp; 16125000 |
|  | TOTAL | &nbsp;&nbsp; 113937000 |
|  | **Massachusetts—0.6%** |  |
| 6410000 | Lyme, NY CSD BANs, 4.000%, 8/6/2026 | &nbsp;&nbsp; 6455687 |
| 28000000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric <br> Co.), 2.830%, Mandatory Tender 12/4/2025<br>| &nbsp;&nbsp; 28000000 |

---

Semi-Annual Financial Statements and Additional Information

**6**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Massachusetts—continued** |  |
| $10000000 | Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (Massachusetts Electric Co. <br> GTD), 2.800%, Mandatory Tender 1/6/2026<br>| &nbsp;&nbsp; $10000000 |
|  | TOTAL | &nbsp;&nbsp; 44455687 |
|  | **Michigan—0.3%** |  |
| 11760000 | Detroit, MI City School District, Tender Option Bond Trust Receipts (Series 2016-XM0344) Weekly VRDNs, (Assured <br> Guaranty Corp. GTD)/(Bank of America N.A. LIQ), 2.950%, 12/4/2025<br>| &nbsp;&nbsp; 11760000 |
| 5250000 | Michigan Strategic Fund (Greenville Venture Partners LLC), (Series 2018) Weekly VRDNs, (BMO Bank, N.A. LOC), <br> 3.000%, 12/4/2025<br>| &nbsp;&nbsp; 5250000 |
| 3000000 | Wayne County, MI Airport Authority, (Series 2017E), 4.000%, 12/1/2025 | &nbsp;&nbsp; 3000000 |
| 2735000 | Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2015F), 5.000%, 12/1/2025 | &nbsp;&nbsp; 2735000 |
|  | TOTAL | &nbsp;&nbsp; 22745000 |
|  | **Minnesota—0.3%** |  |
| 10200000 | Minnesota Agricultural and Economic Development Board (Spectro Alloys Corp.) Weekly VRDNs, (Natixis S.A. LOC), <br> 3.000%, 12/4/2025<br>| &nbsp;&nbsp; 10200000 |
| 4300000 | Minnesota Agricultural and Economic Development Board (Spectro Alloys LLC), (Solid Waste Disposal Revenue Bonds <br> (Series 2025) Weekly VRDNs, (Natixis S.A. LOC), 3.000%, 12/4/2025<br>| &nbsp;&nbsp; 4300000 |
| 7000000 | St. Paul, MN Housing & Redevelopment Authority (LSBD St Paul Broadway LLC), Mizuho 3a-7 (Series 2024-MIZ9186) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 7000000 |
|  | TOTAL | &nbsp;&nbsp; 21500000 |
|  | **Mississippi—0.2%** |  |
| 4695000 | Mississippi Development Bank (Jackson, MS Water & Sewer System), Tender Option Bond Trust Certificates <br> (Series 2025-ZF3402) Weekly VRDNs, (Assured Guaranty, Inc. INS)/(Morgan Stanley Bank, N.A. LIQ), 2.940%, 12/4/2025<br>| &nbsp;&nbsp; 4695000 |
| 7965000 | Mississippi Home Corp. (Sunset Moore MS TC LP), Mizuho 3a-7 (Series 2024-MIZ9202) VRENs, (Mizuho Bank Ltd. <br> LIQ)/(Mizuho Bank Ltd. LOC), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 7965000 |
| 4950000 | Mississippi Home Corp. (Sunset Moore MS TC LP), Mizuho 3a-7 (Series 2024-MIZ9205) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 4950000 |
|  | TOTAL | &nbsp;&nbsp; 17610000 |
|  | **Missouri—0.3%** |  |
| 1900000 | Bridgeton, MO IDA (Stolze Printing), (Series A) Weekly VRDNs, (U.S. Bank, N.A. LOC), 2.990%, 12/4/2025 | &nbsp;&nbsp; 1900000 |
| 2615000 | Springfield, MO IDA (ABEC, Inc.), (Series 2014) Weekly VRDNs, (U.S. Bank, N.A. LOC), 2.990%, 12/4/2025 | &nbsp;&nbsp; 2615000 |
| 4295000 | St. Louis County, MO IDA (Hawkins Village Associates LLC), Mizuho 3a-7 (Series 2023-MIZ9153) VRENs, (Mizuho Bank <br> Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 4295000 |
| 7281666 | St. Louis County, MO IDA (Lafayette Preservation LLC), Mizuho 3a-7 (Series 2025-MIZ9212) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 7281666 |
| 8095000 | St. Louis County, MO IDA (Metropolitan Village Preservation LLC), Mizuho 3a-7 (Series 2023-MIZ9136) VRENs, (Mizuho <br> Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 8095000 |
|  | TOTAL | &nbsp;&nbsp; 24186666 |
|  | **Multi-State—13.6%** |  |
| 52500000 | AllianceBernstein National Municipal Income Fund, Inc., (Series 2024) Weekly VRDPs, (Bank of America N.A. LIQ), <br> 2.950%, 12/4/2025<br>| &nbsp;&nbsp; 52500000 |
| 38000000 | BlackRock Long-Term Municipal Advantage Trust, (Series W-7) Weekly VRDPs, (Bank of America N.A. LIQ), <br> 2.950%, 12/4/2025<br>| &nbsp;&nbsp; 38000000 |
| 28500000 | BlackRock MuniAssets Fund, Inc., (Series W-7) Weekly VRDPs, (Bank of America N.A. GTD)/(Bank of America N.A. LIQ), <br> 2.950%, 12/4/2025<br>| &nbsp;&nbsp; 28500000 |
| 131900000 | BlackRock Municipal 2030 Target Term Trust, (Series W-7) Weekly VRDPs, (Barclays Bank PLC LIQ), 2.940%, 12/4/2025 | &nbsp;&nbsp; 131900000 |
| 100600000 | Blackrock Muniyield Fund, Inc., (Series W-7) Weekly VRDPs, (Bank of America N.A. LIQ), 2.950%, 12/4/2025 | &nbsp;&nbsp; 100600000 |
| 65200000 | Blackrock MuniYield Quality Fund, Inc., (Series W-7A) Weekly VRDPs, (Royal Bank of Canada LIQ), 2.930%, 12/4/2025 | &nbsp;&nbsp; 65200000 |
| 17500000 | BNY Mellon Municipal Bond Infrastructure Fund, Inc., PUTTERs (3a-7) (Series 5054) Weekly VRDNs, (JPMorgan Chase <br> Bank, N.A. LIQ), 3.090%, 12/4/2025<br>| &nbsp;&nbsp; 17500000 |
| 174400000 | DWS Municipal Income Trust, PUTTERs 3a-7 (Series 5055) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 3.090%, 12/4/2025<br>| &nbsp;&nbsp; 174400000 |
| 37569000 | FHLMC (MFH Revenue Bond Pass-Through Certificates), Floater Certificates (Series M017-A) Weekly VRDNs, (FHLMC <br> GTD)/(FHLMC LIQ), 3.440%, 12/4/2025<br>| &nbsp;&nbsp; 37569000 |
| 76300000 | Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 3.220%, 12/1/2025<br>| &nbsp;&nbsp; 76300000 |

---

Semi-Annual Financial Statements and Additional Information

**7**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Multi-State—continued** |  |
| $18800000 | Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 3.220%, 12/1/2025<br>| &nbsp;&nbsp; $18800000 |
| 65645000 | MFS High Income Municipal Trust, PUTTERs 3a-7 (Series 5073) Weekly VRDNs, (JPMorgan Chase Bank, N.A. <br> LIQ)/(JPMorgan Chase Bank, N.A. LOC), 3.090%, 12/4/2025<br>| &nbsp;&nbsp; 65645000 |
| 35245000 | MFS Investment Grade Municipal Trust, PUTTERs 3a-7 (Series 5075) Weekly VRDNs, (JPMorgan Chase Bank, N.A. <br> LIQ)/(JPMorgan Chase Bank, N.A. LOC), 3.090%, 12/4/2025<br>| &nbsp;&nbsp; 35245000 |
| 66770000 | MFS Municipal Income Trust, PUTTERS 3a-7 (Series 5072) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan <br> Chase Bank, N.A. LOC), 3.090%, 12/4/2025<br>| &nbsp;&nbsp; 66770000 |
| 22100000 | Nuveen Municipal Credit Opportunities Fund, (Series A) Weekly VRDPs, (Sumitomo Mitsui Banking Corp. LIQ), <br> 2.930%, 12/4/2025<br>| &nbsp;&nbsp; 22100000 |
| 3000000 | Nuveen Quality Municipal Income Fund, (Series 1) Weekly VRDPs, (Barclays Bank PLC LIQ), 2.940%, 12/4/2025 | &nbsp;&nbsp; 3000000 |
| 7000000 | PIMCO Flexible Municipal Income Fund, PUTTERs (3a-7) (Series 5046) MuniFund Term Preferred Shares Daily VRDNs, <br> (JPMorgan Chase Bank, N.A. LIQ), 3.220%, 12/1/2025<br>| &nbsp;&nbsp; 7000000 |
| 27000000 | PIMCO Municipal Income Fund II, Putters 3a-7 VMTP (Series 5063) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 3.090%, 12/4/2025<br>| &nbsp;&nbsp; 27000000 |
| 15000000 | PIMCO Municipal Income Fund III, Putters 3a-7 VMTP (Series 5064) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 3.090%, 12/4/2025<br>| &nbsp;&nbsp; 15000000 |
| 8000000 | PIMCO Municipal Income Fund, Putters 3a-7 VMTP (Series 5062) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 3.090%, 12/4/2025<br>| &nbsp;&nbsp; 8000000 |
|  | TOTAL | &nbsp;&nbsp; 991029000 |
|  | **Nebraska—0.6%** |  |
| 10735000 | Omaha, NE Airport Authority, Tender Option Bond Trust Receipts (Series 2024-XG0593) Weekly VRDNs, (Assured <br> Guaranty, Inc. INS)/(Bank of America N.A. LIQ), 2.990%, 12/4/2025<br>| &nbsp;&nbsp; 10735000 |
| 4085000 | Omaha, NE Public Power District, (Series A), CP, 2.650%, Mandatory Tender 2/5/2026 | &nbsp;&nbsp; 4085000 |
| 13950000 | Omaha, NE Public Power District, (Series A), CP, 2.680%, Mandatory Tender 12/17/2025 | &nbsp;&nbsp; 13950000 |
| 8225000 | Omaha, NE Public Power District, (Series-MS0070E), (Morgan Stanley Bank, N.A. LIQ), 2.990%, Optional <br> Tender 2/12/2026<br>| &nbsp;&nbsp; 8225000 |
| 7800000 | Stanton County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs, 3.100%, 12/3/2025 | &nbsp;&nbsp; 7800000 |
| 1875000 | Stanton County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs, 3.100%, 12/3/2025 | &nbsp;&nbsp; 1875000 |
|  | TOTAL | &nbsp;&nbsp; 46670000 |
|  | **Nevada—0.4%** |  |
| 1170000 | Clark County, NV Department of Aviation, Refunding Revenue Bonds (Series 2022A), 5.000%, 7/1/2026 | &nbsp;&nbsp; 1183331 |
| 25150000 | Nevada Housing Division (DWF V Summit Club Holdings LLC), Mizuho 3a-7 (Series 2023-MIZ9131) Weekly VRDNs, <br> (FHLMC GTD)/(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 25150000 |
|  | TOTAL | &nbsp;&nbsp; 26333331 |
|  | **New Hampshire—0.2%** |  |
| 9000000 | National Finance Authority, NH (HealthCore Westover Hills, LLC), Mizuho 3a-7 (Series 2025-MIZ9217) VRENs, (Mizuho <br> Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 9000000 |
| 6650000 | National Finance Authority, NH (University Hospitals Home Care, Inc.), Morgan Stanley 3a-7 (Series 2024-MS0023), <br> (Morgan Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 3.090%, Optional Tender 1/22/2026<br>| &nbsp;&nbsp; 6650000 |
|  | TOTAL | &nbsp;&nbsp; 15650000 |
|  | **New Jersey—8.4%** |  |
| 1597000 | Allamuchy Township, NJ BANs, 3.750%, 9/16/2026 | &nbsp;&nbsp; 1602503 |
| 5758000 | Allendale, NJ BANs, 3.500%, 2/20/2026 | &nbsp;&nbsp; 5759845 |
| 2150000 | Alpine Borough, NJ BANs, 4.250%, 8/12/2026 | &nbsp;&nbsp; 2155027 |
| 5200000 | Beach Haven, NJ BANs, 5.000%, 4/30/2026 | &nbsp;&nbsp; 5227824 |
| 6850924 | Beachwood, NJ BANs, 3.250%, 11/18/2026 | &nbsp;&nbsp; 6886302 |
| 1874700 | Bedminster Township, NJ BANs, 3.750%, 2/13/2026 | &nbsp;&nbsp; 1875249 |
| 14597009 | Bellmawr, NJ, (Series A) BANs, 3.250%, 7/30/2026 | &nbsp;&nbsp; 14629868 |
| 100000000 | Blackrock Muniholdings New Jersey Quality Fund, Inc., (Series W-7) Weekly VRDPs, (Bank of America N.A. LIQ), <br> 2.950%, 12/4/2025<br>| &nbsp;&nbsp; 100000000 |
| 4581000 | Carneys Point Township, NJ, (Series 2025A) BANs, 3.500%, 7/29/2026 | &nbsp;&nbsp; 4592659 |
| 5141875 | Cinnaminson Township, NJ BANs, 3.750%, 2/5/2026 | &nbsp;&nbsp; 5143664 |
| 5097064 | Cresskill, NJ School District BANs, 3.750%, 7/15/2026 | &nbsp;&nbsp; 5112318 |
| 3420000 | Delanco Township, NJ, (Series B) BANs, 3.500%, 6/4/2026 | &nbsp;&nbsp; 3424242 |

---

Semi-Annual Financial Statements and Additional Information

**8**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **New Jersey—continued** |  |
| $6000000 | Dunellen, NJ BANs, 3.500%, 4/7/2026 | &nbsp;&nbsp; $6002010 |
| 7218451 | East Windsor Township, NJ BANs, 4.000%, 9/17/2026 | &nbsp;&nbsp; 7293271 |
| 4600000 | Emerson, NJ BANs, 3.750%, 7/24/2026 | &nbsp;&nbsp; 4607127 |
| 4000000 | Englewood Cliffs, NJ BANs, 3.250%, 10/14/2026 | &nbsp;&nbsp; 4003335 |
| 7741000 | Essex Fells, NJ BANs, 3.600%, 3/2/2026 | &nbsp;&nbsp; 7744716 |
| 2782000 | Franklin Township (Gloucester County), NJ BANs, 3.250%, 11/13/2026 | &nbsp;&nbsp; 2793558 |
| 7514000 | Galloway Township, NJ BANs, 3.150%, 9/7/2026 | &nbsp;&nbsp; 7527988 |
| 6552000 | Garwood, NJ BANs, 3.750%, 5/1/2026 | &nbsp;&nbsp; 6561210 |
| 2235000 | Gibbsboro, NJ BANs, 4.000%, 3/23/2026 | &nbsp;&nbsp; 2236320 |
| 3000000 | Gloucester City, NJ, (Series A) BANs, 3.750%, 5/13/2026 | &nbsp;&nbsp; 3003224 |
| 14449584 | Guttenberg, NJ BANs, 3.250%, 10/14/2026 | &nbsp;&nbsp; 14516782 |
| 4963130 | Haledon, NJ, (Series A) BANs, 3.250%, 9/23/2026 | &nbsp;&nbsp; 4984682 |
| 2630809 | High Bridge Borough, NJ BANs, 3.400%, 6/9/2026 | &nbsp;&nbsp; 2632786 |
| 5000000 | Hightstown Borough, NJ BANs, 4.000%, 3/23/2026 | &nbsp;&nbsp; 5002954 |
| 13055443 | Hillsborough Township, NJ, (Series B) BANs, 3.000%, 11/11/2026 | &nbsp;&nbsp; 13091451 |
| 3768000 | Hillsdale Borough, NJ BANs, 3.750%, 5/1/2026 | &nbsp;&nbsp; 3773330 |
| 12000000 | Kearny, NJ BANs, 3.750%, 3/24/2026 | &nbsp;&nbsp; 12005414 |
| 3443938 | Lambertville, NJ BANs, 3.000%, 10/2/2026 | &nbsp;&nbsp; 3457385 |
| 2597924 | Lavallette Borough, NJ, (Series B) BANs, 3.600%, 6/18/2026 | &nbsp;&nbsp; 2602068 |
| 3437000 | Lawrence Township, NJ BANs, 4.000%, 6/3/2026 | &nbsp;&nbsp; 3448727 |
| 1649500 | Lebanon, NJ BANs, 4.250%, 8/17/2026 | &nbsp;&nbsp; 1653432 |
| 5000000 | Leonia, NJ BANs, 3.700%, 2/27/2026 | &nbsp;&nbsp; 5001157 |
| 4294900 | Lindenwold, NJ, (Series A) BANs, 4.000%, 2/20/2026 | &nbsp;&nbsp; 4298582 |
| 10000000 | Little Falls Township, NJ BANs, 3.750%, 9/18/2026 | &nbsp;&nbsp; 10019214 |
| 6367210 | Lumberton Township, NJ, (Series A) BANs, 3.750%, 6/16/2026 | &nbsp;&nbsp; 6383820 |
| 7743311 | Manville Borough, NJ Board of Education BANs, 3.750%, 7/8/2026 | &nbsp;&nbsp; 7750020 |
| 4900000 | Maywood, NJ BANs, 4.000%, 12/15/2025 | &nbsp;&nbsp; 4900544 |
| 5000000 | Millburn Township, NJ BANs, 3.750%, 1/23/2026 | &nbsp;&nbsp; 5001747 |
| 4604267 | Milltown, NJ BANs, 3.250%, 12/3/2026 | &nbsp;&nbsp; 4625262 |
| 3404767 | Milltown, NJ, (Series A) BANs, 4.000%, 12/9/2025 | &nbsp;&nbsp; 3405055 |
| 13863000 | Monroe Township (Gloucester County), NJ, (Series A) BANs, 4.000%, 9/3/2026 | &nbsp;&nbsp; 13997758 |
| 4313000 | Mount Holly Township, NJ, (Series A) BANs, 3.250%, 9/22/2026 | &nbsp;&nbsp; 4331666 |
| 6600000 | Mountainside, NJ BANs, 4.000%, 7/17/2026 | &nbsp;&nbsp; 6607937 |
| 2742655 | Netcong, NJ BANs, 4.100%, 7/2/2026 | &nbsp;&nbsp; 2745728 |
| 1155000 | New Jersey EDA (Temple Emanuel of the Pascack Valley), (Series 2001/2019) Weekly VRDNs, (U.S. Bank, N.A. LOC), <br> 3.040%, 12/5/2025<br>| &nbsp;&nbsp; 1155000 |
| 61000000 | New Jersey Higher Education Assistance Authority, Senior Student Loan Revenue Bonds (Series 2025-2), (United States <br> Treasury GTD), 5.000%, Mandatory Tender 6/2/2026<br>| &nbsp;&nbsp; 61698268 |
| 5000000 | New Jersey State Housing and Mortgage Finance Agency (609 Broad Street), CITI 3a-7 (Series 2025-CF7019) Weekly <br> VRDNs, (Citibank, N.A. LIQ)/(Citibank, N.A. LOC), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 5000000 |
| 5000000 | North Arlington, NJ BANs, 3.750%, 7/30/2026 | &nbsp;&nbsp; 5007956 |
| 8259721 | North Haledon, NJ BANs, 3.750%, 6/22/2026 | &nbsp;&nbsp; 8281049 |
| 3838000 | Northfield, NJ BANs, 3.000%, 11/4/2026 | &nbsp;&nbsp; 3847667 |
| 6141109 | Northvale, NJ BANs, 3.900%, 9/11/2026 | &nbsp;&nbsp; 6145709 |
| 4457000 | Old Tappan, NJ BANs, 4.000%, 3/6/2026 | &nbsp;&nbsp; 4459233 |
| 3015000 | Park Ridge Borough, NJ BANs, 3.550%, 4/15/2026 | &nbsp;&nbsp; 3016617 |
| 2237297 | Pine Beach Borough, NJ BANs, 3.950%, 10/20/2026 | &nbsp;&nbsp; 2242062 |
| 2985000 | Pine Hill Borough, NJ, (Series A) BANs, 3.500%, 1/28/2026 | &nbsp;&nbsp; 2985918 |
| 2355136 | Prospect Park, NJ, (Series A) BANs, 3.600%, 1/23/2026 | &nbsp;&nbsp; 2355794 |
| 6163000 | Readington Township, NJ BANs, 3.250%, 9/24/2026 | &nbsp;&nbsp; 6187389 |
| 2409000 | Ridgefield Park, NJ BANs, 3.800%, 4/2/2026 | &nbsp;&nbsp; 2409769 |
| 10000000 | River Edge, NJ BANs, 3.750%, 6/17/2026 | &nbsp;&nbsp; 10004665 |

---

Semi-Annual Financial Statements and Additional Information

**9**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **New Jersey—continued** |  |
| $5000000 | Riverdale Borough, NJ BANs, 4.000%, 3/4/2026 | &nbsp;&nbsp; $5002446 |
| 2000000 | Robbinsville Township, NJ, (Series B) BANs, 4.000%, 7/8/2026 | &nbsp;&nbsp; 2011768 |
| 6700000 | Rochelle Park Township, NJ BANs, 3.750%, 5/6/2026 | &nbsp;&nbsp; 6709799 |
| 2000000 | Rockaway Borough, NJ BANs, 4.000%, 7/16/2026 | &nbsp;&nbsp; 2002395 |
| 4000000 | Roseland, NJ BANs, 3.400%, 6/4/2026 | &nbsp;&nbsp; 4003958 |
| 2382800 | Roxbury Township, NJ BANs, 3.750%, 2/28/2026 | &nbsp;&nbsp; 2383630 |
| 4750000 | Rutherford, NJ BANs, 3.400%, 6/5/2026 | &nbsp;&nbsp; 4754712 |
| 12325000 | Saddle Brook Township, NJ BANs, 4.000%, 5/8/2026 | &nbsp;&nbsp; 12355944 |
| 7950000 | Saddle River, NJ BANs, 3.450%, 6/5/2026 | &nbsp;&nbsp; 7953900 |
| 6000000 | Southampton Township, NJ, (Series B) BANs, 3.000%, 6/16/2026 | &nbsp;&nbsp; 6009543 |
| 7744000 | Springfield Township, NJ (Union County) BANs, 4.000%, 5/1/2026 | &nbsp;&nbsp; 7753259 |
| 2048000 | Stanhope, NJ BANs, 4.000%, 4/17/2026 | &nbsp;&nbsp; 2050222 |
| 15000000 | Toms River, NJ BANs, 3.250%, 8/28/2026 | &nbsp;&nbsp; 15027000 |
| 10360000 | Waldwick, NJ BANs, 3.500%, 10/9/2026 | &nbsp;&nbsp; 10377138 |
| 12430432 | Wanaque Borough, NJ, (Series A) BANs, 3.000%, 9/30/2026 | &nbsp;&nbsp; 12480685 |
| 9289000 | Washington Township (Morris County), NJ BANs, 3.900%, 8/21/2026 | &nbsp;&nbsp; 9295425 |
| 8500000 | West Deptford Township, NJ BANs, 2.750%, 10/1/2026 | &nbsp;&nbsp; 8517250 |
| 2000000 | Westwood, NJ BANs, 4.250%, 6/25/2026 | &nbsp;&nbsp; 2003793 |
| 8428210 | Willingboro Township, NJ BANs, 3.250%, 11/17/2026 | &nbsp;&nbsp; 8471609 |
| 3000000 | Winslow Township, NJ, (Series A) BANs, 3.750%, 5/21/2026 | &nbsp;&nbsp; 3003426 |
|  | TOTAL | &nbsp;&nbsp; 611384759 |
|  | **New Mexico—0.5%** |  |
| 15879994 | Bernalillo County, NM (St Anthonys Plaza), Mizuho 3a-7 (Series 2025-MIZ9210) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 15879994 |
| 2500000 | New Mexico Mortgage Finance Authority (JLG NM SAF 2023, LLLP), (Series 2023), (United States Treasury GTD), 3.280%, <br> Mandatory Tender 3/1/2026<br>| &nbsp;&nbsp; 2500000 |
| 8500000 | New Mexico Mortgage Finance Authority, (Series G-2), (United States Treasury GTD), 3.000%, Mandatory <br> Tender 12/1/2026<br>| &nbsp;&nbsp; 8500000 |
| 5000000 | New Mexico Mortgage Finance Authority, (Series G-3), (United States Treasury GTD), 3.000%, Mandatory <br> Tender 12/1/2026<br>| &nbsp;&nbsp; 5000000 |
| 2405000 | New Mexico State Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), Barclays 3a-7 Credit <br> Enhanced (Series 2022-034) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.140%, 12/4/2025<br>| &nbsp;&nbsp; 2405000 |
|  | TOTAL | &nbsp;&nbsp; 34284994 |
|  | **New York—7.3%** |  |
| 10857500 | Bainbridge-Guilford, NY CSD BANs, 3.750%, 6/25/2026 | &nbsp;&nbsp; 10885933 |
| 3232995 | Belfast, NY CSD BANs, 4.000%, 6/25/2026 | &nbsp;&nbsp; 3248094 |
| 13200000 | Blackrock Muni Holdings NY Quality Fund, VRDP (Series W-7-2436) Weekly VRDPs, (Bank of America N.A. LIQ), <br> 2.930%, 12/4/2025<br>| &nbsp;&nbsp; 13200000 |
| 5000000 | Bolivar-Richburg, NY CSD BANs, 3.750%, 6/25/2026 | &nbsp;&nbsp; 5006801 |
| 35000000 | Broome County, NY BANs, 3.750%, 4/24/2026 | &nbsp;&nbsp; 35026650 |
| 6136300 | Canajoharie, NY CSD BANs, 3.500%, 6/24/2026 | &nbsp;&nbsp; 6144640 |
| 13000000 | Cato-Meridian, NY CSD BANs, 3.250%, 7/29/2026 | &nbsp;&nbsp; 13046112 |
| 6500000 | Center Moriches, NY UFSD TANs, 3.250%, 6/26/2026 | &nbsp;&nbsp; 6521719 |
| 11300000 | Charlotte Valley, NY CSD BANs, 4.000%, 6/26/2026 | &nbsp;&nbsp; 11343386 |
| 2925000 | Chazy, NY UFSD BANs, 4.000%, 6/25/2026 | &nbsp;&nbsp; 2936985 |
| 3000000 | Cherry Valley-Springfield, NY CSD BANs, 3.750%, 7/16/2026 | &nbsp;&nbsp; 3003601 |
| 6540000 | Cooperstown, NY CSD BANs, 3.750%, 6/25/2026 | &nbsp;&nbsp; 6557496 |
| 12700000 | Cornwall, NY, (Series B) BANs, 3.250%, 9/11/2026 | &nbsp;&nbsp; 12729744 |
| 3000000 | Crown Point, NY CSD BANs, 3.750%, 7/10/2026 | &nbsp;&nbsp; 3003506 |
| 20255000 | Dutchess County , NY Local Development Corp. (Bard College), Barclays 3a-7 Credit Enhanced (Series 2023-008) VRENs, <br> (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.040%, 12/4/2025<br>| &nbsp;&nbsp; 20255000 |
| 13000000 | Elmira Heights, NY CSD BANs, 3.750%, 6/25/2026 | &nbsp;&nbsp; 13086599 |
| 8955000 | Frankfort - Schuyler NY CSD BANs, 3.250%, 7/31/2026 | &nbsp;&nbsp; 8981031 |

---

Semi-Annual Financial Statements and Additional Information

**10**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **New York—continued** |  |
| $2700000 | Gilbertsville-Mount Upton, NY CSD BANs, 4.000%, 6/26/2026 | &nbsp;&nbsp; $2706353 |
| 10525000 | Indian River, NY CSD BANs, 4.000%, 6/25/2026 | &nbsp;&nbsp; 10571036 |
| 4350000 | Irondequoit, NY, (Series C) BANs, 3.250%, 12/11/2026 | &nbsp;&nbsp; 4369488 |
| 6225000 | Johnson City, NY CSD, (Series A) BANs, 3.750%, 7/10/2026 | &nbsp;&nbsp; 6254394 |
| 1527933 | Johnson City, NY CSD, (Series B) BANs, 3.750%, 7/31/2026 | &nbsp;&nbsp; 1535308 |
| 9400000 | LaFargeville, NY CSD BANs, 3.750%, 6/26/2026 | &nbsp;&nbsp; 9413914 |
| 5000000 | Lowville, NY CSD BANs, 4.000%, 6/26/2026 | &nbsp;&nbsp; 5014525 |
| 30000000 | Maine-Endwell, NY CSD BANs, 3.350%, 7/30/2026 | &nbsp;&nbsp; 30094287 |
| 4000000 | Marathon, NY CSD BANs, 3.350%, 7/23/2026 | &nbsp;&nbsp; 4007477 |
| 2180000 | Metropolitan Transportation Authority, NY (MTA Dedicated Tax Fund), (Subseries 2008A-1) Daily VRDNs, (TD Bank, N.A. <br> LOC), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 2180000 |
| 3000000 | Morristown, NY CSD BANs, 3.350%, 7/29/2026 | &nbsp;&nbsp; 3004786 |
| 3000000 | Morrisville-Eaton, NY CSD BANs, 3.750%, 7/15/2026 | &nbsp;&nbsp; 3004830 |
| 7300000 | Mount Morris, NY CSD BANs, 3.750%, 6/24/2026 | &nbsp;&nbsp; 7317056 |
| 38000000 | New York State Dormitory Authority (Royal Charter Properties-East, Inc.), Mizuho 3a-7 (Series 2025-MIZ9208) VRENs, <br> (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 38000000 |
| 72800000 | New York State HFA (42nd and 10th Street Associates LLC), 3a-7 High Grade Trust (Series 2022-007) VRENs, (Barclays <br> Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.240%, 12/4/2025<br>| &nbsp;&nbsp; 72800000 |
| 20000000 | New York State HFA (500 West 30th LLC), Mizuho 3a-7 (Series 2025-MIZ9226) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 20000000 |
| 18175000 | New York State Thruway Authority - Personal Income Tax Revenue, Morgan Stanley 3a-7 (2025-MS0053), (Morgan Stanley <br> Bank, N.A. LIQ), 2.990%, Optional Tender 1/8/2026<br>| &nbsp;&nbsp; 18175000 |
| 1581835 | Newark Valley, NY CSD, (Series B) BANs, 3.750%, 8/28/2026 | &nbsp;&nbsp; 1591500 |
| 8171591 | Niagara County, NY IDA (OAHS Niagara Towers TC LLC), Mizuho 3a-7 (Series 2023-MIZ91280) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 8171591 |
| 8879222 | Niagara County, NY IDA (OAHS Urban Park TC LLC), Mizuho 3a-7 (Series 2023-MIZ9126) VRENs, (Mizuho Bank Ltd. <br> LIQ)/(Mizuho Bank Ltd. LOC), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 8879222 |
| 10000000 | Oakfield-Alabama, NY CSD BANs, 3.750%, 7/8/2026 | &nbsp;&nbsp; 10017929 |
| 3000000 | Onondaga, NY CSD BANs, 3.750%, 7/16/2026 | &nbsp;&nbsp; 3007220 |
| 23927651 | Otego-Unadilla, NY CSD BANs, 3.750%, 7/16/2026 | &nbsp;&nbsp; 23988068 |
| 2738575 | Owego-Apalachin, NY CSD BANs, 4.000%, 8/14/2026 | &nbsp;&nbsp; 2758147 |
| 5800000 | Parishville-Hopkinton, NY CSD BANs, 3.750%, 6/26/2026 | &nbsp;&nbsp; 5812730 |
| 4000000 | Pembroke, NY CSD BANs, 3.750%, 12/12/2025 | &nbsp;&nbsp; 4000352 |
| 3000000 | Red Creek, NY CSD BANs, 3.750%, 6/26/2026 | &nbsp;&nbsp; 3002459 |
| 2000000 | Remsen, NY CSD BANs, 3.750%, 6/25/2026 | &nbsp;&nbsp; 2003821 |
| 5655000 | Scio, NY CSD, (Series C) BANs, 3.750%, 6/25/2026 | &nbsp;&nbsp; 5661157 |
| 8000000 | Southern Cayuga, NY CSD, (Series B) BANs, 3.500%, 7/16/2026 | &nbsp;&nbsp; 8014429 |
| 6785000 | Stockbridge Valley, NY CSD BANs, 3.750%, 6/25/2026 | &nbsp;&nbsp; 6794984 |
| 2000000 | Tuckahoe Common, NY School District TANs, 3.750%, 6/18/2026 | &nbsp;&nbsp; 2010719 |
| 3471580 | Vestal, NY CSD, (Series B) BANs, 4.000%, 9/25/2026 | &nbsp;&nbsp; 3507434 |
| 5000000 | Watertown, NY Enlarged City School District BANs, 3.500%, 6/30/2026 | &nbsp;&nbsp; 5008977 |
| 2840000 | Westchester County, NY Local Development Authority (Westchester County Healthcare Corp. Obligated Group), Tender <br> Option Bond Certificates (Series 2023-XF3195) Weekly VRDNs, (Assured Guaranty, Inc. LOC)/(Barclays Bank PLC LIQ), <br> 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 2840000 |
| 6000000 | Westmoreland, NY CSD BANs, 3.500%, 6/26/2026 | &nbsp;&nbsp; 6014852 |
| 4910000 | Wheatland-Chili, NY CSD BANs, 4.000%, 6/25/2026 | &nbsp;&nbsp; 4928756 |
| 2000000 | Wyoming, NY CSD BANs, 3.500%, 8/7/2026 | &nbsp;&nbsp; 2003302 |
|  | TOTAL | &nbsp;&nbsp; 533443400 |
|  | **North Carolina—0.6%** |  |
| 17400000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 3.100%, 12/3/2025 | &nbsp;&nbsp; 17400000 |
| 6700000 | Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000B) Weekly VRDNs, 3.100%, 12/3/2025 | &nbsp;&nbsp; 6700000 |
| 10290000 | Raleigh, NC Housing Authority (Roers Raleigh Apartments LLC), Mizuho 3a-7 (Series 2025-MIZ9228) VRENs, (Mizuho Bank <br> Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 10290000 |
| 3950000 | Raleigh-Durham, NC Airport Authority, Revenue Refunding Bonds (Series 2020A), 5.000%, 5/1/2026 | &nbsp;&nbsp; 3989066 |

---

Semi-Annual Financial Statements and Additional Information

**11**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **North Carolina—continued** |  |
| $3000000 | Yancey County, NC Industrial Facilities & PCFA (Altec Industries, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), <br> 3.000%, 12/4/2025<br>| &nbsp;&nbsp; $3000000 |
|  | TOTAL | &nbsp;&nbsp; 41379066 |
|  | **North Dakota—0.2%** |  |
| 14750000 | Pembina County, ND (American Crystal Sugar Co.), (Series 2025) Weekly VRDNs, (CoBank, ACB LOC), 3.000%, 12/4/2025 | &nbsp;&nbsp; 14750000 |
|  | **Ohio—1.9%** |  |
| 4400000 | Centerville, OH BANs, (Ohio State GTD), 3.750%, 4/7/2026 | &nbsp;&nbsp; 4409794 |
| 2500000 | Cleveland, OH Airport System, Airport System Revenue Bonds (Series 2018A), 5.000%, 1/1/2026 | &nbsp;&nbsp; 2503611 |
| 5000000 | Cuyahoga, OH Metropolitan Housing Authority (Wade Park Apartments), (Series 2022), (United States Treasury GTD), <br> 3.320%, Mandatory Tender 6/1/2026<br>| &nbsp;&nbsp; 5000000 |
| 15000000 | Elyria, OH BANs, 3.750%, 12/18/2025 | &nbsp;&nbsp; 15003377 |
| 3284000 | Forest Park, OH BANs, (Ohio State GTD), 4.250%, 5/19/2026 | &nbsp;&nbsp; 3295451 |
| 2000000 | Glenwillow Village, OH BANs, (Ohio State GTD), 4.000%, 7/8/2026 | &nbsp;&nbsp; 2007773 |
| 1350000 | Green City, OH BANs, (Ohio State GTD), 5.000%, 9/17/2026 | &nbsp;&nbsp; 1371887 |
| 2375000 | Middletown, OH BANs, (Ohio State GTD), 4.125%, 6/24/2026 | &nbsp;&nbsp; 2384604 |
| 4200000 | Monroe, OH Local School District BANs, 4.125%, 12/3/2025 | &nbsp;&nbsp; 4200137 |
| 5000000 | Monroe, OH Local School District BANs, (Ohio State GTD), 3.875%, 12/4/2025 | &nbsp;&nbsp; 5000270 |
| 11250000 | Monroe, OH Local School District BANs, (Ohio State GTD), 4.000%, 12/2/2026 | &nbsp;&nbsp; 11384212 |
| 3975000 | Montgomery, OH BANs, (Ohio State GTD), 4.000%, 6/4/2026 | &nbsp;&nbsp; 3987667 |
| 17735000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2013B-2) Daily VRDNs, (TD Bank, N.A. LIQ), <br> 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 17735000 |
| 4625000 | Ohio State Higher Educational Facility Commission (University Circle, Inc. 2020), Morgan Stanley 3a-7 <br> (Series 2024-MS0027), (Morgan Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 2.990%, Optional <br> Tender 12/18/2025<br>| &nbsp;&nbsp; 4625000 |
| 16100000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Barclays Golden Blue (Series 2020-002) VRENs, <br> (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.090%, 12/4/2025<br>| &nbsp;&nbsp; 16100000 |
| 19300000 | Ohio State Water Development Authority Pollution Control Facilities (Ohio State Water Development Authority), <br> (Series 2024C) Daily VRDNs, (TD Bank, N.A. LIQ), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 19300000 |
| 1800000 | Parma Heights, OH BANs, (Ohio State GTD), 4.250%, 6/24/2026 | &nbsp;&nbsp; 1808303 |
| 6600000 | Solon, OH BANs, (Ohio State GTD), 4.000%, 12/8/2026 | &nbsp;&nbsp; 6676824 |
| 7000000 | Toledo-Lucas County, OH Port Authority (Van Deurzen Dairy LLC), (Series 2006) Weekly VRDNs, (AgriBank FCB LOC), <br> 3.000%, 12/4/2025<br>| &nbsp;&nbsp; 7000000 |
| 4000000 | Warrensville Heights, OH BANs, (Ohio State GTD), 4.500%, 6/24/2026 | &nbsp;&nbsp; 4025656 |
|  | TOTAL | &nbsp;&nbsp; 137819566 |
|  | **Oklahoma—1.4%** |  |
| 22600000 | Garfield County, OK Industrial Authority Pollution Control (Oklahoma Gas and Electric Co.), (Series A) Weekly VRDNs, <br> 2.900%, 12/3/2025<br>| &nbsp;&nbsp; 22600000 |
| 55355000 | Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (Series 1997A) Weekly VRDNs, 2.800%, 12/3/2025 | &nbsp;&nbsp; 55355000 |
| 10235000 | Oklahoma Development Finance Authority (OU Medicine), Tender Option Bond Trust Receipts (Series 2018-XG0210) <br> Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 2.940%, 12/4/2025<br>| &nbsp;&nbsp; 10235000 |
| 10215000 | Oklahoma HFA (Oak Tree Village), Mizuho 3a-7 (Series 2023-MIZ9152) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. <br> LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 10215000 |
| 5925000 | Oklahoma Water Resources Board, MS 3a-7 (Series 2025-MS0060), (Morgan Stanley Bank, N.A. LIQ), 2.970%, Optional <br> Tender 1/8/2026<br>| &nbsp;&nbsp; 5925000 |
|  | TOTAL | &nbsp;&nbsp; 104330000 |
|  | **Oregon—1.2%** |  |
| 5000000 | Oregon State Facilities Authority (ISF Magnolia Gardens LLC), Barclays 3a-7 (Series 2025-1010) VRENs, (Barclays Bank <br> PLC LIQ)/(Barclays Bank PLC LOC), 3.140%, 12/4/2025<br>| &nbsp;&nbsp; 5000000 |
| 3000000 | Oregon State Facilities Authority (ISF Magnolia Gardens LLC), Barclays 3a-7 (Series 2025-1011) VRENs, (Barclays Bank <br> PLC LIQ)/(Barclays Bank PLC LOC), 3.140%, 12/4/2025<br>| &nbsp;&nbsp; 3000000 |
| 9690000 | Oregon State Housing and Community Services Department (CPAH Plambeck LP), Mizuho 3a-7 (Series 2023-MIZ9138) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 9690000 |
| 3610000 | Oregon State Housing and Community Services Department (CPAH Woodland Hearth LP), Mizuho 3a-7 <br> (Series 2025-MIZ9206) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 3610000 |
| 33575000 | Oregon State Housing and Community Services Department, (2017 Series C) Weekly VRDNs, (State Street Bank and Trust <br> Co. LIQ), 3.000%, 12/4/2025<br>| &nbsp;&nbsp; 33575000 |

---

Semi-Annual Financial Statements and Additional Information

**12**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Oregon—continued** |  |
| $11750000 | Port of Morrow, OR, MS 3a-7 (2024-MS0026), (Morgan Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), <br> 2.990%, Optional Tender 12/11/2025<br>| &nbsp;&nbsp; $11750000 |
| 2500000 | Port of Portland, OR International Airport, (Series 28), 5.000%, 7/1/2026 | &nbsp;&nbsp; 2534895 |
| 19000000 | Port of Portland, OR International Airport, Morgan Stanley 3a-7 (Series 2025-MS0049), (Morgan Stanley Bank, N.A. LIQ), <br> 2.940%, Optional Tender 12/11/2025<br>| &nbsp;&nbsp; 19000000 |
|  | TOTAL | &nbsp;&nbsp; 88159895 |
|  | **Pennsylvania—1.6%** |  |
| 5410000 | Allegheny County, PA Airport Authority, Airport Revenue Bonds (Series 2021A), 5.000%, 1/1/2026 | &nbsp;&nbsp; 5418837 |
| 4335000 | Allegheny County, PA Airport Authority, Tender Option Bond Trust Certificates (Series 2023-ZF3170) Weekly VRDNs, <br> (Assured Guaranty, Inc. INS)/(Morgan Stanley Bank, N.A. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 4335000 |
| 18750000 | Allegheny County, PA Airport Authority, Tender Option Bond Trust Receipts (Series 2025-XM1248) Daily VRDNs, (Assured <br> Guaranty, Inc. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.070%, 12/1/2025<br>| &nbsp;&nbsp; 18750000 |
| 6400000 | Allegheny County, PA HDA (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), <br> 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 6400000 |
| 10000000 | Northampton County, PA General Purpose Authority (St. Luke's Hospital Obligated Group), (Series B) Daily VRDNs, (TD <br> Bank, N.A. LOC), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 10000000 |
| 11060000 | Pennsylvania Economic Development Financing Authority (Villanova University), Morgan Stanley 3a-7 <br> (Series 2025-MS0082), (Morgan Stanley Bank, N.A. LIQ), 2.940%, Optional Tender 1/15/2026<br>| &nbsp;&nbsp; 11060000 |
| 20500000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), (Series 2013), (Waste Management, <br> Inc. GTD), 3.400%, Mandatory Tender 2/2/2026<br>| &nbsp;&nbsp; 20500000 |
| 15000000 | Pennsylvania Economic Development Financing Authority (Waste Management, Inc.), Solid Waste Disposal Revenue <br> Bonds (Series 2025A), (Waste Management Holdings, Inc. GTD), 3.800%, Mandatory Tender 12/1/2025<br>| &nbsp;&nbsp; 15000000 |
| 25000000 | Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019E) Daily VRDNs, (Bank of America <br> N.A. LIQ), 2.900%, 12/1/2025<br>| &nbsp;&nbsp; 25000000 |
|  | TOTAL | &nbsp;&nbsp; 116463837 |
|  | **South Carolina—1.3%** |  |
| 21500000 | Berkeley County, SC IDB (Nucor Corp.) Weekly VRDNs, 3.100%, 12/3/2025 | &nbsp;&nbsp; 21500000 |
| 10100000 | Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, 3.100%, 12/3/2025 | &nbsp;&nbsp; 10100000 |
| 6980000 | South Carolina Jobs-EDA (BTH Greenville I LLC), Tender Option Bond Trust Certificates (Series 2022-XF3075) Weekly <br> VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 6980000 |
| 14388000 | South Carolina Jobs-EDA (BTH Spartanburg I LLC), Tender Option Bond Trust Receipts (Series 2022-XF3074) Weekly <br> VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 14388000 |
| 24400000 | South Carolina Jobs-EDA (Century Plaza Apartments LLC), Tender Option Bond Trust Receipts (Series 2023-XF3083) <br> Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 24400000 |
| 15000000 | South Carolina Jobs-EDA (Palmetto Health), BAML VRDO (Series 2025-VRS-208) Daily VRDNs, (Bank of America N.A. <br> LIQ)/(Bank of America N.A. LOC), 2.950%, 12/1/2025<br>| &nbsp;&nbsp; 15000000 |
|  | TOTAL | &nbsp;&nbsp; 92368000 |
|  | **South Dakota—0.4%** |  |
| 8375000 | South Dakota Economic Development Finance Authority (Plainview Dairy, LLC), (Series 2025) Weekly VRDNs, (AgriBank <br> FCB LOC), 3.000%, 12/4/2025<br>| &nbsp;&nbsp; 8375000 |
| 12500000 | South Dakota Economic Development Finance Authority (Riverview, LLP Washington Dairy Project), (Series 2023) Weekly <br> VRDNs, (AgriBank FCB LOC), 3.000%, 12/4/2025<br>| &nbsp;&nbsp; 12500000 |
| 2055476 | South Dakota HDA (Americana Apartments), Mizuho 3a-7 (Series 2024-MIZ9174) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 2055476 |
| 3000000 | South Dakota Value Added Finance Authority (Prairie Gold Dairy LLC), (Series 2004) Weekly VRDNs, (CoBank, ACB LOC), <br> 3.000%, 12/4/2025<br>| &nbsp;&nbsp; 3000000 |
|  | TOTAL | &nbsp;&nbsp; 25930476 |
|  | **Tennessee—1.5%** |  |
| 16900000 | Blount County, TN Public Building Authority (Knox County, TN), (Series D-3-A) Daily VRDNs, (Bank of America N.A. LIQ), <br> 2.900%, 12/1/2025<br>| &nbsp;&nbsp; 16900000 |
| 5500000 | Covington, TN IDB (Charms Co.), (Series 1992) Weekly VRDNs, (Bank of America N.A. LOC), 3.080%, 12/3/2025 | &nbsp;&nbsp; 5500000 |
| 2650000 | Lewisburg, TN IDB (Waste Management, Inc.), (Series 2012), 3.400%, Mandatory Tender 2/2/2026 | &nbsp;&nbsp; 2650000 |
| 25620000 | Memphis-Shelby County, TN Industrial Development Board - PCRB (Nucor Steel Memphis, Inc.), (Series 2007) Weekly <br> VRDNs, (Nucor Corp. GTD), 3.100%, 12/3/2025<br>| &nbsp;&nbsp; 25620000 |
| 20000000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 2.730%, Mandatory <br> Tender 12/16/2025<br>| &nbsp;&nbsp; 20000000 |
| 25000000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 2.780%, Mandatory Tender 2/12/2026 | &nbsp;&nbsp; 25000000 |

---

Semi-Annual Financial Statements and Additional Information

**13**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Tennessee—continued** |  |
| $12500000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 2.810%, Mandatory Tender 1/14/2026 | &nbsp;&nbsp; $12500000 |
| 2900000 | Metropolitan Government of Nashville & Davidson County, TN Health & Educational Facilities Board (Ewing Heights <br> Apartments), (Series 2024-MIZ9181) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 2900000 |
|  | TOTAL | &nbsp;&nbsp; 111070000 |
|  | **Texas—14.6%** |  |
| 16000000 | Austin, TX Utilities System, CP, 2.650%, Mandatory Tender 12/3/2025 | &nbsp;&nbsp; 16000000 |
| 22350000 | Austin, TX Utilities System, CP, 2.680%, Mandatory Tender 12/3/2025 | &nbsp;&nbsp; 22350000 |
| 56100000 | Austin, TX Utilities System, CP, 2.700%, Mandatory Tender 12/3/2025 | &nbsp;&nbsp; 56100000 |
| 7210000 | Bexar County, TX Housing Finance Corp. (Agape Colinas, Inc.), Tender Option Bond Trust Certificates <br> (Series 2024-XF3253) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 7210000 |
| 11995000 | Bexar County, TX Housing Finance Corp. (Agape Colinas, Inc.), Tender Option Bond Trust Certificates <br> (Series 2024-XF3254) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 11995000 |
| 1961923 | Bexar County, TX Housing Finance Corp. (Agape Waterford Portfolio, Inc.), Tender Option Bond Trust Certificates <br> (Series 2024-XF3255) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 1961923 |
| 5046000 | Bexar County, TX Housing Finance Corp. (Agape Waterford Portfolio, Inc.), Tender Option Bond Trust Certificates <br> (Series 2024-XF3257) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 5046000 |
| 7000000 | Collin County, TX Housing Finance Corp. (Roers Wylie Apartments Owner I LP), Mizuho 3a-7 (Series 2024-MIZ9185) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 7000000 |
| 15040000 | Dallas-Fort Worth, TX International Airport, Joint Revenue Refunding Bonds (Series 2023C), 5.000%, 11/1/2026 | &nbsp;&nbsp; 15324896 |
| 4982056 | El Paso, TX Housing Finance Corp., Mizuho 3a-7 (2022-MIZ9104) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), <br> 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 4982056 |
| 22500000 | El Paso, TX Water & Sewer Revenue, CPX, 2.840%, Mandatory Tender 1/27/2026 | &nbsp;&nbsp; 22500000 |
| 21000000 | El Paso, TX Water & Sewer Revenue, CPX, 2.880%, Mandatory Tender 12/4/2025 | &nbsp;&nbsp; 21000000 |
| 13000000 | Garland, TX Water & Sewer System, (Series 2015), CP, (Sumitomo Mitsui Banking Corp. LOC), 2.700%, Mandatory <br> Tender 1/13/2026<br>| &nbsp;&nbsp; 13000000 |
| 20735000 | Harris County, TX Cultural Education Facilities Finance Corp. (Baylor College of Medicine), Barclays 3a-7 <br> (Series 2022-006) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.090%, 12/4/2025<br>| &nbsp;&nbsp; 20735000 |
| 3380000 | Harris County, TX Cultural Education Facilities Finance Corp. (Texas Children's Hospital), (Series 2021C) Daily VRDNs, <br> (Bank of America N.A. LIQ), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 3380000 |
| 75000000 | Harris County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series C-1) Weekly VRDNs, <br> 2.920%, 12/4/2025<br>| &nbsp;&nbsp; 75000000 |
| 4750000 | Harris County, TX, (Series 2025-MS0067E), (Morgan Stanley Bank, N.A. LIQ), 2.990%, Optional Tender 2/12/2026 | &nbsp;&nbsp; 4750000 |
| 21000000 | Houston, TX Airport System, (Series A), CP, (Sumitomo Mitsui Banking Corp. LOC), 2.700%, Mandatory <br> Tender 12/11/2025<br>| &nbsp;&nbsp; 21000000 |
| 17750000 | Houston, TX Airport System, (Series A), CP, (Sumitomo Mitsui Banking Corp. LOC), 2.790%, Mandatory Tender 2/3/2026 | &nbsp;&nbsp; 17750000 |
| 1000000 | Houston, TX Airport System, Subordinate Lien Revenue & Refunding Bonds (Series 2018A), 5.000%, 7/1/2026 | &nbsp;&nbsp; 1012609 |
| 2600000 | Jefferson County, TX Housing Corp. (Steele Seville LLC), Putters 3a-7 (Series 2025-MIZ9214) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 2600000 |
| 4500000 | Jewett, TX EDC (Nucor Corp.), (Series 2003) Weekly VRDNs, 3.100%, 12/3/2025 | &nbsp;&nbsp; 4500000 |
| 20000000 | Mission, TX Economic Development Corp. (Waste Management, Inc.), (Series 2020A), (Waste Management Holdings, Inc. <br> GTD), 3.800%, Mandatory Tender 12/1/2025<br>| &nbsp;&nbsp; 20000000 |
| 10000000 | Mission, TX Economic Development Corp. (Waste Management, Inc.), (Series 2020B), (Waste Management Holdings, Inc. <br> GTD), 3.800%, Mandatory Tender 12/1/2025<br>| &nbsp;&nbsp; 10000000 |
| 36500000 | Mission, TX Economic Development Corp. (Waste Management, Inc.), Solid Waste Disposal Revenue Bonds <br> (Series 2025A), (Waste Management Holdings, Inc. GTD), 3.800%, Mandatory Tender 12/1/2025<br>| &nbsp;&nbsp; 36500000 |
| 12000000 | New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas), (Series 2025B) Daily VRDNs, <br> (Bank of America N.A. LIQ), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 12000000 |
| 10750000 | New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas), (Series 2025C) Daily VRDNs, <br> (U.S. Bank, N.A. LIQ), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 10750000 |
| 8000000 | Port Arthur Navigation District, TX IDC (Route 86 Biogas, LLC), (Series 2023) Weekly VRDNs, (CoBank, ACB LOC), <br> 3.000%, 12/4/2025<br>| &nbsp;&nbsp; 8000000 |
| 106800000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Daily VRDNs, <br> 3.400%, 12/1/2025<br>| &nbsp;&nbsp; 106800000 |
| 19500000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2003) Daily VRDNs, <br> 3.250%, 12/1/2025<br>| &nbsp;&nbsp; 19500000 |
| 25000000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2005) Daily VRDNs, <br> 3.250%, 12/1/2025<br>| &nbsp;&nbsp; 25000000 |

---

Semi-Annual Financial Statements and Additional Information

**14**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Texas—continued** |  |
| $40800000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2006) Daily VRDNs, <br> 3.250%, 12/1/2025<br>| &nbsp;&nbsp; $40800000 |
| 35000000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Daily VRDNs, <br> 3.250%, 12/1/2025<br>| &nbsp;&nbsp; 35000000 |
| 15000000 | San Antonio, TX Electric & Gas System (CPS Energy), (2012 Series A), CP, 2.730%, Mandatory Tender 12/9/2025 | &nbsp;&nbsp; 15000000 |
| 40000000 | San Antonio, TX Electric & Gas System (CPS Energy), (Series A), CPX, 2.720%, Mandatory Tender 12/19/2025 | &nbsp;&nbsp; 40000000 |
| 17000000 | Texas A & M University System Board of Regents, (Series B), CP, 2.650%, Mandatory Tender 12/3/2025 | &nbsp;&nbsp; 17000000 |
| 2410000 | Texas Community Housing & Economic Development Corp. (Agape Helotes, Inc.), Tender Option Bond Trust Receipts <br> (Series 2025-XF3387) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 2410000 |
| 2500000 | Texas Community Housing & Economic Development Corp. (Agape Helotes, Inc.), Tender Option Bond Trust Receipts <br> (Series 2025-XF3390) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 2500000 |
| 15000000 | Texas State Department of Housing & Community Affairs (Onion Creek Housing Partners Ltd.), (Series 2007) Weekly <br> VRDNs, (FNMA LOC), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 15000000 |
| 14225000 | Texas State, Morgan Stanley 3a-7 (Series 2025-MS0047), (Morgan Stanley Bank, N.A. LIQ), 2.940%, Optional <br> Tender 12/11/2025<br>| &nbsp;&nbsp; 14225000 |
| 20000000 | Texas State, Veterans Bonds (Series 2020) Weekly VRDNs, (FHLB of Dallas LIQ), 2.950%, 12/3/2025 | &nbsp;&nbsp; 20000000 |
| 10000000 | Texas State, Veterans Bonds (Series 2025B) Weekly VRDNs, (FHLB of Dallas LIQ), 2.950%, 12/3/2025 | &nbsp;&nbsp; 10000000 |
| 25000000 | University of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.640%, Mandatory <br> Tender 4/14/2026<br>| &nbsp;&nbsp; 25000000 |
| 3000000 | University of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.700%, Mandatory <br> Tender 2/12/2026<br>| &nbsp;&nbsp; 3000000 |
| 12500000 | University of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.700%, Mandatory <br> Tender 3/4/2026<br>| &nbsp;&nbsp; 12500000 |
| 8750000 | University of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.770%, Mandatory <br> Tender 1/20/2026<br>| &nbsp;&nbsp; 8750000 |
| 15000000 | University of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.800%, Mandatory <br> Tender 12/18/2025<br>| &nbsp;&nbsp; 15000000 |
| 12500000 | University of Texas System (The Board of Regents of), (Series A), CP, 2.610%, Mandatory Tender 1/7/2026 | &nbsp;&nbsp; 12500000 |
| 3310000 | University of Texas System (The Board of Regents of), (Series A), CP, 2.649%, Mandatory Tender 1/21/2026 | &nbsp;&nbsp; 3310000 |
| 6250000 | University of Texas System (The Board of Regents of), (Series A), CP, 2.650%, Mandatory Tender 3/11/2026 | &nbsp;&nbsp; 6250000 |
| 25000000 | University of Texas System (The Board of Regents of), (Series A), CP, 2.650%, Mandatory Tender 4/9/2026 | &nbsp;&nbsp; 25000000 |
| 17299000 | University of Texas System (The Board of Regents of), (Series A), CP, 2.670%, Mandatory Tender 3/12/2026 | &nbsp;&nbsp; 17299000 |
| 12500000 | University of Texas System (The Board of Regents of), (Series C-2), CP, 2.650%, Mandatory Tender 3/5/2026 | &nbsp;&nbsp; 12500000 |
| 25000000 | University of Texas System (The Board of Regents of), Revenue Financing System (Series A), CP, 2.600%, Mandatory <br> Tender 12/8/2025<br>| &nbsp;&nbsp; 25000000 |
| 25000000 | University of Texas System (The Board of Regents of), Revenue Financing System (Series A), CP, 2.650%, Mandatory <br> Tender 4/23/2026<br>| &nbsp;&nbsp; 25000000 |
| 13000000 | University of Texas System (The Board of Regents of), Revenue Financing System (Series A), CP, 2.670%, Mandatory <br> Tender 3/17/2026<br>| &nbsp;&nbsp; 13000000 |
| 15424000 | University of Texas System (The Board of Regents of), Revenue Financing System (Series A), CP, 2.677%, Mandatory <br> Tender 2/5/2026<br>| &nbsp;&nbsp; 15424000 |
| 23320000 | University of Texas System (The Board of Regents of), Revenue Financing System (Series A), CP, 2.678%, Mandatory <br> Tender 2/10/2026<br>| &nbsp;&nbsp; 23320000 |
| 5000000 | University of Texas System (The Board of Regents of), Revenue Financing System (Series A), CP, 2.750%, Mandatory <br> Tender 12/2/2025<br>| &nbsp;&nbsp; 5000000 |
|  | TOTAL | &nbsp;&nbsp; 1063535484 |
|  | **Utah—0.1%** |  |
| 6670000 | Salt Lake City, UT Department of Airports, Tender Option Bond Trust Receipts (Series 2025-XF8009) Weekly VRDNs, <br> (JPMorgan Chase Bank, N.A. LIQ), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 6670000 |
|  | **Vermont—0.1%** |  |
| 9065000 | Vermont HFA MFH (Steele Heritage & Lane LLC), Mizuho 3a-7 (Series 2023-MIZ9146) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 9065000 |
|  | **Virginia—0.6%** |  |
| 1800000 | Albemarle County, VA EDA (Sentara Health Systems Obligation Group), (Series 2018B) Daily VRDNs, (TD Bank, N.A. LIQ), <br> 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 1800000 |
| 15120000 | Arlington, VA IDA (Lenox Club Apartment), BAML 3a-7 (Series 2024-BAML6038) Daily VRDNs, (Bank of America N.A. <br> LIQ)/(Bank of America N.A. LOC), 3.000%, 12/1/2025<br>| &nbsp;&nbsp; 15120000 |

---

Semi-Annual Financial Statements and Additional Information

**15**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Virginia—continued** |  |
| $5400000 | Botetourt County, VA IDA (Altec Industries, Inc.), (Series 2001) Weekly VRDNs, (Bank of America N.A. LOC), <br> 2.960%, 12/4/2025<br>| &nbsp;&nbsp; $5400000 |
| 4000000 | Roanoke, VA EDA (Carilion Health System Obligated Group), (Series C) Daily VRDNs, (TD Bank, N.A. LOC), <br> 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 4000000 |
| 2800000 | Virginia Commonwealth University Health System Authority, (Series 2024B) Daily VRDNs, (TD Bank, N.A. LOC), <br> 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 2800000 |
| 17250000 | Virginia Small Business Financing Authority (Virginia Everywhere, LLC), (Series 2025), CP, (Credit Agricole Corporate and <br> Investment Bank LOC), 2.820%, Mandatory Tender 3/5/2026<br>| &nbsp;&nbsp; 17250000 |
|  | TOTAL | &nbsp;&nbsp; 46370000 |
|  | **Washington—1.6%** |  |
| 10725000 | Port of Seattle, WA Revenue, (Series 2008) Weekly VRDNs, (Bank of America N.A. LOC), 2.950%, 12/3/2025 | &nbsp;&nbsp; 10725000 |
| 5030000 | Port of Seattle, WA Revenue, (Series B), 5.000%, 5/1/2026 | &nbsp;&nbsp; 5079336 |
| 45545000 | Port of Tacoma, WA, (Series 2008: Subordinate Lien) Weekly VRDNs, (PNC Bank, N.A. LOC), 2.850%, 12/3/2025 | &nbsp;&nbsp; 45545000 |
| 18500000 | Port of Tacoma, WA, (Series 2019 A) Weekly VRDNs, (PNC Bank, N.A. LOC), 2.850%, 12/3/2025 | &nbsp;&nbsp; 18500000 |
| 1945000 | Port of Tacoma, WA, (Series A), 5.000%, 12/1/2025 | &nbsp;&nbsp; 1945000 |
| 8220000 | Seattle Chinatown International District, WA Preservation and Development Authority (Lot On The Hill LLLP), Mizuho 3a-7 <br> (Series 2024-MIZ9156) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 8220000 |
| 14250000 | Tacoma, WA Electric System, Morgan Stanley 3a-7 (Series 2025-MS0065E), (Morgan Stanley Bank, N.A. LIQ), 2.990%, <br> Optional Tender 2/12/2026<br>| &nbsp;&nbsp; 14250000 |
| 8540000 | Washington State Housing Finance Commission (Legacy Plaza Senior Living), Citi 3a-7 (Series 2025-CF7053) Weekly <br> VRDNs, (Citibank, N.A. LIQ)/(Citibank, N.A. LOC), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 8540000 |
| 5988691 | Washington State Housing Finance Commission, Citi 3a-7 (Series 2025-CF7054) Weekly VRDNs, (Citibank, N.A. <br> LIQ)/(Citibank, N.A. LOC), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 5988691 |
|  | TOTAL | &nbsp;&nbsp; 118793027 |
|  | **West Virginia—1.2%** |  |
| 46000000 | West Virginia EDA Solid Waste Disposal Facilities (Nucor Steel West Virginia LLC), (Series 2025A-1) Weekly VRDNs, <br> (Nucor Corp. GTD), 3.100%, 12/3/2025<br>| &nbsp;&nbsp; 46000000 |
| 45000000 | West Virginia EDA Solid Waste Disposal Facilities (Nucor Steel West Virginia LLC), (Series 2025B-1) Weekly VRDNs, <br> (Nucor Corp. GTD), 3.100%, 12/3/2025<br>| &nbsp;&nbsp; 45000000 |
|  | TOTAL | &nbsp;&nbsp; 91000000 |
|  | **Wisconsin—1.3%** |  |
| 15852000 | Public Finance Authority, WI (Agape Meadowcreek, Inc.), Tender Option Bond Trust Floater Certificates <br> (Series 2022-XF3026) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 15852000 |
| 320000 | West Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly VRDNs, (U.S. Bank, N.A. LOC), 3.240%, 12/4/2025 | &nbsp;&nbsp; 320000 |
| 18940000 | Wisconsin Health & Educational Facilities Authority (Hospital Sisters Services Obligated Group), (Series 2025B) Weekly <br> VRDNs, (Truist Bank LOC), 2.820%, 12/4/2025<br>| &nbsp;&nbsp; 18940000 |
| 9400000 | Wisconsin Health & Educational Facilities Authority (Medical College of Wisconsin, Inc.), (Series 2008B) Daily VRDNs, (TD <br> Bank, N.A. LOC), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 9400000 |
| 28940000 | Wisconsin Public Finance Authority (SR 400 Peach Partners, LLC), Tender Option Bond Trust Receipts <br> (Series 2025-XF8022) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), <br> 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 28940000 |
| 10000000 | Wisconsin Public Finance Authority (SR 400 Peach Partners, LLC), Tender Option Bond Trust Receipts <br> (Series 2025-XL0680) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 10000000 |
| 1240000 | Wisconsin State Public Finance Authority (Birchwood Properties LP), (Series 2016) Weekly VRDNs, (FHLB of Des Moines <br> LOC), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 1240000 |
| 10000000 | Wisconsin State Public Finance Authority (Waste Management, Inc.), (Series A-3), (Waste Management Holdings, Inc. <br> GTD), 3.400%, Mandatory Tender 2/2/2026<br>| &nbsp;&nbsp; 10000000 |
|  | TOTAL | &nbsp;&nbsp; 94692000 |
|  | TOTAL INVESTMENT IN SECURITIES—100.3% <br>(AT AMORTIZED COST)<sup>2</sup> <br>| &nbsp;&nbsp; 7333786744 |
|  | OTHER ASSETS AND LIABILITIES - NET—(0.3)%<sup>3</sup> <br>| &nbsp;&nbsp; (25501962) |
|  | NET ASSETS—100% | &nbsp;&nbsp; $7308284782 |

---

Semi-Annual Financial Statements and Additional Information

**16**

------

Securities that are subject to the federal alternative minimum tax (AMT) represent 52.25% of the portfolio as calculated based upon total market value (percentage is unaudited).

---

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

---

Note: The categories of investments are shown as a percentage of net assets at November 30, 2025.

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

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

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

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

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

In valuing the Fund's assets as of November 30, 2025, 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 |
| CP | —Commercial Paper |
| CPX | —Commercial Paper Extendible |
| CSD | —Central School District |
| EDA | —Economic Development Authority |
| EDC | —Economic Development Commission |
| 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 |
| IDC | —Industrial Development Corporation |
| INS | —Insured |
| LIQ | —Liquidity Agreement |
| LLLP | —Limited Liability Limited Partnership |
| LLP | —Limited Liability Partnership |
| 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 |
| UFSD | —Union Free School District |
| UT | —Unlimited Tax |
| VMTP | —Variable Municipal Term Preferred |
| VRDNs | —Variable Rate Demand Notes |
| VRDP | —Variable Rate Demand Preferred |
| VRDPs | —Variable Rate Demand Preferreds |
| VRENs | —Variable Rate Extendible Notes |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**17**

------

Financial Highlights–Automated Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.012 | 0.029 | 0.034 | 0.020 | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.012 | 0.029 | 0.034 | 0.020 | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.012) | &nbsp;&nbsp; (0.029) | &nbsp;&nbsp; (0.034) | &nbsp;&nbsp; (0.020) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &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>|
| Total Distributions | &nbsp;&nbsp; (0.012) | &nbsp;&nbsp; (0.029) | &nbsp;&nbsp; (0.034) | &nbsp;&nbsp; (0.020) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 2.95% | &nbsp;&nbsp; 3.45% | &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.50%<sup>5</sup> <br>| &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.33% |
| Net investment income | &nbsp;&nbsp; 2.43%<sup>5</sup> <br>| &nbsp;&nbsp; 2.87% | &nbsp;&nbsp; 3.40% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.03% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.32% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $111521 | &nbsp;&nbsp; $81235 | &nbsp;&nbsp; $25377 | &nbsp;&nbsp; $14098 | &nbsp;&nbsp; $700243 | &nbsp;&nbsp; $683243 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**18**

------

Financial Highlights–Investment Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.011 | 0.026 | 0.031 | 0.017 | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | 0.000<sup>2</sup> <br>| 0.001 | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.011 | 0.027 | 0.031 | 0.017 | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.011) | &nbsp;&nbsp; (0.027) | &nbsp;&nbsp; (0.031) | &nbsp;&nbsp; (0.017) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &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>|
| Total Distributions | &nbsp;&nbsp; (0.011) | &nbsp;&nbsp; (0.027) | &nbsp;&nbsp; (0.031) | &nbsp;&nbsp; (0.017) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 2.70% | &nbsp;&nbsp; 3.15% | &nbsp;&nbsp; 1.76% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.73%<sup>5</sup> <br>| &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.35% |
| Net investment income | &nbsp;&nbsp; 2.19%<sup>5</sup> <br>| &nbsp;&nbsp; 2.59% | &nbsp;&nbsp; 3.16% | &nbsp;&nbsp; 1.93% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.11%<sup>5</sup> <br>| &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.54% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $49712 | &nbsp;&nbsp; $47624 | &nbsp;&nbsp; $12744 | &nbsp;&nbsp; $1342 | &nbsp;&nbsp; $2874 | &nbsp;&nbsp; $4756 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**19**

------

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.014 | 0.031 | 0.037 | 0.023 | 0.001 | 0.001 |
| Net realized gain (loss) | 0.000<sup>2</sup> <br>| 0.001 | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| TOTAL FROM INVESTMENT OPERATIONS | 0.014 | 0.032 | 0.037 | 0.023 | 0.001 | 0.001 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.014) | &nbsp;&nbsp; (0.032) | &nbsp;&nbsp; (0.037) | &nbsp;&nbsp; (0.023) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.001) |
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &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>|
| TOTAL DISTRIBUTIONS | &nbsp;&nbsp; (0.014) | &nbsp;&nbsp; (0.032) | &nbsp;&nbsp; (0.037) | &nbsp;&nbsp; (0.023) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.001) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 3.23% | &nbsp;&nbsp; 3.71% | &nbsp;&nbsp; 2.34% | &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.13% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.21%<sup>5</sup> <br>| &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.21% |
| Net investment income | &nbsp;&nbsp; 2.70%<sup>5</sup> <br>| &nbsp;&nbsp; 3.14% | &nbsp;&nbsp; 3.65% | &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.12% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; 0.09% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $5965870 | &nbsp;&nbsp; $5397273 | &nbsp;&nbsp; $3746330 | &nbsp;&nbsp; $2371755 | &nbsp;&nbsp; $1772201 | &nbsp;&nbsp; $1372803 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**20**

------

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.012 | 0.028 | 0.034 | 0.021 | 0.001 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | 0.000<sup>2</sup> <br>| 0.001 | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.012 | 0.029 | 0.034 | 0.021 | 0.001 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.012) | &nbsp;&nbsp; (0.029) | &nbsp;&nbsp; (0.034) | &nbsp;&nbsp; (0.021) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &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>|
| Total Distributions | &nbsp;&nbsp; (0.012) | &nbsp;&nbsp; (0.029) | &nbsp;&nbsp; (0.034) | &nbsp;&nbsp; (0.021) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 2.98% | &nbsp;&nbsp; 3.46% | &nbsp;&nbsp; 2.09% | &nbsp;&nbsp; 0.05% | &nbsp;&nbsp; 0.02% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.46%<sup>5</sup> <br>| &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.34% |
| Net investment income | &nbsp;&nbsp; 2.45%<sup>5</sup> <br>| &nbsp;&nbsp; 2.81% | &nbsp;&nbsp; 3.40% | &nbsp;&nbsp; 2.03% | &nbsp;&nbsp; 0.05% | &nbsp;&nbsp; 0.02% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.20% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $617913 | &nbsp;&nbsp; $625080 | &nbsp;&nbsp; $204398 | &nbsp;&nbsp; $213084 | &nbsp;&nbsp; $232943 | &nbsp;&nbsp; $255785 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**21**

------

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.010 | 0.024 | 0.030 | 0.016 | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | 0.000<sup>2</sup> <br>| 0.001 | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.010 | 0.025 | 0.030 | 0.016 | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.010) | &nbsp;&nbsp; (0.025) | &nbsp;&nbsp; (0.030) | &nbsp;&nbsp; (0.016) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &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>|
| Total Distributions | &nbsp;&nbsp; (0.010) | &nbsp;&nbsp; (0.025) | &nbsp;&nbsp; (0.030) | &nbsp;&nbsp; (0.016) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 2.51% | &nbsp;&nbsp; 3.00% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.91%<sup>5</sup> <br>| &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.31% |
| Net investment income | &nbsp;&nbsp; 1.99%<sup>5</sup> <br>| &nbsp;&nbsp; 2.37% | &nbsp;&nbsp; 2.96% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.69% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $143338 | &nbsp;&nbsp; $152567 | &nbsp;&nbsp; $53911 | &nbsp;&nbsp; $58942 | &nbsp;&nbsp; $71843 | &nbsp;&nbsp; $74123 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**22**

------

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.009 | 0.024 | 0.028 | 0.015 | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.009 | 0.024 | 0.028 | 0.015 | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.009) | &nbsp;&nbsp; (0.024) | &nbsp;&nbsp; (0.028) | &nbsp;&nbsp; (0.015) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &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>|
| Total Distributions | &nbsp;&nbsp; (0.009) | &nbsp;&nbsp; (0.024) | &nbsp;&nbsp; (0.028) | &nbsp;&nbsp; (0.015) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 2.40% | &nbsp;&nbsp; 2.88% | &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 1.02%<sup>5</sup> <br>| &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.32% |
| Net investment income | &nbsp;&nbsp; 1.88%<sup>5</sup> <br>| &nbsp;&nbsp; 2.36% | &nbsp;&nbsp; 2.84% | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.22%<sup>5</sup> <br>| &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.93% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $106220 | &nbsp;&nbsp; $143052 | &nbsp;&nbsp; $165380 | &nbsp;&nbsp; $196830 | &nbsp;&nbsp; $237579 | &nbsp;&nbsp; $288115 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**23**

------

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.013 | 0.031 | 0.036 | 0.022 | 0.001 | 0.001 |
| Net realized gain (loss) | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.013 | 0.031 | 0.036 | 0.022 | 0.001 | 0.001 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.013) | &nbsp;&nbsp; (0.031) | &nbsp;&nbsp; (0.036) | &nbsp;&nbsp; (0.022) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.001) |
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &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>|
| Total Distributions | &nbsp;&nbsp; (0.013) | &nbsp;&nbsp; (0.031) | &nbsp;&nbsp; (0.036) | &nbsp;&nbsp; (0.022) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.001) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 3.12% | &nbsp;&nbsp; 3.61% | &nbsp;&nbsp; 2.24% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.06% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.31%<sup>5</sup> <br>| &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.28% |
| Net investment income | &nbsp;&nbsp; 2.59%<sup>5</sup> <br>| &nbsp;&nbsp; 3.06% | &nbsp;&nbsp; 3.55% | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.06% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.12% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $313712 | &nbsp;&nbsp; $338705 | &nbsp;&nbsp; $287070 | &nbsp;&nbsp; $231540 | &nbsp;&nbsp; $195389 | &nbsp;&nbsp; $289938 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**24**

------

Statement of Assets and Liabilities

November 30, 2025 (unaudited)

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in securities, at amortized cost and fair value | &nbsp;&nbsp; $7333786744 |
| Cash | &nbsp;&nbsp; 1151308 |
| Income receivable | &nbsp;&nbsp; 37047186 |
| Receivable for shares sold | &nbsp;&nbsp; 5101191 |
| Total Assets | &nbsp;&nbsp; 7377086429 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp; 63604747 |
| Payable for shares redeemed | &nbsp;&nbsp; 3747221 |
| Income distribution payable | &nbsp;&nbsp; 756361 |
| Payable for investment adviser fee (Note 4) | &nbsp;&nbsp; 73385 |
| Payable for administrative fee (Note 4) | &nbsp;&nbsp; 46267 |
| Payable for distribution services fee (Note 4) | &nbsp;&nbsp; 95127 |
| Payable for other service fees (Notes 2 and 4) | &nbsp;&nbsp; 241586 |
| Accrued expenses (Note 4) | &nbsp;&nbsp; 236953 |
| Total Liabilities | &nbsp;&nbsp; 68801647 |
| Net assets for 7,308,282,650 shares outstanding | &nbsp;&nbsp; $7308284782 |
| **Net Assets Consist of:** |  |
| Paid-in capital | &nbsp;&nbsp; $7308262339 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 22443 |
| Net Assets | &nbsp;&nbsp; $7308284782 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Automated Shares:** |  |
| $111,521,346 ÷ 111,521,314 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Investment Shares:** |  |
| $49,711,936 ÷ 49,711,921 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Wealth Shares:** |  |
| $5,965,869,688 ÷ 5,965,867,948 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Service Shares:** |  |
| $617,912,888 ÷ 617,912,707 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Cash II Shares:** |  |
| $143,337,515 ÷ 143,337,474 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Cash Series Shares:** |  |
| $106,219,871 ÷ 106,219,840 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Capital Shares:** |  |
| $313,711,538 ÷ 313,711,446 shares outstanding, no par value, unlimited shares authorized | $1.00 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**25**

------

Statement of Operations

Six Months Ended November 30, 2025 (unaudited)

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $103502327 |
| **Expenses:** |  |
| Investment adviser fee (Note 4) | &nbsp;&nbsp; 7108853 |
| Administrative fee (Note 4) | &nbsp;&nbsp; 2751453 |
| Custodian fees | &nbsp;&nbsp; 101323 |
| Transfer agent fees (Note 2) | &nbsp;&nbsp; 220506 |
| Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp; 17298 |
| Auditing fees | &nbsp;&nbsp; 13913 |
| Legal fees | &nbsp;&nbsp; 6390 |
| Portfolio accounting fees | &nbsp;&nbsp; 134864 |
| Distribution services fee (Note 4) | &nbsp;&nbsp; 688609 |
| Other service fees (Notes 2 and 4) | &nbsp;&nbsp; 1486423 |
| Share registration costs | &nbsp;&nbsp; 161291 |
| Printing and postage | &nbsp;&nbsp; 34818 |
| Miscellaneous (Note 4) | &nbsp;&nbsp; 11844 |
| TOTAL EXPENSES | &nbsp;&nbsp; 12737585 |
| **Waivers and Reimbursement:** |  |
| Waiver of investment adviser fee (Note 4) | &nbsp;&nbsp; (2758320) |
| Waiver/reimbursement of other operating expenses (Notes 2 and 4) | &nbsp;&nbsp; (92374) |
| TOTAL WAIVERS AND REIMBURSEMENT | &nbsp;&nbsp; (2850694) |
| Net expenses | &nbsp;&nbsp; 9886891 |
| Net investment income | &nbsp;&nbsp; 93615436 |
| Net realized gain on investments | &nbsp;&nbsp; 12624 |
| Change in net assets resulting from operations | &nbsp;&nbsp; $93628060 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**26**

------

Statement of Changes in Net Assets

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

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

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025**<br>| **Year Ended** <br>**5/31/2025**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $93615436 | &nbsp;&nbsp; $164502934 |
| Net realized gain (loss) | &nbsp;&nbsp; 12624 | &nbsp;&nbsp; 2895 |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; 93628060 | &nbsp;&nbsp; 164505829 |
| **Distributions to Shareholders:** |  |  |
| Automated Shares | &nbsp;&nbsp; (1168345) | &nbsp;&nbsp; (1003498) |
| Investment Shares | &nbsp;&nbsp; (558835) | &nbsp;&nbsp; (913264) |
| Wealth Shares | &nbsp;&nbsp; (77050171) | &nbsp;&nbsp; (133719389) |
| Service Shares | &nbsp;&nbsp; (7874423) | &nbsp;&nbsp; (12586041) |
| Cash II Shares | &nbsp;&nbsp; (1508481) | &nbsp;&nbsp; (2881057) |
| Cash Series Shares | &nbsp;&nbsp; (1126621) | &nbsp;&nbsp; (3787200) |
| Capital Shares | &nbsp;&nbsp; (4327449) | &nbsp;&nbsp; (10131697) |
| CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | &nbsp;&nbsp; (93614325) | &nbsp;&nbsp; (165022146) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 5487146440 | &nbsp;&nbsp; 10895047825 |
| Net asset value of shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 88593625 | &nbsp;&nbsp; 154103435 |
| Cost of shares redeemed | &nbsp;&nbsp; (5053004493) | &nbsp;&nbsp; (8758309199) |
| CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | &nbsp;&nbsp; 522735572 | &nbsp;&nbsp; 2290842061 |
| Change in net assets | &nbsp;&nbsp; 522749307 | &nbsp;&nbsp; 2290325744 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 6785535475 | &nbsp;&nbsp; 4495209731 |
| End of period | &nbsp;&nbsp; $7308284782 | &nbsp;&nbsp; $6785535475 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**27**

------

Notes to Financial Statements

November 30, 2025 (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 14 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) may impose a discretionary liquidity fee of up to 2% of the value of the shares redeemed, if the Fund's Board of Trustees (the "Trustees"), or its delegate, determines such liquidity fee is in the best interest of the Fund.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Investment Valuation** 

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

Pursuant to Rule 2a-5 under the 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. In addition, distributions of capital gains, if any, are declared and paid at least annually. 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 reimbursement of $2,850,694 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 Financial Statements and Additional Information

**28**

------

**Transfer Agent Fees** 

For the six months ended November 30, 2025, transfer agent fees for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Transfer Agent** <br>**Fees Incurred**<br>| **Transfer Agent** <br>**Fees Reimbursed**<br>|
| Automated Shares | &nbsp;&nbsp; $20975 | &nbsp;&nbsp; $(907) |
| Investment Shares | &nbsp;&nbsp; 12150 | &nbsp;&nbsp; — |
| Wealth Shares | &nbsp;&nbsp; 43986 | &nbsp;&nbsp; — |
| Service Shares | &nbsp;&nbsp; 4956 | &nbsp;&nbsp; — |
| Cash II Shares | &nbsp;&nbsp; 75144 | &nbsp;&nbsp; — |
| Cash Series Shares | &nbsp;&nbsp; 60725 | &nbsp;&nbsp; (17788) |
| Capital Shares | &nbsp;&nbsp; 2570 | (2) |
| TOTAL | &nbsp;&nbsp; $220506 | &nbsp;&nbsp; $(18697) |

---

**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 financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees.

For the six months ended November 30, 2025, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Automated Shares | &nbsp;&nbsp; $121039 |
| Investment Shares | &nbsp;&nbsp; 63775 |
| Service Shares | &nbsp;&nbsp; 795611 |
| Cash II Shares | &nbsp;&nbsp; 189023 |
| Cash Series Shares | &nbsp;&nbsp; 150053 |
| Capital Shares | &nbsp;&nbsp; 166922 |
| TOTAL | &nbsp;&nbsp; $1486423 |

---

For the six months ended November 30, 2025, the Fund's Wealth Shares did not incur other service fees; however, it may begin to incur this fee upon approval of the Trustees.

**Federal Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended November 30, 2025, 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, 2025, tax years 2022 through 2025 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 Financial Statements and Additional Information

**29**

------

&nbsp;&nbsp;&nbsp;&nbsp;&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>**11/30/2025** | **Six Months Ended** <br>**11/30/2025** | **Year Ended** <br>**5/31/2025** | **Year Ended** <br>**5/31/2025** |
| **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; 89947 | &nbsp;&nbsp; $89947 | &nbsp;&nbsp; 104397 | &nbsp;&nbsp; $104397 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 1162 | &nbsp;&nbsp; 1162 | &nbsp;&nbsp; 988 | &nbsp;&nbsp; 988 |
| Shares redeemed | &nbsp;&nbsp; (60823) | &nbsp;&nbsp; (60823) | &nbsp;&nbsp; (49524) | &nbsp;&nbsp; (49524) |
| NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | &nbsp;&nbsp; 30286 | &nbsp;&nbsp; $30286 | &nbsp;&nbsp; 55861 | &nbsp;&nbsp; $55861 |
|  | **Six Months Ended** <br>**11/30/2025** | **Six Months Ended** <br>**11/30/2025** | **Year Ended** <br>**5/31/2025** | **Year Ended** <br>**5/31/2025** |
| **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; 90588 | &nbsp;&nbsp; $90588 | &nbsp;&nbsp; 140542 | &nbsp;&nbsp; $140542 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 758 | &nbsp;&nbsp; 758 |
| Shares redeemed | &nbsp;&nbsp; (89006) | &nbsp;&nbsp; (89006) | &nbsp;&nbsp; (106418) | &nbsp;&nbsp; (106418) |
| NET CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS | &nbsp;&nbsp; 2087 | &nbsp;&nbsp; $2087 | &nbsp;&nbsp; 34882 | &nbsp;&nbsp; $34882 |
|  | **Six Months Ended** <br>**11/30/2025** | **Six Months Ended** <br>**11/30/2025** | **Year Ended** <br>**5/31/2025** | **Year Ended** <br>**5/31/2025** |
| **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 | &nbsp;&nbsp; 4403941 | &nbsp;&nbsp; $4403941 | &nbsp;&nbsp; 8245931 | &nbsp;&nbsp; $8245931 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 72745 | &nbsp;&nbsp; 72745 | &nbsp;&nbsp; 124624 | &nbsp;&nbsp; 124624 |
| Shares redeemed | &nbsp;&nbsp; (3908100) | &nbsp;&nbsp; (3908100) | &nbsp;&nbsp; (6719182) | &nbsp;&nbsp; (6719182) |
| NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | &nbsp;&nbsp; 568586 | &nbsp;&nbsp; $568586 | &nbsp;&nbsp; 1651373 | &nbsp;&nbsp; $1651373 |
|  | **Six Months Ended** <br>**11/30/2025** | **Six Months Ended** <br>**11/30/2025** | **Year Ended** <br>**5/31/2025** | **Year Ended** <br>**5/31/2025** |
| **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; 418890 | &nbsp;&nbsp; $418890 | &nbsp;&nbsp; 1125372 | &nbsp;&nbsp; $1125372 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 7311 | &nbsp;&nbsp; 7311 | &nbsp;&nbsp; 11282 | &nbsp;&nbsp; 11282 |
| Shares redeemed | &nbsp;&nbsp; (433369) | &nbsp;&nbsp; (433369) | &nbsp;&nbsp; (715948) | &nbsp;&nbsp; (715948) |
| NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | &nbsp;&nbsp; (7168) | &nbsp;&nbsp; $(7168) | &nbsp;&nbsp; 420706 | &nbsp;&nbsp; $420706 |
|  | **Six Months Ended** <br>**11/30/2025** | **Six Months Ended** <br>**11/30/2025** | **Year Ended** <br>**5/31/2025** | **Year Ended** <br>**5/31/2025** |
| **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; 186362 | &nbsp;&nbsp; $186362 | &nbsp;&nbsp; 419676 | &nbsp;&nbsp; $419676 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 1507 | &nbsp;&nbsp; 1507 | &nbsp;&nbsp; 2875 | &nbsp;&nbsp; 2875 |
| Shares redeemed | &nbsp;&nbsp; (197099) | &nbsp;&nbsp; (197099) | &nbsp;&nbsp; (323889) | &nbsp;&nbsp; (323889) |
| NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | &nbsp;&nbsp; (9230) | &nbsp;&nbsp; $(9230) | &nbsp;&nbsp; 98662 | &nbsp;&nbsp; $98662 |
|  | **Six Months Ended** <br>**11/30/2025** | **Six Months Ended** <br>**11/30/2025** | **Year Ended** <br>**5/31/2025** | **Year Ended** <br>**5/31/2025** |
| **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; 144199 | &nbsp;&nbsp; $144199 | &nbsp;&nbsp; 363602 | &nbsp;&nbsp; $363602 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 1098 | &nbsp;&nbsp; 1098 | &nbsp;&nbsp; 3725 | &nbsp;&nbsp; 3725 |
| Shares redeemed | &nbsp;&nbsp; (182130) | &nbsp;&nbsp; (182130) | &nbsp;&nbsp; (389637) | &nbsp;&nbsp; (389637) |
| NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | &nbsp;&nbsp; (36833) | &nbsp;&nbsp; $(36833) | &nbsp;&nbsp; (22310) | &nbsp;&nbsp; $(22310) |

---

Semi-Annual Financial Statements and Additional Information

**30**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**11/30/2025** | **Six Months Ended** <br>**11/30/2025** | **Year Ended** <br>**5/31/2025** | **Year Ended** <br>**5/31/2025** |
| **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; 153219 | &nbsp;&nbsp; $153219 | &nbsp;&nbsp; 495527 | &nbsp;&nbsp; $495527 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 4266 | &nbsp;&nbsp; 4266 | &nbsp;&nbsp; 9852 | &nbsp;&nbsp; 9852 |
| Shares redeemed | &nbsp;&nbsp; (182478) | &nbsp;&nbsp; (182478) | &nbsp;&nbsp; (453712) | &nbsp;&nbsp; (453712) |
| NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | &nbsp;&nbsp; (24993) | &nbsp;&nbsp; $(24993) | &nbsp;&nbsp; 51667 | &nbsp;&nbsp; $51667 |
| NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | &nbsp;&nbsp; 522735 | &nbsp;&nbsp; $522735 | &nbsp;&nbsp; 2290841 | &nbsp;&nbsp; $2290841 |

---

**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, 2025, the Adviser voluntarily waived $2,758,320 of its fee and voluntarily reimbursed $18,697 of transfer agent fees.

**Administrative Fee** 

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

---

| | |
|:---|:---|
| **Administrative Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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, 2025, the annualized fee paid to FAS was 0.077% 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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Average Daily** <br>**Net Assets of Class**<br>|
| Investment Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25% |
| Cash II Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35% |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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, 2025, distribution services fees for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Distribution Services** <br>**Fees Incurred**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Distribution Services** <br>**Fees Waived**<br>|
| Investment Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $63775 | $(7653) |
| Cash II Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264705 |  |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360129 | (66024) |
| TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $688609 | $(73677) |

---

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, 2025, FSC retained $110,973 of fees paid by the Fund.

**Other Service Fees** 

For the six months ended November 30, 2025, FSSC received $559 of the other service fees disclosed in Note 2.

Semi-Annual Financial Statements and Additional Information

**31**

------

**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, 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 0.50%, 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, 2026; 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 approval of the Trustees.

**Interfund Transactions** 

During the six months ended November 30, 2025, 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 $694,475,000 and $1,143,930,000, 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, 2025, there were no outstanding loans. During the six months ended November 30, 2025, the program was not utilized.

**6. CREDIT RISK** 

The Fund may place its cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Company (FDIC) up to $250,000. The Fund's credit risk in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. The Fund from time to time may have amounts on deposit in excess of the insured limits.

**7. Operating Segments** 

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. A management committee of the Adviser acts as the CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the strategic asset allocation is determined based on the investment objective of the Fund and executed by the Fund's portfolio management team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) which is reviewed by the CODM to assess the Fund's performance in comparison to the Fund's benchmarks and to make resource allocation decisions for the Fund's single segment is consistent with the information presented in these financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

**8. INDEMNIFICATIONS** 

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

Semi-Annual Financial Statements and Additional Information

**32**

------

Evaluation and Approval of Advisory Contract–May 2025

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

At its meetings in May 2025 (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, as amended (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 such information deemed necessary to evaluate the terms of the Contract and 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 report regarding data related to the Fund's management fee (the "CCO Management Fee Report"). The Board considered the CCO Management Fee 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.

In addition to the CCO Management Fee 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 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.

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: (1) copies of the Contract; (2) the nature, quality and extent of the advisory and other services provided to the Fund by Federated Hermes; (3) Federated Hermes' business and operations; (4) the Adviser's investment philosophy, personnel and processes; (5) the Fund's investment objective and strategies; (6) the Fund's short-term and long-term performance - in absolute terms (both on a gross basis and net of expenses) and relative to an appropriate group of peer funds and its benchmark; (7) the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund - in absolute terms and relative to an appropriate group of peer funds, with due regard for contractual or voluntary expense limitations (if any); (8) the financial condition of Federated Hermes; (9) the Adviser's profitability with respect to managing the Fund; (10) distribution and sales activity for the Fund; and (11) 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 evaluating the Contract. Using these judicial decisions as a guide, the Board considered several factors it deemed relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund, including: (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 fees and expenses, including a comparison of management fees paid to the adviser with those paid by similar funds managed by the same adviser or other advisers as well as management fees charged to institutional and other advisory clients of the same 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 considered that the Securities and Exchange Commission ("SEC") disclosure requirements 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 evaluation 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").

Semi-Annual Financial Statements and Additional Information

**33**

------

In addition, the Board considered 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 based 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 there are a range of investment options available to the Fund's shareholders in the marketplace, 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. The Board recognized that its evaluation process is evolutionary and that the factors considered and the 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.

**<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 full 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 evaluated Federated Hermes' ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered the trading operations by the Adviser, including the execution of portfolio transactions and the selection of brokers for those transactions. 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 Investment Company Act of 1940, as amended. 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.

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 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 Federated Hermes Funds. 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 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, as amended, 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

Semi-Annual Financial Statements and Additional Information

**34**

------

led, and continue to lead, to an increase in the scope of Federated Hermes' oversight in this regard. 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.

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 provided to the Board throughout the year and in connection with the May Meetings. These reports included, 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, performance attribution information and commentary on the effect of market conditions. The Board noted that it evaluated investment performance at meetings throughout the year and received reports from Federated Hermes regarding the performance of certain Federated Hermes Funds as well as Federated Hermes' explanations for less favorable performance and any specific actions Federated Hermes had taken, or had determined to take, to seek to enhance Fund investment performance and the results of those actions.

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 statement 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 also considered comparative performance data from Lipper, Inc. that was included in reports provided to the Board throughout the year. The Board noted that differences may exist between the Performance Peer Group and Lipper peers and that the results of these performance comparisons may vary.

The Board considered that for the one-year period ended December 31, 2024, 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 overall 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 to funds by other advisers, the use of comparisons between the Fund and its Expense Peer Group assisted the Board in its evaluation of the Fund's fees and expenses. The Board focused on comparisons with other registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund's shareholders. The Board noted that the range of such other registered funds' fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

Semi-Annual Financial Statements and Additional Information

**35**

------

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 nature and extent of services offered and fees charged by Federated Hermes 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 statement that non-registered fund clients are inherently different products due to the following differences, among others: (i) types of targeted investors; (ii) applicable laws and regulations; (iii) legal structures; (iv) average account sizes; (v) portfolio management techniques made necessary by different cash flows and different associated costs; (vi) 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; (vii) SEC mandated risk management programs with respect to fund liquidity and use of derivatives; (viii) questions on regulatory reporting; (ix) a variety of different administrative responsibilities; and (x) degrees of risk associated with management. 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 statement 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 emphasized that differences in fees for providing advisory services to other types of clients may not be appropriate when judging the appropriateness of the Federated Hermes Funds' advisory fees because of the different services provided.

In the case of the Fund, the Board noted that Federated Hermes does not manage any other types of clients that are comparable to the Fund.

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.

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

The Board received and considered profitability information furnished by Federated Hermes. 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 statement that, while the cost allocation report applies consistent allocation processes for purposes of general comparison of funds, the inherent difficulties in arbitrarily allocating costs lacks precision and may cause the report to be unreliable because a single change in an allocation estimate can 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 statement 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 to the Board that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board considered the CCO's statement that the estimated profitability to the Adviser from its relationship with the Fund was not unreasonable in relation to the services provided.

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 recognized that profitability comparisons among fund management companies are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund management company is affected by numerous factors. The Board considered the CCO's statement that, based on such profitability information, Federated Hermes' profit margins did not appear to be excessive and that Federated Hermes appeared financially sound, with the resources available to fulfill its contractual obligations.

**<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 isolating and quantifying 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: portfolio management, investment research and trading operations; shareholder services; compliance; business continuity, cybersecurity and information security programs; internal audit and risk management functions; and technology, systems capabilities and use of data. The Board noted that Federated Hermes' investments in these areas are extensive and are

Semi-Annual Financial Statements and Additional Information

**36**

------

designed to provide enhanced or expanded 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 that Federated Hermes has been active in managing expenses of the Federated Hermes Funds in recent years, which has resulted in benefits being realized by shareholders.

The Board also received and considered information on adviser-paid fees (commonly referred to as "revenue sharing" payments) that was provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes believes that this information is relevant to consider whether Federated Hermes had an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, but should not be considered when evaluating the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on economies of scale, 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 considered that Federated Hermes may derive a benefit to its reputation as an adviser to the Fund, which may help in attracting other clients and investment personnel. 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 service contracts including for serving as the Federated Hermes Funds' administrator and distributor. In this regard, the Board considered that 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 the benefits, if any, that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

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

The Board considered the CCO's presentation and statements and the information accompanying the CCO Management Fee Report. The Board recognized that its 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.

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.

Semi-Annual Financial Statements and Additional Information

**37**

------

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. 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 information 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;

**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.

![](fhilogok11p.jpg)

Federated Hermes Municipal Obligations Fund

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

Contact us at **FederatedHermes.com/us**

or call 1-800-341-7400.

Federated Securities Corp., Distributor

CUSIP 608919643

CUSIP 608919635

CUSIP 60934N658

CUSIP 60934N641

CUSIP 608919668

CUSIP 608919650

CUSIP 60934N633

Q450197 (1/26)© 2026 Federated Hermes, Inc.

------

**Semi-Annual Financial Statements**

**and Additional Information**

**November 30, 2025**

![](imgc77901ad1.gif)

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

---

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

---

------

Federated Hermes Tax-Free Obligations Fund

------

A Portfolio of Federated Hermes Money Market Obligations Trust

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](#xx_aa2c15d3-01f2-4b24-b365-92eafbd2b2d8_1) | [1](#xx_aa2c15d3-01f2-4b24-b365-92eafbd2b2d8_1)  |
| [Financial Highlights](#xx_ae4ee118-5f45-4c58-bf0e-f36e930a76e2_1) | [15](#xx_ae4ee118-5f45-4c58-bf0e-f36e930a76e2_1)  |
| [Statement of Assets and Liabilities](#xx_3c6c62e9-b695-4d27-93c5-8bb83a2d57ab_1) | [18](#xx_3c6c62e9-b695-4d27-93c5-8bb83a2d57ab_1)  |
| [Statement of Operations](#xx_3c6c62e9-b695-4d27-93c5-8bb83a2d57ab_2) | [19](#xx_3c6c62e9-b695-4d27-93c5-8bb83a2d57ab_2)  |
| [Statement of Changes in Net Assets](#xx_3c6c62e9-b695-4d27-93c5-8bb83a2d57ab_3) | [20](#xx_3c6c62e9-b695-4d27-93c5-8bb83a2d57ab_3)  |
| [Notes to Financial Statements](#xx_365e5cb8-09bb-4a66-a265-6ef204d0a20c_1) | [21](#xx_365e5cb8-09bb-4a66-a265-6ef204d0a20c_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_6ef2c391-8eaf-4c27-8293-8993b92ef62d_1) | [25](#xx_6ef2c391-8eaf-4c27-8293-8993b92ef62d_1) |

---

------

Portfolio of Investments

November 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—101.9% |  |
|  | **Alabama—2.9%** |  |
| $11500000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 2.900%, 12/1/2025 | &nbsp;&nbsp; $11500000 |
| 4205000 | Cooperative District of Fort Spanish, AL, Tender Option Bond Trust Receipts (Series 2021-XF2959) Weekly VRDNs, <br> (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 4205000 |
| 39405000 | Huntsville, AL Health Care Authority, (Series 2023-BAML5040) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of <br> America N.A. LOC), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 39405000 |
| 8205000 | Lower Alabama Gas District, Tender Option Bond Trust Certificates (Series 2024-YX1345) Weekly VRDNs, (Barclays Bank <br> PLC LIQ)/(Barclays Bank PLC LOC), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 8205000 |
| 1250000 | Southeast Alabama Gas Supply District, (Series 2024-XF1694) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of <br> Canada LOC), 2.840%, 12/4/2025<br>| &nbsp;&nbsp; 1250000 |
| 12285000 | The East Alabama Health Care Authority, BAML 3a-7 (Series 2025-BAML5061) Daily VRDNs, (Bank of America N.A. <br> LIQ)/(Bank of America N.A. LOC), 2.990%, 12/1/2025<br>| &nbsp;&nbsp; 12285000 |
| 85425000 | UAB St Vincent's Health System Authority, BAML 3a-7 (Series 2025-BAML5063), (Bank of America N.A. LIQ)/(Bank of <br> America N.A. LOC), 2.990%, Optional Tender 2/12/2026<br>| &nbsp;&nbsp; 85425000 |
|  | TOTAL | &nbsp;&nbsp; 162275000 |
|  | **Arizona—2.5%** |  |
| 9475000 | Arizona State Development Authority (Roers Casa Grande Apartments Owner LLC), Mizuho 3a-7 (Series 2024-MIZ9161) <br> VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 9475000 |
| 3325000 | Arizona State IDA (IH Phoenix Apartments Owner I LLC), Mizuho 3a-7 (Series 2025-MIZ9215) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 3325000 |
| 2500000 | Arizona State IDA (IH Phoenix Apartments Owner II LLC), Mizuho 3a-7 (Series 2025-MIZ9220) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 2500000 |
| 7038433 | Arizona State IDA (Roers Casa Grande Apartments Owner LLC), Mizuho 3a-7 (Series 2024-MIZ9187) VRENs, (Mizuho Bank <br> Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 7038433 |
| 4700000 | Arizona State IDA (Roers Flagstaff Apartment Owner LLC), Mizuho 3a-7 (Series 2023-MIZ9157) VRENs, (Mizuho Bank Ltd. <br> LIQ)/(Mizuho Bank Ltd. LOC), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 4700000 |
| 5285000 | Arizona State IDA (Roers Flagstaff Apartment Owner LLC), Mizuho 3a-7 (Series 2025-MIZ9213) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 5285000 |
| 5000000 | Arizona State IDA (Roers Maricopa Apartments Owner LLC), Mizuho 3a-7 (Series 2023-MIZ9155) VRENs, (Mizuho Bank <br> Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 5000000 |
| 38100000 | Arizona State IDA (Vaseo Apartments LP), Mizuho 3a-7 (Series 2023-MIZ9118) Weekly VRDNs, (Federal Home Loan <br> Mortgage Corp. GTD)/(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 38100000 |
| 9250000 | Arizona State IDA (Washington Yu Ying Public Charter School), Tender Option Bond Trust Receipts (Series 2025-ESRF002) <br> Weekly VRDNs, (PNC Bank, N.A. LOC), 2.930%, 12/4/2025<br>| &nbsp;&nbsp; 9250000 |
| 8000000 | Arizona State IDA (Zeta Charter Schools, Inc. Obligated Group), Tender Option Bond Trust Receipts <br> (Series 2025-ESRF001) Weekly VRDNs, (PNC Bank, N.A. LOC), 2.930%, 12/4/2025<br>| &nbsp;&nbsp; 8000000 |
| 4370000 | Arizona State IDA, Mizuho 3a-7 (Series 2024-MIZ9180) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), <br> 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 4370000 |
| 18690000 | Maricopa County, AZ, IDA (CG Lakewood Apartments, LLC), BAML (3a-7) (Series 2023-BAML6008) Weekly VRDNs, (Bank <br> of America N.A. LIQ)/(Bank of America N.A. LOC), 2.940%, 12/4/2025<br>| &nbsp;&nbsp; 18690000 |
| 13500000 | Maricopa County, AZ, IDA (ML Casa V LP), BAML (3a-7) (Series 2023-BAML6009) Weekly VRDNs, (Bank of America N.A. <br> LIQ)/(Bank of America N.A. LOC), 2.940%, 12/4/2025<br>| &nbsp;&nbsp; 13500000 |
| 9225000 | Maricopa County, AZ, IDA (Tramonto Apartments LLC), BAML (3a-7) (Series 2023-BAML6007) Weekly VRDNs, (Bank of <br> America N.A. LIQ)/(Bank of America N.A. LOC), 2.940%, 12/4/2025<br>| &nbsp;&nbsp; 9225000 |
|  | TOTAL | &nbsp;&nbsp; 138458433 |
|  | **Arkansas—0.4%** |  |
| 20000000 | Springdale, AR Sales & Use Revenue, Tender Option Bond Trust Receipts (Series 2023-XF1559) Daily VRDNs, (Build <br> America Mutual Assurance INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.020%, 12/1/2025<br>| &nbsp;&nbsp; 20000000 |
|  | **California—6.3%** |  |
| 34130000 | California Community Choice Financing Authority, Tender Option Bond Trust Certificates (Series 2023-XF3213) Weekly <br> VRDNs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 34130000 |
| 40705000 | California Health Facilities Financing Authority (CommonSpirit Health), Golden Blue (Series 2017-004) VRENs, (Barclays <br> Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.040%, 12/4/2025<br>| &nbsp;&nbsp; 40705000 |
| 20100000 | California HFA (Residency at Empire I LP), Tender Option Bond Trust Receipts (Series 2023-XF3077) Weekly VRDNs, <br> (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 20100000 |

---

Semi-Annual Financial Statements and Additional Information

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **California—continued** |  |
| $8500000 | California Municipal Finance Authority (Montague Parkway Associates LP), Mizuho 3a-7 (2020-MIZ9041) Daily VRDNs, <br> (Federal Home Loan Mortgage Corp. GTD)/(Mizuho Bank Ltd. LIQ), 2.950%, 12/1/2025<br>| &nbsp;&nbsp; $8500000 |
| 7944491 | California Statewide Communities Development Authority (Lexington Green Community Partners II, LP), Mizuho 3a-7 <br> (Series 2024-MIZ9184) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 7944491 |
| 14945000 | JPMorgan Chase Putters/Drivers Trust (Federal Home Loan Mortgage Corp.), PUTTERs 3a-7 (Series 3005) Daily VRDNs, <br> (Federal Home Loan Mortgage Corp. GTD)/(JPMorgan Chase Bank, N.A. LIQ), 2.950%, 12/1/2025<br>| &nbsp;&nbsp; 14945000 |
| 7770000 | Los Angeles County, CA Housing Authority Multi Family Housing (The Solemint Heights Partnership), Mizuho 3a-7 <br> (Series 2020-MIZ9039) Daily VRDNs, (Federal Home Loan Mortgage Corp. GTD)/(Mizuho Bank Ltd. LIQ), <br> 2.950%, 12/1/2025<br>| &nbsp;&nbsp; 7770000 |
| 8000000 | Los Angeles, CA (Grand Avenue M Urban Housing LLC), Mizuho 3a-7 (Series 2025-9221) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 8000000 |
| 25000000 | River Islands, CA Public Financing Authority-Community Facilities District No. 2015-1, Mizuho 3a-7 (Series 2024-MIZ9188) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 25000000 |
| 22390000 | San Diego, CA Housing Authority (Scripps Mesa Apartments), Mizuho 3a-7 (Series 2024-MIZ9198) VRENs, (Mizuho Bank <br> Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 22390000 |
| 32100000 | San Francisco, CA City & County Multi-Family Housing (Block 9 MRU Residential LLC), Mizuho 3a-7 (Series 2023-MIZ9119) <br> Daily VRDNs, (Federal Home Loan Mortgage Corp. GTD)/(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), <br> 2.950%, 12/1/2025<br>| &nbsp;&nbsp; 32100000 |
| 75000000 | San Francisco, CA City and County (1500 Mission Urban Housing LP), Mizuho 3a-7 (Series 2022-MIZ9115) VRENs, (Mizuho <br> Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 75000000 |
| 10355671 | San Francisco, CA City and County (1601 Mariposa Apartments), Mizuho 3a-7 (Series 2022-MIZ9095) VRENs, (Mizuho <br> Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 10355671 |
| 23861000 | San Francisco, CA City and County (Transbay Block 8 Tower Apartments Obligated Group), Mizuho 3a-7 (2021-MIZ9063) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.970%, 12/4/2025<br>| &nbsp;&nbsp; 23861000 |
| 6345000 | University of California (The Regents of), (Series A), CP, 2.600%, Mandatory Tender 12/9/2025 | &nbsp;&nbsp; 6345000 |
| 7500000 | University of California (The Regents of), (Series A), CP, 2.730%, Mandatory Tender 12/12/2025 | &nbsp;&nbsp; 7500000 |
| 7605000 | University of California (The Regents of), Tender Option Bond Trust Certificates (Series 2023-ZF3164) Weekly VRDNs, <br> (Barclays Bank PLC LIQ), 2.810%, 12/4/2025<br>| &nbsp;&nbsp; 7605000 |
|  | TOTAL | &nbsp;&nbsp; 352251162 |
|  | **Colorado—0.6%** |  |
| 35300000 | Colorado State Health Facilities Authority (Intermountain Healthcare Obligated Group), (Series 2024-E) Daily VRDNs, (TD <br> Bank, N.A. LIQ), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 35300000 |
|  | **Connecticut—0.2%** |  |
| 8275000 | Regional School District No. 15, CT BANs, 4.500%, 1/23/2026 | &nbsp;&nbsp; 8285468 |
| 2475000 | Shelton, CT Housing Authority (Crosby Commons), (Series 1998) Weekly VRDNs, (Manufacturers & Traders Trust Co. <br> LOC), 2.990%, 12/4/2025<br>| &nbsp;&nbsp; 2475000 |
|  | TOTAL | &nbsp;&nbsp; 10760468 |
|  | **Delaware—0.1%** |  |
| 4405000 | Delaware State Housing Authority (Christiana Village Apartments LLC), Mizuho 3a-7 (Series 2024-MIZ9175) VRENs, <br> (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 4405000 |
| 2592536 | Delaware State Housing Authority (Christiana Village Apartments, LLC), (Series 2024-MIZ9182) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 2592536 |
|  | TOTAL | &nbsp;&nbsp; 6997536 |
|  | **District of Columbia—0.4%** |  |
| 12000000 | District of Columbia (Children's Hospital Obligated Group/DC), (Series 2025) Weekly VRDNs, (Truist Bank LOC), <br> 2.830%, 12/3/2025<br>| &nbsp;&nbsp; 12000000 |
| 13000000 | District of Columbia Housing Finance Agency Multifamily Development, Tender Option Bond Trust Receipts <br> (Series 2025-CF7039) Weekly VRDNs, (Citibank, N.A. LIQ)/(Citibank, N.A. LOC), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 13000000 |
|  | TOTAL | &nbsp;&nbsp; 25000000 |
|  | **Florida—5.8%** |  |
| 15440000 | Broward County, FL HFA (Landings at Coconut Creek), BAML 3a-7 (Series 2023-BAML6006) Weekly VRDNs, (Bank of <br> America N.A. LIQ)/(Bank of America N.A. LOC), 2.940%, 12/4/2025<br>| &nbsp;&nbsp; 15440000 |
| 11470000 | Broward County, FL HFA (ML Casa V LP), 3a-7 (BAML-6018) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America <br> N.A. LOC), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 11470000 |
| 5575000 | Broward County, FL Tourist Development Tax Special Revenue, Tender Option Bond Trust Receipts (Series 2023-XL0429) <br> Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 2.900%, 12/4/2025<br>| &nbsp;&nbsp; 5575000 |
| 3785000 | Federal Home Loan Mortgage Corp. (The Gallery at Smathers Plaza), Citi 3a-7 (Series 2025-CF7017) Weekly VRDNs, <br> (Citibank, N.A. LIQ)/(Citibank, N.A. LOC), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 3785000 |

---

Semi-Annual Financial Statements and Additional Information

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Florida—continued** |  |
| $14405000 | Florida Development Finance Corp. (Baptist Health System, Inc.), (Series BAML5066), (Bank of America N.A. LIQ)/(Bank <br> of America N.A. LOC), 2.940%, Optional Tender 12/18/2025<br>| &nbsp;&nbsp; $14405000 |
| 4805000 | Hillsborough County, FL IDA (Baycare Health System, Inc.), (Series 2020D) Daily VRDNs, (TD Bank, N.A. LOC), <br> 3.000%, 12/1/2025<br>| &nbsp;&nbsp; 4805000 |
| 25000000 | JEA, FL Electric System, (Series 2008C-3), CP, (Royal Bank of Canada LIQ), 2.800%, Mandatory Tender 12/10/2025 | &nbsp;&nbsp; 25000000 |
| 19695000 | JEA, FL Water & Sewer System, (2008 Series A-1: Subordinate Revenue Bonds) Daily VRDNs, (U.S. Bank, N.A. LIQ), <br> 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 19695000 |
| 6800000 | JEA, FL Water & Sewer System, (2008 Series A-2: Subordinate Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, <br> N.A. LIQ), 2.790%, 12/4/2025<br>| &nbsp;&nbsp; 6800000 |
| 8045000 | JEA, FL Water & Sewer System, (Series MS 3a-7), (Morgan Stanley Bank, N.A. LIQ), 2.950%, Optional Tender 1/22/2026 | &nbsp;&nbsp; 8045000 |
| 21745000 | Lee County, FL IDA (Lee Health System), BAML VRDO (Series 2025-VRS202) Daily VRDNs, (Bank of America N.A. <br> LIQ)/(Bank of America N.A. LOC), 2.950%, 12/1/2025<br>| &nbsp;&nbsp; 21745000 |
| 14500000 | Martin County, FL (Florida Power & Light Co.), (Series 2022) Weekly VRDNs, 2.900%, 12/4/2025 | &nbsp;&nbsp; 14500000 |
| 14557964 | Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 (2021-MIZ9072) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 14557964 |
| 1245000 | Miami-Dade County, FL HFA (Superior Manor Phase II LLC), Mizuho 3a-7 (2022-MIZ9087) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 1245000 |
| 4000000 | Miami-Dade County, FL IDA (Florida Power & Light Co.), (Series 2021) Weekly VRDNs, 2.850%, 12/3/2025 | &nbsp;&nbsp; 4000000 |
| 50300000 | Palm Beach County, FL Health Facilities Authority (Morselife Obligated Group), Golden Blue 3a-7 (Series 2023-003) <br> VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.140%, 12/4/2025<br>| &nbsp;&nbsp; 50300000 |
| 18940000 | Pasco County, FL, Tender Option Bond Trust Receipts (Series 2025-XM1213) Weekly VRDNs, (Assured Guaranty, Inc. <br> INS)/(JPMorgan Chase Bank, N.A. LIQ), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 18940000 |
| 85000000 | Tallahassee, FL (Tallahassee Memorial HealthCare, Inc.), BAML VRDO (Series 2025-VRS101) Daily VRDNs, (Bank of <br> America N.A. LIQ)/(Bank of America N.A. LOC), 2.950%, 12/1/2025<br>| &nbsp;&nbsp; 85000000 |
|  | TOTAL | &nbsp;&nbsp; 325307964 |
|  | **Georgia—0.9%** |  |
| 13845000 | Main Street Natural Gas, Inc., GA, (Series 2025-ZF3403) Weekly VRDNs, (Royal Bank of Canada GTD)/(Wells Fargo Bank, <br> N.A. LIQ), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 13845000 |
| 14000000 | Monroe County, GA Development Authority (Florida Power & Light Co.), Pollution Control Revenue Bonds (First Series <br> 2002) Weekly VRDNs, 2.930%, 12/4/2025<br>| &nbsp;&nbsp; 14000000 |
| 12165000 | Municipal Electric Authority of Georgia, Tender Option Bond Trust Certificates (Series 2022-XG0417) Weekly VRDNs, <br> (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 2.900%, 12/4/2025<br>| &nbsp;&nbsp; 12165000 |
| 4900000 | Municipal Electric Authority of Georgia, Tender Option Bond Trust Receipts (Series 2023-XG0462) Daily VRDNs, (Build <br> America Mutual Assurance INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.020%, 12/1/2025<br>| &nbsp;&nbsp; 4900000 |
| 4100000 | Roswell, GA Development Authority (WellStar Health System Obligated Group), (Series 2025A) Daily VRDNs, (Truist Bank <br> LOC), 2.900%, 12/1/2025<br>| &nbsp;&nbsp; 4100000 |
|  | TOTAL | &nbsp;&nbsp; 49010000 |
|  | **Idaho—0.5%** |  |
| 27450000 | Idaho Health Facilities Authority (St. Luke's Health System), (Series 2025D) Daily VRDNs, (TD Bank, N.A. LOC), <br> 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 27450000 |
|  | **Illinois—2.2%** |  |
| 600000 | Chicago, IL Multi-Family Housing Revenue (Churchview Manor Senior Apartments), (Series 2012) Weekly VRDNs, (BMO <br> Bank, N.A. LOC), 2.980%, 12/4/2025<br>| &nbsp;&nbsp; 600000 |
| 6000000 | Chicago, IL Park District, Tender Option Bond Trust Certificates (Series 2025-XX1370) Weekly VRDNs, (Barclays Bank PLC <br> LIQ)/(Build America Mutual Assurance INS), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 6000000 |
| 12275000 | Chicago, IL Transit Authority, Tender Option Bond Trust Certificate (Series 2022-XL0425) Weekly VRDNs, (Build America <br> Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 12275000 |
| 2500000 | Chicago, IL Transit Authority, Tender Option Bond Trust Certificates (Series 2022-ZL0394) Weekly VRDNs, (Build America <br> Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 2500000 |
| 6135000 | Chicago, IL Wastewater Transmission, Tender Option Bond Trust Certificates (2023-ZL0476) Weekly VRDNs, (Assured <br> Guaranty, Inc. INS)/(Wells Fargo Bank, N.A. LIQ), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 6135000 |
| 7500000 | Chicago, IL Water Revenue, Tender Option Bond Trust Certificates (Series 2023-XM1112) Weekly VRDNs, (Assured <br> Guaranty, Inc. INS)/(Wells Fargo Bank, N.A. LIQ), 2.870%, 12/4/2025<br>| &nbsp;&nbsp; 7500000 |
| 6765000 | Chicago, IL Water Revenue, Tender Option Bond Trust Receipts (2023-XM1118) Daily VRDNs, (Assured Guaranty, Inc. <br> INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.070%, 12/1/2025<br>| &nbsp;&nbsp; 6765000 |
| 18000000 | Illinois Finance Authority (City of Hope Obligated Group), BAML VRDO (Series 2025-VRS207) Daily VRDNs, (Bank of <br> America N.A. LIQ)/(Bank of America N.A. LOC), 2.950%, 12/1/2025<br>| &nbsp;&nbsp; 18000000 |

---

Semi-Annual Financial Statements and Additional Information

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Illinois—continued** |  |
| $5960000 | Illinois Finance Authority (Plymouth Place, Inc.), Golden Blue (Series 2025-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays <br> Bank PLC LOC), 3.090%, 12/4/2025<br>| &nbsp;&nbsp; $5960000 |
| 10000000 | Illinois Finance Authority (University of Chicago Medical Center Obligated Group), Mizuho 3a-7 (Series 2024-MIZ9167) <br> Daily VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.000%, 12/1/2025<br>| &nbsp;&nbsp; 10000000 |
| 41250000 | Sales Tax Securitization Corp., IL, Tender Option Bond Trust Certificates (Series 2018-XM0714) Weekly VRDNs, (Build <br> America Mutual Assurance INS)/(Morgan Stanley Bank, N.A. LIQ), 2.870%, 12/4/2025<br>| &nbsp;&nbsp; 41250000 |
| 5920000 | Sales Tax Securitization Corp., IL, Tender Option Bond Trust Certificates (Series 2022-XL0294) Weekly VRDNs, (Barclays <br> Bank PLC LIQ)/(Build America Mutual Assurance INS), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 5920000 |
|  | TOTAL | &nbsp;&nbsp; 122905000 |
|  | **Indiana—0.6%** |  |
| 12140000 | Indiana State Finance Authority Environmental (Ispat Inland, Inc.), (Series 2005) Weekly VRDNs, (Cooperatieve Rabobank <br> UA LOC), 2.850%, 12/3/2025<br>| &nbsp;&nbsp; 12140000 |
| 20045000 | Indiana State Finance Authority Hospital Revenue (Parkview Health System Obligated Group), (Series 2009D) Daily <br> VRDNs, (TD Bank, N.A. LOC), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 20045000 |
|  | TOTAL | &nbsp;&nbsp; 32185000 |
|  | **Iowa—0.3%** |  |
| 5300000 | Iowa Finance Authority - Health Facilities (UnityPoint Health), (Series 2013B-1) Daily VRDNs, (TD Bank, N.A. LOC), <br> 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 5300000 |
| 12850000 | Iowa Finance Authority (UnityPoint Health), Barclays 3a-7 (Series 2024-FR-RI-003) VRENs, (Barclays Bank PLC <br> LIQ)/(Barclays Bank PLC LOC), 3.040%, 12/4/2025<br>| &nbsp;&nbsp; 12850000 |
|  | TOTAL | &nbsp;&nbsp; 18150000 |
|  | **Kentucky—0.7%** |  |
| 3430000 | Fayette County, KY School District, Morgan Stanley 3a-7 (Series 2025-MS0055), (Build America Mutual Assurance <br> INS)/(Morgan Stanley Bank, N.A. LIQ), 2.960%, Optional Tender 12/4/2025<br>| &nbsp;&nbsp; 3430000 |
| 11365000 | Kentucky Economic Development Finance Authority (Madonna Manor, Inc.), BAML 3a-7 (Series 2023-BAML 5038), (Bank <br> of America N.A. LIQ)/(Bank of America N.A. LOC), 3.040%, Optional Tender 1/8/2026<br>| &nbsp;&nbsp; 11365000 |
| 26000000 | Louisville & Jefferson County, KY Metropolitan Government (Norton Healthcare, Inc.), (Series 2023D) Daily VRDNs, (Truist <br> Bank LOC), 2.880%, 12/1/2025<br>| &nbsp;&nbsp; 26000000 |
|  | TOTAL | &nbsp;&nbsp; 40795000 |
|  | **Louisiana—3.5%** |  |
| 25000000 | Louisiana Public Facilities Authority (Louisiana Children's Medical Center), BAML VRDO (Series 2025-VRS209) Daily <br> VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 2.950%, 12/1/2025<br>| &nbsp;&nbsp; 25000000 |
| 3000000 | Louisiana State Gas & Fuels Second Lien, (Series 2023 A-1) Daily VRDNs, (TD Bank, N.A. LOC), 2.850%, 12/1/2025 | &nbsp;&nbsp; 3000000 |
| 5272315 | Louisiana State Housing Corp. (Peace Lake Louisiana Tower Community, LP), MIZUHO 3a-7 (Series 2020-MIZ9053) VRENs, <br> (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 5272315 |
| 40000000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (Nucor Corp. GTD), 3.040%, 12/3/2025 | &nbsp;&nbsp; 40000000 |
| 122705000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 3.000%, 12/3/2025 | &nbsp;&nbsp; 122705000 |
|  | TOTAL | &nbsp;&nbsp; 195977315 |
|  | **Maryland—3.2%** |  |
| 8575000 | Maryland Health and Higher Educational Facilities Authority (Integrace Obligated Group), 3a-7 Credit Enhanced Trust <br> (Series 2022-024) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.140%, 12/4/2025<br>| &nbsp;&nbsp; 8575000 |
| 27000000 | Maryland State Economic Development Corp. (929 N Wolfe Street LLC), Tender Option Bond Trust Receipts <br> (Series 2022-XF3015) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 27000000 |
| 15700000 | Maryland State Health & Higher Educational Facilities Authority (Stella Maris, Inc.), (Series 2018) Weekly VRDNs, <br> (Manufacturers & Traders Trust Co. LOC), 2.900%, 12/4/2025<br>| &nbsp;&nbsp; 15700000 |
| 8590000 | Maryland State Health & Higher Educational Facilities Authority (University of Maryland Medical System Corp.), <br> (Series 2008D) Daily VRDNs, (TD Bank, N.A. LOC), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 8590000 |
| 18250000 | Montgomery County, MD (Trinity Healthcare Credit Group), (Series 2013MD), 2.900%, Mandatory Tender 12/1/2025 | &nbsp;&nbsp; 18250000 |
| 50000000 | Montgomery County, MD (Trinity Healthcare Credit Group), (Series 2013MD), 2.900%, Mandatory Tender 3/2/2026 | &nbsp;&nbsp; 50000000 |
| 50000000 | Montgomery County, MD, (2010 Series A), CP, 2.690%, Mandatory Tender 2/11/2026 | &nbsp;&nbsp; 50000000 |
|  | TOTAL | &nbsp;&nbsp; 178115000 |
|  | **Massachusetts—0.2%** |  |
| 13200000 | Massachusetts Development Finance Agency (Residences at Fifty West Broadway LLC), BAML 3a-7 <br> (Series 2023-BAML6005) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 2.940%, 12/4/2025<br>| &nbsp;&nbsp; 13200000 |

---

Semi-Annual Financial Statements and Additional Information

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Michigan—1.4%** |  |
| $4800000 | Lansing, MI, Tender Option Bond Trust Certificates (Series 2023-XG0499) Weekly VRDNs, (Assured Guaranty, Inc. <br> INS)/(Wells Fargo Bank, N.A. LOC), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; $4800000 |
| 19000000 | Michigan State Building Authority (Michigan State), (Series 2025-MS0069E), (Morgan Stanley Bank, N.A. LIQ), 2.990%, <br> Optional Tender 2/12/2026<br>| &nbsp;&nbsp; 19000000 |
| 15600000 | Michigan State Building Authority, (Series III) VRENs, 2.890%, 12/1/2025 | &nbsp;&nbsp; 15600000 |
| 11250000 | Michigan State Finance Authority (Trinity Healthcare Credit Group), (Series 2013MI-1), 2.900%, Mandatory <br> Tender 12/1/2025<br>| &nbsp;&nbsp; 11250000 |
| 29060000 | Michigan State Finance Authority (Trinity Healthcare Credit Group), (Series 2013MI-1), 2.900%, Mandatory <br> Tender 3/2/2026<br>| &nbsp;&nbsp; 29060000 |
|  | TOTAL | &nbsp;&nbsp; 79710000 |
|  | **Minnesota—0.6%** |  |
| 27000000 | Hennepin County, MN, Series 2025 (A & C), CP, 2.600%, Mandatory Tender 1/6/2026 | &nbsp;&nbsp; 27000000 |
| 7810000 | St. Paul, MN Housing & Redevelopment Authority (LSBD St Paul Broadway LLC), Mizuho 3a-7 (Series 2024-MIZ9186) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 7810000 |
|  | TOTAL | &nbsp;&nbsp; 34810000 |
|  | **Mississippi—0.1%** |  |
| 1800000 | Mississippi Business Finance Corp. (Tri-State Truck Center, Inc.), (Series 2008) Weekly VRDNs, (Regions Bank LOC), <br> 2.990%, 12/4/2025<br>| &nbsp;&nbsp; 1800000 |
| 4700000 | Mississippi Development Bank (Jackson, MS Water & Sewer System), Tender Option Bond Trust Certificates <br> (Series 2025-ZF3402) Weekly VRDNs, (Assured Guaranty, Inc. INS)/(Morgan Stanley Bank, N.A. LIQ), 2.940%, 12/4/2025<br>| &nbsp;&nbsp; 4700000 |
|  | TOTAL | &nbsp;&nbsp; 6500000 |
|  | **Missouri—0.5%** |  |
| 7000000 | Kansas City, MO IDA (Paige Point Townhomes), Mizuho 3a-7 (Series 2023-MIZ9154) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 7000000 |
| 10000000 | Missouri State HEFA (Stowers Institute for Medical Research), RBC Muni Products (Series 2018 C-16) Weekly VRDNs, <br> (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.840%, 12/4/2025<br>| &nbsp;&nbsp; 10000000 |
| 10000000 | St. Louis County, MO IDA (Hawkins Village Associates LLC), Mizuho 3a-7 (Series 2023-MIZ9153) VRENs, (Mizuho Bank <br> Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 10000000 |
|  | TOTAL | &nbsp;&nbsp; 27000000 |
|  | **Multi-State—9.2%** |  |
| 24000000 | Federal Home Loan Mortgage Corp. (Freddie Mac Gold Pool), Citi 3a-7 (Series 2024-CF7004) Weekly VRDNs, (Citibank, <br> N.A. LIQ)/(Citibank, N.A. LOC), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 24000000 |
| 19000000 | Federal Home Loan Mortgage Corp. (Freddie Mac Gold Pool), Citi 3a-7 (Series 2024-CF7008) Weekly VRDNs, (Citibank, <br> N.A. LIQ)/(Citibank, N.A. LOC), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 19000000 |
| 7450000 | Federal Home Loan Mortgage Corp. (Freddie Mac Gold Pool), Citi 3a-7 (Series 2024-CF7009) Weekly VRDNs, (Citibank, <br> N.A. LIQ)/(Citibank, N.A. LOC), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 7450000 |
| 133400000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 2) MuniFund Preferred Shares Weekly VRDPs, (JPMorgan Chase <br> Bank, N.A. LIQ), 2.860%, 12/4/2025<br>| &nbsp;&nbsp; 133400000 |
| 116000000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) MuniFund Preferred Shares Weekly VRDPs, (Societe Generale <br> S.A. LIQ), 2.850%, 12/4/2025<br>| &nbsp;&nbsp; 116000000 |
| 41100000 | Nuveen AMT-Free Quality Municipal Income Fund, (Series A) Weekly VRDPs, (Bank of America N.A. LIQ), <br> 2.860%, 12/4/2025<br>| &nbsp;&nbsp; 41100000 |
| 79200000 | Nuveen AMT-Free Quality Municipal Income Fund, (Series C) Weekly VRDPs, (Societe Generale S.A. LIQ), <br> 2.850%, 12/4/2025<br>| &nbsp;&nbsp; 79200000 |
| 40000000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 3) Weekly VRDPs, (TD Bank, N.A. LIQ), <br> 2.880%, 12/4/2025<br>| &nbsp;&nbsp; 40000000 |
| 57000000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) MuniFund Preferred Shares Weekly VRDPs, <br> (Barclays Bank PLC LIQ), 2.870%, 12/4/2025<br>| &nbsp;&nbsp; 57000000 |
|  | TOTAL | &nbsp;&nbsp; 517150000 |
|  | **Nebraska—1.8%** |  |
| 28400000 | Central Plains, NE Energy Project, (Series 2022-XF3009) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC <br> LOC), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 28400000 |
| 10000000 | Omaha, NE Public Power District, (Series A), CP, 2.600%, Mandatory Tender 12/2/2025 | &nbsp;&nbsp; 10000000 |
| 10000000 | Omaha, NE Public Power District, (Series A), CP, 2.650%, Mandatory Tender 1/15/2026 | &nbsp;&nbsp; 10000000 |
| 10000000 | Omaha, NE Public Power District, (Series A), CP, 2.690%, Mandatory Tender 12/5/2025 | &nbsp;&nbsp; 10000000 |
| 14600000 | Omaha, NE Public Power District, (Series A), CP, 2.720%, Mandatory Tender 12/10/2025 | &nbsp;&nbsp; 14600000 |

---

Semi-Annual Financial Statements and Additional Information

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Nebraska—continued** |  |
| $6500000 | Omaha, NE Public Power District, (Series-MS0070E), (Morgan Stanley Bank, N.A. LIQ), 2.990%, Optional <br> Tender 2/12/2026<br>| &nbsp;&nbsp; $6500000 |
| 21600000 | Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 2.820%, 12/4/2025 | &nbsp;&nbsp; 21600000 |
|  | TOTAL | &nbsp;&nbsp; 101100000 |
|  | **Nevada—0.0%** |  |
| 2250000 | Nevada Housing Division (DWF V Summit Club Holdings LLC), Mizuho 3a-7 (Series 2023-MIZ9131) Weekly VRDNs, <br> (Federal Home Loan Mortgage Corp. GTD)/(Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 2250000 |
|  | **New Hampshire—0.6%** |  |
| 7330000 | National Finance Authority, NH (HealthCore Westover Hills, LLC), Mizuho 3a-7 (Series 2025-MIZ9217) VRENs, (Mizuho <br> Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 7330000 |
| 6675000 | National Finance Authority, NH (Novant Health Obligated Group), (Series 2024B) Daily VRDNs, (Truist Bank LOC), <br> 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 6675000 |
| 19630000 | National Finance Authority, NH (University Hospitals Home Care, Inc.), Morgan Stanley 3a-7 (Series 2024-MS0023), <br> (Morgan Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 3.090%, Optional Tender 1/22/2026<br>| &nbsp;&nbsp; 19630000 |
|  | TOTAL | &nbsp;&nbsp; 33635000 |
|  | **New Jersey—4.1%** |  |
| 4000000 | Bergenfield, NJ BANs, 3.150%, 11/13/2026 | &nbsp;&nbsp; 4005529 |
| 4129600 | Berkeley Heights Township, NJ BANs, 3.600%, 3/26/2026 | &nbsp;&nbsp; 4130849 |
| 1720000 | Bernardsville, NJ BANs, 3.750%, 3/26/2026 | &nbsp;&nbsp; 1721306 |
| 1504000 | Boonton, NJ BANs, 3.600%, 6/4/2026 | &nbsp;&nbsp; 1506211 |
| 8790000 | Bound Brook Borough, NJ BANs, 3.000%, 9/9/2026 | &nbsp;&nbsp; 8809817 |
| 8328000 | Chatham Borough, NJ BANs, 3.750%, 5/15/2026 | &nbsp;&nbsp; 8339627 |
| 2866000 | Chatham Township, NJ BANs, 3.500%, 9/25/2026 | &nbsp;&nbsp; 2872786 |
| 11449000 | Clark Township, NJ BANs, 3.750%, 8/14/2026 | &nbsp;&nbsp; 11460563 |
| 7138000 | Clayton Borough, NJ BANs, 3.250%, 11/24/2026 | &nbsp;&nbsp; 7175489 |
| 6903000 | Cranford Township, NJ BANs, 3.500%, 12/10/2025 | &nbsp;&nbsp; 6903247 |
| 9700000 | Cranford Township, NJ BANs, 3.500%, 7/17/2026 | &nbsp;&nbsp; 9708749 |
| 9700000 | Cranford Township, NJ BANs, 3.900%, 8/21/2026 | &nbsp;&nbsp; 9706728 |
| 3384000 | Englewood Cliffs, NJ BANs, 3.250%, 10/14/2026 | &nbsp;&nbsp; 3386821 |
| 5874000 | Fairfield Township, NJ BANs, 4.000%, 3/5/2026 | &nbsp;&nbsp; 5876184 |
| 4676000 | Franklin Borough, NJ BANs, 3.500%, 7/21/2026 | &nbsp;&nbsp; 4684613 |
| 13280000 | Garden State, NJ Preservation Trust (New Jersey State), Tender Option Bond Trust Receipts (2016-ZF0416) Weekly <br> VRDNs, (Assured Guaranty, Inc. INS)/(JPMorgan Chase Bank, N.A. LIQ), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 13280000 |
| 6528000 | Hasbrouck Heights, NJ BANs, 3.750%, 8/7/2026 | &nbsp;&nbsp; 6543049 |
| 4066000 | Ho-Ho-Kus, NJ BANs, 3.700%, 5/1/2026 | &nbsp;&nbsp; 4067615 |
| 4285000 | Holmdel Township, NJ BANs, 3.000%, 9/18/2026 | &nbsp;&nbsp; 4295655 |
| 10000000 | Kearny, NJ BANs, 3.750%, 3/24/2026 | &nbsp;&nbsp; 10004512 |
| 9900000 | Kenilworth, NJ BANs, 3.500%, 2/27/2026 | &nbsp;&nbsp; 9903461 |
| 5755000 | Linwood, NJ BANs, 4.000%, 1/23/2026 | &nbsp;&nbsp; 5756614 |
| 7920000 | Middlesex County Improvement Authority (NBCCR Urban Renewal LLC), Citi 3a-7 (Series 2024-CF7010) Weekly VRDNs, <br> (Citibank, N.A. LIQ)/(Citibank, N.A. LOC), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 7920000 |
| 4834483 | Mountain Lakes, NJ BANs, 4.000%, 7/31/2026 | &nbsp;&nbsp; 4881122 |
| 4935000 | New Jersey State Housing and Mortgage Finance Agency (609 Broad Street), CITI 3a-7 (Series 2025-CF7019) Weekly <br> VRDNs, (Citibank, N.A. LIQ)/(Citibank, N.A. LOC), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 4935000 |
| 15204000 | North Plainfield, NJ BANs, 3.250%, 11/23/2026 | &nbsp;&nbsp; 15276321 |
| 9800000 | Norwood, NJ BANs, 4.000%, 7/10/2026 | &nbsp;&nbsp; 9817136 |
| 4747900 | Palmyra Borough, NJ BANs, 3.000%, 12/1/2026 | &nbsp;&nbsp; 4758013 |
| 9138000 | Paramus Borough, NJ BANs, 4.000%, 4/30/2026 | &nbsp;&nbsp; 9148889 |
| 7640000 | Point Pleasant, NJ BANs, 3.250%, 8/28/2026 | &nbsp;&nbsp; 7670236 |
| 6799719 | Runnemede, NJ BANs, 3.400%, 6/16/2026 | &nbsp;&nbsp; 6805018 |
| 7063000 | Ship Bottom, NJ BANs, 3.750%, 7/9/2026 | &nbsp;&nbsp; 7085668 |
| 3085046 | South Bound Brook, NJ BANs, 3.000%, 12/10/2026 | &nbsp;&nbsp; 3091031 |

---

Semi-Annual Financial Statements and Additional Information

**6**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **New Jersey—continued** |  |
| $6926576 | Tewksbury Township, NJ, (Series A) BANs, 3.750%, 5/8/2026 | &nbsp;&nbsp; $6935265 |
|  | TOTAL | &nbsp;&nbsp; 232463124 |
|  | **New Mexico—0.3%** |  |
| 2000000 | New Mexico Mortgage Finance Authority (JLG NM SAF 2023, LLLP), (Series 2023), (United States Treasury GTD), 3.280%, <br> Mandatory Tender 3/1/2026<br>| &nbsp;&nbsp; 2000000 |
| 7500000 | New Mexico Mortgage Finance Authority, (Series G-2), (United States Treasury GTD), 3.000%, Mandatory <br> Tender 12/1/2026<br>| &nbsp;&nbsp; 7500000 |
| 4000000 | New Mexico Mortgage Finance Authority, (Series G-3), (United States Treasury GTD), 3.000%, Mandatory <br> Tender 12/1/2026<br>| &nbsp;&nbsp; 4000000 |
| 5825000 | New Mexico State Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), Barclays 3a-7 Credit <br> Enhanced (Series 2022-034) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.140%, 12/4/2025<br>| &nbsp;&nbsp; 5825000 |
|  | TOTAL | &nbsp;&nbsp; 19325000 |
|  | **New York—14.3%** |  |
| 14912823 | Addison, NY Central School District BANs, 4.000%, 6/25/2026 | &nbsp;&nbsp; 14973927 |
| 4360500 | Ardsley Village, NY BANs, 3.750%, 10/1/2026 | &nbsp;&nbsp; 4404771 |
| 4040000 | Belleville Henderson, NY Central School District BANs, 3.750%, 7/16/2026 | &nbsp;&nbsp; 4053367 |
| 38000000 | Broome County, NY BANs, 3.750%, 4/24/2026 | &nbsp;&nbsp; 38028934 |
| 5300000 | Canangaigua Town, NY BANs, 4.000%, 10/16/2026 | &nbsp;&nbsp; 5363169 |
| 10000000 | Canastota, NY Central School District BANs, 4.000%, 6/24/2026 | &nbsp;&nbsp; 10043527 |
| 6809480 | Carmel, NY BANs, 3.000%, 9/25/2026 | &nbsp;&nbsp; 6833831 |
| 5000000 | Center Moriches, NY Union Free School District TANs, 3.250%, 6/26/2026 | &nbsp;&nbsp; 5016707 |
| 7817000 | Cortlandt, NY BANs, 3.000%, 10/2/2026 | &nbsp;&nbsp; 7850117 |
| 25000000 | Dutchess County, NY Local Development Corp. (Bard College), Barclays 3a-7 Credit Enhanced (Series 2023-008) VRENs, <br> (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.040%, 12/4/2025<br>| &nbsp;&nbsp; 25000000 |
| 15500000 | Dutchess County, NY Local Development Corp. (Bard College), Barclays 3a-7 Credit Enhanced (Series 2024-002) VRENs, <br> (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.040%, 12/4/2025<br>| &nbsp;&nbsp; 15500000 |
| 26975000 | Highland Falls-Fort Montgomery, NY Central School District BANs, 3.250%, 6/26/2026 | &nbsp;&nbsp; 27041972 |
| 10795000 | Holland Patent, NY Central School District BANs, 4.000%, 7/15/2026 | &nbsp;&nbsp; 10853285 |
| 6155000 | Metropolitan Transportation Authority, NY (MTA Dedicated Tax Fund), (Subseries 2008A-1) Daily VRDNs, (TD Bank, N.A. <br> LOC), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 6155000 |
| 2400000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2002D-2A1) Daily VRDNs, (Truist Bank <br> LOC), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 2400000 |
| 3975000 | New Paltz, NY BANs, 3.250%, 8/19/2026 | &nbsp;&nbsp; 3986028 |
| 6975000 | New York City, NY Municipal Water Finance Authority Daily VRDNs, (State Street Bank and Trust Co. LIQ), <br> 2.900%, 12/1/2025<br>| &nbsp;&nbsp; 6975000 |
| 6100000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2014 AA-3 Bonds) Daily VRDNs, (TD Bank, N.A. LIQ), <br> 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 6100000 |
| 17800000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2014 AA-4 Bonds) Daily VRDNs, (State Street Bank and <br> Trust Co. LIQ), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 17800000 |
| 6955000 | New York City, NY Municipal Water Finance Authority, (Series 2010CC) Daily VRDNs, (State Street Bank and Trust Co. <br> LIQ), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 6955000 |
| 28815000 | New York City, NY Transitional Finance Authority, (2019 Subseries A-4) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 28815000 |
| 3700000 | New York City, NY Transitional Finance Authority, (Fiscal 2023 Subseries A-3) Daily VRDNs, (Bank of New York Mellon, <br> N.A. LIQ), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 3700000 |
| 20060000 | New York City, NY Transitional Finance Authority, (Fiscal 2025 Subseries C-3) Weekly VRDNs, (Sumitomo Mitsui Banking <br> Corp. LIQ), 2.920%, 12/4/2025<br>| &nbsp;&nbsp; 20060000 |
| 8000000 | New York City, NY Transitional Finance Authority, (Fiscal 2025 Subseries C-4) Weekly VRDNs, (Sumitomo Mitsui Banking <br> Corp. LIQ), 2.790%, 12/4/2025<br>| &nbsp;&nbsp; 8000000 |
| 55775000 | New York City, NY Transitional Finance Authority, (Series 2025 H-2) Daily VRDNs, (TD Bank, N.A. LIQ), 2.850%, 12/1/2025 | &nbsp;&nbsp; 55775000 |
| 13900000 | New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2013C-4) Daily VRDNs, <br> (JPMorgan Chase Bank, N.A. LIQ), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 13900000 |
| 25740000 | New York City, NY, (Fiscal 2014, Series I-3) Daily VRDNs, (U.S. Bank, N.A. LIQ), 2.900%, 12/1/2025 | &nbsp;&nbsp; 25740000 |
| 18430000 | New York City, NY, (Fiscal 2018 Series E Subseries E-5) Daily VRDNs, (TD Bank, N.A. LOC), 2.850%, 12/1/2025 | &nbsp;&nbsp; 18430000 |
| 6750000 | New York City, NY, (Fiscal 2022 Subseries D-4) Daily VRDNs, (State Street Bank and Trust Co. LIQ), 2.850%, 12/1/2025 | &nbsp;&nbsp; 6750000 |
| 35190000 | New York City, NY, (Fiscal 2023 Series A-3) Daily VRDNs, (BMO Bank, N.A. LIQ), 2.850%, 12/1/2025 | &nbsp;&nbsp; 35190000 |

---

Semi-Annual Financial Statements and Additional Information

**7**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **New York—continued** |  |
| $3345000 | New York City, NY, (Subseries D-4) Daily VRDNs, (TD Bank, N.A. LOC), 2.850%, 12/1/2025 | &nbsp;&nbsp; $3345000 |
| 2915000 | New York State Dormitory Authority (Blythedale Children's Hospital), (Series 2009) Weekly VRDNs, (TD Bank, N.A. LOC), <br> 2.810%, 12/4/2025<br>| &nbsp;&nbsp; 2915000 |
| 11800000 | New York State Dormitory Authority (Northwell Healthcare, Inc.), Tender Option Bond Trust Certificates <br> (Series 2022-XF2994) Weekly VRDNs, (Assured Guaranty, Inc. INS)/(Wells Fargo Bank, N.A. LIQ), 2.940%, 12/4/2025<br>| &nbsp;&nbsp; 11800000 |
| 8250000 | New York State Dormitory Authority (Roswell Park Cancer Institute), Tender Option Bond Trust Certificates <br> (Series 2025-XM1312) Weekly VRDNs, (Assured Guaranty Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 8250000 |
| 30385000 | New York State Dormitory Authority (Royal Charter Properties-East, Inc.), Mizuho 3a-7 (Series 2025-MIZ9208) VRENs, <br> (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 30385000 |
| 8000000 | New York State Dormitory Authority Revenues (White Plains Hospital Obligated Group), (Series 2024-XM1195) Weekly <br> VRDNs, (Assured Guaranty, Inc. INS)/(Barclays Bank PLC LIQ), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 8000000 |
| 83795000 | New York State HFA (42nd and 10th Street Associates LLC), 3a-7 HIGH GRADE TRUST (Series 2022-003) VRENs, (Barclays <br> Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.140%, 12/4/2025<br>| &nbsp;&nbsp; 83795000 |
| 16680000 | New York State HFA (500 West 30th LLC), Mizuho 3a-7 (Series 2025-MIZ9226) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 16680000 |
| 8000000 | New York State HFA (Flatbush Avenue Apartments), Mizuho 3a-7 (Series 2025-MIZ9239) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 8000000 |
| 15000000 | New York State Thruway Authority - Personal Income Tax Revenue, Morgan Stanley 3a-7 (2025-MS0053), (Morgan Stanley <br> Bank, N.A. LIQ), 2.990%, Optional Tender 1/8/2026<br>| &nbsp;&nbsp; 15000000 |
| 5700000 | New York State Urban Development Corp. (New York State Sales Tax Revenue Bond Fund), Morgan Stanley 3a-7 <br> (Series 2025-MS0077E), (Morgan Stanley Bank, N.A. LIQ), 2.970%, Optional Tender 1/22/2026<br>| &nbsp;&nbsp; 5700000 |
| 8920000 | Newburgh, NY BANs, 3.250%, 8/7/2026 | &nbsp;&nbsp; 8940689 |
| 23900000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Royal Bank of Canada LIQ), <br> 2.840%, 12/4/2025<br>| &nbsp;&nbsp; 23900000 |
| 4000000 | Peru, NY Central School District BANs, 3.500%, 6/25/2026 | &nbsp;&nbsp; 4005012 |
| 12500000 | Rockville Centre, NY Union Free School District TANs, 3.250%, 6/24/2026 | &nbsp;&nbsp; 12537728 |
| 8000000 | Sewanhaka, NY Central High School District TANs, 3.250%, 6/18/2026 | &nbsp;&nbsp; 8027893 |
| 16300000 | South Seneca, NY Central School District BANs, 4.000%, 6/26/2026 | &nbsp;&nbsp; 16367112 |
| 4000000 | Southold, NY Union Free School District TANs, 3.750%, 6/24/2026 | &nbsp;&nbsp; 4024289 |
| 31950000 | Three Village, NY Central School District TANs, 4.000%, 6/24/2026 | &nbsp;&nbsp; 32213697 |
| 2180000 | Tuckahoe, NY Union Free School District TANs, 4.000%, 6/23/2026 | &nbsp;&nbsp; 2193031 |
| 6254300 | Valhalla, NY Union Free School District BANs, 3.500%, 6/17/2026 | &nbsp;&nbsp; 6267430 |
| 3582015 | Victor, NY Central School District BANs, 3.500%, 9/11/2026 | &nbsp;&nbsp; 3603699 |
| 12210000 | Voorheesville, NY Central School District BANs, 4.000%, 7/9/2026 | &nbsp;&nbsp; 12274174 |
| 4644000 | Watertown, NY (City of) BANs, 4.000%, 6/26/2026 | &nbsp;&nbsp; 4659276 |
| 14960000 | Wellsville, NY Central School District BANs, 4.000%, 6/26/2026 | &nbsp;&nbsp; 15025752 |
| 6404068 | West Babylon, NY Union Free School District, (Series B) BANs, 4.000%, 6/24/2026 | &nbsp;&nbsp; 6431943 |
| 3579766 | Whitesboro, NY Central School District BANs, 3.750%, 9/4/2026 | &nbsp;&nbsp; 3607531 |
| 6000000 | Williston Park, NY BANs, 3.000%, 10/16/2026 | &nbsp;&nbsp; 6020399 |
|  | TOTAL | &nbsp;&nbsp; 805664290 |
|  | **North Carolina—0.9%** |  |
| 15000000 | North Carolina Turnpike Authority, Tender Option Bond Trust Receipts (Series 2024-XG0547) Weekly VRDNs, (Assured <br> Guaranty, Inc. INS)/(JPMorgan Chase Bank, N.A. LIQ), 2.960%, 12/4/2025<br>| &nbsp;&nbsp; 15000000 |
| 7860000 | University of North Carolina at Chapel Hill (University of North Carolina Hospitals), (Series 2001A) Daily VRDNs, (TD Bank, <br> N.A. LIQ), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 7860000 |
| 26760000 | University of North Carolina at Chapel Hill (University of North Carolina Hospitals), (Series 2001B) Daily VRDNs, (TD Bank, <br> N.A. LIQ), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 26760000 |
|  | TOTAL | &nbsp;&nbsp; 49620000 |
|  | **Ohio—5.9%** |  |
| 1050000 | Allen County, OH (Bon Secours Mercy Health), (Series 2025D) Daily VRDNs, (Truist Bank LOC), 2.900%, 12/1/2025 | &nbsp;&nbsp; 1050000 |
| 8325000 | Avon, OH BANs, (Ohio State GTD), 3.750%, 7/1/2026 | &nbsp;&nbsp; 8343713 |
| 12500000 | Cleveland, OH BANs, 4.000%, 12/9/2026 | &nbsp;&nbsp; 12666375 |
| 10000000 | Columbus-Franklin County, OH Finance Authority (CIX Crossridge Lane Apartments, LLC), (Series 2024-BAML6028) Daily <br> VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 2.950%, 12/1/2025<br>| &nbsp;&nbsp; 10000000 |
| 11500000 | Cuyahoga County, OH BANs, 4.250%, 6/4/2026 | &nbsp;&nbsp; 11556402 |

---

Semi-Annual Financial Statements and Additional Information

**8**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Ohio—continued** |  |
| $4610000 | Cuyahoga Falls, OH BANs, 4.250%, 10/22/2026 | &nbsp;&nbsp; $4673953 |
| 4070000 | Cuyahoga, OH Metropolitan Housing Authority (Wade Park Apartments), (Series 2022), (United States Treasury GTD), <br> 3.320%, Mandatory Tender 6/1/2026<br>| &nbsp;&nbsp; 4070000 |
| 3310000 | Elyria, OH BANs, 4.375%, 6/25/2026 | &nbsp;&nbsp; 3326701 |
| 1750000 | Fairfield, OH BANs, 4.000%, 4/14/2026 | &nbsp;&nbsp; 1754787 |
| 1350000 | Fairview Park, OH BANs, 4.000%, 11/19/2026 | &nbsp;&nbsp; 1362673 |
| 27295000 | Hamilton County, OH (Block 3 Community Urban Redevelopment Corp.), (Series 2004) Weekly VRDNs, (Citizens Bank, <br> N.A. LOC), 2.870%, 12/4/2025<br>| &nbsp;&nbsp; 27295000 |
| 65000000 | Hamilton County, OH Sales Tax Revenue, (Series 2025) BANs, 5.000%, 12/1/2026 | &nbsp;&nbsp; 66403350 |
| 5750000 | Huber Heights, OH BANs, 4.250%, 6/25/2026 | &nbsp;&nbsp; 5782378 |
| 16151000 | Huber Heights, OH BANs, 5.000%, 6/25/2026 | &nbsp;&nbsp; 16308123 |
| 3050000 | Lake County, OH BANs, 4.125%, 6/24/2026 | &nbsp;&nbsp; 3061165 |
| 9600000 | Lakewood, OH BANs, 4.000%, 4/9/2026 | &nbsp;&nbsp; 9629599 |
| 2850000 | Lebanon, OH BANs, 4.000%, 2/3/2026 | &nbsp;&nbsp; 2853042 |
| 12020000 | Lorain County, OH BANs, 4.250%, 4/22/2026 | &nbsp;&nbsp; 12044814 |
| 2225000 | Monroe, OH BANs, 4.000%, 11/17/2026 | &nbsp;&nbsp; 2246176 |
| 2500000 | North Olmsted, OH BANs, (Ohio State GTD), 4.000%, 6/24/2026 | &nbsp;&nbsp; 2509506 |
| 2000000 | North Ridgeville, OH BANs, 4.000%, 11/18/2026 | &nbsp;&nbsp; 2019089 |
| 10000000 | Oakwood City School District BANs, 4.000%, 4/30/2026 | &nbsp;&nbsp; 10050769 |
| 7555000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2019F) Daily VRDNs, 2.900%, 12/1/2025 | &nbsp;&nbsp; 7555000 |
| 14150000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series B-5), CP, 2.600%, Mandatory <br> Tender 12/16/2025<br>| &nbsp;&nbsp; 14150000 |
| 4625000 | Ohio State Higher Educational Facility Commission (University Circle, Inc. 2020), Morgan Stanley 3a-7 <br> (Series 2024-MS0027), (Morgan Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 2.990%, Optional <br> Tender 12/18/2025<br>| &nbsp;&nbsp; 4625000 |
| 4285000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc. Obligated Group), (Series C-18) Weekly VRDNs, <br> (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.830%, 12/4/2025<br>| &nbsp;&nbsp; 4285000 |
| 31395000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Barclays Golden Blue (Series 2020-002) VRENs, <br> (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.090%, 12/4/2025<br>| &nbsp;&nbsp; 31395000 |
| 16100000 | Ohio State Water Development Authority Pollution Control Facilities (Ohio State Water Development Authority), <br> (Series 2024C) Daily VRDNs, (TD Bank, N.A. LIQ), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 16100000 |
| 25000000 | Ohio State Water Development Authority, CP, (TD Bank, N.A. LIQ), 2.800%, Mandatory Tender 12/3/2025 | &nbsp;&nbsp; 25000000 |
| 5050000 | Stow, OH BANs, 3.800%, 4/17/2026 | &nbsp;&nbsp; 5061013 |
| 5550000 | Strongsville, OH BANs, 4.250%, 12/10/2025 | &nbsp;&nbsp; 5551401 |
| 1850000 | Strongsville, OH BANs, 5.000%, 12/10/2025 | &nbsp;&nbsp; 1850572 |
|  | TOTAL | &nbsp;&nbsp; 334580601 |
|  | **Oklahoma—0.3%** |  |
| 3049049 | Oklahoma HFA (Steele Duncan Plaza, LLC), Mizuho 3a-7 (Series 2022-MIZ9103) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 3049049 |
| 9340000 | Oklahoma Water Resources Board, (Series 2025-XF3480) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), <br> 2.860%, 12/4/2025<br>| &nbsp;&nbsp; 9340000 |
| 5000000 | Oklahoma Water Resources Board, MS 3a-7 (Series 2025-MS0060), (Morgan Stanley Bank, N.A. LIQ), 2.970%, Optional <br> Tender 1/8/2026<br>| &nbsp;&nbsp; 5000000 |
|  | TOTAL | &nbsp;&nbsp; 17389049 |
|  | **Oregon—0.4%** |  |
| 4625000 | Oregon State Facilities Authority (ISF Magnolia Gardens LLC), Barclays 3a-7 (Series 2025-1010) VRENs, (Barclays Bank <br> PLC LIQ)/(Barclays Bank PLC LOC), 3.140%, 12/4/2025<br>| &nbsp;&nbsp; 4625000 |
| 2285000 | Oregon State Facilities Authority (ISF Magnolia Gardens LLC), Barclays 3a-7 (Series 2025-1011) VRENs, (Barclays Bank <br> PLC LIQ)/(Barclays Bank PLC LOC), 3.140%, 12/4/2025<br>| &nbsp;&nbsp; 2285000 |
| 6500000 | Oregon State Facilities Authority (PeaceHealth), (2018 Series B) Daily VRDNs, (TD Bank, N.A. LOC), 2.850%, 12/1/2025 | &nbsp;&nbsp; 6500000 |
| 12000000 | Port of Morrow, OR, MS 3a-7 (2024-MS0026), (Morgan Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), <br> 2.990%, Optional Tender 12/11/2025<br>| &nbsp;&nbsp; 12000000 |
|  | TOTAL | &nbsp;&nbsp; 25410000 |

---

Semi-Annual Financial Statements and Additional Information

**9**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Pennsylvania—1.3%** |  |
| $13000000 | Northampton County, PA General Purpose Authority (St. Luke's Hospital Obligated Group), (Series B) Daily VRDNs, (TD <br> Bank, N.A. LOC), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; $13000000 |
| 10000000 | Pennsylvania Economic Development Financing Authority (Villanova University), Morgan Stanley 3a-7 <br> (Series 2025-MS0082), (Morgan Stanley Bank, N.A. LIQ), 2.940%, Optional Tender 1/15/2026<br>| &nbsp;&nbsp; 10000000 |
| 561382 | Pennsylvania Housing Finance Agency (Mary Field Senior Apartments LP), Mizuho 3a-7 (Series 2024-MIZ9177) VRENs, <br> (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 561382 |
| 11995000 | Pennsylvania State Higher Education Facilities Authority (Foundation for Indiana University of Pennsylvania), RBC Muni <br> Products (E-75), (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.990%, Optional Tender 1/2/2026<br>| &nbsp;&nbsp; 11995000 |
| 18550000 | Pennsylvania State Higher Education Facilities Authority (Thomas Jefferson University Obligated Group), (Series D-2) <br> Daily VRDNs, (PNC Bank, N.A. LOC), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 18550000 |
| 5220000 | Philadelphia, PA Water & Wastewater System, (Series 2024-ZF3251) Weekly VRDNs, (Assured Guaranty, Inc. INS)/(Wells <br> Fargo Bank, N.A. LIQ), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 5220000 |
| 2230000 | Pittsburgh & Allegheny County, PA Sports & Exhibition Authority Parking System, (Series A of 2007) Weekly VRDNs, <br> (Assured Guaranty, Inc. INS)/(PNC Bank, N.A. LIQ), 2.780%, 12/4/2025<br>| &nbsp;&nbsp; 2230000 |
| 14000000 | State Public School Building Authority, PA (Philadelphia, PA School District), Tender Option Bond Trust Certificates <br> (2016-XG0085) Weekly VRDNs, (Assured Guaranty, Inc. INS)/(Morgan Stanley Bank, N.A. LIQ), 2.870%, 12/4/2025<br>| &nbsp;&nbsp; 14000000 |
|  | TOTAL | &nbsp;&nbsp; 75556382 |
|  | **South Carolina—1.8%** |  |
| 8890000 | South Carolina Jobs-EDA (B&C Multi-County Business Park), BAML 3a-7 (Series 2024-BAML6020) Weekly VRDNs, (Bank <br> of America N.A. LIQ)/(Bank of America N.A. LOC), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 8890000 |
| 15500000 | South Carolina Jobs-EDA (BTH Greenville I LLC), Tender Option Bond Trust Certificates (Series 2022-XF3075) Weekly <br> VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 15500000 |
| 5500000 | South Carolina Jobs-EDA (BTH Spartanburg I LLC), Tender Option Bond Trust Receipts (Series 2022-XF3074) Weekly <br> VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 5500000 |
| 34200000 | South Carolina Jobs-EDA (Palmetto Health), BAML VRDO (Series 2025-VRS-208) Daily VRDNs, (Bank of America N.A. <br> LIQ)/(Bank of America N.A. LOC), 2.950%, 12/1/2025<br>| &nbsp;&nbsp; 34200000 |
| 21050000 | South Carolina Jobs-EDA (Prisma Health Obligated Group), (Series 2018C) Daily VRDNs, (TD Bank, N.A. LOC), <br> 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 21050000 |
| 5900000 | South Carolina State Public Service Authority, Tender Option Bond Trust Certificates (Series 2022-XL0313) Weekly <br> VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 5900000 |
| 10000000 | South Carolina State Public Service Authority, Tender Option Bond Trust Receipts (Series 2024-XM1175) Weekly VRDNs, <br> (Assured Guaranty, Inc. INS)/(JPMorgan Chase Bank, N.A. LIQ), 2.930%, 12/4/2025<br>| &nbsp;&nbsp; 10000000 |
|  | TOTAL | &nbsp;&nbsp; 101040000 |
|  | **South Dakota—0.0%** |  |
| 2124524 | South Dakota HDA (Americana Apartments), Mizuho 3a-7 (Series 2024-MIZ9174) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho <br> Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 2124524 |
|  | **Tennessee—1.4%** |  |
| 11280000 | Blount County, TN Public Building Authority (Knox County, TN), (Series C-3-A) Weekly VRDNs, (Truist Bank LIQ), <br> 3.050%, 12/4/2025<br>| &nbsp;&nbsp; 11280000 |
| 11220000 | Blount County, TN Public Building Authority (Monroe County, TN), (Series E-7-A) Weekly VRDNs, (Truist Bank LOC), <br> 3.050%, 12/3/2025<br>| &nbsp;&nbsp; 11220000 |
| 10000000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 2.780%, Mandatory <br> Tender 12/16/2025<br>| &nbsp;&nbsp; 10000000 |
| 10000000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 2.780%, Mandatory Tender 1/14/2026 | &nbsp;&nbsp; 10000000 |
| 25000000 | Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 2.780%, Mandatory Tender 2/12/2026 | &nbsp;&nbsp; 25000000 |
| 3920000 | Metropolitan Government of Nashville & Davidson County, TN Health & Educational Facilities Board (Ewing Heights, LP), <br> Mizuho 3a-7 (Series 2024-MIZ9163) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 3920000 |
| 9485000 | Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs, (Truist Bank LOC), 3.050%, 12/4/2025 | &nbsp;&nbsp; 9485000 |
|  | TOTAL | &nbsp;&nbsp; 80905000 |
|  | **Texas—20.9%** |  |
| 14000000 | Austin, TX Utilities System, CP, 2.640%, Mandatory Tender 12/3/2025 | &nbsp;&nbsp; 14000000 |
| 26600000 | Austin, TX Utilities System, CP, 2.650%, Mandatory Tender 12/3/2025 | &nbsp;&nbsp; 26600000 |
| 52600000 | Austin, TX Utilities System, CP, 2.700%, Mandatory Tender 12/3/2025 | &nbsp;&nbsp; 52600000 |
| 2034077 | Bexar County, TX Housing Finance Corp. (Agape Waterford Portfolio, Inc.), Tender Option Bond Trust Certificates <br> (Series 2024-XF3255) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 2034077 |
| 9000000 | Capital Area, TX Housing Finance Corp. (Madison at Dell Ranch Apartments), BAML 3a-7(Series 2023-BAML6015) Weekly <br> VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 9000000 |

---

Semi-Annual Financial Statements and Additional Information

**10**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Texas—continued** |  |
| $7205000 | Capital Area, TX Housing Finance Corp. (MLVI Martha's Vineyard Apartments, LLC), BAML 3a-7 (Series 2023-BAML6013) <br> Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 2.920%, 12/4/2025<br>| &nbsp;&nbsp; $7205000 |
| 7280000 | Collin County, TX Housing Finance Corp. (Roers Wylie Apartments Owner I LP), Mizuho 3a-7 (Series 2024-MIZ9185) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 7280000 |
| 4400000 | Corpus Christi, TX Utility System, Tender Option Bond Trust Receipts (Series 2023-XF1566) Weekly VRDNs, (Royal Bank of <br> Canada LIQ), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 4400000 |
| 10000000 | Crandall, TX Independent School District, Tender Option Bond Trust Certificates (Series 2025-XF3477) Weekly VRDNs, <br> (Morgan Stanley Bank, N.A. LIQ)/(Texas Permanent School Fund Guarantee Program GTD), 2.860%, 12/4/2025<br>| &nbsp;&nbsp; 10000000 |
| 1800956 | El Paso, TX Housing Finance Corp., Mizuho 3a-7 (2022-MIZ9104) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), <br> 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 1800956 |
| 12000000 | Garland, TX Water & Sewer System, (Series 2015), CP, (Sumitomo Mitsui Banking Corp. LOC), 2.700%, Mandatory <br> Tender 1/13/2026<br>| &nbsp;&nbsp; 12000000 |
| 5045000 | Godley, TX ISD, (Series MS-0061E), (Morgan Stanley Bank, N.A. LIQ)/(Texas Permanent School Fund Guarantee Program <br> GTD), 2.990%, Optional Tender 2/12/2026<br>| &nbsp;&nbsp; 5045000 |
| 22030000 | Harris County, TX Cultural Education Facilities Finance Corp. (Baylor College of Medicine), Barclays 3a-7 <br> (Series 2022-006) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.090%, 12/4/2025<br>| &nbsp;&nbsp; 22030000 |
| 39180000 | Harris County, TX Cultural Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2009 C-2), <br> CP, 2.800%, Mandatory Tender 12/1/2025<br>| &nbsp;&nbsp; 39180000 |
| 20000000 | Harris County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2025E) Daily VRDNs, <br> (Royal Bank of Canada LIQ), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 20000000 |
| 50500000 | Harris County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2025G) Daily VRDNs, <br> (PNC Bank, N.A. LIQ), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 50500000 |
| 50000000 | Harris County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series C-1) Weekly VRDNs, <br> 2.920%, 12/4/2025<br>| &nbsp;&nbsp; 50000000 |
| 2485000 | Houston, TX Higher Education Finance Corp. (Rice University), (Series A), CP, 2.700%, Mandatory Tender 1/20/2026 | &nbsp;&nbsp; 2485000 |
| 2150000 | Jefferson County, TX Housing Corp. (Steele Seville LLC), Putters 3a-7 (Series 2025-MIZ9214) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 2150000 |
| 13865000 | Las Varas, TX Public Facility Corp. (Roers San Antonio Apartments Owner I LP), Mizuho 3a-7 (Series 2024-MIZ9158) <br> VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.020%, 12/4/2025<br>| &nbsp;&nbsp; 13865000 |
| 8800000 | Mesquite Independent School District, TX, (Series 2025-XF3479) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ)/(Texas <br> Permanent School Fund Guarantee Program GTD), 2.860%, 12/4/2025<br>| &nbsp;&nbsp; 8800000 |
| 57250000 | New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas), (Series 2025C) Daily VRDNs, <br> (U.S. Bank, N.A. LIQ), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 57250000 |
| 4615000 | North Fort Bend, TX Water Authority, Tender Option Bond Trust Certificates (Series 2022-XL0422) Weekly VRDNs, (Build <br> America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 2.900%, 12/4/2025<br>| &nbsp;&nbsp; 4615000 |
| 3165000 | North Texas Municipal Water District Water System, Morgan Stanley 3a-7 (Series 2025-MS0059E), (Morgan Stanley Bank, <br> N.A. LIQ), 2.960%, Optional Tender 12/4/2025<br>| &nbsp;&nbsp; 3165000 |
| 7600000 | Port Arthur Navigation District, TX IDC (TOTAL Petrochemicals & Refining USA, Inc.), (Series 2012B) Weekly VRDNs, <br> (TotalEnergies SE GTD), 2.820%, 12/3/2025<br>| &nbsp;&nbsp; 7600000 |
| 11700000 | Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002B) Daily VRDNs, <br> 3.150%, 12/1/2025<br>| &nbsp;&nbsp; 11700000 |
| 41000000 | Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals & Refining USA, Inc.), Exempt <br> Facilities Revenue Bonds (Series 2009) Weekly VRDNs, (TotalEnergies SE GTD), 2.820%, 12/3/2025<br>| &nbsp;&nbsp; 41000000 |
| 50000000 | San Antonio, TX Electric & Gas System (CPS Energy), (2012 Series A), CP, 2.630%, Mandatory Tender 12/10/2025 | &nbsp;&nbsp; 50000000 |
| 30000000 | San Antonio, TX Electric & Gas System (CPS Energy), (2012 Series A), CP, 2.680%, Mandatory Tender 12/12/2025 | &nbsp;&nbsp; 30000000 |
| 30000000 | San Antonio, TX Electric & Gas System (CPS Energy), (2012 Series A), CP, 2.730%, Mandatory Tender 12/9/2025 | &nbsp;&nbsp; 30000000 |
| 37500000 | San Antonio, TX Electric & Gas System (CPS Energy), (Series A), CPX, 2.720%, Mandatory Tender 12/18/2025 | &nbsp;&nbsp; 37500000 |
| 10000000 | San Antonio, TX Electric & Gas System (CPS Energy), (Subseries A-1), CP, 2.730%, Mandatory Tender 12/9/2025 | &nbsp;&nbsp; 10000000 |
| 55600000 | San Antonio, TX Water System, (Subseries A-1), CP, (JPMorgan Chase Bank, N.A. LIQ), 2.630%, Mandatory <br> Tender 3/5/2026<br>| &nbsp;&nbsp; 55600000 |
| 14000000 | Texas A&M University System Board of Regents, (Series B), CP, 2.600%, Mandatory Tender 1/28/2026 | &nbsp;&nbsp; 14000000 |
| 16500000 | Texas A&M University System Board of Regents, (Series B), CP, 2.650%, Mandatory Tender 12/3/2025 | &nbsp;&nbsp; 16500000 |
| 2000000 | Texas Community Housing & Economic Development Corp. (Agape Helotes, Inc.), Tender Option Bond Trust Receipts <br> (Series 2025-XF3387) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 2000000 |
| 1935000 | Texas Community Housing & Economic Development Corp. (Agape Helotes, Inc.), Tender Option Bond Trust Receipts <br> (Series 2025-XF3390) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 1935000 |
| 3925000 | Texas State, Veterans Bonds (Series 2021) Weekly VRDNs, (Federal Home Loan Bank of Dallas LIQ), 2.850%, 12/3/2025 | &nbsp;&nbsp; 3925000 |

---

Semi-Annual Financial Statements and Additional Information

**11**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Texas—continued** |  |
| $22060000 | Travis County, TX Housing Finance Corp. (CVIII Chisholm Ranch LLC), BAML 3a-7 (Series BAML 2024-6019) Weekly <br> VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; $22060000 |
| 4855000 | Travis County, TX Housing Finance Corp. (ML Casa V LP), (Series BAML 3a-7) Weekly VRDNs, (Bank of America N.A. <br> LIQ)/(Bank of America N.A. LOC), 2.910%, 12/4/2025<br>| &nbsp;&nbsp; 4855000 |
| 25000000 | University of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.640%, Mandatory <br> Tender 3/23/2026<br>| &nbsp;&nbsp; 25000000 |
| 5000000 | University of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.650%, Mandatory <br> Tender 2/17/2026<br>| &nbsp;&nbsp; 5000000 |
| 25000000 | University of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.650%, Mandatory <br> Tender 2/26/2026<br>| &nbsp;&nbsp; 25000000 |
| 25000000 | University of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.650%, Mandatory <br> Tender 3/12/2026<br>| &nbsp;&nbsp; 25000000 |
| 25000000 | University of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.720%, Mandatory <br> Tender 12/11/2025<br>| &nbsp;&nbsp; 25000000 |
| 8750000 | University of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.770%, Mandatory <br> Tender 1/20/2026<br>| &nbsp;&nbsp; 8750000 |
| 10000000 | University of Texas System (The Board of Regents of) - Permanent University Fund, (Series A), CP, 2.800%, Mandatory <br> Tender 12/18/2025<br>| &nbsp;&nbsp; 10000000 |
| 12500000 | University of Texas System (The Board of Regents of), (Series A), CP, 2.610%, Mandatory Tender 1/7/2026 | &nbsp;&nbsp; 12500000 |
| 13250000 | University of Texas System (The Board of Regents of), (Series A), CP, 2.630%, Mandatory Tender 3/16/2026 | &nbsp;&nbsp; 13250000 |
| 25000000 | University of Texas System (The Board of Regents of), (Series A), CP, 2.630%, Mandatory Tender 3/17/2026 | &nbsp;&nbsp; 25000000 |
| 25000000 | University of Texas System (The Board of Regents of), (Series A), CP, 2.640%, Mandatory Tender 3/16/2026 | &nbsp;&nbsp; 25000000 |
| 20500000 | University of Texas System (The Board of Regents of), (Series A), CP, 2.650%, Mandatory Tender 3/4/2026 | &nbsp;&nbsp; 20500000 |
| 6250000 | University of Texas System (The Board of Regents of), (Series A), CP, 2.650%, Mandatory Tender 3/11/2026 | &nbsp;&nbsp; 6250000 |
| 25000000 | University of Texas System (The Board of Regents of), (Series A), CP, 2.650%, Mandatory Tender 4/8/2026 | &nbsp;&nbsp; 25000000 |
| 2000000 | University of Texas System (The Board of Regents of), (Series A), CP, 2.660%, Mandatory Tender 3/18/2026 | &nbsp;&nbsp; 2000000 |
| 25000000 | University of Texas System (The Board of Regents of), (Series A), CP, 2.670%, Mandatory Tender 2/24/2026 | &nbsp;&nbsp; 25000000 |
| 5100000 | University of Texas System (The Board of Regents of), (Series A), CP, 2.670%, Mandatory Tender 3/12/2026 | &nbsp;&nbsp; 5100000 |
| 4500000 | University of Texas System (The Board of Regents of), (Series A), CP, 2.670%, Mandatory Tender 4/7/2026 | &nbsp;&nbsp; 4500000 |
| 4500000 | University of Texas System (The Board of Regents of), (Series A), CP, 2.700%, Mandatory Tender 2/18/2026 | &nbsp;&nbsp; 4500000 |
| 12500000 | University of Texas System (The Board of Regents of), (Series C-2), CP, 2.650%, Mandatory Tender 3/5/2026 | &nbsp;&nbsp; 12500000 |
| 25000000 | University of Texas System (The Board of Regents of), (Series C-2), CP, 2.650%, Mandatory Tender 3/10/2026 | &nbsp;&nbsp; 25000000 |
| 15000000 | University of Texas System (The Board of Regents of), (Series C-2), CP, 2.650%, Mandatory Tender 3/18/2026 | &nbsp;&nbsp; 15000000 |
| 25000000 | University of Texas System (The Board of Regents of), Revenue Financing System (Series A), CP, 2.600%, Mandatory <br> Tender 1/21/2026<br>| &nbsp;&nbsp; 25000000 |
| 12000000 | University of Texas System (The Board of Regents of), Revenue Financing System (Series A), CP, 2.670%, Mandatory <br> Tender 3/17/2026<br>| &nbsp;&nbsp; 12000000 |
| 15000000 | University of Texas System (The Board of Regents of), Revenue Financing System (Series A), CP, 2.750%, Mandatory <br> Tender 12/2/2025<br>| &nbsp;&nbsp; 15000000 |
| 14000000 | Wimberley, TX Independent School District, (Series 2025-XF3478) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ)/(Texas <br> Permanent School Fund Guarantee Program GTD), 2.860%, 12/4/2025<br>| &nbsp;&nbsp; 14000000 |
|  | TOTAL | &nbsp;&nbsp; 1175530033 |
|  | **Virginia—2.0%** |  |
| 40380000 | Albemarle County, VA Economic Development Authority (Sentara Health Systems Obligation Group), (Series 2018B) Daily <br> VRDNs, (TD Bank, N.A. LIQ), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 40380000 |
| 7550000 | Fairfax County, VA EDA (Mount Vernon Ladies' Association of the Union), (Series 2007) Weekly VRDNs, (Truist Bank LOC), <br> 2.850%, 12/3/2025<br>| &nbsp;&nbsp; 7550000 |
| 12350000 | Harrisonburg, VA Economic Development Authority (Sentara Health Systems Obligation Group), (Series 2023) Weekly <br> VRDNs, (U.S. Bank, N.A. LOC), 2.700%, 12/3/2025<br>| &nbsp;&nbsp; 12350000 |
| 5000000 | Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series C-19) Weekly VRDNs, (Royal Bank of Canada <br> LIQ)/(Royal Bank of Canada LOC), 2.830%, 12/4/2025<br>| &nbsp;&nbsp; 5000000 |
| 6000000 | Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series C-20) Weekly VRDNs, (Royal Bank of Canada <br> LIQ)/(Royal Bank of Canada LOC), 2.830%, 12/4/2025<br>| &nbsp;&nbsp; 6000000 |
| 27820000 | Virginia Commonwealth University Health System Authority, (Series 2024B) Daily VRDNs, (TD Bank, N.A. LOC), <br> 2.850%, 12/1/2025<br>| &nbsp;&nbsp; 27820000 |

---

Semi-Annual Financial Statements and Additional Information

**12**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Virginia—continued** |  |
| $12155000 | Virginia Small Business Financing Authority (Carilion Health System Obligated Group), (Series 2008B) Daily VRDNs, (TD <br> Bank, N.A. LOC), 2.850%, 12/1/2025<br>| &nbsp;&nbsp; $12155000 |
|  | TOTAL | &nbsp;&nbsp; 111255000 |
|  | **Washington—0.6%** |  |
| 15249449 | Washington State Housing Finance Commission (Copper Way Apartments), Citibank 3a-7 (Series 2025-CF7056) Weekly <br> VRDNs, (Citibank, N.A. LIQ)/(Citibank, N.A. LOC), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 15249449 |
| 7000000 | Washington State Housing Finance Commission (Legacy Plaza Senior Living), Citi 3a-7 (Series 2025-CF7053) Weekly <br> VRDNs, (Citibank, N.A. LIQ)/(Citibank, N.A. LOC), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 7000000 |
| 4600000 | Washington State Housing Finance Commission (LIHI Aventine LLC), Tender Option Bond Trust Receipts <br> (Series 2024-XF3227) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 4600000 |
| 4790952 | Washington State Housing Finance Commission, Citi 3a-7 (Series 2025-CF7054) Weekly VRDNs, (Citibank, N.A. <br> LIQ)/(Citibank, N.A. LOC), 2.890%, 12/4/2025<br>| &nbsp;&nbsp; 4790952 |
|  | TOTAL | &nbsp;&nbsp; 31640401 |
|  | **West Virginia—1.4%** |  |
| 4930000 | West Virginia State Hospital Finance Authority (Cabell Huntington Hospital Obligated Group), (Series 2008A) Weekly <br> VRDNs, (Truist Bank LOC), 2.900%, 12/4/2025<br>| &nbsp;&nbsp; 4930000 |
| 74450000 | West Virginia State Hospital Finance Authority (Charleston Area Medical Center, Inc.), (Series 2008A) Weekly VRDNs, <br> (Truist Bank LOC), 2.900%, 12/3/2025<br>| &nbsp;&nbsp; 74450000 |
|  | TOTAL | &nbsp;&nbsp; 79380000 |
|  | **Wisconsin—0.8%** |  |
| 4000000 | Grantsburg, WI School District TRANs, 3.500%, 10/30/2026 | &nbsp;&nbsp; 4014169 |
| 15984000 | Public Finance Authority, WI (Agape Meadowcreek, Inc.), Tender Option Bond Trust Floater Certificates <br> (Series 2022-XF3026) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.070%, 12/4/2025<br>| &nbsp;&nbsp; 15984000 |
| 15064000 | Wisconsin State, CPX, 2.700%, Mandatory Tender 3/11/2026 | &nbsp;&nbsp; 15064000 |
| 8888000 | Wisconsin State, CPX, 2.850%, Mandatory Tender 12/4/2025 | &nbsp;&nbsp; 8888000 |
|  | TOTAL | &nbsp;&nbsp; 43950169 |
|  | TOTAL INVESTMENT IN SECURITIES—101.9% <br>(AT AMORTIZED COST)<sup>2</sup> <br>| &nbsp;&nbsp; 5742126451 |
|  | OTHER ASSETS AND LIABILITIES - NET—(1.9)%<sup>3</sup> <br>| &nbsp;&nbsp; (106974848) |
|  | NET ASSETS—100% | &nbsp;&nbsp; $5635151603 |

---

At November 30, 2025, 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 rate notes/demand instruments. Certain variable rate securities are <br> not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do <br> not indicate a reference rate and spread in their 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 Liabilities. |

---

Note: The categories of investments are shown as a percentage of net assets at November 30, 2025.

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 Financial Statements and Additional Information

**13**

------

In valuing the Fund's assets as of November 30, 2025, 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 |
| CP | —Commercial Paper |
| CPX | —Commercial Paper Extendible |
| 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 |
| ISD | —Independent School District |
| LIQ | —Liquidity Agreement |
| LLLP | —Limited Liability Limited Partnership |
| LOC | —Letter of Credit |
| PCRB | —Pollution Control Revenue Bond |
| PUTTERs | —Puttable Tax-Exempt Receipts |
| TANs | —Tax Anticipation Notes |
| TRANs | —Tax and Revenue Anticipation Notes |
| 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 Financial Statements and Additional Information

**14**

------

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.013 | 0.030 | 0.034 | 0.021 | 0.001 | 0.001 |
| Net realized gain (loss) | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| TOTAL FROM INVESTMENT OPERATIONS | 0.013 | 0.030 | 0.034 | 0.021 | 0.001 | 0.001 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.013) | &nbsp;&nbsp; (0.030) | &nbsp;&nbsp; (0.034) | &nbsp;&nbsp; (0.021) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.001) |
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &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>|
| TOTAL DISTRIBUTIONS | &nbsp;&nbsp; (0.013) | &nbsp;&nbsp; (0.030) | &nbsp;&nbsp; (0.034) | &nbsp;&nbsp; (0.021) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.001) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 3.07% | &nbsp;&nbsp; 3.49% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.06% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.21%<sup>5</sup> <br>| &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.21% |
| Net investment income | &nbsp;&nbsp; 2.57%<sup>5</sup> <br>| &nbsp;&nbsp; 3.00% | &nbsp;&nbsp; 3.44% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.06% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.09% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $4839883 | &nbsp;&nbsp; $4742859 | &nbsp;&nbsp; $4041573 | &nbsp;&nbsp; $2681890 | &nbsp;&nbsp; $2374257 | &nbsp;&nbsp; $2415796 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**15**

------

Financial Highlights–Advisor Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.013 | 0.030 | 0.034 | 0.021 | 0.001 | 0.001 |
| Net realized gain (loss) | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.013 | 0.030 | 0.034 | 0.021 | 0.001 | 0.001 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.013) | &nbsp;&nbsp; (0.030) | &nbsp;&nbsp; (0.034) | &nbsp;&nbsp; (0.021) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.001) |
| Distributions from net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &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>|
| Total Distributions | &nbsp;&nbsp; (0.013) | &nbsp;&nbsp; (0.030) | &nbsp;&nbsp; (0.034) | &nbsp;&nbsp; (0.021) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.001) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 3.07% | &nbsp;&nbsp; 3.49% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.06% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.21%<sup>5</sup> <br>| &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; 0.21% |
| Net investment income | &nbsp;&nbsp; 2.57%<sup>5</sup> <br>| &nbsp;&nbsp; 3.01% | &nbsp;&nbsp; 3.43% | &nbsp;&nbsp; 2.56% | &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.07% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.09% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $347288 | &nbsp;&nbsp; $363068 | &nbsp;&nbsp; $366902 | &nbsp;&nbsp; $295962 | &nbsp;&nbsp; $41546 | &nbsp;&nbsp; $18161 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**16**

------

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.012 | 0.028 | 0.032 | 0.019 | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.012 | 0.028 | 0.032 | 0.019 | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.012) | &nbsp;&nbsp; (0.028) | &nbsp;&nbsp; (0.032) | &nbsp;&nbsp; (0.019) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &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>|
| Total Distributions | &nbsp;&nbsp; (0.012) | &nbsp;&nbsp; (0.028) | &nbsp;&nbsp; (0.032) | &nbsp;&nbsp; (0.019) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 2.81% | &nbsp;&nbsp; 3.23% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.46%<sup>5</sup> <br>| &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.26% |
| Net investment income | &nbsp;&nbsp; 2.32%<sup>5</sup> <br>| &nbsp;&nbsp; 2.73% | &nbsp;&nbsp; 3.18% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 0.03% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.29% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $447980 | &nbsp;&nbsp; $407481 | &nbsp;&nbsp; $271158 | &nbsp;&nbsp; $183977 | &nbsp;&nbsp; $161073 | &nbsp;&nbsp; $226166 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**17**

------

Statement of Assets and Liabilities

November 30, 2025 (unaudited)

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in securities, at amortized cost and fair value | &nbsp;&nbsp; $5742126451 |
| Cash | &nbsp;&nbsp; 1738952 |
| Income receivable | &nbsp;&nbsp; 28447354 |
| Receivable for investments sold | &nbsp;&nbsp; 33462083 |
| Receivable for shares sold | &nbsp;&nbsp; 7603315 |
| Total Assets | &nbsp;&nbsp; 5813378155 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp; 172048769 |
| Payable for shares redeemed | &nbsp;&nbsp; 4367967 |
| Income distribution payable | &nbsp;&nbsp; 1498076 |
| Payable for investment adviser fee (Note 4) | &nbsp;&nbsp; 56279 |
| Payable for administrative fee (Note 4) | &nbsp;&nbsp; 35670 |
| Payable for other service fees (Notes 2 and 4) | &nbsp;&nbsp; 56030 |
| Accrued expenses (Note 4) | &nbsp;&nbsp; 163761 |
| Total Liabilities | &nbsp;&nbsp; 178226552 |
| Net assets for 5,635,080,114 shares outstanding | &nbsp;&nbsp; $5635151603 |
| **Net Assets Consist of:** |  |
| Paid-in capital | &nbsp;&nbsp; $5635060631 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 90972 |
| Net Assets | &nbsp;&nbsp; $5635151603 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Wealth Shares:** |  |
| $4,839,883,445 ÷ 4,839,822,030 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Advisor Shares:** |  |
| $347,288,235 ÷ 347,283,844 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Service Shares:** |  |
| $447,979,923 ÷ 447,974,240 shares outstanding, no par value, unlimited shares authorized | $1.00 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**18**

------

Statement of Operations

Six Months Ended November 30, 2025 (unaudited)

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $75753939 |
| **Expenses:** |  |
| Investment adviser fee (Note 4) | &nbsp;&nbsp; 5441303 |
| Administrative fee (Note 4) | &nbsp;&nbsp; 2106212 |
| Custodian fees | &nbsp;&nbsp; 77349 |
| Transfer agent fees | &nbsp;&nbsp; 22977 |
| Directors'/Trustees' fees (Note 4) | &nbsp;&nbsp; 14911 |
| Auditing fees | &nbsp;&nbsp; 13810 |
| Legal fees | &nbsp;&nbsp; 6390 |
| Portfolio accounting fees | &nbsp;&nbsp; 112133 |
| Other service fees (Notes 2 and 4) | &nbsp;&nbsp; 536726 |
| Share registration costs | &nbsp;&nbsp; 123546 |
| Printing and postage | &nbsp;&nbsp; 23849 |
| Miscellaneous (Note 4) | &nbsp;&nbsp; 41244 |
| TOTAL EXPENSES | &nbsp;&nbsp; 8520450 |
| Waiver of investment adviser fee (Note 4) | &nbsp;&nbsp; (2137044) |
| Net expenses | &nbsp;&nbsp; 6383406 |
| Net investment income | &nbsp;&nbsp; 69370533 |
| Net realized gain on investments | &nbsp;&nbsp; 18045 |
| Change in net assets resulting from operations | &nbsp;&nbsp; $69388578 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**19**

------

Statement of Changes in Net Assets

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

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

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**11/30/2025**<br>| **Year Ended** <br>**5/31/2025**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $69370533 | &nbsp;&nbsp; $152537212 |
| Net realized gain (loss) | &nbsp;&nbsp; 18045 | &nbsp;&nbsp; 72155 |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; 69388578 | &nbsp;&nbsp; 152609367 |
| **Distributions to Shareholders:** |  |  |
| Wealth Shares | &nbsp;&nbsp; (59836757) | &nbsp;&nbsp; (132561649) |
| Advisor Shares | &nbsp;&nbsp; (4553197) | &nbsp;&nbsp; (10506984) |
| Service Shares | &nbsp;&nbsp; (4982526) | &nbsp;&nbsp; (9939200) |
| CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | &nbsp;&nbsp; (69372480) | &nbsp;&nbsp; (153007833) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 3303388292 | &nbsp;&nbsp; 8768072582 |
| Net asset value of shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 60523554 | &nbsp;&nbsp; 130243874 |
| Cost of shares redeemed | &nbsp;&nbsp; (3242184548) | &nbsp;&nbsp; (8064143459) |
| CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | &nbsp;&nbsp; 121727298 | &nbsp;&nbsp; 834172997 |
| Change in net assets | &nbsp;&nbsp; 121743396 | &nbsp;&nbsp; 833774531 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 5513408207 | &nbsp;&nbsp; 4679633676 |
| End of period | &nbsp;&nbsp; $5635151603 | &nbsp;&nbsp; $5513408207 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**20**

------

Notes to Financial Statements

November 30, 2025 (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 14 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) may impose a discretionary liquidity fee of up to 2% of the value of the shares redeemed, if the Fund's Board of Trustees (the "Trustees"), or its delegate, determines such liquidity fee is in the best interest of the Fund.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Investment Valuation** 

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

Pursuant to Rule 2a-5 under the 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. In addition, distributions of capital gains, if any, are declared and paid at least annually. Amortization/accretion of premium and discount is included in investment income. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waiver of $2,137,044 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 Financial Statements and Additional Information

**21**

------

For the six months ended November 30, 2025, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Service Shares | &nbsp;&nbsp; $536726 |

---

For the six months ended November 30, 2025, 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 of 1986 and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended November 30, 2025, 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, 2025, tax years 2022 through 2025 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>**11/30/2025** | **Six Months Ended** <br>**11/30/2025** | **Year Ended** <br>**5/31/2025** | **Year Ended** <br>**5/31/2025** |
| **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 | &nbsp;&nbsp; 2818298 | &nbsp;&nbsp; $2818298 | &nbsp;&nbsp; 7447004 | &nbsp;&nbsp; $7447004 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 51165 | &nbsp;&nbsp; 51165 | &nbsp;&nbsp; 110606 | &nbsp;&nbsp; 110606 |
| Shares redeemed | &nbsp;&nbsp; (2772452) | &nbsp;&nbsp; (2772452) | &nbsp;&nbsp; (6855980) | &nbsp;&nbsp; (6855980) |
| NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | &nbsp;&nbsp; 97011 | &nbsp;&nbsp; $97011 | &nbsp;&nbsp; 701630 | &nbsp;&nbsp; $701630 |
|  | **Six Months Ended** <br>**11/30/2025** | **Six Months Ended** <br>**11/30/2025** | **Year Ended** <br>**5/31/2025** | **Year Ended** <br>**5/31/2025** |
| **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; 266050 | &nbsp;&nbsp; $266050 | &nbsp;&nbsp; 641718 | &nbsp;&nbsp; $641718 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 4553 | &nbsp;&nbsp; 4553 | &nbsp;&nbsp; 10507 | &nbsp;&nbsp; 10507 |
| Shares redeemed | &nbsp;&nbsp; (286384) | &nbsp;&nbsp; (286384) | &nbsp;&nbsp; (656027) | &nbsp;&nbsp; (656027) |
| NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS | &nbsp;&nbsp; (15781) | &nbsp;&nbsp; $(15781) | &nbsp;&nbsp; (3802) | &nbsp;&nbsp; $(3802) |

---

Semi-Annual Financial Statements and Additional Information

**22**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**11/30/2025** | **Six Months Ended** <br>**11/30/2025** | **Year Ended** <br>**5/31/2025** | **Year Ended** <br>**5/31/2025** |
| **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; 219040 | &nbsp;&nbsp; $219040 | &nbsp;&nbsp; 679351 | &nbsp;&nbsp; $679351 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 4805 | &nbsp;&nbsp; 4805 | &nbsp;&nbsp; 9131 | &nbsp;&nbsp; 9131 |
| Shares redeemed | &nbsp;&nbsp; (183349) | &nbsp;&nbsp; (183349) | &nbsp;&nbsp; (552137) | &nbsp;&nbsp; (552137) |
| NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | &nbsp;&nbsp; 40496 | &nbsp;&nbsp; $40496 | &nbsp;&nbsp; 136345 | &nbsp;&nbsp; $136345 |
| NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | &nbsp;&nbsp; 121726 | &nbsp;&nbsp; $121726 | &nbsp;&nbsp; 834173 | &nbsp;&nbsp; $834173 |

---

**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, 2025, the Adviser voluntarily waived $2,137,044 of its fee.

**Administrative Fee** 

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

---

| | |
|:---|:---|
| **Administrative Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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, 2025, the annualized fee paid to FAS was 0.077% 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, 2025, FSSC received $2,969 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, 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, 2026; 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 approval of the Trustees.

**Interfund Transactions** 

During the six months ended November 30, 2025, 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 $832,360,000 and $787,300,000, 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.

Semi-Annual Financial Statements and Additional Information

**23**

------

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

**5. CREDIT RISK** 

The Fund may place its cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Company (FDIC) up to $250,000. The Fund's credit risk in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. The Fund from time to time may have amounts on deposit in excess of the insured limits.

**6. 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, 2025, there were no outstanding loans. During the six months ended November 30, 2025, the program was not utilized.

**7. Operating Segments** 

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. A management committee of the Adviser acts as the CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the strategic asset allocation is determined based on the investment objective of the Fund and executed by the Fund's portfolio management team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) which is reviewed by the CODM to assess the Fund's performance in comparison to the Fund's benchmarks and to make resource allocation decisions for the Fund's single segment is consistent with the information presented in these financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

**8. INDEMNIFICATIONS** 

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

Semi-Annual Financial Statements and Additional Information

**24**

------

Evaluation and Approval of Advisory Contract–May 2025

**Federated Hermes Tax-Free Obligations Fund (the "Fund")**

At its meetings in May 2025 (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, as amended (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 such information deemed necessary to evaluate the terms of the Contract and 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 report regarding data related to the Fund's management fee (the "CCO Management Fee Report"). The Board considered the CCO Management Fee 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.

In addition to the CCO Management Fee 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 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.

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: (1) copies of the Contract; (2) the nature, quality and extent of the advisory and other services provided to the Fund by Federated Hermes; (3) Federated Hermes' business and operations; (4) the Adviser's investment philosophy, personnel and processes; (5) the Fund's investment objective and strategies; (6) the Fund's short-term and long-term performance - in absolute terms (both on a gross basis and net of expenses) and relative to an appropriate group of peer funds and its benchmark; (7) the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund - in absolute terms and relative to an appropriate group of peer funds, with due regard for contractual or voluntary expense limitations (if any); (8) the financial condition of Federated Hermes; (9) the Adviser's profitability with respect to managing the Fund; (10) distribution and sales activity for the Fund; and (11) 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 evaluating the Contract. Using these judicial decisions as a guide, the Board considered several factors it deemed relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund, including: (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 fees and expenses, including a comparison of management fees paid to the adviser with those paid by similar funds managed by the same adviser or other advisers as well as management fees charged to institutional and other advisory clients of the same 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 considered that the Securities and Exchange Commission ("SEC") disclosure requirements 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 evaluation 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").

Semi-Annual Financial Statements and Additional Information

**25**

------

In addition, the Board considered 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 based 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 there are a range of investment options available to the Fund's shareholders in the marketplace, 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. The Board recognized that its evaluation process is evolutionary and that the factors considered and the 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.

**<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 full 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 evaluated Federated Hermes' ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered the trading operations by the Adviser, including the execution of portfolio transactions and the selection of brokers for those transactions. 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 Investment Company Act of 1940, as amended. 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.

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 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 Federated Hermes Funds. 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 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, as amended, 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

Semi-Annual Financial Statements and Additional Information

**26**

------

led, and continue to lead, to an increase in the scope of Federated Hermes' oversight in this regard. 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.

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 provided to the Board throughout the year and in connection with the May Meetings. These reports included, 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, performance attribution information and commentary on the effect of market conditions. The Board noted that it evaluated investment performance at meetings throughout the year and received reports from Federated Hermes regarding the performance of certain Federated Hermes Funds as well as Federated Hermes' explanations for less favorable performance and any specific actions Federated Hermes had taken, or had determined to take, to seek to enhance Fund investment performance and the results of those actions.

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 statement 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 also considered comparative performance data from Lipper, Inc. that was included in reports provided to the Board throughout the year. The Board noted that differences may exist between the Performance Peer Group and Lipper peers and that the results of these performance comparisons may vary.

The Board considered that for the one-year period ended December 31, 2024, 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 overall 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 to funds by other advisers, the use of comparisons between the Fund and its Expense Peer Group assisted the Board in its evaluation of the Fund's fees and expenses. The Board focused on comparisons with other registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund's shareholders. The Board noted that the range of such other registered funds' fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

Semi-Annual Financial Statements and Additional Information

**27**

------

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 nature and extent of services offered and fees charged by Federated Hermes 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 statement that non-registered fund clients are inherently different products due to the following differences, among others: (i) types of targeted investors; (ii) applicable laws and regulations; (iii) legal structures; (iv) average account sizes; (v) portfolio management techniques made necessary by different cash flows and different associated costs; (vi) 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; (vii) SEC mandated risk management programs with respect to fund liquidity and use of derivatives; (viii) questions on regulatory reporting; (ix) a variety of different administrative responsibilities; and (x) degrees of risk associated with management. 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 statement 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 emphasized that differences in fees for providing advisory services to other types of clients may not be appropriate when judging the appropriateness of the Federated Hermes Funds' advisory fees because of the different services provided.

In the case of the Fund, the Board noted that Federated Hermes does not manage any other types of clients that are comparable to the Fund.

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.

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

The Board received and considered profitability information furnished by Federated Hermes. 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 statement that, while the cost allocation report applies consistent allocation processes for purposes of general comparison of funds, the inherent difficulties in arbitrarily allocating costs lacks precision and may cause the report to be unreliable because a single change in an allocation estimate can 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 statement 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 to the Board that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board considered the CCO's statement that the estimated profitability to the Adviser from its relationship with the Fund was not unreasonable in relation to the services provided.

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 recognized that profitability comparisons among fund management companies are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund management company is affected by numerous factors. The Board considered the CCO's statement that, based on such profitability information, Federated Hermes' profit margins did not appear to be excessive and that Federated Hermes appeared financially sound, with the resources available to fulfill its contractual obligations.

**<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 isolating and quantifying 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: portfolio management, investment research and trading operations; shareholder services; compliance; business continuity, cybersecurity and information security programs; internal audit and risk management functions; and technology, systems capabilities and use of data. The Board noted that Federated Hermes' investments in these areas are extensive and are

Semi-Annual Financial Statements and Additional Information

**28**

------

designed to provide enhanced or expanded 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 that Federated Hermes has been active in managing expenses of the Federated Hermes Funds in recent years, which has resulted in benefits being realized by shareholders.

The Board also received and considered information on adviser-paid fees (commonly referred to as "revenue sharing" payments) that was provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes believes that this information is relevant to consider whether Federated Hermes had an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, but should not be considered when evaluating the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on economies of scale, 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 considered that Federated Hermes may derive a benefit to its reputation as an adviser to the Fund, which may help in attracting other clients and investment personnel. 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 service contracts including for serving as the Federated Hermes Funds' administrator and distributor. In this regard, the Board considered that 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 the benefits, if any, that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.

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

The Board considered the CCO's presentation and statements and the information accompanying the CCO Management Fee Report. The Board recognized that its 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.

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.

Semi-Annual Financial Statements and Additional Information

**29**

------

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 information 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;

**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.

![](fhilogok11p.jpg)

Federated Hermes Tax-Free Obligations Fund

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

Contact us at **FederatedHermes.com/us**

or call 1-800-341-7400.

Federated Securities Corp., Distributor

CUSIP 60934N401

CUSIP 608919411

CUSIP 60934N880

Q450202 (1/26)© 2026 Federated Hermes, Inc.

------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

[Federated Hermes Municipal Obligations Fund](#fhmof): Not Applicable.

[Federated Hermes Tax-Free Obligations Fund](#fhtof): Not Applicable.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

[Federated Hermes Municipal Obligations Fund](#fhmof): Not Applicable.

[Federated Hermes Tax-Free Obligations Fund](#fhtof): Not Applicable.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

[Federated Hermes Municipal Obligations Fund](#fhmof): The Fund's disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.

[Federated Hermes Tax-Free Obligations Fund](#fhtof): The Fund's disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

[Federated Hermes Municipal Obligations Fund](#fhmof): The Fund's Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.

[Federated Hermes Tax-Free Obligations Fund](#fhtof): The Fund's Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

Not Applicable

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not Applicable

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not Applicable

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

No Changes to Report

**Item 16.** **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Principal Executive Officer and Principal Financial Officer 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 as of a date within 90 days of this report on Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not Applicable

**Item 18.** **Recovery of Erroneously Awarded Compensation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable

**Item 19.** **Exhibits**

(a)(1) Not Applicable.

(a)(2) Not Applicable.

(a)(3) [Certifications of Principal Executive Officer and Principal Financial Officer](mmot2212-cert302.htm).

(a)(4) Not Applicable.

(a)(5) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; [Certifications pursuant to 18 U.S.C. Section 1350](mmot2212-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/ Jeremy D. Boughton</u>

Jeremy D. Boughton, Principal Financial Officer

Date: <u>January 22, 2026</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>

J. Christopher Donahue, Principal Executive Officer

Date: <u>January 22, 2026</u>

By: <u>/s/ Jeremy D. Boughton</u>

Jeremy D. Boughton, Principal Financial Officer

Date: <u>January 22, 2026</u>

## Ex-99.Cert

**N-CSR Item 19(a)(3) - 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 22, 2026

/S/ J. Christopher Donahue

J. Christopher Donahue, President - Principal Executive Officer

**N-CSR Item 19(a)(3) - Exhibits: Certifications**

I, Jeremy D. Boughton, 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 22, 2026

/S/ Jeremy D. Boughton

Jeremy D. Boughton, Treasurer - Principal Financial Officer

## Exhibit 99.906

**N-CSR Item 19(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, 2025 (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 22, 2026</u>

/s/ J. Christopher Donahue

J. Christopher Donahue

Title: President, Principal Executive Officer

Dated: <u>January 22, 2026</u>

/s/ Jeremy D. Boughton

Jeremy D. Boughton

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.