# EDGAR Filing Document

**Accession Number:** 0000856517
**File Stem:** 0001623632-25-001812
**Filing Date:** 2025-12
**Character Count:** 383697
**Document Hash:** 28d796824d926bb6ad3d4bd5bf13bb5f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001623632-25-001812.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001623632-25-001812

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**EFFECTIVENESS DATE**: 20251229

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05950
- **FILM NUMBER:** 251603826

**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 Institutional Tax-Free Cash Trust (Series ID: S000009533)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000026054 | Premier Shares       | FTFXX           |
| C000167073 | Institutional Shares | FFTXX           |

### Federated Hermes California Municipal Cash Trust (Series ID: S000009544)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000026075 | Cash II Shares     | CALXX           |
| C000026076 | Cash Series Shares | CCSXX           |
| C000026077 | Capital Shares     | CCCXX           |
| C000026078 | Service Shares     | CACXX           |
| C000026079 | Wealth Shares      | CAIXX           |

### Federated Hermes New York Municipal Cash Trust (Series ID: S000009560)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000026114 | Cash II Shares     | NYCXX           |
| C000026115 | Cash Series Shares | FNCXX           |
| C000026116 | Service Shares     | FNTXX           |
| C000026117 | Wealth Shares      | NISXX           |

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

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

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

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

**<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>2025-10-31</u>

Date of Reporting Period: <u>2025-10-31</u>

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

![Image](i40c60037d0e0540782c436ae.jpg)

# Federated Hermes California Municipal Cash Trust

# Capital Shares \| CCCXX

#### Annual Shareholder Report - October 31, 2025

## A Portfolio of Federated Hermes Money Market Obligations Trust
This annual shareholder report contains important information about the Federated Hermes California Municipal Cash Trust (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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 | $38 | 0.38% |

---

## Key Fund Statistics
* Net Assets$2,031,442,865

* Number of Investments159

* Total Advisory Fees Paid$2,889,236

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i060064608e980fdff046aa08.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipal Notes | 10.8% |
| Commerical Paper | 30.5% |
| Variable Rate Demand Instruments | 58.6% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i6d8af5786074270bd359305c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 6.4% |
| 91-180 Days | 7.7% |
| 31-90 Days | 27.1% |
| 8-30 Days | 4.9% |
| 1-7 Days | 53.8% |

---

#### Annual Shareholder Report
Federated Hermes California Municipal Cash Trust

## 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 608919502

29366-E (12/25)

Federated Securities Corp., Distributor

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

&nbsp;&nbsp;&nbsp;&nbsp;© 2025 Federated Hermes, Inc.

![Image](i40c60037d0e0540782c436ae.jpg)

# Federated Hermes California Municipal Cash Trust

# Cash II Shares \| CALXX

#### Annual Shareholder Report - October 31, 2025

## A Portfolio of Federated Hermes Money Market Obligations Trust
This annual shareholder report contains important information about the Federated Hermes California Municipal Cash Trust (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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 | $69 | 0.68% |

---

## Key Fund Statistics
* Net Assets$2,031,442,865

* Number of Investments159

* Total Advisory Fees Paid$2,889,236

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i060064608e980fdff046aa08.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipal Notes | 10.8% |
| Commerical Paper | 30.5% |
| Variable Rate Demand Instruments | 58.6% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i6d8af5786074270bd359305c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 6.4% |
| 91-180 Days | 7.7% |
| 31-90 Days | 27.1% |
| 8-30 Days | 4.9% |
| 1-7 Days | 53.8% |

---

#### Annual Shareholder Report
Federated Hermes California Municipal Cash Trust

## 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 60934N179

29366-C (12/25)

Federated Securities Corp., Distributor

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

&nbsp;&nbsp;&nbsp;&nbsp;© 2025 Federated Hermes, Inc.

![Image](i40c60037d0e0540782c436ae.jpg)

# Federated Hermes California Municipal Cash Trust

# Cash Series Shares \| CCSXX

#### Annual Shareholder Report - October 31, 2025

## A Portfolio of Federated Hermes Money Market Obligations Trust
This annual shareholder report contains important information about the Federated Hermes California Municipal Cash Trust (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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 | $104 | 1.03% |

---

## Key Fund Statistics
* Net Assets$2,031,442,865

* Number of Investments159

* Total Advisory Fees Paid$2,889,236

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i060064608e980fdff046aa08.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipal Notes | 10.8% |
| Commerical Paper | 30.5% |
| Variable Rate Demand Instruments | 58.6% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i6d8af5786074270bd359305c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 6.4% |
| 91-180 Days | 7.7% |
| 31-90 Days | 27.1% |
| 8-30 Days | 4.9% |
| 1-7 Days | 53.8% |

---

#### Annual Shareholder Report
Federated Hermes California Municipal Cash Trust

## 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 608919403

29366-D (12/25)

Federated Securities Corp., Distributor

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

&nbsp;&nbsp;&nbsp;&nbsp;© 2025 Federated Hermes, Inc.

![Image](i40c60037d0e0540782c436ae.jpg)

# Federated Hermes California Municipal Cash Trust

# Service Shares \| CACXX

#### Annual Shareholder Report - October 31, 2025

## A Portfolio of Federated Hermes Money Market Obligations Trust
This annual shareholder report contains important information about the Federated Hermes California Municipal Cash Trust (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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 | $54 | 0.53% |

---

## Key Fund Statistics
* Net Assets$2,031,442,865

* Number of Investments159

* Total Advisory Fees Paid$2,889,236

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i060064608e980fdff046aa08.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipal Notes | 10.8% |
| Commerical Paper | 30.5% |
| Variable Rate Demand Instruments | 58.6% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i6d8af5786074270bd359305c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 6.4% |
| 91-180 Days | 7.7% |
| 31-90 Days | 27.1% |
| 8-30 Days | 4.9% |
| 1-7 Days | 53.8% |

---

#### Annual Shareholder Report
Federated Hermes California Municipal Cash Trust

## 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 60934N351

29366-B (12/25)

Federated Securities Corp., Distributor

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

&nbsp;&nbsp;&nbsp;&nbsp;© 2025 Federated Hermes, Inc.

![Image](i40c60037d0e0540782c436ae.jpg)

# Federated Hermes California Municipal Cash Trust

# Wealth Shares \| CAIXX

#### Annual Shareholder Report - October 31, 2025

## A Portfolio of Federated Hermes Money Market Obligations Trust
This annual shareholder report contains important information about the Federated Hermes California Municipal Cash Trust (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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 | $28 | 0.28% |

---

## Key Fund Statistics
* Net Assets$2,031,442,865

* Number of Investments159

* Total Advisory Fees Paid$2,889,236

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i060064608e980fdff046aa08.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipal Notes | 10.8% |
| Commerical Paper | 30.5% |
| Variable Rate Demand Instruments | 58.6% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i6d8af5786074270bd359305c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 6.4% |
| 91-180 Days | 7.7% |
| 31-90 Days | 27.1% |
| 8-30 Days | 4.9% |
| 1-7 Days | 53.8% |

---

#### Annual Shareholder Report
Federated Hermes California Municipal Cash Trust

## 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 60934N369

29366-A (12/25)

Federated Securities Corp., Distributor

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

&nbsp;&nbsp;&nbsp;&nbsp;© 2025 Federated Hermes, Inc.

![Image](i40c60037d0e0540782c436ae.jpg)

# Federated Hermes Institutional Tax-Free Cash Trust

# Institutional Shares \| FFTXX

#### Annual Shareholder Report - October 31, 2025

## A Portfolio of Federated Hermes Money Market Obligations Trust
This annual shareholder report contains important information about the Federated Hermes Institutional Tax-Free Cash Trust (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Institutional Shares | $20 | 0.20% |

---

## Key Fund Statistics
* Net Assets$3,067,557,011

* Number of Investments160

* Total Advisory Fees Paid$1,697,303

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i3d911df85ef8a258611480c9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Variable Rate Demand Instruments | 99.5% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](id1267be07806aab536488c7a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 0.0% |
| 91-180 Days | 0.0% |
| 31-90 Days | 0.0% |
| 8-30 Days | 0.7% |
| 1-7 Days | 98.8% |

---

#### Annual Shareholder Report
Federated Hermes Institutional Tax-Free Cash Trust

## 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 608919486

29452-A (12/25)

Federated Securities Corp., Distributor

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

&nbsp;&nbsp;&nbsp;&nbsp;© 2025 Federated Hermes, Inc.

![Image](i40c60037d0e0540782c436ae.jpg)

# Federated Hermes Institutional Tax-Free Cash Trust

# Premier Shares \| FTFXX

#### Annual Shareholder Report - October 31, 2025

## A Portfolio of Federated Hermes Money Market Obligations Trust
This annual shareholder report contains important information about the Federated Hermes Institutional Tax-Free Cash Trust (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Premier Shares | $15 | 0.15% |

---

## Key Fund Statistics
* Net Assets$3,067,557,011

* Number of Investments160

* Total Advisory Fees Paid$1,697,303

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i3d911df85ef8a258611480c9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Variable Rate Demand Instruments | 99.5% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](id1267be07806aab536488c7a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 0.0% |
| 91-180 Days | 0.0% |
| 31-90 Days | 0.0% |
| 8-30 Days | 0.7% |
| 1-7 Days | 98.8% |

---

#### Annual Shareholder Report
Federated Hermes Institutional Tax-Free Cash Trust

## 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 60934N666

29452-B (12/25)

Federated Securities Corp., Distributor

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

&nbsp;&nbsp;&nbsp;&nbsp;© 2025 Federated Hermes, Inc.

![Image](i40c60037d0e0540782c436ae.jpg)

# Federated Hermes New York Municipal Cash Trust

# Cash II Shares \| NYCXX

#### Annual Shareholder Report - October 31, 2025

## A Portfolio of Federated Hermes Money Market Obligations Trust
This annual shareholder report contains important information about the Federated Hermes New York Municipal Cash Trust (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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 | $78 | 0.77% |

---

## Key Fund Statistics
* Net Assets$625,195,838

* Number of Investments116

* Total Advisory Fees Paid$755,516

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](iff29965c3a5d4aade980bbd0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Commerical Paper | 1.6% |
| Municipal Notes | 21.8% |
| Variable Rate Demand Instruments | 77.1% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i8f9ebc81ce79e6a76b6eaa50.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 12.1% |
| 91-180 Days | 5.1% |
| 31-90 Days | 14.4% |
| 8-30 Days | 2.6% |
| 1-7 Days | 66.3% |

---

#### Annual Shareholder Report
Federated Hermes New York Municipal Cash Trust

## 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 60934N310

29521-C (12/25)

Federated Securities Corp., Distributor

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

&nbsp;&nbsp;&nbsp;&nbsp;© 2025 Federated Hermes, Inc.

![Image](i40c60037d0e0540782c436ae.jpg)

# Federated Hermes New York Municipal Cash Trust

# Cash Series Shares \| FNCXX

#### Annual Shareholder Report - October 31, 2025

## A Portfolio of Federated Hermes Money Market Obligations Trust
This annual shareholder report contains important information about the Federated Hermes New York Municipal Cash Trust (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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 | $103 | 1.02% |

---

## Key Fund Statistics
* Net Assets$625,195,838

* Number of Investments116

* Total Advisory Fees Paid$755,516

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](iff29965c3a5d4aade980bbd0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Commerical Paper | 1.6% |
| Municipal Notes | 21.8% |
| Variable Rate Demand Instruments | 77.1% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i8f9ebc81ce79e6a76b6eaa50.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 12.1% |
| 91-180 Days | 5.1% |
| 31-90 Days | 14.4% |
| 8-30 Days | 2.6% |
| 1-7 Days | 66.3% |

---

#### Annual Shareholder Report
Federated Hermes New York Municipal Cash Trust

## 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 608919866

29521-D (12/25)

Federated Securities Corp., Distributor

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

&nbsp;&nbsp;&nbsp;&nbsp;© 2025 Federated Hermes, Inc.

![Image](i40c60037d0e0540782c436ae.jpg)

# Federated Hermes New York Municipal Cash Trust

# Service Shares \| FNTXX

#### Annual Shareholder Report - October 31, 2025

## A Portfolio of Federated Hermes Money Market Obligations Trust
This annual shareholder report contains important information about the Federated Hermes New York Municipal Cash Trust (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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 | $55 | 0.54% |

---

## Key Fund Statistics
* Net Assets$625,195,838

* Number of Investments116

* Total Advisory Fees Paid$755,516

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](iff29965c3a5d4aade980bbd0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Commerical Paper | 1.6% |
| Municipal Notes | 21.8% |
| Variable Rate Demand Instruments | 77.1% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i8f9ebc81ce79e6a76b6eaa50.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 12.1% |
| 91-180 Days | 5.1% |
| 31-90 Days | 14.4% |
| 8-30 Days | 2.6% |
| 1-7 Days | 66.3% |

---

#### Annual Shareholder Report
Federated Hermes New York Municipal Cash Trust

## 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 60934N294

29521-B (12/25)

Federated Securities Corp., Distributor

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

&nbsp;&nbsp;&nbsp;&nbsp;© 2025 Federated Hermes, Inc.

![Image](i40c60037d0e0540782c436ae.jpg)

# Federated Hermes New York Municipal Cash Trust

# Wealth Shares \| NISXX

#### Annual Shareholder Report - October 31, 2025

## A Portfolio of Federated Hermes Money Market Obligations Trust
This annual shareholder report contains important information about the Federated Hermes New York Municipal Cash Trust (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(based on a hypothetical $10,000 investment)

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| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Wealth Shares | $32 | 0.32% |

---

## Key Fund Statistics
* Net Assets$625,195,838

* Number of Investments116

* Total Advisory Fees Paid$755,516

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](iff29965c3a5d4aade980bbd0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Commerical Paper | 1.6% |
| Municipal Notes | 21.8% |
| Variable Rate Demand Instruments | 77.1% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i8f9ebc81ce79e6a76b6eaa50.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 12.1% |
| 91-180 Days | 5.1% |
| 31-90 Days | 14.4% |
| 8-30 Days | 2.6% |
| 1-7 Days | 66.3% |

---

#### Annual Shareholder Report
Federated Hermes New York Municipal Cash Trust

## 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 608919858

29521-A (12/25)

Federated Securities Corp., Distributor

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

&nbsp;&nbsp;&nbsp;&nbsp;© 2025 Federated Hermes, Inc.

**Item 2.** **Code of Ethics**

&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) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There was no amendment to the registrant's code of ethics described in Item 2(a) above during the period covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There was no waiver granted, either actual or implicit, from a provision to the registrant's code of ethics described in Item 2(a) above during the period covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not Applicable

(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

**Item 3.** **Audit Committee Financial Expert**

The registrant's Board has determined that each of the following members of the Board's Audit Committee is an "audit committee financial expert," and is "independent," for purposes of this Item 3: John G. Carson, Thomas M. O'Neill and John S. Walsh.

**Item 4.** **Principal Accountant Fees and Services**

&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; Audit Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2025 – $413,484

Fiscal year ended 2024 – $418,856

&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; Audit-Related Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2025 - $4,326

Fiscal year ended 2024 - $0

Fiscal year ended 2025- Audit consent fee for N-1A filings.

Amount requiring approval of the registrant's Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $5,975 respectively. Fiscal year ended 2024- Audit consent fee for N-14 merger document and travel expenses for attendance at Board meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; Tax Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2025 - $0

Fiscal year ended 2024 - $0

Amount requiring approval of the registrant's Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; All Other Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2025 - $0

Fiscal year ended 2024 - $0

Amount requiring approval of the registrant's Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

(e)(1) Audit Committee Policies regarding Pre-approval of Services.

The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor's independence. The Audit Committee is required to pre-concur with independence conclusions made by the independent auditor regarding non-audit services to be provided by the independent auditor to the Funds, the Funds Board of Directors, or any entity that is controlled directly or indirectly by the Funds. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval(and pre-concurrence for non-audit services) by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.

Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate to management its responsibilities to pre-approve services performed by the independent auditor.

The Audit Committee has delegated pre-approval/pre-concurrence authority to its chairman (the "Chairman") for services that do not exceed a specified dollar threshold. The Chairman or Chief Audit Executive will report any such pre-approval/pre-concurrence decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval/pre-concurrence authority when the Chairman is unavailable.

AUDIT SERVICES

The annual audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.

In addition to the annual audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain audit services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.

AUDIT-RELATED SERVICES

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the RIC's financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services must be specifically pre-approved by the Audit Committee.

TAX SERVICES

The Audit Committee believes that the independent auditor can provide tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor's independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved/pre-concurred certain tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved/pre-concurred by the Audit Committee.

ALL OTHER SERVICES

With respect to the provision of permissible services other than audit, review or attest services the pre-approval/pre-concurrence requirement is waived if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With respect to such services rendered to the Funds, the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the audit client to its accountant during the fiscal year in which the services are provided; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With respect to such services rendered to the Fund's investment adviser (the "Adviser")and any entity controlling, controlled by to under common control with the Adviser such as affiliated non-U.S. and U.S. funds not under the Audit Committee's purview and which do not fall within a category of service which has been determined by the Audit Committee not to have a direct impact on the operations or financial reporting of the RIC, the aggregate amount of all services provided constitutes no more than five percent of the total amount of revenues paid to the RIC's auditor by the RIC, its Adviser and any entity controlling, controlled by, or under common control with the Adviser during the fiscal year in which the services are provided; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Such services were not recognized by the issuer or RIC at the time of the engagement to be non-audit services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Audit Committee.

The Audit Committee may grant general pre-approval/pre-concurrence to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services, and would not impair the independence of the auditor.

The Securities and Exchange Commission's (the "SEC") rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability of exceptions to certain of the prohibitions.

PRE-APPROVAL FEE LEVELS

Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.

PROCEDURES

Requests or applications to provide services that require specific approval/concurrence by the Audit Committee will be submitted to the Audit Committee by the Fund's Principal Accounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application is consistent with the SEC's rules on auditor independence.

(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrant's Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

4(b)

Fiscal year ended 2025 – 0%

Fiscal year ended 2024 - 0%

Percentage of services provided to the registrant's Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant's Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.

4(c)

Fiscal year ended 2025 – 0%

Fiscal year ended 2024 – 0%

Percentage of services provided to the registrant's Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant's Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.

4(d)

Fiscal year ended 2025 – 0%

Fiscal year ended 2024 – 0%

Percentage of services provided to the registrant's Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant's Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Audit Fees billed to the registrant, the registrant's Adviser, and certain entities controlling, controlled by or under common control with the Adviser:

Fiscal year ended 2025 - $157,738

Fiscal year ended 2024 - $235,511

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp; The registrant's Audit Committee has considered that the provision of non-audit services that were rendered to the registrant's Adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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;(j) 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**

**Annual Financial Statements**

**and Additional Information**

**October 31, 2025**

![](imgbe1641b81.gif)

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Share Class** \| Ticker | **Wealth** \| CAIXX | **Service** \| CACXX | **Cash II** \| CALXX | **Cash Series** \| CCSXX | **Capital** \| CCCXX |

---

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Federated Hermes California Municipal Cash Trust

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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.

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

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**CONTENTS** 

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| | |
|:---|:---|
| [Portfolio of Investments](#xx_058f6b39-47cd-4f2b-9092-51c3c7910dea_1) | [1](#xx_058f6b39-47cd-4f2b-9092-51c3c7910dea_1)  |
| [Financial Highlights](#xx_794188df-263e-46e4-ab61-051369124dab_1) | [7](#xx_794188df-263e-46e4-ab61-051369124dab_1)  |
| [Statement of Assets and Liabilities](#xx_f69a5378-b0fc-4424-8097-c33397bf4647_1) | [12](#xx_f69a5378-b0fc-4424-8097-c33397bf4647_1)  |
| [Statement of Operations](#xx_f69a5378-b0fc-4424-8097-c33397bf4647_2) | [13](#xx_f69a5378-b0fc-4424-8097-c33397bf4647_2)  |
| [Statement of Changes in Net Assets](#xx_f69a5378-b0fc-4424-8097-c33397bf4647_3) | [14](#xx_f69a5378-b0fc-4424-8097-c33397bf4647_3)  |
| [Notes to Financial Statements](#xx_3de60d78-9bcb-4398-bee5-b9ca9b105338_1) | [15](#xx_3de60d78-9bcb-4398-bee5-b9ca9b105338_1)  |
| [Report of Independent Registered Public Accounting Firm](#xx_1c034217-37bb-4bee-8c6f-e5069674700e_1) | [21](#xx_1c034217-37bb-4bee-8c6f-e5069674700e_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_70a97fdb-39c5-455b-aec5-258d44fb345a_1) | [22](#xx_70a97fdb-39c5-455b-aec5-258d44fb345a_1) |

---

------

Portfolio of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—99.9% |  |
|  | **California—99.9%** |  |
| $19600000 | BlackRock California Municipal Income Trust, (Series W-7) Weekly VRDPs, (Barclays Bank PLC LIQ), 3.360%, 11/6/2025 | &nbsp;&nbsp; $19600000 |
| 54200000 | Blackrock Muniholdings California Quality Fund, Inc., (Series W-7) Weekly VRDPs, (Barclays Bank PLC LIQ), <br> 3.360%, 11/6/2025<br>| &nbsp;&nbsp; 54200000 |
| 5305000 | Burbank-Glendale-Pasadena, CA Airport Authority, Tender Option Bond Trust Receipts (Series 2024-XF1719) Weekly <br> VRDNs, (Assured Guaranty, Inc. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.320%, 11/6/2025<br>| &nbsp;&nbsp; 5305000 |
| 1405000 | California Community Choice Financing Authority, (Series 2024-XG0584) Weekly VRDNs, (Royal Bank of Canada <br> LIQ)/(Royal Bank of Canada LOC), 3.240%, 11/6/2025<br>| &nbsp;&nbsp; 1405000 |
| 43400000 | California Community Choice Financing Authority, Tender Option Bond Trust Certificates (Series 2023-XF3213) Weekly <br> VRDNs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.320%, 11/6/2025<br>| &nbsp;&nbsp; 43400000 |
| 2000000 | California Community Choice Financing Authority, Tender Option Bond Trust Receipts (Series 2023-XM1138) Weekly <br> VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.240%, 11/6/2025<br>| &nbsp;&nbsp; 2000000 |
| 5250000 | California Community Choice Financing Authority, Tender Option Bond Trust Receipts (Series 2025-XL0628) Weekly <br> VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.240%, 11/6/2025<br>| &nbsp;&nbsp; 5250000 |
| 10100000 | California Educational Facilities Authority (Stanford University), (Series S-1), CP, 2.460%, Mandatory Tender 5/5/2026 | &nbsp;&nbsp; 10100000 |
| 50000000 | California Educational Facilities Authority (Stanford University), (Series S-4), CP, 2.400%, Mandatory Tender 2/4/2026 | &nbsp;&nbsp; 50000000 |
| 8000000 | California Educational Facilities Authority (Stanford University), Tender Option Bond Trust Certificates <br> (Series 2022-XF3046) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 3.230%, 11/6/2025<br>| &nbsp;&nbsp; 8000000 |
| 4275000 | California Educational Facilities Authority (University of Southern California), Tender Option Bond Trust Certificates <br> (Series 2025-XX1423) Weekly VRDNs, (Barclays Bank PLC LIQ), 3.240%, 11/6/2025<br>| &nbsp;&nbsp; 4275000 |
| 14060000 | California Enterprise Development Authority (Riverside County, CA), Tender Option Bond Trust Certificates <br> (Series 2025-XF3466) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 3.250%, 11/6/2025<br>| &nbsp;&nbsp; 14060000 |
| 14250000 | 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), 3.220%, 11/6/2025<br>| &nbsp;&nbsp; 14250000 |
| 31500000 | California Health Facilities Financing Authority (Children's Hospital of Los Angeles), BAML 3a-7 (Series 2025-BAML5065) <br> Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.280%, 11/6/2025<br>| &nbsp;&nbsp; 31500000 |
| 29560000 | California Health Facilities Financing Authority (CommonSpirit Health), Golden Blue (Series 2017-004) VRENs, (Barclays <br> Bank PLC LIQ)/(Barclays Bank PLC LOC), 3.470%, 11/6/2025<br>| &nbsp;&nbsp; 29560000 |
| 7666000 | California Health Facilities Financing Authority (CommonSpirit Health), Mizuho 3a-7 (Series 2022-MIZ9099) Weekly VRDNs, <br> (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.420%, 11/6/2025<br>| &nbsp;&nbsp; 7666000 |
| 2200000 | California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006D), CP, 2.650%, Mandatory <br> Tender 12/3/2025<br>| &nbsp;&nbsp; 2200000 |
| 21225000 | California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006E), CP, 2.620%, Mandatory <br> Tender 12/3/2025<br>| &nbsp;&nbsp; 21225000 |
| 2645000 | California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006E), CP, 2.645%, Mandatory <br> Tender 1/7/2026<br>| &nbsp;&nbsp; 2645000 |
| 6240000 | California Health Facilities Financing Authority (Lucile Salter Packard Children's Hospital at Stanford), Tender Option Bond <br> Certificates (Series 2017-XG0148) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 3.250%, 11/6/2025<br>| &nbsp;&nbsp; 6240000 |
| 6325000 | California HFA (ABS Mayer, LLC), Tender Option Bond Trust Receipts (Series 2025-XF3435) Weekly VRDNs, (Mizuho Bank <br> Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.500%, 11/6/2025<br>| &nbsp;&nbsp; 6325000 |
| 32975352 | California HFA (Mission Gateway Apartments), (Series 2025-CF7034) Weekly VRDNs, (Citibank, N.A. LIQ)/(Citibank, N.A. <br> LOC), 3.320%, 11/6/2025<br>| &nbsp;&nbsp; 32975352 |
| 8525000 | California HFA (Monarch Hillside Apartments LP), Mizuho 3a-7 (Series 2025-MIZ9231) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.430%, 11/6/2025<br>| &nbsp;&nbsp; 8525000 |
| 20415000 | 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), 3.500%, 11/6/2025<br>| &nbsp;&nbsp; 20415000 |
| 7800000 | California HFA (Village at Hanford Square LLC), Tender Option Bond Trust Receipts (Series 2023-XF3115) Weekly VRDNs, <br> (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.500%, 11/6/2025<br>| &nbsp;&nbsp; 7800000 |
| 7577000 | California HFA Multi-Family (Poppy Grove I, LP), Tender Option Bond Trust Certificates (Series 2022-XF3028) Daily VRDNs, <br> (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 4.100%, 11/3/2025<br>| &nbsp;&nbsp; 7577000 |
| 19300000 | California HFA Multi-Family (R Cap Avenue 34 LLC), BAML (3a-7) (Series 2023-BAML6010) Weekly VRDNs, (Bank of <br> America N.A. LIQ)/(Bank of America N.A. LOC), 3.240%, 11/6/2025<br>| &nbsp;&nbsp; 19300000 |
| 31985000 | California HFA Multi-Family (San Regis LLC), BAML 3a-7 (Series 2023-BAML6002) Weekly VRDNs, (Bank of America N.A. <br> LIQ)/(Bank of America N.A. LOC), 3.240%, 11/6/2025<br>| &nbsp;&nbsp; 31985000 |
| 10970000 | California HFA, Tender Option Bond Trust Certificates (Series 2022-XF3059) Weekly VRDNs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.500%, 11/6/2025<br>| &nbsp;&nbsp; 10970000 |

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Annual Financial Statements and Additional Information

**1**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **California—continued** |  |
| $18140000 | California HFA, Tender Option Bond Trust Certificates (Series 2023-XF3087) Weekly VRDNs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.500%, 11/6/2025<br>| &nbsp;&nbsp; $18140000 |
| 2940000 | California Infrastructure & Economic Development Bank (Los Angeles Society for the Prevention of Cruelty to Animals), <br> (Series 2002A) Weekly VRDNs, (Bank of New York Mellon, N.A. LOC), 2.830%, 11/6/2025<br>| &nbsp;&nbsp; 2940000 |
| 7310000 | California Infrastructure & Economic Development Bank (St. Margaret of Scotland Episcopal School), (Series 2008) Monthly <br> VRDNs, (Federal Home Loan Bank of San Francisco LOC), 3.250%, 11/1/2025<br>| &nbsp;&nbsp; 7310000 |
| 9238098 | California Municipal Finance Authority (615 Manhattan Housing Partners LP), Citi 3a-7 (Series 2025-CF7043) Weekly <br> VRDNs, (Citibank, N.A. LIQ)/(Citibank, N.A. LOC), 3.340%, 11/6/2025<br>| &nbsp;&nbsp; 9238098 |
| 20100000 | California Municipal Finance Authority (Canoga Ave LP), BAML (3a-7) (Series 2023-BAML6004) Weekly VRDNs, (Bank of <br> America N.A. LIQ)/(Bank of America N.A. LOC), 3.240%, 11/6/2025<br>| &nbsp;&nbsp; 20100000 |
| 8025000 | California Municipal Finance Authority (Harbor Park Apartments Phase 2, LP), Mizuho 3a-7 (Series 2025-MIZ9229) VRENs, <br> (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.430%, 11/6/2025<br>| &nbsp;&nbsp; 8025000 |
| 9909112 | California Municipal Finance Authority (Laurel Grove Apartments), Citi 3a-7 (Series 2025-CF7050) Weekly VRDNs, <br> (Citibank, N.A. LIQ)/(Citibank, N.A. LOC), 3.320%, 11/6/2025<br>| &nbsp;&nbsp; 9909112 |
| 11975000 | 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), 3.950%, 11/3/2025<br>| &nbsp;&nbsp; 11975000 |
| 19845000 | California Municipal Finance Authority (NorthBay Healthcare Group), BAML 3a-7 (Series 2025-BAML5064), (Bank of <br> America N.A. LIQ)/(Bank of America N.A. LOC), 3.340%, Optional Tender 12/18/2025<br>| &nbsp;&nbsp; 19845000 |
| 9997547 | California Municipal Finance Authority (Oakland International Station Apartments), Citi 3a-7 (Series 2025-CF7014) Weekly <br> VRDNs, (Citibank, N.A. LIQ)/(Citibank, N.A. LOC), 3.340%, 11/6/2025<br>| &nbsp;&nbsp; 9997547 |
| 15000000 | California Municipal Finance Authority (Waste Management, Inc.), (Series 2020), (Waste Management Holdings, Inc. GTD), <br> 3.800%, Mandatory Tender 12/1/2025<br>| &nbsp;&nbsp; 15000000 |
| 15000000 | California Municipal Finance Authority (Waste Management, Inc.), (Series A), (Waste Management Holdings, Inc. GTD), <br> 3.800%, Mandatory Tender 12/1/2025<br>| &nbsp;&nbsp; 15000000 |
| 3400000 | California PCFA (Johann Dairy), (Series 2003) Weekly VRDNs, (CoBank, ACB LOC), 3.300%, 11/6/2025 | &nbsp;&nbsp; 3400000 |
| 19101000 | California State Department of Water Resources, (Series 5), CP, 2.580%, Mandatory Tender 11/19/2025 | &nbsp;&nbsp; 19101000 |
| 5000000 | California State Department of Water Resources, (Series 5), CP, 2.620%, Mandatory Tender 12/1/2025 | &nbsp;&nbsp; 5000000 |
| 28847000 | California State Department of Water Resources, (Series 5), CP, 2.620%, Mandatory Tender 12/2/2025 | &nbsp;&nbsp; 28847000 |
| 10000000 | California State Department of Water Resources, (Series 5), CP, 2.650%, Mandatory Tender 11/6/2025 | &nbsp;&nbsp; 10000000 |
| 3500000 | California State Economic Development Financing Authority (Killion Industries, Inc.), (Series 1997) Weekly VRDNs, <br> (U.S. Bank, N.A. LOC), 3.000%, 11/5/2025<br>| &nbsp;&nbsp; 3500000 |
| 2600000 | California State University (The Trustees of), Tender Option Bond Trust Certificates (Series 2023-XM1140) Weekly VRDNs, <br> (Barclays Bank PLC LIQ), 3.240%, 11/6/2025<br>| &nbsp;&nbsp; 2600000 |
| 43000000 | California State, 5.000%, 3/1/2026 | &nbsp;&nbsp; 43317697 |
| 5000000 | California State, (Series A-1), CP, (Wells Fargo Bank, N.A. LOC), 2.550%, Mandatory Tender 12/4/2025 | &nbsp;&nbsp; 5000000 |
| 2375000 | California State, Tender Option Bond Trust Certificates (Series 2023-XL0501) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), <br> 3.250%, 11/6/2025<br>| &nbsp;&nbsp; 2375000 |
| 1705000 | California State, Tender Option Bond Trust Receipts (Series 2022-XF1415) Weekly VRDNs, (Toronto Dominion Bank LIQ), <br> 3.250%, 11/6/2025<br>| &nbsp;&nbsp; 1705000 |
| 14120000 | California Statewide Communities Development Authority (CVII-Ivy Hill LP), BAML (3a-7) (Series 2023-BAML6011) Weekly <br> VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.240%, 11/6/2025<br>| &nbsp;&nbsp; 14120000 |
| 7500000 | California Statewide Communities Development Authority (Enloe Medical Center Obligated Group), Tender Option Bond <br> Trust Certificates (Series 2022-XL0363) Weekly VRDNs, (Assured Guaranty, Inc. INS)/(Morgan Stanley Bank, N.A. LIQ), <br> 3.370%, 11/6/2025<br>| &nbsp;&nbsp; 7500000 |
| 9510000 | 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), 3.500%, 11/6/2025<br>| &nbsp;&nbsp; 9510000 |
| 4145000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 2.676%, Mandatory <br> Tender 1/8/2026<br>| &nbsp;&nbsp; 4145000 |
| 8000000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 2.600%, Mandatory <br> Tender 1/6/2026<br>| &nbsp;&nbsp; 8000000 |
| 7500000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 2.680%, Mandatory <br> Tender 1/8/2026<br>| &nbsp;&nbsp; 7500000 |
| 20000000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 2.750%, Mandatory <br> Tender 12/2/2025<br>| &nbsp;&nbsp; 20000000 |
| 9700000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), CP, 2.600%, Mandatory <br> Tender 1/6/2026<br>| &nbsp;&nbsp; 9700000 |
| 13000000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), CP, 2.700%, Mandatory <br> Tender 1/8/2026<br>| &nbsp;&nbsp; 13000000 |

---

Annual Financial Statements and Additional Information

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **California—continued** |  |
| $40000000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-3), CP, 2.670%, Mandatory <br> Tender 12/4/2025<br>| &nbsp;&nbsp; $40000000 |
| 19000000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-3), CP, 2.750%, Mandatory <br> Tender 12/2/2025<br>| &nbsp;&nbsp; 19000000 |
| 16000000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-4), CP, 2.650%, Mandatory <br> Tender 12/3/2025<br>| &nbsp;&nbsp; 16000000 |
| 6405000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-4), CP, 2.850%, Mandatory <br> Tender 11/5/2025<br>| &nbsp;&nbsp; 6405000 |
| 8000000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009D), CP, 2.650%, Mandatory <br> Tender 1/7/2026<br>| &nbsp;&nbsp; 8000000 |
| 13750000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series B-5), CP, 2.570%, Mandatory <br> Tender 3/3/2026<br>| &nbsp;&nbsp; 13750000 |
| 13090000 | California Statewide Communities Development Authority (Kensington Apartments LP), Mizuho 3a-7 <br> (Series 2022-MIZ9113) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.430%, 11/6/2025<br>| &nbsp;&nbsp; 13090000 |
| 5346113 | 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), 3.430%, 11/6/2025<br>| &nbsp;&nbsp; 5346113 |
| 4270000 | California Statewide Communities Development Authority (Northwest Gateway Apartments LP), (Series 2025-MIZ9232) <br> VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 3.500%, 11/6/2025<br>| &nbsp;&nbsp; 4270000 |
| 300000 | 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), 4.050%, 11/3/2025<br>| &nbsp;&nbsp; 300000 |
| 8000000 | 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), 4.050%, 11/3/2025<br>| &nbsp;&nbsp; 8000000 |
| 5600000 | California Statewide Communities Development Authority MFH (Beaumont CA Leased Housing Associates I, LP), (2010 <br> Series B: Mountain View Apartments) Weekly VRDNs, (Federal Home Loan Mortgage Corp. LOC), 3.300%, 11/6/2025<br>| &nbsp;&nbsp; 5600000 |
| 1495000 | California Statewide Communities Development Authority MFH (Fiddyment Affordable Partners LP), MIZUHO 3a-7 <br> (2024-MIZ9162) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.430%, 11/6/2025<br>| &nbsp;&nbsp; 1495000 |
| 4000000 | 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), 3.430%, 11/6/2025<br>| &nbsp;&nbsp; 4000000 |
| 27520000 | California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2017 Series BB: <br> One Uptown Newport Apartments) Weekly VRDNs, (Federal Home Loan Bank of Des Moines LOC), 2.920%, 11/6/2025<br>| &nbsp;&nbsp; 27520000 |
| 43730000 | California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2021 Series A: <br> One Uptown Newport Apartments) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 3.280%, 11/6/2025<br>| &nbsp;&nbsp; 43730000 |
| 12750000 | Central Valley, CA Energy Authority, Tender Option Bond Trust Receipts (Series 2025-XL0578) Weekly VRDNs, (Royal Bank <br> of Canada LIQ)/(Royal Bank of Canada LOC), 3.240%, 11/6/2025<br>| &nbsp;&nbsp; 12750000 |
| 13600000 | East Bay Municipal Utility District, CA Water System, (Series A-1), CP, (Sumitomo Mitsui Banking Corp. LIQ), 2.679%, <br> Mandatory Tender 11/5/2025<br>| &nbsp;&nbsp; 13600000 |
| 10250000 | East Bay Municipal Utility District, CA Water System, (Series A-2), CP, (Bank of America N.A. LIQ), 2.550%, Mandatory <br> Tender 12/12/2025<br>| &nbsp;&nbsp; 10250000 |
| 5569926 | Housing Authority of the City of Chula Vista (Congregational Tower), Citi 3a-7 (Series 2025-CF7051) Weekly VRDNs, <br> (Citibank, N.A. LIQ)/(Citibank, N.A. LOC), 3.320%, 11/6/2025<br>| &nbsp;&nbsp; 5569926 |
| 13335000 | Irvine, CA Facilities Financing Authority (Irvine, CA Community Facilities District No. 2013-3), Tender Option Bond Trust <br> Certificates (Series 2023-ZF3188) Weekly VRDNs, (Build America Mutual Assurance INS)/(Morgan Stanley Bank, N.A. LIQ), <br> 3.320%, 11/6/2025<br>| &nbsp;&nbsp; 13335000 |
| 19900000 | 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), 3.950%, 11/3/2025<br>| &nbsp;&nbsp; 19900000 |
| 39700000 | JPMorgan Chase Putters/Drivers Trust (Federal Home Loan Mortgage Corp.), PUTTERs 3a-7(Series 3007DB) Daily VRDNs, <br> (Federal Home Loan Mortgage Corp. GTD)/(JPMorgan Chase Bank, N.A. LIQ), 3.950%, 11/3/2025<br>| &nbsp;&nbsp; 39700000 |
| 8945000 | Long Beach, CA Unified School District, Tender Option Bond Trust Certificates (Series 2023-XG0478) Weekly VRDNs, (Build <br> America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 3.280%, 11/6/2025<br>| &nbsp;&nbsp; 8945000 |
| 19900000 | 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> 3.950%, 11/3/2025<br>| &nbsp;&nbsp; 19900000 |
| 12000000 | Los Angeles County, CA Schools Financing Program (Manhattan Beach, CA Unified School District), (Series A) TRANs, <br> 4.000%, 6/2/2026<br>| &nbsp;&nbsp; 12124333 |
| 24000000 | Los Angeles County, CA, (Series A) TRANs, 5.000%, 6/30/2026 | &nbsp;&nbsp; 24335917 |
| 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), 3.430%, 11/6/2025<br>| &nbsp;&nbsp; 10000000 |
| 20000000 | 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), 3.450%, 11/6/2025<br>| &nbsp;&nbsp; 20000000 |

---

Annual Financial Statements and Additional Information

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **California—continued** |  |
| $10000000 | 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), 3.520%, 11/6/2025<br>| &nbsp;&nbsp; $10000000 |
| 1000000 | Los Angeles, CA Department of Airports, (2022 Series C), 5.000%, 5/15/2026 | &nbsp;&nbsp; 1013479 |
| 2105000 | Los Angeles, CA Department of Airports, Senior Revenue Bonds (Series 2020C), 5.000%, 5/15/2026 | &nbsp;&nbsp; 2134722 |
| 1500000 | Los Angeles, CA Department of Airports, Subordinate Refunding Revenue Bonds (Series 2023A), 5.000%, 5/15/2026 | &nbsp;&nbsp; 1513702 |
| 1195000 | Los Angeles, CA Department of Airports, Subordinate Revenue Bonds (Series 2018C), 5.000%, 5/15/2026 | &nbsp;&nbsp; 1209199 |
| 4725000 | Los Angeles, CA Department of Airports, Subordinate Revenue Bonds (Series 2021D), 5.000%, 5/15/2026 | &nbsp;&nbsp; 4790732 |
| 7415000 | Los Angeles, CA Department of Airports, Subordinate Revenue Bonds (Series 2022A), 5.000%, 5/15/2026 | &nbsp;&nbsp; 7503123 |
| 1540000 | Los Angeles, CA Department of Airports, Tender Option Bond Trust Certificates (Series 2025-ZF3388) Weekly VRDNs, <br> (Wells Fargo Bank, N.A. LIQ), 3.270%, 11/6/2025<br>| &nbsp;&nbsp; 1540000 |
| 2010000 | Los Angeles, CA Department of Airports, Tender Option Bond Trust Certificates (Series 2025-ZF3389) Weekly VRDNs, <br> (Wells Fargo Bank, N.A. LIQ), 3.270%, 11/6/2025<br>| &nbsp;&nbsp; 2010000 |
| 7200000 | Los Angeles, CA Department of Airports, Tender Option Bond Trust Receipts (Series 2025-XF3473) Weekly VRDNs, <br> (Morgan Stanley Bank, N.A. LIQ), 3.270%, 11/6/2025<br>| &nbsp;&nbsp; 7200000 |
| 20000000 | Los Angeles, CA TRANs, 5.000%, 6/25/2026 | &nbsp;&nbsp; 20243509 |
| 22000000 | Modesto, CA Water Refunding Revenue Certificates of Participation, (2008 Series A) Weekly VRDNs, (Assured Guaranty <br> Corp. INS)/(BMO Bank, N.A. LIQ), 2.950%, 11/6/2025<br>| &nbsp;&nbsp; 22000000 |
| 29700000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series 3) MuniFund Preferred Shares Weekly VRDPs, (Toronto <br> Dominion Bank LIQ), 3.250%, 11/6/2025<br>| &nbsp;&nbsp; 29700000 |
| 6500000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series 6) Weekly VRDPs, (Sumitomo Mitsui Banking Corp. <br> LIQ), 3.250%, 11/6/2025<br>| &nbsp;&nbsp; 6500000 |
| 600000 | Nuveen California Dividend Advantage Municipal Fund, (NAC Series 7) Weekly VRDPs, (Royal Bank of Canada LIQ), <br> 3.290%, 11/6/2025<br>| &nbsp;&nbsp; 600000 |
| 4000000 | Oakland, CA Unified School District, Tender Option Bond Trust Certificates (Series 2023-XF3196) Weekly VRDNs, (Assured <br> Guaranty, Inc. INS)/(Barclays Bank PLC LIQ), 3.300%, 11/6/2025<br>| &nbsp;&nbsp; 4000000 |
| 4000000 | Oxnard, CA School District, Tender Option Bond Trust Receipts (2023-XG0477) Daily VRDNs, (Build America Mutual <br> Assurance INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.600%, 11/3/2025<br>| &nbsp;&nbsp; 4000000 |
| 13015000 | Pimco California Municipal Income Fund II, PUTTERs 3a-7 (VMTP 5059) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 3.420%, 11/6/2025<br>| &nbsp;&nbsp; 13015000 |
| 12825000 | Pimco California Municipal Income Fund III, PUTTERs 3a-7 (VMTP 5060) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 3.420%, 11/6/2025<br>| &nbsp;&nbsp; 12825000 |
| 7025000 | Pimco California Municipal Income Fund, PUTTERs (3a-7) (Series 5057) Weekly VRDNs, (JPMorgan Chase Bank, N.A. <br> LIQ)/(JPMorgan Chase Bank, N.A. LOC), 3.420%, 11/6/2025<br>| &nbsp;&nbsp; 7025000 |
| 11545000 | Pimco California Municipal Income Fund, PUTTERs 3a-7 (VMTP 5058) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 3.420%, 11/6/2025<br>| &nbsp;&nbsp; 11545000 |
| 8200000 | Riverside County, CA TRANs, 5.000%, 6/30/2026 | &nbsp;&nbsp; 8321775 |
| 20000000 | Riverside County, CA, Teeter Plan Obligation Notes (2025 Series A) BANs, 2.550%, 10/16/2026 | &nbsp;&nbsp; 20037290 |
| 8475000 | Sacramento County, CA (Cessna Aircraft Co.), (Series 1998) Weekly VRDNs, (Bank of America N.A. LOC), <br> 3.200%, 11/6/2025<br>| &nbsp;&nbsp; 8475000 |
| 750000 | San Diego County, CA Regional Airport Authority, Subordinate Airport Revenue Bonds (Series 2021B), 5.000%, 7/1/2026 | &nbsp;&nbsp; 760700 |
| 18690000 | San Diego County, CA Regional Airport Authority, Tender Option Bond Trust Receipts (Series 2023-XF1451) Weekly <br> VRDNs, (Assured Guaranty, Inc. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.320%, 11/6/2025<br>| &nbsp;&nbsp; 18690000 |
| 17600000 | San Diego County, CA Regional Airport Authority, Tender Option Bond Trust Receipts (Series 2023-XM1148) Weekly <br> VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.250%, 11/6/2025<br>| &nbsp;&nbsp; 17600000 |
| 11342913 | San Diego, CA Housing Authority, Citi 3a-7 (Series 2025-CF7042) Weekly VRDNs, (Citibank, N.A. LIQ)/(Citibank, N.A. <br> LOC), 3.340%, 11/6/2025<br>| &nbsp;&nbsp; 11342913 |
| 14345000 | San Diego, CA Housing Authority, Citibank 3a-7 (Series 2025â€'CF7055) Weekly VRDNs, (Citibank, N.A. LIQ)/(Citibank, <br> N.A. LOC), 3.320%, 11/6/2025<br>| &nbsp;&nbsp; 14345000 |
| 15500000 | San Diego, CA Unified School District, Citibank 3a-7 (Series 2025-CF7045) Weekly VRDNs, (Citibank, N.A. LIQ), <br> 3.250%, 11/6/2025<br>| &nbsp;&nbsp; 15500000 |
| 23000000 | San Diego, CA Water Utility Fund, (Series A), CP, (Bank of America N.A. LOC), 2.670%, Mandatory Tender 11/19/2025 | &nbsp;&nbsp; 23000000 |
| 4800000 | San Francisco, CA City & County Airport Commission, (Series 2025-XM1285) Weekly VRDNs, (Royal Bank of Canada <br> LIQ)/(Royal Bank of Canada LOC), 3.240%, 11/6/2025<br>| &nbsp;&nbsp; 4800000 |
| 8000000 | San Francisco, CA City & County Airport Commission, (Series A-1), CP, (Bank of America N.A. LOC), 2.645%, Mandatory <br> Tender 11/6/2025<br>| &nbsp;&nbsp; 8000000 |
| 10000000 | San Francisco, CA City & County Airport Commission, (Series A-4), CP, (Sumitomo Mitsui Banking Corp. LOC), 2.620%, <br> Mandatory Tender 11/4/2025<br>| &nbsp;&nbsp; 10000000 |

---

Annual Financial Statements and Additional Information

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **California—continued** |  |
| $16620000 | San Francisco, CA City & County Airport Commission, Second Series Revenue Bonds (Series 2022A), 5.000%, 5/1/2026 | &nbsp;&nbsp; $16826296 |
| 10000000 | San Francisco, CA City & County Airport Commission, Tender Option Bond Trust (Series 2025-XM1265) Daily VRDNs, <br> (JPMorgan Chase Bank, N.A. LIQ), 3.600%, 11/3/2025<br>| &nbsp;&nbsp; 10000000 |
| 5200000 | San Francisco, CA City & County Airport Commission, Tender Option Bond Trust Certificates (Series 2022-XF3051) Weekly <br> VRDNs, (Morgan Stanley Bank, N.A. LIQ), 3.320%, 11/6/2025<br>| &nbsp;&nbsp; 5200000 |
| 1675000 | San Francisco, CA City & County Airport Commission, Tender Option Bond Trust Receipts (Series 2024-ZF1773) Weekly <br> VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.260%, 11/6/2025<br>| &nbsp;&nbsp; 1675000 |
| 2665000 | San Francisco, CA City & County Airport Commission, Tender Option Bond Trust Receipts (Series 2025-ZF1809) Weekly <br> VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.240%, 11/6/2025<br>| &nbsp;&nbsp; 2665000 |
| 13500000 | San Francisco, CA City & County Multi-Family Housing (FD Haynes Apartments LP), Citibank 3a-7 (Series 2025-CF7033) <br> Weekly VRDNs, (Citibank, N.A. LIQ)/(Citibank, N.A. LOC), 3.320%, 11/6/2025<br>| &nbsp;&nbsp; 13500000 |
| 33745000 | 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), 3.430%, 11/6/2025<br>| &nbsp;&nbsp; 33745000 |
| 12500000 | 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), 3.430%, 11/6/2025<br>| &nbsp;&nbsp; 12500000 |
| 16770000 | San Francisco, CA City and County (Transbay Block 8 Tower Apartments Obligated Group), Mizuho 3a-7 <br> (Series 2024-MIZ9200) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 3.290%, 11/6/2025<br>| &nbsp;&nbsp; 16770000 |
| 5701000 | San Francisco, CA Public Utilities Commission (Power Enterprise), (Series A-1), CP, (Bank of America N.A. LOC), 2.600%, <br> Mandatory Tender 11/4/2025<br>| &nbsp;&nbsp; 5701000 |
| 7000000 | San Francisco, CA Unified School District, Morgan Stanley 3a-7 (Series 2025-CF7058) Weekly VRDNs, (Citibank, N.A. <br> LIQ)/(Citibank, N.A. LOC), 3.270%, 11/6/2025<br>| &nbsp;&nbsp; 7000000 |
| 10350000 | San Jose, CA Financing Authority, (Series 1), CP, (TD Bank, N.A. LOC), 2.600%, Mandatory Tender 11/14/2025 | &nbsp;&nbsp; 10350000 |
| 17656497 | San Jose, CA Multifamily Housing Revenue Bonds (El Rancho Verde Apartments), Citi 3a-7 (Series 2025-CF7005) Weekly <br> VRDNs, (Citibank, N.A. LIQ)/(Citibank, N.A. LOC), 3.340%, 11/6/2025<br>| &nbsp;&nbsp; 17656497 |
| 7600000 | 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), 3.500%, 11/6/2025<br>| &nbsp;&nbsp; 7600000 |
| 4750000 | San Marcos Unified School District, (Series 2025-MS0062), (Morgan Stanley Bank, N.A. LIQ), 3.400%, Optional <br> Tender 1/8/2026<br>| &nbsp;&nbsp; 4750000 |
| 14065000 | Santa Ana, CA United School District, Tender Option Bond Certificates (Series 2022-XL0387) Weekly VRDNs, (Morgan <br> Stanley Bank, N.A. LIQ), 3.280%, 11/6/2025<br>| &nbsp;&nbsp; 14065000 |
| 9450000 | Santa Clarita Valley, CA Water Agency, (Series A), CP, (Bank of America N.A. LOC), 2.680%, Mandatory Tender 11/5/2025 | &nbsp;&nbsp; 9450000 |
| 6000000 | Southern California Public Power Authority (Power Projects) (Los Angeles, CA Department of Water & Power <br> (Electric/Power System)), Tender Option Bond Trust Receipts (Series 2025-XL0671) Weekly VRDNs, (Royal Bank of Canada <br> LIQ)/(Royal Bank of Canada LOC), 3.370%, 11/6/2025<br>| &nbsp;&nbsp; 6000000 |
| 19500000 | Sweetwater, CA Union High School District, Tender Option Bond Trust Receipts (Series 2022-XF1394) Daily VRDNs, <br> (JPMorgan Chase Bank, N.A. LIQ), 3.650%, 11/3/2025<br>| &nbsp;&nbsp; 19500000 |
| 18750000 | University of California (The Regents of), (Series A), CP, 2.600%, Mandatory Tender 11/3/2025 | &nbsp;&nbsp; 18750000 |
| 15000000 | University of California (The Regents of), (Series A), CP, 2.600%, Mandatory Tender 12/4/2025 | &nbsp;&nbsp; 15000000 |
| 10000000 | University of California (The Regents of), (Series A), CP, 2.600%, Mandatory Tender 12/4/2025 | &nbsp;&nbsp; 10000000 |
| 15000000 | University of California (The Regents of), (Series A), CP, 2.600%, Mandatory Tender 12/11/2025 | &nbsp;&nbsp; 15000000 |
| 15000000 | University of California (The Regents of), (Series A), CP, 2.600%, Mandatory Tender 12/12/2025 | &nbsp;&nbsp; 15000000 |
| 10000000 | University of California (The Regents of), (Series A), CP, 2.600%, Mandatory Tender 4/7/2026 | &nbsp;&nbsp; 10000000 |
| 5000000 | University of California (The Regents of), (Series A), CP, 2.650%, Mandatory Tender 2/18/2026 | &nbsp;&nbsp; 5000000 |
| 35000000 | University of California (The Regents of), (Series A), CP, 2.680%, Mandatory Tender 11/13/2025 | &nbsp;&nbsp; 35000000 |
| 11000000 | University of California (The Regents of), (Series A), CP, 2.700%, Mandatory Tender 11/18/2025 | &nbsp;&nbsp; 11000000 |
| 15000000 | University of California (The Regents of), (Series A), CP, 2.700%, Mandatory Tender 12/1/2025 | &nbsp;&nbsp; 15000000 |
| 10000000 | University of California (The Regents of), (Series A), CP, 2.700%, Mandatory Tender 12/3/2025 | &nbsp;&nbsp; 10000000 |
| 10000000 | University of California (The Regents of), (Series A), CP, 2.700%, Mandatory Tender 12/5/2025 | &nbsp;&nbsp; 10000000 |
| 10000000 | University of California (The Regents of), (Series A), CP, 2.700%, Mandatory Tender 2/5/2026 | &nbsp;&nbsp; 10000000 |
| 5000000 | University of California (The Regents of), (Series A), CP, 2.730%, Mandatory Tender 12/12/2025 | &nbsp;&nbsp; 5000000 |
| 25000000 | University of California (The Regents of), (Series A), CP, 2.750%, Mandatory Tender 4/15/2026 | &nbsp;&nbsp; 25000000 |

---

Annual Financial Statements and Additional Information

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **California—continued** |  |
| $1900000 | Washington Township, CA Health Care District, Tender Option Bond Trust Receipts (Series 2022-XL0384) Weekly VRDNs, <br> (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 3.250%, 11/6/2025<br>| &nbsp;&nbsp; $1900000 |
|  | TOTAL INVESTMENT IN SECURITIES—99.9% <br>(AT AMORTIZED COST)<sup>2</sup> <br>| &nbsp;&nbsp; 2029315032 |
|  | OTHER ASSETS AND LIABILITIES - NET—0.1%<sup>3</sup> <br>| &nbsp;&nbsp; 2127833 |
|  | NET ASSETS—100% | &nbsp;&nbsp; $2031442865 |

---

Securities that are subject to the federal alternative minimum tax (AMT) represent 16.6% of the Fund's portfolio as calculated based upon total market value (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 October 31, 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 October 31, 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 |
| GTD | —Guaranteed |
| HFA | —Housing Finance Authority |
| INS | —Insured |
| LIQ | —Liquidity Agreement |
| LOC | —Letter of Credit |
| MFH | —Multi-Family Housing |
| PCFA | —Pollution Control Financing Authority |
| PUTTERs | —Puttable Tax-Exempt Receipts |
| TRANs | —Tax and Revenue Anticipation Notes |
| VMTP | —Variable Municipal Term Preferred |
| VRDNs | —Variable Rate Demand Notes |
| VRDPs | —Variable Rate Demand Preferreds |
| VRENs | —Variable Rate Extendible Notes |

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**6**

------

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **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** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.026 | 0.032 | 0.030 | 0.006 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| TOTAL FROM INVESTMENT OPERATIONS | 0.026 | 0.032 | 0.029 | 0.006 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.026) | &nbsp;&nbsp; (0.032) | &nbsp;&nbsp; (0.029) | &nbsp;&nbsp; (0.006) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| TOTAL DISTRIBUTIONS | &nbsp;&nbsp; (0.026) | &nbsp;&nbsp; (0.032) | &nbsp;&nbsp; (0.029) | &nbsp;&nbsp; (0.006) | &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** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 2.60% | &nbsp;&nbsp; 3.26% | &nbsp;&nbsp; 2.92% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.02% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.13% |
| Net investment income | &nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 3.21% | &nbsp;&nbsp; 2.95% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.29% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1862337 | &nbsp;&nbsp; $1382773 | &nbsp;&nbsp; $848604 | &nbsp;&nbsp; $507675 | &nbsp;&nbsp; $333923 |

---

&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. |
| 4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**7**

------

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **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** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.023 | 0.030 | 0.026 | 0.005 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.001) | 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.023 | 0.030 | 0.026 | 0.004 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.023) | &nbsp;&nbsp; (0.030) | &nbsp;&nbsp; (0.026) | &nbsp;&nbsp; (0.004) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Total Distributions | &nbsp;&nbsp; (0.023) | &nbsp;&nbsp; (0.030) | &nbsp;&nbsp; (0.026) | &nbsp;&nbsp; (0.004) | &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** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 2.35% | &nbsp;&nbsp; 3.01% | &nbsp;&nbsp; 2.66% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.02% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.13% |
| Net investment income | &nbsp;&nbsp; 2.29% | &nbsp;&nbsp; 2.96% | &nbsp;&nbsp; 2.62% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.62% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $136361 | &nbsp;&nbsp; $99920 | &nbsp;&nbsp; $92746 | &nbsp;&nbsp; $108627 | &nbsp;&nbsp; $106973 |

---

&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. |
| 4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**8**

------

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **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** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.022 | 0.028 | 0.025 | 0.004 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.022 | 0.028 | 0.025 | 0.004 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.022) | &nbsp;&nbsp; (0.028) | &nbsp;&nbsp; (0.025) | &nbsp;&nbsp; (0.004) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Total Distributions | &nbsp;&nbsp; (0.022) | &nbsp;&nbsp; (0.028) | &nbsp;&nbsp; (0.025) | &nbsp;&nbsp; (0.004) | &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** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 2.19% | &nbsp;&nbsp; 2.85% | &nbsp;&nbsp; 2.51% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.02% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.13% |
| Net investment income | &nbsp;&nbsp; 2.16% | &nbsp;&nbsp; 2.82% | &nbsp;&nbsp; 2.51% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.84% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $2418 | &nbsp;&nbsp; $3118 | &nbsp;&nbsp; $5388 | &nbsp;&nbsp; $5411 | &nbsp;&nbsp; $235112 |

---

&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. |
| 4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**9**

------

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **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** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.018 | 0.025 | 0.021 | 0.002 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.018 | 0.025 | 0.021 | 0.002 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.018) | &nbsp;&nbsp; (0.025) | &nbsp;&nbsp; (0.021) | &nbsp;&nbsp; (0.002) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Total Distributions | &nbsp;&nbsp; (0.018) | &nbsp;&nbsp; (0.025) | &nbsp;&nbsp; (0.021) | &nbsp;&nbsp; (0.002) | &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** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.84% | &nbsp;&nbsp; 2.49% | &nbsp;&nbsp; 2.16% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.02% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.13% |
| Net investment income | &nbsp;&nbsp; 1.81% | &nbsp;&nbsp; 2.47% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 1.24% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $10004 | &nbsp;&nbsp; $13586 | &nbsp;&nbsp; $18592 | &nbsp;&nbsp; $32205 | &nbsp;&nbsp; $27742 |

---

&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. |
| 4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**10**

------

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **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** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.025 | 0.031 | 0.028 | 0.005 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.025 | 0.031 | 0.028 | 0.005 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.025) | &nbsp;&nbsp; (0.031) | &nbsp;&nbsp; (0.028) | &nbsp;&nbsp; (0.005) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Total Distributions | &nbsp;&nbsp; (0.025) | &nbsp;&nbsp; (0.031) | &nbsp;&nbsp; (0.028) | &nbsp;&nbsp; (0.005) | &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** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 2.50% | &nbsp;&nbsp; 3.16% | &nbsp;&nbsp; 2.82% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.02% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.13% |
| Net investment income | &nbsp;&nbsp; 2.44% | &nbsp;&nbsp; 3.13% | &nbsp;&nbsp; 2.76% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.49% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $20323 | &nbsp;&nbsp; $18596 | &nbsp;&nbsp; $33163 | &nbsp;&nbsp; $42201 | &nbsp;&nbsp; $57216 |

---

&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. |
| 4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**11**

------

Statement of Assets and Liabilities

October 31, 2025

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in securities, at amortized cost and fair value | &nbsp;&nbsp; $2029315032 |
| Income receivable | &nbsp;&nbsp; 9068164 |
| Receivable for investments sold | &nbsp;&nbsp; 10008889 |
| Receivable for shares sold | &nbsp;&nbsp; 486118 |
| Total Assets | &nbsp;&nbsp; 2048878203 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp; 15738576 |
| Payable for shares redeemed | &nbsp;&nbsp; 1181685 |
| Payable to bank | &nbsp;&nbsp; 41128 |
| Income distribution payable | &nbsp;&nbsp; 262986 |
| Payable to adviser (Note 5) | &nbsp;&nbsp; 8325 |
| Payable for administrative fee (Note 5) | &nbsp;&nbsp; 4295 |
| Payable for distribution services fee (Note 5) | &nbsp;&nbsp; 4620 |
| Payable for other service fees (Notes 2 and 5) | &nbsp;&nbsp; 30803 |
| Accrued expenses (Note 5) | &nbsp;&nbsp; 162920 |
| Total Liabilities | &nbsp;&nbsp; 17435338 |
| Net assets for 2,031,464,517 shares outstanding | &nbsp;&nbsp; $2031442865 |
| **Net Assets Consist of:** |  |
| Paid-in capital | &nbsp;&nbsp; $2031464482 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (21617) |
| Net Assets | &nbsp;&nbsp; $2031442865 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Wealth Shares:** |  |
| $1,862,336,629 ÷ 1,862,356,478 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Service Shares:** |  |
| $136,361,157 ÷ 136,362,611 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Cash II Shares:** |  |
| $2,417,871 ÷ 2,417,897 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Cash Series Shares:** |  |
| $10,004,362 ÷ 10,004,469 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Capital Shares:** |  |
| $20,322,846 ÷ 20,323,062 shares outstanding, no par value, unlimited shares authorized | $1.00 |

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**12**

------

Statement of Operations

Year Ended October 31, 2025

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $51125770 |
| **Expenses:** |  |
| Investment adviser fee (Note 5) | &nbsp;&nbsp; 4656182 |
| Administrative fee (Note 5) | &nbsp;&nbsp; 1402850 |
| Custodian fees | &nbsp;&nbsp; 56187 |
| Transfer agent fees (Note 2) | &nbsp;&nbsp; 318585 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp; 9620 |
| Auditing fees | &nbsp;&nbsp; 26457 |
| Legal fees | &nbsp;&nbsp; 13260 |
| Portfolio accounting fees | &nbsp;&nbsp; 225799 |
| Distribution services fee (Note 5) | &nbsp;&nbsp; 69525 |
| Other service fees (Notes 2 and 5) | &nbsp;&nbsp; 376519 |
| Share registration costs | &nbsp;&nbsp; 182562 |
| Printing and postage | &nbsp;&nbsp; 18580 |
| Miscellaneous (Note 5) | &nbsp;&nbsp; 11937 |
| TOTAL EXPENSES | &nbsp;&nbsp; 7368063 |
| **Waivers:** |  |
| Waiver of investment adviser fee (Note 5) | &nbsp;&nbsp; (1766946) |
| Waiver of other operating expenses (Note 5) | &nbsp;&nbsp; (11977) |
| TOTAL WAIVERS | &nbsp;&nbsp; (1778923) |
| Net expenses | &nbsp;&nbsp; 5589140 |
| Net investment income | &nbsp;&nbsp; 45536630 |
| Net realized loss on investments | &nbsp;&nbsp; (6837) |
| Change in net assets resulting from operations | &nbsp;&nbsp; $45529793 |

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**13**

------

Statement of Changes in Net Assets

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

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

---

| | | |
|:---|:---|:---|
| **Year Ended October 31** | **2025** | **2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $45536630 | &nbsp;&nbsp; $41067479 |
| Net realized gain (loss) | &nbsp;&nbsp; (6837) | &nbsp;&nbsp; 274406 |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; 45529793 | &nbsp;&nbsp; 41341885 |
| **Distributions to Shareholders:** |  |  |
| Wealth Shares | &nbsp;&nbsp; (42132092) | &nbsp;&nbsp; (36536062) |
| Service Shares | &nbsp;&nbsp; (2984286) | &nbsp;&nbsp; (2860520) |
| Cash II Shares | &nbsp;&nbsp; (50913) | &nbsp;&nbsp; (188996) |
| Cash Series Shares | &nbsp;&nbsp; (197337) | &nbsp;&nbsp; (434387) |
| Capital Shares | &nbsp;&nbsp; (488670) | &nbsp;&nbsp; (1054966) |
| CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | &nbsp;&nbsp; (45853298) | &nbsp;&nbsp; (41074931) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 3085668855 | &nbsp;&nbsp; 2378328491 |
| Net asset value of shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 43276759 | &nbsp;&nbsp; 38372899 |
| Cost of shares redeemed | &nbsp;&nbsp; (2615171889) | &nbsp;&nbsp; (1897468910) |
| CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | &nbsp;&nbsp; 513773725 | &nbsp;&nbsp; 519232480 |
| Change in net assets | &nbsp;&nbsp; 513450220 | &nbsp;&nbsp; 519499434 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1517992645 | &nbsp;&nbsp; 998493211 |
| End of period | &nbsp;&nbsp; $2031442865 | &nbsp;&nbsp; $1517992645 |

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**14**

------

Notes to Financial Statements

October 31, 2025

**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 California Municipal Cash Trust (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers five classes of shares: 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 federal regular income tax and the personal income taxes imposed by the State of California consistent with stability of principal. Interest income from the Fund's investments may be subject to the federal AMT for individuals.

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. 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. Amortization/accretion of premium and discount is included in investment income. The detail of the total fund expense waivers of $1,778,923 is disclosed in various locations in Note 5. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Annual Financial Statements and Additional Information

**15**

------

**Transfer Agent Fees** 

For the year ended October 31, 2025, transfer agent fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Transfer Agent** <br>**Fees Incurred**<br>|
| Wealth Shares | &nbsp;&nbsp; $290117 |
| Service Shares | &nbsp;&nbsp; 22676 |
| Cash II Shares | &nbsp;&nbsp; 409 |
| Cash Series Shares | &nbsp;&nbsp; 1886 |
| Capital Shares | &nbsp;&nbsp; 3497 |
| TOTAL | &nbsp;&nbsp; $318585 |

---

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

For the year ended October 31, 2025, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Service Shares | &nbsp;&nbsp; $323841 |
| Cash II Shares | &nbsp;&nbsp; 5851 |
| Cash Series Shares | &nbsp;&nbsp; 27018 |
| Capital Shares | &nbsp;&nbsp; 19809 |
| TOTAL | &nbsp;&nbsp; $376519 |

---

For the year ended October 31, 2025, the Fund's Wealth Shares did not incur other service fees.

**Federal Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the year ended October 31, 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 October 31, 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.

Annual Financial Statements and Additional Information

**16**

------

&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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2024** | **Year Ended** <br>**10/31/2024** |
| **Wealth Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 2788109085 | &nbsp;&nbsp; $2788109085 | &nbsp;&nbsp; 2109510845 | &nbsp;&nbsp; $2109510845 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 39567552 | &nbsp;&nbsp; 39567552 | &nbsp;&nbsp; 34002003 | &nbsp;&nbsp; 34002003 |
| Shares redeemed | &nbsp;&nbsp; (2347818469) | &nbsp;&nbsp; (2347818469) | &nbsp;&nbsp; (1609588635) | &nbsp;&nbsp; (1609588635) |
| NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | &nbsp;&nbsp; 479858168 | &nbsp;&nbsp; $479858168 | &nbsp;&nbsp; 533924213 | &nbsp;&nbsp; $533924213 |
|  | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2024** | **Year Ended** <br>**10/31/2024** |
| **Service Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 239200143 | &nbsp;&nbsp; $239200143 | &nbsp;&nbsp; 131163407 | &nbsp;&nbsp; $131163407 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 2982704 | &nbsp;&nbsp; 2982704 | &nbsp;&nbsp; 2743317 | &nbsp;&nbsp; 2743317 |
| Shares redeemed | &nbsp;&nbsp; (205720338) | &nbsp;&nbsp; (205720338) | &nbsp;&nbsp; (126749208) | &nbsp;&nbsp; (126749208) |
| NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | &nbsp;&nbsp; 36462509 | &nbsp;&nbsp; $36462509 | &nbsp;&nbsp; 7157516 | &nbsp;&nbsp; $7157516 |
|  | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2024** | **Year Ended** <br>**10/31/2024** |
| **Cash II Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 5027677 | &nbsp;&nbsp; $5027677 | &nbsp;&nbsp; 15015672 | &nbsp;&nbsp; $15015672 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 50781 | &nbsp;&nbsp; 50781 | &nbsp;&nbsp; 179728 | &nbsp;&nbsp; 179728 |
| Shares redeemed | &nbsp;&nbsp; (5777913) | &nbsp;&nbsp; (5777913) | &nbsp;&nbsp; (17466195) | &nbsp;&nbsp; (17466195) |
| NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | &nbsp;&nbsp; (699455) | &nbsp;&nbsp; $(699455) | &nbsp;&nbsp; (2270795) | &nbsp;&nbsp; $(2270795) |
|  | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2024** | **Year Ended** <br>**10/31/2024** |
| **Cash Series Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 30737779 | &nbsp;&nbsp; $30737779 | &nbsp;&nbsp; 40887933 | &nbsp;&nbsp; $40887933 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 192528 | &nbsp;&nbsp; 192528 | &nbsp;&nbsp; 421049 | &nbsp;&nbsp; 421049 |
| Shares redeemed | &nbsp;&nbsp; (34508729) | &nbsp;&nbsp; (34508729) | &nbsp;&nbsp; (46317669) | &nbsp;&nbsp; (46317669) |
| NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | &nbsp;&nbsp; (3578422) | &nbsp;&nbsp; $(3578422) | &nbsp;&nbsp; (5008687) | &nbsp;&nbsp; $(5008687) |
|  | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2024** | **Year Ended** <br>**10/31/2024** |
| **Capital Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 22594171 | &nbsp;&nbsp; $22594171 | &nbsp;&nbsp; 81750634 | &nbsp;&nbsp; $81750634 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 483194 | &nbsp;&nbsp; 483194 | &nbsp;&nbsp; 1026802 | &nbsp;&nbsp; 1026802 |
| Shares redeemed | &nbsp;&nbsp; (21346440) | &nbsp;&nbsp; (21346440) | &nbsp;&nbsp; (97347203) | &nbsp;&nbsp; (97347203) |
| NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | &nbsp;&nbsp; 1730925 | &nbsp;&nbsp; $1730925 | &nbsp;&nbsp; (14569767) | &nbsp;&nbsp; $(14569767) |
| NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | &nbsp;&nbsp; 513773725 | &nbsp;&nbsp; $513773725 | &nbsp;&nbsp; 519232480 | &nbsp;&nbsp; $519232480 |

---

**4. FEDERAL TAX INFORMATION** 

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended October 31, 2025 and 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Tax-exempt income | &nbsp;&nbsp; $45585027 | &nbsp;&nbsp; $41072813 |
| Ordinary income | &nbsp;&nbsp; $176924 | &nbsp;&nbsp; $2118 |
| Long-term capital gains | &nbsp;&nbsp; $91347 | &nbsp;&nbsp; $— |

---

Annual Financial Statements and Additional Information

**17**

------

As of October 31, 2025, the components of distributable earnings on a tax-basis were as follows:

---

| | |
|:---|:---|
| Undistributed tax-exempt income | &nbsp;&nbsp; $(14780) |
| Capital loss carryforwards | &nbsp;&nbsp; $(6837) |
| TOTAL | &nbsp;&nbsp; $(21617) |

---

As of October 31, 2025, the Fund had a capital loss carryforward of $6,837 which will reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these net capital losses retain their character as either short-term or long-term and do not expire.

The following schedule summarizes the Fund's capital loss carryforwards:

---

| | | |
|:---|:---|:---|
| **Short-Term** | **Long-Term** | **Total** |
| $6837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6837 |

---

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

**Investment Adviser Fee** 

Effective January 1, 2025, the advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.25% of the Fund's average daily net assets. Prior to January 1, 2025, the Fund's annual investment advisory fee payable to its investment adviser was 0.30% 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 year ended October 31, 2025, the Adviser voluntarily waived $1,766,946 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 year ended October 31, 2025, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

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

**Distribution Services Fee** 

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Average Daily** <br>**Net Assets of Class**<br>|
| Cash II Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20% |
| 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 year ended October 31, 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>|
| Cash II Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4681 | $(1170) |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64844 | (10807) |
| TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $69525 | $(11977) |

---

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the year ended October 31, 2025, FSC retained $272 of fees paid by the Fund.

Annual Financial Statements and Additional Information

**18**

------

**Other Service Fees** 

For the year ended October 31, 2025, FSSC received $281 of the other service fees disclosed in Note 2.

**Expense Limitation** 

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding extraordinary expenses, interest expenses and proxy-related expenses, if any) paid by the Fund's Wealth Shares, Service Shares, Cash II Shares, Cash Series Shares and Capital Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.28%, 0.53%, 0.68%, 1.03% and 0.38% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) March 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 year ended October 31, 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 $842,765,000 and $588,360,000, 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.

**6. CONCENTRATION OF RISK** 

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at October 31, 2025, 50.9% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 13.2% of total investments.

**7. INTERFUND LENDING** 

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of October 31, 2025, there were no outstanding loans. During the year ended October 31, 2025, the program was not utilized.

**8. OPERATING SEGMENTS** 

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. 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.

**9. INDEMNIFICATIONS** 

Under the Fund's organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to

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the arrangement, provided the third party's actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.

**10. FEDERAL TAX INFORMATION (UNAUDITED)** 

For the year ended October 31, 2025, 100% of the distributions from net investment income is exempt from federal income tax, other than the federal AMT.

For the fiscal year ended October 31, 2025, 6.7% of total ordinary income distributions qualified as business interest income for purposes of 163(j) and the regulations thereunder. Complete information is reported in conjunction with the reporting of your distributions on Form 1099-DIV.

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Report of Independent Registered Public Accounting Firm

**TO THE SHAREHOLDERS AND THE BOARD OF TRUSTEES OF FEDERATED HERMES CALIFORNIA MUNICIPAL CASH TRUST:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Federated Hermes California Municipal Cash Trust (the "Fund") (one of the portfolios constituting Federated Hermes Money Market Obligations Trust (the "Trust")), including the portfolio of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting Federated Hermes Money Market Obligations Trust) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers, and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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We have served as the auditor of one or more Federated Hermes investment companies since 1979.

Boston, Massachusetts

December 22, 2025

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Evaluation and Approval of Advisory Contract–May 2025

**Federated Hermes California Municipal Cash Trust (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").

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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

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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.

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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. In considering the Fund's expenses, the Board noted that the Adviser recommended, and the Board approved, a contractual advisory fee reduction of 5 basis points for the Fund, effective January 1, 2025.

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

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capabilities and use of data. The Board noted that Federated Hermes' investments in these areas are extensive and are 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.

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

This 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.

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Federated Hermes California Municipal Cash Trust

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 60934N369

CUSIP 60934N351

CUSIP 60934N179

CUSIP 608919403

CUSIP 608919502

29366 (12/25)© 2025 Federated Hermes, Inc.

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**Annual Financial Statements**

**and Additional Information**

**October 31, 2025**

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| **Share Class** \| Ticker | **Institutional** \| FFTXX | **Premier** \| FTFXX |

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Federated Hermes Institutional Tax-Free Cash Trust

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A Portfolio of Federated Hermes Money Market Obligations Trust

The Fund operates as a "Floating Net Asset Value" Money Market Fund.

The Share Price will fluctuate. It is possible to lose money by investing in the Fund.

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

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**CONTENTS** 

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|:---|:---|
| [Portfolio of Investments](#xx_6e926046-500d-4485-839d-b041a481e7f5_1) | [1](#xx_6e926046-500d-4485-839d-b041a481e7f5_1)  |
| [Financial Highlights](#xx_38a0374e-90ad-4c71-811c-86356ec022cb_1) | [8](#xx_38a0374e-90ad-4c71-811c-86356ec022cb_1)  |
| [Statement of Assets and Liabilities](#xx_80decfb0-aeec-4832-91bc-695d57322c9f_1) | [10](#xx_80decfb0-aeec-4832-91bc-695d57322c9f_1)  |
| [Statement of Operations](#xx_80decfb0-aeec-4832-91bc-695d57322c9f_2) | [11](#xx_80decfb0-aeec-4832-91bc-695d57322c9f_2)  |
| [Statement of Changes in Net Assets](#xx_80decfb0-aeec-4832-91bc-695d57322c9f_3) | [12](#xx_80decfb0-aeec-4832-91bc-695d57322c9f_3)  |
| [Notes to Financial Statements](#xx_2e47a788-b677-4ef2-8ebf-46fd7871c9d3_1) | [13](#xx_2e47a788-b677-4ef2-8ebf-46fd7871c9d3_1)  |
| [Report of Independent Registered Public Accounting Firm](#xx_4b73114d-cf02-432d-b965-de4560dbe45e_1) | [18](#xx_4b73114d-cf02-432d-b965-de4560dbe45e_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_a262b513-9c7e-4f40-95d1-0b28bcd19bf9_1) | [19](#xx_a262b513-9c7e-4f40-95d1-0b28bcd19bf9_1) |

---

------

Portfolio of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—99.5% |  |
|  | **Alabama—2.8%** |  |
| $8000000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 3.950%, 11/3/2025 | &nbsp;&nbsp; $8000000 |
| 38500000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 3.950%, 11/3/2025 | &nbsp;&nbsp; 38500000 |
| 28000000 | Mobile County, AL IDA Gulf Opportunity Zone (SSAB Alabama, Inc.), (Series 2011) Weekly VRDNs, (Nordea Bank Abp <br> LOC), 3.300%, 11/6/2025<br>| &nbsp;&nbsp; 28000000 |
| 4100000 | Mobile, AL IDB (HighProv, LLC), (Series 2006) Weekly VRDNs, (Federal Home Loan Bank of Dallas LOC), 3.400%, 11/6/2025 | &nbsp;&nbsp; 4100000 |
| 7610000 | Tuscaloosa County, AL Port Authority (Tuscaloosa Riverfront Development, LLC), <br> (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs, (Federal Home Loan Bank of Atlanta LOC), 3.270%, 11/6/2025<br>| &nbsp;&nbsp; 7610000 |
|  | TOTAL | &nbsp;&nbsp; 86210000 |
|  | **Alaska—0.8%** |  |
| 100000 | Alaska State Housing Finance Corp., (Series 2001A) Weekly VRDNs, 3.250%, 11/6/2025 | &nbsp;&nbsp; 100000 |
| 23395000 | Alaska State Housing Finance Corp., (Series 2001B) Weekly VRDNs, 3.250%, 11/6/2025 | &nbsp;&nbsp; 23395000 |
|  | TOTAL | &nbsp;&nbsp; 23495000 |
|  | **Arizona—0.9%** |  |
| 960000 | Arizona State IDA (Phoenix Children's Hospital), (Series 2019A) Daily VRDNs, (TD Bank, N.A. LOC), 4.000%, 11/3/2025 | &nbsp;&nbsp; 960000 |
| 1815000 | Arizona State IDA (Phoenix Children's Hospital), (Series 2019B) Daily VRDNs, (TD Bank, N.A. LOC), 4.000%, 11/3/2025 | &nbsp;&nbsp; 1815000 |
| 4000000 | Maricopa County, AZ, IDA (DC Paloma 2 LLC), (Series 2009) Weekly VRDNs, (CoBank, ACB LOC), 3.270%, 11/6/2025 | &nbsp;&nbsp; 4000000 |
| 20000000 | Yavapai County, AZ IDA - Recovery Zone Facility (Skanon Investments, Inc.), (Series 2010: Drake Cement Project) Weekly <br> VRDNs, (Bank of Nova Scotia LOC), 3.300%, 11/6/2025<br>| &nbsp;&nbsp; 20000000 |
|  | TOTAL | &nbsp;&nbsp; 26775000 |
|  | **Arkansas—0.2%** |  |
| 6300000 | Little Rock, AR Metrocentre Improvement District #1 (Wehco Media, Inc.), (Series 1985) Daily VRDNs, (JPMorgan Chase <br> Bank, N.A. LOC), 4.000%, 11/3/2025<br>| &nbsp;&nbsp; 6300000 |
|  | **Colorado—0.4%** |  |
| 11940000 | Colorado State Health Facilities Authority (Intermountain Healthcare Obligated Group), (Series 2024-E) Daily VRDNs, (TD <br> Bank, N.A. LIQ), 4.000%, 11/3/2025<br>| &nbsp;&nbsp; 11940000 |
|  | **Connecticut—0.3%** |  |
| 8500000 | Connecticut State HFA, (Subseries C-3) Weekly VRDNs, (Royal Bank of Canada LIQ), 3.200%, 11/6/2025 | &nbsp;&nbsp; 8500000 |
|  | **Florida—10.3%** |  |
| 25000000 | Escambia County, FL Solid Waste Disposal (Florida Power & Light Co.), Gulf Power Co. Project (Series 2009) Weekly <br> VRDNs, 3.450%, 11/5/2025<br>| &nbsp;&nbsp; 25000000 |
| 44775000 | Highlands County, FL Health Facilities Authority (Advent Health System/Sunbelt Obligated Group), (Series 2012I-3) Weekly <br> VRDNs, 3.250%, 11/6/2025<br>| &nbsp;&nbsp; 44775000 |
| 5300000 | Highlands County, FL Health Facilities Authority (Advent Health System/Sunbelt Obligated Group), (Series 2025C) Daily <br> VRDNs, (PNC Bank, N.A. LIQ), 3.900%, 11/3/2025<br>| &nbsp;&nbsp; 5300000 |
| 44015000 | Highlands County, FL Health Facilities Authority (Advent Health System/Sunbelt Obligated Group), (Series D-1) Weekly <br> VRDNs, 3.220%, 11/6/2025<br>| &nbsp;&nbsp; 44015000 |
| 23900000 | Highlands County, FL Health Facilities Authority (Advent Health System/Sunbelt Obligated Group), (Series D-2) Weekly <br> VRDNs, 3.400%, 11/6/2025<br>| &nbsp;&nbsp; 23900000 |
| 6630000 | Hillsborough County, FL IDA (BayCare Health System, Inc.), (Series 2020C) Weekly VRDNs, (TD Bank, N.A. LOC), <br> 3.250%, 11/5/2025<br>| &nbsp;&nbsp; 6630000 |
| 31625000 | Hillsborough County, FL IDA (BayCare Obligated Group), (Series 2020B) Daily VRDNs, (TD Bank, N.A. LOC), <br> 4.000%, 11/3/2025<br>| &nbsp;&nbsp; 31625000 |
| 10000000 | Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1994) Weekly VRDNs, 3.450%, 11/5/2025 | &nbsp;&nbsp; 10000000 |
| 8730000 | JEA, FL Water & Sewer System, (2008 Series A-2: Senior Revenue Bonds) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. <br> LOC), 3.230%, 11/5/2025<br>| &nbsp;&nbsp; 8730000 |
| 11345000 | JEA, FL Water & Sewer System, (2008 Series A-2: Subordinate Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, <br> N.A. LIQ), 3.260%, 11/6/2025<br>| &nbsp;&nbsp; 11345000 |
| 13510000 | Manatee County, FL (Florida Power & Light Co.) Weekly VRDNs, 3.450%, 11/5/2025 | &nbsp;&nbsp; 13510000 |
| 1750000 | Martin County, FL (Florida Power & Light Co.), (Series 2022) Weekly VRDNs, 3.370%, 11/6/2025 | &nbsp;&nbsp; 1750000 |
| 2265000 | Orange County, FL, Health Facilities Authority (Lakeside Behavioral Healthcare, Inc.), (Series 2008) Weekly VRDNs, (Truist <br> Bank LOC), 3.200%, 11/5/2025<br>| &nbsp;&nbsp; 2265000 |

---

Annual Financial Statements and Additional Information

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Florida—continued** |  |
| $4500000 | Orange County, FL, Health Facilities Authority (Orlando Health, Inc.), (Series 2008E) Weekly VRDNs, (TD Bank, N.A. LOC), <br> 3.200%, 11/5/2025<br>| &nbsp;&nbsp; $4500000 |
| 83185000 | St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Weekly VRDNs, 3.000%, 11/5/2025 | &nbsp;&nbsp; 83185000 |
|  | TOTAL | &nbsp;&nbsp; 316530000 |
|  | **Georgia—5.2%** |  |
| 92940000 | Brookhaven Development Authority, GA (Children's Healthcare of Atlanta, Inc.), (Series 2019D) Weekly VRDNs, (Truist Bank <br> LIQ), 3.310%, 11/6/2025<br>| &nbsp;&nbsp; 92940000 |
| 1670000 | Cherokee County, GA Development Authority (Goodwill of North Georgia, Inc.), (Series 2008) Weekly VRDNs, (Truist Bank <br> LOC), 3.200%, 11/5/2025<br>| &nbsp;&nbsp; 1670000 |
| 15000000 | Cobb County, GA Hospital Authority (Wellstar Health System, Inc.), (Series 2004) Weekly VRDNs, (Truist Bank LOC), <br> 3.170%, 11/6/2025<br>| &nbsp;&nbsp; 15000000 |
| 11000000 | Cobb County, GA Hospital Authority (Wellstar Health System, Inc.), (Series 2006) Weekly VRDNs, (Truist Bank LOC), <br> 3.170%, 11/6/2025<br>| &nbsp;&nbsp; 11000000 |
| 32100000 | Fulton County, GA Development Authority (Shepherd Center, Inc.), (Series 2009) Weekly VRDNs, (Truist Bank LOC), <br> 3.200%, 11/5/2025<br>| &nbsp;&nbsp; 32100000 |
| 5500000 | Monroe County, GA Development Authority (Florida Power & Light Co.), Pollution Control Revenue Bonds (First Series <br> 2010) Weekly VRDNs, 3.350%, 11/6/2025<br>| &nbsp;&nbsp; 5500000 |
|  | TOTAL | &nbsp;&nbsp; 158210000 |
|  | **Idaho—1.6%** |  |
| 50200000 | Idaho Health Facilities Authority (St. Luke's Health System), (Series 2025D) Daily VRDNs, (TD Bank, N.A. LOC), <br> 4.000%, 11/3/2025<br>| &nbsp;&nbsp; 50200000 |
|  | **Illinois—2.0%** |  |
| 5685000 | Aurora, IL Economic Development Revenue (Aurora University), (Series 2019) Weekly VRDNs, (BMO Bank, N.A. LOC), <br> 3.220%, 11/6/2025<br>| &nbsp;&nbsp; 5685000 |
| 2490000 | Illinois Development Finance Authority (North Shore Senior Center), (Series 1999) Weekly VRDNs, (JPMorgan Chase Bank, <br> N.A. LOC), 3.250%, 11/5/2025<br>| &nbsp;&nbsp; 2490000 |
| 32000000 | Illinois Finance Authority (Advocate Aurora Health), (Series 2008C-1) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 3.400%, 11/5/2025<br>| &nbsp;&nbsp; 32000000 |
| 13020000 | Illinois Finance Authority (Advocate Aurora Health), (Series 2008C-2B) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 3.400%, 11/5/2025<br>| &nbsp;&nbsp; 13020000 |
| 8100000 | Illinois Finance Authority (Advocate Aurora Health), (Subseries C-3A) Weekly VRDNs, (Northern Trust Co. LIQ), <br> 3.200%, 11/5/2025<br>| &nbsp;&nbsp; 8100000 |
|  | TOTAL | &nbsp;&nbsp; 61295000 |
|  | **Indiana—1.8%** |  |
| 44700000 | Indiana State Finance Authority Environmental (Duke Energy Indiana, LLC), (Series 2009A-4) Daily VRDNs, (Sumitomo <br> Mitsui Banking Corp. LOC), 4.000%, 11/3/2025<br>| &nbsp;&nbsp; 44700000 |
| 4740000 | Indiana State Finance Authority Environmental (Duke Energy Indiana, LLC), (Series 2009A-5) Daily VRDNs, (Sumitomo <br> Mitsui Banking Corp. LOC), 3.900%, 11/3/2025<br>| &nbsp;&nbsp; 4740000 |
| 6495000 | Valparaiso, IN (Pines Village Retirement Community, Inc.), (Series 2008) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), <br> 3.500%, 11/6/2025<br>| &nbsp;&nbsp; 6495000 |
|  | TOTAL | &nbsp;&nbsp; 55935000 |
|  | **Iowa—2.1%** |  |
| 6200000 | Iowa Finance Authority (Cargill, Inc.), (Series 2009B) Weekly VRDNs, 3.270%, 11/6/2025 | &nbsp;&nbsp; 6200000 |
| 3600000 | Iowa Finance Authority (Cargill, Inc.), Midwestern Disaster Area Economic Development Revenue Bonds (Series 2009A) <br> Weekly VRDNs, 3.250%, 11/6/2025<br>| &nbsp;&nbsp; 3600000 |
| 12500000 | Iowa Finance Authority (Cargill, Inc.), Midwestern Disaster Area Economic Development Revenue Bonds (Series 2011A) <br> Weekly VRDNs, 3.250%, 11/6/2025<br>| &nbsp;&nbsp; 12500000 |
| 41500000 | Iowa Finance Authority (HF Chlor-Alkali, LLC), (Series 2012) Weekly VRDNs, (Cargill, Inc. GTD), 3.270%, 11/6/2025 | &nbsp;&nbsp; 41500000 |
|  | TOTAL | &nbsp;&nbsp; 63800000 |
|  | **Louisiana—7.3%** |  |
| 14325000 | Baton Rouge, LA Industrial Development Board (Exxon Mobil Corp.), (Series 2010B) Daily VRDNs, 3.920%, 11/3/2025 | &nbsp;&nbsp; 14325000 |
| 855000 | Hammond Area, LA Economic & Industrial Development District (AGEM Management Services LLC) Weekly VRDNs, <br> (Federal Home Loan Bank of Dallas LOC), 3.400%, 11/6/2025<br>| &nbsp;&nbsp; 855000 |
| 3000000 | Louisiana Local Government Environmental Facilities CDA (Isidore Newman School), (Series 2002) Weekly VRDNs, (Federal <br> Home Loan Bank of Dallas LOC), 2.650%, 11/5/2025<br>| &nbsp;&nbsp; 3000000 |
| 2080000 | Louisiana Local Government Environmental Facilities CDA (The Christ Episcopal Church in Covington), (Series 2004) <br> Weekly VRDNs, (Federal Home Loan Bank of Dallas LOC), 2.650%, 11/5/2025<br>| &nbsp;&nbsp; 2080000 |

---

Annual Financial Statements and Additional Information

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Louisiana—continued** |  |
| $40000000 | Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2008A) Daily VRDNs, 3.920%, 11/3/2025 | &nbsp;&nbsp; $40000000 |
| 20000000 | Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2008C) Daily VRDNs, 3.950%, 11/3/2025 | &nbsp;&nbsp; 20000000 |
| 16850000 | Louisiana State Gas & Fuels Second Lien, (Series 2023 A-2) Daily VRDNs, (TD Bank, N.A. LOC), 4.000%, 11/3/2025 | &nbsp;&nbsp; 16850000 |
| 39685000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (Nucor Corp. GTD), 3.490%, 11/5/2025 | &nbsp;&nbsp; 39685000 |
| 83180000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (Nucor Corp. GTD), 3.400%, 11/5/2025 | &nbsp;&nbsp; 83180000 |
| 3915000 | St. Tammany Parish Development District, LA (Main Street Holdings of St.Tammany, LLC), (Series 2006A) Weekly VRDNs, <br> (Federal Home Loan Bank of Dallas LOC), 3.400%, 11/6/2025<br>| &nbsp;&nbsp; 3915000 |
|  | TOTAL | &nbsp;&nbsp; 223890000 |
|  | **Maryland—2.5%** |  |
| 49400000 | Maryland Health and Higher Educational Facilities Authority (University of Maryland Medical System Corp.), <br> (Series 2025C-2) Weekly VRDNs, (PNC Bank, N.A. LOC), 3.250%, 11/6/2025<br>| &nbsp;&nbsp; 49400000 |
| 13615000 | Maryland State Health & Higher Educational Facilities Authority (University of Maryland Medical System Corp.), <br> (Series 2008D) Daily VRDNs, (TD Bank, N.A. LOC), 4.000%, 11/3/2025<br>| &nbsp;&nbsp; 13615000 |
| 13290000 | Maryland State Health & Higher Educational Facilities Authority, (Series 1985B) Weekly VRDNs, (TD Bank, N.A. LOC), <br> 3.250%, 11/5/2025<br>| &nbsp;&nbsp; 13290000 |
|  | TOTAL | &nbsp;&nbsp; 76305000 |
|  | **Michigan—1.5%** |  |
| 30035000 | Michigan Strategic Fund (Air Products & Chemicals, Inc.), (Series 2007) Daily VRDNs, 3.920%, 11/3/2025 | &nbsp;&nbsp; 30035000 |
| 16200000 | Michigan Strategic Fund (Kroger Co.), (Series 2010) Weekly VRDNs, (Bank of Nova Scotia LOC), 3.260%, 11/6/2025 | &nbsp;&nbsp; 16200000 |
|  | TOTAL | &nbsp;&nbsp; 46235000 |
|  | **Minnesota—1.0%** |  |
| 3365000 | Inver Grove Heights, MN (PHM/Inver Grove, Inc.), (Series 2005) Weekly VRDNs, (Federal National Mortgage Association <br> LOC), 3.190%, 11/6/2025<br>| &nbsp;&nbsp; 3365000 |
| 9500000 | Minneapolis, MN (Fairview Health Services), (Series 2018B) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), <br> 3.400%, 11/5/2025<br>| &nbsp;&nbsp; 9500000 |
| 11200000 | Minneapolis, MN (One Ten Grant Project), Variable Rate Housing Revenue Bonds Weekly VRDNs, (Federal National <br> Mortgage Association LOC), 3.220%, 11/6/2025<br>| &nbsp;&nbsp; 11200000 |
| 7500000 | Moorhead, MN (American Crystal Sugar Co.), Series 2020 Weekly VRDNs, (CoBank, ACB LOC), 3.300%, 11/6/2025 | &nbsp;&nbsp; 7500000 |
|  | TOTAL | &nbsp;&nbsp; 31565000 |
|  | **Mississippi—2.3%** |  |
| 72000000 | Perry County, MS (Leaf River Cellulose LLC), (Series 2021) Weekly VRDNs, (Georgia-Pacific LLC GTD), 3.230%, 11/6/2025 | &nbsp;&nbsp; 72000000 |
|  | **Multi-State—8.0%** |  |
| 14000000 | Nuveen AMT-Free Municipal Credit Income Fund Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 3.290%, 11/6/2025 | &nbsp;&nbsp; 14000000 |
| 44600000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 2) MuniFund Preferred Shares Weekly VRDPs, (JPMorgan Chase <br> Bank, N.A. LIQ), 3.290%, 11/6/2025<br>| &nbsp;&nbsp; 44600000 |
| 24000000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) MuniFund Preferred Shares Weekly VRDPs, (Societe Generale <br> S.A. LIQ), 3.280%, 11/6/2025<br>| &nbsp;&nbsp; 24000000 |
| 35600000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 5) MuniFund Preferred Shares Weekly VRDPs, (Societe Generale <br> S.A. LIQ), 3.270%, 11/6/2025<br>| &nbsp;&nbsp; 35600000 |
| 9000000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 3) Weekly VRDPs, (TD Bank, N.A. LIQ), <br> 3.310%, 11/6/2025<br>| &nbsp;&nbsp; 9000000 |
| 98900000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) MuniFund Preferred Shares Weekly VRDPs, <br> (Barclays Bank PLC LIQ), 3.300%, 11/6/2025<br>| &nbsp;&nbsp; 98900000 |
| 20000000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, VRDP (Series 5-1000) Weekly VRDPs, (Sumitomo Mitsui <br> Banking Corp. LIQ)/(Sumitomo Mitsui Banking Corp. LOC), 3.280%, 11/6/2025<br>| &nbsp;&nbsp; 20000000 |
|  | TOTAL | &nbsp;&nbsp; 246100000 |
|  | **Nebraska—0.0%** |  |
| 1400000 | Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 3.270%, 11/6/2025 | &nbsp;&nbsp; 1400000 |
|  | **Nevada—0.7%** |  |
| 21850000 | Clark County, NV Department of Aviation, Subordinate Lien Revenue Bonds (Series 2008 D-2B) Weekly VRDNs, (Sumitomo <br> Mitsui Banking Corp. LOC), 3.250%, 11/5/2025<br>| &nbsp;&nbsp; 21850000 |
|  | **New Hampshire—0.1%** |  |
| 4500000 | National Finance Authority, NH (Novant Health Obligated Group), (Series 2024C) Weekly VRDNs, (Truist Bank LOC), <br> 3.170%, 11/6/2025<br>| &nbsp;&nbsp; 4500000 |

---

Annual Financial Statements and Additional Information

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **New York—14.3%** |  |
| $3755000 | Metropolitan Transportation Authority, NY (MTA Dedicated Tax Fund), (Subseries 2008A-2a) Daily VRDNs, (TD Bank, N.A. <br> LOC), 4.000%, 11/3/2025<br>| &nbsp;&nbsp; $3755000 |
| 10650000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2005D-1) Daily VRDNs, (Truist Bank <br> LOC), 3.900%, 11/3/2025<br>| &nbsp;&nbsp; 10650000 |
| 2845000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Subseries 2012G-1) Daily VRDNs, (Barclays <br> Bank PLC LOC), 3.900%, 11/3/2025<br>| &nbsp;&nbsp; 2845000 |
| 2000000 | Metropolitan Transportation Authority, NY, (Series 2002D-2B) Daily VRDNs, (Truist Bank LOC), 3.900%, 11/3/2025 | &nbsp;&nbsp; 2000000 |
| 17875000 | New York City Housing Development Corp., (Series L-1) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), <br> 3.250%, 11/6/2025<br>| &nbsp;&nbsp; 17875000 |
| 20000000 | New York City Housing Development Corp., Sustainable Development (Series I-3) Weekly VRDNs, (TD Bank, N.A. LIQ), <br> 3.350%, 11/6/2025<br>| &nbsp;&nbsp; 20000000 |
| 2000000 | New York City Transitional Finance Authority Building Aid Revenue (New York City, NY Transitional Finance Authority), <br> (Fiscal 2018 Subseries C-7) Daily VRDNs, (TD Bank, N.A. LIQ), 4.000%, 11/3/2025<br>| &nbsp;&nbsp; 2000000 |
| 17900000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2014 AA-3 Bonds) Daily VRDNs, (TD Bank, N.A. LIQ), <br> 4.000%, 11/3/2025<br>| &nbsp;&nbsp; 17900000 |
| 4000000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2014 AA-4 Bonds) Daily VRDNs, (State Street Bank and Trust <br> Co. LIQ), 3.900%, 11/3/2025<br>| &nbsp;&nbsp; 4000000 |
| 5750000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2015 Subseries BB-2) Daily VRDNs, (Mizuho Bank Ltd. LIQ), <br> 3.900%, 11/3/2025<br>| &nbsp;&nbsp; 5750000 |
| 9745000 | New York City, NY Municipal Water Finance Authority, (Series 2010CC) Daily VRDNs, (State Street Bank and Trust Co. LIQ), <br> 4.000%, 11/3/2025<br>| &nbsp;&nbsp; 9745000 |
| 6760000 | New York City, NY Municipal Water Finance Authority, (Series 2025 EE-1) Daily VRDNs, (Bank of New York Mellon, N.A. <br> LIQ), 3.940%, 11/3/2025<br>| &nbsp;&nbsp; 6760000 |
| 12155000 | New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2009 Series BB-2) Daily VRDNs, <br> (UBS AG LIQ), 3.900%, 11/3/2025<br>| &nbsp;&nbsp; 12155000 |
| 35955000 | New York City, NY Transitional Finance Authority, (2026 Subseries A-2) Daily VRDNs, (Bank of America N.A. LIQ), <br> 3.900%, 11/3/2025<br>| &nbsp;&nbsp; 35955000 |
| 26800000 | New York City, NY Transitional Finance Authority, (Fiscal 2011, Subseries A-4) Daily VRDNs, (Barclays Bank PLC LIQ), <br> 3.900%, 11/3/2025<br>| &nbsp;&nbsp; 26800000 |
| 36690000 | New York City, NY Transitional Finance Authority, (Fiscal 2013 Subseries A-7) Weekly VRDNs, (State Street Bank and Trust <br> Co. LIQ), 3.200%, 11/6/2025<br>| &nbsp;&nbsp; 36690000 |
| 7000000 | New York City, NY Transitional Finance Authority, (Fiscal 2023 Subseries A-3) Daily VRDNs, (Bank of New York Mellon, N.A. <br> LIQ), 3.950%, 11/3/2025<br>| &nbsp;&nbsp; 7000000 |
| 2000000 | New York City, NY Transitional Finance Authority, (Fiscal 2025 Subseries C-4) Weekly VRDNs, (Sumitomo Mitsui Banking <br> Corp. LIQ), 3.230%, 11/6/2025<br>| &nbsp;&nbsp; 2000000 |
| 2560000 | New York City, NY Transitional Finance Authority, (Series 2015A-3) Daily VRDNs, (Mizuho Bank Ltd. LIQ), <br> 3.960%, 11/3/2025<br>| &nbsp;&nbsp; 2560000 |
| 9800000 | New York City, NY Transitional Finance Authority, (Series 2025 H-2) Daily VRDNs, (TD Bank, N.A. LIQ), 4.000%, 11/3/2025 | &nbsp;&nbsp; 9800000 |
| 9605000 | New York City, NY, (Fiscal 2006 Series I-8) Daily VRDNs, (State Street Bank and Trust Co. LIQ), 3.900%, 11/3/2025 | &nbsp;&nbsp; 9605000 |
| 6570000 | New York City, NY, (Fiscal 2008 Subseries L-3) Daily VRDNs, (Bank of America N.A. LIQ), 3.900%, 11/3/2025 | &nbsp;&nbsp; 6570000 |
| 17800000 | New York City, NY, (Fiscal 2008 Subseries L-4) Daily VRDNs, (U.S. Bank, N.A. LOC), 3.950%, 11/3/2025 | &nbsp;&nbsp; 17800000 |
| 30890000 | New York City, NY, (Fiscal 2010 Series G Subseries G-4) Weekly VRDNs, (Barclays Bank PLC LIQ), 3.150%, 11/6/2025 | &nbsp;&nbsp; 30890000 |
| 17400000 | New York City, NY, (Fiscal 2017 Subseries A-60) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.900%, 11/3/2025 | &nbsp;&nbsp; 17400000 |
| 27500000 | New York City, NY, (Fiscal 2022 Subseries D-4) Daily VRDNs, (State Street Bank and Trust Co. LIQ), 3.900%, 11/3/2025 | &nbsp;&nbsp; 27500000 |
| 12900000 | New York City, NY, (Fiscal 2023 Series A-3) Daily VRDNs, (BMO Bank, N.A. LIQ), 4.000%, 11/3/2025 | &nbsp;&nbsp; 12900000 |
| 7000000 | New York City, NY, (Fiscal 2025, Series G-3) Daily VRDNs, (TD Bank, N.A. LIQ), 4.000%, 11/3/2025 | &nbsp;&nbsp; 7000000 |
| 19040000 | New York City, NY, (Subseries A-7) Daily VRDNs, (BMO Bank, N.A. LOC), 3.970%, 11/3/2025 | &nbsp;&nbsp; 19040000 |
| 4000000 | New York State HFA (600 West 42nd Street), (2009 Series A) Weekly VRDNs, (Federal National Mortgage Association <br> LOC), 3.350%, 11/5/2025<br>| &nbsp;&nbsp; 4000000 |
| 40000000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 1) Weekly VRDPs, (Societe Generale S.A. LIQ), <br> 3.270%, 11/6/2025<br>| &nbsp;&nbsp; 40000000 |
| 8200000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Royal Bank of Canada LIQ), <br> 3.270%, 11/6/2025<br>| &nbsp;&nbsp; 8200000 |
|  | TOTAL | &nbsp;&nbsp; 437145000 |
|  | **North Carolina—1.7%** |  |
| 3410000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health - The Charlotte Mecklenburg Hospital Authority), <br> (Series 2007B) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.900%, 11/3/2025<br>| &nbsp;&nbsp; 3410000 |

---

Annual Financial Statements and Additional Information

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **North Carolina—continued** |  |
| $5360000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health - The Charlotte Mecklenburg Hospital Authority), <br> (Series 2007E) Daily VRDNs, (TD Bank, N.A. LOC), 4.000%, 11/3/2025<br>| &nbsp;&nbsp; $5360000 |
| 4360000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health - The Charlotte Mecklenburg Hospital Authority), <br> (Series 2018G) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.900%, 11/3/2025<br>| &nbsp;&nbsp; 4360000 |
| 27475000 | Person County, NC Industrial Facilities & Pollution Control Financing Authority (Certainteed Gypsum, Inc.), (Series 2010) <br> Weekly VRDNs, (Credit Industriel et Commercial LOC), 3.280%, 11/6/2025<br>| &nbsp;&nbsp; 27475000 |
| 10050000 | University of North Carolina at Chapel Hill (University of North Carolina Hospitals), (Series 2001A) Daily VRDNs, (TD Bank, <br> N.A. LIQ), 4.000%, 11/3/2025<br>| &nbsp;&nbsp; 10050000 |
|  | TOTAL | &nbsp;&nbsp; 50655000 |
|  | **Ohio—2.3%** |  |
| 14000000 | Allen County, OH (Bon Secours Mercy Health), (Series 2025D) Daily VRDNs, (Truist Bank LOC), 3.950%, 11/3/2025 | &nbsp;&nbsp; 14000000 |
| 23020000 | Allen County, OH (Bon Secours Mercy Health), (Series C) Weekly VRDNs, (PNC Bank, N.A. LOC), 3.250%, 11/6/2025 | &nbsp;&nbsp; 23020000 |
| 10000000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), (2025 Series C) Daily VRDNs, (JPMorgan Chase <br> Bank, N.A. LOC), 3.850%, 11/3/2025<br>| &nbsp;&nbsp; 10000000 |
| 14300000 | Ohio State Water Development Authority Pollution Control Facilities (Ohio State Water Development Authority), <br> (Series 2024C) Daily VRDNs, (TD Bank, N.A. LIQ), 4.000%, 11/3/2025<br>| &nbsp;&nbsp; 14300000 |
| 8670000 | Ohio State, Capital Facilities Lease-Appropriation Variable Rate Bonds (Series 2016C: Adult Correctional Building Fund) <br> Weekly VRDNs, (Ohio State LIQ), 3.200%, 11/5/2025<br>| &nbsp;&nbsp; 8670000 |
|  | TOTAL | &nbsp;&nbsp; 69990000 |
|  | **Pennsylvania—6.0%** |  |
| 4760000 | Butler County, PA General Authority (South Park School District), (Series 2011) Weekly VRDNs, (Assured Guaranty, Inc. <br> INS)/(PNC Bank, N.A. LIQ), 3.250%, 11/6/2025<br>| &nbsp;&nbsp; 4760000 |
| 2995000 | Butler County, PA IDA (Concordia Lutheran Obligated Group), (Series A of 2008) Weekly VRDNs, (Truist Bank LOC), <br> 3.280%, 11/6/2025<br>| &nbsp;&nbsp; 2995000 |
| 30000000 | Delaware Valley, PA Regional Finance Authority, (Series 2020 D) Weekly VRDNs, (TD Bank, N.A. LOC), 3.250%, 11/5/2025 | &nbsp;&nbsp; 30000000 |
| 16300000 | Delaware Valley, PA Regional Finance Authority, (Series 2024 B) Daily VRDNs, (TD Bank, N.A. LOC), 4.000%, 11/3/2025 | &nbsp;&nbsp; 16300000 |
| 12890000 | Northampton County, PA General Purpose Authority (St. Luke's Hospital Obligated Group), (Series B) Daily VRDNs, (TD <br> Bank, N.A. LOC), 4.000%, 11/3/2025<br>| &nbsp;&nbsp; 12890000 |
| 11350000 | Pennsylvania State Turnpike Commission, (Second Series of 2019) Weekly VRDNs, (TD Bank, N.A. LOC), 3.320%, 11/6/2025 | &nbsp;&nbsp; 11350000 |
| 20635000 | Pennsylvania State Turnpike Commission, (Series of 2020) Weekly VRDNs, (TD Bank, N.A. LOC), 3.320%, 11/6/2025 | &nbsp;&nbsp; 20635000 |
| 5675000 | Philadelphia, PA Authority for Industrial Development, (Series 2007B-2) Weekly VRDNs, (TD Bank, N.A. LOC), <br> 3.320%, 11/6/2025<br>| &nbsp;&nbsp; 5675000 |
| 79930000 | 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), 3.250%, 11/6/2025<br>| &nbsp;&nbsp; 79930000 |
|  | TOTAL | &nbsp;&nbsp; 184535000 |
|  | **South Carolina—0.9%** |  |
| 5375000 | South Carolina Jobs-EDA (Brashier Charter, LLC), (Series 2008) Weekly VRDNs, (Truist Bank LOC), 3.200%, 11/5/2025 | &nbsp;&nbsp; 5375000 |
| 21050000 | South Carolina Jobs-EDA (Prisma Health Obligated Group), (Series 2018C) Daily VRDNs, (TD Bank, N.A. LOC), <br> 4.000%, 11/3/2025<br>| &nbsp;&nbsp; 21050000 |
|  | TOTAL | &nbsp;&nbsp; 26425000 |
|  | **Tennessee—1.9%** |  |
| 1330000 | Blount County, TN Public Building Authority (Bradley County, TN), (Series E-6-A) Weekly VRDNs, (Truist Bank LOC), <br> 3.400%, 11/5/2025<br>| &nbsp;&nbsp; 1330000 |
| 12550000 | Blount County, TN Public Building Authority (Knox County, TN), (Series D-3-A) Daily VRDNs, (Bank of America N.A. LIQ), <br> 3.950%, 11/3/2025<br>| &nbsp;&nbsp; 12550000 |
| 4380000 | Blount County, TN Public Building Authority (Monroe County, TN), (Series E-7-A) Weekly VRDNs, (Truist Bank LOC), <br> 3.400%, 11/5/2025<br>| &nbsp;&nbsp; 4380000 |
| 30000000 | Johnson City, TN Health & Education Facilities Board (Ballad Health), (Series 2022B) Weekly VRDNs, (Truist Bank LOC), <br> 3.170%, 11/6/2025<br>| &nbsp;&nbsp; 30000000 |
| 9925000 | Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs, (Truist Bank LOC), 3.400%, 11/6/2025 | &nbsp;&nbsp; 9925000 |
|  | TOTAL | &nbsp;&nbsp; 58185000 |
|  | **Texas—14.6%** |  |
| 12875000 | Austin, TX (Austin, TX Hotel Occupancy Tax), Subordinate Lien Variable Rate Revenue Refunding Bonds (Series 2008-B) <br> Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 3.220%, 11/6/2025<br>| &nbsp;&nbsp; 12875000 |
| 12950000 | Gulf Coast, TX IDA (Exxon Mobil Corp.), (Series 2012) Daily VRDNs, 3.900%, 11/3/2025 | &nbsp;&nbsp; 12950000 |

---

Annual Financial Statements and Additional Information

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **Texas—continued** |  |
| $24000000 | Harris County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2020B) Weekly <br> VRDNs, 3.420%, 11/6/2025<br>| &nbsp;&nbsp; $24000000 |
| 44800000 | Harris County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2025A) Daily VRDNs, <br> (Bank of America N.A. LIQ), 3.900%, 11/3/2025<br>| &nbsp;&nbsp; 44800000 |
| 75000000 | Harris County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series C-1) Weekly VRDNs, <br> 3.420%, 11/6/2025<br>| &nbsp;&nbsp; 75000000 |
| 54000000 | New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas), (Series 2025B) Daily VRDNs, <br> (Bank of America N.A. LIQ), 3.950%, 11/3/2025<br>| &nbsp;&nbsp; 54000000 |
| 49000000 | New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas), (Series 2025C) Daily VRDNs, <br> (U.S. Bank, N.A. LIQ), 3.950%, 11/3/2025<br>| &nbsp;&nbsp; 49000000 |
| 19200000 | Port Arthur Navigation District, TX IDC (Air Products LP), (Series 2005) Daily VRDNs, (Air Products & Chemicals, Inc. GTD), <br> 3.920%, 11/3/2025<br>| &nbsp;&nbsp; 19200000 |
| 18795000 | Texas State, Veterans Bonds (Series 2019) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.450%, 11/5/2025 | &nbsp;&nbsp; 18795000 |
| 72255000 | Texas State, Veterans Bonds (Series 2022) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 3.250%, 11/5/2025 | &nbsp;&nbsp; 72255000 |
| 23590000 | Texas State, Veterans Bonds (Series 2023) Weekly VRDNs, (State Street Bank and Trust Co. LIQ), 3.250%, 11/5/2025 | &nbsp;&nbsp; 23590000 |
| 41410000 | Texas State, Veterans Bonds (Series 2025B) Weekly VRDNs, (Federal Home Loan Bank of Dallas LIQ), 3.450%, 11/5/2025 | &nbsp;&nbsp; 41410000 |
|  | TOTAL | &nbsp;&nbsp; 447875000 |
|  | **Virginia—4.2%** |  |
| 34175000 | Albemarle County, VA Economic Development Authority (Sentara Health Systems Obligation Group), (Series 2018A) <br> Weekly VRDNs, (TD Bank, N.A. LIQ), 3.100%, 11/5/2025<br>| &nbsp;&nbsp; 34175000 |
| 2285000 | Albemarle County, VA Economic Development Authority (Sentara Health Systems Obligation Group), (Series 2018B) Daily <br> VRDNs, (TD Bank, N.A. LIQ), 4.000%, 11/3/2025<br>| &nbsp;&nbsp; 2285000 |
| 6650000 | Fairfax County, VA EDA (Mount Vernon Ladies' Association of the Union), (Series 2007) Weekly VRDNs, (Truist Bank LOC), <br> 3.200%, 11/5/2025<br>| &nbsp;&nbsp; 6650000 |
| 12880000 | Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), (Series 2017C) Weekly VRDNs, (Truist <br> Bank LOC), 3.170%, 11/6/2025<br>| &nbsp;&nbsp; 12880000 |
| 20000000 | Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series 2016B) Weekly VRDNs, 3.200%, 11/5/2025 | &nbsp;&nbsp; 20000000 |
| 10080000 | Virginia College Building Authority (University of Richmond), (Series 2004) Weekly VRDNs, (U.S. Bank, N.A. LIQ), <br> 3.100%, 11/5/2025<br>| &nbsp;&nbsp; 10080000 |
| 31885000 | Virginia Commonwealth University Health System Authority, (Series 2024B) Daily VRDNs, (TD Bank, N.A. LOC), <br> 4.000%, 11/3/2025<br>| &nbsp;&nbsp; 31885000 |
| 10365000 | Virginia Small Business Financing Authority (Carilion Health System Obligated Group), (Series 2008B) Daily VRDNs, (TD <br> Bank, N.A. LOC), 4.000%, 11/3/2025<br>| &nbsp;&nbsp; 10365000 |
|  | TOTAL | &nbsp;&nbsp; 128320000 |
|  | **West Virginia—1.0%** |  |
| 15920000 | West Virginia State Hospital Finance Authority (Cabell Huntington Hospital Obligated Group), (Series 2008A) Weekly <br> VRDNs, (Truist Bank LOC), 3.250%, 11/6/2025<br>| &nbsp;&nbsp; 15920000 |
| 15520000 | West Virginia State Hospital Finance Authority (Charleston Area Medical Center, Inc.), (Series 2008A) Weekly VRDNs, <br> (Truist Bank LOC), 3.250%, 11/5/2025<br>| &nbsp;&nbsp; 15520000 |
|  | TOTAL | &nbsp;&nbsp; 31440000 |
|  | **Wisconsin—0.8%** |  |
| 15000000 | Appleton, WI (Foremost Farms), (Series 2010) Weekly VRDNs, (BMO Bank, N.A. LOC), 3.300%, 11/6/2025 | &nbsp;&nbsp; 15000000 |
| 10000000 | Wisconsin Public Finance Authority (Moses H. Cone Memorial), (Series 2023B) Daily VRDNs, (Truist Bank LOC), <br> 3.900%, 11/3/2025<br>| &nbsp;&nbsp; 10000000 |
|  | TOTAL | &nbsp;&nbsp; 25000000 |
|  | TOTAL INVESTMENT IN SECURITIES—99.5% <br>(IDENTIFIED COST $3,052,605,000)<sup>2</sup> <br>| &nbsp;&nbsp; 3052605000 |
|  | OTHER ASSETS AND LIABILITIES - NET—0.5%<sup>3</sup> <br>| &nbsp;&nbsp; 14952011 |
|  | NET ASSETS—100% | &nbsp;&nbsp; $3067557011 |

---

At October 31, 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. |

---

Annual Financial Statements and Additional Information

**6**

------

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

As of October 31, 2025, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | The following acronym(s) are used throughout this portfolio: |
| CDA | —Community Development Authority |
| EDA | —Economic Development Authority |
| GTD | —Guaranteed |
| HFA | —Housing Finance Authority |
| IDA | —Industrial Development Authority |
| IDB | —Industrial Development Bond |
| IDC | —Industrial Development Corporation |
| INS | —Insured |
| LIQ | —Liquidity Agreement |
| LOC | —Letter of Credit |
| PCR | —Pollution Control Revenue |
| PCRB | —Pollution Control Revenue Bond |
| VRDNs | —Variable Rate Demand Notes |
| VRDP | —Variable Rate Demand Preferred |
| VRDPs | —Variable Rate Demand Preferreds |

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**7**

------

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.0000** | &nbsp;&nbsp; **$1.0000** | &nbsp;&nbsp; **$1.0000** | &nbsp;&nbsp; **$1.0000** | &nbsp;&nbsp; **$1.0000** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.0254 | 0.0324 | 0.0299 | 0.0062 | 0.0001 |
| Net realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0005)<sup>2</sup> <br>| &nbsp;&nbsp; (0.0000)<sup>3</sup> <br>| &nbsp;&nbsp; — |
| Total From Investment Operations | 0.0254 | 0.0324 | 0.0294 | 0.0062 | 0.0001 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.0254) | &nbsp;&nbsp; (0.0324) | &nbsp;&nbsp; (0.0294) | &nbsp;&nbsp; (0.0062) | &nbsp;&nbsp; (0.0001) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.0000** | &nbsp;&nbsp; **$1.0000** | &nbsp;&nbsp; **$1.0000** | &nbsp;&nbsp; **$1.0000** | &nbsp;&nbsp; **$1.0000** |
| **Total Return**<sup>4</sup> <br>| &nbsp;&nbsp; 2.57% | &nbsp;&nbsp; 3.29% | &nbsp;&nbsp; 2.98% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.08% |
| Net investment income | &nbsp;&nbsp; 2.52% | &nbsp;&nbsp; 3.24% | &nbsp;&nbsp; 2.99% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.29% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $2146393 | &nbsp;&nbsp; $1820481 | &nbsp;&nbsp; $1732481 | &nbsp;&nbsp; $1114556 | &nbsp;&nbsp; $549366 |

---

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

---

| | |
|:---|:---|
| 1 | Per share numbers have been calculated using the average shares method. |
| 2 | The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets <br> due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.<br>|
| 3 | Represents less than $0.0001. |
| 4 | Based on net asset value. |
| 5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**8**

------

Financial Highlights–Premier Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.0000** | &nbsp;&nbsp; **$1.0000** | &nbsp;&nbsp; **$1.0000** | &nbsp;&nbsp; **$1.0000** | &nbsp;&nbsp; **$1.0000** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.0259 | 0.0329 | 0.0300 | 0.0065 | 0.0001 |
| Net realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0001)<sup>2</sup> <br>| &nbsp;&nbsp; (0.0000)<sup>3</sup> <br>| &nbsp;&nbsp; — |
| Total From Investment Operations | 0.0259 | 0.0329 | 0.0299 | 0.0065 | 0.0001 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.0259) | &nbsp;&nbsp; (0.0329) | &nbsp;&nbsp; (0.0299) | &nbsp;&nbsp; (0.0065) | &nbsp;&nbsp; (0.0001) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.0000** | &nbsp;&nbsp; **$1.0000** | &nbsp;&nbsp; **$1.0000** | &nbsp;&nbsp; **$1.0000** | &nbsp;&nbsp; **$1.0000** |
| **Total Return**<sup>4</sup> <br>| &nbsp;&nbsp; 2.62% | &nbsp;&nbsp; 3.34% | &nbsp;&nbsp; 3.03% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.08% |
| Net investment income | &nbsp;&nbsp; 2.57% | &nbsp;&nbsp; 3.29% | &nbsp;&nbsp; 2.99% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.24% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $921164 | &nbsp;&nbsp; $864460 | &nbsp;&nbsp; $769020 | &nbsp;&nbsp; $784152 | &nbsp;&nbsp; $301266 |

---

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

---

| | |
|:---|:---|
| 1 | Per share numbers have been calculated using the average shares method. |
| 2 | The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets <br> due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.<br>|
| 3 | Represents less than $0.0001. |
| 4 | Based on net asset value. |
| 5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**9**

------

Statement of Assets and Liabilities

October 31, 2025

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in securities (identified cost $3,052,605,000) | &nbsp;&nbsp; $3052605000 |
| Cash | &nbsp;&nbsp; 3458297 |
| Income receivable | &nbsp;&nbsp; 7488068 |
| Receivable for investments sold | &nbsp;&nbsp; 25008889 |
| Receivable for shares sold | &nbsp;&nbsp; 12456600 |
| Total Assets | &nbsp;&nbsp; 3101016854 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp; 24890410 |
| Payable for shares redeemed | &nbsp;&nbsp; 4335861 |
| Income distribution payable | &nbsp;&nbsp; 4013233 |
| Payable for investment adviser fee (Note 5) | &nbsp;&nbsp; 4384 |
| Payable for administrative fee (Note 5) | &nbsp;&nbsp; 6474 |
| Payable for other service fees (Notes 2 and 5) | &nbsp;&nbsp; 89247 |
| Accrued expenses (Note 5) | &nbsp;&nbsp; 120234 |
| Total Liabilities | &nbsp;&nbsp; 33459843 |
| Net assets for 3,067,641,948 shares outstanding | &nbsp;&nbsp; $3067557011 |
| **Net Assets Consist of:** |  |
| Paid-in capital | &nbsp;&nbsp; $3067641948 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (84937) |
| Net Assets | &nbsp;&nbsp; $3067557011 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Institutional Shares:** |  |
| $2,146,392,860 ÷ 2,146,491,147 shares outstanding, no par value, unlimited shares authorized | $1.0000 |
| **Premier Shares:** |  |
| $921,164,151 ÷ 921,150,801 shares outstanding, no par value, unlimited shares authorized | $1.0000 |

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**10**

------

Statement of Operations

Year Ended October 31, 2025

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $82041480 |
| **Expenses:** |  |
| Investment adviser fee (Note 5) | &nbsp;&nbsp; 6021228 |
| Administrative fee (Note 5) | &nbsp;&nbsp; 2333427 |
| Custodian fees | &nbsp;&nbsp; 89774 |
| Transfer agent fees | &nbsp;&nbsp; 25710 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp; 16014 |
| Auditing fees | &nbsp;&nbsp; 23750 |
| Legal fees | &nbsp;&nbsp; 13262 |
| Portfolio accounting fees | &nbsp;&nbsp; 196027 |
| Other service fees (Notes 2 and 5) | &nbsp;&nbsp; 992713 |
| Share registration costs | &nbsp;&nbsp; 176497 |
| Printing and postage | &nbsp;&nbsp; 29061 |
| Miscellaneous (Note 5) | &nbsp;&nbsp; 62616 |
| TOTAL EXPENSES | &nbsp;&nbsp; 9980079 |
| Waiver of investment adviser fee (Note 5) | &nbsp;&nbsp; (4323925) |
| Net expenses | &nbsp;&nbsp; 5656154 |
| Net investment income | &nbsp;&nbsp; 76385326 |
| Change in net assets resulting from operations | &nbsp;&nbsp; $76385326 |

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**11**

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Statement of Changes in Net Assets

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

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

---

| | | |
|:---|:---|:---|
| **Year Ended October 31** | **2025** | **2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $76385326 | &nbsp;&nbsp; $81071086 |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; 76385326 | &nbsp;&nbsp; 81071086 |
| **Distributions to Shareholders:** |  |  |
| Institutional Shares | &nbsp;&nbsp; (50249400) | &nbsp;&nbsp; (56707099) |
| Premier Shares | &nbsp;&nbsp; (26217055) | &nbsp;&nbsp; (24385034) |
| CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | &nbsp;&nbsp; (76466455) | &nbsp;&nbsp; (81092133) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 9196683235 | &nbsp;&nbsp; 8119919155 |
| Net asset value of shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 29557174 | &nbsp;&nbsp; 28098104 |
| Cost of shares redeemed | &nbsp;&nbsp; (8843544085) | &nbsp;&nbsp; (7964555771) |
| CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | &nbsp;&nbsp; 382696324 | &nbsp;&nbsp; 183461488 |
| Change in net assets | &nbsp;&nbsp; 382615195 | &nbsp;&nbsp; 183440441 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 2684941816 | &nbsp;&nbsp; 2501501375 |
| End of period | &nbsp;&nbsp; $3067557011 | &nbsp;&nbsp; $2684941816 |

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**12**

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Notes to Financial Statements

October 31, 2025

**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 Institutional Tax-Free Cash Trust (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 two classes of shares: Institutional Shares and Premier 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 taxes while seeking relative 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 an institutional money market fund. As an institutional money market fund, the Fund: (1) will not be limited to institutional investors, but will continue to be available to retail investors; (2) will utilize current market-based prices to value its portfolio securities and transact at a floating net asset value (NAV) that uses four decimal-place precision ($1.0000); (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; and (4) is required to impose a mandatory liquidity fee when the Fund experiences daily net redemptions that exceed 5% of net assets based on flow information available within a reasonable period after the last computation of the Fund's NAV on that calendar day.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Investment Valuation** 

In calculating its NAV, the Fund generally values investments as follows:

■

Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management Company (the "Adviser").

■

Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.

■

For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser's valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser's valuation committee ("Valuation Committee"), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

**Fair Valuation Procedures** 

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

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

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a "bid" evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between

Annual Financial Statements and Additional Information

**13**

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the prices bid and ask for the investment (a "mid" evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any over-the-counter derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.

**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. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses. The detail of the total fund expense waiver of $4,323,925 is disclosed in Note 5.

**Other Service Fees** 

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Institutional Shares and Premier 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 year ended October 31, 2025, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Institutional Shares | &nbsp;&nbsp; $992713 |

---

For the year ended October 31, 2025, the Fund's Premier 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 (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the year ended October 31, 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 October 31, 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, like other securities, are priced in accordance with procedures established by and under the general supervision of the Adviser.

**Other** 

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

Annual Financial Statements and Additional Information

**14**

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&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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2024** | **Year Ended** <br>**10/31/2024** |
| **Institutional Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 2892009524 | &nbsp;&nbsp; $2892009524 | &nbsp;&nbsp; 3835000446 | &nbsp;&nbsp; $3835000446 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 14758381 | &nbsp;&nbsp; 14758381 | &nbsp;&nbsp; 15494390 | &nbsp;&nbsp; 15494390 |
| Shares redeemed | &nbsp;&nbsp; (2580793667) | &nbsp;&nbsp; (2580793667) | &nbsp;&nbsp; (3762470790) | &nbsp;&nbsp; (3762470790) |
| NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | &nbsp;&nbsp; 325974238 | &nbsp;&nbsp; $325974238 | &nbsp;&nbsp; 88024046 | &nbsp;&nbsp; $88024046 |
|  | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2024** | **Year Ended** <br>**10/31/2024** |
| **Premier Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 6304673711 | &nbsp;&nbsp; $6304673711 | &nbsp;&nbsp; 4284918709 | &nbsp;&nbsp; $4284918709 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 14798793 | &nbsp;&nbsp; 14798793 | &nbsp;&nbsp; 12603714 | &nbsp;&nbsp; 12603714 |
| Shares redeemed | &nbsp;&nbsp; (6262750418) | &nbsp;&nbsp; (6262750418) | &nbsp;&nbsp; (4202084981) | &nbsp;&nbsp; (4202084981) |
| NET CHANGE RESULTING FROM PREMIER SHARE TRANSACTIONS | &nbsp;&nbsp; 56722086 | &nbsp;&nbsp; $56722086 | &nbsp;&nbsp; 95437442 | &nbsp;&nbsp; $95437442 |
| NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | &nbsp;&nbsp; 382696324 | &nbsp;&nbsp; $382696324 | &nbsp;&nbsp; 183461488 | &nbsp;&nbsp; $183461488 |

---

**4. FEDERAL TAX INFORMATION** 

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended October 31, 2025 and 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Tax-exempt income | &nbsp;&nbsp; $76402448 | &nbsp;&nbsp; $81076123 |
| Ordinary income | &nbsp;&nbsp; $64007 | &nbsp;&nbsp; $16010 |

---

As of October 31, 2025, the components of distributable earnings on a tax-basis were as follows:

---

| | |
|:---|:---|
| Undistributed tax-exempt income | &nbsp;&nbsp; $(84733) |
| Capital loss carryforwards | &nbsp;&nbsp; $(204) |
| TOTAL | &nbsp;&nbsp; $(84937) |

---

As of October 31, 2025, the Fund had a capital loss carryforward of $204 which will reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these net capital losses retain their character as either short-term or long-term and do not expire.

The following schedule summarizes the Fund's capital loss carryforwards:

---

| | | |
|:---|:---|:---|
| **Short-Term** | **Long-Term** | **Total** |
| $204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $204 |

---

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

**Investment Adviser Fee** 

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund's average daily net assets. Under the investment advisory contract, which is subject to annual review by the Trustees, the Adviser will waive the amount, limited to the amount of the advisory fee, by which the Fund's aggregate annual operating expenses including the investment advisory fee but excluding interest, taxes, brokerage commissions, expenses of registering or qualifying the Fund and its shares under federal and state laws and regulations, expenses of withholding taxes and extraordinary expenses exceed 0.45% of its average daily net assets. In addition, the Adviser may choose to waive an additional portion of its fee for competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the year ended October 31, 2025, the Adviser voluntarily waived $4,323,925 of its fee.

Annual Financial Statements and Additional Information

**15**

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**Administrative Fee** 

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

---

| | |
|:---|:---|
| **Administrative Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 year ended October 31, 2025, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

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

**Expense Limitation** 

In addition to the contractual fee waiver described under "Investment Adviser Fee" above with regard to the Fund's Institutional Shares and Premier Shares, 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 Institutional Shares and Premier Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.20% and 0.15% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) March 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 year ended October 31, 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 $2,271,595,000 and $1,444,110,000, 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.

**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. 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 October 31, 2025, there were no outstanding loans. During the year ended October 31, 2025, the program was not utilized.

**8. OPERATING SEGMENTS** 

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. 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.

Annual Financial Statements and Additional Information

**16**

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

**9. INDEMNIFICATIONS** 

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

**10. FEDERAL TAX INFORMATION (UNAUDITED)** 

For the fiscal year ended October 31, 2025, 100% of total ordinary income distributions qualified as business interest income for purposes of 163(j) and the regulations thereunder.

For the year ended October 31, 2025, 99.9% of the distributions from net investment income is exempt from federal income tax, other than the federal AMT.

Annual Financial Statements and Additional Information

**17**

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Report of Independent Registered Public Accounting Firm

**TO THE SHAREHOLDERS AND THE BOARD OF TRUSTEES OF FEDERATED HERMES INSTITUTIONAL TAX-FREE CASH TRUST:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Federated Hermes Institutional Tax-Free Cash Trust (the "Fund") (one of the portfolios constituting Federated Hermes Money Market Obligations Trust (the "Trust")), including the portfolio of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting Federated Hermes Money Market Obligations Trust) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers, and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](ernstyoungsig.jpg)

We have served as the auditor of one or more Federated Hermes investment companies since 1979.

Boston, Massachusetts

December 22, 2025

Annual Financial Statements and Additional Information

**18**

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Evaluation and Approval of Advisory Contract–May 2025

**Federated Hermes Institutional Tax-Free Cash Trust (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").

Annual Financial Statements and Additional Information

**19**

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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

Annual Financial Statements and Additional Information

**20**

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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.

Annual Financial Statements and Additional Information

**21**

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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

Annual Financial Statements and Additional Information

**22**

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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.

Annual Financial Statements and Additional Information

**23**

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You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

This 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.

![](fhilogok11p.jpg)

Federated Hermes Institutional Tax-Free Cash Trust

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 608919486

CUSIP 60934N666

29452 (12/25)© 2025 Federated Hermes, Inc.

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**Annual Financial Statements**

**and Additional Information**

**October 31, 2025**

![](imga220e0d61.gif)

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** \| Ticker | **Wealth** \| NISXX | **Service** \| FNTXX | **Cash II** \| NYCXX | **Cash Series** \| FNCXX |

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Federated Hermes New York Municipal Cash Trust

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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.

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

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**CONTENTS** 

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| | |
|:---|:---|
| [Portfolio of Investments](#xx_4466e157-e154-42f0-8737-00065df98543_1) | [1](#xx_4466e157-e154-42f0-8737-00065df98543_1)  |
| [Financial Highlights](#xx_ecf2ef93-c714-412b-8352-c8bcda50ae32_1) | [6](#xx_ecf2ef93-c714-412b-8352-c8bcda50ae32_1)  |
| [Statement of Assets and Liabilities](#xx_8ebec89f-3fe1-4746-ab8e-83e674826db9_1) | [10](#xx_8ebec89f-3fe1-4746-ab8e-83e674826db9_1)  |
| [Statement of Operations](#xx_8ebec89f-3fe1-4746-ab8e-83e674826db9_2) | [11](#xx_8ebec89f-3fe1-4746-ab8e-83e674826db9_2)  |
| [Statement of Changes in Net Assets](#xx_8ebec89f-3fe1-4746-ab8e-83e674826db9_3) | [12](#xx_8ebec89f-3fe1-4746-ab8e-83e674826db9_3)  |
| [Notes to Financial Statements](#xx_b11bf1a5-a8b7-4943-a640-f4e394d66f78_1) | [13](#xx_b11bf1a5-a8b7-4943-a640-f4e394d66f78_1)  |
| [Report of Independent Registered Public Accounting Firm](#xx_3315bf90-859b-41db-bc69-a1dd112400e5_1) | [18](#xx_3315bf90-859b-41db-bc69-a1dd112400e5_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_f75a6b5c-9b38-484b-bd80-cbbe3cc9c90b_1) | [19](#xx_f75a6b5c-9b38-484b-bd80-cbbe3cc9c90b_1) |

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Portfolio of Investments

October 31, 2025

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| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—100.5% |  |
|  | **New York—100.5%** |  |
| $3400000 | Albany County, NY Airport Authority, Airport Revenue Refunding Bonds (Series 2020B), 5.000%, 12/15/2025 | &nbsp;&nbsp; $3407089 |
| 5630000 | Albany, NY IDA (Renaissance Corp. of Albany), (Series 2004) Weekly VRDNs, (Manufacturers & Traders Trust Co. LOC), <br> 3.420%, 11/6/2025<br>| &nbsp;&nbsp; 5630000 |
| 300000 | Albany, NY IDA (South Mall Towers Albany LP), (Series 2003A) Weekly VRDNs, (Federal National Mortgage Association <br> LOC), 3.290%, 11/6/2025<br>| &nbsp;&nbsp; 300000 |
| 15100000 | Blackrock Muni Holdings NY Quality Fund, VRDP (Series W-7-2436) Weekly VRDPs, (Bank of America N.A. LIQ), <br> 3.360%, 11/6/2025<br>| &nbsp;&nbsp; 15100000 |
| 13300000 | Blackrock New York Municipal Income Quality Trust, VRDP (Series W-7) Weekly VRDPs, (Bank of America N.A. LIQ), <br> 3.360%, 11/6/2025<br>| &nbsp;&nbsp; 13300000 |
| 1510000 | Brasher Falls, NY Central School District BANs, 3.500%, 8/19/2026 | &nbsp;&nbsp; 1515249 |
| 3000000 | Broome County, NY BANs, 3.750%, 4/24/2026 | &nbsp;&nbsp; 3002760 |
| 1900000 | Build NYC Resource Corp. (Federation of Protestant Welfare Agencies, Inc.), (Series 2014) Weekly VRDNs, (TD Bank, N.A. <br> LOC), 3.420%, 11/6/2025<br>| &nbsp;&nbsp; 1900000 |
| 6245946 | Camillus, NY BANs, 4.000%, 3/13/2026 | &nbsp;&nbsp; 6266750 |
| 2000000 | Cato-Meridian, NY Central School District BANs, 3.250%, 7/29/2026 | &nbsp;&nbsp; 2007981 |
| 500000 | Chautauqua County, NY IDA (Jamestown Community College), (Series 2007A) Weekly VRDNs, (Citizens Bank, N.A. LOC), <br> 3.400%, 11/6/2025<br>| &nbsp;&nbsp; 500000 |
| 5000000 | Chazy, NY Union Free School District BANs, 4.000%, 6/25/2026 | &nbsp;&nbsp; 5023471 |
| 1722000 | Chenango Valley, NY Central School District BANs, 3.750%, 8/28/2026 | &nbsp;&nbsp; 1730917 |
| 2999014 | Cherry Valley-Springfield, NY Central School District BANs, 3.750%, 7/16/2026 | &nbsp;&nbsp; 3003089 |
| 1440738 | Croton on Hudson, NY BANs, 3.500%, 9/25/2026 | &nbsp;&nbsp; 1444493 |
| 9460000 | Dryden Township, NY BANs, 4.000%, 1/21/2026 | &nbsp;&nbsp; 9475241 |
| 12000000 | 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), 3.470%, 11/6/2025<br>| &nbsp;&nbsp; 12000000 |
| 615000 | Erie County, NY IDA (OAHS Tonawanda TC LLC), Mizuho 3a-7 (Series 2023-MIZ9125) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.450%, 11/6/2025<br>| &nbsp;&nbsp; 615000 |
| 2455000 | Erie County, NY IDA (Our Lady of Victory Renaissance Corp.), (Series 2007A) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), <br> 3.250%, 11/6/2025<br>| &nbsp;&nbsp; 2455000 |
| 1512974 | Evans & Brant, NY Central School District BANs, 4.000%, 4/2/2026 | &nbsp;&nbsp; 1518780 |
| 3181000 | Glenville, NY BANs, 4.250%, 3/13/2026 | &nbsp;&nbsp; 3194391 |
| 7112000 | Great Neck Plaza, NY BANs, 4.000%, 4/16/2026 | &nbsp;&nbsp; 7138652 |
| 3250000 | Greenburgh, NY CSD BANs, 4.000%, 5/29/2026 | &nbsp;&nbsp; 3258988 |
| 1361214 | Harpursville, NY Central School District, (Series C) BANs, 4.000%, 8/12/2026 | &nbsp;&nbsp; 1370248 |
| 5590000 | Hempstead (town), NY IDA Multi-Family Housing (Hempstead Village Housing Associates LP), (Series 2006) Weekly VRDNs, <br> (Federal National Mortgage Association LOC), 3.370%, 11/6/2025<br>| &nbsp;&nbsp; 5590000 |
| 9435000 | Highland Falls, NY BANs, 3.000%, 9/24/2026 | &nbsp;&nbsp; 9467881 |
| 4000000 | Highlands, NY BANs, 4.000%, 11/20/2025 | &nbsp;&nbsp; 4000762 |
| 3092700 | Hornell, NY BANs, 4.000%, 4/9/2026 | &nbsp;&nbsp; 3104717 |
| 1665000 | Hudson Yards, NY Infrastructure Corp., Tender Option Bond Trust Receipts (Series 2022-ZL0352) Weekly VRDNs, (JPMorgan <br> Chase Bank, N.A. LIQ), 3.250%, 11/6/2025<br>| &nbsp;&nbsp; 1665000 |
| 2505000 | Keene, NY Central School District BANs, 4.000%, 11/14/2025 | &nbsp;&nbsp; 2505431 |
| 2500000 | Long Beach, NY BANs, 4.500%, 5/6/2026 | &nbsp;&nbsp; 2508587 |
| 2578844 | Maine-Endwell, NY Central School District BANs, 4.000%, 9/25/2026 | &nbsp;&nbsp; 2607024 |
| 3000000 | McGraw, NY Central School District BANs, 4.000%, 7/23/2026 | &nbsp;&nbsp; 3008376 |
| 6500000 | McGraw, NY Central School District, (Series B) BANs, 4.000%, 7/23/2026 | &nbsp;&nbsp; 6548384 |
| 800000 | Metropolitan Transportation Authority, NY (MTA Dedicated Tax Fund), (Subseries 2008A-1) Daily VRDNs, (TD Bank, N.A. <br> LOC), 4.000%, 11/3/2025<br>| &nbsp;&nbsp; 800000 |
| 1200000 | Metropolitan Transportation Authority, NY (MTA Dedicated Tax Fund), (Subseries 2008A-2a) Daily VRDNs, (TD Bank, N.A. <br> LOC), 4.000%, 11/3/2025<br>| &nbsp;&nbsp; 1200000 |
| 845000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2005D-1) Daily VRDNs, (Truist Bank LOC), <br> 3.900%, 11/3/2025<br>| &nbsp;&nbsp; 845000 |

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Annual Financial Statements and Additional Information

**1**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **New York—continued** |  |
| $10000000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts <br> (Series 2022-XM1004) Weekly VRDNs, (Assured Guaranty, Inc. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.340%, 11/6/2025<br>| &nbsp;&nbsp; $10000000 |
| 2845000 | Metropolitan Transportation Authority, NY, Tender Option Bond Certificates (Series 2022-XF3052) Weekly VRDNs, (Assured <br> Guaranty Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 3.340%, 11/6/2025<br>| &nbsp;&nbsp; 2845000 |
| 3600000 | Metropolitan Transportation Authority, NY, Tender Option Bond Trust Receipts (Series 2022-XG0385) Weekly VRDNs, <br> (Assured Guaranty Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.340%, 11/6/2025<br>| &nbsp;&nbsp; 3600000 |
| 4626655 | Morrisville-Eaton, NY Central School District BANs, 3.750%, 7/15/2026 | &nbsp;&nbsp; 4635092 |
| 3280000 | New Rochelle, NY IDA (180 Union Avenue Owner LP), (Series 2006: West End Phase I Facility) Weekly VRDNs, (Citibank, N.A. <br> LOC), 3.330%, 11/6/2025<br>| &nbsp;&nbsp; 3280000 |
| 7500000 | New York City Capital Resource Corp. (Wyhehotel LLC) Weekly VRDNs, (Manufacturers & Traders Trust Co. LOC), <br> 3.440%, 11/6/2025<br>| &nbsp;&nbsp; 7500000 |
| 7000000 | New York City Housing Development Corp. (125 Court Street LLC), (2005 Series A) Weekly VRDNs, (Federal Home Loan <br> Mortgage Corp. LOC), 3.050%, 11/5/2025<br>| &nbsp;&nbsp; 7000000 |
| 24100000 | New York City Housing Development Corp. (2 Gold LLC), (Series 2006A: 2 Gold Street) Weekly VRDNs, (Federal National <br> Mortgage Association LOC), 3.350%, 11/5/2025<br>| &nbsp;&nbsp; 24100000 |
| 1660000 | New York City Housing Development Corp., (Series L-1) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), <br> 3.250%, 11/6/2025<br>| &nbsp;&nbsp; 1660000 |
| 7400000 | New York City Housing Development Corp., (Series L-2) Weekly VRDNs, (TD Bank, N.A. LIQ), 3.350%, 11/6/2025 | &nbsp;&nbsp; 7400000 |
| 4465000 | New York City Housing Development Corp., Sustainable Development (Series I-3) Weekly VRDNs, (TD Bank, N.A. LIQ), <br> 3.350%, 11/6/2025<br>| &nbsp;&nbsp; 4465000 |
| 2675000 | New York City Transitional Finance Authority Building Aid Revenue (New York City, NY Transitional Finance Authority), (Fiscal <br> 2018 Subseries C-7) Daily VRDNs, (TD Bank, N.A. LIQ), 4.000%, 11/3/2025<br>| &nbsp;&nbsp; 2675000 |
| 3180000 | New York City, NY Health and Hospitals Corp., Health System Bonds (Series 2008B) Weekly VRDNs, (TD Bank, N.A. LOC), <br> 3.180%, 11/5/2025<br>| &nbsp;&nbsp; 3180000 |
| 505000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2011 Subseries DD-2) Daily VRDNs, (JPMorgan Chase Bank, <br> N.A. LIQ), 3.900%, 11/3/2025<br>| &nbsp;&nbsp; 505000 |
| 14385000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2014 AA-4 Bonds) Daily VRDNs, (State Street Bank and Trust <br> Co. LIQ), 3.900%, 11/3/2025<br>| &nbsp;&nbsp; 14385000 |
| 5000000 | New York City, NY Municipal Water Finance Authority, (Series 2015BB-3) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. <br> LIQ), 3.230%, 11/6/2025<br>| &nbsp;&nbsp; 5000000 |
| 6400000 | New York City, NY Municipal Water Finance Authority, (Series 2025 EE-1) Daily VRDNs, (Bank of New York Mellon, N.A. LIQ), <br> 3.940%, 11/3/2025<br>| &nbsp;&nbsp; 6400000 |
| 1200000 | New York City, NY Municipal Water Finance Authority, Fiscal 2023 (Subseries BB-1) Daily VRDNs, (Mizuho Bank Ltd. LIQ), <br> 3.900%, 11/3/2025<br>| &nbsp;&nbsp; 1200000 |
| 6000000 | New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2007 Series C-C1) Weekly VRDNs, <br> (Sumitomo Mitsui Banking Corp. LIQ), 3.200%, 11/6/2025<br>| &nbsp;&nbsp; 6000000 |
| 10235000 | New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2009 Series BB-2) Daily VRDNs, <br> (UBS AG LIQ), 3.900%, 11/3/2025<br>| &nbsp;&nbsp; 10235000 |
| 7890000 | New York City, NY Transitional Finance Authority, (Fiscal 2015 Subseries E-3) Daily VRDNs, (JPMorgan Chase Bank, N.A. <br> LIQ), 3.900%, 11/3/2025<br>| &nbsp;&nbsp; 7890000 |
| 2205000 | New York City, NY Transitional Finance Authority, (Series 2015A-3) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 3.960%, 11/3/2025 | &nbsp;&nbsp; 2205000 |
| 1420000 | New York City, NY Transitional Finance Authority, (Subseries A2) Daily VRDNs, (UBS AG LIQ), 4.000%, 11/3/2025 | &nbsp;&nbsp; 1420000 |
| 500000 | New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2013C-5) Weekly VRDNs, <br> (Sumitomo Mitsui Banking Corp. LIQ), 3.320%, 11/6/2025<br>| &nbsp;&nbsp; 500000 |
| 7470000 | New York City, NY, (Fiscal 2008 Subseries L-3) Daily VRDNs, (Bank of America N.A. LIQ), 3.900%, 11/3/2025 | &nbsp;&nbsp; 7470000 |
| 1400000 | New York City, NY, (Fiscal 2012 Series A-4) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 3.150%, 11/6/2025 | &nbsp;&nbsp; 1400000 |
| 6210000 | New York City, NY, (Fiscal 2022 Subseries D-3) Daily VRDNs, (State Street Bank and Trust Co. LIQ), 3.900%, 11/3/2025 | &nbsp;&nbsp; 6210000 |
| 1400000 | New York City, NY, (Fiscal 2022 Subseries D-4) Daily VRDNs, (State Street Bank and Trust Co. LIQ), 3.900%, 11/3/2025 | &nbsp;&nbsp; 1400000 |
| 2600000 | New York City, NY, (Fiscal 2023 Series A-3) Daily VRDNs, (BMO Bank, N.A. LIQ), 4.000%, 11/3/2025 | &nbsp;&nbsp; 2600000 |
| 4500000 | New York City, NY, (Fiscal 2025, Series G-3) Daily VRDNs, (TD Bank, N.A. LIQ), 4.000%, 11/3/2025 | &nbsp;&nbsp; 4500000 |
| 6495000 | New York City, NY, (Subseries A-2) Daily VRDNs, (Mizuho Bank Ltd. LOC), 3.900%, 11/3/2025 | &nbsp;&nbsp; 6495000 |
| 5000000 | New York City, NY, (Subseries A-7) Daily VRDNs, (BMO Bank, N.A. LOC), 3.970%, 11/3/2025 | &nbsp;&nbsp; 5000000 |
| 4680000 | New York City, NY, Fiscal 2013 (Subseries A-3) Daily VRDNs, (Mizuho Bank Ltd. LOC), 3.900%, 11/3/2025 | &nbsp;&nbsp; 4680000 |
| 12000000 | New York City, NY, Fiscal 2017 (Subseries A-60) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.900%, 11/3/2025 | &nbsp;&nbsp; 12000000 |
| 16000000 | New York Convention Center Development Corp., Citi 3a-7 (Series 2025-CF7059) Weekly VRDNs, (Citibank, N.A. <br> LIQ)/(Citibank, N.A. LOC), 2.360%, 11/5/2025<br>| &nbsp;&nbsp; 16000000 |
| 3900000 | New York Mills, NY Union Free School District BANs, 3.750%, 6/25/2026 | &nbsp;&nbsp; 3910490 |

---

Annual Financial Statements and Additional Information

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **New York—continued** |  |
| $4000000 | New York State Dormitory Authority (Columbia University), CP, 2.680%, Mandatory Tender 11/12/2025 | &nbsp;&nbsp; $4000000 |
| 6000000 | New York State Dormitory Authority (Columbia University), CP, 2.750%, Mandatory Tender 11/19/2025 | &nbsp;&nbsp; 6000000 |
| 10000000 | 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), 3.370%, 11/6/2025<br>| &nbsp;&nbsp; 10000000 |
| 12000000 | 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), 3.450%, 11/6/2025<br>| &nbsp;&nbsp; 12000000 |
| 11625000 | 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), 3.340%, 11/6/2025<br>| &nbsp;&nbsp; 11625000 |
| 24880000 | New York State Energy Research & Development Authority (National Grid Generation LLC), (1997 Series A) Weekly VRDNs, <br> (NatWest Markets PLC LOC), 3.400%, 11/5/2025<br>| &nbsp;&nbsp; 24880000 |
| 5000000 | New York State Environmental Facilities Corp. (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds <br> (Series 2012), 3.850%, Mandatory Tender 11/3/2025<br>| &nbsp;&nbsp; 5000000 |
| 5300000 | New York State Environmental Facilities Corp. (Waste Management, Inc.), Solid Waste Disposal Refunding Revenue Bonds <br> (Series 2012), 3.850%, Mandatory Tender 2/2/2026<br>| &nbsp;&nbsp; 5300000 |
| 1000000 | New York State HFA (10 Barclay Street Housing LLC), (Series A) Weekly VRDNs, (Federal National Mortgage Association <br> LOC), 3.150%, 11/5/2025<br>| &nbsp;&nbsp; 1000000 |
| 1800000 | New York State HFA (100 Maiden Lane), (2004 Series A) Weekly VRDNs, (Federal National Mortgage Association LOC), <br> 3.350%, 11/5/2025<br>| &nbsp;&nbsp; 1800000 |
| 2440000 | New York State HFA (160 Madison Avenue), (2013 Series A) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), <br> 4.000%, 11/3/2025<br>| &nbsp;&nbsp; 2440000 |
| 1550000 | New York State HFA (326 Riverdale Owners LLC), (Series 2008A: 330 Riverdale Avenue Apartments) Weekly VRDNs, (Bank of <br> America N.A. LOC), 3.250%, 11/5/2025<br>| &nbsp;&nbsp; 1550000 |
| 7130000 | New York State HFA (330 West 39th Street), (2010 Series A) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), <br> 3.100%, 11/5/2025<br>| &nbsp;&nbsp; 7130000 |
| 14900000 | New York State HFA (42/9 Residential LLC), (Series 2003A: 360 West 43rd Street) Weekly VRDNs, (Federal National <br> Mortgage Association LOC), 3.400%, 11/5/2025<br>| &nbsp;&nbsp; 14900000 |
| 7400000 | 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), 3.570%, 11/6/2025<br>| &nbsp;&nbsp; 7400000 |
| 15000000 | New York State HFA (500 West 30th LLC), Mizuho 3a-7 (Series 2025-MIZ9226) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank <br> Ltd. LIQ), 3.450%, 11/6/2025<br>| &nbsp;&nbsp; 15000000 |
| 2935000 | New York State HFA (600 West 42nd Street), (2009 Series A) Weekly VRDNs, (Federal National Mortgage Association LOC), <br> 3.350%, 11/5/2025<br>| &nbsp;&nbsp; 2935000 |
| 10000000 | New York State HFA (Flatbush Avenue Apartments), Mizuho 3a-7 (Series 2025-MIZ9239) VRENs, (Mizuho Bank Ltd. <br> GTD)/(Mizuho Bank Ltd. LIQ), 3.450%, 11/6/2025<br>| &nbsp;&nbsp; 10000000 |
| 5000000 | New York State Thruway Authority - Personal Income Tax Revenue, Morgan Stanley 3a-7 (2025-MS0053), (Morgan Stanley <br> Bank, N.A. LIQ), 3.420%, Optional Tender 1/8/2026<br>| &nbsp;&nbsp; 5000000 |
| 3745000 | New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), State Facilities and <br> Equipment (Series 2004A3-C) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 3.250%, 11/6/2025<br>| &nbsp;&nbsp; 3745000 |
| 6000000 | New York Transportation Development Corp. (JFK International Airport New Terminal One Project), Tender Option Bond <br> Certificates (Series 2024-XF3233) Weekly VRDNs, (Assured Guaranty, Inc. INS)/(Morgan Stanley Bank, N.A. LIQ), <br> 3.400%, 11/6/2025<br>| &nbsp;&nbsp; 6000000 |
| 7500000 | New York Transportation Development Corp. (JFK International Airport New Terminal One Project), Tender Option Bond <br> Certificates (Series 2024-XM1174) Weekly VRDNs, (Assured Guaranty, Inc. LOC)/(Barclays Bank PLC LIQ), 3.400%, 11/6/2025<br>| &nbsp;&nbsp; 7500000 |
| 7500000 | New York Transportation Development Corp. (JFK Millennium Partners LLC), Tender Option Bond Certificates <br> (Series 2024-XM1194) Weekly VRDNs, (Assured Guaranty, Inc. GTD)/(Barclays Bank PLC LIQ), 3.400%, 11/6/2025<br>| &nbsp;&nbsp; 7500000 |
| 1030000 | New York, NY City IDA (Jamaica First Parking LLC), (Series 2004) Weekly VRDNs, (TD Bank, N.A. LOC), 3.260%, 11/6/2025 | &nbsp;&nbsp; 1030000 |
| 2105000 | Newfane, NY Central School District BANs, 4.000%, 6/25/2026 | &nbsp;&nbsp; 2113547 |
| 9198409 | 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), 3.450%, 11/6/2025<br>| &nbsp;&nbsp; 9198409 |
| 6140778 | 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), 3.450%, 11/6/2025<br>| &nbsp;&nbsp; 6140778 |
| 17000000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Royal Bank of Canada LIQ), <br> 3.270%, 11/6/2025<br>| &nbsp;&nbsp; 17000000 |
| 2935000 | Onondaga County, NY IDA (Syracuse Research Corp.), (Series 2007) Weekly VRDNs, (Manufacturers & Traders Trust Co. <br> LOC), 3.420%, 11/6/2025<br>| &nbsp;&nbsp; 2935000 |
| 2500000 | Oxford Academy and Central School District, NY, (Series B) BANs, 3.750%, 7/3/2026 | &nbsp;&nbsp; 2504028 |
| 7030000 | PIMCO New York Municipal Income Fund II, Putters 3a-7 (VMTP 5061) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), <br> 3.420%, 11/6/2025<br>| &nbsp;&nbsp; 7030000 |

---

Annual Financial Statements and Additional Information

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| SHORT-TERM MUNICIPALS—continued |  |
|  | **New York—continued** |  |
| $4000000 | Red Creek, NY Central School District BANs, 3.750%, 6/26/2026 | &nbsp;&nbsp; $4003754 |
| 2100000 | Sackets Harbor, NY CSD, (Series B) BANs, 3.850%, 7/2/2026 | &nbsp;&nbsp; 2103369 |
| 2000000 | Shelter Island, NY Union Free School District TANs, 3.500%, 4/24/2026 | &nbsp;&nbsp; 2008480 |
| 2450000 | Triborough Bridge & Tunnel Authority, NY, (Series B-2B) Weekly VRDNs, (State Street Bank and Trust Co. LOC), <br> 3.200%, 11/6/2025<br>| &nbsp;&nbsp; 2450000 |
| 2000000 | Tuckahoe Common, NY School District TANs, 3.750%, 6/18/2026 | &nbsp;&nbsp; 2012335 |
| 2135000 | Utica, NY Industrial Development Agency Civic Facility (Munson-Williams-Proctor Arts Institute), (Series 2006) Weekly <br> VRDNs, (Citizens Bank, N.A. LOC), 3.400%, 11/6/2025<br>| &nbsp;&nbsp; 2135000 |
| 4250000 | Wayne, NY Central School District BANs, 3.750%, 6/26/2026 | &nbsp;&nbsp; 4256651 |
| 18735000 | Westchester County, NY IDA (Levister Redevelopment Co LLC/NY), BAML (3a-7) (Series 2024-BAML6025) Daily VRDNs, <br> (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 4.090%, 11/3/2025<br>| &nbsp;&nbsp; 18735000 |
| 1555000 | Westchester County, NY IDA (Westchester Arts Council, Inc.), (Series 2004) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), <br> 3.420%, 11/6/2025<br>| &nbsp;&nbsp; 1555000 |
| 3000000 | 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> 3.320%, 11/6/2025<br>| &nbsp;&nbsp; 3000000 |
| 5080000 | Westhill, NY Central School District BANs, 4.000%, 6/25/2026 | &nbsp;&nbsp; 5089493 |
| 1350000 | Wyoming, NY Central School District BANs, 3.500%, 8/7/2026 | &nbsp;&nbsp; 1352497 |
|  | TOTAL INVESTMENT IN SECURITIES—100.5% <br>(AT AMORTIZED COST)<sup>2</sup> <br>| &nbsp;&nbsp; 628113184 |
|  | OTHER ASSETS AND LIABILITIES - NET—(0.5)%<sup>3</sup> <br>| &nbsp;&nbsp; (2917346) |
|  | NET ASSETS—100% | &nbsp;&nbsp; $625195838 |

---

Securities that are subject to the federal alternative minimum tax (AMT) represent 23.1% of the Fund's portfolio as calculated based upon total market value (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 October 31, 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.

Annual Financial Statements and Additional Information

**4**

------

In valuing the Fund's assets as of October 31, 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 |
| CSD | —Central School District |
| GTD | —Guaranteed |
| HFA | —Housing Finance Authority |
| IDA | —Industrial Development Authority |
| INS | —Insured |
| LIQ | —Liquidity Agreement |
| LOC | —Letter of Credit |
| PUTTERs | —Puttable Tax-Exempt Receipts |
| TANs | —Tax Anticipation Notes |
| 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

Annual Financial Statements and Additional Information

**5**

------

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **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** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.026 | 0.032 | 0.029 | 0.006 | 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>|
| TOTAL FROM INVESTMENT OPERATIONS | 0.026 | 0.032 | 0.029 | 0.006 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.026) | &nbsp;&nbsp; (0.032) | &nbsp;&nbsp; (0.029) | &nbsp;&nbsp; (0.006) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &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; (0.026) | &nbsp;&nbsp; (0.032) | &nbsp;&nbsp; (0.029) | &nbsp;&nbsp; (0.006) | &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** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 2.68% | &nbsp;&nbsp; 3.29% | &nbsp;&nbsp; 2.97% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.21% |
| Net investment income | &nbsp;&nbsp; 2.62% | &nbsp;&nbsp; 3.25% | &nbsp;&nbsp; 2.94% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.34% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $527830 | &nbsp;&nbsp; $364923 | &nbsp;&nbsp; $206898 | &nbsp;&nbsp; $115589 | &nbsp;&nbsp; $111555 |

---

&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. |
| 4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**6**

------

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **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** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.024 | 0.030 | 0.028 | 0.005 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| &nbsp;&nbsp; (0.001) | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.024 | 0.030 | 0.027 | 0.005 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.024) | &nbsp;&nbsp; (0.030) | &nbsp;&nbsp; (0.027) | &nbsp;&nbsp; (0.005) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &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; (0.024) | &nbsp;&nbsp; (0.030) | &nbsp;&nbsp; (0.027) | &nbsp;&nbsp; (0.005) | &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** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 2.46% | &nbsp;&nbsp; 3.07% | &nbsp;&nbsp; 2.75% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.20% |
| Net investment income | &nbsp;&nbsp; 2.40% | &nbsp;&nbsp; 3.02% | &nbsp;&nbsp; 2.79% | &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.84% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $67212 | &nbsp;&nbsp; $48915 | &nbsp;&nbsp; $35297 | &nbsp;&nbsp; $13677 | &nbsp;&nbsp; $182028 |

---

&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. |
| 4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**7**

------

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **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** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.022 | 0.028 | 0.024 | 0.003 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.001 | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.022 | 0.028 | 0.025 | 0.003 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.022) | &nbsp;&nbsp; (0.028) | &nbsp;&nbsp; (0.025) | &nbsp;&nbsp; (0.003) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &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; (0.022) | &nbsp;&nbsp; (0.028) | &nbsp;&nbsp; (0.025) | &nbsp;&nbsp; (0.003) | &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** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 2.22% | &nbsp;&nbsp; 2.83% | &nbsp;&nbsp; 2.51% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.20% |
| Net investment income | &nbsp;&nbsp; 2.19% | &nbsp;&nbsp; 2.80% | &nbsp;&nbsp; 2.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.85% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $2604 | &nbsp;&nbsp; $2770 | &nbsp;&nbsp; $2458 | &nbsp;&nbsp; $6850 | &nbsp;&nbsp; $8058 |

---

&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. |
| 4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**8**

------

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **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** |
| **Income From Investment Operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.019 | 0.025 | 0.022 | 0.003 | 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>|
| Total From Investment Operations | 0.019 | 0.025 | 0.022 | 0.003 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.019) | &nbsp;&nbsp; (0.025) | &nbsp;&nbsp; (0.022) | &nbsp;&nbsp; (0.003) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &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; (0.019) | &nbsp;&nbsp; (0.025) | &nbsp;&nbsp; (0.022) | &nbsp;&nbsp; (0.003) | &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** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.97% | &nbsp;&nbsp; 2.57% | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.19% |
| Net investment income | &nbsp;&nbsp; 1.94% | &nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 2.18% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 1.20% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $27550 | &nbsp;&nbsp; $31621 | &nbsp;&nbsp; $26134 | &nbsp;&nbsp; $25174 | &nbsp;&nbsp; $28468 |

---

&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. |
| 4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**9**

------

Statement of Assets and Liabilities

October 31, 2025

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in securities, at amortized cost and fair value | &nbsp;&nbsp; $628113184 |
| Income receivable | &nbsp;&nbsp; 3459939 |
| Receivable for shares sold | &nbsp;&nbsp; 300884 |
| Total Assets | &nbsp;&nbsp; 631874007 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp; 5300000 |
| Payable for shares redeemed | &nbsp;&nbsp; 1122605 |
| Payable to bank | &nbsp;&nbsp; 22221 |
| Income distribution payable | &nbsp;&nbsp; 117343 |
| Payable for investment adviser fee (Note 5) | &nbsp;&nbsp; 2647 |
| Payable for administrative fee (Note 5) | &nbsp;&nbsp; 1323 |
| Payable for distribution services fee (Note 5) | &nbsp;&nbsp; 13338 |
| Payable for other service fees (Notes 2 and 5) | &nbsp;&nbsp; 20401 |
| Accrued expenses (Note 5) | &nbsp;&nbsp; 78291 |
| Total Liabilities | &nbsp;&nbsp; 6678169 |
| Net assets for 625,141,176 shares outstanding | &nbsp;&nbsp; $625195838 |
| **Net Assets Consist of:** |  |
| Paid-in capital | &nbsp;&nbsp; $625141176 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 54662 |
| Net Assets | &nbsp;&nbsp; $625195838 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Wealth Shares:** |  |
| $527,830,024 ÷ 527,783,913 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Service Shares:** |  |
| $67,212,381 ÷ 67,206,465 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Cash II Shares:** |  |
| $2,603,875 ÷ 2,603,647 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Cash Series Shares:** |  |
| $27,549,558 ÷ 27,547,151 shares outstanding, no par value, unlimited shares authorized | $1.00 |

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**10**

------

Statement of Operations

Year Ended October 31, 2025

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $15804119 |
| **Expenses:** |  |
| Investment adviser fee (Note 5) | &nbsp;&nbsp; 1382264 |
| Administrative fee (Note 5) | &nbsp;&nbsp; 417446 |
| Custodian fees | &nbsp;&nbsp; 17185 |
| Transfer agent fees | &nbsp;&nbsp; 173693 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp; 3100 |
| Auditing fees | &nbsp;&nbsp; 26207 |
| Legal fees | &nbsp;&nbsp; 13261 |
| Portfolio accounting fees | &nbsp;&nbsp; 147767 |
| Distribution services fee (Note 5) | &nbsp;&nbsp; 327693 |
| Other service fees (Notes 2 and 5) | &nbsp;&nbsp; 231728 |
| Share registration costs | &nbsp;&nbsp; 159060 |
| Printing and postage | &nbsp;&nbsp; 22723 |
| Miscellaneous (Note 5) | &nbsp;&nbsp; 7893 |
| TOTAL EXPENSES | &nbsp;&nbsp; 2930020 |
| **Waivers and Reimbursement:** |  |
| Waiver of investment adviser fee (Note 5) | &nbsp;&nbsp; (626748) |
| Waiver/reimbursement of other operating expenses (Notes 2 and 5) | &nbsp;&nbsp; (217262) |
| TOTAL WAIVERS AND REIMBURSEMENT | &nbsp;&nbsp; (844010) |
| Net expenses | &nbsp;&nbsp; 2086010 |
| Net investment income | &nbsp;&nbsp; 13718109 |
| Net realized gain on investments | &nbsp;&nbsp; 24631 |
| Change in net assets resulting from operations | &nbsp;&nbsp; $13742740 |

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**11**

------

Statement of Changes in Net Assets

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

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

---

| | | |
|:---|:---|:---|
| **Year Ended October 31** | **2025** | **2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $13718109 | &nbsp;&nbsp; $11402827 |
| Net realized gain (loss) | &nbsp;&nbsp; 24631 | &nbsp;&nbsp; 93707 |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; 13742740 | &nbsp;&nbsp; 11496534 |
| **Distributions to Shareholders:** |  |  |
| Wealth Shares | &nbsp;&nbsp; (11673623) | &nbsp;&nbsp; (9496600) |
| Service Shares | &nbsp;&nbsp; (1506072) | &nbsp;&nbsp; (1099984) |
| Cash II Shares | &nbsp;&nbsp; (63386) | &nbsp;&nbsp; (81291) |
| Cash Series Shares | &nbsp;&nbsp; (536959) | &nbsp;&nbsp; (723635) |
| CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | &nbsp;&nbsp; (13780040) | &nbsp;&nbsp; (11401510) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 1045561510 | &nbsp;&nbsp; 836921867 |
| Net asset value of shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 12591260 | &nbsp;&nbsp; 10177768 |
| Cost of shares redeemed | &nbsp;&nbsp; (881147875) | &nbsp;&nbsp; (669754005) |
| CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | &nbsp;&nbsp; 177004895 | &nbsp;&nbsp; 177345630 |
| Change in net assets | &nbsp;&nbsp; 176967595 | &nbsp;&nbsp; 177440654 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 448228243 | &nbsp;&nbsp; 270787589 |
| End of period | &nbsp;&nbsp; $625195838 | &nbsp;&nbsp; $448228243 |

---

See Notes which are an integral part of the Financial Statements

Annual Financial Statements and Additional Information

**12**

------

Notes to Financial Statements

October 31, 2025

**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 New York Municipal Cash Trust (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers four classes of shares: Wealth Shares, Service Shares, Cash II Shares and Cash Series Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities consistent with stability of principal. Interest income from the Fund's investments may be subject to the federal AMT for individuals.

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. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses. The detail of the total fund expense waivers and reimbursement of $844,010 is disclosed in various locations in this Note 2 and Note 5.

Annual Financial Statements and Additional Information

**13**

------

**Transfer Agent Fees** 

For the year ended October 31, 2025, transfer agent fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Transfer Agent** <br>**Fees Incurred**<br>|
| Wealth Shares | &nbsp;&nbsp; $143900 |
| Service Shares | &nbsp;&nbsp; 20153 |
| Cash II Shares | &nbsp;&nbsp; 930 |
| Cash Series Shares | &nbsp;&nbsp; 8710 |
| TOTAL | &nbsp;&nbsp; $173693 |

---

**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, Service Shares, Cash II Shares and Cash Series 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 year ended October 31, 2025, other service fees for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>| **Other Service** <br>**Fees Reimbursed**<br>|
| Service Shares | &nbsp;&nbsp; $155976 | &nbsp;&nbsp; $(43673) |
| Cash II Shares | &nbsp;&nbsp; 7205 | &nbsp;&nbsp; — |
| Cash Series Shares | &nbsp;&nbsp; 68547 | &nbsp;&nbsp; — |
| TOTAL | &nbsp;&nbsp; $231728 | &nbsp;&nbsp; $(43673) |

---

For the year ended October 31, 2025, the Fund's Wealth Shares did not incur other service fees.

**Federal Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code 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 year ended October 31, 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 October 31, 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. 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.

Annual Financial Statements and Additional Information

**14**

------

&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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2024** | **Year Ended** <br>**10/31/2024** |
| **Wealth Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 895725517 | &nbsp;&nbsp; $895725517 | &nbsp;&nbsp; 716451564 | &nbsp;&nbsp; $716451564 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 10550492 | &nbsp;&nbsp; 10550492 | &nbsp;&nbsp; 8369689 | &nbsp;&nbsp; 8369689 |
| Shares redeemed | &nbsp;&nbsp; (743339585) | &nbsp;&nbsp; (743339585) | &nbsp;&nbsp; (566874458) | &nbsp;&nbsp; (566874458) |
| NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | &nbsp;&nbsp; 162936424 | &nbsp;&nbsp; $162936424 | &nbsp;&nbsp; 157946795 | &nbsp;&nbsp; $157946795 |
|  | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2024** | **Year Ended** <br>**10/31/2024** |
| **Service Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 96334527 | &nbsp;&nbsp; $96334527 | &nbsp;&nbsp; 65057939 | &nbsp;&nbsp; $65057939 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 1452373 | &nbsp;&nbsp; 1452373 | &nbsp;&nbsp; 1018781 | &nbsp;&nbsp; 1018781 |
| Shares redeemed | &nbsp;&nbsp; (79485982) | &nbsp;&nbsp; (79485982) | &nbsp;&nbsp; (52468680) | &nbsp;&nbsp; (52468680) |
| NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | &nbsp;&nbsp; 18300918 | &nbsp;&nbsp; $18300918 | &nbsp;&nbsp; 13608040 | &nbsp;&nbsp; $13608040 |
|  | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2024** | **Year Ended** <br>**10/31/2024** |
| **Cash II Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 1728467 | &nbsp;&nbsp; $1728467 | &nbsp;&nbsp; 2712196 | &nbsp;&nbsp; $2712196 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 63299 | &nbsp;&nbsp; 63299 | &nbsp;&nbsp; 79787 | &nbsp;&nbsp; 79787 |
| Shares redeemed | &nbsp;&nbsp; (1957178) | &nbsp;&nbsp; (1957178) | &nbsp;&nbsp; (2481440) | &nbsp;&nbsp; (2481440) |
| NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | &nbsp;&nbsp; (165412) | &nbsp;&nbsp; $(165412) | &nbsp;&nbsp; 310543 | &nbsp;&nbsp; $310543 |
|  | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2025** | **Year Ended** <br>**10/31/2024** | **Year Ended** <br>**10/31/2024** |
| **Cash Series Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 51772999 | &nbsp;&nbsp; $51772999 | &nbsp;&nbsp; 52700168 | &nbsp;&nbsp; $52700168 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 525096 | &nbsp;&nbsp; 525096 | &nbsp;&nbsp; 709511 | &nbsp;&nbsp; 709511 |
| Shares redeemed | &nbsp;&nbsp; (56365130) | &nbsp;&nbsp; (56365130) | &nbsp;&nbsp; (47929427) | &nbsp;&nbsp; (47929427) |
| NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | &nbsp;&nbsp; (4067035) | &nbsp;&nbsp; $(4067035) | &nbsp;&nbsp; 5480252 | &nbsp;&nbsp; $5480252 |
| NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | &nbsp;&nbsp; 177004895 | &nbsp;&nbsp; $177004895 | &nbsp;&nbsp; 177345630 | &nbsp;&nbsp; $177345630 |

---

**4. FEDERAL TAX INFORMATION** 

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended October 31, 2025 and 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Tax-exempt income | &nbsp;&nbsp; $13695737 | &nbsp;&nbsp; $11401510 |
| Ordinary income<sup>1</sup> <br>| &nbsp;&nbsp; $83821 | &nbsp;&nbsp; $— |
| Long-term capital gains | &nbsp;&nbsp; $482 | &nbsp;&nbsp; $— |

---

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

1 For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

As of October 31, 2025, the components of distributable earnings on a tax-basis were as follows:

---

| | |
|:---|:---|
| Undistributed tax-exempt income | &nbsp;&nbsp; $30038 |
| Undistributed long-term capital gains | &nbsp;&nbsp; $24624 |
| TOTAL | &nbsp;&nbsp; $54662 |

---

Annual Financial Statements and Additional Information

**15**

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

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

**Investment Adviser Fee** 

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.25% of the Fund's average daily net assets. Prior to January 1, 2025, the investment adviser fee was 0.30% 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 year ended October 31, 2025, the Adviser voluntarily waived $626,748 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 year ended October 31, 2025, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

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

**Distribution Services Fee** 

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Service 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>|
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25% |
| Cash II Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25% |
| 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 year ended October 31, 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>|
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $155976 | $(131020) |
| Cash II Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7205 | (1441) |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164512 | (41128) |
| TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $327693 | $(173589) |

---

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the year ended October 31, 2025, FSC retained $34,163 of fees paid by the Fund.

**Other Service Fees** 

For the year ended October 31, 2025, FSSC received $2,015 and reimbursed $43,673 of the other service fees disclosed in Note 2.

**Expense Limitation** 

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses, if any) paid by the Fund's Wealth Shares, Service Shares, Cash II Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.32%, 0.54%, 0.77% and 1.02% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) March 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.

Annual Financial Statements and Additional Information

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**Interfund Transactions** 

During the year ended October 31, 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 $320,920,000 and $252,460,000, 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.

**6. CONCENTRATION OF RISK** 

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at October 31, 2025, 50.6% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 10.2% of total investments.

**7. INTERFUND LENDING** 

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of October 31, 2025, there were no outstanding loans. During the year ended October 31, 2025, the program was not utilized.

**8. OPERATING SEGMENTS** 

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. 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.

**9. INDEMNIFICATIONS** 

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

**10. FEDERAL TAX INFORMATION (UNAUDITED)** 

For the year ended October 31, 2025, the amount of long-term capital gains designated by the Fund was $482.

For the year ended October 31, 2025, 100% of the distributions from net investment income is exempt from federal income tax, other than the federal AMT.

Annual Financial Statements and Additional Information

**17**

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Report of Independent Registered Public Accounting Firm

**TO THE SHAREHOLDERS AND THE BOARD OF TRUSTEES OF FEDERATED HERMES NEW YORK MUNICIPAL CASH TRUST:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Federated Hermes New York Municipal Cash Trust (the "Fund") (one of the portfolios constituting Federated Hermes Money Market Obligations Trust (the "Trust")), including the portfolio of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting Federated Hermes Money Market Obligations Trust) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers, and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](ernstyoungsig.jpg)

We have served as the auditor of one or more Federated Hermes investment companies since 1979.

Boston, Massachusetts

December 22, 2025

Annual Financial Statements and Additional Information

**18**

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Evaluation and Approval of Advisory Contract–May 2025

**Federated Hermes New York Municipal Cash Trust (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").

Annual Financial Statements and Additional Information

**19**

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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

Annual Financial Statements and Additional Information

**20**

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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.

Annual Financial Statements and Additional Information

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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. In considering the Fund's expenses, the Board noted that the Adviser recommended, and the Board approved, a contractual advisory fee reduction of 5 basis points for the Fund, effective January 1, 2025.

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

Annual Financial Statements and Additional Information

**22**

------

capabilities and use of data. The Board noted that Federated Hermes' investments in these areas are extensive and are 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.

Annual Financial Statements and Additional Information

**23**

------

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.

![](fhilogok11p.jpg)

Federated Hermes New York Municipal Cash Trust

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 608919858

CUSIP 60934N294

CUSIP 60934N310

CUSIP 608919866

29521 (12/25)© 2025 Federated Hermes, Inc.

------

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

[Federated Hermes California Municipal Cash Trust](#a_cmct): Not Applicable.

[Federated Hermes Institutional Tax-Free Cash Trust:](#a_ftft) Not Applicable.

[Federated Hermes New York Municipal Cash Trust](#a_nymct): Not Applicable.

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

[Federated Hermes California Municipal Cash Trust](#a_cmct): Not Applicable.

[Federated Hermes Institutional Tax-Free Cash Trust](#a_ftft): Not Applicable.

[Federated Hermes New York Municipal Cash Trust](#a_nymct): Not Applicable.

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

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

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

[Federated Hermes New York Municipal Cash Trust](#a_nymct): 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 California Municipal Cash Trust](#a_cmct): 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 Institutional Tax-Free Cash Trust:](#a_ftft) 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 New York Municipal Cash Trust](#a_nymct): 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 the filing date 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](mmot2034-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](mmot2034-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>December 22, 2025</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>December 22, 2025</u>

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

Jeremy D. Boughton, Principal Financial Officer

Date: <u>December 22, 2025</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 California Municipal Cash Trust, Federated Hermes Institutional Tax-Free Cash
Trust, Federated Hermes New York Municipal Cash Trust ("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: December 22, 2025

/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 California Municipal Cash Trust, Federated Hermes Institutional Tax-Free Cash
Trust, Federated Hermes New York Municipal Cash Trust("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: December 22, 2025

/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 California Municipal Cash Trust, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes New York Municipal Cash Trust**(the "Registrant"), hereby certify, to the best of our knowledge, that the Registrant's Report on Form N-CSR for the period ended October 31, 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>December 22, 2025</u>

/s/ J. Christopher Donahue

J. Christopher Donahue

Title: President, Principal Executive Officer

Dated: <u>December 22, 2025</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.