# EDGAR Filing Document

**Accession Number:** 0000856517
**File Stem:** 0001623632-26-000458
**Filing Date:** 2026-3
**Character Count:** 766401
**Document Hash:** 01497ba549b5dc22df6e52bc058d540f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001623632-26-000458.hdr.sgml**: 20260326

**ACCESSION NUMBER**: 0001623632-26-000458

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260326

**DATE AS OF CHANGE**: 20260326

**EFFECTIVENESS DATE**: 20260326

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 251415329
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05950
- **FILM NUMBER:** 26797003

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000026166 | Capital Shares         | TOCXX           |
| C000026167 | Institutional Shares   | TOIXX           |
| C000026168 | Service Shares         | TOSXX           |
| C000026169 | Trust Shares           | TOTXX           |
| C000144363 | Automated Shares       | TOAXX           |
| C000242767 | Select Shares          | TOLXX           |
| C000242768 | Advisor Shares         | TOVXX           |
| C000242769 | Cash Management Shares | TOMXX           |
| C000242770 | Premier Shares         | TOPXX           |
| C000242771 | Administrative Shares  | TODXX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000026170 | Institutional Shares | TTOXX           |
| C000157050 | Cash Series Shares   | TCSXX           |
| C000157051 | Cash II Shares       | TTIXX           |
| C000243030 | Service Shares       | TTQXX           |

?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>2026-07-31</u>

Date of Reporting Period: <u>Six months ended 2026-01-31</u>

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Government Obligations Fund

# Administrative Shares \| GOEXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Government Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Shares | $23 | 0.45% |

---

## Key Fund Statistics
* Net Assets$189,767,196,708

* Number of Investments153

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](idd480e39841bb7b43341a336.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Securities | 16.1% |
| U.S. Treasury Securities | 23.3% |
| Repurchase Agreements | 58.4% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i0bf6863f8468e9569dc1a798.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 9.4% |
| 91-180 Days | 5.2% |
| 31-90 Days | 8.2% |
| 8-30 Days | 1.2% |
| 1-7 Days | 73.8% |

---

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

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 608919395

Q450196-D (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Government Obligations Fund

# Advisor Shares \| GOVXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Government Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Shares | $8 | 0.15% |

---

## Key Fund Statistics
* Net Assets$189,767,196,708

* Number of Investments153

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](idd480e39841bb7b43341a336.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Securities | 16.1% |
| U.S. Treasury Securities | 23.3% |
| Repurchase Agreements | 58.4% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i0bf6863f8468e9569dc1a798.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 9.4% |
| 91-180 Days | 5.2% |
| 31-90 Days | 8.2% |
| 8-30 Days | 1.2% |
| 1-7 Days | 73.8% |

---

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

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 608919437

Q450196-K (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Government Obligations Fund

# Capital Shares \| GOCXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Government Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Capital Shares | $15 | 0.30% |

---

## Key Fund Statistics
* Net Assets$189,767,196,708

* Number of Investments153

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](idd480e39841bb7b43341a336.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Securities | 16.1% |
| U.S. Treasury Securities | 23.3% |
| Repurchase Agreements | 58.4% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i0bf6863f8468e9569dc1a798.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 9.4% |
| 91-180 Days | 5.2% |
| 31-90 Days | 8.2% |
| 8-30 Days | 1.2% |
| 1-7 Days | 73.8% |

---

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

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 608919809

Q450196-G (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Government Obligations Fund

# Cash II Shares \| GFYXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Government Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash II Shares | $43 | 0.84% |

---

## Key Fund Statistics
* Net Assets$189,767,196,708

* Number of Investments153

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](idd480e39841bb7b43341a336.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Securities | 16.1% |
| U.S. Treasury Securities | 23.3% |
| Repurchase Agreements | 58.4% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i0bf6863f8468e9569dc1a798.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 9.4% |
| 91-180 Days | 5.2% |
| 31-90 Days | 8.2% |
| 8-30 Days | 1.2% |
| 1-7 Days | 73.8% |

---

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

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 608919676

Q450196-E (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Government Obligations Fund

# Cash Series Shares \| GFSXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Government Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash Series Shares | $52 | 1.02% |

---

## Key Fund Statistics
* Net Assets$189,767,196,708

* Number of Investments153

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](idd480e39841bb7b43341a336.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Securities | 16.1% |
| U.S. Treasury Securities | 23.3% |
| Repurchase Agreements | 58.4% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i0bf6863f8468e9569dc1a798.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 9.4% |
| 91-180 Days | 5.2% |
| 31-90 Days | 8.2% |
| 8-30 Days | 1.2% |
| 1-7 Days | 73.8% |

---

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

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 608919684

Q450196-F (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Government Obligations Fund

# Institutional Shares \| GOIXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Government Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $10 | 0.20% |

---

## Key Fund Statistics
* Net Assets$189,767,196,708

* Number of Investments153

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](idd480e39841bb7b43341a336.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Securities | 16.1% |
| U.S. Treasury Securities | 23.3% |
| Repurchase Agreements | 58.4% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i0bf6863f8468e9569dc1a798.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 9.4% |
| 91-180 Days | 5.2% |
| 31-90 Days | 8.2% |
| 8-30 Days | 1.2% |
| 1-7 Days | 73.8% |

---

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

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 60934N104

Q450196-B (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Government Obligations Fund

# Premier Shares \| GOFXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Government Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Premier Shares | $8 | 0.15% |

---

## Key Fund Statistics
* Net Assets$189,767,196,708

* Number of Investments153

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](idd480e39841bb7b43341a336.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Securities | 16.1% |
| U.S. Treasury Securities | 23.3% |
| Repurchase Agreements | 58.4% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i0bf6863f8468e9569dc1a798.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 9.4% |
| 91-180 Days | 5.2% |
| 31-90 Days | 8.2% |
| 8-30 Days | 1.2% |
| 1-7 Days | 73.8% |

---

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

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 608919718

Q450196-J (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Government Obligations Fund

# SDG Shares \| GPHXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Government Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SDG Shares | $8 | 0.15% |

---

## Key Fund Statistics
* Net Assets$189,767,196,708

* Number of Investments153

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](idd480e39841bb7b43341a336.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Securities | 16.1% |
| U.S. Treasury Securities | 23.3% |
| Repurchase Agreements | 58.4% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i0bf6863f8468e9569dc1a798.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 9.4% |
| 91-180 Days | 5.2% |
| 31-90 Days | 8.2% |
| 8-30 Days | 1.2% |
| 1-7 Days | 73.8% |

---

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

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 31423R104

Q450196-L (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Government Obligations Fund

# Select Shares \| GRTXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Government Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Select Shares | $9 | 0.18% |

---

## Key Fund Statistics
* Net Assets$189,767,196,708

* Number of Investments153

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](idd480e39841bb7b43341a336.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Securities | 16.1% |
| U.S. Treasury Securities | 23.3% |
| Repurchase Agreements | 58.4% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i0bf6863f8468e9569dc1a798.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 9.4% |
| 91-180 Days | 5.2% |
| 31-90 Days | 8.2% |
| 8-30 Days | 1.2% |
| 1-7 Days | 73.8% |

---

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

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 608919478

Q450196-A (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Government Obligations Fund

# Service Shares \| GOSXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Government Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Shares | $21 | 0.42% |

---

## Key Fund Statistics
* Net Assets$189,767,196,708

* Number of Investments153

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](idd480e39841bb7b43341a336.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Securities | 16.1% |
| U.S. Treasury Securities | 23.3% |
| Repurchase Agreements | 58.4% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i0bf6863f8468e9569dc1a798.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 9.4% |
| 91-180 Days | 5.2% |
| 31-90 Days | 8.2% |
| 8-30 Days | 1.2% |
| 1-7 Days | 73.8% |

---

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

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 60934N807

Q450196-C (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Government Obligations Fund

# Trust Shares \| GORXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Government Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Trust Shares | $35 | 0.68% |

---

## Key Fund Statistics
* Net Assets$189,767,196,708

* Number of Investments153

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](idd480e39841bb7b43341a336.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Securities | 16.1% |
| U.S. Treasury Securities | 23.3% |
| Repurchase Agreements | 58.4% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i0bf6863f8468e9569dc1a798.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 9.4% |
| 91-180 Days | 5.2% |
| 31-90 Days | 8.2% |
| 8-30 Days | 1.2% |
| 1-7 Days | 73.8% |

---

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

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 60934N153

Q450196-H (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Institutional Prime Obligations Fund

# Institutional Shares \| POIXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Institutional Prime Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $9 | 0.18% |

---

## Key Fund Statistics
* Net Assets$16,584,264,807

* Number of Investments174

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](ibf71826bfd5746cf88acda18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-Backed Securities | 0.4% |
| Bank Note | 2.5% |
| Bank Instruments | 11.0% |
| Variable Rate Instruments | 13.8% |
| Commercial Paper | 20.9% |
| Other Repurchase Agreements and Repurchase Agreements | 51.3% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i21954fa0a1d61a35b9bfc0a3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 8.7% |
| 91-180 Days | 9.8% |
| 31-90 Days | 9.5% |
| 8-30 Days | 3.2% |
| 1-7 Days | 68.8% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Institutional Prime Obligations Fund

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 60934N203

Q450200-A (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Institutional Prime Obligations Fund

# Service Shares \| PRSXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Institutional Prime Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Shares | $21 | 0.42% |

---

## Key Fund Statistics
* Net Assets$16,584,264,807

* Number of Investments174

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](ibf71826bfd5746cf88acda18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-Backed Securities | 0.4% |
| Bank Note | 2.5% |
| Bank Instruments | 11.0% |
| Variable Rate Instruments | 13.8% |
| Commercial Paper | 20.9% |
| Other Repurchase Agreements and Repurchase Agreements | 51.3% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i21954fa0a1d61a35b9bfc0a3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 8.7% |
| 91-180 Days | 9.8% |
| 31-90 Days | 9.5% |
| 8-30 Days | 3.2% |
| 1-7 Days | 68.8% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Institutional Prime Obligations Fund

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 60934N708

Q450200-B (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Prime Cash Obligations Fund

# Automated Shares \| PTAXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Prime Cash Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

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

---

## Key Fund Statistics
* Net Assets$104,029,346,424

* Number of Investments247

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i50d16d9667ba6d57a9c28cfb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bank Note | 3.6% |
| Bank Instruments | 12.5% |
| Variable Rate Instruments | 12.8% |
| Commercial Paper | 18.3% |
| Other Repurchase Agreements and Repurchase Agreements | 50.3% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i8cb8001e6033896abd88fb05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 10.0% |
| 91-180 Days | 8.0% |
| 31-90 Days | 9.2% |
| 8-30 Days | 3.2% |
| 1-7 Days | 67.1% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Prime Cash Obligations Fund

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 608919627

Q450198-A (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Prime Cash Obligations Fund

# Advisor Shares \| PCVXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Prime Cash Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Shares | $10 | 0.20% |

---

## Key Fund Statistics
* Net Assets$104,029,346,424

* Number of Investments247

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i50d16d9667ba6d57a9c28cfb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bank Note | 3.6% |
| Bank Instruments | 12.5% |
| Variable Rate Instruments | 12.8% |
| Commercial Paper | 18.3% |
| Other Repurchase Agreements and Repurchase Agreements | 50.3% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i8cb8001e6033896abd88fb05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 10.0% |
| 91-180 Days | 8.0% |
| 31-90 Days | 9.2% |
| 8-30 Days | 3.2% |
| 1-7 Days | 67.1% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Prime Cash Obligations Fund

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 608919429

Q450198-D (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Prime Cash Obligations Fund

# Capital Shares \| PCCXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Prime Cash Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Capital Shares | $15 | 0.30% |

---

## Key Fund Statistics
* Net Assets$104,029,346,424

* Number of Investments247

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i50d16d9667ba6d57a9c28cfb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bank Note | 3.6% |
| Bank Instruments | 12.5% |
| Variable Rate Instruments | 12.8% |
| Commercial Paper | 18.3% |
| Other Repurchase Agreements and Repurchase Agreements | 50.3% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i8cb8001e6033896abd88fb05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 10.0% |
| 91-180 Days | 8.0% |
| 31-90 Days | 9.2% |
| 8-30 Days | 3.2% |
| 1-7 Days | 67.1% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Prime Cash Obligations Fund

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 60934N591

Q450198-H (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Prime Cash Obligations Fund

# Cash II Shares \| PCDXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Prime Cash Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash II Shares | $46 | 0.90% |

---

## Key Fund Statistics
* Net Assets$104,029,346,424

* Number of Investments247

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i50d16d9667ba6d57a9c28cfb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bank Note | 3.6% |
| Bank Instruments | 12.5% |
| Variable Rate Instruments | 12.8% |
| Commercial Paper | 18.3% |
| Other Repurchase Agreements and Repurchase Agreements | 50.3% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i8cb8001e6033896abd88fb05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 10.0% |
| 91-180 Days | 8.0% |
| 31-90 Days | 9.2% |
| 8-30 Days | 3.2% |
| 1-7 Days | 67.1% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Prime Cash Obligations Fund

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 608919593

Q450198-F (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Prime Cash Obligations Fund

# Cash Series Shares \| PTSXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Prime Cash Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash Series Shares | $53 | 1.05% |

---

## Key Fund Statistics
* Net Assets$104,029,346,424

* Number of Investments247

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i50d16d9667ba6d57a9c28cfb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bank Note | 3.6% |
| Bank Instruments | 12.5% |
| Variable Rate Instruments | 12.8% |
| Commercial Paper | 18.3% |
| Other Repurchase Agreements and Repurchase Agreements | 50.3% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i8cb8001e6033896abd88fb05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 10.0% |
| 91-180 Days | 8.0% |
| 31-90 Days | 9.2% |
| 8-30 Days | 3.2% |
| 1-7 Days | 67.1% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Prime Cash Obligations Fund

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 608919585

Q450198-G (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Prime Cash Obligations Fund

# Class R Shares \| PTRXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Prime Cash Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R Shares | $58 | 1.15% |

---

## Key Fund Statistics
* Net Assets$104,029,346,424

* Number of Investments247

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i50d16d9667ba6d57a9c28cfb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bank Note | 3.6% |
| Bank Instruments | 12.5% |
| Variable Rate Instruments | 12.8% |
| Commercial Paper | 18.3% |
| Other Repurchase Agreements and Repurchase Agreements | 50.3% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i8cb8001e6033896abd88fb05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 10.0% |
| 91-180 Days | 8.0% |
| 31-90 Days | 9.2% |
| 8-30 Days | 3.2% |
| 1-7 Days | 67.1% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Prime Cash Obligations Fund

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 608919577

Q450198-B (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Prime Cash Obligations Fund

# Service Shares \| PRCXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Prime Cash Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Shares | $23 | 0.45% |

---

## Key Fund Statistics
* Net Assets$104,029,346,424

* Number of Investments247

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i50d16d9667ba6d57a9c28cfb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bank Note | 3.6% |
| Bank Instruments | 12.5% |
| Variable Rate Instruments | 12.8% |
| Commercial Paper | 18.3% |
| Other Repurchase Agreements and Repurchase Agreements | 50.3% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i8cb8001e6033896abd88fb05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 10.0% |
| 91-180 Days | 8.0% |
| 31-90 Days | 9.2% |
| 8-30 Days | 3.2% |
| 1-7 Days | 67.1% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Prime Cash Obligations Fund

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 60934N617

Q450198-E (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Prime Cash Obligations Fund

# Trust Shares \| PTTXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Prime Cash Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Trust Shares | $35 | 0.68% |

---

## Key Fund Statistics
* Net Assets$104,029,346,424

* Number of Investments247

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i50d16d9667ba6d57a9c28cfb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bank Note | 3.6% |
| Bank Instruments | 12.5% |
| Variable Rate Instruments | 12.8% |
| Commercial Paper | 18.3% |
| Other Repurchase Agreements and Repurchase Agreements | 50.3% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i8cb8001e6033896abd88fb05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 10.0% |
| 91-180 Days | 8.0% |
| 31-90 Days | 9.2% |
| 8-30 Days | 3.2% |
| 1-7 Days | 67.1% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Prime Cash Obligations Fund

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 608919619

Q450198-J (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Prime Cash Obligations Fund

# Wealth Shares \| PCOXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Prime Cash Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Wealth Shares | $10 | 0.20% |

---

## Key Fund Statistics
* Net Assets$104,029,346,424

* Number of Investments247

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i50d16d9667ba6d57a9c28cfb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bank Note | 3.6% |
| Bank Instruments | 12.5% |
| Variable Rate Instruments | 12.8% |
| Commercial Paper | 18.3% |
| Other Repurchase Agreements and Repurchase Agreements | 50.3% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i8cb8001e6033896abd88fb05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 10.0% |
| 91-180 Days | 8.0% |
| 31-90 Days | 9.2% |
| 8-30 Days | 3.2% |
| 1-7 Days | 67.1% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Prime Cash Obligations Fund

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 60934N625

Q450198-C (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Treasury Obligations Fund

# Administrative Shares \| TODXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Treasury Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Shares | $23 | 0.45% |

---

## Key Fund Statistics
* Net Assets$57,927,153,087

* Number of Investments77

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i513fc4761ccd0d68a8f63448.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 42.1% |
| Repurchase Agreements | 53.9% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](if31e983d69c11eeed50e19ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 8.3% |
| 91-180 Days | 9.2% |
| 31-90 Days | 8.6% |
| 8-30 Days | 1.8% |
| 1-7 Days | 68.1% |

---

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

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 31423R302

Q450203-H (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Treasury Obligations Fund

# Advisor Shares \| TOVXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Treasury Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Shares | $8 | 0.15% |

---

## Key Fund Statistics
* Net Assets$57,927,153,087

* Number of Investments77

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i513fc4761ccd0d68a8f63448.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 42.1% |
| Repurchase Agreements | 53.9% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](if31e983d69c11eeed50e19ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 8.3% |
| 91-180 Days | 9.2% |
| 31-90 Days | 8.6% |
| 8-30 Days | 1.8% |
| 1-7 Days | 68.1% |

---

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

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 31423R203

Q450203-G (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Treasury Obligations Fund

# Capital Shares \| TOCXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Treasury Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Capital Shares | $15 | 0.30% |

---

## Key Fund Statistics
* Net Assets$57,927,153,087

* Number of Investments77

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i513fc4761ccd0d68a8f63448.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 42.1% |
| Repurchase Agreements | 53.9% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](if31e983d69c11eeed50e19ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 8.3% |
| 91-180 Days | 9.2% |
| 31-90 Days | 8.6% |
| 8-30 Days | 1.8% |
| 1-7 Days | 68.1% |

---

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

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 60934N823

Q450203-D (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Treasury Obligations Fund

# Cash Management Shares \| TOMXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Treasury Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash Management Shares | $36 | 0.70% |

---

## Key Fund Statistics
* Net Assets$57,927,153,087

* Number of Investments77

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i513fc4761ccd0d68a8f63448.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 42.1% |
| Repurchase Agreements | 53.9% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](if31e983d69c11eeed50e19ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 8.3% |
| 91-180 Days | 9.2% |
| 31-90 Days | 8.6% |
| 8-30 Days | 1.8% |
| 1-7 Days | 68.1% |

---

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

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 31423R401

Q450203-J (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Treasury Obligations Fund

# Automated Shares \| TOAXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Treasury Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

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

---

## Key Fund Statistics
* Net Assets$57,927,153,087

* Number of Investments77

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i513fc4761ccd0d68a8f63448.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 42.1% |
| Repurchase Agreements | 53.9% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](if31e983d69c11eeed50e19ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 8.3% |
| 91-180 Days | 9.2% |
| 31-90 Days | 8.6% |
| 8-30 Days | 1.8% |
| 1-7 Days | 68.1% |

---

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

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 608919726

Q450203-A (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Treasury Obligations Fund

# Institutional Shares \| TOIXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Treasury Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $10 | 0.20% |

---

## Key Fund Statistics
* Net Assets$57,927,153,087

* Number of Investments77

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i513fc4761ccd0d68a8f63448.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 42.1% |
| Repurchase Agreements | 53.9% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](if31e983d69c11eeed50e19ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 8.3% |
| 91-180 Days | 9.2% |
| 31-90 Days | 8.6% |
| 8-30 Days | 1.8% |
| 1-7 Days | 68.1% |

---

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

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 60934N500

Q450203-B (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Treasury Obligations Fund

# Premier Shares \| TOPXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Treasury Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Premier Shares | $8 | 0.15% |

---

## Key Fund Statistics
* Net Assets$57,927,153,087

* Number of Investments77

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i513fc4761ccd0d68a8f63448.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 42.1% |
| Repurchase Agreements | 53.9% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](if31e983d69c11eeed50e19ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 8.3% |
| 91-180 Days | 9.2% |
| 31-90 Days | 8.6% |
| 8-30 Days | 1.8% |
| 1-7 Days | 68.1% |

---

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

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 31423R500

Q450203-K (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Treasury Obligations Fund

# Select Shares \| TOLXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Treasury Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Select Shares | $9 | 0.18% |

---

## Key Fund Statistics
* Net Assets$57,927,153,087

* Number of Investments77

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i513fc4761ccd0d68a8f63448.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 42.1% |
| Repurchase Agreements | 53.9% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](if31e983d69c11eeed50e19ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 8.3% |
| 91-180 Days | 9.2% |
| 31-90 Days | 8.6% |
| 8-30 Days | 1.8% |
| 1-7 Days | 68.1% |

---

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

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 31423R609

Q450203-F (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Treasury Obligations Fund

# Service Shares \| TOSXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Treasury Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Shares | $21 | 0.42% |

---

## Key Fund Statistics
* Net Assets$57,927,153,087

* Number of Investments77

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i513fc4761ccd0d68a8f63448.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 42.1% |
| Repurchase Agreements | 53.9% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](if31e983d69c11eeed50e19ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 8.3% |
| 91-180 Days | 9.2% |
| 31-90 Days | 8.6% |
| 8-30 Days | 1.8% |
| 1-7 Days | 68.1% |

---

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

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 60934N872

Q450203-C (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Treasury Obligations Fund

# Trust Shares \| TOTXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Treasury Obligations Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Trust Shares | $34 | 0.66% |

---

## Key Fund Statistics
* Net Assets$57,927,153,087

* Number of Investments77

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i513fc4761ccd0d68a8f63448.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 42.1% |
| Repurchase Agreements | 53.9% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](if31e983d69c11eeed50e19ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 8.3% |
| 91-180 Days | 9.2% |
| 31-90 Days | 8.6% |
| 8-30 Days | 1.8% |
| 1-7 Days | 68.1% |

---

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

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

• prospectus • financial information • holdings • proxy voting information

CUSIP 60934N120

Q450203-E (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Trust for U.S. Treasury Obligations

# Cash II Shares \| TTIXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Trust for U.S. Treasury Obligations (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash II Shares | $46 | 0.90% |

---

## Key Fund Statistics
* Net Assets$13,441,929,033

* Number of Investments62

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i349988c7b33aa6fa58e03f1d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 38.4% |
| Repurchase Agreements | 59.8% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i0f763bb164d4d51b96247413.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 9.4% |
| 91-180 Days | 7.1% |
| 31-90 Days | 8.1% |
| 8-30 Days | 1.7% |
| 1-7 Days | 71.9% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Trust for U.S. Treasury Obligations

## 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 608919551

8042508-B (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Trust for U.S. Treasury Obligations

# Cash Series Shares \| TCSXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Trust for U.S. Treasury Obligations (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash Series Shares | $53 | 1.04% |

---

## Key Fund Statistics
* Net Assets$13,441,929,033

* Number of Investments62

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i349988c7b33aa6fa58e03f1d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 38.4% |
| Repurchase Agreements | 59.8% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i0f763bb164d4d51b96247413.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 9.4% |
| 91-180 Days | 7.1% |
| 31-90 Days | 8.1% |
| 8-30 Days | 1.7% |
| 1-7 Days | 71.9% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Trust for U.S. Treasury Obligations

## 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 608919569

8042508-C (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Trust for U.S. Treasury Obligations

# Institutional Shares \| TTOXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Trust for U.S. Treasury Obligations (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $10 | 0.20% |

---

## Key Fund Statistics
* Net Assets$13,441,929,033

* Number of Investments62

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i349988c7b33aa6fa58e03f1d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 38.4% |
| Repurchase Agreements | 59.8% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i0f763bb164d4d51b96247413.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 9.4% |
| 91-180 Days | 7.1% |
| 31-90 Days | 8.1% |
| 8-30 Days | 1.7% |
| 1-7 Days | 71.9% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Trust for U.S. Treasury Obligations

## 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 60934N799

8042508-A (03/26)

Federated Securities Corp., Distributor

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

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

![Image](ie7c2e253745aa82bee9a517b.jpg)

# Federated Hermes Trust for U.S. Treasury Obligations

# Service Shares \| TTQXX

#### Semi-Annual Shareholder Report - January 31, 2026

## A Portfolio of Federated Hermes Money Market Obligations Trust
This semi-annual shareholder report contains important information about the Federated Hermes Trust for U.S. Treasury Obligations (the "Fund") for the period of August 1, 2025 to January 31, 2026. You can find additional information at FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Shares | $23 | 0.45% |

---

## Key Fund Statistics
* Net Assets$13,441,929,033

* Number of Investments62

## Fund Holdings

### **Top Security Types (% of Net Assets)**![Group By Sector Chart](i349988c7b33aa6fa58e03f1d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 38.4% |
| Repurchase Agreements | 59.8% |

---

### **Effective Maturity Schedule** (% of Net Assets)
![Group By Maturity Chart](i0f763bb164d4d51b96247413.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 181 Days or More | 9.4% |
| 91-180 Days | 7.1% |
| 31-90 Days | 8.1% |
| 8-30 Days | 1.7% |
| 1-7 Days | 71.9% |

---

#### Semi-Annual Shareholder Report
Federated Hermes Trust for U.S. Treasury Obligations

## 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 31423R864

8042508-D (03/26)

Federated Securities Corp., Distributor

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

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

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

Not Applicable

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

Not Applicable

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

Not Applicable

**Item 5.** **Audit Committee of Listed Registrants**

Not Applicable

**Item 6.** **Schedule of Investments**

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

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

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

**Semi-Annual Financial Statements**

**and Additional Information**

**January 31, 2026**

![](img4bb4d6871.gif)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** \| Ticker | **Select** \| GRTXX | **Institutional** \| GOIXX | **Service** \| GOSXX | **Administrative** \| GOEXX |
|  | **Cash II** \| GFYXX | **Cash Series** \| GFSXX | **Capital** \| GOCXX | **Trust** \| GORXX |
|  | **Premier** \| GOFXX | **Advisor** \| GOVXX | **SDG** \| GPHXX |  |

---

------

Federated Hermes Government Obligations Fund

------

A Portfolio of Federated Hermes Money Market Obligations Trust

------

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

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_58c25a08-fb2e-443d-ad8b-478082fa6611_1) | [1](#xx_58c25a08-fb2e-443d-ad8b-478082fa6611_1)  |
| [Financial Highlights](#xx_65b11450-f56e-445c-8742-8007f5f0c4b3_1) | [9](#xx_65b11450-f56e-445c-8742-8007f5f0c4b3_1)  |
| [Statement of Assets and Liabilities](#xx_84fe32ed-39dd-4a52-821d-68f3c5b045d4_1) | [20](#xx_84fe32ed-39dd-4a52-821d-68f3c5b045d4_1)  |
| [Statement of Operations](#xx_84fe32ed-39dd-4a52-821d-68f3c5b045d4_2) | [21](#xx_84fe32ed-39dd-4a52-821d-68f3c5b045d4_2)  |
| [Statement of Changes in Net Assets](#xx_84fe32ed-39dd-4a52-821d-68f3c5b045d4_3) | [22](#xx_84fe32ed-39dd-4a52-821d-68f3c5b045d4_3)  |
| [Notes to Financial Statements](#xx_8294897c-accc-4da0-8442-6e6489cd4f64_1) | [23](#xx_8294897c-accc-4da0-8442-6e6489cd4f64_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_e39cb8e9-08b7-4105-b6a9-5a9fc09820e1_1) | [30](#xx_e39cb8e9-08b7-4105-b6a9-5a9fc09820e1_1) |

---

------

Portfolio of Investments

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
|  | GOVERNMENT AGENCIES—16.1% |  |
| $75000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 3.675% (SOFR +0.025%), 2/2/2026 | &nbsp;&nbsp; $75000000 |
| 100000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 3.690% (SOFR +0.040%), 2/2/2026 | &nbsp;&nbsp; 100000000 |
| 253900000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 3.695% (SOFR +0.045%), 2/2/2026 | &nbsp;&nbsp; 253900000 |
| 191975000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 3.705% (SOFR +0.055%), 2/2/2026 | &nbsp;&nbsp; 191975000 |
| 200000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 3.710% (SOFR +0.060%), 2/2/2026 | &nbsp;&nbsp; 200000000 |
| 1449415000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 3.730% (SOFR +0.080%), 2/2/2026 | &nbsp;&nbsp; 1449267955 |
| 437850000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 3.735% (SOFR +0.085%), 2/2/2026 | &nbsp;&nbsp; 437850000 |
| 651700000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 3.740% (SOFR +0.090%), 2/2/2026 - 2/9/2026 | &nbsp;&nbsp; 651700000 |
| 1099550000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 3.745% (SOFR +0.095%), 2/2/2026 | &nbsp;&nbsp; 1099550000 |
| 591800000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 3.750% (SOFR +0.100%), 2/2/2026 | &nbsp;&nbsp; 591796664 |
| 990750000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 3.755% (SOFR +0.105%), 2/2/2026 | &nbsp;&nbsp; 990750000 |
| 812675000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 3.760% (SOFR +0.110%), 2/2/2026 | &nbsp;&nbsp; 812675000 |
| 425800000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 3.765% (SOFR +0.115%), 2/2/2026 | &nbsp;&nbsp; 425800000 |
| 489800000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 3.770% (SOFR +0.120%), 2/2/2026 | &nbsp;&nbsp; 489800000 |
| 46000000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 3.775% (SOFR +0.125%), 2/2/2026 | &nbsp;&nbsp; 46000000 |
| 1372400000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 3.780% (SOFR +0.130%), 2/2/2026 | &nbsp;&nbsp; 1372400000 |
| 192900000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 3.785% (SOFR +0.135%), 2/2/2026 | &nbsp;&nbsp; 192900000 |
| 442850000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 3.790% (SOFR +0.140%), 2/2/2026 | &nbsp;&nbsp; 442850000 |
| 685650000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 3.795% (SOFR +0.145%), 2/2/2026 | &nbsp;&nbsp; 685650000 |
| 2217250000<br><sup>1</sup> <br>| Federal Farm Credit System Floating Rate Notes, 3.800% (SOFR +0.150%), 2/2/2026 | &nbsp;&nbsp; 2217244743 |
| 1356100000 | Federal Home Loan Bank System Discount Notes, 3.744% - 3.760%, 3/25/2026 - 3/27/2026 | &nbsp;&nbsp; 1348535308 |
| 1008500000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 3.675% (SOFR +0.025%), 2/2/2026 | &nbsp;&nbsp; 1008500000 |
| 184000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 3.710% (SOFR +0.060%), 2/2/2026 | &nbsp;&nbsp; 184000000 |
| 490750000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 3.725% (SOFR +0.075%), 2/2/2026 | &nbsp;&nbsp; 490750000 |
| 371850000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 3.730% (SOFR +0.080%), 2/2/2026 | &nbsp;&nbsp; 371850000 |
| 398900000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 3.750% (SOFR +0.100%), 2/2/2026 | &nbsp;&nbsp; 398900000 |
| 50000000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 3.760% (SOFR +0.110%), 2/2/2026 | &nbsp;&nbsp; 50000000 |
| 638850000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 3.770% (SOFR +0.120%), 2/2/2026 | &nbsp;&nbsp; 638850000 |
| 219900000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 3.785% (SOFR +0.135%), 2/2/2026 | &nbsp;&nbsp; 219900000 |
| 414800000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 3.795% (SOFR +0.145%), 2/2/2026 | &nbsp;&nbsp; 414800000 |
| 362850000<br><sup>1</sup> <br>| Federal Home Loan Bank System Floating Rate Notes, 3.830% (SOFR +0.180%), 2/2/2026 | &nbsp;&nbsp; 362850000 |
| 6278100000 | Federal Home Loan Bank System, 3.500% - 3.810%, 10/23/2026 - 2/12/2027 | &nbsp;&nbsp; 6274648783 |
| 399800000<br><sup>1</sup> <br>| Federal Home Loan Mortgage Corp. Floating Rate Notes, 3.745% (SOFR +0.095%), 2/2/2026 | &nbsp;&nbsp; 399800000 |
| 732000000<br><sup>1</sup> <br>| Federal Home Loan Mortgage Corp. Floating Rate Notes, 3.750% (SOFR +0.100%), 2/2/2026 | &nbsp;&nbsp; 732000000 |
| 212000000<br><sup>1</sup> <br>| Federal Home Loan Mortgage Corp. Floating Rate Notes, 3.760% (SOFR +0.110%), 2/2/2026 | &nbsp;&nbsp; 212000000 |
| 573000000<br><sup>1</sup> <br>| Federal Home Loan Mortgage Corp. Floating Rate Notes, 3.780% (SOFR +0.130%), 2/2/2026 | &nbsp;&nbsp; 573000000 |
| 1371850000<br><sup>1</sup> <br>| Federal Home Loan Mortgage Corp. Floating Rate Notes, 3.790% (SOFR +0.140%), 2/2/2026 | &nbsp;&nbsp; 1371850000 |
| 913600000<br><sup>1</sup> <br>| Federal National Mortgage Association Floating Rate Notes, 3.730% (SOFR +0.080%), 2/2/2026 | &nbsp;&nbsp; 913600000 |
| 350000000<br><sup>1</sup> <br>| Federal National Mortgage Association Floating Rate Notes, 3.750% (SOFR +0.100%), 2/2/2026 | &nbsp;&nbsp; 350000000 |
| 105000000<br><sup>1</sup> <br>| Federal National Mortgage Association Floating Rate Notes, 3.770% (SOFR +0.120%), 2/2/2026 | &nbsp;&nbsp; 105000000 |
| 830700000<br><sup>1</sup> <br>| Federal National Mortgage Association Floating Rate Notes, 3.790% (SOFR +0.140%), 2/2/2026 | &nbsp;&nbsp; 830700000 |
| 349850000<br><sup>1</sup> <br>| Federal National Mortgage Association Floating Rate Notes, 3.910% (SOFR +0.260%), 2/2/2026 | &nbsp;&nbsp; 350544324 |
| 259304000<br><sup>1</sup> <br>| Housing and Urban Development Floating Rate Notes, 3.920% (91-day T-Bill +0.350%), 2/1/2026 | &nbsp;&nbsp; 259304000 |
|  | TOTAL GOVERNMENT AGENCIES | &nbsp;&nbsp; 30588491777 |
|  | U.S. TREASURIES—23.3% |  |
| <sup>2</sup> <br>| **U.S. Treasury Bills—17.3%** |  |
| 665000000 | United States Treasury Bills, 3.380%, 12/24/2026 | &nbsp;&nbsp; 644645826 |
| 1400000000 | United States Treasury Bills, 3.390%, 1/21/2027 | &nbsp;&nbsp; 1353330995 |
| 2658000000 | United States Treasury Bills, 3.460% - 3.470%, 11/27/2026 | &nbsp;&nbsp; 2581547451 |

---

Semi-Annual Financial Statements and Additional Information

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | U.S. TREASURIES—continued |  |
| <sup>2</sup> <br>| **U.S. Treasury Bills—continued** |  |
| $2770000000 | United States Treasury Bills, 3.525%, 7/30/2026 | &nbsp;&nbsp; $2721449979 |
| 1897000000 | United States Treasury Bills, 3.540%, 10/1/2026 | &nbsp;&nbsp; 1851857728 |
| 1839000000 | United States Treasury Bills, 3.630%, 3/24/2026 | &nbsp;&nbsp; 1829542942 |
| 1824000000 | United States Treasury Bills, 3.685%, 4/16/2026 | &nbsp;&nbsp; 1810183708 |
| 4273000000 | United States Treasury Bills, 3.690% - 3.960%, 5/14/2026 | &nbsp;&nbsp; 4226576551 |
| 902650000 | United States Treasury Bills, 3.695%, 4/9/2026 | &nbsp;&nbsp; 896442651 |
| 1859000000 | United States Treasury Bills, 3.705%, 3/3/2026 | &nbsp;&nbsp; 1853260339 |
| 665000000 | United States Treasury Bills, 3.705%, 3/26/2026 | &nbsp;&nbsp; 661372703 |
| 3537000000 | United States Treasury Bills, 3.715% - 3.945%, 3/19/2026 | &nbsp;&nbsp; 3519694576 |
| 1834000000 | United States Treasury Bills, 3.725%, 3/5/2026 | &nbsp;&nbsp; 1827927424 |
| 1185000000 | United States Treasury Bills, 3.770%, 3/10/2026 | &nbsp;&nbsp; 1180408455 |
| 1219000000 | United States Treasury Bills, 3.785%, 2/3/2026 | &nbsp;&nbsp; 1218743671 |
| 1840000000 | United States Treasury Bills, 3.810%, 2/17/2026 | &nbsp;&nbsp; 1836884266 |
| 1705000000 | United States Treasury Bills, 3.925%, 7/9/2026 | &nbsp;&nbsp; 1675629008 |
| 876000000 | United States Treasury Bills, 3.940%, 6/11/2026 | &nbsp;&nbsp; 863536467 |
| 248000000 | United States Treasury Bills, 4.050%, 2/19/2026 | &nbsp;&nbsp; 247497800 |
|  | TOTAL | &nbsp;&nbsp; 32800532540 |
|  | **U.S. Treasury Notes—6.0%** |  |
| 1755000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 3.710% (91-day T-Bill +0.098%), 2/3/2026 | &nbsp;&nbsp; 1754855881 |
| 769000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 3.762% (91-day T-Bill +0.150%), 2/3/2026 | &nbsp;&nbsp; 768987773 |
| 2128000000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 3.772% (91-day T-Bill +0.160%), 2/3/2026 | &nbsp;&nbsp; 2128234294 |
| 719500000<br><sup>1</sup> <br>| United States Treasury Floating Rate Notes, 3.817% (91-day T-Bill +0.205%), 2/3/2026 | &nbsp;&nbsp; 719828175 |
| 349000000 | United States Treasury Notes, 0.625%, 7/31/2026 | &nbsp;&nbsp; 343404410 |
| 431400000 | United States Treasury Notes, 0.750% - 4.875%, 4/30/2026 | &nbsp;&nbsp; 430475584 |
| 107850000 | United States Treasury Notes, 0.750%, 5/31/2026 | &nbsp;&nbsp; 106728293 |
| 836000000 | United States Treasury Notes, 0.750% - 3.750%, 8/31/2026 | &nbsp;&nbsp; 824406887 |
| 389000000 | United States Treasury Notes, 0.875% - 3.500%, 9/30/2026 | &nbsp;&nbsp; 388109598 |
| 652000000 | United States Treasury Notes, 1.125% - 4.125%, 10/31/2026 | &nbsp;&nbsp; 649381897 |
| 273500000 | United States Treasury Notes, 1.250%, 12/31/2026 | &nbsp;&nbsp; 267814015 |
| 1158000000 | United States Treasury Notes, 1.500% - 4.125%, 1/31/2027 | &nbsp;&nbsp; 1151282951 |
| 277000000 | United States Treasury Notes, 4.125%, 2/15/2027 | &nbsp;&nbsp; 278585716 |
| 821000000 | United States Treasury Notes, 4.250%, 11/30/2026 | &nbsp;&nbsp; 825471074 |
| 352000000 | United States Treasury Notes, 4.625%, 6/30/2026 | &nbsp;&nbsp; 352681907 |
| 267000000 | United States Treasury Notes, 4.625%, 9/15/2026 | &nbsp;&nbsp; 268473898 |
| 150000000 | United States Treasury Notes, 4.625%, 10/15/2026 | &nbsp;&nbsp; 150961860 |
|  | TOTAL | &nbsp;&nbsp; 11409684213 |
|  | TOTAL U.S. TREASURIES | &nbsp;&nbsp; 44210216753 |
|  | REPURCHASE AGREEMENTS—58.4% |  |
| 173000000 | Interest in $250,000,000 joint repurchase agreement 3.68%, dated 1/30/2026 under which ABN Amro Bank N.V., <br> Netherlands will repurchase securities provided as collateral for $250,076,667 on 2/2/2026. The securities provided <br> as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency <br> securities with various maturities to 11/1/2055 and the market value of those underlying securities <br> was $255,481,402.<br>| &nbsp;&nbsp; 173000000 |
| 200000000 | Interest in $350,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which HSBC Securities (USA), <br> Inc. will repurchase securities provided as collateral for $350,107,042 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with <br> various maturities to 5/15/2051 and the market value of those underlying securities was $357,000,029.<br>| &nbsp;&nbsp; 200000000 |
| 174357000 | Interest in $500,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Bank of Nova Scotia will <br> repurchase securities provided as collateral for $500,152,917 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with <br> various maturities to 6/1/2063 and the market value of those underlying securities was $510,155,976.<br>| &nbsp;&nbsp; 174357000 |

---

Semi-Annual Financial Statements and Additional Information

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS—continued |  |
| $191149000 | Interest in $750,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Mizuho Securities USA <br> LLC will repurchase securities provided as collateral for $750,229,375 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, was a U.S. Government Agency security <br> and U.S. Treasury securities with various maturities to 8/20/2055 and the market value of those underlying securities <br> was $765,353,829.<br>| &nbsp;&nbsp; $191149000 |
| 2868000000 | Interest in $6,380,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Wells Fargo Securities <br> LLC will repurchase securities provided as collateral for $6,381,951,217 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and <br> U.S. Treasury securities with various maturities to 1/20/2056 and the market value of those underlying securities <br> was $6,509,590,311.<br>| &nbsp;&nbsp; 2868000000 |
| 3300000000 | Interest in $3,800,000,000 joint repurchase agreement 3.67%, dated 1/27/2026 under which Wells Fargo Securities <br> LLC will repurchase securities provided as collateral for $3,802,711,722 on 2/3/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities <br> with various maturities to 8/1/2058 and the market value of those underlying securities was $3,901,315,318.<br>| &nbsp;&nbsp; 3300000000 |
| 430000000 | Interest in $2,050,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which BMO Capital Markets <br> Corp. will repurchase securities provided as collateral for $2,050,626,958 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities <br> with various maturities to 11/20/2074 and the market value of those underlying securities was $2,111,017,808.<br>| &nbsp;&nbsp; 430000000 |
| 500000000 | Interest in $1,000,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Mitsubishi UFJ <br> Securities (USA), Inc. will repurchase securities provided as collateral for $1,000,305,833 on 2/2/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government <br> Agency securities with various maturities to 1/16/2068 and the market value of those underlying securities <br> was $1,027,620,791.<br>| &nbsp;&nbsp; 500000000 |
| 500000000 | Interest in $1,000,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which Sumitomo Mitsui <br> Banking Corp will repurchase securities provided as collateral for $1,000,305,000 on 2/2/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury <br> securities with various maturities to 2/15/2054 and the market value of those underlying securities <br> was $1,020,311,147.<br>| &nbsp;&nbsp; 500000000 |
| 250000000 | Repurchase agreement 3.67%, dated 1/30/2026 under which ING Financial Markets LLC will repurchase securities <br> provided as collateral for $250,076,458 on 2/2/2026. The securities provided as collateral at the end of the period <br> held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to <br> 2/1/2057 and the market value of those underlying securities was $255,077,999.<br>| &nbsp;&nbsp; 250000000 |
| 1000000000 | Interest in $2,000,000,000 joint repurchase agreement 3.65%, dated 1/12/2026 under which BNP Paribas S.A. will <br> repurchase securities provided as collateral for $2,018,250,000 on 4/13/2026. The securities provided as collateral <br> at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various <br> maturities to 11/15/2054 and the market value of those underlying securities was $2,058,615,000.<br>| &nbsp;&nbsp; 1000000000 |
| 245000000 | Interest in $1,495,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Natixis Financial <br> Products LLC will repurchase securities provided as collateral for $1,495,457,221 on 2/2/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government <br> Agency and U.S. Treasury securities with various maturities to 7/20/2072 and the market value of those underlying <br> securities was $1,525,858,595.<br>| &nbsp;&nbsp; 245000000 |
| 1690144000 | Interest in $4,500,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Sumitomo Mitsui <br> Banking Corp will repurchase securities provided as collateral for $4,501,376,250 on 2/2/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government <br> Agency securities with various maturities to 1/1/2055 and the market value of those underlying securities <br> was $4,591,403,775.<br>| &nbsp;&nbsp; 1690144000 |
| 548000000 | Interest in $1,350,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which Barclays Bank PLC will <br> repurchase securities provided as collateral for $1,350,411,750 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities <br> to 2/15/2054 and the market value of those underlying securities was $1,377,419,991.<br>| &nbsp;&nbsp; 548000000 |
| 600000000 | Interest in $1,100,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Barclays Capital, Inc. <br> will repurchase securities provided as collateral for $1,100,336,417 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and <br> U.S. Treasury securities with various maturities to 2/1/2055 and the market value of those underlying securities <br> was $1,122,343,226.<br>| &nbsp;&nbsp; 600000000 |
| 1524000000 | Interest in $1,800,000,000 joint repurchase agreement 3.67%, dated 1/29/2026 under which Natixis Financial <br> Products LLC will repurchase securities provided as collateral for $1,808,991,500 on 3/19/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government <br> Agency and U.S. Treasury securities with various maturities to 8/20/2074 and the market value of those underlying <br> securities was $1,837,227,323.<br>| &nbsp;&nbsp; 1524000000 |
| 400000000 | Interest in $2,000,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which J.P. Morgan Securities <br> LLC will repurchase securities provided as collateral for $2,000,610,000 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with <br> various maturities to 4/15/2030 and the market value of those underlying securities was $2,040,000,056.<br>| &nbsp;&nbsp; 400000000 |

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Semi-Annual Financial Statements and Additional Information

**3**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS—continued |  |
| $1650000000 | Interest in $9,500,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which J.P. Morgan Securities <br> LLC will repurchase securities provided as collateral for $9,502,897,500 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with <br> various maturities to 10/15/2030 and the market value of those underlying securities was $9,690,000,072.<br>| &nbsp;&nbsp; $1650000000 |
| 100000000 | Repurchase agreement 3.68%, dated 1/30/2026 under which HSBC Securities (USA), Inc. will repurchase securities <br> provided as collateral for $100,030,667 on 2/2/2026. The securities provided as collateral at the end of the period <br> held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to <br> 12/1/2055 and the market value of those underlying securities was $102,000,000.<br>| &nbsp;&nbsp; 100000000 |
| 5000000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income Clearing Corporation - BNYM will <br> repurchase securities provided as collateral for $5,001,525,000 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities <br> to 7/15/2033 and the market value of those underlying securities was $5,100,000,063.<br>| &nbsp;&nbsp; 5000000000 |
| 6000000000 | Interest in $12,000,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income <br> Clearing Corporation - SSB will repurchase securities provided as collateral for $12,003,660,000 on 2/2/2026. The <br> securities provided as collateral at the end of the period held with State Street Bank & Trust Co. as custodian, were <br> U.S. Treasury securities with various maturities to 11/15/2055 and the market value of those underlying securities <br> was $12,247,523,340.<br>| &nbsp;&nbsp; 6000000000 |
| 300000000 | Interest in $500,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Bank of Montreal will <br> repurchase securities provided as collateral for $500,152,917 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with <br> various maturities to 2/1/2057 and the market value of those underlying securities was $513,363,687.<br>| &nbsp;&nbsp; 300000000 |
| 699500000 | Interest in $850,000,000 joint repurchase agreement 3.67%, dated 1/7/2026 under which Bank of Montreal will <br> repurchase securities provided as collateral for $853,032,847 on 2/11/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with <br> various maturities to 1/1/2056 and the market value of those underlying securities was $877,820,562.<br>| &nbsp;&nbsp; 699500000 |
| 630000000 | Interest in $730,000,000 joint repurchase agreement 3.67%, dated 1/15/2026 under which Bank of Montreal will <br> repurchase securities provided as collateral for $732,455,842 on 2/17/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with <br> various maturities to 2/1/2056 and the market value of those underlying securities was $753,279,737.<br>| &nbsp;&nbsp; 630000000 |
| 354281250 | Repurchase agreement 3.69%, dated 1/30/2026 under which Prudential Insurance Co. of America will repurchase <br> securities provided as collateral for $354,390,191 on 2/2/2026. The securities provided as collateral at the end of <br> the period held with State Street Bank & Trust Co. as custodian, were U.S. Government Agency securities with <br> various maturities to 4/15/2030 and the market value of those underlying securities was $362,803,250.<br>| &nbsp;&nbsp; 354281250 |
| 4200000000 | Interest in $5,000,000,000 joint repurchase agreement 3.65%, dated 1/16/2026 under which Royal Bank of Canada, <br> New York Branch will repurchase securities provided as collateral for $5,057,791,667 on 5/14/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government <br> Agency securities with various maturities to 6/1/2062 and the market value of those underlying securities <br> was $5,177,177,926.<br>| &nbsp;&nbsp; 4200000000 |
| 1150000000 | Interest in $2,169,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which BNP Paribas S.A. will <br> repurchase securities provided as collateral for $2,169,661,545 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities <br> to 2/15/2053 and the market value of those underlying securities was $2,213,054,776.<br>| &nbsp;&nbsp; 1150000000 |
| 185000000 | Interest in $1,450,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which BNP Paribas S.A. will <br> repurchase securities provided as collateral for $1,450,443,458 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with <br> various maturities to 9/20/2075 and the market value of those underlying securities was $1,486,466,334.<br>| &nbsp;&nbsp; 185000000 |
| 575000000 | Interest in $975,000,000 joint repurchase agreement 3.78%, dated 12/3/2025 under which BNP Paribas S.A. will <br> repurchase securities provided as collateral for $981,347,250 on 2/3/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities <br> to 5/31/2028 and the market value of those underlying securities was $1,000,974,269.<br>| &nbsp;&nbsp; 575000000 |
| 425000000 | Interest in $750,000,000 joint repurchase agreement 3.66%, dated 1/9/2026 under which Credit Agricole Corporate <br> and Investment Bank will repurchase securities provided as collateral for $751,982,500 on 2/4/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury <br> securities with various maturities to 5/15/2055 and the market value of those underlying securities <br> was $766,866,663.<br>| &nbsp;&nbsp; 425000000 |
| 600000000 | Interest in $1,350,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which BofA Securities, Inc. <br> will repurchase securities provided as collateral for $1,350,412,875 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities <br> with various maturities to 4/20/2065 and the market value of those underlying securities was $1,377,421,133.<br>| &nbsp;&nbsp; 600000000 |
| 375000000 | Interest in $1,000,000,000 joint repurchase agreement 3.67%, dated 1/7/2026 under which BofA Securities, Inc. will <br> repurchase securities provided as collateral for $1,006,320,556 on 3/11/2026. The securities provided as collateral <br> at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with <br> various maturities to 7/20/2065 and the market value of those underlying securities was $1,022,599,583.<br>| &nbsp;&nbsp; 375000000 |

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Semi-Annual Financial Statements and Additional Information

**4**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS—continued |  |
| $400000000 | Interest in $3,280,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which Citigroup Global <br> Markets, Inc. will repurchase securities provided as collateral for $3,281,000,400 on 2/2/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury <br> securities with various maturities to 10/15/2026 and the market value of those underlying securities <br> was $3,346,620,430.<br>| &nbsp;&nbsp; $400000000 |
| 500000000 | Interest in $3,500,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which Citigroup Global <br> Markets, Inc. will repurchase securities provided as collateral for $3,501,067,500 on 2/2/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury <br> securities with various maturities to 1/15/2027 and the market value of those underlying securities <br> was $3,571,088,912.<br>| &nbsp;&nbsp; 500000000 |
| 319929000 | Interest in $460,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Bank of America, N.A. <br> will repurchase securities provided as collateral for $460,140,683 on 2/2/2026. The securities provided as collateral <br> at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with <br> various maturities to 8/1/2050 and the market value of those underlying securities was $469,343,497.<br>| &nbsp;&nbsp; 319929000 |
| 850000000 | Interest in $1,000,000,000 joint repurchase agreement 3.66%, dated 1/14/2026 under which CIBC World Markets <br> Corp. will repurchase securities provided as collateral for $1,002,948,333 on 2/12/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and <br> U.S. Treasury securities with various maturities to 4/20/2065 and the market value of those underlying securities <br> was $1,023,071,383.<br>| &nbsp;&nbsp; 850000000 |
| 350000000 | Interest in $1,450,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Barclays Bank PLC will <br> repurchase securities provided as collateral for $1,450,443,458 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury <br> securities with various maturities to 5/15/2053 and the market value of those underlying securities <br> was $1,479,452,328.<br>| &nbsp;&nbsp; 350000000 |
| 800000000 | Interest in $900,000,000 joint repurchase agreement 3.68%, dated 1/5/2026 under which Bank of Montreal will <br> repurchase securities provided as collateral for $902,852,000 on 2/5/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with <br> various maturities to 12/20/2055 and the market value of those underlying securities was $929,653,280.<br>| &nbsp;&nbsp; 800000000 |
| 500000000 | Interest in $1,000,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Barclays Bank PLC will <br> repurchase securities provided as collateral for $1,000,305,833 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with <br> various maturities to 12/20/2055 and the market value of those underlying securities was $1,020,312,038.<br>| &nbsp;&nbsp; 500000000 |
| 1400000000 | Interest in $1,900,000,000 joint repurchase agreement 3.67%, dated 1/7/2026 under which Barclays Bank PLC will <br> repurchase securities provided as collateral for $1,906,198,222 on 2/9/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with <br> various maturities to 9/15/2067 and the market value of those underlying securities was $1,956,825,214.<br>| &nbsp;&nbsp; 1400000000 |
| 1600000000 | Interest in $1,850,000,000 joint repurchase agreement 3.67%, dated 1/8/2026 under which Barclays Bank PLC will <br> repurchase securities provided as collateral for $1,856,035,111 on 2/10/2026. The securities provided as collateral <br> at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with <br> various maturities to 9/15/2067 and the market value of those underlying securities was $1,894,765,073.<br>| &nbsp;&nbsp; 1600000000 |
| 400000000 | Interest in $500,000,000 joint repurchase agreement 3.67%, dated 1/12/2026 under which Barclays Bank PLC will <br> repurchase securities provided as collateral for $501,529,167 on 2/12/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with <br> various maturities to 3/15/2068 and the market value of those underlying securities was $511,798,361.<br>| &nbsp;&nbsp; 400000000 |
| 550000000 | Interest in $9,500,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which J.P. Morgan Securities <br> LLC will repurchase securities provided as collateral for $9,502,897,500 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with <br> various maturities to 11/30/2029 and the market value of those underlying securities was $9,690,000,094.<br>| &nbsp;&nbsp; 550000000 |
| 3400000000 | Repurchase agreement 3.67%, dated 1/30/2026 under which Fixed Income Clearing Corporation - BNYM will <br> repurchase securities provided as collateral for $3,401,039,833 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with <br> various maturities to 6/1/2064 and the market value of those underlying securities was $3,502,000,000.<br>| &nbsp;&nbsp; 3400000000 |
| 350000000 | Repurchase agreement 3.67%, dated 1/30/2026 under which Credit Agricole Corporate and Investment Bank will <br> repurchase securities provided as collateral for $350,107,042 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with <br> various maturities to 8/20/2055 and the market value of those underlying securities was $360,610,253.<br>| &nbsp;&nbsp; 350000000 |
| 500000000 | Repurchase agreement 3.67%, dated 1/29/2026 under which Credit Agricole Corporate and Investment Bank will <br> repurchase securities provided as collateral for $501,784,028 on 3/5/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with <br> various maturities to 10/1/2055 and the market value of those underlying securities was $510,207,997.<br>| &nbsp;&nbsp; 500000000 |
| 550000000 | Interest in $4,050,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Citigroup Global <br> Markets, Inc. will repurchase securities provided as collateral for $4,051,238,625 on 2/2/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government <br> Agency securities with various maturities to 1/20/2056 and the market value of those underlying securities <br> was $4,146,380,335.<br>| &nbsp;&nbsp; 550000000 |

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Semi-Annual Financial Statements and Additional Information

**5**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS—continued |  |
| $100000000 | Repurchase agreement 3.69%, dated 1/30/2026 under which HSBC Securities (USA), Inc. will repurchase securities <br> provided as collateral for $100,030,750 on 2/2/2026. The securities provided as collateral at the end of the period <br> held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to <br> 2/1/2056 and the market value of those underlying securities was $102,001,213.<br>| &nbsp;&nbsp; $100000000 |
| 950000000 | Interest in $5,100,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Goldman Sachs & Co. <br> will repurchase securities provided as collateral for $5,101,559,750 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with <br> various maturities to 8/15/2053 and the market value of those underlying securities was $5,203,590,988.<br>| &nbsp;&nbsp; 950000000 |
| 2850000000 | Interest in $3,700,000,000 joint repurchase agreement 3.71%, dated 7/2/2025 under which Bank of Montreal will <br> repurchase securities provided as collateral for $3,713,345,694 on 3/9/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with <br> various maturities to 11/20/2072 and the market value of those underlying securities was $3,812,168,708.<br>| &nbsp;&nbsp; 2850000000 |
| 275000000 | Interest in $365,000,000 joint repurchase agreement 3.78%, dated 12/5/2025 under which Citigroup Global <br> Markets, Inc. will repurchase securities provided as collateral for $368,449,250 on 3/5/2026. The securities provided <br> as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency <br> securities with various maturities to 7/20/2055 and the market value of those underlying securities <br> was $374,681,895.<br>| &nbsp;&nbsp; 275000000 |
| 4247000000 | Interest in $5,000,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which Royal Bank of Canada, <br> New York Branch will repurchase securities provided as collateral for $5,045,750,000 on 4/30/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government <br> Agency and U.S. Treasury securities with various maturities to 8/20/2065 and the market value of those underlying <br> securities was $5,170,834,965.<br>| &nbsp;&nbsp; 4247000000 |
| 4000000000 | Repurchase agreement 3.67%, dated 1/30/2026 under which Fixed Income Clearing Corporation - SSB will <br> repurchase securities provided as collateral for $4,001,223,333 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities and a <br> U.S. Treasury security with various maturities to 6/1/2060 and the market value of those underlying securities <br> was $4,098,662,516.<br>| &nbsp;&nbsp; 4000000000 |
| 600000000 | Repurchase agreement 3.67%, dated 1/30/2026 under which Fixed Income Clearing Corporation - BNYM will <br> repurchase securities provided as collateral for $600,183,500 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with <br> various maturities to 1/20/2056 and the market value of those underlying securities was $786,245,821.<br>| &nbsp;&nbsp; 600000000 |
| 500000000 | Interest in $1,000,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which Standard Chartered <br> Bank will repurchase securities provided as collateral for $1,000,305,000 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with <br> various maturities to 11/15/2055 and the market value of those underlying securities was $1,020,311,111.<br>| &nbsp;&nbsp; 500000000 |
| 326261000 | Interest in $3,000,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Standard Chartered <br> Bank will repurchase securities provided as collateral for $3,000,917,500 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and <br> U.S. Treasury securities with various maturities to 12/15/2067 and the market value of those underlying securities <br> was $3,061,775,010.<br>| &nbsp;&nbsp; 326261000 |
| 1125000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income Clearing Corporation - JPM will <br> repurchase securities provided as collateral for $1,125,343,125 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities <br> to 5/31/2026 and the market value of those underlying securities was $1,147,500,010.<br>| &nbsp;&nbsp; 1125000000 |
| 3000000000 | Repurchase agreement 3.67%, dated 1/30/2026 under which Fixed Income Clearing Corporation - JPM will <br> repurchase securities provided as collateral for $3,000,917,500 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with <br> various maturities to 11/20/2065 and the market value of those underlying securities was $3,060,000,000.<br>| &nbsp;&nbsp; 3000000000 |
| 250000000 | Repurchase agreement 3.67%, dated 1/30/2026 under which BMO Bank N.A. will repurchase securities provided as <br> collateral for $250,076,458 on 2/2/2026. The securities provided as collateral at the end of the period held with <br> BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 9/1/2051 and the <br> market value of those underlying securities was $259,923,994.<br>| &nbsp;&nbsp; 250000000 |
| 250000000 | Repurchase agreement 3.67%, dated 1/30/2026 under which BMO Bank N.A. will repurchase securities provided as <br> collateral for $250,076,458 on 2/2/2026. The securities provided as collateral at the end of the period held with <br> BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 9/1/2051 and the <br> market value of those underlying securities was $257,137,035.<br>| &nbsp;&nbsp; 250000000 |
| 500000000 | Repurchase agreement 3.67%, dated 1/30/2026 under which Societe Generale, New York will repurchase securities <br> provided as collateral for $500,356,806 on 2/6/2026. The securities provided as collateral at the end of the period <br> held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/31/2029 and the <br> market value of those underlying securities was $510,156,026.<br>| &nbsp;&nbsp; 500000000 |
| 450003525 | Repurchase agreement 3.66%, dated 1/30/2026 under which Metropolitan Life Insurance Co. will repurchase <br> securities provided as collateral for $450,140,776 on 2/2/2026. The securities provided as collateral at the end of <br> the period held with State Street Bank & Trust Co. as custodian, were U.S. Government Agency securities with <br> various maturities to 10/15/2026 and the market value of those underlying securities was $459,292,782.<br>| &nbsp;&nbsp; 450003525 |

---

Semi-Annual Financial Statements and Additional Information

**6**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS—continued |  |
| $100000000 | Repurchase agreement 3.67%, dated 1/30/2026 under which Truist Bank will repurchase securities provided as <br> collateral for $100,030,583 on 2/2/2026. The securities provided as collateral at the end of the period held with <br> BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 2/1/2051 and the <br> market value of those underlying securities was $102,094,909.<br>| &nbsp;&nbsp; $100000000 |
| 3500000000 | Repurchase agreement 3.68%, dated 1/30/2026 under which Australia & New Zealand Banking Group, Ltd. will <br> repurchase securities provided as collateral for $3,501,073,333 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with State Street Bank & Trust Co. as custodian, were U.S. Government Agency <br> securities with various maturities to 5/15/2055 and the market value of those underlying securities <br> was $3,572,953,780.<br>| &nbsp;&nbsp; 3500000000 |
| 2500000000 | Repurchase agreement 3.68%, dated 1/30/2026 under which Fixed Income Clearing Corporation - BofA will <br> repurchase securities provided as collateral for $2,500,766,667 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with State Street Bank & Trust Co. as custodian, were U.S. Treasury securities with <br> various maturities to 7/31/2030 and the market value of those underlying securities was $2,553,643,091.<br>| &nbsp;&nbsp; 2500000000 |
| 3000000000 | Repurchase agreement 3.68%, dated 1/30/2026 under which Fixed Income Clearing Corporation - Barclays will <br> repurchase securities provided as collateral for $3,000,920,000 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities <br> to 8/15/2055 and the market value of those underlying securities was $3,060,938,423.<br>| &nbsp;&nbsp; 3000000000 |
| 12000000000 | Repurchase agreement 3.67%, dated 1/30/2026 under which Fixed Income Clearing Corporation - Credit Agricole <br> will repurchase securities provided as collateral for $12,003,670,000 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with State Street Bank & Trust Co. as custodian, were U.S. Treasury <br> securities with various maturities to 11/15/2032 and the market value of those underlying securities <br> was $12,244,556,961.<br>| &nbsp;&nbsp; 12000000000 |
| 2800000000 | Repurchase agreement 3.67%, dated 1/30/2026 under which Fixed Income Clearing Corporation - Mizuho will <br> repurchase securities provided as collateral for $2,800,856,333 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury <br> securities with various maturities to 2/1/2056 and the market value of those underlying securities <br> was $2,856,873,460.<br>| &nbsp;&nbsp; 2800000000 |
| 5000000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income Clearing Corporation - BNP will <br> repurchase securities provided as collateral for $5,001,525,000 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities <br> to 11/15/2055 and the market value of those underlying securities was $5,101,555,522.<br>| &nbsp;&nbsp; 5000000000 |
| 2000000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income Clearing Corporation - ING will <br> repurchase securities provided as collateral for $2,000,610,000 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities <br> to 11/15/2044 and the market value of those underlying securities was $2,040,622,201.<br>| &nbsp;&nbsp; 2000000000 |
| 1500000000 | Repurchase agreement 3.67%, dated 1/30/2026 under which Fixed Income Clearing Corporation - CITI will <br> repurchase securities provided as collateral for $1,500,458,750 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury <br> securities with various maturities to 2/1/2056 and the market value of those underlying securities <br> was $1,530,000,000.<br>| &nbsp;&nbsp; 1500000000 |
| 5000000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income Clearing Corporation - Natixis will <br> repurchase securities provided as collateral for $5,001,525,000 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with State Street Bank & Trust Co. as custodian, were U.S. Treasury securities with <br> various maturities to 11/15/2034 and the market value of those underlying securities was $5,104,209,586.<br>| &nbsp;&nbsp; 5000000000 |
| 3500000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income Clearing Corporation - Wells will <br> repurchase securities provided as collateral for $3,501,067,500 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities <br> to 10/31/2032 and the market value of those underlying securities was $3,571,088,882.<br>| &nbsp;&nbsp; 3500000000 |
| 1250000000 | Repurchase agreement 3.66%, dated 1/27/2026 under which Fixed Income Clearing Corporation - Wells will <br> repurchase securities provided as collateral for $1,250,889,583 on 2/3/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities <br> to 4/30/2030 and the market value of those underlying securities was $1,275,388,916.<br>| &nbsp;&nbsp; 1250000000 |
|  | TOTAL REPURCHASE AGREEMENTS | &nbsp;&nbsp; 110880624775 |
|  | TOTAL INVESTMENT IN SECURITIES—97.8% <br>(AT AMORTIZED COST)<sup>3</sup> <br>| &nbsp;&nbsp; 185679333305 |
|  | OTHER ASSETS AND LIABILITIES - NET—2.2%<sup>4</sup> <br>| &nbsp;&nbsp; 4087863403 |
|  | NET ASSETS—100% | &nbsp;&nbsp; $189767196708 |

---

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

---

| | |
|:---|:---|
| 1 | Floating/variable note with current rate and current maturity or next reset date shown. |
| 2 | Discount rate at time of purchase. |
| 3 | Also represents cost of investments for federal tax purposes. |
| 4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |

---

Note: The categories of investments are shown as a percentage of net assets at January 31, 2026.

Semi-Annual Financial Statements and Additional Information

**7**

------

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

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

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

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

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

In valuing the Fund's assets as of January 31, 2026, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

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

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**8**

------

Financial Highlights–Select Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.020 | 0.045 | 0.052 | 0.026 | 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>| 0.014 | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.020 | 0.045 | 0.052 | 0.040 | 0.003 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.020) | &nbsp;&nbsp; (0.045) | &nbsp;&nbsp; (0.052) | &nbsp;&nbsp; (0.040) | &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** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 4.57% | &nbsp;&nbsp; 5.37% | &nbsp;&nbsp; 4.03% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.02% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.18%<sup>5</sup> <br>| &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.11% |
| Net investment income | &nbsp;&nbsp; 3.92%<sup>5</sup> <br>| &nbsp;&nbsp; 4.47% | &nbsp;&nbsp; 5.24% | &nbsp;&nbsp; 2.56% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.02% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.20% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1115806 | &nbsp;&nbsp; $1252119 | &nbsp;&nbsp; $927077 | &nbsp;&nbsp; $181157 | &nbsp;&nbsp; $5921339 | &nbsp;&nbsp; $8073883 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**9**

------

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.020 | 0.044 | 0.052 | 0.039 | 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>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; — |
| Total From Investment Operations | 0.020 | 0.044 | 0.052 | 0.039 | 0.003 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.020) | &nbsp;&nbsp; (0.044) | &nbsp;&nbsp; (0.052) | &nbsp;&nbsp; (0.039) | &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** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.98% | &nbsp;&nbsp; 4.53% | &nbsp;&nbsp; 5.33% | &nbsp;&nbsp; 3.99% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.02% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.20%<sup>5</sup> <br>| &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.10% |
| Net investment income | &nbsp;&nbsp; 3.89%<sup>5</sup> <br>| &nbsp;&nbsp; 4.43% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 3.92% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.02% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.23% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $37603354 | &nbsp;&nbsp; $34297775 | &nbsp;&nbsp; $31818839 | &nbsp;&nbsp; $28952071 | &nbsp;&nbsp; $31227810 | &nbsp;&nbsp; $31176397 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**10**

------

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.019 | 0.042 | 0.050 | 0.037 | 0.002 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; — |
| Total From Investment Operations | 0.019 | 0.042 | 0.050 | 0.037 | 0.002 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.019) | &nbsp;&nbsp; (0.042) | &nbsp;&nbsp; (0.050) | &nbsp;&nbsp; (0.037) | &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** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.86% | &nbsp;&nbsp; 4.31% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 3.76% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.02% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.42%<sup>5</sup> <br>| &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.11% |
| Net investment income | &nbsp;&nbsp; 3.67%<sup>5</sup> <br>| &nbsp;&nbsp; 4.22% | &nbsp;&nbsp; 4.99% | &nbsp;&nbsp; 3.73% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.43% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $11990113 | &nbsp;&nbsp; $12299717 | &nbsp;&nbsp; $11429684 | &nbsp;&nbsp; $10250481 | &nbsp;&nbsp; $10082923 | &nbsp;&nbsp; $13157890 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**11**

------

Financial Highlights–Administrative Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.018 | 0.042 | 0.049 | 0.044 | 0.046 | 0.024 |
| Net realized gain (loss) | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.001 | &nbsp;&nbsp; (0.007) | &nbsp;&nbsp; (0.044) | &nbsp;&nbsp; (0.024) |
| Total From Investment Operations | 0.018 | 0.042 | 0.050 | 0.037 | 0.002 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.018) | &nbsp;&nbsp; (0.042) | &nbsp;&nbsp; (0.050) | &nbsp;&nbsp; (0.037) | &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** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 4.27% | &nbsp;&nbsp; 5.06% | &nbsp;&nbsp; 3.73% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.02% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.45%<sup>5</sup> <br>| &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.19% |
| Net investment income | &nbsp;&nbsp; 3.52%<sup>5</sup> <br>| &nbsp;&nbsp; 4.17% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 4.43% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.39% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $456877 | &nbsp;&nbsp; $123137 | &nbsp;&nbsp; $162885 | &nbsp;&nbsp; $9462 | &nbsp;&nbsp; $78 | &nbsp;&nbsp; $219 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**12**

------

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.016 | 0.038 | 0.046 | 0.033 | 0.001 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; — |
| Total From Investment Operations | 0.016 | 0.038 | 0.046 | 0.033 | 0.001 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.016) | &nbsp;&nbsp; (0.038) | &nbsp;&nbsp; (0.046) | &nbsp;&nbsp; (0.033) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 3.87% | &nbsp;&nbsp; 4.66% | &nbsp;&nbsp; 3.33% | &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.02% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.84%<sup>5</sup> <br>| &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.11% |
| Net investment income | &nbsp;&nbsp; 3.25%<sup>5</sup> <br>| &nbsp;&nbsp; 3.80% | &nbsp;&nbsp; 4.56% | &nbsp;&nbsp; 3.32% | &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.86% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $729197 | &nbsp;&nbsp; $638150 | &nbsp;&nbsp; $655506 | &nbsp;&nbsp; $641702 | &nbsp;&nbsp; $567676 | &nbsp;&nbsp; $625477 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**13**

------

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.015 | 0.036 | 0.044 | 0.034 | 0.001 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | 0.000<sup>2</sup> <br>| 0.001 | 0.000<sup>2</sup> <br>| &nbsp;&nbsp; (0.003) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; — |
| Total From Investment Operations | 0.015 | 0.037 | 0.044 | 0.031 | 0.001 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.015) | &nbsp;&nbsp; (0.037) | &nbsp;&nbsp; (0.044) | &nbsp;&nbsp; (0.031) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 3.74% | &nbsp;&nbsp; 4.52% | &nbsp;&nbsp; 3.18% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.02% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 1.02%<sup>5</sup> <br>| &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.11% |
| Net investment income | &nbsp;&nbsp; 3.07%<sup>5</sup> <br>| &nbsp;&nbsp; 3.60% | &nbsp;&nbsp; 4.43% | &nbsp;&nbsp; 3.38% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.10%<sup>5</sup> <br>| &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 1.07% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $10095940 | &nbsp;&nbsp; $9924997 | &nbsp;&nbsp; $600873 | &nbsp;&nbsp; $902755 | &nbsp;&nbsp; $307895 | &nbsp;&nbsp; $526713 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**14**

------

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.019 | 0.043 | 0.051 | 0.038 | 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>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; — |
| Total From Investment Operations | 0.019 | 0.043 | 0.051 | 0.038 | 0.003 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.019) | &nbsp;&nbsp; (0.043) | &nbsp;&nbsp; (0.051) | &nbsp;&nbsp; (0.038) | &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** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 4.43% | &nbsp;&nbsp; 5.22% | &nbsp;&nbsp; 3.89% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.02% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.30%<sup>5</sup> <br>| &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.12% |
| Net investment income | &nbsp;&nbsp; 3.78%<sup>5</sup> <br>| &nbsp;&nbsp; 4.36% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 3.81% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.32% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $8372471 | &nbsp;&nbsp; $7771841 | &nbsp;&nbsp; $10563189 | &nbsp;&nbsp; $3529186 | &nbsp;&nbsp; $3094786 | &nbsp;&nbsp; $3044642 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**15**

------

Financial Highlights–Trust Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.017 | 0.040 | 0.047 | 0.035 | 0.002 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; — |
| Total From Investment Operations | 0.017 | 0.040 | 0.047 | 0.034 | 0.002 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.017) | &nbsp;&nbsp; (0.040) | &nbsp;&nbsp; (0.047) | &nbsp;&nbsp; (0.034) | &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** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 4.03% | &nbsp;&nbsp; 4.82% | &nbsp;&nbsp; 3.50% | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; 0.02% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.68%<sup>5</sup> <br>| &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.12% |
| Net investment income | &nbsp;&nbsp; 3.38%<sup>5</sup> <br>| &nbsp;&nbsp; 3.96% | &nbsp;&nbsp; 4.72% | &nbsp;&nbsp; 3.52% | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.71% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1925542 | &nbsp;&nbsp; $1397006 | &nbsp;&nbsp; $1199776 | &nbsp;&nbsp; $1331183 | &nbsp;&nbsp; $1276028 | &nbsp;&nbsp; $2658370 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**16**

------

Financial Highlights–Premier Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.020 | 0.045 | 0.053 | 0.040 | 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>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; — |
| Total From Investment Operations | 0.020 | 0.045 | 0.053 | 0.040 | 0.003 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.020) | &nbsp;&nbsp; (0.045) | &nbsp;&nbsp; (0.053) | &nbsp;&nbsp; (0.040) | &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** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 4.58% | &nbsp;&nbsp; 5.38% | &nbsp;&nbsp; 4.04% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.03% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.15%<sup>5</sup> <br>| &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.10% |
| Net investment income | &nbsp;&nbsp; 3.93%<sup>5</sup> <br>| &nbsp;&nbsp; 4.49% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 3.99% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.02% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.18% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $102906903 | &nbsp;&nbsp; $101380542 | &nbsp;&nbsp; $99742080 | &nbsp;&nbsp; $88718697 | &nbsp;&nbsp; $83546204 | &nbsp;&nbsp; $69590226 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**17**

------

Financial Highlights–Advisor Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.020 | 0.045 | 0.053 | 0.043 | 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>| &nbsp;&nbsp; (0.003) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; — |
| Total From Investment Operations | 0.020 | 0.045 | 0.053 | 0.040 | 0.003 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.020) | &nbsp;&nbsp; (0.045) | &nbsp;&nbsp; (0.053) | &nbsp;&nbsp; (0.040) | &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** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 4.58% | &nbsp;&nbsp; 5.38% | &nbsp;&nbsp; 4.04% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.03% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.15%<sup>5</sup> <br>| &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.11% |
| Net investment income | &nbsp;&nbsp; 3.94%<sup>5</sup> <br>| &nbsp;&nbsp; 4.48% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.03% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.17% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $8652250 | &nbsp;&nbsp; $9218424 | &nbsp;&nbsp; $8343757 | &nbsp;&nbsp; $8642312 | &nbsp;&nbsp; $1942655 | &nbsp;&nbsp; $571121 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**18**

------

Financial Highlights–SDG Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Period** <br>**Ended** <br>**7/31/2022**<sup>1</sup> |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **Period** <br>**Ended** <br>**7/31/2022**<sup>1</sup> |
| **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>2</sup> <br>| 0.020 | 0.045 | 0.053 | 0.041 | 0.003 |
| Net realized gain (loss) | 0.000<sup>3</sup> <br>| 0.000<sup>3</sup> <br>| 0.000<sup>3</sup> <br>| &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>3</sup> <br>|
| Total From Investment Operations | 0.020 | 0.045 | 0.053 | 0.040 | 0.003 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.020) | &nbsp;&nbsp; (0.045) | &nbsp;&nbsp; (0.053) | &nbsp;&nbsp; (0.040) | &nbsp;&nbsp; (0.003) |
| **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>4</sup> <br>| &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 4.58% | &nbsp;&nbsp; 5.38% | &nbsp;&nbsp; 4.04% | &nbsp;&nbsp; 0.29% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp; 0.15%<sup>6</sup> <br>| &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.14%<sup>6</sup> <br>|
| Net investment income | &nbsp;&nbsp; 3.89%<sup>6</sup> <br>| &nbsp;&nbsp; 4.47% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 4.07% | &nbsp;&nbsp; 0.92%<sup>6</sup> <br>|
| Expense waiver/reimbursement<sup>7</sup> <br>| &nbsp;&nbsp; 0.08%<sup>6</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.15%<sup>6</sup> <br>|
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $5918743 | &nbsp;&nbsp; $1625557 | &nbsp;&nbsp; $2845220 | &nbsp;&nbsp; $1781724 | &nbsp;&nbsp; $496384 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**19**

------

Statement of Assets and Liabilities

January 31, 2026 (unaudited)

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in repurchase agreements | &nbsp;&nbsp; $110880624775 |
| Investment in securities | &nbsp;&nbsp; 74798708530 |
| Investment in securities, at amortized cost and fair value | &nbsp;&nbsp; 185679333305 |
| Cash | &nbsp;&nbsp; 4221701920 |
| Income receivable | &nbsp;&nbsp; 311214998 |
| Receivable for shares sold | &nbsp;&nbsp; 266711611 |
| Total Assets | &nbsp;&nbsp; 190478961834 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp; 235925000 |
| Payable for shares redeemed | &nbsp;&nbsp; 177160295 |
| Income distribution payable | &nbsp;&nbsp; 281944162 |
| Payable for investment adviser fee (Note 5) | &nbsp;&nbsp; 739705 |
| Payable for administrative fee (Note 5) | &nbsp;&nbsp; 801203 |
| Payable for distribution services fee (Note 5) | &nbsp;&nbsp; 5785158 |
| Payable for other service fees (Notes 2 and 5) | &nbsp;&nbsp; 7986393 |
| Accrued expenses (Note 5) | &nbsp;&nbsp; 1423210 |
| Total Liabilities | &nbsp;&nbsp; 711765126 |
| Net assets for 189,815,939,687 shares outstanding | &nbsp;&nbsp; $189767196708 |
| **Net Assets Consist of:** |  |
| Paid-in capital | &nbsp;&nbsp; $189816117265 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (48920557) |
| Total Net Assets | &nbsp;&nbsp; $189767196708 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Select Shares:** |  |
| $1,115,806,380 ÷ 1,116,092,899 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Institutional Shares:** |  |
| $37,603,353,754 ÷ 37,612,999,628 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Service Shares:** |  |
| $11,990,112,693 ÷ 11,993,191,019 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Administrative Shares:** |  |
| $456,877,250 ÷ 456,998,894 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Cash II Shares:** |  |
| $729,197,384 ÷ 729,384,056 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Cash Series Shares:** |  |
| $10,095,939,551 ÷ 10,098,526,205 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Capital Shares:** |  |
| $8,372,471,465 ÷ 8,374,617,459 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Trust Shares:** |  |
| $1,925,541,672 ÷ 1,926,036,359 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Premier Shares:** |  |
| $102,906,903,201 ÷ 102,933,369,369 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Advisor Shares:** |  |
| $8,652,250,131 ÷ 8,654,466,563 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **SDG Shares:** |  |
| $5,918,743,227 ÷ 5,920,257,236 shares outstanding, no par value, unlimited shares authorized | $1.00 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**20**

------

Statement of Operations

Six Months Ended January 31, 2026 (unaudited)

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $3766449523 |
| **Expenses:** |  |
| Investment adviser fee (Note 5) | &nbsp;&nbsp; 138195430 |
| Administrative fee (Note 5) | &nbsp;&nbsp; 71172060 |
| Custodian fees | &nbsp;&nbsp; 2493439 |
| Transfer agent fees (Note 2) | &nbsp;&nbsp; 3662539 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp; 458378 |
| Auditing fees | &nbsp;&nbsp; 16196 |
| Legal fees | &nbsp;&nbsp; 5576 |
| Portfolio accounting fees | &nbsp;&nbsp; 150741 |
| Distribution services fee (Note 5) | &nbsp;&nbsp; 33382640 |
| Other service fees (Notes 2 and 5) | &nbsp;&nbsp; 45067635 |
| Share registration costs | &nbsp;&nbsp; 945230 |
| Printing and postage | &nbsp;&nbsp; 727061 |
| Miscellaneous (Note 5) | &nbsp;&nbsp; 313768 |
| TOTAL EXPENSES | &nbsp;&nbsp; 296590693 |
| **Waivers and Reimbursement:** |  |
| Waiver of investment adviser fee (Note 5) | &nbsp;&nbsp; (72440282) |
| Waiver/reimbursement of other operating expenses (Notes 2 and 5) | &nbsp;&nbsp; (832546) |
| TOTAL WAIVERS AND REIMBURSEMENT | &nbsp;&nbsp; (73272828) |
| Net expenses | &nbsp;&nbsp; 223317865 |
| Net investment income | &nbsp;&nbsp; 3543131658 |
| Net realized gain on investments | &nbsp;&nbsp; 1227642 |
| Change in net assets resulting from operations | &nbsp;&nbsp; $3544359300 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**21**

------

Statement of Changes in Net Assets

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

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

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026**<br>| **Year Ended** <br>**7/31/2025**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $3543131658 | &nbsp;&nbsp; $7550794625 |
| Net realized gain (loss) | &nbsp;&nbsp; 1227642 | &nbsp;&nbsp; 1519319 |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; 3544359300 | &nbsp;&nbsp; 7552313944 |
| **Distributions to Shareholders:** |  |  |
| Select Shares | &nbsp;&nbsp; (23819764) | &nbsp;&nbsp; (50502639) |
| Institutional Shares | &nbsp;&nbsp; (715111342) | &nbsp;&nbsp; (1525053414) |
| Service Shares | &nbsp;&nbsp; (218663224) | &nbsp;&nbsp; (503660283) |
| Administrative Shares | &nbsp;&nbsp; (3623102) | &nbsp;&nbsp; (6352161) |
| Cash II Shares | &nbsp;&nbsp; (11180513) | &nbsp;&nbsp; (27303736) |
| Cash Series Shares | &nbsp;&nbsp; (154349706) | &nbsp;&nbsp; (32577539) |
| Capital Shares | &nbsp;&nbsp; (140683456) | &nbsp;&nbsp; (408814262) |
| Trust Shares | &nbsp;&nbsp; (26227220) | &nbsp;&nbsp; (48462470) |
| Premier Shares | &nbsp;&nbsp; (2009807136) | &nbsp;&nbsp; (4458960340) |
| Advisor Shares | &nbsp;&nbsp; (181146563) | &nbsp;&nbsp; (404395046) |
| SDG Shares | &nbsp;&nbsp; (58693112) | &nbsp;&nbsp; (84768169) |
| CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | &nbsp;&nbsp; (3543305138) | &nbsp;&nbsp; (7550850059) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 484970958848 | &nbsp;&nbsp; 866073815983 |
| Net asset value of shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 1706379135 | &nbsp;&nbsp; 3482732733 |
| Cost of shares redeemed | &nbsp;&nbsp; (476840461766) | &nbsp;&nbsp; (857917631349) |
| CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | &nbsp;&nbsp; 9836876217 | &nbsp;&nbsp; 11638917367 |
| Change in net assets | &nbsp;&nbsp; 9837930379 | &nbsp;&nbsp; 11640381252 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 179929266329 | &nbsp;&nbsp; 168288885077 |
| End of period | &nbsp;&nbsp; $189767196708 | &nbsp;&nbsp; $179929266329 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**22**

------

Notes to Financial Statements

January 31, 2026 (unaudited)

**1. ORGANIZATION** 

Federated Hermes Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of 14 portfolios. The financial statements included herein are only those of Federated Hermes Government Obligations Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers eleven classes of shares: Select Shares, Institutional Shares, Service Shares, Administrative Shares, Cash II Shares, Cash Series Shares, Capital Shares, Trust Shares, Premier Shares, Advisor Shares and SDG Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income consistent with stability of principal.

The Fund operates as a government money market fund. As a government money market fund, the Fund: (1) invests at least 99.5% of its total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully; and (2) generally continues to use amortized cost to value its portfolio securities and transact at a stable $1.00 net asset value (NAV).

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Investment Valuation** 

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

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

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

**Repurchase Agreements** 

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

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

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

Semi-Annual Financial Statements and Additional Information

**23**

------

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

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

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. 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 $73,272,828 is disclosed in various locations in this Note 2 and Note 5.

**Transfer Agent Fees** 

For the six months ended January 31, 2026, transfer agent fees for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Transfer Agent** <br>**Fees Incurred**<br>| **Transfer Agent** <br>**Fees Reimbursed**<br>|
| Select Shares | &nbsp;&nbsp; $4428 | &nbsp;&nbsp; $— |
| Institutional Shares | &nbsp;&nbsp; 135089 | &nbsp;&nbsp; — |
| Service Shares | &nbsp;&nbsp; 866151 | &nbsp;&nbsp; — |
| Administrative Shares | &nbsp;&nbsp; 774 | (21) |
| Cash II Shares | &nbsp;&nbsp; 279515 | &nbsp;&nbsp; — |
| Cash Series Shares | &nbsp;&nbsp; 1713935 | &nbsp;&nbsp; — |
| Capital Shares | &nbsp;&nbsp; 27191 | &nbsp;&nbsp; — |
| Trust Shares | &nbsp;&nbsp; 214836 | &nbsp;&nbsp; — |
| Premier Shares | &nbsp;&nbsp; 374067 | &nbsp;&nbsp; (1554) |
| Advisor Shares | &nbsp;&nbsp; 35500 | &nbsp;&nbsp; (1942) |
| SDG Shares | &nbsp;&nbsp; 11053 | &nbsp;&nbsp; — |
| TOTAL | &nbsp;&nbsp; $3662539 | &nbsp;&nbsp; $(3517) |

---

**Other Service Fees** 

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Select Shares, Institutional Shares, Service Shares, Administrative Shares, Cash II Shares, Cash Series Shares, Capital Shares, Trust Shares, Premier Shares and Advisor Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time. For the six months ended January 31, 2026, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Select Shares | &nbsp;&nbsp; $122047 |
| Institutional Shares | &nbsp;&nbsp; 8845518 |
| Service Shares | &nbsp;&nbsp; 14882478 |
| Administrative Shares | &nbsp;&nbsp; 257146 |
| Cash II Shares | &nbsp;&nbsp; 860930 |
| Cash Series Shares | &nbsp;&nbsp; 12577612 |
| Capital Shares | &nbsp;&nbsp; 5582265 |
| Trust Shares | &nbsp;&nbsp; 1939639 |
| TOTAL | &nbsp;&nbsp; $45067635 |

---

For the six months ended January 31, 2026, the Fund's Premier Shares and Advisor Shares did not incur other service fees; however, they may begin to incur this fee upon approval of the Trustees. Effective July 1, 2025, the Select Shares and Institutional Shares can incur up to 0.25% of average daily net assets; however, the Select Shares and Institutional Shares will not incur and pay a fee in excess of 0.03% and 0.05%, respectively, until such time as approved by the Trustees. Prior to July 1, 2025, the Select Shares did not incur and pay a fee in excess of 0.02%.

Semi-Annual Financial Statements and Additional Information

**24**

------

**Federal Income Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended January 31, 2026, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of January 31, 2026, 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.

**Other** 

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

**3. SHARES OF BENEFICIAL INTEREST** 

The following tables summarize share activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Select Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 2851111749 | &nbsp;&nbsp; $2851111749 | &nbsp;&nbsp; 10407985198 | &nbsp;&nbsp; $10407985198 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 13611047 | &nbsp;&nbsp; 13611047 | &nbsp;&nbsp; 25726188 | &nbsp;&nbsp; 25726188 |
| Shares redeemed | &nbsp;&nbsp; (3001095582) | &nbsp;&nbsp; (3001095582) | &nbsp;&nbsp; (10108602678) | &nbsp;&nbsp; (10108602678) |
| NET CHANGE RESULTING FROM SELECT SHARE TRANSACTIONS | &nbsp;&nbsp; (136372786) | &nbsp;&nbsp; $(136372786) | &nbsp;&nbsp; 325108708 | &nbsp;&nbsp; $325108708 |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Institutional Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 82908772346 | &nbsp;&nbsp; $82908772346 | &nbsp;&nbsp; 155068054465 | &nbsp;&nbsp; $155068054465 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 315661204 | &nbsp;&nbsp; 315661204 | &nbsp;&nbsp; 707000738 | &nbsp;&nbsp; 707000738 |
| Shares redeemed | &nbsp;&nbsp; (79918716334) | &nbsp;&nbsp; (79918716334) | &nbsp;&nbsp; (153296299367) | &nbsp;&nbsp; (153296299368) |
| NET CHANGE RESULTING FROM INSTITUTIONAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 3305717216 | &nbsp;&nbsp; $3305717216 | &nbsp;&nbsp; 2478755836 | &nbsp;&nbsp; $2478755835 |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Service Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 21273020758 | &nbsp;&nbsp; $21273020758 | &nbsp;&nbsp; 33559586256 | &nbsp;&nbsp; $33559586256 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 82362502 | &nbsp;&nbsp; 82362502 | &nbsp;&nbsp; 171169476 | &nbsp;&nbsp; 171169476 |
| Shares redeemed | &nbsp;&nbsp; (21665314153) | &nbsp;&nbsp; (21665314153) | &nbsp;&nbsp; (32860800306) | &nbsp;&nbsp; (32860800306) |
| NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | &nbsp;&nbsp; (309930893) | &nbsp;&nbsp; $(309930893) | &nbsp;&nbsp; 869955426 | &nbsp;&nbsp; $869955426 |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Administrative Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 1283087124 | &nbsp;&nbsp; $1283087124 | &nbsp;&nbsp; 1030122972 | &nbsp;&nbsp; $1030122973 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 541038 | &nbsp;&nbsp; 541038 | &nbsp;&nbsp; 1018323 | &nbsp;&nbsp; 1018323 |
| Shares redeemed | &nbsp;&nbsp; (949800559) | &nbsp;&nbsp; (949800559) | &nbsp;&nbsp; (1070904238) | &nbsp;&nbsp; (1070904238) |
| NET CHANGE RESULTING FROM ADMINISTRATIVE <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 333827603 | &nbsp;&nbsp; $333827603 | &nbsp;&nbsp; (39762943) | &nbsp;&nbsp; $(39762942) |

---

Semi-Annual Financial Statements and Additional Information

**25**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Cash II Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 415453024 | &nbsp;&nbsp; $415453024 | &nbsp;&nbsp; 677441705 | &nbsp;&nbsp; $677441705 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 11031549 | &nbsp;&nbsp; 11031549 | &nbsp;&nbsp; 26443383 | &nbsp;&nbsp; 26443383 |
| Shares redeemed | &nbsp;&nbsp; (335427000) | &nbsp;&nbsp; (335427000) | &nbsp;&nbsp; (721263738) | &nbsp;&nbsp; (721263738) |
| NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | &nbsp;&nbsp; 91057573 | &nbsp;&nbsp; $91057573 | &nbsp;&nbsp; (17378650) | &nbsp;&nbsp; $(17378650) |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Cash Series Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 2594996199 | &nbsp;&nbsp; $2594996199 | &nbsp;&nbsp; 13669082371 | &nbsp;&nbsp; $13669082371 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 154309220 | &nbsp;&nbsp; 154309220 | &nbsp;&nbsp; 32531916 | &nbsp;&nbsp; 32531916 |
| Shares redeemed | &nbsp;&nbsp; (2578524418) | &nbsp;&nbsp; (2578524418) | &nbsp;&nbsp; (4374924992) | &nbsp;&nbsp; (4374924992) |
| NET CHANGE RESULTING FROM CASH SERIES <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 170781001 | &nbsp;&nbsp; $170781001 | &nbsp;&nbsp; 9326689295 | &nbsp;&nbsp; $9326689295 |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Capital Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 6961406591 | &nbsp;&nbsp; $6961406591 | &nbsp;&nbsp; 11089609788 | &nbsp;&nbsp; $11089609788 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 22726632 | &nbsp;&nbsp; 22726632 | &nbsp;&nbsp; 46831900 | &nbsp;&nbsp; 46831900 |
| Shares redeemed | &nbsp;&nbsp; (6383509119) | &nbsp;&nbsp; (6383509119) | &nbsp;&nbsp; (13928860117) | &nbsp;&nbsp; (13928860117) |
| NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | &nbsp;&nbsp; 600624104 | &nbsp;&nbsp; $600624104 | &nbsp;&nbsp; (2792418429) | &nbsp;&nbsp; $(2792418429) |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Trust Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 2573575032 | &nbsp;&nbsp; $2573575032 | &nbsp;&nbsp; 3586968183 | &nbsp;&nbsp; $3586968183 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 16914777 | &nbsp;&nbsp; 16914777 | &nbsp;&nbsp; 33550844 | &nbsp;&nbsp; 33550844 |
| Shares redeemed | &nbsp;&nbsp; (2061846126) | &nbsp;&nbsp; (2061846126) | &nbsp;&nbsp; (3423266983) | &nbsp;&nbsp; (3423266983) |
| NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | &nbsp;&nbsp; 528643683 | &nbsp;&nbsp; $528643683 | &nbsp;&nbsp; 197252044 | &nbsp;&nbsp; $197252044 |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Premier Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 330340844634 | &nbsp;&nbsp; $330340844634 | &nbsp;&nbsp; 574039649625 | &nbsp;&nbsp; $574039649626 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 883842330 | &nbsp;&nbsp; 883842330 | &nbsp;&nbsp; 2012063963 | &nbsp;&nbsp; 2012063963 |
| Shares redeemed | &nbsp;&nbsp; (329699915484) | &nbsp;&nbsp; (329699915484) | &nbsp;&nbsp; (574415577468) | &nbsp;&nbsp; (574415577469) |
| NET CHANGE RESULTING FROM PREMIER <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 1524771480 | &nbsp;&nbsp; $1524771480 | &nbsp;&nbsp; 1636136120 | &nbsp;&nbsp; $1636136120 |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Advisor Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 9354140967 | &nbsp;&nbsp; $9354140967 | &nbsp;&nbsp; 21814508710 | &nbsp;&nbsp; $21814508709 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 164577802 | &nbsp;&nbsp; 164577802 | &nbsp;&nbsp; 366495109 | &nbsp;&nbsp; 366495109 |
| Shares redeemed | &nbsp;&nbsp; (10085212507) | &nbsp;&nbsp; (10085212519) | &nbsp;&nbsp; (21306344502) | &nbsp;&nbsp; (21306344521) |
| NET CHANGE RESULTING FROM ADVISOR <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; (566493738) | &nbsp;&nbsp; $(566493750) | &nbsp;&nbsp; 874659317 | &nbsp;&nbsp; $874659297 |

---

Semi-Annual Financial Statements and Additional Information

**26**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **SDG Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 24414550424 | &nbsp;&nbsp; $24414550424 | &nbsp;&nbsp; 41130806709 | &nbsp;&nbsp; $41130806709 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 40801034 | &nbsp;&nbsp; 40801034 | &nbsp;&nbsp; 59900893 | &nbsp;&nbsp; 59900893 |
| Shares redeemed | &nbsp;&nbsp; (20161100472) | &nbsp;&nbsp; (20161100472) | &nbsp;&nbsp; (42410786939) | &nbsp;&nbsp; (42410786939) |
| NET CHANGE RESULTING FROM SDG SHARE TRANSACTIONS | &nbsp;&nbsp; 4294250986 | &nbsp;&nbsp; $4294250986 | &nbsp;&nbsp; (1220079337) | &nbsp;&nbsp; $(1220079337) |
| NET CHANGE RESULTING FROM TOTAL FUND <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 9836876229 | &nbsp;&nbsp; $9836876217 | &nbsp;&nbsp; 11638917387 | &nbsp;&nbsp; $11638917367 |

---

**4. FEDERAL TAX INFORMATION** 

As of July 31, 2025, the Fund had a capital loss carryforward of $50,077,975 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** |
| $50077975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50077975 |

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

**Investment Adviser Fee** 

The advisory agreement between the Fund and the Fund's Adviser provides for an annual fee equal to 0.15% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Fund's Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended January 31, 2026, the Fund's Adviser voluntarily waived $72,440,282 of its fee and voluntarily reimbursed $3,517 of transfer agent fees.

**Administrative Fee** 

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

---

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

---

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2026, the annualized fee paid to FAS was 0.077% of average daily net assets of the Fund.

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

**Distribution Services Fee** 

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Average Daily** <br>**Net Assets of Class**<br>|
| Administrative Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05% |
| Cash II Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35% |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60% |
| Trust Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25% |

---

The Fund may incur and pay a Distribution (12b-1) Fee on the ADM class of the Fund of up to a maximum of 0.10%. However, the ADM class of the Fund will not incur and pay a 12b-1 Fee in excess of 0.05% until such time as approved by the Trustees.

Semi-Annual Financial Statements and Additional Information

**27**

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Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2026, 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>|
| Administrative Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $51429 | $— |
| Cash II Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1205302 |  |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30186270 | (829029) |
| Trust Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1939639 |  |
| TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33382640 | $(829029) |

---

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended January 31, 2026, FSC retained $1,332,370 of fees paid by the Fund.

**Other Service Fees** 

For the six months ended January 31, 2026, FSSC received $80,418 of the other service fees disclosed in Note 2.

**Expense Limitation** 

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Fund's Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Effective July 1, 2025, 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 Select Shares, Institutional Shares, Service Shares, Administrative Shares, Cash II Shares, Cash Series Shares, Capital Shares, Trust Shares, Premier Shares, Advisor Shares and SDG Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.18%, 0.20%, 0.45%, 0.45%, 0.85%, 1.05%, 0.30%, 0.70%, 0.15%, 0.15% and 0.15% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2026; or (b) the date of the Fund's next effective Prospectus. Prior to July 1, 2025, the Fee Limit for the Fund's Select Shares was 0.17%. While the Fund's Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the approval of the Trustees.

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

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

**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 January 31, 2026, there were no outstanding loans. During the six months ended January 31, 2026, the program was not utilized.

**8. OPERATING SEGMENTS** 

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

Semi-Annual Financial Statements and Additional Information

**28**

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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.

Semi-Annual Financial Statements and Additional Information

**29**

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Evaluation and Approval of Advisory Contract–May 2025

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

At its meetings in May 2025 (the "May Meetings"), the Fund's Board of Trustees (the "Board"), including those Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") (the "Contract") for an additional one-year term. The Board's determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering such information deemed necessary to evaluate the terms of the Contract and to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

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

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written report regarding data related to the Fund's management fee (the "CCO Management Fee Report"). The Board considered the CCO Management Fee Report, along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contract.

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

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: (1) copies of the Contract; (2) the nature, quality and extent of the advisory and other services provided to the Fund by Federated Hermes; (3) Federated Hermes' business and operations; (4) the Adviser's investment philosophy, personnel and processes; (5) the Fund's investment objective and strategies; (6) the Fund's short-term and long-term performance - in absolute terms (both on a gross basis and net of expenses) and relative to an appropriate group of peer funds and its benchmark; (7) the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund - in absolute terms and relative to an appropriate group of peer funds, with due regard for contractual or voluntary expense limitations (if any); (8) the financial condition of Federated Hermes; (9) the Adviser's profitability with respect to managing the Fund; (10) distribution and sales activity for the Fund; and (11) the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in evaluating the Contract. Using these judicial decisions as a guide, the Board considered several factors it deemed relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund, including: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser's cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize "economies of scale" as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any "fall-out" benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fees and expenses, including a comparison of management fees paid to the adviser with those paid by similar funds managed by the same adviser or other advisers as well as management fees charged to institutional and other advisory clients of the same adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser's services and fees. The Board considered that the Securities and Exchange Commission ("SEC") disclosure requirements regarding the basis for a fund board's approval of the fund's investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its evaluation of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a "Federated Hermes Fund" and, collectively, the "Federated Hermes Funds").

Semi-Annual Financial Statements and Additional Information

**30**

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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

Semi-Annual Financial Statements and Additional Information

**31**

------

led, and continue to lead, to an increase in the scope of Federated Hermes' oversight in this regard. In addition, the Board noted Federated Hermes' commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate.

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

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

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

The Board considered the investment performance of the Fund. In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser's analysis of, the Fund's performance over different time periods that were provided to the Board throughout the year and in connection with the May Meetings. These reports included, among other items, information on the Fund's gross and net returns, the Fund's investment performance compared to one or more relevant categories or groups of peer funds and the Fund's benchmark, performance attribution information and commentary on the effect of market conditions. The Board noted that it evaluated investment performance at meetings throughout the year and received reports from Federated Hermes regarding the performance of certain Federated Hermes Funds as well as Federated Hermes' explanations for less favorable performance and any specific actions Federated Hermes had taken, or had determined to take, to seek to enhance Fund investment performance and the results of those actions.

The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by iMoneyNet, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the CCO's statement that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund.

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

The Board considered that for the one-year period ended December 31, 2024, the Fund's performance was above the median of the Performance Peer Group. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its Performance Peer Group.

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

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

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

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged to funds by other advisers, the use of comparisons between the Fund and its Expense Peer Group assisted the Board in its evaluation of the Fund's fees and expenses. The Board focused on comparisons with other registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund's shareholders. The Board noted that the range of such other registered funds' fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

Semi-Annual Financial Statements and Additional Information

**32**

------

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 October 1, 2023.

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.

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 designed to provide enhanced or expanded services to the Federated Hermes Funds and their shareholders. The Board

Semi-Annual Financial Statements and Additional Information

**33**

------

considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund's assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered that Federated Hermes has been active in managing expenses of the Federated Hermes Funds in recent years, which has resulted in benefits being realized by shareholders.

The Board also received and considered information on adviser-paid fees (commonly referred to as "revenue sharing" payments) that was provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes believes that this information is relevant to consider whether Federated Hermes had an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, but should not be considered when evaluating the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on economies of scale, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.

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

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

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

The Board considered the CCO's presentation and statements and the information accompanying the CCO Management Fee Report. The Board recognized that its evaluation of the Federated Hermes Funds' advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year.

On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative.

Semi-Annual Financial Statements and Additional Information

**34**

------

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

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

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

**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY**

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

![](fhilogok11p.jpg)

Federated Hermes Government Obligations Fund

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

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

or call 1-800-341-7400.

Federated Securities Corp., Distributor

CUSIP 608919478

CUSIP 60934N104

CUSIP 60934N807

CUSIP 608919395

CUSIP 608919676

CUSIP 608919684

CUSIP 608919809

CUSIP 60934N153

CUSIP 608919718

CUSIP 608919437

CUSIP 31423R104

Q450196 (3/26)© 2026 Federated Hermes, Inc.

------

**Semi-Annual Financial Statements**

**and Additional Information**

**January 31, 2026**

![](imgedf621cc1.gif)

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

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| | | | |
|:---|:---|:---|:---|
| **Share Class** \| Ticker | **Automated** \| PTAXX | **R** \| PTRXX | **Wealth** \| PCOXX |
|  | **Advisor** \| PCVXX | **Service** \| PRCXX | **Cash II** \| PCDXX |
|  | **Cash Series** \| PTSXX | **Capital** \| PCCXX | **Trust** \| PTTXX |

---

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Federated Hermes Prime Cash Obligations Fund

------

A Portfolio of Federated Hermes Money Market Obligations Trust

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

------

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

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**CONTENTS** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_3e5df692-1748-47f8-af56-71942f41ecbc_1) | [1](#xx_3e5df692-1748-47f8-af56-71942f41ecbc_1)  |
| [Financial Highlights](#xx_ee2719cc-0f45-4997-b51b-26329159f620_1) | [11](#xx_ee2719cc-0f45-4997-b51b-26329159f620_1)  |
| [Statement of Assets and Liabilities](#xx_8ee5461c-b657-4e04-8a3d-2877f4ba7c01_1) | [20](#xx_8ee5461c-b657-4e04-8a3d-2877f4ba7c01_1)  |
| [Statement of Operations](#xx_8ee5461c-b657-4e04-8a3d-2877f4ba7c01_2) | [21](#xx_8ee5461c-b657-4e04-8a3d-2877f4ba7c01_2)  |
| [Statement of Changes in Net Assets](#xx_8ee5461c-b657-4e04-8a3d-2877f4ba7c01_3) | [22](#xx_8ee5461c-b657-4e04-8a3d-2877f4ba7c01_3)  |
| [Notes to Financial Statements](#xx_907bc3e9-8e2d-44fd-bab8-e4e3d782a8c6_1) | [23](#xx_907bc3e9-8e2d-44fd-bab8-e4e3d782a8c6_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_095be319-2ea3-4a4d-ae00-5f6c0197afc4_1) | [29](#xx_095be319-2ea3-4a4d-ae00-5f6c0197afc4_1) |

---

------

Portfolio of Investments

January 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| COMMERCIAL PAPER—18.3% |  |
|  | **Aerospace/Auto—0.1%** |  |
| $90000000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 3.963%, 8/4/2026 | &nbsp;&nbsp; $88229000 |
|  | **Finance - Banking—15.1%** |  |
| 269963000 | Albion Capital LLC, (MUFG Bank Ltd. LIQ), 3.793% - 4.039%, 2/24/2026 - 4/20/2026 | &nbsp;&nbsp; 268566219 |
| 447500000 | Anglesea Funding LLC, 3.703% - 3.915%, 2/4/2026 - 7/15/2026 | &nbsp;&nbsp; 443021457 |
| 85000000 | Bank of Montreal, 3.876%, 12/7/2026 | &nbsp;&nbsp; 82278654 |
| 802000000 | Bank of Nova Scotia, 4.175% - 4.501%, 2/20/2026 - 3/4/2026 | &nbsp;&nbsp; 799778056 |
| 85000000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 4.036%, 4/6/2026 | &nbsp;&nbsp; 84403111 |
| 707500000 | BPCE S.A., 4.032% - 4.044%, 2/20/2026 - 3/3/2026 | &nbsp;&nbsp; 705460817 |
| 600000000 | Canadian Imperial Bank of Commerce, 3.960% - 4.401%, 3/19/2026 - 10/1/2026 | &nbsp;&nbsp; 592086383 |
| 395000000 | Chesham Finance LLC Series III, (Societe Generale S.A. COL), 3.682%, 2/3/2026 | &nbsp;&nbsp; 394919244 |
| 100000000 | Chesham Finance LLC Series IV, (HSBC Bank PLC COL)/(Hongkong & Shanghai Banking Corp. COL), <br> 3.682%, 2/3/2026<br>| &nbsp;&nbsp; 99979556 |
| 215000000 | Credit Agricole Corporate and Investment Bank, 4.043%, 2/3/2026 | &nbsp;&nbsp; 214952222 |
| 503500000 | DNB Bank ASA, 3.955% - 3.966%, 6/11/2026 - 6/29/2026 | &nbsp;&nbsp; 495881094 |
| 883500000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 3.771% - 3.968%, 4/2/2026 - 7/23/2026 | &nbsp;&nbsp; 871021531 |
| 470000000 | Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 3.918% - 4.082%, 2/10/2026 - 3/9/2026 | &nbsp;&nbsp; 468974828 |
| 225000000 | Great Bear Funding LLC, (Bank of Nova Scotia COL), 3.758%, 2/24/2026 | &nbsp;&nbsp; 224462375 |
| 491000000 | ING (U.S.) Funding LLC, 3.906% - 4.030%, 3/25/2026 - 5/13/2026 | &nbsp;&nbsp; 486627655 |
| 130000000 | ING (U.S.) Funding LLC, 4.030%, 4/1/2026 | &nbsp;&nbsp; 129158431 |
| 3378000000 | National Bank of Canada, 3.790% - 4.517%, 2/3/2026 - 1/8/2027 | &nbsp;&nbsp; 3314804669 |
| 338000000 | Nordea Bank Abp, 3.968%, 4/2/2026 - 4/6/2026 | &nbsp;&nbsp; 335735156 |
| 540000000 | Paradelle Funding LLC, 3.898% - 4.419%, 3/19/2026 - 10/30/2026 | &nbsp;&nbsp; 532155961 |
| 125000000 | Paradelle Funding LLC, (Toronto Dominion Bank COL), 3.955%, 10/1/2026 | &nbsp;&nbsp; 125000000 |
| 245000000 | Podium Funding Trust, 3.802% - 4.027%, 6/16/2026 - 7/8/2026 | &nbsp;&nbsp; 241321140 |
| 1964000000 | Royal Bank of Canada, 3.909% - 4.403%, 5/27/2026 - 11/19/2026 | &nbsp;&nbsp; 1911794344 |
| 215000000 | Royal Bank of Canada, 4.402%, 5/28/2026 | &nbsp;&nbsp; 212079942 |
| 210000000 | Royal Bank of Canada, Three World Financial Center Branch, 3.908%, 10/7/2026 | &nbsp;&nbsp; 204560533 |
| 888500000 | Toronto Dominion Bank, 3.896% - 4.398%, 3/19/2026 - 10/1/2026 | &nbsp;&nbsp; 876218943 |
| 215000000 | Toronto Dominion Bank, 4.400%, 7/17/2026 | &nbsp;&nbsp; 215000000 |
| 644000000 | Victory Receivables Corp., (MUFG Bank Ltd. LIQ), 3.791% - 4.082%, 2/10/2026 - 4/23/2026 | &nbsp;&nbsp; 641444620 |
| 759000000 | Westpac Banking Corp. Ltd., 3.870% - 4.150%, 8/6/2026 - 10/1/2026 | &nbsp;&nbsp; 740854958 |
|  | TOTAL | &nbsp;&nbsp; 15712541899 |
|  | **Finance - Retail—0.4%** |  |
| 125000000 | Old Line Funding, LLC, 3.991% - 3.992%, 4/24/2026 - 9/21/2026 | &nbsp;&nbsp; 123255050 |
| 40000000 | Sheffield Receivables Co. LLC, 3.795%, 4/20/2026 | &nbsp;&nbsp; 39674133 |
| 275000000 | Thunder Bay Funding, LLC, 3.910% - 3.966%, 4/22/2026 - 7/16/2026 | &nbsp;&nbsp; 271294721 |
|  | TOTAL | &nbsp;&nbsp; 434223904 |
|  | **Oil & Oil Finance—0.2%** |  |
| 209000000 | Exxon Mobil Corp., 3.913%, 3/25/2026 - 3/26/2026 | &nbsp;&nbsp; 207831680 |
|  | **Sovereign—2.5%** |  |
| 1850000000 | Caisse d'Amortissement de la Dette Sociale (CADES), 3.885% - 4.093%, 3/9/2026 - 6/4/2026 | &nbsp;&nbsp; 1841623658 |
| 215000000 | Caisse des Depots et Consignations (CDC), 3.963%, 4/8/2026 | &nbsp;&nbsp; 213468663 |
| 433500000 | NRW.Bank, 3.951%, 4/8/2026 | &nbsp;&nbsp; 430420344 |
| 150000000 | Ontario, Province of, 4.116%, 4/2/2026 | &nbsp;&nbsp; 148995000 |
|  | TOTAL | &nbsp;&nbsp; 2634507665 |
|  | TOTAL COMMERCIAL PAPER | &nbsp;&nbsp; 19077334148 |

---

Semi-Annual Financial Statements and Additional Information

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>2</sup> <br>| NOTES - VARIABLE—12.8% |  |
|  | **Aerospace/Auto—1.1%** |  |
| $230000000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 3.940% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; $230000000 |
| 350000000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 3.970% (SOFR +0.330%), 2/2/2026 | &nbsp;&nbsp; 350000000 |
| 510000000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 3.990% (SOFR +0.350%), 2/2/2026 | &nbsp;&nbsp; 510000000 |
|  | TOTAL | &nbsp;&nbsp; 1090000000 |
|  | **Finance - Banking—10.5%** |  |
| 29760000 | Alper Drive Apts., LLC, (Northern Trust Co. LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 29760000 |
| 250000000 | Anglesea Funding LLC, (Bank of Montreal COL)/(Bank of Nova Scotia COL)/(Royal Bank of Canada COL), 3.900% <br> (SOFR +0.250%), 2/2/2026<br>| &nbsp;&nbsp; 250000000 |
| 20000000 | Anglesea Funding LLC, (Bank of Montreal COL)/(Bank of Nova Scotia COL)/(Royal Bank of Canada COL), 3.900% <br> (SOFR +0.250%), 2/2/2026<br>| &nbsp;&nbsp; 20000000 |
| 250000000 | Bank of America N.A., 3.940% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; 250000000 |
| 110000000 | Bank of Montreal, 4.020% (SOFR +0.370%), 2/2/2026 | &nbsp;&nbsp; 110000000 |
| 249000000 | Bank of Montreal, 4.020% (SOFR +0.370%), 2/2/2026 | &nbsp;&nbsp; 249000000 |
| 235000000 | Bank of Montreal, 4.050% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 235000000 |
| 385000000 | Bank of Montreal, 4.050% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 385000000 |
| 220000000 | Bank of Montreal, 4.060% (SOFR +0.410%), 2/2/2026 | &nbsp;&nbsp; 220000000 |
| 150000000 | Bank of Montreal, 4.100% (SOFR +0.450%), 2/2/2026 | &nbsp;&nbsp; 150000000 |
| 350000000 | Bank of Montreal, 4.100% (SOFR +0.450%), 2/2/2026 | &nbsp;&nbsp; 350000000 |
| 300000000 | Bank of Nova Scotia, 4.010% (SOFR +0.360%), 2/2/2026 | &nbsp;&nbsp; 300000000 |
| 175000000 | Bank of Nova Scotia, 4.050% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 175000000 |
| 100000000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 3.930% (SOFR +0.280%), 2/2/2026 | &nbsp;&nbsp; 100000000 |
| 325000000 | Canadian Imperial Bank of Commerce, 3.960% (SOFR +0.310%), 2/2/2026 | &nbsp;&nbsp; 325000000 |
| 125000000 | Canadian Imperial Bank of Commerce, 3.970% (SOFR +0.320%), 2/2/2026 | &nbsp;&nbsp; 125000000 |
| 455000000 | Canadian Imperial Bank of Commerce, 3.990% (SOFR +0.340%), 2/2/2026 | &nbsp;&nbsp; 455000000 |
| 350000000 | Canadian Imperial Bank of Commerce, 4.050% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 350000000 |
| 380000000 | Canadian Imperial Bank of Commerce, 4.060% (SOFR +0.410%), 2/2/2026 | &nbsp;&nbsp; 380000000 |
| 4315000 | City Furniture, Inc., (Wells Fargo Bank, N.A. LOC), 3.760%, 2/5/2026 | &nbsp;&nbsp; 4315000 |
| 150000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 3.950% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; 150000000 |
| 150000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 3.950% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; 150000000 |
| 50000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 3.970% (SOFR +0.320%), 2/2/2026 | &nbsp;&nbsp; 50000000 |
| 175000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 3.970% (SOFR +0.320%), 2/2/2026 | &nbsp;&nbsp; 175000000 |
| 40000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 4.000% (SOFR +0.350%), 2/2/2026 | &nbsp;&nbsp; 40000000 |
| 162500000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 4.000% (SOFR +0.350%), 2/2/2026 | &nbsp;&nbsp; 162500000 |
| 175000000 | Commonwealth Bank of Australia, 3.920% (SOFR +0.270%), 2/2/2026 | &nbsp;&nbsp; 175000000 |
| 150000000 | Commonwealth Bank of Australia, 3.950% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; 150000000 |
| 175000000 | Commonwealth Bank of Australia, 3.970% (SOFR +0.320%), 2/2/2026 | &nbsp;&nbsp; 175000000 |
| 215000000 | Commonwealth Bank of Australia, 4.050% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 215000000 |
| 85000000 | Commonwealth Bank of Australia, 4.050% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 85000000 |
| 130000000 | J.P. Morgan Securities LLC, 3.930% (SOFR +0.290%), 2/2/2026 | &nbsp;&nbsp; 130000000 |
| 400000000 | J.P. Morgan Securities LLC, 3.930% (SOFR +0.290%), 2/2/2026 | &nbsp;&nbsp; 400000000 |
| 150000000 | J.P. Morgan Securities LLC, 3.930% (SOFR +0.290%), 2/2/2026 | &nbsp;&nbsp; 150000000 |
| 254000000 | National Australia Bank Ltd., 3.840% (SOFR +0.190%), 2/2/2026 | &nbsp;&nbsp; 254000000 |
| 550000000 | National Bank of Canada, 3.950% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; 550000000 |
| 215000000 | National Bank of Canada, 3.950% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; 215000000 |
| 19670000 | Osprey Properties LP, LLLP & Nighthawk Properties, LLC, Series 2008, (Wells Fargo Bank, N.A. LOC), <br> 3.760%, 2/5/2026<br>| &nbsp;&nbsp; 19670000 |
| 29435000 | Panel Rey S.A., Series 2016, (Citibank, N.A. LOC), 3.950%, 2/5/2026 | &nbsp;&nbsp; 29435000 |
| 179500000 | Paradelle Funding LLC, (Toronto Dominion Bank COL), 4.010% (SOFR +0.360%), 2/2/2026 | &nbsp;&nbsp; 179500000 |
| 85000000 | Paradelle Funding LLC, (Toronto Dominion Bank COL), 4.110% (SOFR +0.460%), 2/2/2026 | &nbsp;&nbsp; 85000000 |
| 100000000 | Park Avenue Collateralized Notes Co., LLC, (J.P. Morgan Securities LLC COL), 3.950% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; 100000000 |
| 23920000 | Rooney Holdings, LLC, (BMO Bank, N.A. LOC), 3.950%, 2/5/2026 | &nbsp;&nbsp; 23920000 |
| 269000000 | Royal Bank of Canada, 4.030% (SOFR +0.380%), 2/2/2026 | &nbsp;&nbsp; 269000000 |

---

Semi-Annual Financial Statements and Additional Information

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>2</sup> <br>| NOTES - VARIABLE—continued |  |
|  | **Finance - Banking—continued** |  |
| $150000000 | State Street Bank and Trust Co., 3.890% (SOFR +0.250%), 2/2/2026 | &nbsp;&nbsp; $150000000 |
| 46615000 | Taxable Tender Option Bond Trust 2024-XF3219TX, (Series 2024-XF3219TX) Weekly VRDNs, (Mizuho Bank Ltd. <br> LIQ)/(Mizuho Bank Ltd. LOC), 3.900%, 2/5/2026<br>| &nbsp;&nbsp; 46615000 |
| 237000000 | Toronto Dominion Bank, 4.020% (SOFR +0.380%), 2/2/2026 | &nbsp;&nbsp; 237000000 |
| 405000000 | Toronto Dominion Bank, 4.040% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 405000000 |
| 350000000 | Toronto Dominion Bank, 4.040% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 350000000 |
| 150000000 | Toronto Dominion Bank, 4.040% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 150000000 |
| 285000000 | Toronto Dominion Bank, 4.090% (SOFR +0.450%), 2/2/2026 | &nbsp;&nbsp; 285000000 |
| 260000000 | Toronto Dominion Bank, 4.090% (SOFR +0.450%), 2/2/2026 | &nbsp;&nbsp; 260000000 |
| 214000000 | Westpac Banking Corp. Ltd., 3.950% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; 214000000 |
| 85000000 | Westpac Banking Corp. Ltd., 3.950% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; 85000000 |
| 300000000 | Westpac Banking Corp. Ltd., 4.050% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 300000000 |
| 85000000 | Westpac Banking Corp. Ltd., 4.050% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 85000000 |
|  | TOTAL | &nbsp;&nbsp; 10963715000 |
|  | **Finance - Retail—0.3%** |  |
| 60000000 | Old Line Funding, LLC, 3.890% (SOFR +0.250%), 2/2/2026 | &nbsp;&nbsp; 60000000 |
| 90000000 | Old Line Funding, LLC, 3.930% (SOFR +0.290%), 2/2/2026 | &nbsp;&nbsp; 90000000 |
| 50000000 | Old Line Funding, LLC, 3.940% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; 50000000 |
| 135000000 | Thunder Bay Funding, LLC, 3.940% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; 135000000 |
|  | TOTAL | &nbsp;&nbsp; 335000000 |
|  | **Government Agency—0.9%** |  |
| 7445000 | 2-D Max Enterprises LLC, (Federal Home Loan Bank of Atlanta LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 7445000 |
| 15550000 | Archer 1 LLC, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 15550000 |
| 96970000 | BOZ McKinley Owner, LLC, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 96970000 |
| 7280000 | Brian Luke Bobenage 2022 Family Trust, (Federal Home Loan Bank of Des Moines LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 7280000 |
| 4895000 | Brian Peterson Life Insurance Trust, (Federal Home Loan Bank of Topeka LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 4895000 |
| 4460000 | Burnett Family Trust, (Federal Home Loan Bank of Dallas LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 4460000 |
| 1995000 | BWF Forge TL Properties Owner LLC, (Federal Home Loan Bank of Des Moines LOC)/(Federal Home Loan Bank of <br> San Francisco LOC), 3.810%, 2/5/2026<br>| &nbsp;&nbsp; 1995000 |
| 10545000 | Callewart Life Insurance Trust, (Federal Home Loan Bank of Dallas LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 10545000 |
| 11800000 | Carmel Valley Senior Living, LP, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 11800000 |
| 9860000 | Catania Family Trust, (Federal Home Loan Bank of Dallas LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 9860000 |
| 5415000 | Copper Top, LLC, Series 2023, (Federal Home Loan Bank of Topeka LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 5415000 |
| 28220000 | CP Canyons WFH, LLC, (Federal Home Loan Bank of Des Moines LOC)/(Federal Home Loan Bank of San Francisco <br> LOC), 3.810%, 2/5/2026<br>| &nbsp;&nbsp; 28220000 |
| 18000000 | CRE Impact BCM Tech Atlanta GA, LLC, 2025, (Federal Home Loan Bank of Cincinnati LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 18000000 |
| 4805000 | Dennis Wesley Co., Inc., The Dennis Wesley Co., Inc. Project, (Federal Home Loan Bank of Indianapolis LOC), <br> 3.850%, 2/5/2026<br>| &nbsp;&nbsp; 4805000 |
| 20000000 | Desert Vistas, a California LP, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 20000000 |
| 9990000 | Eagle Hesperia 55 II LP, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 9990000 |
| 15500000 | East Town Crossing, LLC, (Federal Home Loan Bank of Des Moines LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 15500000 |
| 9400000 | Encinitas Senior Living, LP, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 9400000 |
| 10955000 | Frank Dale Insurance Trust, Series 2025, (Federal Home Loan Bank of Dallas LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 10955000 |
| 30000000 | HW Hellman Building, LP, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 30000000 |
| 8700000 | ICG-Stream Polk Ave LLC, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 8700000 |
| 15900000 | Ivy Row at Jax St, LLC, (Federal Home Loan Bank of Atlanta LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 15900000 |
| 14730000 | Ivy Row at LA Tech, LLC, Series 2023, (Federal Home Loan Bank of Dallas LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 14730000 |
| 11100000 | Ivy Row at South, LLC, (Federal Home Loan Bank of Atlanta LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 11100000 |
| 13645000 | Ivy Row at Southern Miss, LLC, (Federal Home Loan Bank of Atlanta LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 13645000 |
| 5260000 | JCW 2022 Heritage Trust dated December 13, 2022, Series 2023, (Federal Home Loan Bank of Dallas LOC), <br> 3.850%, 2/4/2026<br>| &nbsp;&nbsp; 5260000 |
| 5985000 | JWM Family Trust, (Federal Home Loan Bank of Des Moines LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 5985000 |

---

Semi-Annual Financial Statements and Additional Information

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>2</sup> <br>| NOTES - VARIABLE—continued |  |
|  | **Government Agency—continued** |  |
| $40500000 | La Jolla Cove Motel and Hotel Apartments, LLC and La Jolla Cove Shops, LLC, 2026-A, (Federal Home Loan Bank of <br> Des Moines LOC)/(Federal Home Loan Bank of San Francisco LOC), 3.830%, 2/5/2026<br>| &nbsp;&nbsp; $40500000 |
| 24515000 | LEO@Bethel Place, LLC, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 24515000 |
| 10920000 | MBW Legacy Investments, LLC, Series 2024, (Federal Home Loan Bank of Topeka LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 10920000 |
| 13500000 | MHF DKF Insurance Trust, 2025, (Federal Home Loan Bank of Dallas LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 13500000 |
| 22500000 | Midtown Senior Housing LP and Avon Tower Investors LP, (Federal Home Loan Bank of San Francisco LOC), <br> 3.810%, 2/5/2026<br>| &nbsp;&nbsp; 22500000 |
| 6980000 | Morofsky Legacy Irrevocable Trust, (Series 2024), (Federal Home Loan Bank of Des Moines LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 6980000 |
| 4785000 | Nicolai Legacy Irrevocable Trust, (Federal Home Loan Bank of Dallas LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 4785000 |
| 25000000 | Olive Development Bond I LLC, (San Marcos Project) Series 2024, (Federal Home Loan Bank of Topeka LOC), <br> 4.150%, 2/4/2026<br>| &nbsp;&nbsp; 25000000 |
| 13790000 | Our Family IV, LLC, (Federal Home Loan Bank of Topeka LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 13790000 |
| 35300000 | Park Stanton Place LP, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 35300000 |
| 21000000 | Pittsburg Fox Creek Associates, LP, Series 2011-A, (Federal Home Loan Bank of San Francisco LOC), <br> 3.810%, 2/5/2026<br>| &nbsp;&nbsp; 21000000 |
| 32015000 | Plaza Fitzsimons Owner, LLC, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 32015000 |
| 4390000 | Randall S. Raner Irrevocable Life Insurance Trust Dated March 19, 2024, (Federal Home Loan Bank of Topeka LOC), <br> 3.850%, 2/5/2026<br>| &nbsp;&nbsp; 4390000 |
| 9840000 | Richard F. Wilks Spousal Gifting Trust, (Federal Home Loan Bank of Topeka LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 9840000 |
| 6000000 | Riverview Project, Series 2021, (Federal Home Loan Bank of Des Moines LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 6000000 |
| 7020000 | Robert Kinsala 2009 Trust, (Federal Home Loan Bank of Dallas LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 7020000 |
| 28250000 | Rohnert Park 668, LP, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 28250000 |
| 11455000 | Sandy Jacobs Irrevocable Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 11455000 |
| 11260000 | Shawn R. Trapuzzano Irrevocable Insurance Trust, (Federal Home Loan Bank of Pittsburgh LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 11260000 |
| 12000000 | Sibley Family Irrevocable Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 12000000 |
| 7110000 | SMZ Holdings, LLC, (Federal Home Loan Bank of Dallas LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 7110000 |
| 4860000 | Spingola Insurance Trust, (Federal Home Loan Bank of Dallas LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 4860000 |
| 8825000 | Susan D. Travers Heritage Trust, Series 2023, (Federal Home Loan Bank of Topeka LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 8825000 |
| 1000000 | TBD Hide, LLC, (Federal Home Loan Bank of Des Moines LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 1000000 |
| 11110000 | The CLC Irrevocable Insurance Trust, Series 2024, (Federal Home Loan Bank of Des Moines LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 11110000 |
| 7780000 | The D. Neiman Legacy Trust, (Federal Home Loan Bank of Topeka LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 7780000 |
| 14950000 | The Gathering at UC, LLC, 2025, (Federal Home Loan Bank of Atlanta LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 14950000 |
| 18870000 | The Greathouse 2021 Children's Trust, Series 2025, (Federal Home Loan Bank of Dallas LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 18870000 |
| 2560000 | The J.G. Aguirre Master Trust, (Federal Home Loan Bank of Atlanta LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 2560000 |
| 7395000 | The Murray D. Berry Trust, (Federal Home Loan Bank of Des Moines LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 7395000 |
| 7490000 | The Ray L. Berry Trust, (Federal Home Loan Bank of Des Moines LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 7490000 |
| 4635000 | The Raymon Lee Ince Irrevocable Trust, (Federal Home Loan Bank of Dallas LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 4635000 |
| 10190000 | Thomas Bently Durant Irrevocable Life Insurance Trust, (Federal Home Loan Bank of Topeka LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 10190000 |
| 37840000 | Trustwell 4 Borrowers, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 37840000 |
| 17400000 | VSL Property Holdings (AB), LLC, (Federal Home Loan Bank of Atlanta LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 17400000 |
| 10740000 | Walker Manufacturing Co., (Federal Home Loan Bank of Dallas LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 10740000 |
| 7835000 | Wild Eagle Insurance Trust, (Federal Home Loan Bank of Topeka LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 7835000 |
|  | TOTAL | &nbsp;&nbsp; 920015000 |
|  | TOTAL NOTES - VARIABLE | &nbsp;&nbsp; 13308730000 |
|  | CERTIFICATES OF DEPOSIT—11.1% |  |
|  | **Finance - Banking—11.1%** |  |
| 896500000 | Bank of America N.A., 3.850% - 4.230%, 3/27/2026 - 12/4/2026 | &nbsp;&nbsp; 896500000 |
| 475000000 | Bank of Montreal, 3.960% - 4.410%, 6/9/2026 - 11/17/2026 | &nbsp;&nbsp; 475000000 |
| 2464500000 | Canadian Imperial Bank of Commerce, 3.800% - 4.520%, 2/12/2026 - 1/15/2027 | &nbsp;&nbsp; 2464500000 |
| 25000000 | Cooperatieve Rabobank UA, 3.750%, 7/28/2026 | &nbsp;&nbsp; 25000000 |
| 215000000 | Credit Agricole Corporate and Investment Bank, 4.040%, 2/6/2026 | &nbsp;&nbsp; 215000000 |
| 150000000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 3.750%, 7/28/2026 | &nbsp;&nbsp; 150000000 |

---

Semi-Annual Financial Statements and Additional Information

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | CERTIFICATES OF DEPOSIT—continued |  |
|  | **Finance - Banking—continued** |  |
| $995000000 | Mizuho Bank Ltd., 3.920% - 4.030%, 2/4/2026 - 3/27/2026 | &nbsp;&nbsp; $995000000 |
| 35000000 | Royal Bank of Canada, 3.900%, 10/1/2026 | &nbsp;&nbsp; 35000000 |
| 185000000 | Sumitomo Mitsui Banking Corp., 3.820%, 4/13/2026 | &nbsp;&nbsp; 185000000 |
| 1272000000 | Sumitomo Mitsui Trust Bank Ltd., 3.800% - 4.030%, 2/4/2026 - 4/9/2026 | &nbsp;&nbsp; 1272000000 |
| 2390000000 | Sumitomo Mitsui Trust Bank Ltd., 3.820% - 4.000%, 3/6/2026 - 5/7/2026 | &nbsp;&nbsp; 2390000000 |
| 200000000 | Svenska Handelsbanken AB, 3.830%, 7/17/2026 | &nbsp;&nbsp; 200000000 |
| 350000000 | Toronto Dominion Bank, 3.900%, 12/10/2026 | &nbsp;&nbsp; 350000000 |
| 1335000000 | Truist Bank, 3.790% - 4.050%, 2/2/2026 - 5/12/2026 | &nbsp;&nbsp; 1335000000 |
| 508500000 | Wells Fargo Bank, N.A., 3.850% - 3.900%, 7/9/2026 - 8/26/2026 | &nbsp;&nbsp; 508500000 |
|  | TOTAL CERTIFICATES OF DEPOSIT | &nbsp;&nbsp; 11496500000 |
|  | BANK NOTE—3.6% |  |
|  | **Finance - Banking—3.6%** |  |
| 3778500000 | Bank of America N.A., 3.790% - 4.400%, 4/10/2026 - 1/26/2027 | &nbsp;&nbsp; 3778500000 |
|  | TIME DEPOSIT—1.4% |  |
|  | **Finance - Banking—1.4%** |  |
| 1400000000 | Royal Bank of Canada, 3.710%, 2/2/2026 | &nbsp;&nbsp; 1400000000 |
|  | OTHER REPURCHASE AGREEMENTS—20.3% |  |
|  | **Finance - Banking—20.3%** |  |
| 35000000 | BMO Capital Markets Corp., 3.78%, dated 1/30/2026, interest in a $35,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $35,011,025 on 2/2/2026, in which corporate bonds and <br> medium-term notes with a market value of $35,711,728 have been received as collateral and held with BNY Mellon <br> as tri-party agent.<br>| &nbsp;&nbsp; 35000000 |
| 700000000 | BMO Capital Markets Corp., 3.73%, dated 1/30/2026, interest in a $1,000,000,000 joint collateralized loan <br> agreement will repurchase securities provided as collateral for $1,000,310,833 on 2/2/2026, in which corporate <br> bonds, medium-term notes, treasury notes and U.S. Government Agency securities with a market value of <br> $1,022,076,809 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 700000000 |
| 1400000000 | BNP Paribas S.A, 3.69%, dated 1/30/2026, interest in a $1,850,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $1,850,568,875 on 2/2/2026, in which asset-backed securities, <br> corporate bonds, collateralized mortgage obligations, medium-term notes and sovereign debt securities with a <br> market value of $1,887,580,253 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 1400000000 |
| 1825000000 | BNP Paribas S.A, 3.75%, dated 1/30/2026, interest in a $2,125,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $2,125,664,063 on 2/2/2026, in which asset-backed securities, <br> corporate bonds, collateralized mortgage obligations and medium-term notes with a market value of $2,168,178,195 <br> have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 1825000000 |
| 515000000 | Citigroup Global Markets, Inc., 4.03%, dated 2/6/2025, interest in a $515,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $517,017,799 on 3/9/2026, in which American depositary receipts, <br> common stocks, convertible Preferred Stocks, convertible bonds, exchange-traded funds and Preferred Stocks with a <br> market value of $527,124,999 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 515000000 |
| 10000000 | Citigroup Global Markets, Inc., 4.13%, dated 1/30/2026, interest in a $10,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $10,003,442 on 2/2/2026, in which collateralized mortgage <br> obligations with a market value of $10,203,511 have been received as collateral and held with BNY Mellon as <br> tri-party agent.<br>| &nbsp;&nbsp; 10000000 |
| 535000000 | Citigroup Global Markets, Inc., 4.08%, dated 10/24/2024, interest in a $685,000,000 joint collateralized loan <br> agreement will repurchase securities provided as collateral for $687,717,167 on 3/9/2026, in which common stocks <br> and exchange-traded funds with a market value of $701,151,292 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| &nbsp;&nbsp; 535000000 |
| 750000000 | Citigroup Global Markets, Inc., 4.03%, dated 1/11/2024, interest in a $750,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $752,938,542 on 3/9/2026, in which American depositary receipts, <br> common stocks, convertible bonds, exchange-traded funds and medium-term notes with a market value of <br> $767,657,741 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 750000000 |
| 25000000 | Credit Agricole S.A, 3.77%, dated 10/30/2025, interest in a $200,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $200,146,611 on 2/9/2026, in which asset-backed securities, <br> corporate bonds, collateralized mortgage obligations, commercial paper, medium-term notes and U.S. Government <br> Agency securities with a market value of $204,064,430 have been received as collateral and held with BNY Mellon as <br> tri-party agent.<br>| &nbsp;&nbsp; 25000000 |
| 100000000 | Credit Agricole S.A, 3.69%, dated 1/30/2026, interest in a $100,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $100,030,750 on 2/2/2026, in which asset-backed securities, <br> collateralized mortgage obligations, sovereign debt securities and U.S. Government Agency securities with a market <br> value of $102,031,365 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 100000000 |

---

Semi-Annual Financial Statements and Additional Information

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS—continued |  |
|  | **Finance - Banking—continued** |  |
| $325000000 | Credit Agricole S.A, 3.70%, dated 1/30/2026, interest in a $400,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $400,287,778 on 2/6/2026, in which asset-backed securities, <br> corporate bonds, collateralized mortgage obligations, medium-term notes, sovereign debt securities and <br> U.S. Government Agency securities with a market value of $408,126,244 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; $325000000 |
| 350000000 | Credit Agricole S.A, 3.68%, dated 1/29/2026, interest in a $500,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $500,204,444 on 2/2/2026, in which asset-backed securities, <br> collateralized mortgage obligations, commercial paper, corporate bonds, medium-term notes, sovereign debt <br> securities and U.S. Government Agency securities with a market value of $510,208,819 have been received as <br> collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 350000000 |
| 1525000000 | Credit Agricole S.A, 3.73%, dated 10/30/2025, interest in a $1,800,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $1,801,305,500 on 2/9/2026, in which asset-backed securities, <br> collateralized mortgage obligations, commercial paper, corporate bonds, medium-term notes, sovereign debt <br> securities, treasury notes and U.S. Government Agency securities with a market value of $1,836,566,474 have been <br> received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 1525000000 |
| 616000000 | HSBC Securities (USA), Inc., 3.73%, dated 1/30/2026, interest in a $716,000,000 joint collateralized loan agreement <br> will repurchase securities provided as collateral for $716,222,557 on 2/2/2026, in which corporate bonds, <br> medium-term notes and sovereign debt securities with a market value of $730,320,366 have been received as <br> collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 616000000 |
| 160000000 | HSBC Securities (USA), Inc., 3.83%, dated 1/30/2026, interest in a $160,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $160,051,067 on 2/2/2026, in which asset-backed securities, <br> corporate bonds and municipal bonds with a market value of $163,200,000 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 160000000 |
| 25000000 | HSBC Securities (USA), Inc., 3.73%, dated 1/30/2026, interest in a $25,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $25,007,771 on 2/2/2026, in which asset-backed securities with a <br> market value of $25,500,001 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 25000000 |
| 300000000 | ING Financial Markets LLC, 3.74%, dated 1/30/2026, interest in a $600,000,000 joint collateralized loan agreement <br> will repurchase securities provided as collateral for $600,187,000 on 2/2/2026, in which common stocks and <br> exchange-traded funds with a market value of $612,190,786 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| &nbsp;&nbsp; 300000000 |
| 1525000000 | J.P. Morgan Securities LLC, 3.87%, dated 1/14/2026, interest in a $1,700,000,000 joint collateralized loan agreement <br> will repurchase securities provided as collateral for $1,706,396,250 on 2/18/2026, in which convertible bonds with a <br> market value of $1,734,000,001 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 1525000000 |
| 2000000000 | J.P. Morgan Securities LLC, 3.85%, dated 1/7/2026, interest in a $2,300,000,000 joint collateralized loan agreement <br> will repurchase securities provided as collateral for $2,308,609,028 on 2/11/2026, in which corporate bonds and <br> medium-term notes with a market value of $2,346,000,848 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| &nbsp;&nbsp; 2000000000 |
| 100000000 | Mizuho Securities USA LLC, 4.03%, dated 12/20/2024, interest in a $100,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $100,391,806 on 3/9/2026, in which asset-backed securities with a <br> market value of $102,728,422 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 100000000 |
| 210000000 | Mizuho Securities USA LLC, 4.03%, dated 7/31/2025, interest in a $250,000,000 joint collateralized loan agreement <br> will repurchase securities provided as collateral for $250,979,514 on 3/9/2026, in which asset-backed securities and <br> collateralized mortgage obligations with a market value of $256,821,055 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 210000000 |
| 270000000 | Mizuho Securities USA LLC, 4.03%, dated 11/12/2024, interest in a $300,000,000 joint collateralized loan agreement <br> will repurchase securities provided as collateral for $301,175,417 on 3/9/2026, in which asset-backed securities, <br> corporate bonds, collateralized mortgage obligations and sovereign debt securities with a market value of <br> $308,200,736 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 270000000 |
| 550000000 | Mizuho Securities USA LLC, 3.73%, dated 1/30/2026, interest in a $600,000,000 joint collateralized loan agreement <br> will repurchase securities provided as collateral for $600,186,500 on 2/2/2026, in which municipal bonds and treasury <br> notes with a market value of $612,190,292 have been received as collateral and held with BNY Mellon as tri-party <br> agent.<br>| &nbsp;&nbsp; 550000000 |
| 2241500000 | Mizuho Securities USA LLC, 3.78%, dated 1/30/2026, interest in a $2,650,000,000 joint collateralized loan agreement <br> will repurchase securities provided as collateral for $2,650,834,750 on 2/2/2026, in which common stocks and <br> exchange-traded funds with a market value of $2,703,851,998 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| &nbsp;&nbsp; 2241500000 |
| 200000000 | MUFG Securities Americas, Inc., 3.78%, dated 1/30/2026, interest in a $300,000,000 joint collateralized loan <br> agreement will repurchase securities provided as collateral for $300,094,500 on 2/2/2026, in which American <br> depositary receipts, exchange-traded funds and mutual funds with a market value of $306,096,408 have been <br> received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 200000000 |
| 100000000 | MUFG Securities Americas, Inc., 3.78%, dated 1/30/2026, interest in a $150,000,000 joint collateralized loan <br> agreement will repurchase securities provided as collateral for $150,047,250 on 2/2/2026, in which common stocks, <br> corporate bonds, exchange-traded funds, medium-term notes and municipal bonds with a market value of <br> $153,048,650 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 100000000 |

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Semi-Annual Financial Statements and Additional Information

**6**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS—continued |  |
|  | **Finance - Banking—continued** |  |
| $165000000 | Pershing LLC, 3.88%, dated 6/12/2024, interest in a $300,000,000 joint collateralized loan agreement will repurchase <br> securities provided as collateral for $300,226,333 on 2/9/2026, in which asset-backed securities, commercial paper, <br> collateralized mortgage obligations, common stocks, convertible bonds, certificates of deposit, corporate bonds, <br> exchange-traded funds, medium-term notes, municipal bonds, mutual funds, U.S. Government Agency securities and <br> treasury bonds with a market value of $306,381,677 have been received as collateral and held with BNY Mellon as <br> tri-party agent.<br>| &nbsp;&nbsp; $165000000 |
| 300000000 | Societe Generale, Paris, 3.70%, dated 1/30/2026, interest in a $550,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $550,169,583 on 2/2/2026, in which asset-backed securities, <br> collateralized mortgage obligations, commercial paper, corporate bonds, medium-term notes, sovereign debt <br> securities, treasury bills, treasury bonds and treasury notes with a market value of $561,174,932 have been received <br> as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 300000000 |
| 350000000 | Societe Generale, Paris, 4.04%, dated 12/5/2025, interest in a $400,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $402,693,333 on 2/3/2026, in which asset-backed securities, <br> collateralized mortgage obligations, corporate bonds and sovereign debt securities with a market value of <br> $410,701,414 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 350000000 |
| 600000000 | Societe Generale, Paris, 3.75%, dated 1/30/2026, interest in a $800,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $800,250,000 on 2/2/2026, in which corporate bonds, medium-term <br> notes and sovereign debt securities with a market value of $816,255,015 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 600000000 |
| 150000000 | Societe Generale, Paris, 4.04%, dated 12/4/2025, interest in a $200,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $201,346,667 on 2/2/2026, in which asset-backed securities, <br> collateralized mortgage obligations, corporate bonds, medium-term notes and sovereign debt securities with a <br> market value of $205,373,601 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 150000000 |
| 100000000 | Standard Chartered Bank, 3.69%, dated 1/27/2026, interest in a $100,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $100,071,750 on 2/3/2026, in which treasury bonds, treasury notes <br> and U.S. Government Agency securities with a market value of $102,062,730 have been received as collateral and <br> held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 100000000 |
| 50000000 | Standard Chartered Bank, 3.68%, dated 1/30/2026, interest in a $150,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $150,046,000 on 2/2/2026, in which treasury notes and <br> U.S. Government Agency securities with a market value of $153,046,939 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 50000000 |
| 400000000 | TD Securities (USA), LLC, 3.73%, dated 3/26/2024, interest in a $500,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $500,362,639 on 2/9/2026, in which asset-backed securities, <br> corporate bonds, medium-term notes and municipal bonds with a market value of $510,158,767 have been received <br> as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 400000000 |
| 75000000 | Wells Fargo Securities LLC, 3.78%, dated 1/28/2026, interest in a $75,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $75,055,125 on 2/4/2026, in which corporate bonds and <br> U.S. Government Agency securities with a market value of $76,540,163 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 75000000 |
| 85000000 | Wells Fargo Securities LLC, 3.78%, dated 1/30/2026, interest in a $100,000,000 joint collateralized loan agreement <br> will repurchase securities provided as collateral for $100,031,500 on 2/2/2026, in which convertible bonds with a <br> market value of $102,032,788 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 85000000 |
| 100000000 | Wells Fargo Securities LLC, 3.75%, dated 8/1/2025, interest in a $100,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $100,072,917 on 2/9/2026, in which corporate bonds, certificates of <br> deposit and medium-term notes with a market value of $102,032,864 have been received as collateral and held with <br> BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 100000000 |
| 150000000 | Wells Fargo Securities LLC, 4.23%, dated 9/12/2025, interest in a $150,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $151,551,000 on 5/1/2026, in which convertible bonds with a market <br> value of $153,054,361 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 150000000 |
| 175000000 | Wells Fargo Securities LLC, 4.23%, dated 8/19/2025, interest in a $175,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $176,809,500 on 5/1/2026, in which convertible bonds with a market <br> value of $178,563,606 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 175000000 |
| 220000000 | Wells Fargo Securities LLC, 4.23%, dated 2/5/2025, interest in a $220,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $222,248,950 on 4/30/2026, in which convertible bonds with a market <br> value of $224,479,447 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 220000000 |
| 250000000 | Wells Fargo Securities LLC, 4.23%, dated 2/12/2025, interest in a $250,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $252,467,500 on 4/27/2026, in which convertible bonds and <br> convertible Preferred Stocks with a market value of $255,089,269 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| &nbsp;&nbsp; 250000000 |
| 250000000 | Wells Fargo Securities LLC, 3.81%, dated 1/28/2026, interest in a $250,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $250,185,208 on 2/4/2026, in which convertible bonds with a market <br> value of $255,135,526 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 250000000 |

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Semi-Annual Financial Statements and Additional Information

**7**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS—continued |  |
|  | **Finance - Banking—continued** |  |
| $400000000 | Wells Fargo Securities LLC, 4.23%, dated 1/29/2025, interest in a $400,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $404,136,000 on 5/1/2026, in which convertible bonds and <br> convertible Preferred Stocks with a market value of $408,142,853 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| &nbsp;&nbsp; $400000000 |
| 630000000 | Wells Fargo Securities LLC, 4.08%, dated 2/4/2025, interest in a $630,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $636,283,200 on 5/1/2026, in which municipal bonds and treasury <br> notes with a market value of $642,816,894 have been received as collateral and held with BNY Mellon as tri-party <br> agent.<br>| &nbsp;&nbsp; 630000000 |
| 300000000 | Wells Fargo Securities LLC, 3.75%, dated 7/22/2025, interest in a $300,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $300,218,750 on 2/9/2026, in which corporate bonds and <br> medium-term notes with a market value of $306,096,240 have been received as collateral and held with BNY Mellon <br> as tri-party agent.<br>| &nbsp;&nbsp; 300000000 |
|  | TOTAL OTHER REPURCHASE AGREEMENTS | &nbsp;&nbsp; 21142500000 |
|  | REPURCHASE AGREEMENTS—30.0% |  |
|  | **Finance - Banking—30.0%** |  |
| 500000000 | Interest in $1,000,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Barclays Bank PLC will <br> repurchase securities provided as collateral for $1,000,305,833 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various <br> maturities to 12/20/2055 and the market value of those underlying securities was $1,020,312,038.<br>| &nbsp;&nbsp; 500000000 |
| 600000000 | Interest in $1,450,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Barclays Bank PLC will <br> repurchase securities provided as collateral for $1,450,443,458 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury <br> securities with various maturities to 5/15/2053 and the market value of those underlying securities <br> was $1,479,452,328.<br>| &nbsp;&nbsp; 600000000 |
| 500000000 | Interest in $1,100,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Barclays Capital, Inc. will <br> repurchase securities provided as collateral for $1,100,336,417 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury <br> securities with various maturities to 2/1/2055 and the market value of those underlying securities <br> was $1,122,343,226.<br>| &nbsp;&nbsp; 500000000 |
| 500000000 | Interest in $2,050,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which BMO Capital Markets <br> Corp. will repurchase securities provided as collateral for $2,050,626,958 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities <br> with various maturities to 11/20/2074 and the market value of those underlying securities was $2,111,017,808.<br>| &nbsp;&nbsp; 500000000 |
| 500000000 | Interest in $1,450,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which BNP Paribas S.A. will <br> repurchase securities provided as collateral for $1,450,443,458 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various <br> maturities to 9/20/2075 and the market value of those underlying securities was $1,486,466,334.<br>| &nbsp;&nbsp; 500000000 |
| 550000000 | Interest in $1,350,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which BofA Securities, Inc. will <br> repurchase securities provided as collateral for $1,350,412,875 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various <br> maturities to 4/20/2065 and the market value of those underlying securities was $1,377,421,133.<br>| &nbsp;&nbsp; 550000000 |
| 1500000000 | Interest in $4,050,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Citigroup Global <br> Markets, Inc. will repurchase securities provided as collateral for $4,051,238,625 on 2/2/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government <br> Agency securities with various maturities to 1/20/2056 and the market value of those underlying securities <br> was $4,146,380,335.<br>| &nbsp;&nbsp; 1500000000 |
| 2650000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income Clearing Corporation - BNP will <br> repurchase securities provided as collateral for $2,650,808,250 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to <br> 11/15/2055 and the market value of those underlying securities was $2,703,824,507.<br>| &nbsp;&nbsp; 2650000000 |
| 4000000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income Clearing Corporation - BNYM will <br> repurchase securities provided as collateral for $4,001,220,000 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to <br> 6/30/2030 and the market value of those underlying securities was $4,080,000,017.<br>| &nbsp;&nbsp; 4000000000 |
| 2000000000 | Repurchase agreement 3.67%, dated 1/30/2026 under which Fixed Income Clearing Corporation - BNYM will <br> repurchase securities provided as collateral for $2,000,611,667 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various <br> maturities to 11/1/2055 and the market value of those underlying securities was $2,060,000,561.<br>| &nbsp;&nbsp; 2000000000 |
| 3650000000 | Repurchase agreement 3.67%, dated 1/30/2026 under which Fixed Income Clearing Corporation - CITI will <br> repurchase securities provided as collateral for $3,651,116,292 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury <br> securities with various maturities to 2/1/2056 and the market value of those underlying securities <br> was $3,723,000,007.<br>| &nbsp;&nbsp; 3650000000 |

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Semi-Annual Financial Statements and Additional Information

**8**

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| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS—continued |  |
|  | **Finance - Banking—continued** |  |
| $1000000000 | Interest in $12,000,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income Clearing <br> Corporation - SSB will repurchase securities provided as collateral for $12,003,660,000 on 2/2/2026. The securities <br> provided as collateral at the end of the period held with State Street Bank & Trust Co. as custodian, were <br> U.S. Treasury securities with various maturities to 11/15/2055 and the market value of those underlying securities <br> was $12,247,523,340.<br>| &nbsp;&nbsp; $1000000000 |
| 2000000000 | Interest in $5,100,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Goldman Sachs & Co. <br> will repurchase securities provided as collateral for $5,101,559,750 on 2/2/2026. The securities provided as collateral <br> at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities <br> to 8/15/2053 and the market value of those underlying securities was $5,203,590,988.<br>| &nbsp;&nbsp; 2000000000 |
| 1500000000 | Interest in $9,500,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which J.P. Morgan Securities <br> LLC will repurchase securities provided as collateral for $9,502,897,500 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various <br> maturities to 10/15/2030 and the market value of those underlying securities was $9,690,000,072.<br>| &nbsp;&nbsp; 1500000000 |
| 2500000000 | Interest in $9,500,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which J.P. Morgan Securities <br> LLC will repurchase securities provided as collateral for $9,502,897,500 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various <br> maturities to 11/30/2029 and the market value of those underlying securities was $9,690,000,094.<br>| &nbsp;&nbsp; 2500000000 |
| 500000000 | Interest in $1,000,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which MUFG Securities <br> Americas, Inc. will repurchase securities provided as collateral for $1,000,305,833 on 2/2/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government <br> Agency securities with various maturities to 1/16/2068 and the market value of those underlying securities <br> was $1,027,620,791.<br>| &nbsp;&nbsp; 500000000 |
| 250000000 | Interest in $1,495,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Natixis Financial <br> Products LLC will repurchase securities provided as collateral for $1,495,457,221 on 2/2/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government <br> Agency and U.S. Treasury securities with various maturities to 7/20/2072 and the market value of those underlying <br> securities was $1,525,858,595.<br>| &nbsp;&nbsp; 250000000 |
| 1000000000 | Interest in $3,150,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which RBC Dominion <br> Securities, Inc. will repurchase securities provided as collateral for $3,150,963,375 on 2/2/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government <br> Agency and U.S. Treasury securities with various maturities to 2/20/2065 and the market value of those underlying <br> securities was $3,225,707,271.<br>| &nbsp;&nbsp; 1000000000 |
| 1000000000 | Interest in $3,000,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Standard Chartered <br> Bank will repurchase securities provided as collateral for $3,000,917,500 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and <br> U.S. Treasury securities with various maturities to 12/15/2067 and the market value of those underlying securities <br> was $3,061,775,010.<br>| &nbsp;&nbsp; 1000000000 |
| 2000000000 | Interest in $4,500,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Sumitomo Mitsui <br> Banking Corp. will repurchase securities provided as collateral for $4,501,376,250 on 2/2/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government <br> Agency securities with various maturities to 1/1/2055 and the market value of those underlying securities <br> was $4,591,403,775.<br>| &nbsp;&nbsp; 2000000000 |
| 2500000000 | Interest in $6,380,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Wells Fargo Securities <br> LLC will repurchase securities provided as collateral for $6,381,951,217 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and <br> U.S. Treasury securities with various maturities to 1/20/2056 and the market value of those underlying securities <br> was $6,509,590,311.<br>| &nbsp;&nbsp; 2500000000 |
|  | TOTAL REPURCHASE AGREEMENTS | &nbsp;&nbsp; 31200000000 |
|  | TOTAL INVESTMENT IN SECURITIES—97.5% <br>(AT AMORTIZED COST)<sup>3</sup> <br>| &nbsp;&nbsp; 101403564148 |
|  | OTHER ASSETS AND LIABILITIES - NET—2.5%<sup>4</sup> <br>| &nbsp;&nbsp; 2625782276 |
|  | NET ASSETS—100% | &nbsp;&nbsp; $104029346424 |

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

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| | |
|:---|:---|
| 1 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
| 2 | Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate <br> and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in <br> their description above.<br>|
| 3 | Also represents cost of investments for federal tax purposes. |
| 4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |

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Note: The categories of investments are shown as a percentage of net assets at January 31, 2026.

Semi-Annual Financial Statements and Additional Information

**9**

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

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

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

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

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

In valuing the Fund's assets as of January 31, 2026, all investments of the Fund are valued at amortized cost, which is a methodology utilizing Level 2 inputs.

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| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | The following acronym(s) are used throughout this portfolio: |
| COL | —Collateralized |
| GTD | —Guaranteed |
| LIQ | —Liquidity Agreement |
| LOC | —Letter of Credit |
| MHF | —Maryland Housing Fund |
| SOFR | —Secured Overnight Financing Rate |
| VRDNs | —Variable Rate Demand Notes |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**10**

------

Financial Highlights–Automated Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.019 | 0.042 | 0.051 | 0.038 | 0.002 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | &nbsp;&nbsp; — | 0.001 | 0.000<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.019 | 0.043 | 0.051 | 0.038 | 0.002 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.019) | &nbsp;&nbsp; (0.043) | &nbsp;&nbsp; (0.051) | &nbsp;&nbsp; (0.038) | &nbsp;&nbsp; (0.002) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Total Distributions | &nbsp;&nbsp; (0.019) | &nbsp;&nbsp; (0.043) | &nbsp;&nbsp; (0.051) | &nbsp;&nbsp; (0.038) | &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** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.89% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 5.23% | &nbsp;&nbsp; 3.89% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.50%<sup>5</sup> <br>| &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.23% |
| Net investment income | &nbsp;&nbsp; 3.69%<sup>5</sup> <br>| &nbsp;&nbsp; 4.23% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 3.70% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.03%<sup>5</sup> <br>| &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.41% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1636161 | &nbsp;&nbsp; $1327305 | &nbsp;&nbsp; $965810 | &nbsp;&nbsp; $536771 | &nbsp;&nbsp; $711893 | &nbsp;&nbsp; $1034830 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**11**

------

Financial Highlights–Class R Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.015 | 0.036 | 0.045 | 0.032 | 0.001 | 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>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.015 | 0.036 | 0.045 | 0.032 | 0.001 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.015) | &nbsp;&nbsp; (0.036) | &nbsp;&nbsp; (0.045) | &nbsp;&nbsp; (0.032) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Total Distributions | &nbsp;&nbsp; (0.015) | &nbsp;&nbsp; (0.036) | &nbsp;&nbsp; (0.045) | &nbsp;&nbsp; (0.032) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 3.68% | &nbsp;&nbsp; 4.56% | &nbsp;&nbsp; 3.24% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 1.15%<sup>5</sup> <br>| &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.23% |
| Net investment income | &nbsp;&nbsp; 3.06%<sup>5</sup> <br>| &nbsp;&nbsp; 3.61% | &nbsp;&nbsp; 4.46% | &nbsp;&nbsp; 3.23% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 1.09% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $53264 | &nbsp;&nbsp; $57042 | &nbsp;&nbsp; $51757 | &nbsp;&nbsp; $48737 | &nbsp;&nbsp; $41244 | &nbsp;&nbsp; $38762 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**12**

------

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.020 | 0.045 | 0.054 | 0.041 | 0.003 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | &nbsp;&nbsp; — | 0.001 | 0.000<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| TOTAL FROM INVESTMENT OPERATIONS | 0.020 | 0.046 | 0.054 | 0.041 | 0.003 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.020) | &nbsp;&nbsp; (0.046) | &nbsp;&nbsp; (0.054) | &nbsp;&nbsp; (0.041) | &nbsp;&nbsp; (0.003) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| TOTAL DISTRIBUTIONS | &nbsp;&nbsp; (0.020) | &nbsp;&nbsp; (0.046) | &nbsp;&nbsp; (0.054) | &nbsp;&nbsp; (0.041) | &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** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 2.04% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 5.52% | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.04% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.20%<sup>5</sup> <br>| &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.20% |
| Net investment income | &nbsp;&nbsp; 3.99%<sup>5</sup> <br>| &nbsp;&nbsp; 4.54% | &nbsp;&nbsp; 5.39% | &nbsp;&nbsp; 4.42% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.04% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.03%<sup>5</sup> <br>| &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.10% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $92899634 | &nbsp;&nbsp; $87059962 | &nbsp;&nbsp; $69770608 | &nbsp;&nbsp; $44262167 | &nbsp;&nbsp; $13928308 | &nbsp;&nbsp; $11788470 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**13**

------

Financial Highlights–Advisor Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.020 | 0.046 | 0.054 | 0.041 | 0.003 | 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>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.020 | 0.046 | 0.054 | 0.041 | 0.003 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.020) | &nbsp;&nbsp; (0.046) | &nbsp;&nbsp; (0.054) | &nbsp;&nbsp; (0.041) | &nbsp;&nbsp; (0.003) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Total Distributions | &nbsp;&nbsp; (0.020) | &nbsp;&nbsp; (0.046) | &nbsp;&nbsp; (0.054) | &nbsp;&nbsp; (0.041) | &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** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 2.04% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 5.52% | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.04% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.20%<sup>5</sup> <br>| &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.20% |
| Net investment income | &nbsp;&nbsp; 4.01%<sup>5</sup> <br>| &nbsp;&nbsp; 4.56% | &nbsp;&nbsp; 5.39% | &nbsp;&nbsp; 4.42% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.04% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.03%<sup>5</sup> <br>| &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.10% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $2351335 | &nbsp;&nbsp; $2653891 | &nbsp;&nbsp; $2731361 | &nbsp;&nbsp; $3288901 | &nbsp;&nbsp; $1026476 | &nbsp;&nbsp; $187921 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**14**

------

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.019 | 0.043 | 0.051 | 0.039 | 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>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.019 | 0.043 | 0.051 | 0.039 | 0.002 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.019) | &nbsp;&nbsp; (0.043) | &nbsp;&nbsp; (0.051) | &nbsp;&nbsp; (0.039) | &nbsp;&nbsp; (0.002) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Total Distributions | &nbsp;&nbsp; (0.019) | &nbsp;&nbsp; (0.043) | &nbsp;&nbsp; (0.051) | &nbsp;&nbsp; (0.039) | &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** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 4.39% | &nbsp;&nbsp; 5.26% | &nbsp;&nbsp; 3.94% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.45%<sup>5</sup> <br>| &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.23% |
| Net investment income | &nbsp;&nbsp; 3.75%<sup>5</sup> <br>| &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 5.14% | &nbsp;&nbsp; 4.07% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.03%<sup>5</sup> <br>| &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.32% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $4566771 | &nbsp;&nbsp; $4500346 | &nbsp;&nbsp; $4082531 | &nbsp;&nbsp; $2868424 | &nbsp;&nbsp; $1479712 | &nbsp;&nbsp; $1711361 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**15**

------

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.017 | 0.039 | 0.047 | 0.034 | 0.001 | 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>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.017 | 0.039 | 0.047 | 0.034 | 0.001 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.017) | &nbsp;&nbsp; (0.039) | &nbsp;&nbsp; (0.047) | &nbsp;&nbsp; (0.034) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Total Distributions | &nbsp;&nbsp; (0.017) | &nbsp;&nbsp; (0.039) | &nbsp;&nbsp; (0.047) | &nbsp;&nbsp; (0.034) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 3.93% | &nbsp;&nbsp; 4.79% | &nbsp;&nbsp; 3.48% | &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.90%<sup>5</sup> <br>| &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.22% |
| Net investment income | &nbsp;&nbsp; 3.30%<sup>5</sup> <br>| &nbsp;&nbsp; 3.85% | &nbsp;&nbsp; 4.69% | &nbsp;&nbsp; 3.35% | &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.03%<sup>5</sup> <br>| &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.78% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1450633 | &nbsp;&nbsp; $1348655 | &nbsp;&nbsp; $1198130 | &nbsp;&nbsp; $1061640 | &nbsp;&nbsp; $1301550 | &nbsp;&nbsp; $1275933 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**16**

------

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.016 | 0.037 | 0.045 | 0.033 | 0.001 | 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>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.016 | 0.037 | 0.045 | 0.033 | 0.001 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.016) | &nbsp;&nbsp; (0.037) | &nbsp;&nbsp; (0.045) | &nbsp;&nbsp; (0.033) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Total Distributions | &nbsp;&nbsp; (0.016) | &nbsp;&nbsp; (0.037) | &nbsp;&nbsp; (0.045) | &nbsp;&nbsp; (0.033) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 3.77% | &nbsp;&nbsp; 4.64% | &nbsp;&nbsp; 3.34% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 1.05%<sup>5</sup> <br>| &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.22% |
| Net investment income | &nbsp;&nbsp; 3.15%<sup>5</sup> <br>| &nbsp;&nbsp; 3.70% | &nbsp;&nbsp; 4.54% | &nbsp;&nbsp; 3.45% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.13%<sup>5</sup> <br>| &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 1.03% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $124206 | &nbsp;&nbsp; $109040 | &nbsp;&nbsp; $115357 | &nbsp;&nbsp; $72195 | &nbsp;&nbsp; $42283 | &nbsp;&nbsp; $42076 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**17**

------

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.020 | 0.045 | 0.053 | 0.040 | 0.003 | 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>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.020 | 0.045 | 0.053 | 0.040 | 0.003 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.020) | &nbsp;&nbsp; (0.045) | &nbsp;&nbsp; (0.053) | &nbsp;&nbsp; (0.040) | &nbsp;&nbsp; (0.003) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Total Distributions | &nbsp;&nbsp; (0.020) | &nbsp;&nbsp; (0.045) | &nbsp;&nbsp; (0.053) | &nbsp;&nbsp; (0.040) | &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** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 5.42% | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.30%<sup>5</sup> <br>| &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.23% |
| Net investment income | &nbsp;&nbsp; 3.90%<sup>5</sup> <br>| &nbsp;&nbsp; 4.46% | &nbsp;&nbsp; 5.29% | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.03%<sup>5</sup> <br>| &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.18% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $818237 | &nbsp;&nbsp; $801415 | &nbsp;&nbsp; $787691 | &nbsp;&nbsp; $600915 | &nbsp;&nbsp; $310975 | &nbsp;&nbsp; $329279 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**18**

------

Financial Highlights–Trust Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.018 | 0.041 | 0.049 | 0.036 | 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>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.018 | 0.041 | 0.049 | 0.036 | 0.002 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.018) | &nbsp;&nbsp; (0.041) | &nbsp;&nbsp; (0.049) | &nbsp;&nbsp; (0.036) | &nbsp;&nbsp; (0.002) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Total Distributions | &nbsp;&nbsp; (0.018) | &nbsp;&nbsp; (0.041) | &nbsp;&nbsp; (0.049) | &nbsp;&nbsp; (0.036) | &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** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 4.16% | &nbsp;&nbsp; 5.03% | &nbsp;&nbsp; 3.69% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.68%<sup>5</sup> <br>| &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.23% |
| Net investment income | &nbsp;&nbsp; 3.54%<sup>5</sup> <br>| &nbsp;&nbsp; 4.07% | &nbsp;&nbsp; 4.91% | &nbsp;&nbsp; 3.97% | &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.03%<sup>5</sup> <br>| &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.57% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $129103 | &nbsp;&nbsp; $144211 | &nbsp;&nbsp; $115945 | &nbsp;&nbsp; $48449 | &nbsp;&nbsp; $18172 | &nbsp;&nbsp; $2670993 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**19**

------

Statement of Assets and Liabilities

January 31, 2026 (unaudited)

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in repurchase agreements and other repurchase agreements | &nbsp;&nbsp; $52342500000 |
| Investment in securities | &nbsp;&nbsp; 49061064148 |
| Investment in securities, at amortized cost and fair value | &nbsp;&nbsp; 101403564148 |
| Cash | &nbsp;&nbsp; 2610186566 |
| Income receivable | &nbsp;&nbsp; 233498393 |
| Receivable for shares sold | &nbsp;&nbsp; 277255239 |
| Total Assets | &nbsp;&nbsp; 104524504346 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp; 185000000 |
| Payable for shares redeemed | &nbsp;&nbsp; 299060527 |
| Income distribution payable | &nbsp;&nbsp; 5941903 |
| Payable for investment adviser fee (Note 5) | &nbsp;&nbsp; 677635 |
| Payable for administrative fee (Note 5) | &nbsp;&nbsp; 438827 |
| Payable for distribution services fee (Note 5) | &nbsp;&nbsp; 531991 |
| Payable for other service fees (Notes 2 and 5) | &nbsp;&nbsp; 1842027 |
| Accrued expenses (Note 5) | &nbsp;&nbsp; 1665012 |
| Total Liabilities | &nbsp;&nbsp; 495157922 |
| Net assets for 104,037,358,316 shares outstanding | &nbsp;&nbsp; $104029346424 |
| **Net Assets Consist of:** |  |
| Paid-in capital | &nbsp;&nbsp; $104037349497 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (8003073) |
| Net Assets | &nbsp;&nbsp; $104029346424 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Automated Shares:** |  |
| $1,636,161,143 ÷ 1,636,288,686 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Class R Shares:** |  |
| $53,264,482 ÷ 53,268,586 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Wealth Shares:** |  |
| $92,899,634,318 ÷ 92,906,789,561 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Advisor Shares:** |  |
| $2,351,335,104 ÷ 2,351,516,636 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Service Shares:** |  |
| $4,566,771,434 ÷ 4,567,122,793 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Cash II Shares:** |  |
| $1,450,633,314 ÷ 1,450,744,165 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Cash Series Shares:** |  |
| $124,206,306 ÷ 124,215,846 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Capital Shares:** |  |
| $818,236,889 ÷ 818,298,732 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Trust Shares:** |  |
| $129,103,434 ÷ 129,113,311 shares outstanding, no par value, unlimited shares authorized | $1.00 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**20**

------

Statement of Operations

Six Months Ended January 31, 2026 (unaudited)

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $2142051154 |
| **Expenses:** |  |
| Investment adviser fee (Note 5) | &nbsp;&nbsp; 76524770 |
| Administrative fee (Note 5) | &nbsp;&nbsp; 39411761 |
| Custodian fees | &nbsp;&nbsp; 1384564 |
| Transfer agent fees (Note 2) | &nbsp;&nbsp; 1581437 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp; 248881 |
| Auditing fees | &nbsp;&nbsp; 15255 |
| Legal fees | &nbsp;&nbsp; 5426 |
| Portfolio accounting fees | &nbsp;&nbsp; 144356 |
| Distribution services fee (Note 5) | &nbsp;&nbsp; 3111549 |
| Other service fees (Notes 2 and 5) | &nbsp;&nbsp; 10177766 |
| Share registration costs | &nbsp;&nbsp; 912586 |
| Printing and postage | &nbsp;&nbsp; 694199 |
| Miscellaneous (Note 5) | &nbsp;&nbsp; 191780 |
| TOTAL EXPENSES | &nbsp;&nbsp; 134404330 |
| **Waivers and Reimbursements:** |  |
| Waiver of investment adviser fee (Note 5) | &nbsp;&nbsp; (15459062) |
| Waiver/reimbursement of other operating expenses (Notes 2 and 5) | &nbsp;&nbsp; (73325) |
| TOTAL WAIVERS AND REIMBURSEMENTS | &nbsp;&nbsp; (15532387) |
| Net expenses | &nbsp;&nbsp; 118871943 |
| Net investment income | &nbsp;&nbsp; 2023179211 |
| Change in net assets resulting from operations | &nbsp;&nbsp; $2023179211 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**21**

------

Statement of Changes in Net Assets

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

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

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026**<br>| **Year Ended** <br>**7/31/2025**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $2023179211 | &nbsp;&nbsp; $4024018550 |
| Net realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; 257492 |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; 2023179211 | &nbsp;&nbsp; 4024276042 |
| **Distributions to Shareholders:** |  |  |
| Automated Shares | &nbsp;&nbsp; (27702916) | &nbsp;&nbsp; (47021260) |
| Class R Shares | &nbsp;&nbsp; (841863) | &nbsp;&nbsp; (1899066) |
| Wealth Shares | &nbsp;&nbsp; (1818786515) | &nbsp;&nbsp; (3572981262) |
| Advisor Shares | &nbsp;&nbsp; (50381003) | &nbsp;&nbsp; (119826952) |
| Service Shares | &nbsp;&nbsp; (86827862) | &nbsp;&nbsp; (186838434) |
| Cash II Shares | &nbsp;&nbsp; (23129405) | &nbsp;&nbsp; (50359851) |
| Cash Series Shares | &nbsp;&nbsp; (1865618) | &nbsp;&nbsp; (4256855) |
| Capital Shares | &nbsp;&nbsp; (16018198) | &nbsp;&nbsp; (35601262) |
| Trust Shares | &nbsp;&nbsp; (2449827) | &nbsp;&nbsp; (5156855) |
| CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | &nbsp;&nbsp; (2028003207) | &nbsp;&nbsp; (4023941797) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 48767998676 | &nbsp;&nbsp; 97842817870 |
| Net asset value of shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 1988621289 | &nbsp;&nbsp; 3940619207 |
| Cost of shares redeemed | &nbsp;&nbsp; (44724316219) | &nbsp;&nbsp; (83601093709) |
| CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | &nbsp;&nbsp; 6032303746 | &nbsp;&nbsp; 18182343368 |
| Change in net assets | &nbsp;&nbsp; 6027479750 | &nbsp;&nbsp; 18182677613 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 98001866674 | &nbsp;&nbsp; 79819189061 |
| End of period | &nbsp;&nbsp; $104029346424 | &nbsp;&nbsp; $98001866674 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**22**

------

Notes to Financial Statements

January 31, 2026 (unaudited)

**1. ORGANIZATION** 

Federated Hermes Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of 14 portfolios. The financial statements included herein are only those of Federated Hermes Prime Cash Obligations Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers nine classes of shares: Automated Shares, Class R Shares, Wealth Shares, Advisor Shares, Service Shares, Cash II Shares, Cash Series Shares, Capital Shares and Trust Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income consistent with stability of principal and liquidity.

The Fund operates as a retail money market fund. As a retail money market fund, the Fund: (1) will generally continue to use amortized cost to value its portfolio securities and transact at a stable $1.00 net asset value (NAV); (2) has adopted policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons as required for a retail money market fund by Rule 2a-7 under the Act; and (3) 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.

**Repurchase Agreements** 

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

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

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

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

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

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions 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 reimbursements of $15,532,387 is disclosed in various locations in this Note 2 and Note 5.

**Transfer Agent Fees** 

For the six months ended January 31, 2026, transfer agent fees for the Fund were as follows:

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| | | |
|:---|:---|:---|
|  | **Transfer Agent** <br>**Fees Incurred**<br>| **Transfer Agent** <br>**Fees Reimbursed**<br>|
| Automated Shares | &nbsp;&nbsp; $350265 | &nbsp;&nbsp; $— |
| Class R Shares | &nbsp;&nbsp; 68063 | (76) |
| Wealth Shares | &nbsp;&nbsp; 408417 | (233) |
| Advisor Shares | &nbsp;&nbsp; 11280 | &nbsp;&nbsp; — |
| Service Shares | &nbsp;&nbsp; 20797 | &nbsp;&nbsp; — |
| Cash II Shares | &nbsp;&nbsp; 661479 | &nbsp;&nbsp; — |
| Cash Series Shares | &nbsp;&nbsp; 56827 | (163) |
| Capital Shares | &nbsp;&nbsp; 3686 | &nbsp;&nbsp; — |
| Trust Shares | &nbsp;&nbsp; 623 | &nbsp;&nbsp; — |
| TOTAL | &nbsp;&nbsp; $1581437 | &nbsp;&nbsp; $(472) |

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**Other Service Fees** 

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Automated Shares, Class R Shares, Wealth Shares, Advisor Shares, Service Shares, Cash II Shares, Cash Series Shares, Capital Shares and Trust Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Financial intermediaries may include a company affiliated with management of Federated Hermes, Inc. A financial intermediary affiliated with management of Federated Hermes, Inc. received $22,814 of other service fees for the six months ended January 31, 2026. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees.

For the six months ended January 31, 2026, other service fees for the Fund were as follows:

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| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Automated Shares | &nbsp;&nbsp; $1872347 |
| Class R Shares | &nbsp;&nbsp; 68359 |
| Service Shares | &nbsp;&nbsp; 5779295 |
| Cash II Shares | &nbsp;&nbsp; 1747663 |
| Cash Series Shares | &nbsp;&nbsp; 147834 |
| Capital Shares | &nbsp;&nbsp; 410114 |
| Trust Shares | &nbsp;&nbsp; 152154 |
| TOTAL | &nbsp;&nbsp; $10177766 |

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For the six months ended January 31, 2026, the Fund's Wealth Shares and Advisor Shares did not incur other service fees; however, they may begin to incur this fee upon approval of the Trustees.

**Federal Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended January 31, 2026, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of January 31, 2026, 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.

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

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

**Restricted Securities** 

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

**Other** 

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

**3. SHARES OF BENEFICIAL INTEREST** 

The following tables summarize share activity:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Automated Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 1036618262 | &nbsp;&nbsp; $1036618262 | &nbsp;&nbsp; 1467529999 | &nbsp;&nbsp; $1467529999 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 27458245 | &nbsp;&nbsp; 27458245 | &nbsp;&nbsp; 46621717 | &nbsp;&nbsp; 46621717 |
| Shares redeemed | &nbsp;&nbsp; (755136350) | &nbsp;&nbsp; (755136350) | &nbsp;&nbsp; (1152655530) | &nbsp;&nbsp; (1152655530) |
| NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | &nbsp;&nbsp; 308940157 | &nbsp;&nbsp; $308940157 | &nbsp;&nbsp; 361496186 | &nbsp;&nbsp; $361496186 |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Class R Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 6485846 | &nbsp;&nbsp; $6485846 | &nbsp;&nbsp; 25517064 | &nbsp;&nbsp; $25517064 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 838825 | &nbsp;&nbsp; 838825 | &nbsp;&nbsp; 1894632 | &nbsp;&nbsp; 1894632 |
| Shares redeemed | &nbsp;&nbsp; (11100228) | &nbsp;&nbsp; (11100228) | &nbsp;&nbsp; (22127191) | &nbsp;&nbsp; (22127191) |
| NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | &nbsp;&nbsp; (3775557) | &nbsp;&nbsp; $(3775557) | &nbsp;&nbsp; 5284505 | &nbsp;&nbsp; $5284505 |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Wealth Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 43227624272 | &nbsp;&nbsp; $43227624272 | &nbsp;&nbsp; 86546169577 | &nbsp;&nbsp; $86546169577 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 1784486146 | &nbsp;&nbsp; 1784486146 | &nbsp;&nbsp; 3498515464 | &nbsp;&nbsp; 3498515464 |
| Shares redeemed | &nbsp;&nbsp; (39168113846) | &nbsp;&nbsp; (39168113846) | &nbsp;&nbsp; (72755577603) | &nbsp;&nbsp; (72755577606) |
| NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | &nbsp;&nbsp; 5843996572 | &nbsp;&nbsp; $5843996572 | &nbsp;&nbsp; 17289107438 | &nbsp;&nbsp; $17289107435 |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Advisor Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 1439774556 | &nbsp;&nbsp; $1439774556 | &nbsp;&nbsp; 3592725044 | &nbsp;&nbsp; $3592725044 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 50380966 | &nbsp;&nbsp; 50380966 | &nbsp;&nbsp; 119826103 | &nbsp;&nbsp; 119826103 |
| Shares redeemed | &nbsp;&nbsp; (1792616951) | &nbsp;&nbsp; (1792616951) | &nbsp;&nbsp; (3790054906) | &nbsp;&nbsp; (3790054906) |
| NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS | &nbsp;&nbsp; (302461429) | &nbsp;&nbsp; $(302461429) | &nbsp;&nbsp; (77503759) | &nbsp;&nbsp; $(77503759) |

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Semi-Annual Financial Statements and Additional Information

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Service Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 2119918796 | &nbsp;&nbsp; $2119918796 | &nbsp;&nbsp; 4285986095 | &nbsp;&nbsp; $4285986095 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 83396350 | &nbsp;&nbsp; 83396350 | &nbsp;&nbsp; 181495629 | &nbsp;&nbsp; 181495629 |
| Shares redeemed | &nbsp;&nbsp; (2136684395) | &nbsp;&nbsp; (2136684395) | &nbsp;&nbsp; (4049701151) | &nbsp;&nbsp; (4049701151) |
| NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | &nbsp;&nbsp; 66630751 | &nbsp;&nbsp; $66630751 | &nbsp;&nbsp; 417780573 | &nbsp;&nbsp; $417780573 |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Cash II Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 494760925 | &nbsp;&nbsp; $494760925 | &nbsp;&nbsp; 888258497 | &nbsp;&nbsp; $888258497 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 22869083 | &nbsp;&nbsp; 22869083 | &nbsp;&nbsp; 49773630 | &nbsp;&nbsp; 49773630 |
| Shares redeemed | &nbsp;&nbsp; (415584328) | &nbsp;&nbsp; (415584328) | &nbsp;&nbsp; (787516159) | &nbsp;&nbsp; (787516159) |
| NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | &nbsp;&nbsp; 102045680 | &nbsp;&nbsp; $102045680 | &nbsp;&nbsp; 150515968 | &nbsp;&nbsp; $150515968 |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Cash Series Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 79045077 | &nbsp;&nbsp; $79045077 | &nbsp;&nbsp; 129018890 | &nbsp;&nbsp; $129018890 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 1845495 | &nbsp;&nbsp; 1845495 | &nbsp;&nbsp; 4206114 | &nbsp;&nbsp; 4206114 |
| Shares redeemed | &nbsp;&nbsp; (65718595) | &nbsp;&nbsp; (65718595) | &nbsp;&nbsp; (139543248) | &nbsp;&nbsp; (139543248) |
| NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | &nbsp;&nbsp; 15171977 | &nbsp;&nbsp; $15171977 | &nbsp;&nbsp; (6318244) | &nbsp;&nbsp; $(6318244) |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Capital Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 295415729 | &nbsp;&nbsp; $295415729 | &nbsp;&nbsp; 655997021 | &nbsp;&nbsp; $655997021 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 14902522 | &nbsp;&nbsp; 14902522 | &nbsp;&nbsp; 33156723 | &nbsp;&nbsp; 33156723 |
| Shares redeemed | &nbsp;&nbsp; (293460608) | &nbsp;&nbsp; (293460608) | &nbsp;&nbsp; (675438379) | &nbsp;&nbsp; (675438379) |
| NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | &nbsp;&nbsp; 16857643 | &nbsp;&nbsp; $16857643 | &nbsp;&nbsp; 13715365 | &nbsp;&nbsp; $13715365 |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Trust Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 68355213 | &nbsp;&nbsp; $68355213 | &nbsp;&nbsp; 251615683 | &nbsp;&nbsp; $251615683 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 2443657 | &nbsp;&nbsp; 2443657 | &nbsp;&nbsp; 5129195 | &nbsp;&nbsp; 5129195 |
| Shares redeemed | &nbsp;&nbsp; (85900918) | &nbsp;&nbsp; (85900918) | &nbsp;&nbsp; (228479539) | &nbsp;&nbsp; (228479539) |
| NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | &nbsp;&nbsp; (15102048) | &nbsp;&nbsp; $(15102048) | &nbsp;&nbsp; 28265339 | &nbsp;&nbsp; $28265339 |
| NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | &nbsp;&nbsp; 6032303746 | &nbsp;&nbsp; $6032303746 | &nbsp;&nbsp; 18182343371 | &nbsp;&nbsp; $18182343368 |

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**4. FEDERAL TAX INFORMATION** 

As of July 31, 2025, the Fund had a capital loss carryforward of $3,303,184 which will reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these net capital losses retain their character as either short-term or long-term and do not expire.

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

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| | | |
|:---|:---|:---|
| **Short-Term** | **Long-Term** | **Total** |
| $3303184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3303184 |

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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 0.15% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Fund's Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended January 31, 2026, the Adviser voluntarily waived $15,459,062 of its fee and voluntarily reimbursed $472 of transfer agent fees.

**Administrative Fee** 

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

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| | |
|:---|:---|
| **Administrative Fee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |

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Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2026, the annualized fee paid to FAS was 0.077% of average daily net assets of the Fund.

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

**Distribution Services Fee** 

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

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Average Daily** <br>**Net Assets of Class**<br>|
| Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50% |
| Cash II Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35% |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60% |
| Trust Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25% |

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Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2026, distribution services fees for the Fund were as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Distribution Services** <br>**Fees Incurred**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Distribution Services** <br>**Fees Waived**<br>|
| Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $137195 | $(13719) |
| Cash II Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2446728 |  |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354802 | (59134) |
| Trust Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172824 |  |
| TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3111549 | $(72853) |

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When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended January 31, 2026, FSC retained $324,259 of fees paid by the Fund.

**Other Service Fees** 

For the six months ended January 31, 2026, FSSC received $21,148 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) including the Fund's share of fees and expenses of the investments in affiliated funds paid by the Fund's Automated Shares, Class R Shares, Wealth Shares, Advisor Shares, Service Shares, Cash II Shares, Cash Series Shares, Capital Shares and Trust Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.50%, 1.15%,

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**27**

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0.20%, 0.20%, 0.45%, 0.90%, 1.05%, 0.30% and 0.70% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 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.

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

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

**6. CONCENTRATION OF RISK** 

A substantial portion of the Fund's portfolio may be comprised of securities deemed by the Adviser to be in similar sectors. As a result, the Fund may be more susceptible to any economic, business, political or other developments which generally affect these entities.

**7. 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.

**8. LINE OF CREDIT** 

The Fund participates with certain other Federated Hermes Funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement dated June 17, 2025. The LOC was made available to temporarily finance the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund's ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to (a) the highest, on any day, of (i) the federal funds effective rate, (ii) the published secured overnight financing rate plus an assigned percentage, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of a commitment fee based on the amount of the lenders' commitment that has not been utilized, quarterly in arrears and at maturity. As of January 31, 2026, the Fund had no outstanding loans. During the six months ended January 31, 2026, the Fund did not utilize the LOC.

**9. INTERFUND LENDING** 

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of January 31, 2026, there were no outstanding loans. During the six months ended January 31, 2026, the program was not utilized.

**10. OPERATING SEGMENTS** 

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

**11. INDEMNIFICATIONS** 

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

Semi-Annual Financial Statements and Additional Information

**28**

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Evaluation and Approval of Advisory Contract–May 2025

**Federated Hermes Prime Cash Obligations Fund (the "Fund")**

At its meetings in May 2025 (the "May Meetings"), the Fund's Board of Trustees (the "Board"), including those Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") (the "Contract") for an additional one-year term. The Board's determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering such information deemed necessary to evaluate the terms of the Contract and to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

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

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written report regarding data related to the Fund's management fee (the "CCO Management Fee Report"). The Board considered the CCO Management Fee Report, along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contract.

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

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: (1) copies of the Contract; (2) the nature, quality and extent of the advisory and other services provided to the Fund by Federated Hermes; (3) Federated Hermes' business and operations; (4) the Adviser's investment philosophy, personnel and processes; (5) the Fund's investment objective and strategies; (6) the Fund's short-term and long-term performance - in absolute terms (both on a gross basis and net of expenses) and relative to an appropriate group of peer funds and its benchmark; (7) the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund - in absolute terms and relative to an appropriate group of peer funds, with due regard for contractual or voluntary expense limitations (if any); (8) the financial condition of Federated Hermes; (9) the Adviser's profitability with respect to managing the Fund; (10) distribution and sales activity for the Fund; and (11) the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in evaluating the Contract. Using these judicial decisions as a guide, the Board considered several factors it deemed relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund, including: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser's cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize "economies of scale" as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any "fall-out" benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fees and expenses, including a comparison of management fees paid to the adviser with those paid by similar funds managed by the same adviser or other advisers as well as management fees charged to institutional and other advisory clients of the same adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser's services and fees. The Board considered that the Securities and Exchange Commission ("SEC") disclosure requirements regarding the basis for a fund board's approval of the fund's investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its evaluation of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a "Federated Hermes Fund" and, collectively, the "Federated Hermes Funds").

Semi-Annual Financial Statements and Additional Information

**29**

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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

Semi-Annual Financial Statements and Additional Information

**30**

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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.

Semi-Annual Financial Statements and Additional Information

**31**

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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 below the median of the Expense Peer Group, and the Board was satisfied that the overall expense structure of the Fund remained competitive. 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 October 1, 2023.

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

Semi-Annual Financial Statements and Additional Information

**32**

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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.

Semi-Annual Financial Statements and Additional Information

**33**

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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.

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

**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY**

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

![](fhilogok11p.jpg)

Federated Hermes Prime Cash Obligations Fund

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

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

or call 1-800-341-7400.

Federated Securities Corp., Distributor

CUSIP 608919627

CUSIP 608919577

CUSIP 60934N625

CUSIP 608919429

CUSIP 60934N617

CUSIP 608919593

CUSIP 608919585

CUSIP 60934N591

CUSIP 608919619

Q450198 (3/26)© 2026 Federated Hermes, Inc.

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**Semi-Annual Financial Statements**

**and Additional Information**

**January 31, 2026**

![](img66acf8731.gif)

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

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| | | |
|:---|:---|:---|
| **Share Class** \| Ticker | **Institutional** \| POIXX | **Service** \| PRSXX |

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Federated Hermes Institutional Prime Obligations Fund

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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_5833014f-2ef3-4f3d-becd-a312e541f4b4_1) | [1](#xx_5833014f-2ef3-4f3d-becd-a312e541f4b4_1)  |
| [Financial Highlights](#xx_508066ef-397b-49ea-8ac4-ed0c10b4305a_1) | [8](#xx_508066ef-397b-49ea-8ac4-ed0c10b4305a_1)  |
| [Statement of Assets and Liabilities](#xx_e32640b5-5403-4a4d-8cb0-2e8208b726a8_1) | [10](#xx_e32640b5-5403-4a4d-8cb0-2e8208b726a8_1)  |
| [Statement of Operations](#xx_e32640b5-5403-4a4d-8cb0-2e8208b726a8_2) | [11](#xx_e32640b5-5403-4a4d-8cb0-2e8208b726a8_2)  |
| [Statement of Changes in Net Assets](#xx_e32640b5-5403-4a4d-8cb0-2e8208b726a8_3) | [12](#xx_e32640b5-5403-4a4d-8cb0-2e8208b726a8_3)  |
| [Notes to Financial Statements](#xx_8a9311e5-46fe-4f0f-9edf-c2e127f70877_1) | [13](#xx_8a9311e5-46fe-4f0f-9edf-c2e127f70877_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_fb81d4f1-2544-4f16-9eab-3547dd9d7c7b_1) | [18](#xx_fb81d4f1-2544-4f16-9eab-3547dd9d7c7b_1)  |
| [Voting Proxies on Fund Portfolio Securities](#xx_42674f1d-59de-46ce-b7cf-260cebf95d1b_1) | [23](#xx_42674f1d-59de-46ce-b7cf-260cebf95d1b_1)  |
| [Portfolio Schedule](#xx_42674f1d-59de-46ce-b7cf-260cebf95d1b_1) | [23](#xx_42674f1d-59de-46ce-b7cf-260cebf95d1b_1) |

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Portfolio of Investments

January 31, 2026 (unaudited)

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| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
| <sup>1</sup> <br>| COMMERCIAL PAPER—20.9% |  |
|  | **Aerospace/Auto—0.1%** |  |
| $10000000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 3.963%, 8/4/2026 | &nbsp;&nbsp; $9808937 |
|  | **Finance - Banking—16.8%** |  |
| 31893000 | Albion Capital LLC, (MUFG Bank Ltd. LIQ), 3.793% - 4.039%, 2/24/2026 - 4/20/2026 | &nbsp;&nbsp; 31720737 |
| 102500000 | Anglesea Funding LLC, 3.703% - 3.915%, 2/4/2026 - 7/15/2026 | &nbsp;&nbsp; 101672119 |
| 145000000 | Australia & New Zealand Banking Group Ltd., 3.896%, 6/5/2026 | &nbsp;&nbsp; 143138490 |
| 13500000 | Bank of Montreal, 3.876%, 12/7/2026 | &nbsp;&nbsp; 13071987 |
| 150000000 | Bank of Nova Scotia, 4.175% - 4.501%, 2/20/2026 - 3/2/2026 | &nbsp;&nbsp; 149567525 |
| 90000000 | Bedford Row Funding Corp., (Guaranteed by Royal Bank of Canada), 3.927% - 4.036%, 4/6/2026 - 6/3/2026 | &nbsp;&nbsp; 88937392 |
| 90000000 | BPCE S.A., 4.032% - 4.044%, 2/20/2026 - 3/3/2026 | &nbsp;&nbsp; 89748938 |
| 100000000 | Canadian Imperial Bank of Commerce, 3.960% - 4.401%, 3/19/2026 - 10/1/2026 | &nbsp;&nbsp; 100068278 |
| 50000000 | Chesham Finance LLC Series III, (Societe Generale S.A. COL), 3.682%, 2/3/2026 | &nbsp;&nbsp; 49979550 |
| 34000000 | Credit Agricole Corporate and Investment Bank, 4.043%, 2/3/2026 | &nbsp;&nbsp; 33986291 |
| 75000000 | DNB Bank ASA, 3.955% - 3.966%, 6/11/2026 - 6/29/2026 | &nbsp;&nbsp; 73904318 |
| 115000000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 3.771% - 3.968%, 4/2/2026 - 7/23/2026 | &nbsp;&nbsp; 113434050 |
| 98000000 | Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 3.918% - 4.082%, 2/10/2026 - 3/9/2026 | &nbsp;&nbsp; 97794525 |
| 25000000 | Great Bear Funding LLC, (Bank of Nova Scotia COL), 3.758%, 2/24/2026 | &nbsp;&nbsp; 24935335 |
| 107000000 | ING (U.S.) Funding LLC, 3.906% - 4.030%, 3/25/2026 - 5/13/2026 | &nbsp;&nbsp; 106128898 |
| 15000000 | ING (U.S.) Funding LLC, 4.030%, 4/1/2026 | &nbsp;&nbsp; 14905200 |
| 608000000 | National Bank of Canada, 3.790% - 4.501%, 2/5/2026 - 1/8/2027 | &nbsp;&nbsp; 599278404 |
| 60500000 | Nordea Bank Abp, 3.968%, 4/2/2026 - 4/6/2026 | &nbsp;&nbsp; 60095778 |
| 40000000 | Paradelle Funding LLC, 3.898% - 3.941%, 9/23/2026 - 10/30/2026 | &nbsp;&nbsp; 38989960 |
| 25000000 | Paradelle Funding LLC, (Toronto Dominion Bank COL), 3.955%, 10/1/2026 | &nbsp;&nbsp; 25023135 |
| 38500000 | Podium Funding Trust, 3.802% - 4.027%, 6/16/2026 - 7/8/2026 | &nbsp;&nbsp; 37944839 |
| 305000000 | Royal Bank of Canada, 3.909% - 4.403%, 5/27/2026 - 11/19/2026 | &nbsp;&nbsp; 297220150 |
| 35000000 | Royal Bank of Canada, 4.402%, 5/28/2026 | &nbsp;&nbsp; 34574036 |
| 40000000 | Royal Bank of Canada, Three World Financial Center Branch, 3.908%, 10/7/2026 | &nbsp;&nbsp; 38992592 |
| 135000000 | Toronto Dominion Bank, 3.896% - 4.398%, 3/19/2026 - 10/1/2026 | &nbsp;&nbsp; 133282880 |
| 35000000 | Toronto Dominion Bank, 4.400%, 7/17/2026 | &nbsp;&nbsp; 35079377 |
| 80000000 | Victory Receivables Corp., (MUFG Bank Ltd. LIQ), 3.791% - 4.040%, 2/10/2026 - 4/23/2026 | &nbsp;&nbsp; 79622178 |
| 169500000 | Westpac Banking Corp. Ltd., 3.870% - 4.150%, 8/6/2026 - 10/1/2026 | &nbsp;&nbsp; 165652894 |
|  | TOTAL | &nbsp;&nbsp; 2778749856 |
|  | **Finance - Retail—0.9%** |  |
| 49000000 | Old Line Funding, LLC, 3.966% - 3.992%, 4/24/2026 - 9/21/2026 | &nbsp;&nbsp; 48211033 |
| 98500000 | Thunder Bay Funding, LLC, 3.910% - 3.926%, 4/22/2026 - 6/3/2026 | &nbsp;&nbsp; 97340140 |
|  | TOTAL | &nbsp;&nbsp; 145551173 |
|  | **Oil & Oil Finance—0.2%** |  |
| 35850000 | Exxon Mobil Corp., 3.913% - 3.913%, 3/25/2026 - 3/26/2026 | &nbsp;&nbsp; 35652183 |
|  | **Sovereign—2.9%** |  |
| 340000000 | Caisse d'Amortissement de la Dette Sociale (CADES), 3.885% - 4.093%, 3/10/2026 - 6/4/2026 | &nbsp;&nbsp; 338553613 |
| 35000000 | Caisse des Depots et Consignations (CDC), 3.963%, 4/8/2026 | &nbsp;&nbsp; 34755476 |
| 65000000 | NRW.Bank, 3.951%, 4/8/2026 | &nbsp;&nbsp; 64551617 |
| 50000000 | Ontario, Province of, 4.116%, 4/2/2026 | &nbsp;&nbsp; 49684975 |
|  | TOTAL | &nbsp;&nbsp; 487545681 |
|  | TOTAL COMMERCIAL PAPER <br>(IDENTIFIED COST $3,455,684,519)<br>| &nbsp;&nbsp; 3457307830 |
| <sup>2</sup> <br>| NOTES - VARIABLE—13.8% |  |
|  | **Aerospace/Auto—0.8%** |  |
| 25000000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 3.940% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; 25001186 |

---

Semi-Annual Financial Statements and Additional Information

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>2</sup> <br>| NOTES - VARIABLE—continued |  |
|  | **Aerospace/Auto—continued** |  |
| $60000000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 3.970% (SOFR +0.330%), 2/2/2026 | &nbsp;&nbsp; $60036280 |
| 50000000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 3.990% (SOFR +0.350%), 2/2/2026 | &nbsp;&nbsp; 50040000 |
|  | TOTAL | &nbsp;&nbsp; 135077466 |
|  | **Finance - Banking—11.3%** |  |
| 50000000 | Anglesea Funding LLC, (Bank of Montreal COL)/(Bank of Nova Scotia COL)/(Royal Bank of Canada COL), 3.900% (SOFR <br> +0.250%), 2/2/2026<br>| &nbsp;&nbsp; 50000239 |
| 35000000 | Bank of America N.A., 3.940% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; 35009901 |
| 15000000 | Bank of Montreal, 4.020% (SOFR +0.370%), 2/2/2026 | &nbsp;&nbsp; 15004404 |
| 65000000 | Bank of Montreal, 4.050% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 65012737 |
| 40000000 | Bank of Montreal, 4.050% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 40012853 |
| 30000000 | Bank of Montreal, 4.060% (SOFR +0.410%), 2/2/2026 | &nbsp;&nbsp; 30010852 |
| 50000000 | Bank of Nova Scotia, 4.010% (SOFR +0.360%), 2/2/2026 | &nbsp;&nbsp; 50021490 |
| 75000000 | Bank of Nova Scotia, 4.050% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 75039772 |
| 50000000 | Canadian Imperial Bank of Commerce, 3.960% (SOFR +0.310%), 2/2/2026 | &nbsp;&nbsp; 50005965 |
| 25000000 | Canadian Imperial Bank of Commerce, 3.970% (SOFR +0.320%), 2/2/2026 | &nbsp;&nbsp; 25014013 |
| 75000000 | Canadian Imperial Bank of Commerce, 3.990% (SOFR +0.340%), 2/2/2026 | &nbsp;&nbsp; 74636304 |
| 50000000 | Canadian Imperial Bank of Commerce, 4.050% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 50019726 |
| 25000000 | Canadian Imperial Bank of Commerce, 4.060% (SOFR +0.410%), 2/2/2026 | &nbsp;&nbsp; 25016778 |
| 9485000 | City Furniture, Inc., (Wells Fargo Bank, N.A. LOC), 3.760%, 2/5/2026 | &nbsp;&nbsp; 9485000 |
| 50000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 3.950% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; 50002155 |
| 25000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 3.970% (SOFR +0.320%), 2/2/2026 | &nbsp;&nbsp; 25002635 |
| 25000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 3.970% (SOFR +0.320%), 2/2/2026 | &nbsp;&nbsp; 25002635 |
| 10000000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 4.000% (SOFR +0.350%), 2/2/2026 | &nbsp;&nbsp; 10002112 |
| 12500000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 4.000% (SOFR +0.350%), 2/2/2026 | &nbsp;&nbsp; 12502714 |
| 25000000 | Commonwealth Bank of Australia, 3.920% (SOFR +0.270%), 2/2/2026 | &nbsp;&nbsp; 25006918 |
| 25000000 | Commonwealth Bank of Australia, 3.950% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; 25001940 |
| 25000000 | Commonwealth Bank of Australia, 3.970% (SOFR +0.320%), 2/2/2026 | &nbsp;&nbsp; 25012515 |
| 35000000 | Commonwealth Bank of Australia, 4.050% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 35019306 |
| 15000000 | Commonwealth Bank of Australia, 4.050% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 15009018 |
| 16700000 | Greene County Development Authority, Reynolds Lodge, LLC Series 2000B, (U.S. Bank, N.A. LOC), 3.750%, 2/5/2026 | &nbsp;&nbsp; 16700000 |
| 7595000 | Gulf Gate Apartments LLC, Series 2003, (Wells Fargo Bank, N.A. LOC), 3.760%, 2/5/2026 | &nbsp;&nbsp; 7595000 |
| 7985000 | Hamilton Station Park and Ride, Series 2005, (Wells Fargo Bank, N.A. LOC), 3.760%, 2/5/2026 | &nbsp;&nbsp; 7985000 |
| 24945000 | Iowa Student Loan Liquidity Corp., (Series 2023-1) Weekly VRDNs, (Royal Bank of Canada LOC), 3.750%, 2/5/2026 | &nbsp;&nbsp; 24945000 |
| 75000000 | J.P. Morgan Securities LLC, 3.930% (SOFR +0.290%), 2/2/2026 | &nbsp;&nbsp; 75001810 |
| 25000000 | J.P. Morgan Securities LLC, 3.930% (SOFR +0.290%), 2/2/2026 | &nbsp;&nbsp; 25000609 |
| 45000000 | National Australia Bank Ltd., 3.840% (SOFR +0.190%), 2/2/2026 | &nbsp;&nbsp; 45004653 |
| 50000000 | National Bank of Canada, 3.950% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; 50018145 |
| 35000000 | National Bank of Canada, 3.950% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; 35013598 |
| 34000000 | Nuveen Floating Rate Income Fund, (Series A), (Sumitomo Mitsui Banking Corp. LOC), 3.770%, 2/5/2026 | &nbsp;&nbsp; 34000000 |
| 15000000 | Paradelle Funding LLC, (Toronto Dominion Bank COL), 4.110% (SOFR +0.460%), 2/2/2026 | &nbsp;&nbsp; 15010409 |
| 50000000 | Park Avenue Collateralized Notes Co., LLC, (J.P. Morgan Securities LLC COL), 3.950% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; 50001314 |
| 150000000 | Royal Bank of Canada, 3.980% (SOFR +0.330%), 2/2/2026 | &nbsp;&nbsp; 150087540 |
| 30000000 | Royal Bank of Canada, 4.030% (SOFR +0.380%), 2/2/2026 | &nbsp;&nbsp; 30015276 |
| 18965000 | Salem Green, LLLP, Salem Green Apartments Project, Series 2010, (Wells Fargo Bank, N.A. LOC), 3.760%, 2/5/2026 | &nbsp;&nbsp; 18965000 |
| 25000000 | State Street Bank and Trust Co., 3.890% (SOFR +0.250%), 2/2/2026 | &nbsp;&nbsp; 25005893 |
| 35000000 | Toronto Dominion Bank, 4.020% (SOFR +0.380%), 2/2/2026 | &nbsp;&nbsp; 35013668 |
| 50000000 | Toronto Dominion Bank, 4.040% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 50036940 |
| 50000000 | Toronto Dominion Bank, 4.040% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 50036375 |
| 100000000 | Toronto Dominion Bank, 4.040% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 100075315 |
| 40000000 | Toronto Dominion Bank, 4.090% (SOFR +0.450%), 2/2/2026 | &nbsp;&nbsp; 40030108 |
| 35000000 | Toronto Dominion Bank, 4.090% (SOFR +0.450%), 2/2/2026 | &nbsp;&nbsp; 35025847 |

---

Semi-Annual Financial Statements and Additional Information

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
| <sup>2</sup> <br>| NOTES - VARIABLE—continued |  |
|  | **Finance - Banking—continued** |  |
| $35000000 | Westpac Banking Corp. Ltd., 3.950% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; $35014297 |
| 15000000 | Westpac Banking Corp. Ltd., 3.950% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; 15006080 |
| 50000000 | Westpac Banking Corp. Ltd., 4.050% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 50026835 |
| 15000000 | Westpac Banking Corp. Ltd., 4.050% (SOFR +0.400%), 2/2/2026 | &nbsp;&nbsp; 15008807 |
|  | TOTAL | &nbsp;&nbsp; 1877475501 |
|  | **Finance - Retail—0.2%** |  |
| 15000000 | Old Line Funding, LLC, 3.890% (SOFR +0.250%), 2/2/2026 | &nbsp;&nbsp; 15000717 |
| 10000000 | Old Line Funding, LLC, 3.930% (SOFR +0.290%), 2/2/2026 | &nbsp;&nbsp; 10001503 |
| 15000000 | Thunder Bay Funding, LLC, 3.940% (SOFR +0.300%), 2/2/2026 | &nbsp;&nbsp; 15004831 |
|  | TOTAL | &nbsp;&nbsp; 40007051 |
|  | **Government Agency—1.5%** |  |
| 51450000 | Archer 1 LLC, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 51450000 |
| 2330000 | Baker Life Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 2330000 |
| 7500000 | BOZ McKinley Owner, LLC, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 7500000 |
| 34645000 | BWF Forge TL Properties Owner LLC, (Federal Home Loan Bank of Des Moines LOC)/(Federal Home Loan Bank of <br> San Francisco LOC), 3.810%, 2/5/2026<br>| &nbsp;&nbsp; 34645000 |
| 6500000 | Carmel Valley Senior Living, LP, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 6500000 |
| 2000000 | Eagle Hesperia 55 II LP, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 2000000 |
| 1700000 | East Town Crossing, LLC, (Federal Home Loan Bank of Des Moines LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 1700000 |
| 2340000 | ICG-Stream Polk Ave LLC, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 2340000 |
| 11570000 | Joseph L. Goggins Irrevocable Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 11570000 |
| 7830000 | LEO@Bethel Place, LLC, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 7830000 |
| 17030000 | Mohr Green Associates, LP, 2012-A, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 17030000 |
| 22610000 | NWD 2017 Family Trust No. 1, (Federal Home Loan Bank of Dallas LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 22610000 |
| 8915000 | Park Stanton Place LP, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 8915000 |
| 16710000 | Plaza Fitzsimons Owner, LLC, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 16710000 |
| 6980000 | RK Trust, (Federal Home Loan Bank of Dallas LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 6980000 |
| 6500000 | Rohnert Park 668, LP, (Federal Home Loan Bank of San Francisco LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 6500000 |
| 18300000 | TBD Hide, LLC, (Federal Home Loan Bank of Des Moines LOC), 3.810%, 2/5/2026 | &nbsp;&nbsp; 18300000 |
| 9555000 | The Gregory P. Berry Trust, (Federal Home Loan Bank of Des Moines LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 9555000 |
| 5740000 | The Leopold Family Insurance Trust, (Federal Home Loan Bank of Dallas LOC), 3.850%, 2/5/2026 | &nbsp;&nbsp; 5740000 |
|  | TOTAL | &nbsp;&nbsp; 240205000 |
|  | TOTAL NOTES - VARIABLE <br>(IDENTIFIED COST $2,291,970,694)<br>| &nbsp;&nbsp; 2292765018 |
|  | CERTIFICATES OF DEPOSIT—10.4% |  |
|  | **Finance - Banking—10.4%** |  |
| 77500000 | Bank of America N.A., 3.900% - 4.230%, 3/27/2026 - 10/2/2026 | &nbsp;&nbsp; 77542476 |
| 65000000 | Bank of Montreal, 3.960% - 4.410%, 6/9/2026 - 11/17/2026 | &nbsp;&nbsp; 65108086 |
| 455000000 | Canadian Imperial Bank of Commerce, 3.800% - 4.520%, 2/12/2026 - 1/15/2027 | &nbsp;&nbsp; 454297058 |
| 25000000 | Cooperatieve Rabobank UA, 3.750%, 7/28/2026 | &nbsp;&nbsp; 24999945 |
| 35000000 | Credit Agricole Corporate and Investment Bank, 4.040%, 2/6/2026 | &nbsp;&nbsp; 35002538 |
| 50000000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 3.750%, 7/28/2026 | &nbsp;&nbsp; 50004530 |
| 165000000 | Mizuho Bank Ltd., 3.920% - 4.030%, 2/4/2026 - 3/27/2026 | &nbsp;&nbsp; 165028760 |
| 10000000 | Royal Bank of Canada, 3.900%, 10/1/2026 | &nbsp;&nbsp; 10008393 |
| 25000000 | Sumitomo Mitsui Banking Corp., 3.820%, 4/13/2026 | &nbsp;&nbsp; 24999898 |
| 150000000 | Sumitomo Mitsui Trust Bank Ltd., 3.800% - 4.030%, 2/4/2026 - 4/9/2026 | &nbsp;&nbsp; 150014167 |
| 320000000 | Sumitomo Mitsui Trust Bank Ltd., 3.820% - 4.000%, 3/9/2026 - 5/7/2026 | &nbsp;&nbsp; 320028045 |
| 48500000 | Svenska Handelsbanken AB, 3.830%, 7/17/2026 | &nbsp;&nbsp; 48507033 |
| 49000000 | Toronto Dominion Bank, 3.900%, 12/10/2026 | &nbsp;&nbsp; 49053503 |
| 205000000 | Truist Bank, 3.790% - 4.050%, 2/2/2026 - 5/12/2026 | &nbsp;&nbsp; 205008631 |

---

Semi-Annual Financial Statements and Additional Information

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | CERTIFICATES OF DEPOSIT—continued |  |
|  | **Finance - Banking—continued** |  |
| $52000000 | Wells Fargo Bank, N.A., 3.850% - 3.900%, 7/9/2026 - 8/26/2026 | &nbsp;&nbsp; $52020114 |
|  | TOTAL CERTIFICATES OF DEPOSIT <br>(IDENTIFIED COST $1,731,008,321)<br>| &nbsp;&nbsp; 1731623177 |
|  | BANK NOTE—2.5% |  |
|  | **Finance - Banking—2.5%** |  |
| 419000000 | Bank of America N.A., 3.800% - 4.400%, 4/10/2026 - 1/26/2027 <br>(IDENTIFIED COST $419,000,000)<br>| &nbsp;&nbsp; 419615536 |
|  | TIME DEPOSIT—0.6% |  |
|  | **Finance - Banking—0.6%** |  |
| 100000000 | Royal Bank of Canada, 3.710%, 2/2/2026 <br>(IDENTIFIED COST $100,000,000)<br>| &nbsp;&nbsp; 100000000 |
|  | ASSET-BACKED SECURITIES—0.4% |  |
|  | **Auto Receivables—0.3%** |  |
| 4245447 | Enterprise Fleet Financing LLC 2025-3, Class A1, 4.551%, 7/20/2026 | &nbsp;&nbsp; 4248624 |
| 40000000 | Enterprise Fleet Financing LLC 2026-1, Class A1, 3.849%, 2/22/2027 | &nbsp;&nbsp; 40003488 |
|  | TOTAL | &nbsp;&nbsp; 44252112 |
|  | **Equipment Lease—0.1%** |  |
| 15503323 | Great America Leasing Receivables 2025-2, Class A1, 4.035%, 11/16/2026 | &nbsp;&nbsp; 15508653 |
|  | TOTAL ASSET-BACKED SECURITIES <br>(IDENTIFIED COST $59,748,770)<br>| &nbsp;&nbsp; 59760765 |
|  | OTHER REPURCHASE AGREEMENTS—30.4% |  |
|  | **Finance - Banking—30.4%** |  |
| 300000000 | BMO Capital Markets Corp., 3.73%, dated 1/30/2026, interest in a $1,000,000,000 joint collateralized loan agreement <br> will repurchase securities provided as collateral for $1,000,310,833 on 2/2/2026, in which corporate bonds, <br> U.S. Government Agency securities, medium-term notes and treasury notes with a market value of $1,022,076,809 have <br> been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 300000000 |
| 297750000 | BNP Paribas S.A., 3.75%, dated 1/30/2026, interest in a $2,125,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $2,125,664,063 on 2/2/2026, in which asset-backed securities, corporate <br> bonds, collateralized mortgage obligations and medium-term notes with a market value of $2,168,178,195 have been <br> received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 297750000 |
| 422518000 | BNP Paribas S.A., 3.69%, dated 1/30/2026, interest in a $1,850,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $1,850,568,875 on 2/2/2026, in which asset-backed securities, <br> collateralized mortgage obligations, corporate bonds, medium-term notes and sovereign debt securities with a market <br> value of $1,887,580,253 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 422518000 |
| 100000000 | BofA Securities, Inc., 4.25%, dated 9/4/2020, interest in a $100,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $101,038,889 on 5/1/2026, in which convertible bonds with a market value of <br> $102,374,201 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 100000000 |
| 150000000 | BofA Securities, Inc., 4.25%, dated 1/29/2024, interest in a $150,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $151,558,333 on 5/1/2026, in which American depositary receipts and convertible <br> bonds with a market value of $153,560,534 have been received as collateral and held with BNY Mellon as tri-party <br> agent.<br>| &nbsp;&nbsp; 150000000 |
| 150000000 | Citigroup Global Markets, Inc., 4.08%, dated 10/24/2024, interest in a $685,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $687,717,167 on 3/9/2026, in which common stocks and <br> exchange-traded funds with a market value of $701,151,292 have been received as collateral and held with BNY Mellon <br> as tri-party agent.<br>| &nbsp;&nbsp; 150000000 |
| 75000000 | Credit Agricole S.A., 3.70%, dated 1/30/2026, interest in a $400,000,000 collateralized loan agreement will repurchase <br> securities provided as collateral for $400,287,778 on 2/6/2026, in which asset-backed securities, collateralized mortgage <br> obligations, corporate bonds, medium-term notes and sovereign debt securities with a market value of $408,126,244 <br> have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 75000000 |
| 150000000 | Credit Agricole S.A., 3.68%, dated 1/29/2026, interest in a $500,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $500,204,444 on 2/2/2026, in which asset-backed securities, <br> collateralized mortgage obligations, commercial paper, corporate bonds, medium-term notes and sovereign debt <br> securities with a market value of $510,208,819 have been received as collateral and held with BNY Mellon as tri-party <br> agent.<br>| &nbsp;&nbsp; 150000000 |
| 175000000 | Credit Agricole S.A., 3.77%, dated 10/30/2025, interest in a $200,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $200,146,611 on 2/9/2026, in which asset-backed securities, <br> collateralized mortgage obligations, corporate bonds, commercial paper, corporate bonds and medium-term notes with <br> a market value of $204,064,430 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 175000000 |

---

Semi-Annual Financial Statements and Additional Information

**4**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS—continued |  |
|  | **Finance - Banking—continued** |  |
| $275000000 | Credit Agricole S.A., 3.73%, dated 10/30/2025, interest in a $1,800,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $1,801,305,500 on 2/9/2026, in which asset-backed securities, <br> collateralized mortgage obligations, commercial paper, corporate bonds, medium-term notes, sovereign debt securities <br> and treasury notes with a market value of $1,836,566,474 have been received as collateral and held with BNY Mellon as <br> tri-party agent.<br>| &nbsp;&nbsp; $275000000 |
| 100000000 | HSBC Securities (USA), Inc., 3.73%, dated 1/30/2026, interest in a $716,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $716,222,557 on 2/2/2026, in which corporate bonds, medium-term <br> notes and sovereign debt securities with a market value of $730,320,366 have been received as collateral and held with <br> BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 100000000 |
| 300000000 | ING Financial Markets LLC, 3.74%, dated 1/30/2026, interest in a $600,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $600,187,000 on 2/2/2026, in which common stocks and <br> exchange-traded funds with a market value of $612,190,786 have been received as collateral and held with BNY Mellon <br> as tri-party agent.<br>| &nbsp;&nbsp; 300000000 |
| 175000000 | J.P. Morgan Securities LLC, 3.87%, dated 1/14/2026, interest in a $1,700,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $1,706,396,250 on 2/18/2026, in which convertible bonds with a market <br> value of $1,734,000,001 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 175000000 |
| 300000000 | J.P. Morgan Securities LLC, 3.85%, dated 1/7/2026, interest in a $2,300,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $2,308,609,028 on 2/11/2026, in which corporate bonds and <br> medium-term notes with a market value of $2,346,000,848 have been received as collateral and held with BNY Mellon <br> as tri-party agent.<br>| &nbsp;&nbsp; 300000000 |
| 25000000 | Mizuho Securities USA LLC, 4.03%, dated 11/12/2024, interest in a $300,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $301,175,417 on 3/9/2026, in which asset-backed securities, <br> collateralized mortgage obligations, corporate bonds and sovereign debt securities with a market value of $308,200,736 <br> have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 25000000 |
| 40000000 | Mizuho Securities USA LLC, 4.03%, dated 7/31/2025, interest in a $250,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $250,979,514 on 3/9/2026, in which asset-backed securities and <br> collateralized mortgage obligations with a market value of $256,821,055 have been received as collateral and held with <br> BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 40000000 |
| 50000000 | Mizuho Securities USA LLC, 3.73%, dated 1/30/2026, interest in a $600,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $600,186,500 on 2/2/2026, in which medium-term notes and treasury <br> notes with a market value of $612,190,292 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 50000000 |
| 397000000 | Mizuho Securities USA LLC, 3.78%, dated 1/30/2026, interest in a $2,650,000,000 joint collateralized loan agreement <br> will repurchase securities provided as collateral for $2,650,834,750 on 2/2/2026, in which common stocks and <br> exchange-traded funds with a market value of $2,703,851,998 have been received as collateral and held with BNY <br> Mellon as tri-party agent.<br>| &nbsp;&nbsp; 397000000 |
| 74768000 | MUFG Securities Americas Inc., 3.78%, dated 1/30/2026, interest in a $300,000,000 joint collateralized loan agreement <br> will repurchase securities provided as collateral for $300,094,500 on 2/2/2026, in which American depositary receipts, <br> exchange-traded funds and mutual funds with a market value of $306,096,408 have been received as collateral and held <br> with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 74768000 |
| 50000000 | MUFG Securities Americas Inc., 3.78%, dated 1/30/2026, interest in a $150,000,000 joint collateralized loan agreement <br> will repurchase securities provided as collateral for $150,047,250 on 2/2/2026, in which common stocks, corporate <br> bonds, exchange-traded funds, medium-term notes and municipal bonds with a market value of $153,048,650 have <br> been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 50000000 |
| 135000000 | Pershing LLC, 3.88%, dated 6/12/2024, interest in a $300,000,000 joint collateralized loan agreement will repurchase <br> securities provided as collateral for $300,226,333 on 2/9/2026, in which asset-backed securities, common stocks, <br> convertible bonds, collateralized mortgage obligations, corporate bonds, commercial paper, certificates of deposit, <br> exchange-traded funds, medium-term notes, municipal bonds, mutual funds, U.S. Government Agency securities and <br> treasury bonds with a market value of $306,381,677 have been received as collateral and held with BNY Mellon as <br> tri-party agent.<br>| &nbsp;&nbsp; 135000000 |
| 50000000 | Societe Generale, Paris, 4.04%, dated 12/5/2025, interest in a $400,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $402,693,333 on 2/3/2026, in which asset-backed securities, <br> collateralized mortgage obligations, corporate bonds and sovereign debt securities with a market value of $410,701,414 <br> have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 50000000 |
| 186268000 | Societe Generale, Paris, 3.75%, dated 1/30/2026, interest in a $800,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $800,250,000 on 2/2/2026, in which corporate bonds, medium-term <br> notes and sovereign debt securities with a market value of $816,255,015 have been received as collateral and held with <br> BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 186268000 |
| 250000000 | Societe Generale, Paris, 3.70%, dated 1/30/2026, interest in a $550,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $550,169,583 on 2/2/2026, in which asset-backed securities, <br> collateralized mortgage obligations, corporate bonds, commercial paper, medium-term notes, treasury bonds and <br> treasury notes with a market value of $561,174,932 have been received as collateral and held with BNY Mellon as <br> tri-party agent.<br>| &nbsp;&nbsp; 250000000 |

---

Semi-Annual Financial Statements and Additional Information

**5**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | OTHER REPURCHASE AGREEMENTS—continued |  |
|  | **Finance - Banking—continued** |  |
| $50000000 | Societe Generale, Paris, 4.04%, dated 12/4/2025, interest in a $200,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $201,346,667 on 2/2/2026, in which asset-backed securities, <br> collateralized mortgage obligations, corporate bonds, medium-term notes and sovereign debt securities with a market <br> value of $205,373,601 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; $50000000 |
| 74768000 | Standard Chartered Bank, 3.68%, dated 1/30/2026, interest in a $150,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $150,046,000 on 2/2/2026, in which U.S. Government Agency securities <br> with a market value of $153,046,939 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 74768000 |
| 100000000 | TD Securities (USA), LLC, 3.73%, dated 3/26/2024, interest in a $500,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $500,362,639 on 2/9/2026, in which asset-backed securities, corporate <br> bonds, medium-term notes and municipal bonds with a market value of $510,158,767 have been received as collateral <br> and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 100000000 |
| 15000000 | Wells Fargo Securities LLC, 3.78%, dated 1/30/2026, interest in a $100,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $100,031,500 on 2/2/2026, in which convertible bonds with a market <br> value of $102,032,788 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 15000000 |
| 25000000 | Wells Fargo Securities LLC, 3.78%, dated 1/28/2026, interest in a $25,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $25,018,375 on 2/4/2026, in which corporate bonds with a market value <br> of $25,513,963 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 25000000 |
| 25000000 | Wells Fargo Securities LLC, 4.23%, dated 8/19/2025, interest in a $25,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $25,258,500 on 5/1/2026, in which convertible bonds with a market <br> value of $25,509,395 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 25000000 |
| 50000000 | Wells Fargo Securities LLC, 3.81%, dated 1/28/2026, interest in a $50,000,000 joint collateralized loan agreement will <br> repurchase securities provided as collateral for $50,037,042 on 2/4/2026, in which convertible bonds with a market <br> value of $51,027,111 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 50000000 |
| 200000000 | Wells Fargo Securities LLC, 3.75%, dated 7/22/2025, interest in a $200,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $200,145,833 on 2/9/2026, in which corporate bonds with a market value <br> of $204,064,055 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 200000000 |
| 50000000 | Wells Fargo Securities LLC, 4.23%, dated 9/12/2025, interest in a $50,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $50,517,000 on 5/1/2026, in which convertible bonds with a market <br> value of $51,018,500 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 50000000 |
| 100000000 | Wells Fargo Securities LLC, 3.75%, dated 8/1/2025, interest in a $100,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $100,072,917 on 2/9/2026, in which medium-term notes with a market <br> value of $102,032,418 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 100000000 |
| 125000000 | Wells Fargo Securities LLC, 4.23%, dated 2/12/2025, interest in a $125,000,000 collateralized loan agreement will <br> repurchase securities provided as collateral for $126,233,750 on 4/27/2026, in which convertible bonds with a market <br> value of $127,546,214 have been received as collateral and held with BNY Mellon as tri-party agent.<br>| &nbsp;&nbsp; 125000000 |
|  | TOTAL OTHER REPURCHASE AGREEMENTS <br>(IDENTIFIED COST $5,043,072,000)<br>| &nbsp;&nbsp; 5043072000 |
|  | REPURCHASE AGREEMENTS—20.9% |  |
|  | **Finance - Banking—20.9%** |  |
| 207500000 | Interest in $500,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Bank of Nova Scotia will <br> repurchase securities provided as collateral for $500,152,917 on 2/2/2026. The securities provided as collateral at the <br> end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various <br> maturities to 6/1/2063 and the market value of those underlying securities was $510,155,976.<br>| &nbsp;&nbsp; 207500000 |
| 500000000 | Interest in $1,450,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Barclays Bank PLC will <br> repurchase securities provided as collateral for $1,450,443,458 on 2/2/2026. The securities provided as collateral at the <br> end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities <br> with various maturities to 5/15/2053 and the market value of those underlying securities was $1,479,452,328.<br>| &nbsp;&nbsp; 500000000 |
| 500000000 | Interest in $2,050,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which BMO Capital Markets Corp. <br> will repurchase securities provided as collateral for $2,050,626,958 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various <br> maturities to 11/20/2074 and the market value of those underlying securities was $2,111,017,808.<br>| &nbsp;&nbsp; 500000000 |
| 500000000 | Interest in $1,450,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which BNP Paribas S.A. will <br> repurchase securities provided as collateral for $1,450,443,458 on 2/2/2026. The securities provided as collateral at the <br> end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various <br> maturities to 9/20/2075 and the market value of those underlying securities was $1,486,466,334.<br>| &nbsp;&nbsp; 500000000 |
| 500000000 | Interest in $4,050,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Citigroup Global Markets, <br> Inc. will repurchase securities provided as collateral for $4,051,238,625 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities <br> with various maturities to 1/20/2056 and the market value of those underlying securities was $4,146,380,335.<br>| &nbsp;&nbsp; 500000000 |

---

Semi-Annual Financial Statements and Additional Information

**6**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS—continued |  |
|  | **Finance - Banking—continued** |  |
| $250000000 | Interest in $1,495,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Natixis Financial Products <br> LLC will repurchase securities provided as collateral for $1,495,457,221 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and <br> U.S. Treasury securities with various maturities to 7/20/2072 and the market value of those underlying securities <br> was $1,525,858,595.<br>| &nbsp;&nbsp; $250000000 |
| 500000000 | Interest in $3,150,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which RBC Dominion Securities <br> Inc. will repurchase securities provided as collateral for $3,150,963,375 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and <br> U.S. Treasury securities with various maturities to 2/20/2065 and the market value of those underlying securities <br> was $3,225,707,271.<br>| &nbsp;&nbsp; 500000000 |
| 500000000 | Interest in $3,000,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Standard Chartered Bank <br> will repurchase securities provided as collateral for $3,000,917,500 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury <br> securities with various maturities to 12/15/2067 and the market value of those underlying securities was $3,061,775,010.<br>| &nbsp;&nbsp; 500000000 |
|  | TOTAL REPURCHASE AGREEMENTS <br>(IDENTIFIED COST $3,457,500,000)<br>| &nbsp;&nbsp; 3457500000 |
|  | TOTAL INVESTMENT IN SECURITIES—99.9% <br>(IDENTIFIED COST $16,557,984,304)<sup>3</sup> <br>| &nbsp;&nbsp; 16561644326 |
|  | OTHER ASSETS AND LIABILITIES - NET—0.1%<sup>4</sup> <br>| &nbsp;&nbsp; 22620481 |
|  | NET ASSETS—100% | &nbsp;&nbsp; $16584264807 |

---

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

---

| | |
|:---|:---|
| 1 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
| 2 | Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate <br> and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in <br> their description above.<br>|
| 3 | Also represents cost of investments for federal tax purposes. |
| 4 | 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 January 31, 2026.

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

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

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

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

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

As of January 31, 2026, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.

---

| | |
|:---|:---|
| The following acronym(s) are used throughout this portfolio: | The following acronym(s) are used throughout this portfolio: |
| COL | —Collateralized |
| LIQ | —Liquidity Agreement |
| LOC | —Letter of Credit |
| SOFR | —Secured Overnight Financing Rate |
| VRDNs | —Variable Rate Demand Notes |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**7**

------

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.0002** | &nbsp;&nbsp; **$1.0003** | &nbsp;&nbsp; **$1.0002** | &nbsp;&nbsp; **$0.9998** | &nbsp;&nbsp; **$1.0005** | &nbsp;&nbsp; **$1.0007** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.0204 | 0.0460 | 0.0540 | 0.0413 | 0.0037 | 0.0008 |
| Net realized and unrealized gain (loss) | 0.0003 | &nbsp;&nbsp; (0.0003) | 0.0001 | 0.0004 | &nbsp;&nbsp; (0.0008) | &nbsp;&nbsp; (0.0002) |
| Total From Investment Operations | 0.0207 | 0.0457 | 0.0541 | 0.0417 | 0.0029 | 0.0006 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.0204) | &nbsp;&nbsp; (0.0458) | &nbsp;&nbsp; (0.0540) | &nbsp;&nbsp; (0.0413) | &nbsp;&nbsp; (0.0036) | &nbsp;&nbsp; (0.0008) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.0005** | &nbsp;&nbsp; **$1.0002** | &nbsp;&nbsp; **$1.0003** | &nbsp;&nbsp; **$1.0002** | &nbsp;&nbsp; **$0.9998** | &nbsp;&nbsp; **$1.0005** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp; 2.08% | &nbsp;&nbsp; 4.67% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.05% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp; 0.18%<sup>4</sup> <br>| &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; 0.15% |
| Net investment income | &nbsp;&nbsp; 4.04%<sup>4</sup> <br>| &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 4.17% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.08% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp; 0.05%<sup>4</sup> <br>| &nbsp;&nbsp; 0.05% | &nbsp;&nbsp; 0.06% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.13% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $15649915 | &nbsp;&nbsp; $15765900 | &nbsp;&nbsp; $16797152 | &nbsp;&nbsp; $17694479 | &nbsp;&nbsp; $14232133 | &nbsp;&nbsp; $15298656 |

---

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

---

| | |
|:---|:---|
| 1 | Per share numbers have been calculated using the average shares method. |
| 2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
| 3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 4 | Computed on an annualized basis. |
| 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

Semi-Annual Financial Statements and Additional Information

**8**

------

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.0001** | &nbsp;&nbsp; **$1.0002** | &nbsp;&nbsp; **$1.0001** | &nbsp;&nbsp; **$0.9997** | &nbsp;&nbsp; **$1.0005** | &nbsp;&nbsp; **$1.0007** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.0192 | 0.0434 | 0.0455 | 0.0389 | 0.0019 | 0.0001 |
| Net realized and unrealized gain (loss) | 0.0003 | &nbsp;&nbsp; (0.0001) | 0.0062 | 0.0003 | &nbsp;&nbsp; (0.0002) | &nbsp;&nbsp; (0.0002) |
| Total From Investment Operations | 0.0195 | 0.0433 | 0.0517 | 0.0392 | 0.0017 | &nbsp;&nbsp; (0.0001) |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.0192) | &nbsp;&nbsp; (0.0434) | &nbsp;&nbsp; (0.0516) | &nbsp;&nbsp; (0.0388) | &nbsp;&nbsp; (0.0025) | &nbsp;&nbsp; (0.0001) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.0004** | &nbsp;&nbsp; **$1.0001** | &nbsp;&nbsp; **$1.0002** | &nbsp;&nbsp; **$1.0001** | &nbsp;&nbsp; **$0.9997** | &nbsp;&nbsp; **$1.0005** |
| **Total Return**<sup>2</sup> <br>| &nbsp;&nbsp; 1.96% | &nbsp;&nbsp; 4.42% | &nbsp;&nbsp; 5.29% | &nbsp;&nbsp; 3.99% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; (0.01)% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp; 0.42%<sup>4</sup> <br>| &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.24% |
| Net investment income | &nbsp;&nbsp; 3.80%<sup>4</sup> <br>| &nbsp;&nbsp; 4.34% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 3.82% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>5</sup> <br>| &nbsp;&nbsp; 0.05%<sup>4</sup> <br>| &nbsp;&nbsp; 0.05% | &nbsp;&nbsp; 0.05% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.28% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $934350 | &nbsp;&nbsp; $873589 | &nbsp;&nbsp; $841236 | &nbsp;&nbsp; $9456 | &nbsp;&nbsp; $12713 | &nbsp;&nbsp; $32413 |

---

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

---

| | |
|:---|:---|
| 1 | Per share numbers have been calculated using the average shares method. |
| 2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
| 3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 4 | Computed on an annualized basis. |
| 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

Semi-Annual Financial Statements and Additional Information

**9**

------

Statement of Assets and Liabilities

January 31, 2026 (unaudited)

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in repurchase agreements and other repurchase agreements | &nbsp;&nbsp; $8500572000 |
| Investment in securities | &nbsp;&nbsp; 8061072326 |
| Investment in securities, at value (identified cost $16,557,984,304) | &nbsp;&nbsp; 16561644326 |
| Cash | &nbsp;&nbsp; 566942 |
| Income receivable | &nbsp;&nbsp; 41885597 |
| Receivable for shares sold | &nbsp;&nbsp; 65935280 |
| Total Assets | &nbsp;&nbsp; 16670032145 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp; 28300000 |
| Payable for shares redeemed | &nbsp;&nbsp; 34040250 |
| Income distribution payable | &nbsp;&nbsp; 22766390 |
| Payable for investment adviser fee (Note 5) | &nbsp;&nbsp; 88797 |
| Payable for administrative fee (Note 5) | &nbsp;&nbsp; 69898 |
| Payable for Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp; 401 |
| Payable for other service fees (Notes 2 and 5) | &nbsp;&nbsp; 237691 |
| Accrued expenses (Note 5) | &nbsp;&nbsp; 263911 |
| Total Liabilities | &nbsp;&nbsp; 85767338 |
| Net assets for 16,576,833,074 shares outstanding | &nbsp;&nbsp; $16584264807 |
| **Net Assets Consist of:** |  |
| Paid-in capital | &nbsp;&nbsp; $16583457081 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 807726 |
| Net Assets | &nbsp;&nbsp; $16584264807 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Institutional Shares:** |  |
| $15,649,915,082 ÷ 15,642,832,594 shares outstanding, no par value, unlimited shares authorized | $1.0005 |
| **Service Shares:** |  |
| $934,349,725 ÷ 934,000,480 shares outstanding, no par value, unlimited shares authorized | $1.0004 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**10**

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Statement of Operations

Six Months Ended January 31, 2026 (unaudited)

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $357629888 |
| **Expenses:** |  |
| Investment adviser fee (Note 5) | &nbsp;&nbsp; 12695120 |
| Administrative fee (Note 5) | &nbsp;&nbsp; 6539174 |
| Custodian fees | &nbsp;&nbsp; 259046 |
| Transfer agent fees | &nbsp;&nbsp; 75932 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp; 43730 |
| Auditing fees | &nbsp;&nbsp; 15031 |
| Legal fees | &nbsp;&nbsp; 7203 |
| Portfolio accounting fees | &nbsp;&nbsp; 163214 |
| Other service fees (Notes 2 and 5) | &nbsp;&nbsp; 1068044 |
| Share registration costs | &nbsp;&nbsp; 137389 |
| Printing and postage | &nbsp;&nbsp; 44511 |
| Miscellaneous (Note 5) | &nbsp;&nbsp; 57405 |
| TOTAL EXPENSES | &nbsp;&nbsp; 21105799 |
| Waiver of investment adviser fee (Note 5) | &nbsp;&nbsp; (4388903) |
| Net expenses | &nbsp;&nbsp; 16716896 |
| Net investment income | &nbsp;&nbsp; 340912992 |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |
| Net realized gain on investments | &nbsp;&nbsp; 5623 |
| Net change in unrealized depreciation of investments | &nbsp;&nbsp; 4066037 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp; 4071660 |
| Change in net assets resulting from operations | &nbsp;&nbsp; $344984652 |

---

See Notes which are an integral part of the Financial Statements

Semi-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;

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026**<br>| **Year Ended** <br>**7/31/2025**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $340912992 | &nbsp;&nbsp; $723155540 |
| Net realized gain (loss) | &nbsp;&nbsp; 5623 | &nbsp;&nbsp; 13804 |
| Net change in unrealized appreciation/depreciation | &nbsp;&nbsp; 4066037 | &nbsp;&nbsp; (1164857) |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; 344984652 | &nbsp;&nbsp; 722004487 |
| **Distributions to Shareholders:** |  |  |
| Institutional Shares | &nbsp;&nbsp; (323720915) | &nbsp;&nbsp; (686111077) |
| Service Shares | &nbsp;&nbsp; (17277515) | &nbsp;&nbsp; (36923101) |
| CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | &nbsp;&nbsp; (340998430) | &nbsp;&nbsp; (723034178) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 13405477034 | &nbsp;&nbsp; 28800301237 |
| Net asset value of shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 194215825 | &nbsp;&nbsp; 417755969 |
| Cost of shares redeemed | &nbsp;&nbsp; (13658903496) | &nbsp;&nbsp; (30215926094) |
| CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | &nbsp;&nbsp; (59210637) | &nbsp;&nbsp; (997868888) |
| Change in net assets | &nbsp;&nbsp; (55224415) | &nbsp;&nbsp; (998898579) |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 16639489222 | &nbsp;&nbsp; 17638387801 |
| End of period | &nbsp;&nbsp; $16584264807 | &nbsp;&nbsp; $16639489222 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**12**

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Notes to Financial Statements

January 31, 2026 (unaudited)

**1. ORGANIZATION** 

Federated Hermes Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of 14 portfolios. The financial statements included herein are only those of Federated Hermes Institutional Prime Obligations Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers two classes of shares: Institutional Shares and Service Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income consistent with stability of principal.

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, or NAV per share practical expedient, as applicable.

■

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

Semi-Annual Financial Statements and Additional Information

**13**

------

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

**Repurchase Agreements** 

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

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

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

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

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

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. 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 and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waiver of $4,388,903 is disclosed in Note 5.

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

**Other Service Fees** 

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

For the six months ended January 31, 2026, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Service Shares | &nbsp;&nbsp; $1068044 |

---

For the six months ended January 31, 2026, the Fund's Institutional Shares did not incur other service fees.

**Federal Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended January 31, 2026, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of January 31, 2026, 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.

Semi-Annual Financial Statements and Additional Information

**14**

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

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

**Restricted Securities** 

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

**Other** 

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

**3. SHARES OF BENEFICIAL INTEREST** 

The following tables summarize share activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Institutional Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 12838893202 | &nbsp;&nbsp; $12844739160 | &nbsp;&nbsp; 27761616879 | &nbsp;&nbsp; $27772392265 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 177017811 | &nbsp;&nbsp; 177099908 | &nbsp;&nbsp; 381010444 | &nbsp;&nbsp; 381156874 |
| Shares redeemed | &nbsp;&nbsp; (13135611252) | &nbsp;&nbsp; (13141600838) | &nbsp;&nbsp; (29171699702) | &nbsp;&nbsp; (29183869632) |
| NET CHANGE RESULTING FROM INSTITUTIONAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; (119700239) | &nbsp;&nbsp; $(119761770) | &nbsp;&nbsp; (1029072379) | &nbsp;&nbsp; $(1030320493) |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Service Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 560521468 | &nbsp;&nbsp; $560737874 | &nbsp;&nbsp; 1027602200 | &nbsp;&nbsp; $1027908972 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 17109396 | &nbsp;&nbsp; 17115917 | &nbsp;&nbsp; 36588508 | &nbsp;&nbsp; 36599095 |
| Shares redeemed | &nbsp;&nbsp; (517100690) | &nbsp;&nbsp; (517302658) | &nbsp;&nbsp; (1031755201) | &nbsp;&nbsp; (1032056462) |
| NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | &nbsp;&nbsp; 60530174 | &nbsp;&nbsp; $60551133 | &nbsp;&nbsp; 32435507 | &nbsp;&nbsp; $32451605 |
| NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | &nbsp;&nbsp; (59170065) | &nbsp;&nbsp; $(59210637) | &nbsp;&nbsp; (996636872) | &nbsp;&nbsp; $(997868888) |

---

**4. FEDERAL TAX INFORMATION** 

At January 31, 2026, the cost of investments for federal tax purposes was $16,557,984,304. The net unrealized appreciation of investments for federal tax purposes was $3,660,022. This consists of unrealized appreciation from investments for those securities having an excess of value over cost of $3,752,272 and unrealized depreciation from investments for those securities having an excess of cost over value of $92,250.

As of July 31, 2025, the Fund had a capital loss carryforward of $2,858,054 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** |
| $1373471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1484583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2858054 |

---

Semi-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 0.15% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee for competitive reasons, such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended January 31, 2026, the Adviser voluntarily waived $4,388,903 of its fee.

**Administrative Fee** 

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

---

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

---

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2026, the annualized fee paid to FAS was 0.077% of average daily net assets of the Fund.

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

**Other Service Fees** 

For the six months ended January 31, 2026, FSSC received $179 of the other service fees disclosed in Note 2.

**Expense Limitation** 

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

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

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

**6. CONCENTRATION OF RISK** 

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

**7. 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.

**8. LINE OF CREDIT** 

The Fund participates with certain other Federated Hermes Funds, on a several basis, in an up to $500,000,000 unsecured, 364-day, committed, revolving line of credit (LOC) agreement dated June 17, 2025. The LOC was made available to temporarily finance the repurchase or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund's ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to (a) the highest, on any day, of (i) the federal funds effective rate, (ii) the published secured overnight financing rate plus an assigned percentage, and (iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under the LOC pays its pro rata share of a commitment fee based on the amount of the lenders' commitment that has not been utilized, quarterly in arrears and at maturity. As of January 31, 2026, the Fund had no outstanding loans. During the six months ended January 31, 2026, the Fund did not utilize the LOC.

Semi-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. INTERFUND LENDING** 

Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of January 31, 2026, there were no outstanding loans. During the six months ended January 31, 2026, the program was not utilized.

**10. OPERATING SEGMENTS** 

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

**11. INDEMNIFICATIONS** 

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

Semi-Annual Financial Statements and Additional Information

**17**

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Evaluation and Approval of Advisory Contract–May 2025

**Federated Hermes Institutional Prime Obligations Fund (the "Fund")**

At its meetings in May 2025 (the "May Meetings"), the Fund's Board of Trustees (the "Board"), including those Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") (the "Contract") for an additional one-year term. The Board's determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering such information deemed necessary to evaluate the terms of the Contract and to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

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

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written report regarding data related to the Fund's management fee (the "CCO Management Fee Report"). The Board considered the CCO Management Fee Report, along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contract.

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

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: (1) copies of the Contract; (2) the nature, quality and extent of the advisory and other services provided to the Fund by Federated Hermes; (3) Federated Hermes' business and operations; (4) the Adviser's investment philosophy, personnel and processes; (5) the Fund's investment objective and strategies; (6) the Fund's short-term and long-term performance - in absolute terms (both on a gross basis and net of expenses) and relative to an appropriate group of peer funds and its benchmark; (7) the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund - in absolute terms and relative to an appropriate group of peer funds, with due regard for contractual or voluntary expense limitations (if any); (8) the financial condition of Federated Hermes; (9) the Adviser's profitability with respect to managing the Fund; (10) distribution and sales activity for the Fund; and (11) the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in evaluating the Contract. Using these judicial decisions as a guide, the Board considered several factors it deemed relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund, including: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser's cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize "economies of scale" as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any "fall-out" benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fees and expenses, including a comparison of management fees paid to the adviser with those paid by similar funds managed by the same adviser or other advisers as well as management fees charged to institutional and other advisory clients of the same adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser's services and fees. The Board considered that the Securities and Exchange Commission ("SEC") disclosure requirements regarding the basis for a fund board's approval of the fund's investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its evaluation of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a "Federated Hermes Fund" and, collectively, the "Federated Hermes Funds").

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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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**19**

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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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**20**

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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 below the median of the Expense Peer Group, and the Board was satisfied that the overall expense structure of the Fund remained competitive. 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 October 1, 2023.

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.

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 designed to provide enhanced or expanded services to the Federated Hermes Funds and their shareholders. The Board

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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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Voting Proxies on Fund Portfolio Securities

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

Portfolio Schedule

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

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

**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY**

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

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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.

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

**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY**

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

![](fhilogok11p.jpg)

Federated Hermes Institutional Prime Obligations Fund

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

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

or call 1-800-341-7400.

Federated Securities Corp., Distributor

CUSIP 60934N203

CUSIP 60934N708

Q450200 (3/26)© 2026 Federated Hermes, Inc.

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**Semi-Annual Financial Statements**

**and Additional Information**

**January 31, 2026**

![](img47f02c161.gif)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** \| Ticker | **Select** \| TOLXX | **Automated** \| TOAXX | **Institutional** \| TOIXX | **Advisor** \| TOVXX |
|  | **Service** \| TOSXX | **Administrative** \| TODXX | **Cash Management** \| TOMXX | **Capital** \| TOCXX |
|  | **Trust** \| TOTXX | **Premier** \| TOPXX |  |  |

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Federated Hermes Treasury Obligations Fund

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A Portfolio of Federated Hermes Money Market Obligations Trust

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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_b2a4a285-d827-4227-b502-2b150fac3455_1) | [1](#xx_b2a4a285-d827-4227-b502-2b150fac3455_1)  |
| [Financial Highlights](#xx_b1e192ee-f1ff-4734-ab23-957a7f2bfb69_1) | [5](#xx_b1e192ee-f1ff-4734-ab23-957a7f2bfb69_1)  |
| [Statement of Assets and Liabilities](#xx_e883551c-a3f1-40f0-9325-2972e54a648a_1) | [15](#xx_e883551c-a3f1-40f0-9325-2972e54a648a_1)  |
| [Statement of Operations](#xx_e883551c-a3f1-40f0-9325-2972e54a648a_2) | [16](#xx_e883551c-a3f1-40f0-9325-2972e54a648a_2)  |
| [Statement of Changes in Net Assets](#xx_e883551c-a3f1-40f0-9325-2972e54a648a_3) | [17](#xx_e883551c-a3f1-40f0-9325-2972e54a648a_3)  |
| [Notes to Financial Statements](#xx_bffceac7-e4c7-4939-952f-e9e9502fc54c_1) | [18](#xx_bffceac7-e4c7-4939-952f-e9e9502fc54c_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_07785518-8f95-44ce-8233-221f1e119649_1) | [24](#xx_07785518-8f95-44ce-8233-221f1e119649_1) |

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Portfolio of Investments

January 31, 2026 (unaudited)

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| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
|  | U.S. TREASURIES—42.1% |  |
| <sup>1</sup> <br>| **U.S. Treasury Bills—22.1%** |  |
| $600000000 | United States Treasury Bills, 3.380%, 12/24/2026 | &nbsp;&nbsp; $581635332 |
| 439000000 | United States Treasury Bills, 3.390%, 1/21/2027 | &nbsp;&nbsp; 424365934 |
| 1042000000 | United States Treasury Bills, 3.460% - 3.470%, 11/27/2026 | &nbsp;&nbsp; 1012036631 |
| 885000000 | United States Treasury Bills, 3.525%, 7/30/2026 | &nbsp;&nbsp; 869488531 |
| 585000000 | United States Treasury Bills, 3.540%, 10/1/2026 | &nbsp;&nbsp; 571078951 |
| 600000000 | United States Treasury Bills, 3.630%, 3/24/2026 | &nbsp;&nbsp; 596914500 |
| 580000000 | United States Treasury Bills, 3.670%, 5/28/2026 | &nbsp;&nbsp; 573141179 |
| 789000000 | United States Treasury Bills, 3.685% - 3.850%, 4/16/2026 | &nbsp;&nbsp; 782952659 |
| 1466000000 | United States Treasury Bills, 3.690% - 3.960%, 5/14/2026 | &nbsp;&nbsp; 1450041036 |
| 337000000 | United States Treasury Bills, 3.695%, 4/9/2026 | &nbsp;&nbsp; 334682516 |
| 580000000 | United States Treasury Bills, 3.705%, 3/3/2026 | &nbsp;&nbsp; 578209250 |
| 200000000 | United States Treasury Bills, 3.705%, 3/26/2026 | &nbsp;&nbsp; 198909083 |
| 590000000 | United States Treasury Bills, 3.710%, 5/21/2026 | &nbsp;&nbsp; 583372498 |
| 1193000000 | United States Treasury Bills, 3.715% - 3.945%, 3/19/2026 | &nbsp;&nbsp; 1187158505 |
| 610000000 | United States Treasury Bills, 3.725%, 3/5/2026 | &nbsp;&nbsp; 607980223 |
| 363000000 | United States Treasury Bills, 3.770%, 3/10/2026 | &nbsp;&nbsp; 361593476 |
| 365000000 | United States Treasury Bills, 3.785%, 2/3/2026 | &nbsp;&nbsp; 364923249 |
| 575000000 | United States Treasury Bills, 3.810%, 2/17/2026 | &nbsp;&nbsp; 574026333 |
| 590000000 | United States Treasury Bills, 3.925%, 7/9/2026 | &nbsp;&nbsp; 579836431 |
| 569000000 | United States Treasury Bills, 3.940%, 6/11/2026 | &nbsp;&nbsp; 560904394 |
|  | TOTAL | &nbsp;&nbsp; 12793250711 |
|  | **U.S. Treasury Notes—20.0%** |  |
| 1810000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 3.710% (91-day T-Bill +0.098%), 2/3/2026 | &nbsp;&nbsp; 1809977836 |
| 452000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 3.712% (91-day T-Bill +0.088%), 2/3/2026 | &nbsp;&nbsp; 451999039 |
| 1102000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 3.762% (91-day T-Bill +0.150%), 2/3/2026 | &nbsp;&nbsp; 1101999826 |
| 691000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 3.771% (91-day T-Bill +0.159%), 2/3/2026 | &nbsp;&nbsp; 690765472 |
| 1337400000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 3.772% (91-day T-Bill +0.160%), 2/3/2026 | &nbsp;&nbsp; 1337485888 |
| 546000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 3.794% (91-day T-Bill +0.182%), 2/3/2026 | &nbsp;&nbsp; 546001458 |
| 828000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 3.802% (91-day T-Bill +0.190%), 2/3/2026 | &nbsp;&nbsp; 828555031 |
| 1526000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 3.817% (91-day T-Bill +0.205%), 2/3/2026 | &nbsp;&nbsp; 1526582356 |
| 827000000 | United States Treasury Notes, 0.625% - 4.375%, 7/31/2026 | &nbsp;&nbsp; 820978826 |
| 327000000 | United States Treasury Notes, 0.750% - 2.375%, 4/30/2026 | &nbsp;&nbsp; 325238303 |
| 329000000 | United States Treasury Notes, 0.875%, 6/30/2026 | &nbsp;&nbsp; 324765821 |
| 294000000 | United States Treasury Notes, 0.875% - 3.500%, 9/30/2026 | &nbsp;&nbsp; 290761018 |
| 147000000 | United States Treasury Notes, 1.125%, 10/31/2026 | &nbsp;&nbsp; 144227933 |
| 213000000 | United States Treasury Notes, 1.250%, 12/31/2026 | &nbsp;&nbsp; 208559838 |
| 83000000 | United States Treasury Notes, 1.500%, 8/15/2026 | &nbsp;&nbsp; 81858220 |
| 272000000 | United States Treasury Notes, 1.500% - 4.125%, 1/31/2027 | &nbsp;&nbsp; 270685174 |
| 332725000 | United States Treasury Notes, 1.625% - 3.625%, 5/15/2026 | &nbsp;&nbsp; 331872469 |
| 67000000 | United States Treasury Notes, 3.750%, 8/31/2026 | &nbsp;&nbsp; 66856857 |
| 88000000 | United States Treasury Notes, 4.125%, 2/15/2027 | &nbsp;&nbsp; 88503766 |
| 178000000 | United States Treasury Notes, 4.250%, 11/30/2026 | &nbsp;&nbsp; 178904209 |
| 85000000 | United States Treasury Notes, 4.625%, 9/15/2026 | &nbsp;&nbsp; 85398752 |
| 87000000 | United States Treasury Notes, 4.875%, 5/31/2026 | &nbsp;&nbsp; 87235507 |
|  | TOTAL | &nbsp;&nbsp; 11599213599 |
|  | TOTAL U.S. TREASURIES | &nbsp;&nbsp; 24392464310 |

---

Semi-Annual Financial Statements and Additional Information

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS—53.9% |  |
| $150000000 | Interest in $350,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which HSBC Securities (USA), Inc. <br> will repurchase securities provided as collateral for $350,107,042 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to <br> 5/15/2051 and the market value of those underlying securities was $357,000,029.<br>| &nbsp;&nbsp; $150000000 |
| 500000000 | Interest in $1,000,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which Sumitomo Mitsui Banking <br> Corp. will repurchase securities provided as collateral for $1,000,305,000 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various <br> maturities to 2/15/2054 and the market value of those underlying securities was $1,020,311,147.<br>| &nbsp;&nbsp; 500000000 |
| 600000000 | Interest in $2,000,000,000 joint repurchase agreement 3.65%, dated 1/12/2026 under which BNP Paribas S.A. will <br> repurchase securities provided as collateral for $2,018,250,000 on 4/13/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to <br> 11/15/2054 and the market value of those underlying securities was $2,058,615,000.<br>| &nbsp;&nbsp; 600000000 |
| 800000000 | Interest in $1,000,000,000 joint repurchase agreement 3.66%, dated 1/29/2026 under which Natixis Financial Products <br> LLC will repurchase securities provided as collateral for $1,004,981,667 on 3/19/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various <br> maturities to 11/15/2055 and the market value of those underlying securities was $1,020,414,800.<br>| &nbsp;&nbsp; 800000000 |
| 400000000 | Interest in $1,350,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which Barclays Bank PLC will <br> repurchase securities provided as collateral for $1,350,411,750 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to <br> 2/15/2054 and the market value of those underlying securities was $1,377,419,991.<br>| &nbsp;&nbsp; 400000000 |
| 5000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Barclays Capital, Inc. will repurchase securities provided <br> as collateral for $5,001,525 on 2/2/2026. The securities provided as collateral at the end of the period held with BNY <br> Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2047 and the market value of <br> those underlying securities was $5,101,573.<br>| &nbsp;&nbsp; 5000000 |
| 1650000000 | Interest in $9,500,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which J.P. Morgan Securities <br> LLC will repurchase securities provided as collateral for $9,502,897,500 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various <br> maturities to 10/15/2030 and the market value of those underlying securities was $9,690,000,072.<br>| &nbsp;&nbsp; 1650000000 |
| 1000000000 | Interest in $9,500,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which J.P. Morgan Securities <br> LLC will repurchase securities provided as collateral for $9,502,897,500 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various <br> maturities to 11/30/2029 and the market value of those underlying securities was $9,690,000,094.<br>| &nbsp;&nbsp; 1000000000 |
| 2000000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income Clearing Corporation - BNYM will <br> repurchase securities provided as collateral for $2,000,610,000 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to <br> 7/15/2033 and the market value of those underlying securities was $2,040,000,040.<br>| &nbsp;&nbsp; 2000000000 |
| 591438750 | Repurchase agreement 3.68%, dated 1/30/2026 under which Prudential Insurance Co. of America will repurchase <br> securities provided as collateral for $591,620,125 on 2/2/2026. The securities provided as collateral at the end of the <br> period held with State Street Bank & Trust Co. as custodian, were U.S. Government Agency securities with various <br> maturities to 11/15/2054 and the market value of those underlying securities was $603,603,082.<br>| &nbsp;&nbsp; 591438750 |
| 181077500 | Repurchase agreement 3.68%, dated 1/30/2026 under which Prudential Legacy Insurance Co. of NJ will repurchase <br> securities provided as collateral for $181,133,030 on 2/2/2026. The securities provided as collateral at the end of the <br> period held with State Street Bank & Trust Co. as custodian, were U.S. Government Agency securities with various <br> maturities to 5/15/2054 and the market value of those underlying securities was $185,159,050.<br>| &nbsp;&nbsp; 181077500 |
| 250000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Citibank, N.A. will repurchase securities provided as <br> collateral for $250,076,250 on 2/2/2026. The securities provided as collateral at the end of the period held with BNY <br> Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2048 and the market value of <br> those underlying securities was $255,077,814.<br>| &nbsp;&nbsp; 250000000 |
| 1019000000 | Interest in $2,169,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which BNP Paribas S.A. will <br> repurchase securities provided as collateral for $2,169,661,545 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to <br> 2/15/2053 and the market value of those underlying securities was $2,213,054,776.<br>| &nbsp;&nbsp; 1019000000 |
| 240000000 | Interest in $975,000,000 joint repurchase agreement 3.78%, dated 12/3/2025 under which BNP Paribas S.A. will <br> repurchase securities provided as collateral for $981,347,250 on 2/3/2026. The securities provided as collateral at the <br> end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to <br> 5/31/2028 and the market value of those underlying securities was $1,000,974,269.<br>| &nbsp;&nbsp; 240000000 |
| 225000000 | Interest in $750,000,000 joint repurchase agreement 3.66%, dated 1/9/2026 under which Credit Agricole Corporate <br> and Investment Bank will repurchase securities provided as collateral for $751,982,500 on 2/4/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities <br> with various maturities to 5/15/2055 and the market value of those underlying securities was $766,866,663.<br>| &nbsp;&nbsp; 225000000 |
| 63526000 | Interest in $1,350,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which Bofa Securities, Inc. will <br> repurchase securities provided as collateral for $1,350,411,750 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to <br> 2/15/2052 and the market value of those underlying securities was $1,377,419,987.<br>| &nbsp;&nbsp; 63526000 |

---

Semi-Annual Financial Statements and Additional Information

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS—continued |  |
| $300000000 | Interest in $1,300,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which Bofa Securities, Inc. will <br> repurchase securities provided as collateral for $1,300,396,500 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to <br> 2/15/2054 and the market value of those underlying securities was $1,326,404,482.<br>| &nbsp;&nbsp; $300000000 |
| 500000000 | Interest in $3,500,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which Citigroup Global Markets, <br> Inc. will repurchase securities provided as collateral for $3,501,067,500 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various <br> maturities to 1/15/2027 and the market value of those underlying securities was $3,571,088,912.<br>| &nbsp;&nbsp; 500000000 |
| 380000000 | Interest in $3,280,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which Citigroup Global Markets, <br> Inc. will repurchase securities provided as collateral for $3,281,000,400 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various <br> maturities to 10/15/2026 and the market value of those underlying securities was $3,346,620,430.<br>| &nbsp;&nbsp; 380000000 |
| 350000000 | Interest in $2,000,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which J.P. Morgan Securities <br> LLC will repurchase securities provided as collateral for $2,000,610,000 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various <br> maturities to 4/15/2030 and the market value of those underlying securities was $2,040,000,056.<br>| &nbsp;&nbsp; 350000000 |
| 285000000 | Interest in $785,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which Natwest Markets Securities, <br> Inc. will repurchase securities provided as collateral for $785,239,425 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various <br> maturities to 1/21/2027 and the market value of those underlying securities was $800,700,056.<br>| &nbsp;&nbsp; 285000000 |
| 400000000 | Repurchase agreement 3.66%, dated 1/6/2026 under which Credit Agricole Corporate and Investment Bank will <br> repurchase securities provided as collateral for $401,260,667 on 2/6/2026. The securities provided as collateral at the <br> end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to <br> 7/31/2030 and the market value of those underlying securities was $409,119,981.<br>| &nbsp;&nbsp; 400000000 |
| 550000000 | Interest in $750,000,000 joint repurchase agreement 3.66%, dated 1/6/2026 under which Credit Agricole Corporate <br> and Investment Bank will repurchase securities provided as collateral for $752,363,750 on 2/6/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities <br> with various maturities to 5/15/2055 and the market value of those underlying securities was $767,099,984.<br>| &nbsp;&nbsp; 550000000 |
| 1400000000 | Interest in $5,100,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Goldman Sachs & Co. will <br> repurchase securities provided as collateral for $5,101,559,750 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to <br> 8/15/2053 and the market value of those underlying securities was $5,203,590,988.<br>| &nbsp;&nbsp; 1400000000 |
| 400000000 | Interest in $500,000,000 joint repurchase agreement 3.66%, dated 1/7/2026 under which Bofa Securities, Inc. will <br> repurchase securities provided as collateral for $503,151,667 on 3/11/2026. The securities provided as collateral at the <br> end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to <br> 11/15/2044 and the market value of those underlying securities was $511,296,317.<br>| &nbsp;&nbsp; 400000000 |
| 200000000 | Interest in $250,000,000 joint repurchase agreement 3.66%, dated 1/15/2026 under which Credit Agricole Corporate <br> and Investment Bank will repurchase securities provided as collateral for $250,838,750 on 2/17/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities <br> with various maturities to 7/31/2028 and the market value of those underlying securities was $255,466,722.<br>| &nbsp;&nbsp; 200000000 |
| 500000000 | Interest in $1,000,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which Standard Chartered Bank <br> will repurchase securities provided as collateral for $1,000,305,000 on 2/2/2026. The securities provided as collateral <br> at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities <br> to 11/15/2055 and the market value of those underlying securities was $1,020,311,111.<br>| &nbsp;&nbsp; 500000000 |
| 1625000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income Clearing Corporation - JPM will repurchase <br> securities provided as collateral for $1,625,495,625 on 2/2/2026. The securities provided as collateral at the end of <br> the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 1/15/2028 <br> and the market value of those underlying securities was $1,657,500,044.<br>| &nbsp;&nbsp; 1625000000 |
| 1200000000 | Interest in $1,500,000,000 joint repurchase agreement 3.66%, dated 1/27/2026 under which Societe Generale, New <br> York will repurchase securities provided as collateral for $1,501,067,500 on 2/3/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various <br> maturities to 7/31/2032 and the market value of those underlying securities was $1,530,933,370.<br>| &nbsp;&nbsp; 1200000000 |
| 2000000000 | Interest in $2,500,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Societe Generale, Paris <br> will repurchase securities provided as collateral for $2,501,784,028 on 2/6/2026. The securities provided as collateral <br> at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities <br> to 2/15/2054 and the market value of those underlying securities was $2,550,779,877.<br>| &nbsp;&nbsp; 2000000000 |
| 450004087 | Repurchase agreement 3.66%, dated 1/30/2026 under which Metropolitan Life Insurance Co. will repurchase securities <br> provided as collateral for $450,141,338 on 2/2/2026. The securities provided as collateral at the end of the period <br> held with State Street Bank & Trust Co. as custodian, were U.S. Government Agency securities with various maturities <br> to 11/15/2033 and the market value of those underlying securities was $459,177,909.<br>| &nbsp;&nbsp; 450004087 |
| 5500000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income Clearing Corporation - BNP will repurchase <br> securities provided as collateral for $5,501,677,500 on 2/2/2026. The securities provided as collateral at the end of <br> the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2055 <br> and the market value of those underlying securities was $5,611,711,109.<br>| &nbsp;&nbsp; 5500000000 |

---

Semi-Annual Financial Statements and Additional Information

**3**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS—continued |  |
| $2000000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income Clearing Corporation - ING will repurchase <br> securities provided as collateral for $2,000,610,000 on 2/2/2026. The securities provided as collateral at the end of <br> the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2055 <br> and the market value of those underlying securities was $2,040,622,200.<br>| &nbsp;&nbsp; $2000000000 |
| 1500000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income Clearing Corporation - CIBC will <br> repurchase securities provided as collateral for $1,500,457,500 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with State Street Bank & Trust Co. as custodian, were U.S. Government Agency securities <br> with various maturities to 5/31/2032 and the market value of those underlying securities was $1,530,624,053.<br>| &nbsp;&nbsp; 1500000000 |
| 2000000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income Clearing Corporation - Wells Fargo Bank <br> will repurchase securities provided as collateral for $2,000,610,000 on 2/2/2026. The securities provided as collateral <br> at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities <br> to 8/31/2031 and the market value of those underlying securities was $2,040,622,275.<br>| &nbsp;&nbsp; 2000000000 |
|  | TOTAL REPURCHASE AGREEMENTS | &nbsp;&nbsp; 31215046337 |
|  | TOTAL INVESTMENT IN SECURITIES—96.0% <br>(AT AMORTIZED COST)<sup>3</sup> <br>| &nbsp;&nbsp; 55607510647 |
|  | OTHER ASSETS AND LIABILITIES - NET—4.0%<sup>4</sup> <br>| &nbsp;&nbsp; 2319642440 |
|  | NET ASSETS—100% | &nbsp;&nbsp; $57927153087 |

---

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

---

| | |
|:---|:---|
| 1 | Discount rate at time of purchase. |
| 2 | Floating/variable note with current rate and current maturity or next reset date shown. |
| 3 | Also represents cost of investments for federal tax purposes. |
| 4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |

---

Note: The categories of investments are shown as a percentage of net assets at January 31, 2026.

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

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

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

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

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

In valuing the Fund's assets as of January 31, 2026, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**4**

------

Financial Highlights–Select Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) | **Year Ended July 31,** | **Year Ended July 31,** | **Period** <br>**Ended** <br>**7/31/2023**<sup>1</sup> |
|  | **Six Months** <br>**Ended** <br>(unaudited) | **2025** | **2024** | **Period** <br>**Ended** <br>**7/31/2023**<sup>1</sup> |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |
| Net investment income<sup>2</sup> <br>| 0.020 | 0.045 | 0.052 | 0.004 |
| Net realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>3</sup> <br>| 0.000<sup>3</sup> <br>| 0.000<sup>3</sup> <br>|
| Total From Investment Operations | 0.020 | 0.045 | 0.052 | 0.004 |
| **Less Distributions:** |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.020) | &nbsp;&nbsp; (0.045) | &nbsp;&nbsp; (0.052) | &nbsp;&nbsp; (0.004) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>4</sup> <br>| &nbsp;&nbsp; 1.97% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 5.36% | &nbsp;&nbsp; 0.40% |
| **Ratios to Average Net Assets:** |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp; 0.18%<sup>6</sup> <br>| &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.17%<sup>6</sup> <br>|
| Net investment income | &nbsp;&nbsp; 3.88%<sup>6</sup> <br>| &nbsp;&nbsp; 4.42% | &nbsp;&nbsp; 5.21% | &nbsp;&nbsp; 5.39%<sup>6</sup> <br>|
| Expense waiver/reimbursement<sup>7</sup> <br>| &nbsp;&nbsp; 0.08%<sup>6</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.14%<sup>6</sup> <br>|
| **Supplemental Data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $536492 | &nbsp;&nbsp; $526462 | &nbsp;&nbsp; $289336 | &nbsp;&nbsp; $50 |

---

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

---

| | |
|:---|:---|
| 1 | Reflects operations for the period from July 3, 2023 (commencement of operations) to July 31, 2023. |
| 2 | Per share numbers have been calculated using the average shares method. |
| 3 | Represents less than $0.001. |
| 4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
| 5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 6 | Computed on an annualized basis. |
| 7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**5**

------

Financial Highlights–Automated Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.018 | 0.041 | 0.049 | 0.036 | 0.002 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.018 | 0.041 | 0.049 | 0.036 | 0.002 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.018) | &nbsp;&nbsp; (0.041) | &nbsp;&nbsp; (0.049) | &nbsp;&nbsp; (0.036) | &nbsp;&nbsp; (0.002) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &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; (0.041) | &nbsp;&nbsp; (0.049) | &nbsp;&nbsp; (0.036) | &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** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.81% | &nbsp;&nbsp; 4.21% | &nbsp;&nbsp; 5.01% | &nbsp;&nbsp; 3.67% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.50%<sup>5</sup> <br>| &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.11% |
| Net investment income | &nbsp;&nbsp; 3.57%<sup>5</sup> <br>| &nbsp;&nbsp; 4.14% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 3.52% | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.52% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1351381 | &nbsp;&nbsp; $1309821 | &nbsp;&nbsp; $1390319 | &nbsp;&nbsp; $1116884 | &nbsp;&nbsp; $1615683 | &nbsp;&nbsp; $2390301 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**6**

------

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.019 | 0.044 | 0.052 | 0.040 | 0.003 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.019 | 0.044 | 0.052 | 0.040 | 0.003 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.019) | &nbsp;&nbsp; (0.044) | &nbsp;&nbsp; (0.052) | &nbsp;&nbsp; (0.040) | &nbsp;&nbsp; (0.003) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Total Distributions | &nbsp;&nbsp; (0.019) | &nbsp;&nbsp; (0.044) | &nbsp;&nbsp; (0.052) | &nbsp;&nbsp; (0.040) | &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** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.96% | &nbsp;&nbsp; 4.52% | &nbsp;&nbsp; 5.33% | &nbsp;&nbsp; 4.02% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.20%<sup>5</sup> <br>| &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.11% |
| Net investment income | &nbsp;&nbsp; 3.87%<sup>5</sup> <br>| &nbsp;&nbsp; 4.44% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 4.02% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; 0.17% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $31136674 | &nbsp;&nbsp; $31812496 | &nbsp;&nbsp; $32320699 | &nbsp;&nbsp; $44853097 | &nbsp;&nbsp; $40500072 | &nbsp;&nbsp; $40668867 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**7**

------

Financial Highlights–Advisor Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Period** <br>**Ended** <br>**7/31/2023**<sup>1</sup> |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **Period** <br>**Ended** <br>**7/31/2023**<sup>1</sup> |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |
| Net investment income<sup>2</sup> <br>| 0.020 | 0.045 | 0.053 | 0.004 |
| Net realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.000<sup>3</sup> <br>| 0.000<sup>3</sup> <br>|
| Total From Investment Operations | 0.020 | 0.045 | 0.053 | 0.004 |
| **Less Distributions:** |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.020) | &nbsp;&nbsp; (0.045) | &nbsp;&nbsp; (0.053) | &nbsp;&nbsp; (0.004) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>4</sup> <br>| &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 4.57% | &nbsp;&nbsp; 5.38% | &nbsp;&nbsp; 0.40% |
| **Ratios to Average Net Assets:** |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp; 0.15%<sup>6</sup> <br>| &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.15%<sup>6</sup> <br>|
| Net investment income | &nbsp;&nbsp; 3.84%<sup>6</sup> <br>| &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.41%<sup>6</sup> <br>|
| Expense waiver/reimbursement<sup>7</sup> <br>| &nbsp;&nbsp; 0.08%<sup>6</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.14%<sup>6</sup> <br>|
| **Supplemental Data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $23717 | &nbsp;&nbsp; $6822 | &nbsp;&nbsp; $50 | &nbsp;&nbsp; $50 |

---

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

---

| | |
|:---|:---|
| 1 | Reflects operations for the period from July 3, 2023 (commencement of operations) to July 31, 2023. |
| 2 | Per share numbers have been calculated using the average shares method. |
| 3 | Represents less than $0.001. |
| 4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
| 5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 6 | Computed on an annualized basis. |
| 7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**8**

------

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.018 | 0.042 | 0.050 | 0.037 | 0.002 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.018 | 0.042 | 0.050 | 0.037 | 0.002 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.018) | &nbsp;&nbsp; (0.042) | &nbsp;&nbsp; (0.050) | &nbsp;&nbsp; (0.037) | &nbsp;&nbsp; (0.002) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &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; (0.042) | &nbsp;&nbsp; (0.050) | &nbsp;&nbsp; (0.037) | &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** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 4.29% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 3.77% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.42%<sup>5</sup> <br>| &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.12% |
| Net investment income | &nbsp;&nbsp; 3.62%<sup>5</sup> <br>| &nbsp;&nbsp; 4.19% | &nbsp;&nbsp; 4.99% | &nbsp;&nbsp; 3.82% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.41% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $4223946 | &nbsp;&nbsp; $4324371 | &nbsp;&nbsp; $3886520 | &nbsp;&nbsp; $6216332 | &nbsp;&nbsp; $4833929 | &nbsp;&nbsp; $5363707 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**9**

------

Financial Highlights–Administrative Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Period** <br>**Ended** <br>**7/31/2023**<sup>1</sup> |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **Period** <br>**Ended** <br>**7/31/2023**<sup>1</sup> |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |
| Net investment income<sup>2</sup> <br>| 0.018 | 0.042 | 0.049 | 0.004 |
| Net realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>3</sup> <br>| 0.000<sup>3</sup> <br>| 0.000<sup>3</sup> <br>|
| Total From Investment Operations | 0.018 | 0.042 | 0.049 | 0.004 |
| **Less Distributions:** |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.018) | &nbsp;&nbsp; (0.042) | &nbsp;&nbsp; (0.049) | &nbsp;&nbsp; (0.004) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>4</sup> <br>| &nbsp;&nbsp; 1.83% | &nbsp;&nbsp; 4.26% | &nbsp;&nbsp; 5.06% | &nbsp;&nbsp; 0.38% |
| **Ratios to Average Net Assets:** |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp; 0.45%<sup>6</sup> <br>| &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45%<sup>6</sup> <br>|
| Net investment income | &nbsp;&nbsp; 3.61%<sup>6</sup> <br>| &nbsp;&nbsp; 4.17% | &nbsp;&nbsp; 4.93% | &nbsp;&nbsp; 5.11%<sup>6</sup> <br>|
| Expense waiver/reimbursement<sup>7</sup> <br>| &nbsp;&nbsp; 0.08%<sup>6</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.14%<sup>6</sup> <br>|
| **Supplemental Data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $3096428 | &nbsp;&nbsp; $2857645 | &nbsp;&nbsp; $2781255 | &nbsp;&nbsp; $50 |

---

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

---

| | |
|:---|:---|
| 1 | Reflects operations for the period from July 3, 2023 (commencement of operations) to July 31, 2023. |
| 2 | Per share numbers have been calculated using the average shares method. |
| 3 | Represents less than $0.001. |
| 4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
| 5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 6 | Computed on an annualized basis. |
| 7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**10**

------

Financial Highlights–Cash Management Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Period** <br>**Ended** <br>**7/31/2023**<sup>1</sup> |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **Period** <br>**Ended** <br>**7/31/2023**<sup>1</sup> |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |
| Net investment income<sup>2</sup> <br>| 0.017 | 0.039 | 0.047 | 0.004 |
| Net realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.000<sup>3</sup> <br>| 0.000<sup>3</sup> <br>|
| Total From Investment Operations | 0.017 | 0.039 | 0.047 | 0.004 |
| **Less Distributions:** |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.017) | &nbsp;&nbsp; (0.039) | &nbsp;&nbsp; (0.047) | &nbsp;&nbsp; (0.004) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>4</sup> <br>| &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 0.36% |
| **Ratios to Average Net Assets:** |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp; 0.70%<sup>6</sup> <br>| &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70%<sup>6</sup> <br>|
| Net investment income | &nbsp;&nbsp; 3.07%<sup>6</sup> <br>| &nbsp;&nbsp; 3.86% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.88%<sup>6</sup> <br>|
| Expense waiver/reimbursement<sup>7</sup> <br>| &nbsp;&nbsp; 0.08%<sup>6</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.14%<sup>6</sup> <br>|
| **Supplemental Data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $18745 | &nbsp;&nbsp; $94 | &nbsp;&nbsp; $50 | &nbsp;&nbsp; $50 |

---

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

---

| | |
|:---|:---|
| 1 | Reflects operations for the period from July 3, 2023 (commencement of operations) to July 31, 2023. |
| 2 | Per share numbers have been calculated using the average shares method. |
| 3 | Represents less than $0.001. |
| 4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
| 5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 6 | Computed on an annualized basis. |
| 7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**11**

------

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.019 | 0.043 | 0.051 | 0.039 | 0.002 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.019 | 0.043 | 0.051 | 0.039 | 0.002 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.019) | &nbsp;&nbsp; (0.043) | &nbsp;&nbsp; (0.051) | &nbsp;&nbsp; (0.039) | &nbsp;&nbsp; (0.002) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Total Distributions | &nbsp;&nbsp; (0.019) | &nbsp;&nbsp; (0.043) | &nbsp;&nbsp; (0.051) | &nbsp;&nbsp; (0.039) | &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** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 5.21% | &nbsp;&nbsp; 3.92% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.30%<sup>5</sup> <br>| &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; 0.11% |
| Net investment income | &nbsp;&nbsp; 3.76%<sup>5</sup> <br>| &nbsp;&nbsp; 4.31% | &nbsp;&nbsp; 5.09% | &nbsp;&nbsp; 4.08% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.27% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $7125052 | &nbsp;&nbsp; $7340155 | &nbsp;&nbsp; $6538348 | &nbsp;&nbsp; $4829109 | &nbsp;&nbsp; $2100176 | &nbsp;&nbsp; $1859069 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**12**

------

Financial Highlights–Trust Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.017 | 0.040 | 0.047 | 0.035 | 0.001 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.017 | 0.040 | 0.047 | 0.035 | 0.001 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.017) | &nbsp;&nbsp; (0.040) | &nbsp;&nbsp; (0.047) | &nbsp;&nbsp; (0.035) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Total Distributions | &nbsp;&nbsp; (0.017) | &nbsp;&nbsp; (0.040) | &nbsp;&nbsp; (0.047) | &nbsp;&nbsp; (0.035) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 4.84% | &nbsp;&nbsp; 3.51% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.66%<sup>5</sup> <br>| &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.13% |
| Net investment income | &nbsp;&nbsp; 3.41%<sup>5</sup> <br>| &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 4.74% | &nbsp;&nbsp; 3.45% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.08%<sup>5</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.65% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $794071 | &nbsp;&nbsp; $724812 | &nbsp;&nbsp; $430658 | &nbsp;&nbsp; $655941 | &nbsp;&nbsp; $796860 | &nbsp;&nbsp; $754675 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**13**

------

Financial Highlights–Premier Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Period** <br>**Ended** <br>**7/31/2023**<sup>1</sup> |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **Period** <br>**Ended** <br>**7/31/2023**<sup>1</sup> |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |
| Net investment income<sup>2</sup> <br>| 0.020 | 0.045 | 0.052 | 0.004 |
| Net realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>3</sup> <br>| 0.001 | 0.000<sup>3</sup> <br>|
| Total From Investment Operations | 0.020 | 0.045 | 0.053 | 0.004 |
| **Less Distributions:** |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.020) | &nbsp;&nbsp; (0.045) | &nbsp;&nbsp; (0.053) | &nbsp;&nbsp; (0.004) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>4</sup> <br>| &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 4.57% | &nbsp;&nbsp; 5.38% | &nbsp;&nbsp; 0.40% |
| **Ratios to Average Net Assets:** |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp; 0.15%<sup>6</sup> <br>| &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.15%<sup>6</sup> <br>|
| Net investment income | &nbsp;&nbsp; 3.92%<sup>6</sup> <br>| &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 5.24% | &nbsp;&nbsp; 5.09%<sup>6</sup> <br>|
| Expense waiver/reimbursement<sup>7</sup> <br>| &nbsp;&nbsp; 0.08%<sup>6</sup> <br>| &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.13%<sup>6</sup> <br>|
| **Supplemental Data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $9620647 | &nbsp;&nbsp; $9892758 | &nbsp;&nbsp; $9664446 | &nbsp;&nbsp; $808502 |

---

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

---

| | |
|:---|:---|
| 1 | Reflects operations for the period from July 3, 2023 (commencement of operations) to July 31, 2023. |
| 2 | Per share numbers have been calculated using the average shares method. |
| 3 | Represents less than $0.001. |
| 4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
| 5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 6 | Computed on an annualized basis. |
| 7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**14**

------

Statement of Assets and Liabilities

January 31, 2026 (unaudited)

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in repurchase agreements | &nbsp;&nbsp; $31215046337 |
| Investment in securities | &nbsp;&nbsp; 24392464310 |
| Investment in securities, at amortized cost and fair value | &nbsp;&nbsp; 55607510647 |
| Cash | &nbsp;&nbsp; 2719206488 |
| Income receivable | &nbsp;&nbsp; 138054894 |
| Receivable for shares sold | &nbsp;&nbsp; 89131797 |
| Total Assets | &nbsp;&nbsp; 58553903826 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp; 452092377 |
| Payable for shares redeemed | &nbsp;&nbsp; 86280229 |
| Income distribution payable | &nbsp;&nbsp; 82507587 |
| Payable for investment adviser fee (Note 5) | &nbsp;&nbsp; 222345 |
| Payable for administrative fee (Note 5) | &nbsp;&nbsp; 244643 |
| Payable for distribution services fee (Note 5) | &nbsp;&nbsp; 308441 |
| Payable for other service fees (Notes 2 and 5) | &nbsp;&nbsp; 4187065 |
| Accrued expenses (Note 5) | &nbsp;&nbsp; 908052 |
| Total Liabilities | &nbsp;&nbsp; 626750739 |
| Net assets for 57,947,861,419 shares outstanding | &nbsp;&nbsp; $57927153087 |
| **Net Assets Consist of:** |  |
| Paid-in capital | &nbsp;&nbsp; $57948054422 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (20901335) |
| Net Assets | &nbsp;&nbsp; $57927153087 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Select Shares:** |  |
| $536,492,168 ÷ 536,692,999 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Automated Shares:** |  |
| $1,351,380,946 ÷ 1,351,865,889 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Institutional Shares:** |  |
| $31,136,674,253 ÷ 31,147,710,471 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Advisor Shares:** |  |
| $23,716,852 ÷ 23,725,360 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Service Shares:** |  |
| $4,223,946,264 ÷ 4,225,458,235 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Administrative Shares:** |  |
| $3,096,428,041 ÷ 3,097,539,881 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Cash Management Shares:** |  |
| $18,745,442 ÷ 18,752,083 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Capital Shares:** |  |
| $7,125,051,720 ÷ 7,127,644,726 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Trust Shares:** |  |
| $794,070,787 ÷ 794,353,460 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Premier Shares:** |  |
| $9,620,646,614 ÷ 9,624,118,315 shares outstanding, no par value, unlimited shares authorized | $1.00 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**15**

------

Statement of Operations

Six Months Ended January 31, 2026 (unaudited)

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $1205010077 |
| **Expenses:** |  |
| Investment adviser fee (Note 5) | &nbsp;&nbsp; 44450144 |
| Administrative fee (Note 5) | &nbsp;&nbsp; 22892342 |
| Custodian fees | &nbsp;&nbsp; 817927 |
| Transfer agent fees (Note 2) | &nbsp;&nbsp; 1224642 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp; 149276 |
| Auditing fees | &nbsp;&nbsp; 17412 |
| Legal fees | &nbsp;&nbsp; 8467 |
| Portfolio accounting fees | &nbsp;&nbsp; 142836 |
| Distribution services fee (Note 5) | &nbsp;&nbsp; 1775256 |
| Other service fees (Notes 2 and 5) | &nbsp;&nbsp; 25667150 |
| Share registration costs | &nbsp;&nbsp; 363060 |
| Printing and postage | &nbsp;&nbsp; 137100 |
| Miscellaneous (Note 5) | &nbsp;&nbsp; 141327 |
| TOTAL EXPENSES | &nbsp;&nbsp; 97786939 |
| Waiver of investment adviser fee (Note 5) | &nbsp;&nbsp; (23389046) |
| Net expenses | &nbsp;&nbsp; 74397893 |
| Net investment income | &nbsp;&nbsp; 1130612184 |
| Change in net assets resulting from operations | &nbsp;&nbsp; $1130612184 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**16**

------

Statement of Changes in Net Assets

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

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

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026**<br>| **Year Ended** <br>**7/31/2025**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $1130612184 | &nbsp;&nbsp; $2552582126 |
| Net realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; (3442) |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; 1130612184 | &nbsp;&nbsp; 2552578684 |
| **Distributions to Shareholders:** |  |  |
| Select Shares | &nbsp;&nbsp; (10548072) | &nbsp;&nbsp; (19646072) |
| Automated Shares | &nbsp;&nbsp; (25036070) | &nbsp;&nbsp; (61342622) |
| Institutional Shares | &nbsp;&nbsp; (614932886) | &nbsp;&nbsp; (1424047117) |
| Advisor Shares | &nbsp;&nbsp; (236958) | &nbsp;&nbsp; (195774) |
| Service Shares | &nbsp;&nbsp; (90921782) | &nbsp;&nbsp; (180533147) |
| Administrative Shares | &nbsp;&nbsp; (52825098) | &nbsp;&nbsp; (116422013) |
| Cash Management Shares | &nbsp;&nbsp; (45576) | &nbsp;&nbsp; (3222) |
| Capital Shares | &nbsp;&nbsp; (138244717) | &nbsp;&nbsp; (307435200) |
| Trust Shares | &nbsp;&nbsp; (14182214) | &nbsp;&nbsp; (26830777) |
| Premier Shares | &nbsp;&nbsp; (183782091) | &nbsp;&nbsp; (416152593) |
| CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | &nbsp;&nbsp; (1130755464) | &nbsp;&nbsp; (2552608537) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 121337503317 | &nbsp;&nbsp; 233207472113 |
| Net asset value of shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 583836868 | &nbsp;&nbsp; 1282369147 |
| Cost of shares redeemed | &nbsp;&nbsp; (122789479281) | &nbsp;&nbsp; (232996056711) |
| CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | &nbsp;&nbsp; (868139096) | &nbsp;&nbsp; 1493784549 |
| Change in net assets | &nbsp;&nbsp; (868282376) | &nbsp;&nbsp; 1493754696 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 58795435463 | &nbsp;&nbsp; 57301680767 |
| End of period | &nbsp;&nbsp; $57927153087 | &nbsp;&nbsp; $58795435463 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**17**

------

Notes to Financial Statements

January 31, 2026 (unaudited)

**1. ORGANIZATION** 

Federated Hermes Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of 14 portfolios. The financial statements included herein are only those of Federated Hermes Treasury Obligations Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers ten classes of shares: Select Shares, Automated Shares, Institutional Shares, Advisor Shares, Service Shares, Administrative Shares, Cash Management Shares, Capital Shares, Trust 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 current income consistent with stability of principal.

The Fund operates as a government money market fund. As a government money market fund, the Fund: (1) invests at least 99.5% of its total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully; and (2) generally continues to use amortized cost to value its portfolio securities and transact at a stable $1.00 net asset value (NAV).

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Investment Valuation** 

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

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

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

**Repurchase Agreements** 

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

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

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

Semi-Annual Financial Statements and Additional Information

**18**

------

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

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

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. 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 $23,389,046 is disclosed in Note 5.

**Transfer Agent Fees** 

For the six months ended January 31, 2026, transfer agent fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Transfer Agent** <br>**Fees Incurred**<br>|
| Select Shares | &nbsp;&nbsp; $1570 |
| Automated Shares | &nbsp;&nbsp; 650573 |
| Institutional Shares | &nbsp;&nbsp; 92029 |
| Advisor Shares | &nbsp;&nbsp; 35 |
| Service Shares | &nbsp;&nbsp; 415240 |
| Administrative Shares | &nbsp;&nbsp; 8467 |
| Capital Shares | &nbsp;&nbsp; 21227 |
| Trust Shares | &nbsp;&nbsp; 8374 |
| Premier Shares | &nbsp;&nbsp; 27127 |
| TOTAL | &nbsp;&nbsp; $1224642 |

---

**Other Service Fees** 

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Select Shares, Automated Shares, Institutional Shares, Advisor Shares, Service Shares, Administrative Shares, Cash Management Shares, Capital Shares, Trust Shares and Premier Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Financial intermediaries may include a company affiliated with management of Federated Hermes, Inc. A financial intermediary affiliated with management of Federated Hermes, Inc. received $4,373 of other service fees for the six months ended January 31, 2026. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time.

For the six months ended January 31, 2026, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Select Shares | &nbsp;&nbsp; $81495 |
| Automated Shares | &nbsp;&nbsp; 1753545 |
| Institutional Shares | &nbsp;&nbsp; 7357746 |
| Service Shares | &nbsp;&nbsp; 6266104 |
| Administrative Shares | &nbsp;&nbsp; 3660077 |
| Cash Management Shares | &nbsp;&nbsp; 3720 |
| Capital Shares | &nbsp;&nbsp; 5505688 |
| Trust Shares | &nbsp;&nbsp; 1038775 |
| TOTAL | &nbsp;&nbsp; $25667150 |

---

For the six months ended January 31, 2026, the Fund's Advisor Shares and Premier Shares did not incur other service fees; however it may begin to incur this fee upon approval of the Trustees. Effective July 1, 2025, the Select Shares and Institutional Shares can incur up to 0.25% of average daily net assets; however the Select Shares and Institutional Shares will not incur and pay a fee in excess of 0.03% and 0.05%, respectively, until such time as approved by the Trustees. Prior to July 1, 2025, the Select Shares did not incur and pay a fee in excess of 0.02%.

Semi-Annual Financial Statements and Additional Information

**19**

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**Federal Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended January 31, 2026, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of January 31, 2026, 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.

**Other** 

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

**3. SHARES OF BENEFICIAL INTEREST** 

The following tables summarize share activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Select Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 367146226 | &nbsp;&nbsp; $367146226 | &nbsp;&nbsp; 927804391 | &nbsp;&nbsp; $927804391 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 10513751 | &nbsp;&nbsp; 10513751 | &nbsp;&nbsp; 19478930 | &nbsp;&nbsp; 19478930 |
| Shares redeemed | &nbsp;&nbsp; (367610111) | &nbsp;&nbsp; (367610111) | &nbsp;&nbsp; (710078642) | &nbsp;&nbsp; (710078642) |
| NET CHANGE RESULTING FROM SELECT SHARE TRANSACTIONS | &nbsp;&nbsp; 10049866 | &nbsp;&nbsp; $10049866 | &nbsp;&nbsp; 237204679 | &nbsp;&nbsp; $237204679 |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Automated Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 1162556066 | &nbsp;&nbsp; $1162556066 | &nbsp;&nbsp; 2148757925 | &nbsp;&nbsp; $2148757925 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 24451224 | &nbsp;&nbsp; 24451224 | &nbsp;&nbsp; 59871417 | &nbsp;&nbsp; 59871417 |
| Shares redeemed | &nbsp;&nbsp; (1145420353) | &nbsp;&nbsp; (1145420353) | &nbsp;&nbsp; (2289167288) | &nbsp;&nbsp; (2289167288) |
| NET CHANGE RESULTING FROM AUTOMATED <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 41586937 | &nbsp;&nbsp; $41586937 | &nbsp;&nbsp; (80537946) | &nbsp;&nbsp; $(80537946) |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Institutional Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 78811195574 | &nbsp;&nbsp; $78811195574 | &nbsp;&nbsp; 148740417591 | &nbsp;&nbsp; $148740417591 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 282954079 | &nbsp;&nbsp; 282954079 | &nbsp;&nbsp; 627216983 | &nbsp;&nbsp; 627216983 |
| Shares redeemed | &nbsp;&nbsp; (79770074954) | &nbsp;&nbsp; (79770074954) | &nbsp;&nbsp; (149876295661) | &nbsp;&nbsp; (149876295661) |
| NET CHANGE RESULTING FROM INSTITUTIONAL <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; (675925301) | &nbsp;&nbsp; $(675925301) | &nbsp;&nbsp; (508661087) | &nbsp;&nbsp; $(508661087) |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Advisor Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 30791450 | &nbsp;&nbsp; $30791450 | &nbsp;&nbsp; 40903638 | &nbsp;&nbsp; $40903638 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 235972 | &nbsp;&nbsp; 235972 | &nbsp;&nbsp; 193533 | &nbsp;&nbsp; 193533 |
| Shares redeemed | &nbsp;&nbsp; (14125907) | &nbsp;&nbsp; (14125907) | &nbsp;&nbsp; (34323326) | &nbsp;&nbsp; (34323326) |
| NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS | &nbsp;&nbsp; 16901515 | &nbsp;&nbsp; $16901515 | &nbsp;&nbsp; 6773845 | &nbsp;&nbsp; $6773845 |

---

Semi-Annual Financial Statements and Additional Information

**20**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Service Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 11292458150 | &nbsp;&nbsp; $11292458150 | &nbsp;&nbsp; 17245775078 | &nbsp;&nbsp; $17245775078 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 40465795 | &nbsp;&nbsp; 40465795 | &nbsp;&nbsp; 85512481 | &nbsp;&nbsp; 85512481 |
| Shares redeemed | &nbsp;&nbsp; (11433347087) | &nbsp;&nbsp; (11433347087) | &nbsp;&nbsp; (16893326392) | &nbsp;&nbsp; (16893326392) |
| NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | &nbsp;&nbsp; (100423142) | &nbsp;&nbsp; $(100423142) | &nbsp;&nbsp; 437961167 | &nbsp;&nbsp; $437961167 |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Administrative Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 1008472404 | &nbsp;&nbsp; $1008472404 | &nbsp;&nbsp; 1515180650 | &nbsp;&nbsp; $1515180650 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | &nbsp;&nbsp; (769579033) | &nbsp;&nbsp; (769579033) | &nbsp;&nbsp; (1438787860) | &nbsp;&nbsp; (1438787860) |
| NET CHANGE RESULTING FROM ADMINISTRATIVE <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 238893371 | &nbsp;&nbsp; $238893371 | &nbsp;&nbsp; 76392790 | &nbsp;&nbsp; $76392790 |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Cash Management Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 19517358 | &nbsp;&nbsp; $19517358 | &nbsp;&nbsp; 96500 | &nbsp;&nbsp; $96500 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 1736 | &nbsp;&nbsp; 1736 | &nbsp;&nbsp; 1219 | &nbsp;&nbsp; 1219 |
| Shares redeemed | &nbsp;&nbsp; (860730) | &nbsp;&nbsp; (860730) | &nbsp;&nbsp; (54000) | &nbsp;&nbsp; (54000) |
| NET CHANGE RESULTING FROM CASH MANAGEMENT <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; 18658364 | &nbsp;&nbsp; $18658364 | &nbsp;&nbsp; 43719 | &nbsp;&nbsp; $43719 |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Capital Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 4733280539 | &nbsp;&nbsp; $4733280539 | &nbsp;&nbsp; 10945232173 | &nbsp;&nbsp; $10945232173 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 123715148 | &nbsp;&nbsp; 123715148 | &nbsp;&nbsp; 273330392 | &nbsp;&nbsp; 273330392 |
| Shares redeemed | &nbsp;&nbsp; (5072066007) | &nbsp;&nbsp; (5072066007) | &nbsp;&nbsp; (10416529800) | &nbsp;&nbsp; (10416529800) |
| NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | &nbsp;&nbsp; (215070320) | &nbsp;&nbsp; $(215070320) | &nbsp;&nbsp; 802032765 | &nbsp;&nbsp; $802032765 |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Trust Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 923576757 | &nbsp;&nbsp; $923576757 | &nbsp;&nbsp; 6661259240 | &nbsp;&nbsp; $6661259240 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 8332010 | &nbsp;&nbsp; 8332010 | &nbsp;&nbsp; 20599515 | &nbsp;&nbsp; 20599515 |
| Shares redeemed | &nbsp;&nbsp; (862620711) | &nbsp;&nbsp; (862620711) | &nbsp;&nbsp; (6387605819) | &nbsp;&nbsp; (6387605819) |
| NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | &nbsp;&nbsp; 69288056 | &nbsp;&nbsp; $69288056 | &nbsp;&nbsp; 294252936 | &nbsp;&nbsp; $294252936 |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Premier Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 22988508793 | &nbsp;&nbsp; $22988508793 | &nbsp;&nbsp; 44982044927 | &nbsp;&nbsp; $44982044927 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 93167153 | &nbsp;&nbsp; 93167153 | &nbsp;&nbsp; 196164677 | &nbsp;&nbsp; 196164677 |
| Shares redeemed | &nbsp;&nbsp; (23353774388) | &nbsp;&nbsp; (23353774388) | &nbsp;&nbsp; (44949887923) | &nbsp;&nbsp; (44949887923) |
| NET CHANGE RESULTING FROM PREMIER SHARE TRANSACTIONS | &nbsp;&nbsp; (272098442) | &nbsp;&nbsp; $(272098442) | &nbsp;&nbsp; 228321681 | &nbsp;&nbsp; $228321681 |
| NET CHANGE RESULTING FROM TOTAL FUND <br> SHARE TRANSACTIONS<br>| &nbsp;&nbsp; (868139096) | &nbsp;&nbsp; $(868139096) | &nbsp;&nbsp; 1493784549 | &nbsp;&nbsp; $1493784549 |

---

Semi-Annual Financial Statements and Additional Information

**21**

------

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

**4. FEDERAL TAX INFORMATION** 

As of July 31, 2025, the Fund had a capital loss carryforward of $20,770,266 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** |
| $20766824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20770266 |

---

**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 0.15% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended January 31, 2026, the Adviser voluntarily waived $23,389,046 of its fee.

**Administrative Fee** 

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

---

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

---

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2026, the annualized fee paid to FAS was 0.077% of average daily net assets of the Fund.

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

**Distribution Services Fee** 

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Average Daily** <br>**Net Assets of Class**<br>|
| Administrative Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% |
| Cash Management Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30% |
| Trust Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25% |

---

Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2026, distribution services fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Distribution Services** <br>**Fees Incurred**<br>|
| Administrative Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $732016 |
| Cash Management Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4465 |
| Trust Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1038775 |
| TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1775256 |

---

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. The Administrative Shares can incur up to 0.10% of average daily net assets. However, the class will not incur and pay a fee in excess of 0.05% until such time as approved by the Trustees. For the six months ended January 31, 2026, FSC did not retain any fees paid by the Fund.

**Other Service Fees** 

For the six months ended January 31, 2026, FSSC received $80,138 of the other service fees disclosed in Note 2.

Semi-Annual Financial Statements and Additional Information

**22**

------

**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. Effective July 1, 2025, 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 Select Shares, Automated Shares, Institutional Shares, Advisor Shares, Service Shares, Administrative Shares, Cash Management Shares, Capital Shares, Trust Shares and Premier Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.18%, 0.50%, 0.20%, 0.15%, 0.45%, 0.45%, 0.70%, 0.30%, 0.70% and 0.15% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2026; or (b) the date of the Fund's next effective Prospectus. Prior to July 1, 2025, the Fee Limit for the Select Shares was 0.17%. 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.

**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 January 31, 2026, there were no outstanding loans. During the six months ended January 31, 2026, the program was not utilized.

**8. OPERATING SEGMENTS** 

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

**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.

Semi-Annual Financial Statements and Additional Information

**23**

------

Evaluation and Approval of Advisory Contract–May 2025

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

At its meetings in May 2025 (the "May Meetings"), the Fund's Board of Trustees (the "Board"), including those Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") (the "Contract") for an additional one-year term. The Board's determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering such information deemed necessary to evaluate the terms of the Contract and to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

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

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written report regarding data related to the Fund's management fee (the "CCO Management Fee Report"). The Board considered the CCO Management Fee Report, along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contract.

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

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: (1) copies of the Contract; (2) the nature, quality and extent of the advisory and other services provided to the Fund by Federated Hermes; (3) Federated Hermes' business and operations; (4) the Adviser's investment philosophy, personnel and processes; (5) the Fund's investment objective and strategies; (6) the Fund's short-term and long-term performance - in absolute terms (both on a gross basis and net of expenses) and relative to an appropriate group of peer funds and its benchmark; (7) the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund - in absolute terms and relative to an appropriate group of peer funds, with due regard for contractual or voluntary expense limitations (if any); (8) the financial condition of Federated Hermes; (9) the Adviser's profitability with respect to managing the Fund; (10) distribution and sales activity for the Fund; and (11) the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in evaluating the Contract. Using these judicial decisions as a guide, the Board considered several factors it deemed relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund, including: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser's cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize "economies of scale" as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any "fall-out" benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fees and expenses, including a comparison of management fees paid to the adviser with those paid by similar funds managed by the same adviser or other advisers as well as management fees charged to institutional and other advisory clients of the same adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser's services and fees. The Board considered that the Securities and Exchange Commission ("SEC") disclosure requirements regarding the basis for a fund board's approval of the fund's investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its evaluation of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a "Federated Hermes Fund" and, collectively, the "Federated Hermes Funds").

Semi-Annual Financial Statements and Additional Information

**24**

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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

Semi-Annual Financial Statements and Additional Information

**25**

------

led, and continue to lead, to an increase in the scope of Federated Hermes' oversight in this regard. In addition, the Board noted Federated Hermes' commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate.

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

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

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

The Board considered the investment performance of the Fund. In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser's analysis of, the Fund's performance over different time periods that were provided to the Board throughout the year and in connection with the May Meetings. These reports included, among other items, information on the Fund's gross and net returns, the Fund's investment performance compared to one or more relevant categories or groups of peer funds and the Fund's benchmark, performance attribution information and commentary on the effect of market conditions. The Board noted that it evaluated investment performance at meetings throughout the year and received reports from Federated Hermes regarding the performance of certain Federated Hermes Funds as well as Federated Hermes' explanations for less favorable performance and any specific actions Federated Hermes had taken, or had determined to take, to seek to enhance Fund investment performance and the results of those actions.

The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by iMoneyNet, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the CCO's statement that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund.

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

The Board considered that for the one-year period ended December 31, 2024, the Fund's performance was above the median of the Performance Peer Group. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its Performance Peer Group.

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

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

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

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged to funds by other advisers, the use of comparisons between the Fund and its Expense Peer Group assisted the Board in its evaluation of the Fund's fees and expenses. The Board focused on comparisons with other registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund's shareholders. The Board noted that the range of such other registered funds' fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

Semi-Annual Financial Statements and Additional Information

**26**

------

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 October 1, 2023.

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

Semi-Annual Financial Statements and Additional Information

**27**

------

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.

Semi-Annual Financial Statements and Additional Information

**28**

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

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

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

**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY**

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

![](fhilogok11p.jpg)

Federated Hermes Treasury Obligations Fund

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

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

or call 1-800-341-7400.

Federated Securities Corp., Distributor

CUSIP 31423R609

CUSIP 608919726

CUSIP 60934N500

CUSIP 31423R203

CUSIP 60934N872

CUSIP 31423R302

CUSIP 31423R401

CUSIP 60934N823

CUSIP 60934N120

CUSIP 31423R500

Q450203 (3/26)© 2026 Federated Hermes, Inc.

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**Semi-Annual Financial Statements**

**and Additional Information**

**January 31, 2026**

![](img4ffc35501.gif)

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** \| Ticker | **Institutional** \| TTOXX | **Service** \| TTQXX | **Cash II** \| TTIXX | **Cash Series** \| TCSXX |

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Federated Hermes Trust for U.S. Treasury Obligations

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A Portfolio of Federated Hermes Money Market Obligations Trust

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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_cd6f3fd8-ef0e-4b8b-92a6-2b4b4f5f350c_1) | [1](#xx_cd6f3fd8-ef0e-4b8b-92a6-2b4b4f5f350c_1)  |
| [Financial Highlights](#xx_460024e5-5e78-4f51-8655-c69fc77fd17c_1) | [4](#xx_460024e5-5e78-4f51-8655-c69fc77fd17c_1)  |
| [Statement of Assets and Liabilities](#xx_d2571854-dbdf-461e-aac8-2de81d16934f_1) | [8](#xx_d2571854-dbdf-461e-aac8-2de81d16934f_1)  |
| [Statement of Operations](#xx_d2571854-dbdf-461e-aac8-2de81d16934f_2) | [9](#xx_d2571854-dbdf-461e-aac8-2de81d16934f_2)  |
| [Statement of Changes in Net Assets](#xx_d2571854-dbdf-461e-aac8-2de81d16934f_3) | [10](#xx_d2571854-dbdf-461e-aac8-2de81d16934f_3)  |
| [Notes to Financial Statements](#xx_9427d96c-1476-4c35-828d-303a6c3fbf54_1) | [11](#xx_9427d96c-1476-4c35-828d-303a6c3fbf54_1)  |
| [Evaluation and Approval of Advisory Contract](#xx_5b1965c2-567c-4f16-af9b-80740167e76e_1) | [16](#xx_5b1965c2-567c-4f16-af9b-80740167e76e_1) |

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Portfolio of Investments

January 31, 2026 (unaudited)

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| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>|  | **Value** |
|  | U.S. TREASURIES—38.4% |  |
| <sup>1</sup> <br>| **U.S. Treasury Bills—20.9%** |  |
| $135000000 | United States Treasury Bill, 3.380%, 12/24/2026 | &nbsp;&nbsp; $130867950 |
| 100000000 | United States Treasury Bill, 3.390%, 1/21/2027 | &nbsp;&nbsp; 96666500 |
| 200000000 | United States Treasury Bill, 3.525%, 7/30/2026 | &nbsp;&nbsp; 196494583 |
| 128000000 | United States Treasury Bill, 3.540%, 10/1/2026 | &nbsp;&nbsp; 124954027 |
| 135000000 | United States Treasury Bill, 3.630%, 3/24/2026 | &nbsp;&nbsp; 134305762 |
| 133000000 | United States Treasury Bill, 3.670%, 5/28/2026 | &nbsp;&nbsp; 131427201 |
| 75000000 | United States Treasury Bill, 3.695%, 4/9/2026 | &nbsp;&nbsp; 74484240 |
| 132000000 | United States Treasury Bill, 3.705%, 3/3/2026 | &nbsp;&nbsp; 131592450 |
| 45000000 | United States Treasury Bill, 3.705%, 3/26/2026 | &nbsp;&nbsp; 44754544 |
| 135000000 | United States Treasury Bill, 3.710%, 5/21/2026 | &nbsp;&nbsp; 133483538 |
| 133000000 | United States Treasury Bill, 3.725%, 3/5/2026 | &nbsp;&nbsp; 132559622 |
| 83000000 | United States Treasury Bill, 3.770%, 3/10/2026 | &nbsp;&nbsp; 82678398 |
| 80000000 | United States Treasury Bill, 3.785%, 2/3/2026 | &nbsp;&nbsp; 79983178 |
| 128000000 | United States Treasury Bill, 3.810%, 2/17/2026 | &nbsp;&nbsp; 127783253 |
| 125000000 | United States Treasury Bill, 3.925%, 7/9/2026 | &nbsp;&nbsp; 122846701 |
| 116000000 | United States Treasury Bill, 3.940%, 6/11/2026 | &nbsp;&nbsp; 114349578 |
| 235000000 | United States Treasury Bills, 3.460% - 3.470%, 11/27/2026 | &nbsp;&nbsp; 228242538 |
| 170000000 | United States Treasury Bills, 3.685% - 3.850%, 4/16/2026 | &nbsp;&nbsp; 168698392 |
| 313000000 | United States Treasury Bills, 3.690% - 3.960%, 5/14/2026 | &nbsp;&nbsp; 309598555 |
| 245000000 | United States Treasury Bills, 3.715% - 3.945%, 3/19/2026 | &nbsp;&nbsp; 243802614 |
|  | TOTAL | &nbsp;&nbsp; 2809573624 |
|  | **U.S. Treasury Notes—17.5%** |  |
| 350000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 3.710% (91-day T-Bill +0.098%), 2/3/2026 | &nbsp;&nbsp; 349995298 |
| 103000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 3.712% (91-day T-Bill +0.088%), 2/3/2026 | &nbsp;&nbsp; 102999781 |
| 189000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 3.762% (91-day T-Bill +0.150%), 2/3/2026 | &nbsp;&nbsp; 188999930 |
| 150000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 3.771% (91-day T-Bill +0.159%), 2/3/2026 | &nbsp;&nbsp; 149947677 |
| 276000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 3.772% (91-day T-Bill +0.160%), 2/3/2026 | &nbsp;&nbsp; 276017752 |
| 92200000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 3.794% (91-day T-Bill +0.182%), 2/3/2026 | &nbsp;&nbsp; 92200245 |
| 191000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 3.802% (91-day T-Bill +0.190%), 2/3/2026 | &nbsp;&nbsp; 191128056 |
| 293000000<br><sup>2</sup> <br>| United States Treasury Floating Rate Notes, 3.817% (91-day T-Bill +0.205%), 2/3/2026 | &nbsp;&nbsp; 293111334 |
| 66000000 | United States Treasury Note, 0.875%, 6/30/2026 | &nbsp;&nbsp; 65150590 |
| 32000000 | United States Treasury Note, 1.125%, 10/31/2026 | &nbsp;&nbsp; 31396557 |
| 47000000 | United States Treasury Note, 1.250%, 12/31/2026 | &nbsp;&nbsp; 46020260 |
| 17000000 | United States Treasury Note, 1.500%, 8/15/2026 | &nbsp;&nbsp; 16766142 |
| 15000000 | United States Treasury Note, 3.750%, 8/31/2026 | &nbsp;&nbsp; 14967953 |
| 17000000 | United States Treasury Note, 3.857%, 5/15/2026 | &nbsp;&nbsp; 16879340 |
| 20000000 | United States Treasury Note, 4.125%, 2/15/2027 | &nbsp;&nbsp; 20114492 |
| 39000000 | United States Treasury Note, 4.250%, 11/30/2026 | &nbsp;&nbsp; 39198113 |
| 17000000 | United States Treasury Note, 4.625%, 9/15/2026 | &nbsp;&nbsp; 17079750 |
| 13000000 | United States Treasury Note, 4.875%, 5/31/2026 | &nbsp;&nbsp; 13035191 |
| 73000000 | United States Treasury Notes, 0.750% - 2.375%, 4/30/2026 | &nbsp;&nbsp; 72594592 |
| 65000000 | United States Treasury Notes, 0.875% - 3.500%, 9/30/2026 | &nbsp;&nbsp; 64280625 |
| 63000000 | United States Treasury Notes, 1.500% - 4.125%, 1/31/2027 | &nbsp;&nbsp; 62688053 |
| 50000000 | United States Treasury Notes, 1.625% - 3.625%, 5/15/2026 | &nbsp;&nbsp; 49946924 |
| 173000000 | United States Treasury Notes, 1.875% - 4.375%, 7/31/2026 | &nbsp;&nbsp; 172233672 |
|  | TOTAL | &nbsp;&nbsp; 2346752327 |
|  | TOTAL U.S. TREASURIES | &nbsp;&nbsp; 5156325951 |

---

Semi-Annual Financial Statements and Additional Information

**1**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS—59.8% |  |
| $150000000 | Interest in $2,000,000,000 joint repurchase agreement 3.65%, dated 1/12/2026 under which BNP Paribas S.A. will <br> repurchase securities provided as collateral for $2,018,250,000 on 4/13/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to <br> 11/15/2054 and the market value of those underlying securities was $2,058,615,000.<br>| &nbsp;&nbsp; $150000000 |
| 200000000 | Interest in $1,000,000,000 joint repurchase agreement 3.66%, dated 1/29/2026 under which Natixis Financial Products <br> LLC will repurchase securities provided as collateral for $1,004,981,667 on 3/19/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various <br> maturities to 11/15/2055 and the market value of those underlying securities was $1,020,414,800.<br>| &nbsp;&nbsp; 200000000 |
| 402000000 | Interest in $1,350,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which Barclays Bank PLC will <br> repurchase securities provided as collateral for $1,350,411,750 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to <br> 2/15/2054 and the market value of those underlying securities was $1,377,419,991.<br>| &nbsp;&nbsp; 402000000 |
| 750000000 | Interest in $9,500,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which J.P. Morgan Securities <br> LLC will repurchase securities provided as collateral for $9,502,897,500 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various <br> maturities to 11/30/2029 and the market value of those underlying securities was $9,690,000,094.<br>| &nbsp;&nbsp; 750000000 |
| 750000000 | Interest in $2,000,000,000 joint repurchase agreement 3.66%, dated 1/30/2026 under which J.P. Morgan Securities <br> LLC will repurchase securities provided as collateral for $2,000,610,000 on 2/2/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various <br> maturities to 4/15/2030 and the market value of those underlying securities was $2,040,000,056.<br>| &nbsp;&nbsp; 750000000 |
| 250000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income Clearing Corporation - BNYM will <br> repurchase securities provided as collateral for $250,076,250 on 2/2/2026. The securities provided as collateral at the <br> end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to <br> 7/15/2033 and the market value of those underlying securities was $255,000,084.<br>| &nbsp;&nbsp; 250000000 |
| 10000000 | Interest in $975,000,000 joint repurchase agreement 3.78%, dated 12/3/2025 under which BNP Paribas S.A. will <br> repurchase securities provided as collateral for $981,347,250 on 2/3/2026. The securities provided as collateral at the <br> end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to <br> 5/31/2028 and the market value of those underlying securities was $1,000,974,269.<br>| &nbsp;&nbsp; 10000000 |
| 25000000 | Interest in $750,000,000 joint repurchase agreement 3.66%, dated 1/9/2026 under which Credit Agricole Corporate <br> and Investment Bank will repurchase securities provided as collateral for $751,982,500 on 2/4/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities <br> with various maturities to 5/15/2055 and the market value of those underlying securities was $766,866,663.<br>| &nbsp;&nbsp; 25000000 |
| 100000000 | Interest in $500,000,000 joint repurchase agreement 3.66%, dated 1/7/2026 under which BofA Securities, Inc. will <br> repurchase securities provided as collateral for $503,151,667 on 3/11/2026. The securities provided as collateral at the <br> end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to <br> 11/15/2044 and the market value of those underlying securities was $511,296,317.<br>| &nbsp;&nbsp; 100000000 |
| 200000000 | Interest in $750,000,000 joint repurchase agreement 3.66%, dated 1/6/2026 under which Credit Agricole Corporate <br> and Investment Bank will repurchase securities provided as collateral for $752,363,750 on 2/6/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities <br> with various maturities to 5/15/2055 and the market value of those underlying securities was $767,099,984.<br>| &nbsp;&nbsp; 200000000 |
| 50000000 | Interest in $250,000,000 joint repurchase agreement 3.66%, dated 1/15/2026 under which Credit Agricole Corporate <br> and Investment Bank will repurchase securities provided as collateral for $250,838,750 on 2/17/2026. The securities <br> provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities <br> with various maturities to 7/31/2028 and the market value of those underlying securities was $255,466,722.<br>| &nbsp;&nbsp; 50000000 |
| 750000000 | Interest in $5,100,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Goldman Sachs & Co. will <br> repurchase securities provided as collateral for $5,101,559,750 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to <br> 8/15/2053 and the market value of those underlying securities was $5,203,590,988.<br>| &nbsp;&nbsp; 750000000 |
| 500000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income Clearing Corporation - JPM will repurchase <br> securities provided as collateral for $500,152,500 on 2/2/2026. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/30/2026 <br> and the market value of those underlying securities was $510,000,064.<br>| &nbsp;&nbsp; 500000000 |
| 300000000 | Interest in $1,500,000,000 joint repurchase agreement 3.66%, dated 1/27/2026 under which Societe Generale, New <br> York will repurchase securities provided as collateral for $1,501,067,500 on 2/3/2026. The securities provided as <br> collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various <br> maturities to 7/31/2032 and the market value of those underlying securities was $1,530,933,370.<br>| &nbsp;&nbsp; 300000000 |
| 500000000 | Interest in $2,500,000,000 joint repurchase agreement 3.67%, dated 1/30/2026 under which Societe Generale, Paris <br> will repurchase securities provided as collateral for $2,501,784,028 on 2/6/2026. The securities provided as collateral <br> at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities <br> to 2/15/2054 and the market value of those underlying securities was $2,550,779,877.<br>| &nbsp;&nbsp; 500000000 |
| 600000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income Clearing Corporation - BNP will repurchase <br> securities provided as collateral for $600,183,000 on 2/2/2026. The securities provided as collateral at the end of the <br> period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2055 <br> and the market value of those underlying securities was $612,186,689.<br>| &nbsp;&nbsp; 600000000 |
| 1000000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income Clearing Corporation - ING will repurchase <br> securities provided as collateral for $1,000,305,000 on 2/2/2026. The securities provided as collateral at the end of <br> the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2048 <br> and the market value of those underlying securities was $1,020,311,100.<br>| &nbsp;&nbsp; 1000000000 |

---

Semi-Annual Financial Statements and Additional Information

**2**

------

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | REPURCHASE AGREEMENTS—continued |  |
| $1000000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income Clearing Corporation - CIBC will <br> repurchase securities provided as collateral for $1,000,305,000 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with State Street Bank & Trust Co. as custodian, were U.S. Government Agency securities <br> with various maturities to 11/15/2028 and the market value of those underlying securities was $1,020,487,426.<br>| &nbsp;&nbsp; $1000000000 |
| 500000000 | Repurchase agreement 3.66%, dated 1/30/2026 under which Fixed Income Clearing Corporation - Wells Fargo Bank <br> will repurchase securities provided as collateral for $500,152,500 on 2/2/2026. The securities provided as collateral at <br> the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to <br> 5/15/2031 and the market value of those underlying securities was $510,155,556.<br>| &nbsp;&nbsp; 500000000 |
|  | TOTAL REPURCHASE AGREEMENTS | &nbsp;&nbsp; 8037000000 |
|  | TOTAL INVESTMENT IN SECURITIES—98.2% <br>(AT AMORTIZED COST)<sup>3</sup> <br>| &nbsp;&nbsp; 13193325951 |
|  | OTHER ASSETS AND LIABILITIES - NET—1.8%<sup>4</sup> <br>| &nbsp;&nbsp; 248603082 |
|  | NET ASSETS—100% | &nbsp;&nbsp; $13441929033 |

---

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

---

| | |
|:---|:---|
| 1 | Discount rate(s) at time of purchase. |
| 2 | Floating/variable note with current rate and current maturity or next reset date shown. |
| 3 | Also represents cost of investments for federal tax purposes. |
| 4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |

---

Note: The categories of investments are shown as a percentage of net assets at January 31, 2026.

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

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

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

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

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

In valuing the Fund's assets as of January 31, 2026, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**3**

------

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.019 | 0.044 | 0.052 | 0.044 | 0.003 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| &nbsp;&nbsp; (0.005) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.019 | 0.044 | 0.052 | 0.039 | 0.003 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.019) | &nbsp;&nbsp; (0.044) | &nbsp;&nbsp; (0.052) | &nbsp;&nbsp; (0.039) | &nbsp;&nbsp; (0.003) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Total Distributions | &nbsp;&nbsp; (0.019) | &nbsp;&nbsp; (0.044) | &nbsp;&nbsp; (0.052) | &nbsp;&nbsp; (0.039) | &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** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.96% | &nbsp;&nbsp; 4.51% | &nbsp;&nbsp; 5.32% | &nbsp;&nbsp; 3.98% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| &nbsp;&nbsp; 0.20%<sup>5</sup> <br>| &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.13% |
| Net investment income | &nbsp;&nbsp; 3.85%<sup>5</sup> <br>| &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 5.19% | &nbsp;&nbsp; 4.36% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.01% |
| Expense waiver/reimbursement<sup>6</sup> <br>| &nbsp;&nbsp; 0.03%<sup>5</sup> <br>| &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.05% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.17% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $11575487 | &nbsp;&nbsp; $10697218 | &nbsp;&nbsp; $8181401 | &nbsp;&nbsp; $5050177 | &nbsp;&nbsp; $1134075 | &nbsp;&nbsp; $1464865 |

---

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

---

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

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**4**

------

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Period** <br>**Ended** <br>**7/31/2023**<sup>1</sup> |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **Period** <br>**Ended** <br>**7/31/2023**<sup>1</sup> |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |
| Net investment income<sup>2</sup> <br>| 0.018 | 0.042 | 0.049 | 0.004 |
| Net realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>3</sup> <br>| 0.000<sup>3</sup> <br>| 0.000<sup>3</sup> <br>|
| Total From Investment Operations | 0.018 | 0.042 | 0.049 | 0.004 |
| **Less Distributions:** |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.018) | &nbsp;&nbsp; (0.042) | &nbsp;&nbsp; (0.049) | &nbsp;&nbsp; (0.004) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>4</sup> <br>| &nbsp;&nbsp; 1.84% | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 5.06% | &nbsp;&nbsp; 0.38% |
| **Ratios to Average Net Assets:** |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp; 0.45%<sup>6</sup> <br>| &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45%<sup>6</sup> <br>|
| Net investment income | &nbsp;&nbsp; 3.59%<sup>6</sup> <br>| &nbsp;&nbsp; 4.19% | &nbsp;&nbsp; 4.94% | &nbsp;&nbsp; 5.03%<sup>6</sup> <br>|
| Expense waiver/reimbursement<sup>7</sup> <br>| &nbsp;&nbsp; 0.03%<sup>6</sup> <br>| &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.10%<sup>6</sup> <br>|
| **Supplemental Data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $504390 | &nbsp;&nbsp; $428065 | &nbsp;&nbsp; $436221 | &nbsp;&nbsp; $50 |

---

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

---

| | |
|:---|:---|
| 1 | Reflects operations for the period from July 3, 2023 (commencement of operations) to July 31, 2023. |
| 2 | Per share numbers have been calculated using the average shares method. |
| 3 | Represents less than $0.001. |
| 4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
| 5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 6 | Computed on an annualized basis. |
| 7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**5**

------

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.016 | 0.037 | 0.045 | 0.035 | 0.001 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>| &nbsp;&nbsp; (0.003) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 0.000<sup>2</sup> <br>|
| Total From Investment Operations | 0.016 | 0.037 | 0.045 | 0.032 | 0.001 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.016) | &nbsp;&nbsp; (0.037) | &nbsp;&nbsp; (0.045) | &nbsp;&nbsp; (0.032) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Total Distributions | &nbsp;&nbsp; (0.016) | &nbsp;&nbsp; (0.037) | &nbsp;&nbsp; (0.045) | &nbsp;&nbsp; (0.032) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.61% | &nbsp;&nbsp; 3.79% | &nbsp;&nbsp; 4.59% | &nbsp;&nbsp; 3.27% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.00%<sup>4</sup> <br>|
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp; 0.90%<sup>6</sup> <br>| &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.13% |
| Net investment income | &nbsp;&nbsp; 3.15%<sup>6</sup> <br>| &nbsp;&nbsp; 3.71% | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 3.50% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.00%<sup>4</sup> <br>|
| Expense waiver/reimbursement<sup>7</sup> <br>| &nbsp;&nbsp; 0.03%<sup>6</sup> <br>| &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.05% | &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.87% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $627426 | &nbsp;&nbsp; $589385 | &nbsp;&nbsp; $507758 | &nbsp;&nbsp; $1246548 | &nbsp;&nbsp; $691193 | &nbsp;&nbsp; $735469 |

---

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

---

| | |
|:---|:---|
| 1 | Per share numbers have been calculated using the average shares method. |
| 2 | Represents less than $0.001. |
| 3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
| 4 | Represents less than 0.01%. |
| 5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 6 | Computed on an annualized basis. |
| 7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**6**

------

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> <br>| 0.015 | 0.036 | 0.044 | 0.032 | 0.001 | 0.000<sup>2</sup> <br>|
| Net realized gain (loss) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| 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 | 0.015 | 0.036 | 0.044 | 0.031 | 0.001 | 0.000<sup>2</sup> <br>|
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.015) | &nbsp;&nbsp; (0.036) | &nbsp;&nbsp; (0.044) | &nbsp;&nbsp; (0.031) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Distributions from net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>| &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| Total Distributions | &nbsp;&nbsp; (0.015) | &nbsp;&nbsp; (0.036) | &nbsp;&nbsp; (0.044) | &nbsp;&nbsp; (0.031) | &nbsp;&nbsp; (0.001) | &nbsp;&nbsp; (0.000)<sup>2</sup> <br>|
| **Net Asset Value, End of Period** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| **Total Return**<sup>3</sup> <br>| &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 3.66% | &nbsp;&nbsp; 4.44% | &nbsp;&nbsp; 3.11% | &nbsp;&nbsp; 0.06% | &nbsp;&nbsp; 0.00%<sup>4</sup> <br>|
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net expenses<sup>5</sup> <br>| &nbsp;&nbsp; 1.04%<sup>6</sup> <br>| &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.13% |
| Net investment income | &nbsp;&nbsp; 3.02%<sup>6</sup> <br>| &nbsp;&nbsp; 3.59% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 3.17% | &nbsp;&nbsp; 0.06% | &nbsp;&nbsp; 0.00%<sup>4</sup> <br>|
| Expense waiver/reimbursement<sup>7</sup> <br>| &nbsp;&nbsp; 0.13%<sup>6</sup> <br>| &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 1.10% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $734625 | &nbsp;&nbsp; $656273 | &nbsp;&nbsp; $637903 | &nbsp;&nbsp; $1080745 | &nbsp;&nbsp; $719191 | &nbsp;&nbsp; $767050 |

---

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

---

| | |
|:---|:---|
| 1 | Per share numbers have been calculated using the average shares method. |
| 2 | Represents less than $0.001. |
| 3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
| 4 | Represents less than 0.01%. |
| 5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
| 6 | Computed on an annualized basis. |
| 7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/<br> reimbursement recorded by investment companies in which the Fund may invest.<br>|

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**7**

------

Statement of Assets and Liabilities

January 31, 2026 (unaudited)

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in repurchase agreements | &nbsp;&nbsp; $8037000000 |
| Investment in securities | &nbsp;&nbsp; 5156325951 |
| Investment in securities, at amortized cost and fair value | &nbsp;&nbsp; 13193325951 |
| Cash | &nbsp;&nbsp; 308889096 |
| Income receivable | &nbsp;&nbsp; 27537930 |
| Receivable for shares sold | &nbsp;&nbsp; 47387472 |
| Total Assets | &nbsp;&nbsp; 13577140449 |
| **Liabilities:** |  |
| Payable for investments purchased | &nbsp;&nbsp; 102999014 |
| Payable for shares redeemed | &nbsp;&nbsp; 29157545 |
| Income distribution payable | &nbsp;&nbsp; 1710153 |
| Payable for investment adviser fee (Note 5) | &nbsp;&nbsp; 84454 |
| Payable for administrative fee (Note 5) | &nbsp;&nbsp; 56629 |
| Payable for distribution services fee (Note 5) | &nbsp;&nbsp; 484125 |
| Payable for other service fees (Notes 2 and 5) | &nbsp;&nbsp; 374598 |
| Accrued expenses (Note 5) | &nbsp;&nbsp; 344898 |
| Total Liabilities | &nbsp;&nbsp; 135211416 |
| Net assets for 13,442,779,134 shares outstanding | &nbsp;&nbsp; $13441929033 |
| **Net Assets Consist of:** |  |
| Paid-in capital | &nbsp;&nbsp; $13442779164 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (850131) |
| Net Assets | &nbsp;&nbsp; $13441929033 |
| **Net Asset Value, Offering Price and Redemption Proceeds Per Share:** |  |
| **Institutional Shares:** |  |
| $11,575,487,310 ÷ 11,576,219,572 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Service Shares:** |  |
| $504,390,330 ÷ 504,421,574 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Cash II Shares:** |  |
| $627,426,130 ÷ 627,466,561 shares outstanding, no par value, unlimited shares authorized | $1.00 |
| **Cash Series Shares:** |  |
| $734,625,263 ÷ 734,671,427 shares outstanding, no par value, unlimited shares authorized | $1.00 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**8**

------

Statement of Operations

Six Months Ended January 31, 2026 (unaudited)

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $265761940 |
| **Expenses:** |  |
| Investment adviser fee (Note 5) | &nbsp;&nbsp; 9839298 |
| Administrative fee (Note 5) | &nbsp;&nbsp; 5067633 |
| Custodian fees | &nbsp;&nbsp; 192399 |
| Transfer agent fees (Note 2) | &nbsp;&nbsp; 645885 |
| Directors'/Trustees' fees (Note 5) | &nbsp;&nbsp; 31937 |
| Auditing fees | &nbsp;&nbsp; 14278 |
| Legal fees | &nbsp;&nbsp; 5662 |
| Portfolio accounting fees | &nbsp;&nbsp; 109260 |
| Distribution services fee (Note 5) | &nbsp;&nbsp; 3354500 |
| Other service fees (Notes 2 and 5) | &nbsp;&nbsp; 2321891 |
| Share registration costs | &nbsp;&nbsp; 216643 |
| Printing and postage | &nbsp;&nbsp; 86373 |
| Miscellaneous (Note 5) | &nbsp;&nbsp; 67456 |
| TOTAL EXPENSES | &nbsp;&nbsp; 21953215 |
| **Waivers and Reimbursement:** |  |
| Waiver of investment adviser fee (Note 5) | &nbsp;&nbsp; (2230792) |
| Waiver/reimbursement of other operating expenses (Notes 2 and 5) | &nbsp;&nbsp; (382122) |
| TOTAL WAIVERS AND REIMBURSEMENT | &nbsp;&nbsp; (2612914) |
| Net expenses | &nbsp;&nbsp; 19340301 |
| Net investment income | &nbsp;&nbsp; 246421639 |
| Change in net assets resulting from operations | &nbsp;&nbsp; $246421639 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**9**

------

Statement of Changes in Net Assets

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

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

---

| | | |
|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>(unaudited) <br>**1/31/2026**<br>| **Year Ended** <br>**7/31/2025**<br>|
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $246421639 | &nbsp;&nbsp; $483173810 |
| Net realized gain (loss) | &nbsp;&nbsp; — | (202) |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; 246421639 | &nbsp;&nbsp; 483173608 |
| **Distributions to Shareholders:** |  |  |
| Institutional Shares | &nbsp;&nbsp; (217233920) | &nbsp;&nbsp; (420230150) |
| Service Shares | &nbsp;&nbsp; (8765976) | &nbsp;&nbsp; (17081452) |
| Cash II Shares | &nbsp;&nbsp; (9638602) | &nbsp;&nbsp; (20673606) |
| Cash Series Shares | &nbsp;&nbsp; (11578570) | &nbsp;&nbsp; (25191275) |
| CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | &nbsp;&nbsp; (247217068) | &nbsp;&nbsp; (483176483) |
| **Share Transactions:** |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 8115872623 | &nbsp;&nbsp; 15163054061 |
| Net asset value of shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 236221597 | &nbsp;&nbsp; 461031660 |
| Cost of shares redeemed | &nbsp;&nbsp; (7280310910) | &nbsp;&nbsp; (13016425023) |
| CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | &nbsp;&nbsp; 1071783310 | &nbsp;&nbsp; 2607660698 |
| Change in net assets | &nbsp;&nbsp; 1070987881 | &nbsp;&nbsp; 2607657823 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 12370941152 | &nbsp;&nbsp; 9763283329 |
| End of period | &nbsp;&nbsp; $13441929033 | &nbsp;&nbsp; $12370941152 |

---

See Notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Additional Information

**10**

------

Notes to Financial Statements

January 31, 2026 (unaudited)

**1. ORGANIZATION** 

Federated Hermes Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of 14 portfolios. The financial statements included herein are only those of Federated Hermes Trust for U.S. Treasury Obligations (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers four classes of shares: Institutional 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 stability of principal and current income consistent with stability of principal.

The Fund operates as a government money market fund. As a government money market fund, the Fund: (1) invests at least 99.5% of its total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully; and (2) generally continues to use amortized cost to value its portfolio securities and transact at a stable $1.00 net asset value (NAV).

On August 1, 2025, the Fund's Automated Shares became effective with the Securities and Exchange Commission but are not yet offered for sale.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Investment Valuation** 

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

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

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

**Repurchase Agreements** 

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

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

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

Semi-Annual Financial Statements and Additional Information

**11**

------

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

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

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. 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 $2,612,914 is disclosed in various locations in this Note 2 and Note 5.

**Transfer Agent Fees** 

For the six months ended January 31, 2026, transfer agent fees for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Transfer Agent** <br>**Fees Incurred**<br>| **Transfer Agent** <br>**Fees Reimbursed**<br>|
| Institutional Shares | &nbsp;&nbsp; $35290 | &nbsp;&nbsp; $(665) |
| Service Shares | &nbsp;&nbsp; 1493 | &nbsp;&nbsp; — |
| Cash II Shares | &nbsp;&nbsp; 299003 | (178) |
| Cash Series Shares | &nbsp;&nbsp; 310099 | (23) |
| TOTAL | &nbsp;&nbsp; $645885 | &nbsp;&nbsp; $(866) |

---

**Other Service Fees** 

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Institutional Shares, Service Shares, Cash II Shares and Cash Series Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time. For the six months ended January 31, 2026, other service fees for the Fund were as follows:

---

| | |
|:---|:---|
|  | **Other Service** <br>**Fees Incurred**<br>|
| Service Shares | &nbsp;&nbsp; $606633 |
| Cash II Shares | &nbsp;&nbsp; 762118 |
| Cash Series Shares | &nbsp;&nbsp; 953140 |
| TOTAL | &nbsp;&nbsp; $2321891 |

---

For the six months ended January 31, 2026, the Fund's Institutional Shares did not incur other service fees; however it may begin to incur this fee upon approval of the Trustees.

**Federal Taxes** 

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended January 31, 2026, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of January 31, 2026, 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.

**Other** 

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

Semi-Annual Financial Statements and Additional Information

**12**

------

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

**3. SHARES OF BENEFICIAL INTEREST** 

The following tables summarize share activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Institutional Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 5275945437 | &nbsp;&nbsp; $5275945437 | &nbsp;&nbsp; 10192930219 | &nbsp;&nbsp; $10192930219 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 215440333 | &nbsp;&nbsp; 215440333 | &nbsp;&nbsp; 416324765 | &nbsp;&nbsp; 416324765 |
| Shares redeemed | &nbsp;&nbsp; (4612431938) | &nbsp;&nbsp; (4612431938) | &nbsp;&nbsp; (8093433989) | &nbsp;&nbsp; (8093433989) |
| NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | &nbsp;&nbsp; 878953832 | &nbsp;&nbsp; $878953832 | &nbsp;&nbsp; 2515820995 | &nbsp;&nbsp; $2515820995 |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Service Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 614253290 | &nbsp;&nbsp; $614253290 | &nbsp;&nbsp; 973400108 | &nbsp;&nbsp; $973400108 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 15864 | &nbsp;&nbsp; 15864 | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 117 |
| Shares redeemed | &nbsp;&nbsp; (537914391) | &nbsp;&nbsp; (537914391) | &nbsp;&nbsp; (981556306) | &nbsp;&nbsp; (981556306) |
| NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | &nbsp;&nbsp; 76354763 | &nbsp;&nbsp; $76354763 | &nbsp;&nbsp; (8156081) | &nbsp;&nbsp; $(8156081) |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Cash II Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 204797858 | &nbsp;&nbsp; $204797858 | &nbsp;&nbsp; 416964721 | &nbsp;&nbsp; $416964721 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 9365754 | &nbsp;&nbsp; 9365754 | &nbsp;&nbsp; 20152653 | &nbsp;&nbsp; 20152653 |
| Shares redeemed | &nbsp;&nbsp; (176084731) | &nbsp;&nbsp; (176084731) | &nbsp;&nbsp; (355490586) | &nbsp;&nbsp; (355490586) |
| NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | &nbsp;&nbsp; 38078881 | &nbsp;&nbsp; $38078881 | &nbsp;&nbsp; 81626788 | &nbsp;&nbsp; $81626788 |
|  | **Six Months Ended** <br>**1/31/2026** | **Six Months Ended** <br>**1/31/2026** | **Year Ended** <br>**7/31/2025** | **Year Ended** <br>**7/31/2025** |
| **Cash Series Shares:** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 2020876038 | &nbsp;&nbsp; $2020876038 | &nbsp;&nbsp; 3579759013 | &nbsp;&nbsp; $3579759013 |
| Shares issued to shareholders in payment of distributions declared | &nbsp;&nbsp; 11399646 | &nbsp;&nbsp; 11399646 | &nbsp;&nbsp; 24554125 | &nbsp;&nbsp; 24554125 |
| Shares redeemed | &nbsp;&nbsp; (1953879850) | &nbsp;&nbsp; (1953879850) | &nbsp;&nbsp; (3585944142) | &nbsp;&nbsp; (3585944142) |
| NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | &nbsp;&nbsp; 78395834 | &nbsp;&nbsp; $78395834 | &nbsp;&nbsp; 18368996 | &nbsp;&nbsp; $18368996 |
| NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | &nbsp;&nbsp; 1071783310 | &nbsp;&nbsp; $1071783310 | &nbsp;&nbsp; 2607660698 | &nbsp;&nbsp; $2607660698 |

---

**4. FEDERAL TAX INFORMATION** 

As of July 31, 2025, the Fund had a capital loss carryforward of $56,668 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** |
| $45659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $56668 |

---

**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 0.15% of the Fund's average daily net assets. Under the investment advisory contract, which is subject to annual review by the Trustees, the Adviser will reimburse the amount, limited to the amount of the advisory fee, by which the Fund's Institutional Shares aggregate annual operating expenses, including the investment advisory fee, but excluding interest, taxes, brokerage commissions, expenses of registering and qualifying the Fund and its shares under federal and state laws and regulations, expenses of withholding taxes and extraordinary expenses, exceed 0.45% of the Fund's Institutional Shares average daily net assets. To comply with the 0.45% limitation imposed under the investment advisory contract, the Adviser may waive its advisory fee and/or reimburse its advisory fee or other Fund expenses, affiliates of the Adviser may waive, reimburse or reduce amounts otherwise included in the aggregate annual operating expenses of the Fund, or there may be a combination of waivers, reimbursements and/or reductions by the Adviser and its affiliates. The amount that the Adviser waives/reimburses under the investment advisory contract will be reduced to the extent that affiliates of the Adviser waive, reimburse or reduce

Semi-Annual Financial Statements and Additional Information

**13**

------

amounts that would otherwise be included in the aggregate annual operating expenses of the Fund. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund's expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended January 31, 2026, the Adviser voluntarily waived $2,230,792 of its fee and voluntarily reimbursed $866 of transfer agent fees.

**Administrative Fee** 

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

---

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

---

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2026, the annualized fee paid to FAS was 0.077% of average daily net assets of the Fund.

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

**Distribution Services Fee** 

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's 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; 0.35% |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60% |

---

Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended January 31, 2026, 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; $1066964 | $— |
| Cash Series Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2287536 | (381256) |
| TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3354500 | $(381256) |

---

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended January 31, 2026, FSC retained $69,465 of fees paid by the Fund.

**Other Service Fees** 

For the six months ended January 31, 2026, FSSC received $182 of the other service fees disclosed in Note 2.

**Expense Limitation** 

In addition to the contractual fee waiver described under "Investment Adviser Fee" above with regard to the Fund's Institutional Shares, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses, if any) paid by the Fund's Institutional Shares, Service Shares, Cash II Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.20%, 0.45%, 0.90% and 1.05% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 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.

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

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

Semi-Annual Financial Statements and Additional Information

**14**

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

**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 January 31, 2026, there were no outstanding loans. During the six months ended January 31, 2026, the program was not utilized.

**8. Operating Segments** 

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

**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.

Semi-Annual Financial Statements and Additional Information

**15**

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Evaluation and Approval of Advisory Contract–May 2025

**Federated Hermes Trust for U.S. Treasury Obligations (the "Fund")**

At its meetings in May 2025 (the "May Meetings"), the Fund's Board of Trustees (the "Board"), including those Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the "Adviser") (the "Contract") for an additional one-year term. The Board's determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering such information deemed necessary to evaluate the terms of the Contract and to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board's approval are summarized below.

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

At the request of the Independent Trustees, the Fund's Chief Compliance Officer (the "CCO") furnished to the Board in advance of its May Meetings an independent written report regarding data related to the Fund's management fee (the "CCO Management Fee Report"). The Board considered the CCO Management Fee Report, along with other information, in evaluating the reasonableness of the Fund's management fee and in determining to approve the continuation of the Contract.

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

The Board's consideration of the Contract included review of materials and information covering the following matters, among others: (1) copies of the Contract; (2) the nature, quality and extent of the advisory and other services provided to the Fund by Federated Hermes; (3) Federated Hermes' business and operations; (4) the Adviser's investment philosophy, personnel and processes; (5) the Fund's investment objective and strategies; (6) the Fund's short-term and long-term performance - in absolute terms (both on a gross basis and net of expenses) and relative to an appropriate group of peer funds and its benchmark; (7) the Fund's fees and expenses, including the advisory fee and the overall expense structure of the Fund - in absolute terms and relative to an appropriate group of peer funds, with due regard for contractual or voluntary expense limitations (if any); (8) the financial condition of Federated Hermes; (9) the Adviser's profitability with respect to managing the Fund; (10) distribution and sales activity for the Fund; and (11) the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any).

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in evaluating the Contract. Using these judicial decisions as a guide, the Board considered several factors it deemed relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund, including: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser's cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize "economies of scale" as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any "fall-out" benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fees and expenses, including a comparison of management fees paid to the adviser with those paid by similar funds managed by the same adviser or other advisers as well as management fees charged to institutional and other advisory clients of the same adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund's board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser's services and fees. The Board considered that the Securities and Exchange Commission ("SEC") disclosure requirements regarding the basis for a fund board's approval of the fund's investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its evaluation of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a "Federated Hermes Fund" and, collectively, the "Federated Hermes Funds").

Semi-Annual Financial Statements and Additional Information

**16**

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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

Semi-Annual Financial Statements and Additional Information

**17**

------

led, and continue to lead, to an increase in the scope of Federated Hermes' oversight in this regard. In addition, the Board noted Federated Hermes' commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate.

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

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

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

The Board considered the investment performance of the Fund. In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser's analysis of, the Fund's performance over different time periods that were provided to the Board throughout the year and in connection with the May Meetings. These reports included, among other items, information on the Fund's gross and net returns, the Fund's investment performance compared to one or more relevant categories or groups of peer funds and the Fund's benchmark, performance attribution information and commentary on the effect of market conditions. The Board noted that it evaluated investment performance at meetings throughout the year and received reports from Federated Hermes regarding the performance of certain Federated Hermes Funds as well as Federated Hermes' explanations for less favorable performance and any specific actions Federated Hermes had taken, or had determined to take, to seek to enhance Fund investment performance and the results of those actions.

The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by iMoneyNet, an independent fund ranking organization (the "Performance Peer Group"). The Board noted the CCO's statement that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund.

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

The Board considered that for the one-year period ended December 31, 2024, the Fund's performance was above the median of the Performance Peer Group. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its Performance Peer Group.

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

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

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

While mindful that courts have cautioned against giving too much weight to comparative information concerning fees charged to funds by other advisers, the use of comparisons between the Fund and its Expense Peer Group assisted the Board in its evaluation of the Fund's fees and expenses. The Board focused on comparisons with other registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund's shareholders. The Board noted that the range of such other registered funds' fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.

Semi-Annual Financial Statements and Additional Information

**18**

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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 October 1, 2023.

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

Semi-Annual Financial Statements and Additional Information

**19**

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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.

Semi-Annual Financial Statements and Additional Information

**20**

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

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

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

**IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY**

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

![](fhilogok11p.jpg)

Federated Hermes Trust for U.S. Treasury Obligations

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 60934N799

CUSIP 31423R864

CUSIP 608919551

CUSIP 608919569

8042508 (3/26)© 2026 Federated Hermes, Inc.

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

[Federated Hermes Government Obligations Fund](#a_gof): Not Applicable.

[Federated Hermes Prime Cash Obligations Fund](#a_pcof): Not Applicable.

[Federated Hermes Institutional Prime Obligations Fund](#a_pof): Not Applicable.

[Federated Hermes Treasury Obligations Fund](#a_tof): Not Applicable.

[Federated Hermes Trust for U.S. Treasury Obligations](#a_tto): Not Applicable.

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

[Federated Hermes Government Obligations Fund](#a_gof): Not Applicable.

[Federated Hermes Prime Cash Obligations Fund](#a_pcof): Not Applicable.

[Federated Hermes Institutional Prime Obligations Fund](#a_pof): Not Applicable.

[Federated Hermes Treasury Obligations Fund](#a_tof): Not Applicable.

[Federated Hermes Trust for U.S. Treasury Obligations](#a_tto): Not Applicable.

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

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

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

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

[Federated Hermes Trust for U.S. Treasury Obligations](#a_tto): 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 Government Obligations Fund](#a_gof): 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 Prime Cash Obligations Fund](#a_pcof): 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 Prime Obligations Fund](#a_pof): 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 Treasury Obligations Fund](#a_tof): 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 Trust for U.S. Treasury Obligations](#a_tto): The Fund's Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.

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

Not Applicable

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

Not Applicable

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

Not Applicable

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

No Changes to Report

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not Applicable

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

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

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

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

(a)(1) Not Applicable.

(a)(2) Not Applicable.

(a)(3) [Certifications of Principal Executive Officer and Principal Financial Officer](mmot2324-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](mmot2324-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>March 25, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: <u>/s/ J. Christopher Donahue</u>

J. Christopher Donahue, Principal Executive Officer

Date: <u>March 25, 2026</u>

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

Jeremy D. Boughton, Principal Financial Officer

Date: <u>March 25, 2026</u>

## Ex-99.Cert

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

I, J. Christopher Donahue, certify that:

* I have reviewed this report on Form N-CSR of Federated Hermes Money
Market Obligations Trust on behalf of: Federated Hermes Government Obligations Fund, Federated Hermes Prime Cash Obligations Fund, Federated
Hermes Institutional Prime Obligations Fund, Federated Hermes Treasury Obligations Fund, Federated Hermes Trust for U.S. Treasury Obligations
("registrant");

* Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

* Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and
for, the periods presented in this report;

* The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940)
and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

* designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;

* designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

* evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and

* disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and

* The registrant's other certifying officers and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

* all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability
to record, process, summarize, and report financial information; and

* any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 25, 2026

/S/ J. Christopher Donahue

J. Christopher Donahue, President - Principal Executive Officer

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

I, Jeremy D. Boughton, certify that:

* I have reviewed this report on Form N-CSR of Federated Hermes Money
Market Obligations Trust on behalf of: Federated Hermes Government Obligations Fund, Federated Hermes Prime Cash Obligations Fund, Federated
Hermes Institutional Prime Obligations Fund, Federated Hermes Treasury Obligations Fund, Federated Hermes Trust for U.S. Treasury Obligations("registrant");

* Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

* Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and
for, the periods presented in this report;

* The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940)
and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

* designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;

* designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

* evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and

* disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and

* The registrant's other certifying officers and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

* all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability
to record, process, summarize, and report financial information; and

* any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 25, 2026

/S/ Jeremy D. Boughton

Jeremy D. Boughton, Treasurer - Principal Financial Officer

## Exhibit 99.906

**N-CSR Item 19(b) - Exhibits: Certifications**

**SECTION 906 CERTIFICATION**

Pursuant to 18 U.S.C.§ 1350, the undersigned officers of **Federated Hermes Money Market Obligations Trust** on behalf of **Federated Hermes Government Obligations Fund, Federated Hermes Prime Cash Obligations Fund, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Treasury Obligations Fund, Federated Hermes Trust for U.S. Treasury Obligations**(the "Registrant"), hereby certify, to the best of our knowledge, that the Registrant's Report on Form N-CSR for the period ended January 31, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: <u>March 25, 2026</u>

/s/ J. Christopher Donahue

J. Christopher Donahue

Title: President, Principal Executive Officer

Dated: <u>March 25, 2026</u>

/s/ Jeremy D. Boughton

Jeremy D. Boughton

Title: Treasurer, Principal Financial Officer

This certification is being furnished solely pursuant to 18 U.S.C.§ 1350 and is not being filed as part of the Report or as a separate disclosure document.