EDGAR HTML

United States

Securities and Exchange Commission

Washington, D.C. 20549

Form N-CSR

Certified Shareholder Report of Registered Management Investment Companies

811-5950

(Investment Company Act File Number)

Federated Hermes Money Market Obligations Trust

______________________________________________________________

(Exact Name of Registrant as Specified in Charter)

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

(Address of Principal Executive Offices)

(412) 288-1900

(Registrant's Telephone Number)

Peter J. Germain, Esquire

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

Date of Fiscal Year End: 5/31/22

Date of Reporting Period: Six months ended 11/30/21

Item 1.

Reports to Stockholders

Semi-Annual Shareholder Report

November 30, 2021

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

Federated Hermes Municipal Obligations Fund

A Portfolio of Federated Hermes Money Market Obligations Trust

Dear Valued Shareholder,

We are pleased to present the Semi-Annual Shareholder Report for your fund covering the period from June 1, 2021 through November 30, 2021. This report includes a complete listing of your fund’s holdings, performance information and financial statements along with other important fund information.

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

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

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

Sincerely,

J. Christopher Donahue, President

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

Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee

Portfolio of Investments

November 30, 2021 (unaudited)

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— 100.4%
		Alabama— 3.7%
$ 1,000,000		Autauga County, AL IDA (Marshall Prattville, LLC), (Series 2008) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.100%, 12/2/2021	$1,000,000
5,650,000		Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 0.060%, 12/1/2021	5,650,000
3,100,000		Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 0.050%, 12/1/2021	3,100,000
31,600,000		Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily VRDNs, 0.050%, 12/1/2021	31,600,000
3,100,000		Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 0.050%, 12/1/2021	3,100,000
3,275,000		Cooperative District of Fort Spanish, AL, Tender Option Bond Trust Receipts (Series 2021-XF2958) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 0.180%, 12/2/2021	3,275,000
10,480,000		Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2007) Weekly VRDNs, (Comerica Bank LOC), 0.100%, 12/2/2021	10,480,000
10,000,000		Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2011) Weekly VRDNs, (Comerica Bank LOC), 0.100%, 12/2/2021	10,000,000
5,175,000		Mobile, AL IDB (Alabama Power Co.), (Series 2001-A) Daily VRDNs, 0.070%, 12/1/2021	5,175,000
25,700,000		Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly VRDNs, 0.140%, 12/1/2021	25,700,000
		TOTAL	99,080,000
		Arizona— 0.2%
5,610,000		Maricopa County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.210%, 12/2/2021	5,610,000
		Arkansas— 0.4%
1,800,000		Blytheville, AR (Nucor Corp.), (Series 2002) Weekly VRDNs, 0.100%, 12/1/2021	1,800,000
3,830,000		Lowell, AR IDRB (Arkansas Democrat-Gazette, Inc.), (Series 2006) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.170%, 12/1/2021	3,830,000
5,800,000		Lowell, AR IDRB (Little Rock Newspapers, Inc.), (Series 1996) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.170%, 12/1/2021	5,800,000
		TOTAL	11,430,000
		California— 10.9%
2,485,000		Alameda County, CA IDA (Santini Foods, Inc.), (Series 2010A) Weekly VRDNs, (Comerica Bank LOC), 0.080%, 12/2/2021	2,485,000
4,910,000		California Enterprise Development Authority (J. Harris Industrial Water Treatment, Inc.), (Series 2015) Weekly VRDNs, (City National Bank LOC), 0.130%, 12/2/2021	4,910,000
3,800,000		California Enterprise Development Authority (Regional Properties, Inc.), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (FHLB of San Francisco LOC), 0.080%, 12/2/2021	3,800,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		California— continued
$ 20,000,000		California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.170%, 12/2/2021	$20,000,000
26,705,000		California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006E), CP, 0.110%, Mandatory Tender 2/9/2022	26,705,000
1,070,000		California HFA Multi-Family (Hope on Broadway LP), Tender Option Bond Trust Receipts (2021-XF2928) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 0.180%, 12/2/2021	1,070,000
39,405,000		California Infrastructure & Economic Development Bank (DesertXpress Enterprises, LLC), (Series 2020A: Brightline West Passenger Rail) TOBs, (United States Treasury GTD), 0.200%, Mandatory Tender 2/1/2022	39,405,000
2,000,000		California PCFA (C.A. and E.J. Vanderham Family Trust), (Series 2003) Weekly VRDNs, (CoBank, ACB LOC), 0.100%, 12/2/2021	2,000,000
3,000,000		California PCFA (P & D Dairy and Poso Creek Family Dairy, LLC), (Series 2003) Weekly VRDNs, (Bank of the West, San Francisco, CA LOC), 0.100%, 12/2/2021	3,000,000
30,000,000		California PCFA (Sierra Pacific Industries), (Series 2014) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.130%, 12/1/2021	30,000,000
2,940,000		California PCFA (T & W Farms), (Series 2002) Weekly VRDNs, (Bank of America N.A. LOC), 0.100%, 12/2/2021	2,940,000
3,190,000		California Statewide Communities Development Authority (Essex Monarch La Brea Apartments LP), Tender Option Bond Trust Floater Certificates (Series 2019-MIZ9012) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	3,190,000
12,000,000		California Statewide Communities Development Authority (Essex Monarch Santa Monica Apartments LP), Tender Option Bond Trust Floater Certificates (Series 2019-MIZ9011) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	12,000,000
9,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.120%, Mandatory Tender 3/3/2022	9,000,000
17,190,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 0.170%, Mandatory Tender 12/7/2021	17,190,000
10,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009 B-6), CP, 0.110%, Mandatory Tender 2/2/2022	10,000,000
15,530,000		California Statewide Communities Development Authority Multi-Family Housing (Uptown Newport Building Owner, LP), (2021 Series A: One Uptown Newport Apartments) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 0.110%, 12/2/2021	15,530,000
4,985,000		Lucia Mar, CA USD, Tender Option Bond Trust Receipts (Series 2018-XG0181) Weekly VRDNs, (Bank of America N.A. LIQ), 0.080%, 12/2/2021	4,985,000
6,670,000		Manteca, CA USD, Tender Option Bond Trust Certificates (2015-ZM0093) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.090%, 12/2/2021	6,670,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		California— continued
$ 34,000,000		Nuveen California Quality Municipal Income Fund, PUTTERs 3a-7 (Series 5038) (VRDP Series 5) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.200%, 12/1/2021	$34,000,000
2,900,000		Sacramento, CA Municipal Utility District, Tender Option Bond Trust Receipts (Series 2020-ZF0943) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.070%, 12/2/2021	2,900,000
31,130,000		San Francisco, CA City and County (Transbay Block 8 Tower Apartments Obligated Group), Mizuho 3a-7 (2021-MIZ9063) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	31,130,000
9,550,000		Santa Clara Valley, CA Transportation Authority (2000 Measure A Sales Tax), (2008 Series A) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.060%, 12/2/2021	9,550,000
		TOTAL	292,460,000
		Colorado— 0.7%
3,300,000		Colorado Agricultural Development Authority (Monte Vista Dairy, LLC), (Series 2006) Weekly VRDNs, (CoBank, ACB LOC), 0.100%, 12/2/2021	3,300,000
4,615,000		Colorado HFA (Acme Manufacturing Company, Inc.), (Series 2016A) Weekly VRDNs, (UMB Bank, N.A. LOC), 0.240%, 12/2/2021	4,615,000
1,370,000		Colorado HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.200%, 12/2/2021	1,370,000
1,370,000		Colorado HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs, (UMB Bank, N.A. LOC), 0.290%, 12/2/2021	1,370,000
3,000,000		Denver, CO City & County Airport Authority, RBC Muni Products (Series G-114) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.300%, Optional Tender 12/1/2021	3,000,000
2,185,000		Denver, CO City & County Airport Authority, Tender Option Bond Trust Receipts (Series 2018-ZF0689) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.120%, 12/2/2021	2,185,000
1,835,000		Denver, CO City & County Airport Authority, Tender Option Bond Trust Receipts (Series 2018-ZF0691) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.120%, 12/2/2021	1,835,000
		TOTAL	17,675,000
		Connecticut— 0.7%
8,000,000		Connecticut State Special Transportation Fund, RBC Muni Products (Series G-110) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, Optional Tender 4/1/2022	8,000,000
10,280,000		Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.170%, 12/2/2021	10,280,000
		TOTAL	18,280,000
		Florida— 1.3%
6,000,000		Broward County, FL Port Facilities, RBC Municipal Products Trust (Series G-115) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.300%, Optional Tender 3/1/2022	6,000,000
4,000,000		Escambia County, FL Solid Waste Disposal (Gulf Power Co.), (First Series 2009) Daily VRDNs, 0.050%, 12/1/2021	4,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Florida— continued
$ 1,440,000		Florida Development Finance Corp. (Navigator Academy of Leadership, Inc.), Tender Option Bond Trust Receipts (2021-XF2945) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.180%, 12/2/2021	$1,440,000
9,000,000		Greater Orlando, FL Aviation Authority, (RBC Muni Products Series G-25) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.300%, Optional Tender 4/1/2022	9,000,000
5,000,000		Hillsborough County, FL Solid Waste & Resource Recovery, RBC Muni Products (Series G-41) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 3/1/2022	5,000,000
8,115,000		Lee County, FL IDA (Florida Power & Light Co.), (Series 2016A) Daily VRDNs, 0.060%, 12/1/2021	8,115,000
2,500,000		Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 (2021-MIZ9072) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	2,500,000
		TOTAL	36,055,000
		Georgia— 4.4%
1,000,000		Atlanta, GA Airport General Revenue, Tender Option Bond Receipts (Series 2019-XF0815) Weekly VRDNs, (Bank of America N.A. LIQ), 0.130%, 12/2/2021	1,000,000
4,400,000		Burke County, GA Development Authority (Georgia Power Co.), (1st Series 2009) Daily VRDNs, 0.080%, 12/1/2021	4,400,000
5,155,000		Burke County, GA Development Authority (Georgia Power Co.), (2018 1st Series) Daily VRDNs, 0.070%, 12/1/2021	5,155,000
10,000,000		Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs, (FHLMC LOC), 0.150%, 12/2/2021	10,000,000
420,000		Fitzgerald & Ben Hill County, GA Development Authority (Agri-Products, Inc.), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.100%, 12/2/2021	420,000
2,500,000		Floyd County, GA Development Authority PCRB (Georgia Power Co.), (First Series 1996) Daily VRDNs, 0.090%, 12/1/2021	2,500,000
9,900,000		Heard County, GA Development Authority (Georgia Power Co.), (First Series 2007) Daily VRDNs, 0.070%, 12/1/2021	9,900,000
3,800,000		Monroe County, GA Development Authority (Gulf Power Co.), (Series 2019) Daily VRDNs, 0.060%, 12/1/2021	3,800,000
7,100,000		Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), (First Series 2008) Daily VRDNs, 0.090%, 12/1/2021	7,100,000
2,075,000		Savannah, GA EDA (Consolidated Utilities, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 0.180%, 12/2/2021	2,075,000
68,000,000		Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 0.190%, 12/1/2021	68,000,000
2,315,000		Wayne County, GA, IDA (Sierra International Machinery LLC), (Series 2011) Weekly VRDNs, (Truist Bank LOC), 0.180%, 12/2/2021	2,315,000
		TOTAL	116,665,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Hawaii— 0.2%
$ 6,540,000		Hawaii State Department of Budget & Finance (Queen’s Health Systems), (2015 Series C) VRENs, 0.500%, 12/2/2021	$6,540,000
		Illinois— 1.5%
13,400,000		Chicago, IL Midway Airport, (Series 2014C) Weekly VRDNs, (Barclays Bank PLC LOC), 0.100%, 12/2/2021	13,400,000
4,680,000		Chicago, IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2018-XM0686) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.130%, 12/2/2021	4,680,000
4,600,000		Illinois Finance Authority - Solid Waste (Kuusakoski US LLC), (Series 2013) Weekly VRDNs, (Nordea Bank Abp LOC), 0.100%, 12/2/2021	4,600,000
18,185,000		Metropolitan Pier & Exposition Authority, IL, Tender Option Bond Trust Receipts (2021-MS0001) TOBs, (Morgan Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 0.170%, Optional Tender 2/3/2022	18,185,000
		TOTAL	40,865,000
		Indiana— 1.8%
6,050,000		Bloomington, IN EDRB (SY Henderson Court Investors, LP), (Series 2008: Henderson Court Apartments) Weekly VRDNs, (FHLMC LOC), 0.150%, 12/2/2021	6,050,000
8,000,000		Indiana Development Finance Authority (Duke Energy Indiana, Inc.), (Series 2003A) Weekly VRDNs, 0.100%, 12/1/2021	8,000,000
400,000		Indiana Development Finance Authority (South Central Community Mental Health Centers, Inc.), D/B/A Center for Behavioral Health (Series 2002) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.200%, 12/2/2021	400,000
21,370,000		Indiana State Finance Authority (Indiana State), Stage Trust (Series 2020-004) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 12/2/2021	21,370,000
12,900,000		Indianapolis, IN Multifamily Housing (Pedcor Investments-2006- LXXXVIII LP), (Series 2007A: Forest Ridge Apartments) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 0.150%, 12/2/2021	12,900,000
		TOTAL	48,720,000
		Iowa— 0.9%
19,000,000		Iowa Finance Authority (Cargill, Inc.), (Series 2021) Weekly VRDNs, 0.110%, 12/2/2021	19,000,000
5,300,000		Iowa Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly VRDNs, (AgriBank FCB LOC), 0.100%, 12/2/2021	5,300,000
		TOTAL	24,300,000
		Kansas— 1.0%
5,000,000		Burlington, KS (Kansas City Power And Light Co.), (Series 2007A) Weekly VRDNs, 0.140%, 12/1/2021	5,000,000
21,000,000		Burlington, KS (Kansas City Power And Light Co.), (Series 2007B) Weekly VRDNs, 0.140%, 12/1/2021	21,000,000
		TOTAL	26,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Kentucky— 3.7%
$ 6,500,000		Kentucky State Property & Buildings Commission, RBC Muni Products (Series G-116) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 5/2/2022	$6,500,000
1,800,000		Louisville & Jefferson County, KY Regional Airport Authority (UPS Worldwide Forwarding, Inc.), (1999 Series A) Daily VRDNs, (United Parcel Service, Inc. GTD), 0.060%, 12/1/2021	1,800,000
21,200,000		Louisville & Jefferson County, KY Regional Airport Authority (UPS Worldwide Forwarding, Inc.), (1999 Series B) Daily VRDNs, (United Parcel Service, Inc. GTD), 0.070%, 12/1/2021	21,200,000
34,400,000		Louisville & Jefferson County, KY Regional Airport Authority (UPS Worldwide Forwarding, Inc.), Revenue Bonds (Series C) Daily VRDNs, (United Parcel Service, Inc. GTD), 0.070%, 12/1/2021	34,400,000
16,700,000		Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021A-1) Daily VRDNs, 0.070%, 12/1/2021	16,700,000
17,795,000		Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021B-1) Daily VRDNs, 0.050%, 12/1/2021	17,795,000
		TOTAL	98,395,000
		Louisiana— 0.1%
3,790,000		Louisiana State Housing Corporation (Peace Lake Louisiana Tower Community L.P.), Tender Option Bond Trust Floater Certificates (Series 2020-MIZ9053) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	3,790,000
		Maine— 0.8%
22,260,000		Old Town, ME (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 0.120%, 12/1/2021	22,260,000
		Maryland— 0.2%
5,000,000		Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 1/3/2022	5,000,000
		Massachusetts— 3.9%
10,000,000		Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), 0.140%, Mandatory Tender 12/8/2021	10,000,000
28,000,000		Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), 0.200%, Mandatory Tender 1/13/2022	28,000,000
30,348,000		Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 0.130%, Mandatory Tender 12/14/2021	30,348,000
4,100,000		Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 0.130%, Mandatory Tender 12/8/2021	4,100,000
31,265,000		Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 0.180%, Mandatory Tender 1/13/2022	31,265,000
		TOTAL	103,713,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Michigan— 0.6%
$ 1,800,000		Michigan State Strategic Fund (Universal Forest Products Eastern Division, Inc.), Series 2002 Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.150%, 12/2/2021	$1,800,000
5,250,000		Michigan Strategic Fund (Greenville Venture Partners LLC), (Series 2018) Weekly VRDNs, (CoBank, ACB LOC), 0.100%, 12/2/2021	5,250,000
8,000,000		Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2011A-B), 5.000%, 12/1/2021	8,000,000
		TOTAL	15,050,000
		Minnesota— 0.0%
1,330,000		St. Paul, MN Port Authority (National Checking Co.), IDRB’s (Series 1998A) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.240%, 12/2/2021	1,330,000
		Missouri— 0.6%
15,000,000		Kansas City, MO IDA (Kansas City, MO Airport Revenue), Tender Option Bond Trust Receipts (Series 2020-XL-150) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 12/2/2021	15,000,000
		Montana— 0.0%
1,105,000		Montana State Board of Housing (HRDC IX Affordable Housing Solutions LP), Mizuho 3a-7 (2021-MIZ9062) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	1,105,000
		Multi-State— 25.9%
52,000,000		BlackRock MuniYield Quality Fund III, Inc., (3,564 Series W-7 VRDP Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ), 0.140%, 12/2/2021	52,000,000
178,500,000		Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.220%, 12/1/2021	178,500,000
89,200,000		Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.220%, 12/1/2021	89,200,000
7,000,000		Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly VRDPs, (Societe Generale, Paris LIQ), 0.110%, 12/2/2021	7,000,000
75,000,000		Nuveen Municipal Credit Income Fund, PUTTERs 3a-7 (Series 5039) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.220%, 12/1/2021	75,000,000
37,700,000		Nuveen Municipal Credit Opportunities Fund, (Series A) Weekly VRDPs, (Sumitomo Mitsui Banking Corp. LIQ), 0.160%, 12/2/2021	37,700,000
102,275,000		Nuveen Municipal Credit Opportunities Fund, PUTTERs 3a-7 (Series 5033) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.220%, 12/1/2021	102,275,000
40,800,000		Nuveen Quality Municipal Income Fund, (Series 1) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.140%, 12/2/2021	40,800,000
62,000,000		Nuveen Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.140%, 12/2/2021	62,000,000
47,400,000		Nuveen Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.140%, 12/2/2021	47,400,000
		TOTAL	691,875,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Nebraska— 0.4%
$ 7,500,000		Stanton County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs, 0.100%, 12/1/2021	$7,500,000
1,875,000		Stanton County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs, 0.100%, 12/1/2021	1,875,000
		TOTAL	9,375,000
		Nevada— 0.2%
1,395,000		Director of the State of Nevada Department of Business and Industry (575 Mill Street LLC), IDRBs (Series 1998A) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 0.220%, 12/2/2021	1,395,000
4,500,000		Director of the State of Nevada Department of Business and Industry (DesertXpress Enterprises, LLC), (Series 2020A: Brightline West Passenger Rail) TOBs, (United States Treasury GTD), 0.250%, Mandatory Tender 2/1/2022	4,500,000
		TOTAL	5,895,000
		New Jersey— 15.5%
12,994,000		Alexandria Township, NJ Board of Education BANs, 1.000%, 7/27/2022	13,056,531
1,900,000		Atlantic Highlands, NJ BANs, 1.000%, 3/1/2022	1,903,171
4,492,300		Berlin Boro, NJ BANs, 1.000%, 9/28/2022	4,520,384
2,418,430		Boonton Township, NJ BANs, 1.000%, 9/2/2022	2,432,241
6,248,518		Boonton, NJ BANs, 1.500%, 6/24/2022	6,292,246
5,492,565		Bound Brook Borough, NJ BANs, 1.000%, 8/18/2022	5,522,617
1,030,300		Byram Township, NJ BANs, 1.500%, 9/16/2022	1,040,383
12,410,000		Caldwell Borough, NJ BANs, 0.750%, 2/1/2022	12,422,739
5,807,835		Clementon, NJ BANs, 1.000%, 10/3/2022	5,844,746
2,183,035		Clinton, NJ BANs, 1.000%, 8/5/2022	2,194,085
4,360,523		Cranbury Township, NJ BANs, 1.000%, 9/3/2022	4,386,745
5,000,000		Cresskill Borough, NJ BANs, 1.000%, 10/14/2022	5,031,177
5,546,324		Demarest, NJ BANs, 1.000%, 6/24/2022	5,570,248
2,696,515		Dennis Township, NJ BANs, 1.000%, 6/17/2022	2,707,164
7,904,276		Eatontown, NJ BANs, 1.000%, 11/3/2022	7,947,845
2,801,580		Ewing Township, NJ BANs, 1.000%, 3/30/2022	2,807,946
8,040,000		Fairview, NJ BANs, 1.000%, 8/26/2022	8,087,120
20,940,000		Garden State Preservation Trust, NJ (New Jersey State), Tender Option Bond Trust Receipts (2016-ZF0416) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.130%, 12/2/2021	20,940,000
1,094,250		Gibbsboro, NJ BANs, 1.000%, 6/30/2022	1,098,982
6,971,225		Glassboro Borough, NJ, (Series A) BANs, 1.000%, 8/23/2022	7,011,624
3,897,000		Greenwich Township, NJ, (Series A) BANs, 1.000%, 4/27/2022	3,907,938
12,600,000		Guttenberg, NJ BANs, 1.000%, 10/20/2022	12,675,486
6,000,000		Hillsborough Township, NJ BANs, 1.500%, 2/17/2022	6,015,224
3,800,540		Hopatcong, NJ BANs, 1.000%, 7/22/2022	3,818,687

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		New Jersey— continued
$ 6,114,000		Keyport Borough, NJ BANs, 1.000%, 3/8/2022	$6,125,186
6,063,000		Lawrence Township, NJ BANs, 1.000%, 9/23/2022	6,101,745
1,273,900		Lebanon, NJ BANs, 1.000%, 9/13/2022	1,281,667
5,188,000		Logan Township, NJ BANs, 1.000%, 10/19/2022	5,219,900
12,000,000		Maple Shade Township, NJ BANs, 1.000%, 3/31/2022	12,034,030
9,700,000		Margate, NJ BANs, 1.000%, 12/16/2021	9,702,378
2,563,303		Merchantville, NJ, (Series A) BANs, 1.000%, 8/2/2022	2,575,606
4,580,000		Middle Township, NJ BANs, 1.000%, 9/8/2022	4,607,785
7,832,673		Middlesex, NJ, (Series A) BANs, 1.000%, 6/23/2022	7,865,418
3,150,000		Moonachie, NJ BANs, 1.000%, 10/14/2022	3,169,068
7,040,000		New Jersey Economic Development Authority (Yeshiva of North Jersey), (Series 2018) Weekly VRDNs, (Valley National Bank LOC), 0.350%, 12/2/2021	7,040,000
2,740,000		New Jersey EDA (Baptist Home Society of New Jersey) Weekly VRDNs, (Valley National Bank LOC), 0.350%, 12/2/2021	2,740,000
3,190,000		New Jersey EDA (Geriatric Services Housing Corp., Inc. - (CNJJHA Assisted Living)), (Series 2001) Weekly VRDNs, (Valley National Bank LOC), 0.200%, 12/1/2021	3,190,000
11,255,000		New Jersey EDA (Jewish Community Center on the Palisades), (Series 2016) Weekly VRDNs, (Valley National Bank LOC), 0.350%, 12/3/2021	11,255,000
1,325,000		New Jersey EDA (Temple Emanuel of the Pascack Valley), (Series 2001/2019) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.300%, 12/3/2021	1,325,000
4,380,000		New Jersey Health Care Facilities Financing Authority (Christian Health Care Center), (Series A-2) Weekly VRDNs, (Valley National Bank LOC), 0.250%, 12/2/2021	4,380,000
14,885,000		New Jersey State Economic Development Authority (Jewish Community Housing Corporation of Metropolitan New Jersey), (Series 2010) Weekly VRDNs, (Valley National Bank LOC), 0.170%, 12/2/2021	14,885,000
2,484,000		Newton, NJ BANs, 1.000%, 7/20/2022	2,495,760
5,754,000		North Arlington, NJ BANs, 1.250%, 11/10/2022	5,799,878
1,900,000		Oceanport, NJ BANs, 1.000%, 2/24/2022	1,903,285
4,627,696		Pemberton Township, NJ BANs, 1.000%, 6/2/2022	4,644,354
4,129,000		Phillipsburg, NJ BANs, 1.000%, 5/26/2022	4,142,875
2,700,000		Pine Beach, NJ BANs, 1.000%, 10/28/2022	2,714,617
3,241,000		Pitman, NJ BANs, 2.000%, 12/15/2021	3,242,981
2,500,000		Ridgefield Park, NJ BANs, 1.250%, 4/8/2022	2,508,211
3,500,000		Somers Point, NJ BANs, 1.000%, 12/21/2021	3,501,069
6,660,000		Somerville Borough, NJ BANs, 0.750%, 2/3/2022	6,665,820
1,466,250		South Hackensack, NJ BANs, 1.000%, 2/17/2022	1,468,625
6,464,075		South Plainfield, NJ BANs, 1.000%, 8/19/2022	6,500,961

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		New Jersey— continued
$ 3,685,000		South River, NJ, (Series B) BANs, 1.500%, 12/17/2021	$3,686,769
2,791,925		South Toms River, NJ BANs, 1.000%, 5/20/2022	2,800,858
2,160,395		Southampton Township, NJ BANs, 1.000%, 7/6/2022	2,169,617
3,200,000		Southampton Township, NJ BANs, 1.000%, 7/6/2022	3,213,314
4,174,727		Stanhope, NJ BANs, 1.000%, 5/19/2022	4,188,200
29,512,000		Stone Harbor, NJ BANs, 1.500%, 10/28/2022	29,832,085
2,370,250		Tabernacle Township, NJ, (Series A) BANs, 1.000%, 12/16/2021	2,370,686
3,489,183		Union Beach, NJ BANs, 1.000%, 2/18/2022	3,494,984
2,931,710		Union Beach, NJ BANs, 1.250%, 10/27/2022	2,954,203
4,864,000		Washington Township (Morris County), NJ BANs, 1.000%, 8/24/2022	4,891,227
3,727,978		Washington Township, NJ (Warren County) BANs, 1.000%, 8/26/2022	3,749,821
23,857,041		West Caldwell Township, NJ BANs, 1.000%, 12/10/2021	23,860,788
4,915,750		West Deptford Township, NJ BANs, 1.000%, 9/1/2022	4,945,204
3,691,000		West Long Branch, NJ BANs, 1.000%, 6/24/2022	3,706,092
7,747,500		Winslow Township, NJ BANs, 1.000%, 9/20/2022	7,795,270
6,628,000		Woodbury, NJ BANs, 1.500%, 12/2/2021	6,628,181
7,525,000		Woodland Park, NJ BANs, 1.500%, 5/27/2022	7,568,653
		TOTAL	414,177,500
		New York— 4.9%
12,484,729		Bainbridge-Guilford, NY Central School District BANs, 1.500%, 6/24/2022	12,572,098
2,150,000		Friendship, NY Central School District BANs, 1.000%, 6/29/2022	2,159,500
4,150,000		Garrison, NY UFSD BANs, 1.000%, 6/30/2022	4,167,920
5,900,000		Greenwich, NY Central School District BANs, 1.000%, 6/29/2022	5,926,070
5,590,000		Hempstead (town), NY IDA MFH (Hempstead Village Housing Associates LP), (Series 2006) Weekly VRDNs, (FNMA LOC), 0.120%, 12/2/2021	5,590,000
19,306,330		Little Falls, NY City School District BANs, 1.500%, 2/4/2022	19,349,169
3,790,000		New Rochelle, NY IDA (180 Union Avenue Owner LP), (Series 2006: West End Phase I Facility) Weekly VRDNs, (Citibank N.A., New York LOC), 0.140%, 12/2/2021	3,790,000
33,370,000		New York City, NY Transitional Finance Authority, Stage Trust 3a-7 (Series 2020-002) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 12/2/2021	33,370,000
15,000,000		New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 12/2/2021	15,000,000
6,000,000		New York State Energy Research & Development Authority (National Grid Generation LLC), (1997 Series A) Weekly VRDNs, (NatWest Markets PLC LOC), 0.110%, 12/1/2021	6,000,000
2,200,000		New York State HFA (100 Maiden Lane), (2004 Series A) Weekly VRDNs, (Federal National Mortgage Association LOC), 0.040%, 12/1/2021	2,200,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		New York— continued
$ 10,000,000		New York Transportation Development Corporation (LaGuardia Gateway Partners, LLC), Tender Option Bond Trust Receipts (Series 2016-XM0403) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 0.430%, 12/2/2021	$10,000,000
6,000,000		Watertown, NY Enlarged City School District BANs, 1.000%, 6/28/2022	6,025,698
6,000,000		Wayne, NY Central School District BANs, 1.000%, 6/29/2022	6,026,167
		TOTAL	132,176,622
		North Carolina— 1.7%
25,100,000		Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 0.100%, 12/1/2021	25,100,000
1,200,000		Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000B) Weekly VRDNs, 0.100%, 12/1/2021	1,200,000
17,475,000		Person County, NC Industrial Facilities & PCFA (Certainteed Gypsum, Inc.), (Series 2010) Weekly VRDNs, (Credit Industriel et Commercial LOC), 0.090%, 12/2/2021	17,475,000
3,000,000		Yancey County, NC Industrial Facilities & PCFA (Altec Industries, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 0.180%, 12/2/2021	3,000,000
		TOTAL	46,775,000
		Ohio— 1.7%
30,470,000		Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.170%, 12/2/2021	30,470,000
8,100,000		Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Barclays Golden Blue (Series 2020-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.170%, 12/2/2021	8,100,000
7,000,000		Toledo-Lucas County, OH Port Authority (Van Deurzen Dairy LLC), (Series 2006) Weekly VRDNs, (AgriBank FCB LOC), 0.100%, 12/2/2021	7,000,000
		TOTAL	45,570,000
		Pennsylvania— 2.2%
26,500,000		Blackrock MuniYield Pennsylvania Quality Fund, (663 Series W-7 VRDP Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ), 0.130%, 12/2/2021	26,500,000
795,000		East Hempfield Township, PA IDA (BGT Realty), (Series of 2005) Weekly VRDNs, (Fulton Bank, N.A. LOC), 0.460%, 12/2/2021	795,000
16,000,000		Montgomery County, PA IDA (Lonza, Inc.), (Series 2000) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 0.110%, 12/2/2021	16,000,000
9,325,000		Pennsylvania State Turnpike Commission, RBC Muni Products (Series G-43) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 12/1/2021	9,325,000
4,070,000		Philadelphia, PA Airport System, Tender Option Bond Trust Receipts (Series 2017-XG0159) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.130%, 12/2/2021	4,070,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Pennsylvania— continued
$ 2,000,000		Philadelphia, PA Authority for Industrial Development (Susquehanna Net Zero Housing, L.P.), Tender Option Bond Trust Floater Certificates (2020-MIZ9051) VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 0.300%, 12/2/2021	$2,000,000
		TOTAL	58,690,000
		South Carolina— 1.5%
21,500,000		Berkeley County, SC IDB (Nucor Corp.) Weekly VRDNs, 0.100%, 12/1/2021	21,500,000
10,100,000		Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, 0.100%, 12/1/2021	10,100,000
2,815,000		South Carolina State Public Service Authority (Santee Cooper) (Santee Cooper), CDI Net Liquidity (Series 2020-XL0154) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.130%, 12/2/2021	2,815,000
4,900,000		South Carolina State Public Service Authority (Santee Cooper) (Santee Cooper), CDI Net Liquidity (Series 2020-YX1157) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.130%, 12/2/2021	4,900,000
		TOTAL	39,315,000
		South Dakota— 0.1%
3,000,000		South Dakota Value Added Finance Authority (Prairie Gold Dairy LLC), (Series 2004) Weekly VRDNs, (CoBank, ACB LOC), 0.100%, 12/2/2021	3,000,000
		Tennessee— 1.0%
25,620,000		Memphis-Shelby County, TN Industrial Development Board - PCRB (Nucor Steel Memphis, Inc.), (Series 2007) Weekly VRDNs, (GTD by Nucor Corp.), 0.100%, 12/1/2021	25,620,000
		Texas— 6.3%
5,000,000		Alamo, TX CCD, RBC Muni Products (Series G-111) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 5/2/2022	5,000,000
4,000,000		Jewett, TX Economic Development Corporation (Nucor Corp.), (Series 2003) Weekly VRDNs, 0.100%, 12/1/2021	4,000,000
9,000,000		North Texas Tollway Authority, RBC Municipal Products Trust (Series 2019 G-112) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 1/3/2022	9,000,000
25,000,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Weekly VRDNs, 0.130%, 12/1/2021	25,000,000
12,500,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2003) Weekly VRDNs, 0.160%, 12/1/2021	12,500,000
21,000,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2005) Weekly VRDNs, 0.160%, 12/1/2021	21,000,000
42,000,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2006) Weekly VRDNs, 0.160%, 12/1/2021	42,000,000
35,000,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Weekly VRDNs, 0.160%, 12/1/2021	35,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Texas— continued
$ 15,000,000		Texas State Department of Housing & Community Affairs (Onion Creek Housing Partners Ltd.), (Series 2007) Weekly VRDNs, (FNMA LOC), 0.150%, 12/2/2021	$15,000,000
		TOTAL	168,500,000
		Utah— 0.6%
15,240,000		Emery County, UT (Pacificorp), PCRB (Series 1994) Weekly VRDNs, 0.090%, 12/1/2021	15,240,000
500,000		Salt Lake County, UT Training Facilities (Community Foundation For The Disabled, Inc.), (Series 2000) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.200%, 12/2/2021	500,000
		TOTAL	15,740,000
		Virginia— 0.2%
2,055,000		Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipts (Series 2020-ZF0916) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.120%, 12/2/2021	2,055,000
3,145,000		Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipts (Series 2020-ZF0928) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.120%, 12/2/2021	3,145,000
		TOTAL	5,200,000
		Washington— 0.1%
1,470,000		Washington State EDFA (Mesa Dairy, LLC), (Series 2007E) Weekly VRDNs, (Bank of the West, San Francisco, CA LOC), 0.100%, 12/2/2021	1,470,000
		Wisconsin— 0.5%
6,000,000		Public Finance Authority, WI (Bradford Preparatory School), Tender Option Bond Trust Receipts (2020-XF2887) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.250%, 12/2/2021	6,000,000
1,200,000		Public Finance Authority, WI (Carolina Charter Academy, Inc.), Tender Option Bond Trust Receipts (Series 2021-XF2931) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.180%, 12/2/2021	1,200,000
1,650,000		Public Finance Authority, WI (DCA Lexington Properties, LLC), Tender Option Bond Trust Receipts (Series 2021-XF2933) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.180%, 12/2/2021	1,650,000
1,000,000		Wausau, WI IDA (Apogee Enterprises, Inc.), (Series 2002) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.160%, 12/2/2021	1,000,000
790,000		West Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.360%, 12/2/2021	790,000
2,675,000		Wisconsin State Public Finance Authority (Birchwood Properties LP), (Series 2016) Weekly VRDNs, (FHLB of Des Moines LOC), 0.270%, 12/2/2021	2,675,000
		TOTAL	13,315,000

Semi-Annual Shareholder Report

Principal Amount		Value
	MUNICIPAL BONDS— 0.1%
	New Jersey— 0.1%
$ 1,800,000	Hillsdale Borough, NJ BANs, 1.000%, 12/2/2022	$1,810,530
	TOTAL INVESTMENT IN SECURITIES—100.5% (AT AMORTIZED COST)2	2,687,827,652
	OTHER ASSETS AND LIABILITIES - NET—(0.5)%3	(14,253,541)
	TOTAL NET ASSETS—100%	$2,673,574,111

Securities that are subject to the federal alternative minimum tax (AMT) represent 59.2% of the portfolio as calculated based upon total market value (percentage is unaudited).

1	Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
2	Also represents cost of investments for federal tax purposes.
3	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at November 30, 2021.

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

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

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

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

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

Semi-Annual Shareholder Report

In valuing the Fund’s assets as of November 30, 2021, 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:
BANs	—Bond Anticipation Notes
CCD	—Community College District
CP	—Commercial Paper
EDA	—Economic Development Authority
EDFA	—Economic Development Finance Authority
EDRB	—Economic Development Revenue Bond
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corporation
FNMA	—Federal National Mortgage Association
GTD	—Guaranteed
HFA	—Housing Finance Authority
IDA	—Industrial Development Authority
IDB	—Industrial Development Bond
IDRB	—Industrial Development Revenue Bond
IDRBs	—Industrial Development Revenue Bonds
IFA	—Industrial Finance Authority
INS	—Insured
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MFH	—Multi-Family Housing
PCFA	—Pollution Control Finance Authority
PCRB	—Pollution Control Revenue Bond
PCRBs	—Pollution Control Revenue Bonds
PUTTERs	—Puttable Tax-Exempt Receipts
TOBs	—Tender Option Bonds
UFSD	—Union Free School District
USD	—United States Dollar
VMTP	—Variable Municipal Term Preferred
VRDNs	—Variable Rate Demand Notes
VRDP	—Variable Rate Demand Preferred
VRDPs	—Variable Rate Demand Preferreds
VRENs	—Variable Rate Extendible Notes

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Automated Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2021	Year Ended May 31,		Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2021	2021	2020	Period Ended 5/31/20191	20182	20173	2016
Net Asset Value, Beginning of Period	$1.00	$1.000	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.0004	0.0004	0.009	0.0105	0.007	0.002	0.0004
Net realized gain (loss)	0.0004	0.0004	0.0004	0.0004	0.0004	0.001	0.0004
Total From Investment Operations	0.0004	0.0004	0.009	0.010	0.007	0.003	0.0004
Less Distributions:
Distributions from net investment income	(0.000)4	(0.000)4	(0.009)	(0.010)	(0.007)	(0.002)	(0.000)4
Distributions from net realized gain	(0.000)4	(0.000)4	(0.000)4	(0.000)4	(0.000)4	(0.001)	(0.000)4
Total Distributions	(0.000)4	(0.000)4	(0.009)	(0.010)	(0.007)	(0.003)	(0.000)4
Net Asset Value, End of Period	$1.00	$1.000	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return6	0.01%	0.01%	0.91%	0.99%	0.77%	0.29%	0.06%
Ratios to Average Net Assets:
Net expenses7	0.17%8	0.33%	0.56%	0.56%8	0.55%	0.61%	0.28%9
Net investment income	0.01%8	0.01%	0.90%	1.20%8	0.81%	0.23%	0.01%
Expense waiver/reimbursement10	0.48%8	0.32%	0.09%	0.09%8	0.10%	0.11%	0.53%
Supplemental Data:
Net assets, end of period (000 omitted)	$671,339	$683,243	$818,565	$636,808	$48,952	$011	$011

1	The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten-month period from August 1, 2018 to May 31, 2019.
2	Effective September 28, 2017, Trust Shares were re-designated as Automated Shares.
3	Certain ratios included above in Ratios to Average Net Assets and per share amounts may be inflated or deflated as compared to the fee structure for each respective share class as a result of daily systematic allocations being rounded to the nearest penny for fund level income, expense and realized/unrealized gain/loss amounts. Such differences are immaterial.
4	Represents less than $0.001.
5	Per share numbers have been calculated using the average shares method.
6	Based on net asset value. Total returns for periods of less than one year are not annualized.
7	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
8	Computed on an annualized basis.
9	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended July 31, 2016, was 0.28% after taking into account this expense reduction.
10	This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.
11	Represents less than $1,000.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Investment Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2021	Year Ended May 31,		Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2021	2021	2020	Period Ended 5/31/20191	2018	2017	2016
Net Asset Value, Beginning of Period	$1.00	$1.000	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.0002	0.0002	0.007	0.0083	0.005	0.001	0.0002
Net realized gain (loss)	0.0002	0.0002	0.0002	0.0002	0.0002	0.001	0.0002
Total From Investment Operations	0.0002	0.0002	0.007	0.008	0.005	0.002	0.0002
Less Distributions:
Distributions from net investment income	(0.000)2	(0.000)2	(0.007)	(0.008)	(0.005)	(0.001)	(0.000)2
Distributions from net realized gain	(0.000)2	(0.000)2	(0.000)2	(0.000)2	(0.000)2	(0.001)	(0.000)2
Total Distributions	(0.000)2	(0.000)2	(0.007)	(0.008)	(0.005)	(0.002)	(0.000)2
Net Asset Value, End of Period	$1.00	$1.000	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return4	0.01%	0.01%	0.71%	0.79%	0.54%	0.17%	0.06%
Ratios to Average Net Assets:
Net expenses5	0.17%6	0.35%	0.78%	0.78%6	0.78%	0.76%	0.53%7
Net investment income	0.01%6	0.01%	0.77%	0.95%6	0.46%	0.11%	0.01%
Expense waiver/reimbursement8	0.72%6	0.54%	0.12%	0.12%6	0.13%	0.16%	0.38%
Supplemental Data:
Net assets, end of period (000 omitted)	$4,213	$4,756	$11,112	$44,873	$40,219	$68,690	$56,319

1	The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten-month period from August 1, 2018 to May 31, 2019.
2	Represents less than $0.001.
3	Per share numbers have been calculated using the average shares method.
4	Based on net asset value. Total returns for periods of less than one year are not annualized.
5	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
6	Computed on an annualized basis.
7	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended July 31, 2016, was 0.53% after taking into account this expense reduction.
8	This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2021	Year Ended May 31,		Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2021	2021	2020	Period Ended 5/31/20191	2018	2017	2016
Net Asset Value, Beginning of Period	$1.00	$1.000	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.0002	0.001	0.012	0.0133	0.011	0.001	0.001
Net realized gain (loss)	0.0002	0.0002	0.001	0.0002	0.0002	0.001	0.0002
Total From Investment Operations	0.0002	0.001	0.013	0.013	0.011	0.002	0.001
Less Distributions:
Distributions from net investment income	(0.000)2	(0.001)	(0.013)	(0.013)	(0.011)	(0.001)	(0.001)
Distributions from net realized gain	(0.000)2	(0.000)2	(0.000)2	(0.000)2	(0.000)2	(0.001)	(0.000)2
Total Distributions	(0.000)2	(0.001)	(0.013)	(0.013)	(0.011)	(0.002)	(0.001)
Net Asset Value, End of Period	$1.00	$1.000	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return4	0.01%	0.13%	1.27%	1.27%	1.12%	0.72%	0.17%
Ratios to Average Net Assets:
Net expenses5	0.17%6	0.21%	0.21%	0.21%6	0.21%	0.21%	0.17%7
Net investment income	0.01%6	0.12%	1.24%	1.52%6	1.10%	0.64%	0.11%
Expense waiver/ reimbursement8	0.13%6	0.09%	0.09%	0.09%6	0.10%	0.11%	0.14%
Supplemental Data:
Net assets, end of period (000 omitted)	$1,143,880	$1,372,803	$1,510,434	$1,713,390	$1,163,568	$667,169	$1,003,993

1	The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten-month period from August 1, 2018 to May 31, 2019.
2	Represents less than $0.001.
3	Per share numbers have been calculated using the average shares method.
4	Based on net asset value. Total returns for periods of less than one year are not annualized.
5	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2021	Year Ended May 31,		Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2021	2021	2020	Period Ended 5/31/20191	2018	2017	2016
Net Asset Value, Beginning of Period	$1.00	$1.000	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.0002	0.0002	0.010	0.0113	0.008	0.004	0.0002
Net realized gain (loss)	0.0002	0.0002	0.0002	0.0002	0.0002	0.001	0.0002
Total From Investment Operations	0.0002	0.0002	0.010	0.011	0.008	0.005	0.0002
Less Distributions:
Distributions from net investment income	(0.000)2	(0.000)2	(0.010)	(0.011)	(0.008)	(0.004)	(0.000)2
Distributions from net realized gain	(0.000)2	(0.000)2	(0.000)2	(0.000)2	(0.000)2	(0.001)	(0.000)2
Total Distributions	(0.000)2	(0.000)2	(0.010)	(0.011)	(0.008)	(0.005)	(0.000)2
Net Asset Value, End of Period	$1.00	$1.000	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return4	0.01%	0.02%	1.01%	1.06%	0.87%	0.47%	0.08%
Ratios to Average Net Assets:
Net expenses5	0.17%6	0.34%	0.46%	0.46%6	0.46%	0.46%	0.25%7
Net investment income	0.01%6	0.02%	0.98%	1.26%6	0.84%	0.39%	0.03%
Expense waiver/ reimbursement8	0.38%6	0.20%	0.09%	0.09%6	0.10%	0.11%	0.31%
Supplemental Data:
Net assets, end of period (000 omitted)	$284,802	$255,785	$515,994	$410,580	$449,099	$369,709	$584,893

1	The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten-month period from August 1, 2018 to May 31, 2019.
2	Represents less than $0.001.
3	Per share numbers have been calculated using the average shares method.
4	Based on net asset value. Total returns for periods of less than one year are not annualized.
5	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
6	Computed on an annualized basis.
7	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended July 31, 2016, was 0.25% after taking into account this expense reduction.
8	This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2021	Year Ended May 31,		Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2021	2021	2020	Period Ended 5/31/20191	2018	2017	2016
Net Asset Value, Beginning of Period	$1.00	$1.000	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.0002	0.0002	0.006	0.0073	0.004	0.0002	0.0002
Net realized gain (loss)	0.0002	0.0002	0.0002	0.0002	0.0002	0.001	0.0002
Total From Investment Operations	0.0002	0.0002	0.006	0.007	0.004	0.001	0.0002
Less Distributions:
Distributions from net investment income	(0.000)2	(0.000)2	(0.006)	(0.007)	(0.004)	(0.000)2	(0.000)2
Distributions from net realized gain	(0.000)2	(0.000)2	(0.000)2	(0.000)2	(0.000)2	(0.001)	(0.000)2
Total Distributions	(0.000)2	(0.000)2	(0.006)	(0.007)	(0.004)	(0.001)	(0.000)2
Net Asset Value, End of Period	$1.00	$1.000	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return4	0.01%	0.01%	0.60%	0.69%	0.43%	0.11%	0.06%
Ratios to Average Net Assets:
Net expenses5	0.17%6	0.31%	0.88%	0.91%6	0.90%	0.82%	0.33%7
Net investment income	0.01%6	0.01%	0.60%	0.83%6	0.35%	0.04%	0.01%
Expense waiver/reimbursement8	0.83%6	0.69%	0.11%	0.09%6	0.10%	0.19%	0.68%
Supplemental Data:
Net assets, end of period (000 omitted)	$73,970	$74,123	$44,704	$50,506	$49,804	$88,884	$118,980

1	The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten-month period from August 1, 2018 to May 31, 2019.
2	Represents less than $0.001.
3	Per share numbers have been calculated using the average shares method.
4	Based on net asset value. Total returns for periods of less than one year are not annualized.
5	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
6	Computed on an annualized basis.
7	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended July 31, 2016, was 0.33% after taking into account this expense reduction.
8	This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2021	Year Ended May 31,		Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2021	2021	2020	Period Ended 5/31/20191	2018	2017	2016
Net Asset Value, Beginning of Period	$1.00	$1.000	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.0002	0.0002	0.005	0.0063	0.003	0.0002	0.0002
Net realized gain (loss)	0.0002	0.0002	0.0002	0.0002	0.0002	0.001	0.0002
Total From Investment Operations	0.0002	0.0002	0.005	0.006	0.003	0.001	0.0002
Less Distributions:
Distributions from net investment income	(0.000)2	(0.000)2	(0.005)	(0.006)	(0.003)	(0.000)2	(0.000)2
Distributions from net realized gain	(0.000)2	(0.000)2	(0.000)2	(0.000)2	(0.000)2	(0.001)	(0.000)2
Total Distributions	(0.000)2	(0.000)2	(0.005)	(0.006)	(0.003)	(0.001)	(0.000)2
Net Asset Value, End of Period	$1.00	$1.000	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return4	0.01%	0.01%	0.49%	0.59%	0.31%	0.07%	0.06%
Ratios to Average Net Assets:
Net expenses5	0.17%6	0.32%	0.99%	1.02%6	1.02%	0.83%	0.30%7
Net investment income	0.01%6	0.01%	0.49%	0.71%6	0.30%	0.01%	0.01%
Expense waiver/ reimbursement8	1.08%6	0.93%	0.27%	0.24%6	0.24%	0.45%	0.96%
Supplemental Data:
Net assets, end of period (000 omitted)	$249,484	$288,115	$240,445	$281,674	$328,142	$118,975	$210,967

1	The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten-month period from August 1, 2018 to May 31, 2019.
2	Represents less than $0.001.
3	Per share numbers have been calculated using the average shares method.
4	Based on net asset value. Total returns for periods of less than one year are not annualized.
5	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
6	Computed on an annualized basis.
7	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended July 31, 2016, was 0.30% after taking into account this expense reduction.
8	This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2021	Year Ended May 31,		Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2021	2021	2020	Period Ended 5/31/20191	2018	2017	2016
Net Asset Value, Beginning of Period	$1.00	$1.000	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.0002	0.001	0.012	0.0123	0.010	0.006	0.001
Net realized gain (loss)	0.0002	0.0002	0.0002	0.0002	0.0002	0.001	0.0002
Total From Investment Operations	0.0002	0.001	0.012	0.012	0.010	0.007	0.001
Less Distributions:
Distributions from net investment income	(0.000)2	(0.001)	(0.012)	(0.012)	(0.010)	(0.006)	(0.001)
Distributions from net realized gain	(0.000)2	(0.000)2	(0.000)2	(0.000)2	(0.000)2	(0.001)	(0.000)2
Total Distributions	(0.000)2	(0.001)	(0.012)	(0.012)	(0.010)	(0.007)	(0.001)
Net Asset Value, End of Period	$1.00	$1.000	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return4	0.01%	0.06%	1.16%	1.19%	1.02%	0.62%	0.13%
Ratios to Average Net Assets:
Net expenses5	0.17%6	0.28%	0.31%	0.31%6	0.31%	0.31%	0.18%7
Net investment income	0.01%6	0.06%	1.16%	1.41%6	1.01%	0.57%	0.05%
Expense waiver/ reimbursement8	0.23%6	0.12%	0.09%	0.09%6	0.10%	0.11%	0.23%
Supplemental Data:
Net assets, end of period (000 omitted)	$245,885	$289,938	$359,491	$409,796	$635,782	$255,216	$153,275

1	The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten-month period from August 1, 2018 to May 31, 2019.
2	Represents less than $0.001.
3	Per share numbers have been calculated using the average shares method.
4	Based on net asset value. Total returns for periods of less than one year are not annualized.
5	Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
6	Computed on an annualized basis.
7	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended July 31, 2016, was 0.18% after taking into account this expense reduction.
8	This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

November 30, 2021 (unaudited)

1. ORGANIZATION

Federated Hermes Money Market Obligations Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included herein are only those of Federated Hermes Municipal Obligations Fund (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers seven classes of shares: Automated Shares, Investment Shares, Wealth Shares, Service Shares, Cash II Shares, Cash Series Shares and Capital Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income exempt from all federal regular income tax consistent with stability of principal. Interest income from the Fund’s investments may be subject to the federal AMT for individuals and state and local taxes.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Valuation

Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with GAAP. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.

Semi-Annual Shareholder Report

The Trustees have ultimate responsibility for determining the fair value of investments. The Trustees have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser’s affiliated companies to assist in determining fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee 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 Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waivers and reimbursements of $5,093,605 is disclosed in various locations in this Note 2 and Note 4. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Transfer Agent Fees

For the six months ended November 30, 2021, transfer agent fees for the Fund were as follows:

	Transfer Agent Fees Incurred	Transfer Agent Fees Reimbursed	Transfer Agent Fees Waived by Unaffiliated Third Parties
Automated Shares	$343,481	$—	$(335,418)
Investment Shares	2,086	—	(2,034)
Wealth Shares	14,181	—	—
Service Shares	2,926	—	—
Cash II Shares	36,350	—	(35,445)
Cash Series Shares	145,564	(42,695)	(99,505)
Capital Shares	3,113	(3)	—
TOTAL	$547,701	$(42,698)	$(472,402)

Semi-Annual Shareholder Report

Other Service Fees

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

For the six months ended November 30, 2021, other service fees for the Fund were as follows:

	Other Service Fees Incurred	Other Service Fees Reimbursed	Other Service Fees Waived by Unaffiliated Third Parties
Automated Shares	$839,542	$—	$(839,542)
Investment Shares	5,389	—	(5,389)
Service Shares	314,064	—	(313,908)
Cash II Shares	94,351	—	(94,351)
Cash Series Shares	355,802	—	(355,802)
Capital Shares	136,421	(1,221)	(135,028)
TOTAL	$1,745,569	$(1,221)	$(1,744,020)

For the six months ended November 30, 2021, the Fund’s Wealth Shares did not incur other service fees.

Federal Taxes

It is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended November 30, 2021, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of November 30, 2021, tax years 2018 through 2021 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.

Semi-Annual Shareholder Report

Restricted Securities

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

Other

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

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 11/30/2021		Year Ended 5/31/2021
Automated Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	161,572	$161,572	420,871	$420,871
Shares issued to shareholders in payment of distributions declared	34	34	83	83
Shares redeemed	(173,517)	(173,517)	(556,273)	(556,273)
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS	(11,911)	$(11,911)	(135,319)	$(135,319)
	Six Months Ended 11/30/2021		Year Ended 5/31/2021
Investment Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	3,100	$3,100	17,902	$17,902
Shares issued to shareholders in payment of distributions declared	—	—	1	1
Shares redeemed	(3,643)	(3,643)	(24,259)	(24,259)
NET CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS	(543)	$(543)	(6,356)	$(6,356)

Semi-Annual Shareholder Report

	Six Months Ended 11/30/2021		Year Ended 5/31/2021
Wealth Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	606,405	$606,405	3,727,752	$3,727,752
Shares issued to shareholders in payment of distributions declared	55	55	1,950	1,950
Shares redeemed	(835,392)	(835,392)	(3,867,332)	(3,867,332)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	(228,932)	$(228,932)	(137,630)	$(137,630)
	Six Months Ended 11/30/2021		Year Ended 5/31/2021
Service Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	294,896	$294,896	597,196	$597,196
Shares issued to shareholders in payment of distributions declared	11	11	89	89
Shares redeemed	(265,893)	(265,893)	(857,490)	(857,490)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	29,014	$29,014	(260,205)	$(260,205)
	Six Months Ended 11/30/2021		Year Ended 5/31/2021
Cash II Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	16,750	$16,750	84,333	$84,333
Shares issued to shareholders in payment of distributions declared	4	4	6	6
Shares redeemed	(16,908)	(16,908)	(54,921)	(54,921)
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	(154)	$(154)	29,418	$29,418
	Six Months Ended 11/30/2021		Year Ended 5/31/2021
Cash Series Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	200,732	$200,732	551,188	$551,188
Shares issued to shareholders in payment of distributions declared	13	13	29	29
Shares redeemed	(239,378)	(239,378)	(503,548)	(503,548)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(38,633)	$(38,633)	47,669	$47,669

Semi-Annual Shareholder Report

	Six Months Ended 11/30/2021		Year Ended 5/31/2021
Capital Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	82,734	$82,734	369,245	$369,245
Shares issued to shareholders in payment of distributions declared	14	14	227	227
Shares redeemed	(126,802)	(126,802)	(439,025)	(439,025)
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS	(44,054)	$(44,054)	(69,553)	$(69,553)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(295,213)	$(295,213)	(531,976)	$(531,976)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund’s average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund’s expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended November 30, 2021, the Adviser voluntarily waived $1,841,808 of its fee and voluntarily reimbursed $42,698 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	Average Daily Net Assets of the Investment Complex
0.100%	on assets up to $50 billion
0.075%	on assets over $50 billion

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended November 30, 2021, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

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

Semi-Annual Shareholder Report

Distribution Services Fee

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

	Percentage of Average Daily Net Assets of Class
Investment Shares	0.25%
Cash II Shares	0.35%
Cash Series Shares	0.60%

Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended November 30, 2021, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Investment Shares	$5,389	$(5,389)
Cash II Shares	132,142	(132,142)
Cash Series Shares	853,925	(853,925)
TOTAL	$991,456	$(991,456)

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

Other Service Fees

For the six months ended November 30, 2021, FSSC reimbursed $1,221 of the other service fees disclosed in Note 2.

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund’s Automated Shares, Investment Shares, Wealth Shares, Service Shares, Cash II Shares, Cash Series Shares and Capital Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.56%, 0.78%, 0.21%, 0.46%, 0.91%, 1.02% and 0.31% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) August 1, 2022; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Semi-Annual Shareholder Report

Interfund Transactions

During the six months ended November 30, 2021, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Directors/Trustees and/or common Officers. These purchase and sale transactions complied with Rule 17a-7 under the Act and amounted to $513,460,000 and $596,315,000, respectively. Net realized gain/loss recognized on these transactions was $0.

Directors’/Trustees’ and Miscellaneous Fees

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

5. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of November 30, 2021, there were no outstanding loans. During the six months ended November 30, 2021, the program was not utilized.

6. OTHER MATTERS

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

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2021 to November 30, 2021.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

Semi-Annual Shareholder Report

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

	Beginning Account Value 6/1/2021	Ending Account Value 11/30/2021	Expenses Paid During Period1
Actual:
Automated Shares	$1,000	$1,000.10	$20.85
Investment Shares	$1,000	$1,000.10	$30.85
Wealth Shares	$1,000	$1,000.10	$40.85
Service Shares	$1,000	$1,000.10	$50.85
Cash II Shares	$1,000	$1,000.10	$60.85
Cash Series Shares	$1,000	$1,000.10	$70.85
Capital Shares	$1,000	$1,000.10	$80.85
Hypothetical (assuming a 5% return before expenses):
Automated Shares	$1,000	$1,024.22	$20.86
Investment Shares	$1,000	$1,024.22	$30.86
Wealth Shares	$1,000	$1,024.22	$40.86
Service Shares	$1,000	$1,024.22	$50.86
Cash II Shares	$1,000	$1,024.22	$60.86
Cash Series Shares	$1,000	$1,024.22	$70.86
Capital Shares	$1,000	$1,024.22	$80.86

1	Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:

Automated Shares	0.17%
Investment Shares	0.17%
Wealth Shares	0.17%
Service Shares	0.17%
Cash II Shares	0.17%
Cash Series Shares	0.17%
Capital Shares	0.17%

Actual and Hypothetical expenses paid during the period utilizing the Fund’s Automated Shares

current Fee Limit of 0.56% (as reflected in the Notes to Financial Statements, Note 4 under

Expense Limitation), multiplied by the average account value over the period, multiplied by

183/365 (to reflect expenses paid as if they had been in effect throughout the most recent

one-half-year period) would be $2.81 and $2.84, respectively.

Actual and Hypothetical expenses paid during the period utilizing the Fund’s Investment Shares

current Fee Limit of 0.78% (as reflected in the Notes to Financial Statements, Note 4 under

Expense Limitation), multiplied by the average account value over the period, multiplied by

183/365 (to reflect expenses paid as if they had been in effect throughout the most recent

one-half-year period) would be $3.91 and $3.95, respectively.

Semi-Annual Shareholder Report

4	Actual and Hypothetical expenses paid during the period utilizing the Fund’s Wealth Shares current Fee Limit of 0.21% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 183/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.05 and $1.07, respectively.
5	Actual and Hypothetical expenses paid during the period utilizing the Fund’s Service Shares current Fee Limit of 0.46% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 183/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.31 and $2.33, respectively.
6	Actual and Hypothetical expenses paid during the period utilizing the Fund’s Cash II Shares current Fee Limit of 0.91% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 183/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $4.56 and $4.61, respectively.
7	Actual and Hypothetical expenses paid during the period utilizing the Fund’s Cash Series Shares current Fee Limit of 1.02% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 183/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.11 and $5.16, respectively.
8	Actual and Hypothetical expenses paid during the period utilizing the Fund’s Capital Shares current Fee Limit of 0.31% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 183/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.55 and $1.57, respectively.

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2021

Federated Hermes Municipal Obligations Fund (the “Fund”)

At its meetings in May 2021 (the “May Meetings”), the Fund’s Board of Trustees (the “Board”), including those Trustees who are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940 (the “Independent Trustees”), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the “Adviser”) (the “Contract”) for an additional one-year term. The Board’s determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board’s approval are summarized below.

Information Received and Review Process

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

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

Semi-Annual Shareholder Report

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 and in between regularly scheduled meetings on particular matters as the need arose.

The Board’s consideration of the Contract included review of materials and information covering the following matters, among others: the Adviser’s investment philosophy, revenue, profitability, personnel and processes; investment and operating strategies; the Fund’s short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund’s particular investment program and a group of its peer funds and/or its benchmark, as appropriate) and comments on the reasons for the Fund’s performance; the Fund’s investment objectives; the Fund’s expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the use and allocation of brokerage commissions derived from trading the Fund’s portfolio securities (if any); and the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates. The Board also considered the preferences and expectations of Fund shareholders; the entrepreneurial and other risks assumed by the Adviser in sponsoring and managing the Fund; the continuing state of competition in the mutual fund industry and market practices; the range of comparable fees for similar funds in the mutual fund industry; the Fund’s relationship to the other funds advised by Federated Hermes (each, a “Federated Hermes Fund” and, collectively, the “Federated Hermes Funds”), which include a comprehensive array of funds with different investment objectives, policies and strategies, and 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; compliance and audit reports concerning the Federated Hermes Funds and Federated Hermes’ affiliates that service them (including communications from regulatory agencies), as well as Federated Hermes’ responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Federated Hermes Funds and/or Federated Hermes may be responding to them. The Board noted that its evaluation process is evolutionary and that the criteria considered and the emphasis placed on relevant criteria may change in recognition of changing circumstances in the mutual fund marketplace.

The Board also considered judicial decisions concerning allegedly excessive investment advisory fees in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser’s fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by an adviser to a fund and its shareholders (including the performance of the

Semi-Annual Shareholder Report

fund, its benchmark, and comparable funds); (2) an adviser’s cost of providing the services (including the profitability to an adviser of providing advisory services to a fund); (3) the extent to which an adviser may realize “economies of scale” as a fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with a fund and its shareholders or the family of funds; (4) any “fall-out” benefits that accrue to an adviser because of its relationship with a fund (including research services received from brokers that execute fund trades and any fees paid to affiliates of an adviser for services rendered to a fund); (5) comparative fee and expense structures (including a comparison of fees paid to an adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services); and (6) the extent of care, conscientiousness and independence with which the fund’s board members perform their duties and their expertise (including whether they are fully informed about all facts the board deems relevant to its consideration of an adviser’s services and fees). The Board noted 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 review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the Federated Hermes Funds.

In addition to considering the above-referenced factors, the Board was mindful of 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 have invested in the Fund on the strength of Federated Hermes’ industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund’s shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.

In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection

Semi-Annual Shareholder Report

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 Federated Hermes Funds family, but its approvals were made on a fund-by-fund basis.

Nature, Extent and Quality of Services

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

In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes in 2018, which has deepened the organization’s investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance (“ESG”) factors and issuer engagement on ESG matters.

Semi-Annual Shareholder Report

The Board considered the quality of the Adviser’s communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account the Adviser’s communications with the Board in light of the market volatility amidst the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds’ officers.

The Board received and evaluated information regarding the Adviser’s regulatory and compliance environment. The Board considered the Adviser’s compliance program, compliance history, and reports from the CCO about the Adviser’s 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, in particular, the compliance-related resources devoted by the Adviser and its affiliates in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including the Adviser’s commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes’ day-to-day oversight of the Federated Hermes Funds’ compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes’ oversight in this regard, including in connection with the designation of the Federated Hermes Funds’ investment advisers as the administrators of the Federated Hermes Funds’ liquidity risk management program.

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

Based on these considerations, the Board concluded that the nature, extent and quality of the Adviser’s investment management and related services warrant the continuation of the Contract.

Fund Investment Performance

In evaluating the Fund’s investment performance, the Board considered performance results in light of the Fund’s investment objective, strategies and risks, as disclosed in the Fund’s prospectus. The Board also considered detailed investment reports on, and the Adviser’s analysis of, the Fund’s

Semi-Annual Shareholder Report

performance over different time periods that were provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund’s gross and net returns, the Fund’s investment performance compared to one or more relevant investment categories and the Fund’s benchmark index, portfolio attribution information and commentary on the effect of current and recent market conditions.

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

For the one-year period ended December 31, 2020, 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.

Following such evaluation and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Contract.

Fund Expenses

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

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

Semi-Annual Shareholder Report

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 mutual funds’ fees and expenses, therefore, appears to be a relevant indicator of what consumers have found to be reasonable in the marketplace in which the Fund competes.

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

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

Following such evaluation and full deliberations, the Board concluded that the fees and expenses of the Fund are reasonable and supported renewal of the Contract.

Semi-Annual Shareholder Report

Profitability and Other Benefits

The Board also received financial information about Federated Hermes, including information regarding the compensation and ancillary (or “fall-out”) benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. This information covered not only the fees under the Federated Hermes Funds’ investment advisory contracts, but also fees received by Federated Hermes’ affiliates for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds’ administrator and distributor). In this regard, the Board considered that certain of Federated Hermes’ affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds. In addition, the Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, the Adviser and its affiliates frequently waived fees and/or reimbursed expenses and have disclosed to Federated Hermes Fund shareholders and/or reported to the Board their intention to do so (or continue to do so) in the future. Moreover, the Board received and considered regular reports from Federated Hermes throughout the year as to the institution, adjustment or elimination of these voluntary waivers and/or reimbursements.

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

Semi-Annual Shareholder Report

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

Economies of Scale

The Board received and considered information about the notion of possible realization of “economies of scale” as a fund grows larger, the difficulties of calculating economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as personnel and processes for the portfolio management (including market data on which portfolio managers make investment decisions), trading operations, issuer engagement (including with respect to ESG matters), shareholder services, compliance, business continuity, internal audit and risk management functions, as well as systems technology (including technology relating to cybersecurity) and use of data. The Board noted that Federated Hermes’ investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments (as well as the benefits of any economies of scale, should they exist) are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that the Adviser and its affiliates have frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and that such waivers and 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 also considered reports on adviser-paid fees (commonly referred to as “revenue sharing”) that were provided to the Board throughout the year and in connection with the May Meetings. The Board considered the beliefs of Federated Hermes and the CCO that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to determine the appropriateness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any common industry practice or general pattern with respect to structuring fund advisory fees with “breakpoints” that serve to reduce the fees as a fund attains a certain size.

Semi-Annual Shareholder Report

Conclusions

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

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

Semi-Annual Shareholder Report

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

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

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.

Semi-Annual Shareholder Report

Portfolio of Investments

November 30, 2021 (unaudited)

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— 100.4%
		Alabama— 3.7%
$ 1,000,000		Autauga County, AL IDA (Marshall Prattville, LLC), (Series 2008) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.100%, 12/2/2021	$1,000,000
5,650,000		Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 0.060%, 12/1/2021	5,650,000
3,100,000		Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 0.050%, 12/1/2021	3,100,000
31,600,000		Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily VRDNs, 0.050%, 12/1/2021	31,600,000
3,100,000		Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 0.050%, 12/1/2021	3,100,000
3,275,000		Cooperative District of Fort Spanish, AL, Tender Option Bond Trust Receipts (Series 2021-XF2958) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 0.180%, 12/2/2021	3,275,000
10,480,000		Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2007) Weekly VRDNs, (Comerica Bank LOC), 0.100%, 12/2/2021	10,480,000
10,000,000		Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2011) Weekly VRDNs, (Comerica Bank LOC), 0.100%, 12/2/2021	10,000,000
5,175,000		Mobile, AL IDB (Alabama Power Co.), (Series 2001-A) Daily VRDNs, 0.070%, 12/1/2021	5,175,000
25,700,000		Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly VRDNs, 0.140%, 12/1/2021	25,700,000
		TOTAL	99,080,000
		Arizona— 0.2%
5,610,000		Maricopa County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.210%, 12/2/2021	5,610,000
		Arkansas— 0.4%
1,800,000		Blytheville, AR (Nucor Corp.), (Series 2002) Weekly VRDNs, 0.100%, 12/1/2021	1,800,000
3,830,000		Lowell, AR IDRB (Arkansas Democrat-Gazette, Inc.), (Series 2006) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.170%, 12/1/2021	3,830,000
5,800,000		Lowell, AR IDRB (Little Rock Newspapers, Inc.), (Series 1996) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.170%, 12/1/2021	5,800,000
		TOTAL	11,430,000
		California— 10.9%
2,485,000		Alameda County, CA IDA (Santini Foods, Inc.), (Series 2010A) Weekly VRDNs, (Comerica Bank LOC), 0.080%, 12/2/2021	2,485,000
4,910,000		California Enterprise Development Authority (J. Harris Industrial Water Treatment, Inc.), (Series 2015) Weekly VRDNs, (City National Bank LOC), 0.130%, 12/2/2021	4,910,000
3,800,000		California Enterprise Development Authority (Regional Properties, Inc.), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (FHLB of San Francisco LOC), 0.080%, 12/2/2021	3,800,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		California— continued
$ 20,000,000		California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.170%, 12/2/2021	$20,000,000
26,705,000		California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006E), CP, 0.110%, Mandatory Tender 2/9/2022	26,705,000
1,070,000		California HFA Multi-Family (Hope on Broadway LP), Tender Option Bond Trust Receipts (2021-XF2928) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 0.180%, 12/2/2021	1,070,000
39,405,000		California Infrastructure & Economic Development Bank (DesertXpress Enterprises, LLC), (Series 2020A: Brightline West Passenger Rail) TOBs, (United States Treasury GTD), 0.200%, Mandatory Tender 2/1/2022	39,405,000
2,000,000		California PCFA (C.A. and E.J. Vanderham Family Trust), (Series 2003) Weekly VRDNs, (CoBank, ACB LOC), 0.100%, 12/2/2021	2,000,000
3,000,000		California PCFA (P & D Dairy and Poso Creek Family Dairy, LLC), (Series 2003) Weekly VRDNs, (Bank of the West, San Francisco, CA LOC), 0.100%, 12/2/2021	3,000,000
30,000,000		California PCFA (Sierra Pacific Industries), (Series 2014) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.130%, 12/1/2021	30,000,000
2,940,000		California PCFA (T & W Farms), (Series 2002) Weekly VRDNs, (Bank of America N.A. LOC), 0.100%, 12/2/2021	2,940,000
3,190,000		California Statewide Communities Development Authority (Essex Monarch La Brea Apartments LP), Tender Option Bond Trust Floater Certificates (Series 2019-MIZ9012) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	3,190,000
12,000,000		California Statewide Communities Development Authority (Essex Monarch Santa Monica Apartments LP), Tender Option Bond Trust Floater Certificates (Series 2019-MIZ9011) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	12,000,000
9,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.120%, Mandatory Tender 3/3/2022	9,000,000
17,190,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 0.170%, Mandatory Tender 12/7/2021	17,190,000
10,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009 B-6), CP, 0.110%, Mandatory Tender 2/2/2022	10,000,000
15,530,000		California Statewide Communities Development Authority Multi-Family Housing (Uptown Newport Building Owner, LP), (2021 Series A: One Uptown Newport Apartments) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 0.110%, 12/2/2021	15,530,000
4,985,000		Lucia Mar, CA USD, Tender Option Bond Trust Receipts (Series 2018-XG0181) Weekly VRDNs, (Bank of America N.A. LIQ), 0.080%, 12/2/2021	4,985,000
6,670,000		Manteca, CA USD, Tender Option Bond Trust Certificates (2015-ZM0093) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.090%, 12/2/2021	6,670,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		California— continued
$ 34,000,000		Nuveen California Quality Municipal Income Fund, PUTTERs 3a-7 (Series 5038) (VRDP Series 5) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.200%, 12/1/2021	$34,000,000
2,900,000		Sacramento, CA Municipal Utility District, Tender Option Bond Trust Receipts (Series 2020-ZF0943) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.070%, 12/2/2021	2,900,000
31,130,000		San Francisco, CA City and County (Transbay Block 8 Tower Apartments Obligated Group), Mizuho 3a-7 (2021-MIZ9063) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	31,130,000
9,550,000		Santa Clara Valley, CA Transportation Authority (2000 Measure A Sales Tax), (2008 Series A) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.060%, 12/2/2021	9,550,000
		TOTAL	292,460,000
		Colorado— 0.7%
3,300,000		Colorado Agricultural Development Authority (Monte Vista Dairy, LLC), (Series 2006) Weekly VRDNs, (CoBank, ACB LOC), 0.100%, 12/2/2021	3,300,000
4,615,000		Colorado HFA (Acme Manufacturing Company, Inc.), (Series 2016A) Weekly VRDNs, (UMB Bank, N.A. LOC), 0.240%, 12/2/2021	4,615,000
1,370,000		Colorado HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.200%, 12/2/2021	1,370,000
1,370,000		Colorado HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs, (UMB Bank, N.A. LOC), 0.290%, 12/2/2021	1,370,000
3,000,000		Denver, CO City & County Airport Authority, RBC Muni Products (Series G-114) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.300%, Optional Tender 12/1/2021	3,000,000
2,185,000		Denver, CO City & County Airport Authority, Tender Option Bond Trust Receipts (Series 2018-ZF0689) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.120%, 12/2/2021	2,185,000
1,835,000		Denver, CO City & County Airport Authority, Tender Option Bond Trust Receipts (Series 2018-ZF0691) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.120%, 12/2/2021	1,835,000
		TOTAL	17,675,000
		Connecticut— 0.7%
8,000,000		Connecticut State Special Transportation Fund, RBC Muni Products (Series G-110) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, Optional Tender 4/1/2022	8,000,000
10,280,000		Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.170%, 12/2/2021	10,280,000
		TOTAL	18,280,000
		Florida— 1.3%
6,000,000		Broward County, FL Port Facilities, RBC Municipal Products Trust (Series G-115) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.300%, Optional Tender 3/1/2022	6,000,000
4,000,000		Escambia County, FL Solid Waste Disposal (Gulf Power Co.), (First Series 2009) Daily VRDNs, 0.050%, 12/1/2021	4,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Florida— continued
$ 1,440,000		Florida Development Finance Corp. (Navigator Academy of Leadership, Inc.), Tender Option Bond Trust Receipts (2021-XF2945) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.180%, 12/2/2021	$1,440,000
9,000,000		Greater Orlando, FL Aviation Authority, (RBC Muni Products Series G-25) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.300%, Optional Tender 4/1/2022	9,000,000
5,000,000		Hillsborough County, FL Solid Waste & Resource Recovery, RBC Muni Products (Series G-41) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 3/1/2022	5,000,000
8,115,000		Lee County, FL IDA (Florida Power & Light Co.), (Series 2016A) Daily VRDNs, 0.060%, 12/1/2021	8,115,000
2,500,000		Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 (2021-MIZ9072) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	2,500,000
		TOTAL	36,055,000
		Georgia— 4.4%
1,000,000		Atlanta, GA Airport General Revenue, Tender Option Bond Receipts (Series 2019-XF0815) Weekly VRDNs, (Bank of America N.A. LIQ), 0.130%, 12/2/2021	1,000,000
4,400,000		Burke County, GA Development Authority (Georgia Power Co.), (1st Series 2009) Daily VRDNs, 0.080%, 12/1/2021	4,400,000
5,155,000		Burke County, GA Development Authority (Georgia Power Co.), (2018 1st Series) Daily VRDNs, 0.070%, 12/1/2021	5,155,000
10,000,000		Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs, (FHLMC LOC), 0.150%, 12/2/2021	10,000,000
420,000		Fitzgerald & Ben Hill County, GA Development Authority (Agri-Products, Inc.), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.100%, 12/2/2021	420,000
2,500,000		Floyd County, GA Development Authority PCRB (Georgia Power Co.), (First Series 1996) Daily VRDNs, 0.090%, 12/1/2021	2,500,000
9,900,000		Heard County, GA Development Authority (Georgia Power Co.), (First Series 2007) Daily VRDNs, 0.070%, 12/1/2021	9,900,000
3,800,000		Monroe County, GA Development Authority (Gulf Power Co.), (Series 2019) Daily VRDNs, 0.060%, 12/1/2021	3,800,000
7,100,000		Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), (First Series 2008) Daily VRDNs, 0.090%, 12/1/2021	7,100,000
2,075,000		Savannah, GA EDA (Consolidated Utilities, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 0.180%, 12/2/2021	2,075,000
68,000,000		Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 0.190%, 12/1/2021	68,000,000
2,315,000		Wayne County, GA, IDA (Sierra International Machinery LLC), (Series 2011) Weekly VRDNs, (Truist Bank LOC), 0.180%, 12/2/2021	2,315,000
		TOTAL	116,665,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Hawaii— 0.2%
$ 6,540,000		Hawaii State Department of Budget & Finance (Queen’s Health Systems), (2015 Series C) VRENs, 0.500%, 12/2/2021	$6,540,000
		Illinois— 1.5%
13,400,000		Chicago, IL Midway Airport, (Series 2014C) Weekly VRDNs, (Barclays Bank PLC LOC), 0.100%, 12/2/2021	13,400,000
4,680,000		Chicago, IL O’Hare International Airport, Tender Option Bond Trust Receipts (Series 2018-XM0686) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.130%, 12/2/2021	4,680,000
4,600,000		Illinois Finance Authority - Solid Waste (Kuusakoski US LLC), (Series 2013) Weekly VRDNs, (Nordea Bank Abp LOC), 0.100%, 12/2/2021	4,600,000
18,185,000		Metropolitan Pier & Exposition Authority, IL, Tender Option Bond Trust Receipts (2021-MS0001) TOBs, (Morgan Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 0.170%, Optional Tender 2/3/2022	18,185,000
		TOTAL	40,865,000
		Indiana— 1.8%
6,050,000		Bloomington, IN EDRB (SY Henderson Court Investors, LP), (Series 2008: Henderson Court Apartments) Weekly VRDNs, (FHLMC LOC), 0.150%, 12/2/2021	6,050,000
8,000,000		Indiana Development Finance Authority (Duke Energy Indiana, Inc.), (Series 2003A) Weekly VRDNs, 0.100%, 12/1/2021	8,000,000
400,000		Indiana Development Finance Authority (South Central Community Mental Health Centers, Inc.), D/B/A Center for Behavioral Health (Series 2002) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.200%, 12/2/2021	400,000
21,370,000		Indiana State Finance Authority (Indiana State), Stage Trust (Series 2020-004) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 12/2/2021	21,370,000
12,900,000		Indianapolis, IN Multifamily Housing (Pedcor Investments-2006- LXXXVIII LP), (Series 2007A: Forest Ridge Apartments) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 0.150%, 12/2/2021	12,900,000
		TOTAL	48,720,000
		Iowa— 0.9%
19,000,000		Iowa Finance Authority (Cargill, Inc.), (Series 2021) Weekly VRDNs, 0.110%, 12/2/2021	19,000,000
5,300,000		Iowa Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly VRDNs, (AgriBank FCB LOC), 0.100%, 12/2/2021	5,300,000
		TOTAL	24,300,000
		Kansas— 1.0%
5,000,000		Burlington, KS (Kansas City Power And Light Co.), (Series 2007A) Weekly VRDNs, 0.140%, 12/1/2021	5,000,000
21,000,000		Burlington, KS (Kansas City Power And Light Co.), (Series 2007B) Weekly VRDNs, 0.140%, 12/1/2021	21,000,000
		TOTAL	26,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Kentucky— 3.7%
$ 6,500,000		Kentucky State Property & Buildings Commission, RBC Muni Products (Series G-116) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 5/2/2022	$6,500,000
1,800,000		Louisville & Jefferson County, KY Regional Airport Authority (UPS Worldwide Forwarding, Inc.), (1999 Series A) Daily VRDNs, (United Parcel Service, Inc. GTD), 0.060%, 12/1/2021	1,800,000
21,200,000		Louisville & Jefferson County, KY Regional Airport Authority (UPS Worldwide Forwarding, Inc.), (1999 Series B) Daily VRDNs, (United Parcel Service, Inc. GTD), 0.070%, 12/1/2021	21,200,000
34,400,000		Louisville & Jefferson County, KY Regional Airport Authority (UPS Worldwide Forwarding, Inc.), Revenue Bonds (Series C) Daily VRDNs, (United Parcel Service, Inc. GTD), 0.070%, 12/1/2021	34,400,000
16,700,000		Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021A-1) Daily VRDNs, 0.070%, 12/1/2021	16,700,000
17,795,000		Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021B-1) Daily VRDNs, 0.050%, 12/1/2021	17,795,000
		TOTAL	98,395,000
		Louisiana— 0.1%
3,790,000		Louisiana State Housing Corporation (Peace Lake Louisiana Tower Community L.P.), Tender Option Bond Trust Floater Certificates (Series 2020-MIZ9053) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	3,790,000
		Maine— 0.8%
22,260,000		Old Town, ME (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 0.120%, 12/1/2021	22,260,000
		Maryland— 0.2%
5,000,000		Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 1/3/2022	5,000,000
		Massachusetts— 3.9%
10,000,000		Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), 0.140%, Mandatory Tender 12/8/2021	10,000,000
28,000,000		Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), 0.200%, Mandatory Tender 1/13/2022	28,000,000
30,348,000		Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 0.130%, Mandatory Tender 12/14/2021	30,348,000
4,100,000		Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 0.130%, Mandatory Tender 12/8/2021	4,100,000
31,265,000		Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 0.180%, Mandatory Tender 1/13/2022	31,265,000
		TOTAL	103,713,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Michigan— 0.6%
$ 1,800,000		Michigan State Strategic Fund (Universal Forest Products Eastern Division, Inc.), Series 2002 Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.150%, 12/2/2021	$1,800,000
5,250,000		Michigan Strategic Fund (Greenville Venture Partners LLC), (Series 2018) Weekly VRDNs, (CoBank, ACB LOC), 0.100%, 12/2/2021	5,250,000
8,000,000		Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2011A-B), 5.000%, 12/1/2021	8,000,000
		TOTAL	15,050,000
		Minnesota— 0.0%
1,330,000		St. Paul, MN Port Authority (National Checking Co.), IDRB’s (Series 1998A) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.240%, 12/2/2021	1,330,000
		Missouri— 0.6%
15,000,000		Kansas City, MO IDA (Kansas City, MO Airport Revenue), Tender Option Bond Trust Receipts (Series 2020-XL-150) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 12/2/2021	15,000,000
		Montana— 0.0%
1,105,000		Montana State Board of Housing (HRDC IX Affordable Housing Solutions LP), Mizuho 3a-7 (2021-MIZ9062) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	1,105,000
		Multi-State— 25.9%
52,000,000		BlackRock MuniYield Quality Fund III, Inc., (3,564 Series W-7 VRDP Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ), 0.140%, 12/2/2021	52,000,000
178,500,000		Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.220%, 12/1/2021	178,500,000
89,200,000		Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.220%, 12/1/2021	89,200,000
7,000,000		Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly VRDPs, (Societe Generale, Paris LIQ), 0.110%, 12/2/2021	7,000,000
75,000,000		Nuveen Municipal Credit Income Fund, PUTTERs 3a-7 (Series 5039) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.220%, 12/1/2021	75,000,000
37,700,000		Nuveen Municipal Credit Opportunities Fund, (Series A) Weekly VRDPs, (Sumitomo Mitsui Banking Corp. LIQ), 0.160%, 12/2/2021	37,700,000
102,275,000		Nuveen Municipal Credit Opportunities Fund, PUTTERs 3a-7 (Series 5033) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.220%, 12/1/2021	102,275,000
40,800,000		Nuveen Quality Municipal Income Fund, (Series 1) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.140%, 12/2/2021	40,800,000
62,000,000		Nuveen Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.140%, 12/2/2021	62,000,000
47,400,000		Nuveen Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.140%, 12/2/2021	47,400,000
		TOTAL	691,875,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Nebraska— 0.4%
$ 7,500,000		Stanton County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs, 0.100%, 12/1/2021	$7,500,000
1,875,000		Stanton County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs, 0.100%, 12/1/2021	1,875,000
		TOTAL	9,375,000
		Nevada— 0.2%
1,395,000		Director of the State of Nevada Department of Business and Industry (575 Mill Street LLC), IDRBs (Series 1998A) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 0.220%, 12/2/2021	1,395,000
4,500,000		Director of the State of Nevada Department of Business and Industry (DesertXpress Enterprises, LLC), (Series 2020A: Brightline West Passenger Rail) TOBs, (United States Treasury GTD), 0.250%, Mandatory Tender 2/1/2022	4,500,000
		TOTAL	5,895,000
		New Jersey— 15.5%
12,994,000		Alexandria Township, NJ Board of Education BANs, 1.000%, 7/27/2022	13,056,531
1,900,000		Atlantic Highlands, NJ BANs, 1.000%, 3/1/2022	1,903,171
4,492,300		Berlin Boro, NJ BANs, 1.000%, 9/28/2022	4,520,384
2,418,430		Boonton Township, NJ BANs, 1.000%, 9/2/2022	2,432,241
6,248,518		Boonton, NJ BANs, 1.500%, 6/24/2022	6,292,246
5,492,565		Bound Brook Borough, NJ BANs, 1.000%, 8/18/2022	5,522,617
1,030,300		Byram Township, NJ BANs, 1.500%, 9/16/2022	1,040,383
12,410,000		Caldwell Borough, NJ BANs, 0.750%, 2/1/2022	12,422,739
5,807,835		Clementon, NJ BANs, 1.000%, 10/3/2022	5,844,746
2,183,035		Clinton, NJ BANs, 1.000%, 8/5/2022	2,194,085
4,360,523		Cranbury Township, NJ BANs, 1.000%, 9/3/2022	4,386,745
5,000,000		Cresskill Borough, NJ BANs, 1.000%, 10/14/2022	5,031,177
5,546,324		Demarest, NJ BANs, 1.000%, 6/24/2022	5,570,248
2,696,515		Dennis Township, NJ BANs, 1.000%, 6/17/2022	2,707,164
7,904,276		Eatontown, NJ BANs, 1.000%, 11/3/2022	7,947,845
2,801,580		Ewing Township, NJ BANs, 1.000%, 3/30/2022	2,807,946
8,040,000		Fairview, NJ BANs, 1.000%, 8/26/2022	8,087,120
20,940,000		Garden State Preservation Trust, NJ (New Jersey State), Tender Option Bond Trust Receipts (2016-ZF0416) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.130%, 12/2/2021	20,940,000
1,094,250		Gibbsboro, NJ BANs, 1.000%, 6/30/2022	1,098,982
6,971,225		Glassboro Borough, NJ, (Series A) BANs, 1.000%, 8/23/2022	7,011,624
3,897,000		Greenwich Township, NJ, (Series A) BANs, 1.000%, 4/27/2022	3,907,938
12,600,000		Guttenberg, NJ BANs, 1.000%, 10/20/2022	12,675,486
6,000,000		Hillsborough Township, NJ BANs, 1.500%, 2/17/2022	6,015,224
3,800,540		Hopatcong, NJ BANs, 1.000%, 7/22/2022	3,818,687

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		New Jersey— continued
$ 6,114,000		Keyport Borough, NJ BANs, 1.000%, 3/8/2022	$6,125,186
6,063,000		Lawrence Township, NJ BANs, 1.000%, 9/23/2022	6,101,745
1,273,900		Lebanon, NJ BANs, 1.000%, 9/13/2022	1,281,667
5,188,000		Logan Township, NJ BANs, 1.000%, 10/19/2022	5,219,900
12,000,000		Maple Shade Township, NJ BANs, 1.000%, 3/31/2022	12,034,030
9,700,000		Margate, NJ BANs, 1.000%, 12/16/2021	9,702,378
2,563,303		Merchantville, NJ, (Series A) BANs, 1.000%, 8/2/2022	2,575,606
4,580,000		Middle Township, NJ BANs, 1.000%, 9/8/2022	4,607,785
7,832,673		Middlesex, NJ, (Series A) BANs, 1.000%, 6/23/2022	7,865,418
3,150,000		Moonachie, NJ BANs, 1.000%, 10/14/2022	3,169,068
7,040,000		New Jersey Economic Development Authority (Yeshiva of North Jersey), (Series 2018) Weekly VRDNs, (Valley National Bank LOC), 0.350%, 12/2/2021	7,040,000
2,740,000		New Jersey EDA (Baptist Home Society of New Jersey) Weekly VRDNs, (Valley National Bank LOC), 0.350%, 12/2/2021	2,740,000
3,190,000		New Jersey EDA (Geriatric Services Housing Corp., Inc. - (CNJJHA Assisted Living)), (Series 2001) Weekly VRDNs, (Valley National Bank LOC), 0.200%, 12/1/2021	3,190,000
11,255,000		New Jersey EDA (Jewish Community Center on the Palisades), (Series 2016) Weekly VRDNs, (Valley National Bank LOC), 0.350%, 12/3/2021	11,255,000
1,325,000		New Jersey EDA (Temple Emanuel of the Pascack Valley), (Series 2001/2019) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.300%, 12/3/2021	1,325,000
4,380,000		New Jersey Health Care Facilities Financing Authority (Christian Health Care Center), (Series A-2) Weekly VRDNs, (Valley National Bank LOC), 0.250%, 12/2/2021	4,380,000
14,885,000		New Jersey State Economic Development Authority (Jewish Community Housing Corporation of Metropolitan New Jersey), (Series 2010) Weekly VRDNs, (Valley National Bank LOC), 0.170%, 12/2/2021	14,885,000
2,484,000		Newton, NJ BANs, 1.000%, 7/20/2022	2,495,760
5,754,000		North Arlington, NJ BANs, 1.250%, 11/10/2022	5,799,878
1,900,000		Oceanport, NJ BANs, 1.000%, 2/24/2022	1,903,285
4,627,696		Pemberton Township, NJ BANs, 1.000%, 6/2/2022	4,644,354
4,129,000		Phillipsburg, NJ BANs, 1.000%, 5/26/2022	4,142,875
2,700,000		Pine Beach, NJ BANs, 1.000%, 10/28/2022	2,714,617
3,241,000		Pitman, NJ BANs, 2.000%, 12/15/2021	3,242,981
2,500,000		Ridgefield Park, NJ BANs, 1.250%, 4/8/2022	2,508,211
3,500,000		Somers Point, NJ BANs, 1.000%, 12/21/2021	3,501,069
6,660,000		Somerville Borough, NJ BANs, 0.750%, 2/3/2022	6,665,820
1,466,250		South Hackensack, NJ BANs, 1.000%, 2/17/2022	1,468,625
6,464,075		South Plainfield, NJ BANs, 1.000%, 8/19/2022	6,500,961

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		New Jersey— continued
$ 3,685,000		South River, NJ, (Series B) BANs, 1.500%, 12/17/2021	$3,686,769
2,791,925		South Toms River, NJ BANs, 1.000%, 5/20/2022	2,800,858
2,160,395		Southampton Township, NJ BANs, 1.000%, 7/6/2022	2,169,617
3,200,000		Southampton Township, NJ BANs, 1.000%, 7/6/2022	3,213,314
4,174,727		Stanhope, NJ BANs, 1.000%, 5/19/2022	4,188,200
29,512,000		Stone Harbor, NJ BANs, 1.500%, 10/28/2022	29,832,085
2,370,250		Tabernacle Township, NJ, (Series A) BANs, 1.000%, 12/16/2021	2,370,686
3,489,183		Union Beach, NJ BANs, 1.000%, 2/18/2022	3,494,984
2,931,710		Union Beach, NJ BANs, 1.250%, 10/27/2022	2,954,203
4,864,000		Washington Township (Morris County), NJ BANs, 1.000%, 8/24/2022	4,891,227
3,727,978		Washington Township, NJ (Warren County) BANs, 1.000%, 8/26/2022	3,749,821
23,857,041		West Caldwell Township, NJ BANs, 1.000%, 12/10/2021	23,860,788
4,915,750		West Deptford Township, NJ BANs, 1.000%, 9/1/2022	4,945,204
3,691,000		West Long Branch, NJ BANs, 1.000%, 6/24/2022	3,706,092
7,747,500		Winslow Township, NJ BANs, 1.000%, 9/20/2022	7,795,270
6,628,000		Woodbury, NJ BANs, 1.500%, 12/2/2021	6,628,181
7,525,000		Woodland Park, NJ BANs, 1.500%, 5/27/2022	7,568,653
		TOTAL	414,177,500
		New York— 4.9%
12,484,729		Bainbridge-Guilford, NY Central School District BANs, 1.500%, 6/24/2022	12,572,098
2,150,000		Friendship, NY Central School District BANs, 1.000%, 6/29/2022	2,159,500
4,150,000		Garrison, NY UFSD BANs, 1.000%, 6/30/2022	4,167,920
5,900,000		Greenwich, NY Central School District BANs, 1.000%, 6/29/2022	5,926,070
5,590,000		Hempstead (town), NY IDA MFH (Hempstead Village Housing Associates LP), (Series 2006) Weekly VRDNs, (FNMA LOC), 0.120%, 12/2/2021	5,590,000
19,306,330		Little Falls, NY City School District BANs, 1.500%, 2/4/2022	19,349,169
3,790,000		New Rochelle, NY IDA (180 Union Avenue Owner LP), (Series 2006: West End Phase I Facility) Weekly VRDNs, (Citibank N.A., New York LOC), 0.140%, 12/2/2021	3,790,000
33,370,000		New York City, NY Transitional Finance Authority, Stage Trust 3a-7 (Series 2020-002) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 12/2/2021	33,370,000
15,000,000		New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 12/2/2021	15,000,000
6,000,000		New York State Energy Research & Development Authority (National Grid Generation LLC), (1997 Series A) Weekly VRDNs, (NatWest Markets PLC LOC), 0.110%, 12/1/2021	6,000,000
2,200,000		New York State HFA (100 Maiden Lane), (2004 Series A) Weekly VRDNs, (Federal National Mortgage Association LOC), 0.040%, 12/1/2021	2,200,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		New York— continued
$ 10,000,000		New York Transportation Development Corporation (LaGuardia Gateway Partners, LLC), Tender Option Bond Trust Receipts (Series 2016-XM0403) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 0.430%, 12/2/2021	$10,000,000
6,000,000		Watertown, NY Enlarged City School District BANs, 1.000%, 6/28/2022	6,025,698
6,000,000		Wayne, NY Central School District BANs, 1.000%, 6/29/2022	6,026,167
		TOTAL	132,176,622
		North Carolina— 1.7%
25,100,000		Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 0.100%, 12/1/2021	25,100,000
1,200,000		Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000B) Weekly VRDNs, 0.100%, 12/1/2021	1,200,000
17,475,000		Person County, NC Industrial Facilities & PCFA (Certainteed Gypsum, Inc.), (Series 2010) Weekly VRDNs, (Credit Industriel et Commercial LOC), 0.090%, 12/2/2021	17,475,000
3,000,000		Yancey County, NC Industrial Facilities & PCFA (Altec Industries, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 0.180%, 12/2/2021	3,000,000
		TOTAL	46,775,000
		Ohio— 1.7%
30,470,000		Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.170%, 12/2/2021	30,470,000
8,100,000		Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Barclays Golden Blue (Series 2020-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.170%, 12/2/2021	8,100,000
7,000,000		Toledo-Lucas County, OH Port Authority (Van Deurzen Dairy LLC), (Series 2006) Weekly VRDNs, (AgriBank FCB LOC), 0.100%, 12/2/2021	7,000,000
		TOTAL	45,570,000
		Pennsylvania— 2.2%
26,500,000		Blackrock MuniYield Pennsylvania Quality Fund, (663 Series W-7 VRDP Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ), 0.130%, 12/2/2021	26,500,000
795,000		East Hempfield Township, PA IDA (BGT Realty), (Series of 2005) Weekly VRDNs, (Fulton Bank, N.A. LOC), 0.460%, 12/2/2021	795,000
16,000,000		Montgomery County, PA IDA (Lonza, Inc.), (Series 2000) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 0.110%, 12/2/2021	16,000,000
9,325,000		Pennsylvania State Turnpike Commission, RBC Muni Products (Series G-43) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 12/1/2021	9,325,000
4,070,000		Philadelphia, PA Airport System, Tender Option Bond Trust Receipts (Series 2017-XG0159) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.130%, 12/2/2021	4,070,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Pennsylvania— continued
$ 2,000,000		Philadelphia, PA Authority for Industrial Development (Susquehanna Net Zero Housing, L.P.), Tender Option Bond Trust Floater Certificates (2020-MIZ9051) VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 0.300%, 12/2/2021	$2,000,000
		TOTAL	58,690,000
		South Carolina— 1.5%
21,500,000		Berkeley County, SC IDB (Nucor Corp.) Weekly VRDNs, 0.100%, 12/1/2021	21,500,000
10,100,000		Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, 0.100%, 12/1/2021	10,100,000
2,815,000		South Carolina State Public Service Authority (Santee Cooper) (Santee Cooper), CDI Net Liquidity (Series 2020-XL0154) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.130%, 12/2/2021	2,815,000
4,900,000		South Carolina State Public Service Authority (Santee Cooper) (Santee Cooper), CDI Net Liquidity (Series 2020-YX1157) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.130%, 12/2/2021	4,900,000
		TOTAL	39,315,000
		South Dakota— 0.1%
3,000,000		South Dakota Value Added Finance Authority (Prairie Gold Dairy LLC), (Series 2004) Weekly VRDNs, (CoBank, ACB LOC), 0.100%, 12/2/2021	3,000,000
		Tennessee— 1.0%
25,620,000		Memphis-Shelby County, TN Industrial Development Board - PCRB (Nucor Steel Memphis, Inc.), (Series 2007) Weekly VRDNs, (GTD by Nucor Corp.), 0.100%, 12/1/2021	25,620,000
		Texas— 6.3%
5,000,000		Alamo, TX CCD, RBC Muni Products (Series G-111) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 5/2/2022	5,000,000
4,000,000		Jewett, TX Economic Development Corporation (Nucor Corp.), (Series 2003) Weekly VRDNs, 0.100%, 12/1/2021	4,000,000
9,000,000		North Texas Tollway Authority, RBC Municipal Products Trust (Series 2019 G-112) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 1/3/2022	9,000,000
25,000,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Weekly VRDNs, 0.130%, 12/1/2021	25,000,000
12,500,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2003) Weekly VRDNs, 0.160%, 12/1/2021	12,500,000
21,000,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2005) Weekly VRDNs, 0.160%, 12/1/2021	21,000,000
42,000,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2006) Weekly VRDNs, 0.160%, 12/1/2021	42,000,000
35,000,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Weekly VRDNs, 0.160%, 12/1/2021	35,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Texas— continued
$ 15,000,000		Texas State Department of Housing & Community Affairs (Onion Creek Housing Partners Ltd.), (Series 2007) Weekly VRDNs, (FNMA LOC), 0.150%, 12/2/2021	$15,000,000
		TOTAL	168,500,000
		Utah— 0.6%
15,240,000		Emery County, UT (Pacificorp), PCRB (Series 1994) Weekly VRDNs, 0.090%, 12/1/2021	15,240,000
500,000		Salt Lake County, UT Training Facilities (Community Foundation For The Disabled, Inc.), (Series 2000) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.200%, 12/2/2021	500,000
		TOTAL	15,740,000
		Virginia— 0.2%
2,055,000		Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipts (Series 2020-ZF0916) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.120%, 12/2/2021	2,055,000
3,145,000		Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipts (Series 2020-ZF0928) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.120%, 12/2/2021	3,145,000
		TOTAL	5,200,000
		Washington— 0.1%
1,470,000		Washington State EDFA (Mesa Dairy, LLC), (Series 2007E) Weekly VRDNs, (Bank of the West, San Francisco, CA LOC), 0.100%, 12/2/2021	1,470,000
		Wisconsin— 0.5%
6,000,000		Public Finance Authority, WI (Bradford Preparatory School), Tender Option Bond Trust Receipts (2020-XF2887) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.250%, 12/2/2021	6,000,000
1,200,000		Public Finance Authority, WI (Carolina Charter Academy, Inc.), Tender Option Bond Trust Receipts (Series 2021-XF2931) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.180%, 12/2/2021	1,200,000
1,650,000		Public Finance Authority, WI (DCA Lexington Properties, LLC), Tender Option Bond Trust Receipts (Series 2021-XF2933) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.180%, 12/2/2021	1,650,000
1,000,000		Wausau, WI IDA (Apogee Enterprises, Inc.), (Series 2002) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.160%, 12/2/2021	1,000,000
790,000		West Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.360%, 12/2/2021	790,000
2,675,000		Wisconsin State Public Finance Authority (Birchwood Properties LP), (Series 2016) Weekly VRDNs, (FHLB of Des Moines LOC), 0.270%, 12/2/2021	2,675,000
		TOTAL	13,315,000

Semi-Annual Shareholder Report

Principal Amount		Value
	MUNICIPAL BONDS— 0.1%
	New Jersey— 0.1%
$ 1,800,000	Hillsdale Borough, NJ BANs, 1.000%, 12/2/2022	$1,810,530
	TOTAL INVESTMENT IN SECURITIES—100.5% (AT AMORTIZED COST)2	2,687,827,652
	OTHER ASSETS AND LIABILITIES - NET—(0.5)%3	(14,253,541)
	TOTAL NET ASSETS—100%	$2,673,574,111

Securities that are subject to the federal alternative minimum tax (AMT) represent 59.2% of the portfolio as calculated based upon total market value (percentage is unaudited).

1	Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
2	Also represents cost of investments for federal tax purposes.
3	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at November 30, 2021.

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

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

Semi-Annual Shareholder Report

In valuing the Fund’s assets as of November 30, 2021, 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:
BANs	—Bond Anticipation Notes
CCD	—Community College District
CP	—Commercial Paper
EDA	—Economic Development Authority
EDFA	—Economic Development Finance Authority
EDRB	—Economic Development Revenue Bond
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corporation
FNMA	—Federal National Mortgage Association
GTD	—Guaranteed
HFA	—Housing Finance Authority
IDA	—Industrial Development Authority
IDB	—Industrial Development Bond
IDRB	—Industrial Development Revenue Bond
IDRBs	—Industrial Development Revenue Bonds
IFA	—Industrial Finance Authority
INS	—Insured
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MFH	—Multi-Family Housing
PCFA	—Pollution Control Finance Authority
PCRB	—Pollution Control Revenue Bond
PCRBs	—Pollution Control Revenue Bonds
PUTTERs	—Puttable Tax-Exempt Receipts
TOBs	—Tender Option Bonds
UFSD	—Union Free School District
USD	—United States Dollar
VMTP	—Variable Municipal Term Preferred
VRDNs	—Variable Rate Demand Notes
VRDP	—Variable Rate Demand Preferred
VRDPs	—Variable Rate Demand Preferreds
VRENs	—Variable Rate Extendible Notes

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2021	Year Ended May 31,		Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2021	2021	2020	Period Ended 5/31/20191	2018	2017	2016
Net Asset Value, Beginning of Period	$1.00	$1.000	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.0002	0.001	0.012	0.0133	0.011	0.001	0.001
Net realized gain (loss)	0.0002	0.0002	0.001	0.0002	0.0002	0.001	0.0002
Total From Investment Operations	0.0002	0.001	0.013	0.013	0.011	0.002	0.001
Less Distributions:
Distributions from net investment income	(0.000)2	(0.001)	(0.013)	(0.013)	(0.011)	(0.001)	(0.001)
Distributions from net realized gain	(0.000)2	(0.000)2	(0.000)2	(0.000)2	(0.000)2	(0.001)	(0.000)2
Total Distributions	(0.000)2	(0.001)	(0.013)	(0.013)	(0.011)	(0.002)	(0.001)
Net Asset Value, End of Period	$1.00	$1.000	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return4	0.01%	0.13%	1.27%	1.27%	1.12%	0.72%	0.17%
Ratios to Average Net Assets:
Net expenses5	0.17%6	0.21%	0.21%	0.21%6	0.21%	0.21%	0.17%7
Net investment income	0.01%6	0.12%	1.24%	1.52%6	1.10%	0.64%	0.11%
Expense waiver/ reimbursement8	0.13%6	0.09%	0.09%	0.09%6	0.10%	0.11%	0.14%
Supplemental Data:
Net assets, end of period (000 omitted)	$1,143,880	$1,372,803	$1,510,434	$1,713,390	$1,163,568	$667,169	$1,003,993

1	The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten-month period from August 1, 2018 to May 31, 2019.
2	Represents less than $0.001.
3	Per share numbers have been calculated using the average shares method.
4	Based on net asset value. Total returns for periods of less than one year are not annualized.

Semi-Annual Shareholder Report

Notes to Financial Statements

November 30, 2021 (unaudited)

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Transfer Agent Fees

For the six months ended November 30, 2021, transfer agent fees for the Fund were as follows:

	Transfer Agent Fees Incurred	Transfer Agent Fees Reimbursed	Transfer Agent Fees Waived by Unaffiliated Third Parties
Automated Shares	$343,481	$—	$(335,418)
Investment Shares	2,086	—	(2,034)
Wealth Shares	14,181	—	—
Service Shares	2,926	—	—
Cash II Shares	36,350	—	(35,445)
Cash Series Shares	145,564	(42,695)	(99,505)
Capital Shares	3,113	(3)	—
TOTAL	$547,701	$(42,698)	$(472,402)

Semi-Annual Shareholder Report

Other Service Fees

For the six months ended November 30, 2021, other service fees for the Fund were as follows:

	Other Service Fees Incurred	Other Service Fees Reimbursed	Other Service Fees Waived by Unaffiliated Third Parties
Automated Shares	$839,542	$—	$(839,542)
Investment Shares	5,389	—	(5,389)
Service Shares	314,064	—	(313,908)
Cash II Shares	94,351	—	(94,351)
Cash Series Shares	355,802	—	(355,802)
Capital Shares	136,421	(1,221)	(135,028)
TOTAL	$1,745,569	$(1,221)	$(1,744,020)

For the six months ended November 30, 2021, the Fund’s Wealth Shares did not incur other service fees.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Semi-Annual Shareholder Report

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 11/30/2021		Year Ended 5/31/2021
Automated Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	161,572	$161,572	420,871	$420,871
Shares issued to shareholders in payment of distributions declared	34	34	83	83
Shares redeemed	(173,517)	(173,517)	(556,273)	(556,273)
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS	(11,911)	$(11,911)	(135,319)	$(135,319)
	Six Months Ended 11/30/2021		Year Ended 5/31/2021
Investment Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	3,100	$3,100	17,902	$17,902
Shares issued to shareholders in payment of distributions declared	—	—	1	1
Shares redeemed	(3,643)	(3,643)	(24,259)	(24,259)
NET CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS	(543)	$(543)	(6,356)	$(6,356)

Semi-Annual Shareholder Report

	Six Months Ended 11/30/2021		Year Ended 5/31/2021
Wealth Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	606,405	$606,405	3,727,752	$3,727,752
Shares issued to shareholders in payment of distributions declared	55	55	1,950	1,950
Shares redeemed	(835,392)	(835,392)	(3,867,332)	(3,867,332)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	(228,932)	$(228,932)	(137,630)	$(137,630)
	Six Months Ended 11/30/2021		Year Ended 5/31/2021
Service Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	294,896	$294,896	597,196	$597,196
Shares issued to shareholders in payment of distributions declared	11	11	89	89
Shares redeemed	(265,893)	(265,893)	(857,490)	(857,490)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	29,014	$29,014	(260,205)	$(260,205)
	Six Months Ended 11/30/2021		Year Ended 5/31/2021
Cash II Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	16,750	$16,750	84,333	$84,333
Shares issued to shareholders in payment of distributions declared	4	4	6	6
Shares redeemed	(16,908)	(16,908)	(54,921)	(54,921)
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	(154)	$(154)	29,418	$29,418
	Six Months Ended 11/30/2021		Year Ended 5/31/2021
Cash Series Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	200,732	$200,732	551,188	$551,188
Shares issued to shareholders in payment of distributions declared	13	13	29	29
Shares redeemed	(239,378)	(239,378)	(503,548)	(503,548)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(38,633)	$(38,633)	47,669	$47,669

Semi-Annual Shareholder Report

	Six Months Ended 11/30/2021		Year Ended 5/31/2021
Capital Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	82,734	$82,734	369,245	$369,245
Shares issued to shareholders in payment of distributions declared	14	14	227	227
Shares redeemed	(126,802)	(126,802)	(439,025)	(439,025)
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS	(44,054)	$(44,054)	(69,553)	$(69,553)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(295,213)	$(295,213)	(531,976)	$(531,976)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.100%	on assets up to $50 billion
0.075%	on assets over $50 billion

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

Semi-Annual Shareholder Report

Distribution Services Fee

	Percentage of Average Daily Net Assets of Class
Investment Shares	0.25%
Cash II Shares	0.35%
Cash Series Shares	0.60%

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Investment Shares	$5,389	$(5,389)
Cash II Shares	132,142	(132,142)
Cash Series Shares	853,925	(853,925)
TOTAL	$991,456	$(991,456)

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

Other Service Fees

For the six months ended November 30, 2021, FSSC reimbursed $1,221 of the other service fees disclosed in Note 2.

Expense Limitation

Semi-Annual Shareholder Report

Interfund Transactions

Directors’/Trustees’ and Miscellaneous Fees

5. INTERFUND LENDING

6. OTHER MATTERS

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2021

Federated Hermes Municipal Obligations Fund (the “Fund”)

Information Received and Review Process

Semi-Annual Shareholder Report

Nature, Extent and Quality of Services

Semi-Annual Shareholder Report

Based on these considerations, the Board concluded that the nature, extent and quality of the Adviser’s investment management and related services warrant the continuation of the Contract.

Fund Investment Performance

Semi-Annual Shareholder Report

Following such evaluation and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Contract.

Fund Expenses

Semi-Annual Shareholder Report

Following such evaluation and full deliberations, the Board concluded that the fees and expenses of the Fund are reasonable and supported renewal of the Contract.

Semi-Annual Shareholder Report

Profitability and Other Benefits

Semi-Annual Shareholder Report

Economies of Scale

Semi-Annual Shareholder Report

Conclusions

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments

November 30, 2021 (unaudited)

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— 101.8%
		Alabama— 5.4%
$ 4,000,000		Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily VRDNs, 0.050%, 12/1/2021	$4,000,000
40,000,000		Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-D) Weekly VRDNs, 0.140%, 12/1/2021	40,000,000
3,275,000		Cooperative District of Fort Spanish, AL, Tender Option Bond Trust Receipts (Series 2021-XF2959) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.180%, 12/2/2021	3,275,000
6,135,000		Huntsville, AL Health Care Authority, (Series 2020-XG0301) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.090%, 12/2/2021	6,135,000
44,300,000		Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly VRDNs, 0.140%, 12/1/2021	44,300,000
33,810,000		West Jefferson, AL IDB PCRB (Alabama Power Co.), (Series 1998) Weekly VRDNs, 0.130%, 12/2/2021	33,810,000
		TOTAL	131,520,000
		Arizona— 0.1%
2,340,000		Arizona State IDA (Colorado Military Academy Building Corp.), Tender Option Bond Trust Receipts (Series 2021-XF2941) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.180%, 12/2/2021	2,340,000
		California— 8.6%
1,670,000		ABAG Finance Authority for Non-Profit Corporations, CA (Ecology Action of Santa Cruz), (Series 2010) Weekly VRDNs, (Comerica Bank LOC), 0.070%, 12/2/2021	1,670,000
2,800,000		California Enterprise Development Authority (Humane Society Silicon Valley), (Series 2008) Weekly VRDNs, (FHLB of San Francisco LOC), 0.070%, 12/2/2021	2,800,000
40,000,000		California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.170%, 12/2/2021	40,000,000
11,015,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 0.110%, Mandatory Tender 3/8/2022	11,015,000
17,450,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.120%, Mandatory Tender 2/15/2022	17,450,000
7,310,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.110%, Mandatory Tender 3/8/2022	7,310,000
12,395,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.120%, Mandatory Tender 3/3/2022	12,395,000
20,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 0.170%, Mandatory Tender 12/7/2021	20,000,000
8,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 0.100%, Mandatory Tender 1/13/2022	8,000,000

Federated Hermes Tax-Free Obligations Fund

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		California— continued
$ 17,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 0.110%, Mandatory Tender 2/3/2022	$17,000,000
1,700,000		California Statewide Communities Development Authority (Pacific Collegiate Foundation), (Series 2016) Weekly VRDNs, (Comerica Bank LOC), 0.070%, 12/2/2021	1,700,000
13,200,000		California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2021 Series A: One Uptown Newport Apartments) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 0.110%, 12/2/2021	13,200,000
6,500,000		Folsom Cordova, CA USD (School Facilities Improvement District No. 3), Tender Option Bond Trust Certificates (Series 2019-XM0744) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.090%, 12/2/2021	6,500,000
2,500,000		Los Angeles County, CA Metropolitan Transportation Authority, (Second Subordinate Sales Tax Revenue, Series A-TE-Barclays) (Proposition A), CP, (Barclays Bank PLC LOC), 0.060%, Mandatory Tender 12/1/2021	2,500,000
10,000,000		River Islands, CA Public Financing Authority (River Islands, CA Public Financing Authority-Community Facilities District No. 2015-1), Tender Option Bond Trust Floater Certificates (Series 2019-MIZ9002) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	10,000,000
2,200,000		San Diego County, CA (Museum of Contemporary Art San Diego), (Series 2004) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 0.070%, 12/2/2021	2,200,000
5,000,000		San Diego County, CA Water Authority, Commercial Paper Notes (Series 10), CP, 0.090%, Mandatory Tender 12/3/2021	5,000,000
13,400,000		San Francisco, CA City and County (Transbay Block 8 Tower Apartments Obligated Group), Mizuho 3a-7 (2021-MIZ9063) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	13,400,000
8,490,000		Twin Rivers, CA USD, Tender Option Bond Trust Certificates (Series 2017-XF2442) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.090%, 12/2/2021	8,490,000
10,300,000		University of California (The Regents of), Tender Option Bond Trust Certificates (Series 2018-ZF2670) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.080%, 12/2/2021	10,300,000
		TOTAL	210,930,000
		Colorado— 0.8%
17,570,000		Colorado Health Facilities Authority (Children’s Hospital Colorado Obligated Group), PUTTERs (Series 5008) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 12/1/2021	17,570,000
1,294,312		Colorado HFA (Steele San Juan, LLC), Mizuho 3a-7 (Series 2021-MIZ9068) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	1,294,312
		TOTAL	18,864,312

Federated Hermes Tax-Free Obligations Fund

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Connecticut— 1.8%
$ 26,815,000		Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.170%, 12/2/2021	$26,815,000
8,500,000		Regional School District No. 14, CT BANs, 1.000%, 4/21/2022	8,524,541
3,875,000		Regional School District #19, CT BANs, 1.750%, 6/9/2022	3,906,473
3,765,000		Shelton, CT Housing Authority (Crosby Commons), (Series 1998) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 0.150%, 12/2/2021	3,765,000
		TOTAL	43,011,014
		Florida— 8.8%
6,405,000		Clearwater, FL Water and Sewer Authority, Solar Eclipse (Series 2017-0014) Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.040%, 12/1/2021	6,405,000
25,000,000		Escambia County, FL Solid Waste Disposal (Gulf Power Co.), (First Series 2009) Daily VRDNs, 0.050%, 12/1/2021	25,000,000
1,400,000		Florida Development Finance Corp. (Navigator Academy of Leadership, Inc.), Tender Option Bond Trust Receipts (2021-XF2945) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.180%, 12/2/2021	1,400,000
11,500,000		Hillsborough County, FL IDA (Baycare Health System), (Series 2020B) Daily VRDNs, (TD Bank, N.A. LOC), 0.030%, 12/1/2021	11,500,000
10,000,000		Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1994), CP, 0.120%, Mandatory Tender 1/19/2022	10,000,000
24,760,000		Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1994), CP, 0.120%, Mandatory Tender 1/19/2022	24,760,000
20,300,000		Jacksonville, FL PCR (Florida Power & Light Co.), Pollution Control Revenue Refunding Bonds (Series 1992), CP, 0.120%, Mandatory Tender 1/19/2022	20,300,000
6,425,000		JEA, FL Electric System, (Series Three 2008A) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.050%, 12/1/2021	6,425,000
2,495,000		Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 (2021-MIZ9072) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	2,495,000
10,000		Orange County, FL HFA (Post Fountains at Lee Vista), (Series 1997E) Weekly VRDNs, (FNMA LOC), 0.050%, 12/1/2021	10,000
16,500,000		Polk County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs, 0.350%, 12/2/2021	16,500,000
38,550,000		St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 0.030%, 12/1/2021	38,550,000
7,000,000		Tampa-Hillsborough County, FL Expressway Authority, RBC Muni Products (Series G-113) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 1/3/2022	7,000,000
45,100,000		Volusia County, FL Hospital Authority (Halifax Hospital Medical Center, FL), PUTTERs 3a-7 (Series 5032) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 12/1/2021	45,100,000
		TOTAL	215,445,000

Federated Hermes Tax-Free Obligations Fund

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Georgia— 0.5%
$ 2,460,000		Brookhaven Development Authority, GA (Children’s Healthcare of Atlanta, Inc.), Tender Option Bond Trust Receipts (Series 2019-XG0224) Weekly VRDNs, (Bank of America N.A. LIQ), 0.080%, 12/2/2021	$2,460,000
1,450,000		Georgia State HFA, Tender Option Bond Trust Receipts (2020-ZF0783) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.100%, 12/2/2021	1,450,000
7,285,000		Georgia State HFA, Tender Option Bond Trust Receipts (Series 2018-ZF0653) Weekly VRDNs, (Bank of America N.A. LIQ), 0.090%, 12/2/2021	7,285,000
1,800,000		Savannah, GA EDA (Calvary Day School), (Series 2006) Weekly VRDNs, (Truist Bank LOC), 0.110%, 12/1/2021	1,800,000
		TOTAL	12,995,000
		Hawaii— 0.3%
7,520,000		Hawaii State Department of Budget & Finance (Queen’s Health Systems), (2015 Series B) VRENs, 0.500%, 12/2/2021	7,520,000
		Idaho— 0.4%
9,235,000		Idaho Health Facilities Authority (Trinity Healthcare Credit Group), (Series 2013ID) TOBs, 0.100%, Mandatory Tender 2/1/2022	9,235,000
		Illinois— 3.4%
600,000		Chicago, IL MFH Revenue (Churchview Manor Senior Apartments), (Series 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.240%, 12/2/2021	600,000
2,500,000		Chicago, IL Park District, Tender Optio Bond Trust Certificates (Series 2021-XX1168) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Build America Mutual Assurance INS), 0.120%, 12/2/2021	2,500,000
2,000,000		Chicago, IL Park District, Tender Option Bond Trust Certificates (Series 2021-XX1169) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Build America Mutual Assurance INS), 0.120%, 12/2/2021	2,000,000
16,000,000		Chicago, IL Sales Tax, Tender Option Bond Trust Receipt (Series 2019-XF0779) Weekly VRDNs, (Build America Mutual Assurance INS)/(Toronto Dominion Bank LIQ), 0.100%, 12/2/2021	16,000,000
10,975,000		Macon County, IL School District #61 (Decatur), Tender Option Bond Trust Certificates (Series 2020-XM0855) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 12/2/2021	10,975,000
16,500,000		Metropolitan Pier & Exposition Authority, IL, Tender Option Bond Trust Receipts (2021-MS0001) TOBs, (Morgan Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 0.170%, Optional Tender 2/3/2022	16,500,000
33,750,000		Sales Tax Securitization Corp., IL, Tender Option Bond Trust Certificates (Series 2018-XM0714) Weekly VRDNs, (Build America Mutual Assurance INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 12/2/2021	33,750,000
		TOTAL	82,325,000
		Indiana— 1.5%
20,640,000		Indiana Development Finance Authority (Archer-Daniels-Midland Co.), (Series 2012) Weekly VRDNs, 0.080%, 12/1/2021	20,640,000

Federated Hermes Tax-Free Obligations Fund

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Indiana— continued
$ 17,040,000		Indiana State Finance Authority (Indiana State), Stage Trust (Series 2020-004) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 12/2/2021	$17,040,000
		TOTAL	37,680,000
		Iowa— 0.3%
6,935,000		Iowa Finance Authority - Health Facilities (UnityPoint Health), (Series 2013B-1) Daily VRDNs, (TD Bank, N.A. LOC), 0.030%, 12/1/2021	6,935,000
		Kentucky— 1.0%
17,865,000		Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.110%, 12/3/2021	17,865,000
7,500,000		Kentucky State Property & Buildings Commission, RBC Muni Products (Series G-116) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 5/2/2022	7,500,000
		TOTAL	25,365,000
		Louisiana— 2.2%
16,000,000		Baton Rouge, LA Industrial Development Board (Exxon Mobil Corp.), (Series 2010A) Daily VRDNs, (GTD by Exxon Mobil Corp.), 0.030%, 12/1/2021	16,000,000
12,900,000		Baton Rouge, LA Industrial Development Board (Exxon Mobil Corp.), (Series 2010B) Daily VRDNs, 0.030%, 12/1/2021	12,900,000
910,000		Louisiana Local Government Environmental Facilities CDA (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs, (FHLB of Dallas LOC), 0.080%, 12/1/2021	910,000
3,100,000		Louisiana State Housing Corporation (Peace Lake Louisiana Tower Community L.P.), Tender Option Bond Trust Floater Certificates (Series 2020-MIZ9053) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	3,100,000
21,260,000		Shreveport, LA Water & Sewer, Tender Option Bond Trust Certificates (Series 2019-ZF2818) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 12/2/2021	21,260,000
		TOTAL	54,170,000
		Maryland— 1.3%
7,500,000		Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 1/3/2022	7,500,000
4,345,000		Maryland State Health & Higher Educational Facilities Authority (Greater Baltimore Medical Center), Tender Option Bond Trust Receipts (Series 2021-XG0335) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.080%, 12/2/2021	4,345,000
20,475,000		Montgomery County, MD (Trinity Healthcare Credit Group), (Series 2013MD) TOBs, 0.100%, Mandatory Tender 3/1/2022	20,475,000
		TOTAL	32,320,000

Federated Hermes Tax-Free Obligations Fund

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Michigan— 1.8%
$ 5,000,000		Eastern Michigan University (Board of Regents of), Tender Option Bond Trust Certificates (Series 2018-ZF2620) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 12/2/2021	$5,000,000
4,000,000		Jackson County, MI Public Schools, Tender Option Bond Trust Receipts (Series 2018-XF2650) Weekly VRDNs, (Bank of America N.A. LIQ)/(Michigan School Bond Qualification and Loan Program COL), 0.150%, 12/2/2021	4,000,000
4,000,000		Michigan Finance Authority 2nd Lien Distributable State Aid (Wayne County, MI), (Series 2021-XM0934) Weekly VRDNs, (GTD by Michigan State)/(Royal Bank of Canada LIQ), 0.100%, 12/2/2021	4,000,000
3,500,000		Michigan State Building Authority, (Series III) VRENs, 0.090%, 12/1/2021	3,500,000
2,670,000		Michigan State Finance Authority Revenue (McLaren Health Care Corp.), Tender Option Bond Trust Receipts (Series 2019-ZF0784) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.110%, 12/2/2021	2,670,000
3,335,000		Michigan State Finance Authority Revenue (McLaren Health Care Corp.), Tender Option Bond Trust Receipts (Series 2019-ZF0790) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.110%, 12/2/2021	3,335,000
15,375,000		Michigan State Finance Authority Revenue (Trinity Healthcare Credit Group), (Series 2013MI-1) TOBs, 0.100%, Mandatory Tender 3/1/2022	15,375,000
350,000		Michigan State Strategic Fund (Henry Ford Museum & Greenfield Village) Daily VRDNs, (Comerica Bank LOC), 0.050%, 12/1/2021	350,000
3,035,000		Michigan Strategic Fund (Washtenaw Christian Academy), (Series 2008) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.110%, 12/3/2021	3,035,000
4,000,000		Trenton, MI Public Schools, Tender Option Bond Trust Receipts (Series 2018-XF2651) Weekly VRDNs, (Bank of America N.A. LIQ)/(GTD by Michigan School Bond Qualification and Loan Program), 0.150%, 12/2/2021	4,000,000
		TOTAL	45,265,000
		Mississippi— 1.0%
4,670,000		Mississippi Business Finance Corp. (Gulf Power Co.), (1st Series 2019) Daily VRDNs, 0.040%, 12/1/2021	4,670,000
1,393,000		Mississippi Home Corp. (Jackson Manor Preservation LP), Tender Option Bond Trust Receipts (Series 2021-XF2936) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.180%, 12/2/2021	1,393,000
17,600,000		Perry County, MS (Leaf River Cellulose LLC), (Series 2021) Weekly VRDNs, (GTD by Georgia-Pacific LLC), 0.110%, 12/2/2021	17,600,000
		TOTAL	23,663,000
		Missouri— 0.8%
2,500,000		Lees Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	2,500,000

Federated Hermes Tax-Free Obligations Fund

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Missouri— continued
$ 7,500,000		Missouri State Health and Educational Facilities Authority Health Facilities (Mercy Health Systems), (Series 2020-XG0300) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.090%, 12/2/2021	$7,500,000
10,000,000		Missouri State HEFA (Stowers Institute for Medical Research), RBC Muni Products (Series 2018 C-16) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.110%, 12/2/2021	10,000,000
		TOTAL	20,000,000
		Montana— 0.2%
3,800,000		Montana State Board of Housing (HRDC IX Affordable Housing Solutions LP), Mizuho 3a-7 (2021-MIZ9061) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	3,800,000
		Multi-State— 13.8%
122,000,000		Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly VRDPs, (Societe Generale, Paris LIQ), 0.110%, 12/2/2021	122,000,000
115,400,000		Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, (Series 2) Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 0.110%, 12/2/2021	115,400,000
100,000,000		Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.100%, 12/2/2021	100,000,000
		TOTAL	337,400,000
		Nebraska— 0.9%
21,600,000		Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 0.090%, 12/2/2021	21,600,000
		New Jersey— 7.3%
4,750,000		Alpha Borough, NJ BANs, 1.000%, 3/4/2022	4,758,065
4,000,000		Bloomfield Township, NJ BANs, 1.000%, 3/29/2022	4,009,557
5,879,800		Caldwell Borough, NJ BANs, 1.500%, 4/1/2022	5,903,112
11,140,000		Clark Township, NJ BANs, 1.000%, 12/2/2022	11,208,734
4,889,000		Cresskill Borough, NJ BANs, 1.000%, 10/14/2022	4,919,485
17,231,708		East Hanover Township, NJ, (Series A) BANs, 1.500%, 8/12/2022	17,387,236
1,995,000		Eastampton Township, NJ BANs, 1.000%, 7/28/2022	2,004,641
3,491,000		Englewood Cliffs, NJ BANs, 1.000%, 11/10/2022	3,511,313
6,235,779		Englewood Cliffs, NJ BANs, 1.000%, 2/18/2022	6,246,552
3,836,000		Florham Park, NJ, (Series B) BANs, 1.500%, 9/2/2022	3,869,144
2,369,464		Franklin Borough, NJ BANs, 1.000%, 7/29/2022	2,381,118
4,931,625		Glen Ridge, NJ BANs, 1.000%, 7/15/2022	4,954,771
1,515,900		Hillside Township, NJ BANs, 1.000%, 5/27/2022	1,520,950
3,000,000		Ho-Ho-Kus, NJ BANs, 1.250%, 5/6/2022	3,012,527
6,299,000		Holmdel Township, NJ BANs, 1.000%, 2/11/2022	6,308,833
3,770,000		Kenilworth, NJ BANs, 1.000%, 3/4/2022	3,776,791
5,000,000		Logan Township, NJ BANs, 1.000%, 10/19/2022	5,030,744
9,409,000		Long Branch, NJ BANs, 0.750%, 2/2/2022	9,417,094

Federated Hermes Tax-Free Obligations Fund

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		New Jersey— continued
$ 9,815,000		New Jersey Health Care Facilities Financing Authority (AHS Hospital Corp.), (Series 2008B) Weekly VRDNs, (Bank of America N.A. LOC), 0.070%, 12/2/2021	$9,815,000
7,500,000		New Jersey Turnpike Authority, RBC Muni Products (Series G-119) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.200%, Optional Tender 1/3/2022	7,500,000
4,084,000		Ocean Township, NJ (Ocean County) BANs, 1.000%, 9/8/2022	4,109,096
14,520,000		Pennsauken Township, NJ, (Series A) BANs, 1.000%, 6/8/2022	14,576,243
5,274,500		Pequannock Township, NJ BANs, 1.000%, 7/13/2022	5,299,036
3,800,158		Runnemede, NJ, (Series A) BANs, 1.000%, 6/28/2022	3,815,781
4,687,000		South Orange ViIlage Township, NJ BANs, 1.000%, 12/17/2021	4,688,144
5,006,000		Spotswood, NJ BANs, 1.250%, 12/15/2021	5,007,576
14,304,000		Teaneck, NJ BANs, 1.000%, 5/6/2022	14,352,865
8,777,000		Tinton Falls, NJ, (Series A) BANs, 1.250%, 10/27/2022	8,852,116
		TOTAL	178,236,524
		New York— 14.5%
16,925,000		Batavia, NY City School District BANs, 1.500%, 6/14/2022	17,041,329
15,516,000		Binghamton, NY City School District BANs, 1.000%, 6/24/2022	15,585,479
5,800,000		Cooperstown, NY BANs, 1.000%, 1/27/2022	5,806,313
16,110,000		Cortland, NY, (Series A) BANs, 2.000%, 11/11/2022	16,364,994
24,850,000		Lindenhurst, NY Union Free School District TANs, 1.000%, 6/24/2022	24,972,904
5,490,000		Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2018-XM0697) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.100%, 12/2/2021	5,490,000
1,670,000		Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2020-XM0835) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.100%, 12/2/2021	1,670,000
25,000,000		New York City Housing Development Corp., Sustainable Development (Series I-3) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.050%, 12/2/2021	25,000,000
40,000,000		New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2009 Series BB-2) Daily VRDNs, (Landesbank Hessen-Thuringen LIQ), 0.030%, 12/1/2021	40,000,000
8,800,000		New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series FF-2) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.040%, 12/1/2021	8,800,000
11,500,000		New York City, NY Transitional Finance Authority, Fiscal 2014 (Subseries D-3) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 0.030%, 12/1/2021	11,500,000
58,500,000		New York City, NY Transitional Finance Authority, Stage Trust 3a-7 (Series 2020-002) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 12/2/2021	58,500,000
300,000		New York City, NY, (Subseries A-7) Daily VRDNs, (Bank of the West, San Francisco, CA LOC), 0.050%, 12/1/2021	300,000

Federated Hermes Tax-Free Obligations Fund

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		New York— continued
$ 10,980,000		New York City, NY, (Subseries B-5) Daily VRDNs, (Barclays Bank PLC LIQ), 0.050%, 12/1/2021	$10,980,000
7,580,000		New York City, NY, Fiscal 2013 (Subseries A-3) Daily VRDNs, (Mizuho Bank Ltd. LOC), 0.030%, 12/1/2021	7,580,000
10,000,000		New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 12/2/2021	10,000,000
5,540,000		New York State Dormitory Authority (Montefiore Medical Center), Tender Option Bond Trust Receipts (Series 2020-XM0922) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.110%, 12/2/2021	5,540,000
4,900,000		North Merrick, NY Union Free School District TANs, 1.000%, 6/24/2022	4,922,009
50,000,000		Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Royal Bank of Canada LIQ), 0.100%, 12/2/2021	50,000,000
6,735,000		Otsego County, NY BANs, 1.250%, 3/18/2022	6,753,895
9,610,000		Peekskill, NY City School District BANs, 1.000%, 6/29/2022	9,654,122
6,093,684		Union, NY BANs, 0.750%, 2/25/2022	6,101,552
2,658,520		Vestal, NY CSD, (Series B) BANs, 1.000%, 9/30/2022	2,675,690
4,770,000		Washington County, NY BANs, 1.000%, 3/25/2022	4,781,293
5,025,000		York, NY CSD BANs, 1.250%, 6/23/2022	5,053,843
		TOTAL	355,073,423
		North Carolina— 0.4%
2,000,000		Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), (Series 2007E) Daily VRDNs, (TD Bank, N.A. LOC), 0.030%, 12/1/2021	2,000,000
5,080,000		Clark Township, NJ BANs, 1.000%, 12/2/2021	5,080,069
2,200,000		University of North Carolina at Chapel Hill (University of North Carolina Hospitals), (Series 2001A) Daily VRDNs, (TD Bank, N.A. LIQ), 0.030%, 12/1/2021	2,200,000
		TOTAL	9,280,069
		North Dakota— 0.1%
3,200,000		University of North Dakota, Tender Option Bond Trust Receipts (Series 2021-XG0336) Weekly VRDNs, (Toronto Dominion Bank LIQ)/(Toronto Dominion Bank LOC), 0.090%, 12/2/2021	3,200,000
		Ohio— 3.6%
1,650,000		Avon, OH, Water System Improvement Revenue Bonds BANs, 1.000%, 1/27/2022	1,651,928
2,713,300		Fairborn, OH, (Series B) BANs, 1.000%, 8/31/2022	2,729,539
14,400,000		Franklin County, OH Mortgage Revenue (Trinity Healthcare Credit Group), (Series 2013OH) TOBs, 0.100%, Mandatory Tender 2/1/2022	14,400,000
9,000,000		Grove City, OH BANs, 1.000%, 7/7/2022	9,042,905
23,640,000		Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.170%, 12/2/2021	23,640,000

Federated Hermes Tax-Free Obligations Fund

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Ohio— continued
$ 14,800,000		Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Barclays Golden Blue (Series 2020-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.170%, 12/2/2021	$14,800,000
10,000,000		Ohio University, (RBC Muni Products Series G-27) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 12/1/2021	10,000,000
7,290,000		Sandusky, OH BANs, 1.000%, 9/30/2022	7,335,872
4,500,000		Tipp City, OH BANs, 0.750%, 2/9/2022	4,504,647
		TOTAL	88,104,891
		Oklahoma— 0.1%
3,410,000		Oklahoma Development Finance Authority (OU Medicine), Tender Option Bond Trust Receipts (Series 2018-XG0210) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.100%, 12/2/2021	3,410,000
		Pennsylvania— 4.4%
6,400,000		Allegheny County, PA HDA (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.080%, 12/2/2021	6,400,000
11,460,000		Allegheny County, PA HDA (UPMC Health System), Tender Option Bond Trust Receipts (Series 2019-XM0758) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.120%, 12/2/2021	11,460,000
4,490,000		Berks County, PA IDA (Tower Health), Tender Option Bond Trust Certificates (Series 2018-XL0061) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.100%, 12/2/2021	4,490,000
3,150,000		Central Bradford Progress Authority, PA (Guthrie Clinic), (Series 2020-XF 1259) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.090%, 12/2/2021	3,150,000
2,240,000		Chester County, PA HEFA (Tel Hai Obligated Group Project), (Series of 2009) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 0.150%, 12/2/2021	2,240,000
1,665,000		Pennsylvania Economic Development Financing Authority (UPMC Health System), Tender Option Bond Trust Receipts (2015-ZM0088) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.120%, 12/2/2021	1,665,000
11,995,000		Pennsylvania State Higher Education Facilities Authority (Foundation for Indiana University of Pennsylvania), RBC Muni Products (E-75) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.220%, Optional Tender 1/3/2022	11,995,000
4,750,000		Pennsylvania State Turnpike Commission, (Series 2017-ZM0535) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Citibank N.A., New York LIQ), 0.100%, 12/2/2021	4,750,000
20,000,000		Pennsylvania State Turnpike Commission, PUTTERs (Series 5024) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 12/1/2021	20,000,000
10,000,000		Pennsylvania State Turnpike Commission, PUTTERs (Series 5025) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 12/1/2021	10,000,000

Federated Hermes Tax-Free Obligations Fund

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Pennsylvania— continued
$ 8,975,000		Pennsylvania State Turnpike Commission, Tender Option Bond Trust Certificates (Series 2020-XM0861) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 12/2/2021	$8,975,000
1,525,000		Philadelphia, PA Authority for Industrial Development (Susquehanna Net Zero Housing, L.P.), Tender Option Bond Trust Floater Certificates (2020-MIZ9051) VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 0.300%, 12/2/2021	1,525,000
6,865,000		Philadelphia, PA School District, Tender Option Bond Trust Receipts (Series 2020-XF0881) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 0.090%, 12/2/2021	6,865,000
14,000,000		State Public School Building Authority, PA (Philadelphia, PA School District), Tender Option Bond Trust Certificates (2016-XG0085) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Credit Suisse AG LIQ), 0.090%, 12/2/2021	14,000,000
		TOTAL	107,515,000
		South Carolina— 1.3%
18,000,000		South Carolina Jobs-EDA (Palmetto Health Alliance), (Series 2019-BAML5004) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.090%, 12/2/2021	18,000,000
12,670,000		South Carolina Transportation Infrastructure Bank, Tender Option Bond Trust Receipts (Series G-109) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 4/1/2022	12,670,000
		TOTAL	30,670,000
		Tennessee— 1.5%
2,600,000		Blount County, TN Public Building Authority (Knox County, TN), (Series C-3-A) Weekly VRDNs, (Truist Bank LIQ), 0.140%, 12/2/2021	2,600,000
4,100,000		Metropolitan Government Nashville & Davidson County, TN HEFA (Meharry Medical College), (Series 2009) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.110%, 12/3/2021	4,100,000
15,000,000		Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 0.100%, Mandatory Tender 2/1/2022	15,000,000
6,945,000		Sevier County, TN Public Building Authority (Sevier County, TN), Local Government Public Improvement Bonds (Series VII-B-1) Weekly VRDNs, (Bank of America N.A. LOC), 0.060%, 12/1/2021	6,945,000
7,900,000		Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs, (Truist Bank LOC), 0.140%, 12/2/2021	7,900,000
		TOTAL	36,545,000
		Texas— 8.6%
40,000,000		Harris County, TX Cultural Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP, 0.080%, Mandatory Tender 1/4/2022	40,000,000
34,000,000		Harris County, TX Cultural Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP, 0.100%, Mandatory Tender 2/2/2022	34,000,000

Federated Hermes Tax-Free Obligations Fund

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Texas— continued
$ 25,000,000		Port Arthur Navigation District, TX IDC (TOTAL Petrochemicals USA, Inc.), (Series 2012) Weekly VRDNs, (GTD by TotalEnergies SE), 0.090%, 12/1/2021	$25,000,000
7,600,000		Port Arthur Navigation District, TX IDC (TOTAL Petrochemicals USA, Inc.), (Series 2012B) Weekly VRDNs, (GTD by TotalEnergies SE), 0.080%, 12/1/2021	7,600,000
7,500,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002B) Weekly VRDNs, 0.100%, 12/1/2021	7,500,000
30,000,000		Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals USA, Inc.), (Series 2010) Weekly VRDNs, (GTD by TotalEnergies SE), 0.080%, 12/1/2021	30,000,000
41,000,000		Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals USA, Inc.), Exempt Facilities Revenue Bonds (Series 2009) Weekly VRDNs, (GTD by TotalEnergies SE), 0.080%, 12/1/2021	41,000,000
4,000,000		South Texas CCD, (RBC Muni Products G-35) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.080%, 12/2/2021	4,000,000
14,700,000		Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Care System), (Series 2011C) Daily VRDNs, (TD Bank, N.A. LOC), 0.030%, 12/1/2021	14,700,000
6,775,000		Tarrant County, TX Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), (Series 2008A) Daily VRDNs, (TD Bank, N.A. LOC), 0.030%, 12/1/2021	6,775,000
		TOTAL	210,575,000
		Virginia— 3.8%
4,765,000		Alexandria, VA, Solar Eclipse (2017-0044) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.100%, 12/2/2021	4,765,000
1,850,000		Fairfax County, VA EDA (Young Men’s Christian Association of Metropolitan Washington), (Series 2001) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 0.150%, 12/3/2021	1,850,000
3,500,000		Hampton Roads, VA Transportation Accountability Commission, Tender Option Bond Trust Receipts (Series 2020-ZF0997) Weekly VRDNs, (Bank of America N.A. LIQ), 0.080%, 12/2/2021	3,500,000
250,000		Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003A) Weekly VRDNs, 0.060%, 12/1/2021	250,000
5,200,000		Loudoun County, VA, Solar Eclipse (Series 2017-0038) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.100%, 12/2/2021	5,200,000
335,000		Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), (Series 2017C) Weekly VRDNs, (Truist Bank LOC), 0.140%, 12/2/2021	335,000
6,210,000		Metropolitan Washington, DC Airports Authority (Dulles Metrorail and Capital Improvement Project), Tender Option Bond Trust Certificates (Series 2019-ZM0795) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 12/2/2021	6,210,000

Federated Hermes Tax-Free Obligations Fund

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Virginia— continued
$ 2,535,000		Metropolitan Washington, DC Airports Authority (Dulles Metrorail and Capital Improvement Project), Tender Option Bond Trust Certificates (Series 2019-ZM0796) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 12/2/2021	$2,535,000
5,330,000		Roanoke, VA EDA (Carilion Health System Obligated Group), Tender Option Bond Trust Receipts (Series 2020-XF0955) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.080%, 12/2/2021	5,330,000
41,670,000		Suffolk, VA EDA (Sentara Health Systems Obligation Group), Tender Option Bond Trust Floater Certificates (2020-MIZ9025) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.120%, 12/2/2021	41,670,000
2,000,000		University of Virginia (The Rectors and Visitors of), Solar Eclipse (Series 2017-0017) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.100%, 12/2/2021	2,000,000
8,585,000		Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipts (Series 2020-XF0926) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.120%, 12/2/2021	8,585,000
4,500,000		Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipts (Series 2020-ZF0927) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.120%, 12/2/2021	4,500,000
6,640,000		Virginia State Public Building Authority Public Facilities (Virginia State), RBC Muni Products (Series G-40) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 2/1/2022	6,640,000
		TOTAL	93,370,000
		West Virginia— 0.3%
1,475,000		Morgantown, WV Combined Utility System (Morgantown Utility Board, Inc.), Tender Option Bond Trust Receipts (Series 2018-ZF0672) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.100%, 12/2/2021	1,475,000
6,000,000		West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 0.140%, 12/2/2021	6,000,000
		TOTAL	7,475,000
		Wisconsin— 1.0%
5,000,000		Milwaukee County, WI Metropolitan Sewer District, Solar Eclipse 2017-0036 Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.040%, 12/1/2021	5,000,000
5,730,000		Public Finance Authority, WI (Bradford Preparatory School), Tender Option Bond Trust Receipts (2020-XF2887) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.250%, 12/2/2021	5,730,000
1,030,000		Public Finance Authority, WI (Carolina Charter Academy, Inc.), Tender Option Bond Trust Receipts (Series 2021-XF2931) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.180%, 12/2/2021	1,030,000
9,331,000		Wisconsin Center District, Tender Option Bond Trust Receipts (Series 2020-XF1208) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.090%, 12/2/2021	9,331,000

Federated Hermes Tax-Free Obligations Fund

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Wisconsin— continued
$ 4,000,000		Wood County, WI BANs, 0.750%, 3/7/2022	$4,003,055
		TOTAL	25,094,055
		TOTAL INVESTMENT IN SECURITIES—101.8% (AT AMORTIZED COST)2	2,490,932,288
		OTHER ASSETS AND LIABILITIES - NET—(1.8)%3	(43,776,713)
		TOTAL NET ASSETS—100%	$2,447,155,575

At November 30, 2021, the Fund held no securities that are subject to the federal alternative minimum tax (AMT) (unaudited).

1	Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
2	Also represents cost for federal tax purposes.
3	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at November 30, 2021.

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 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.

Federated Hermes Tax-Free Obligations Fund

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2021	Year Ended May 31,		Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2021	2021	2020	Period Ended 5/31/20191	2018	2017	2016
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.0002	0.001	0.012	0.012	0.010	0.006	0.0002
Net realized gain (loss)	0.0002	0.0002	0.0002	0.0002	0.0002	0.002	0.0002
Total From Investment Operations	0.0002	0.001	0.012	0.012	0.010	0.008	0.0002
Less Distributions:
Distributions from net investment income	(0.000)2	(0.001)	(0.012)	(0.012)	(0.010)	(0.006)	(0.000)2
Distributions from net realized gain	(0.000)2	(0.000)2	(0.000)2	(0.000)2	(0.000)2	(0.002)	(0.000)2
Total Distributions	(0.000)2	(0.001)	(0.012)	(0.012)	(0.010)	(0.008)	(0.000)2
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return3	0.01%	0.06%	1.19%	1.22%	1.03%	0.77%	0.11%
Ratios to Average Net Assets:
Net expenses4	0.12%5	0.21%	0.21%	0.21%5	0.21%	0.21%	0.13%6
Net investment income	0.01%5	0.06%	1.14%	1.46%5	1.03%	0.57%	0.08%
Expense waiver/ reimbursement7	0.18%5	0.09%	0.08%	0.09%5	0.09%	0.09%	0.17%
Supplemental Data:
Net assets, end of period (000 omitted)	$2,258,394	$2,415,796	$4,131,257	$3,403,098	$3,054,475	$2,270,120	$4,088,135

1	The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten-month period from August 1, 2018 to May 31, 2019.
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	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio was 0.13% for the year ended July 31, 2016, after taking into account these expense reductions.
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/reimbursement recorded by investment companies in which the Fund may invest.

See Notes which are an integral part of the Financial Statements

Financial Highlights–Advisor Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2021	Year Ended May 31,		Period Ended 5/31/20191, 2
	Six Months Ended (unaudited) 11/30/2021	2021	2020	Period Ended 5/31/20191, 2
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.0003	0.001	0.012	0.006
Net realized gain (loss)	0.0003	0.0003	0.0003	(0.000)3
Total From Investment Operations	0.0003	0.001	0.012	0.006
Less Distributions:
Distributions from net investment income	(0.000)3	(0.001)	(0.012)	(0.006)
Distributions from net realized gain	(0.000)3	(0.000)3	(0.000)3	—
Total Distributions	(0.000)3	(0.001)	(0.012)	(0.006)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00
Total Return4	0.01%	0.06%	1.19%	0.55%
Ratios to Average Net Assets:
Net expenses5	0.12%6	0.21%	0.21%	0.22%6
Net investment income	0.01%6	0.07%	1.06%	1.61%6
Expense waiver/reimbursement7	0.18%6	0.09%	0.09%	0.09%6
Supplemental Data:
Net assets, end of period (000 omitted)	$18,945	$18,161	$42,186	$5,368

1	Reflects operations for the period from January 18, 2019 (date of initial investment) to May 31, 2019. Certain ratios included above in Ratios to Average Net Assets and per share amounts may be inflated or deflated as compared to the fee structure for each respective share class as a result of daily systematic allocations being rounded to the nearest penny for fund level income, expense and realized gain/loss amounts. Such differences are immaterial.
2	The Fund changed its fiscal year end from July 31 to May 31.
3	Represents less than $0.001.
4	Based on net asset value. Total returns for periods of less than one year are not annualized.
5	Amount does not reflect net expenses incurred by investment companies in which the Fund 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/reimbursement recorded by investment companies in which the Fund may invest.

See Notes which are an integral part of the Financial Statements

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2021	Year Ended May 31,		Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2021	2021	2020	Period Ended 5/31/20191	2018	2017	2016
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.0002	0.0002	0.009	0.010	0.008	0.003	0.0002
Net realized gain (loss)	0.0002	0.0002	0.0002	0.0002	0.0002	0.002	0.0002
Total From Investment Operations	0.0002	0.0002	0.009	0.010	0.008	0.005	0.0002
Less Distributions:
Distributions from net investment income	(0.000)2	(0.000)2	(0.009)	(0.010)	(0.008)	(0.003)	(0.000)2
Distributions from net realized gain	(0.000)2	(0.000)2	(0.000)2	(0.000)2	(0.000)2	(0.002)	(0.000)2
Total Distributions	(0.000)2	(0.000)2	(0.009)	(0.010)	(0.008)	(0.005)	(0.000)2
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return3	0.01%	0.01%	0.93%	1.01%	0.78%	0.52%	0.03%
Ratios to Average Net Assets:
Net expenses4	0.12%5	0.26%	0.46%	0.46%5	0.46%	0.46%	0.20%6
Net investment income	0.01%5	0.01%	0.90%	1.20%5	0.75%	0.31%	0.01%
Expense waiver/reimbursement7	0.43%5	0.29%	0.08%	0.09%5	0.09%	0.09%	0.34%
Supplemental Data:
Net assets, end of period (000 omitted)	$169,816	$226,166	$217,345	$213,406	$297,390	$228,340	$584,889

1	The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten-month period from August 1, 2018 to May 31, 2019.
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	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio was 0.20% for the year ended July 31, 2016, after taking into account these expense reductions.
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/reimbursement recorded by investment companies in which the Fund may invest.

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

November 30, 2021 (unaudited)

1. ORGANIZATION

Federated Hermes Money Market Obligations Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included herein are only those of Federated Hermes Tax-Free Obligations Fund (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares: Wealth Shares, Advisor Shares and Service Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide dividend income exempt from federal regular income tax consistent with stability of principal. Interest income from the Fund’s investments normally will not be subject to the AMT for individuals, and may be subject to state and local taxes.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

determining fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee 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 Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waivers of $2,559,575 is disclosed in various locations in this Note 2 and Note 4.

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

Other Service Fees

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

For the six months ended November 30, 2021, other service fees for the Fund were as follows:

	Other Service Fees Incurred	Other Service Fees Waived by Unaffiliated Third Parties
Service Shares	$234,564	$(234,564)

For the six months ended November 30, 2021, the Fund’s Wealth Shares and Advisor Shares did not incur other service fees.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 11/30/2021		Year Ended 5/31/2021
Wealth Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	1,279,572	$1,279,572	3,567,284	$3,567,284
Shares issued to shareholders in payment of distributions declared	80	80	1,520	1,520
Shares redeemed	(1,437,038)	(1,437,038)	(5,284,309)	(5,284,309)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	(157,386)	$(157,386)	(1,715,505)	$(1,715,505)
	Six Months Ended 11/30/2021		Year Ended 5/31/2021
Advisor Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	6,207	$6,207	25,701	$25,701
Shares issued to shareholders in payment of distributions declared	1	1	25	25
Shares redeemed	(5,424)	(5,424)	(49,750)	(49,750)
NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS	784	$784	(24,024)	$(24,024)
	Six Months Ended 11/30/2021		Year Ended 5/31/2021
Service Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	117,082	$117,082	377,759	$377,759
Shares issued to shareholders in payment of distributions declared	5	5	13	13
Shares redeemed	(173,431)	(173,431)	(368,963)	(368,963)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(56,344)	$(56,344)	8,809	$8,809
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(212,946)	$(212,946)	(1,730,720)	$(1,730,720)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

such as to maintain the Fund’s expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended November 30, 2021, the Adviser voluntarily waived $2,323,263 of its fee and voluntarily reimbursed $1,748 of other operating expenses.

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.100%	on assets up to $50 billion
0.075%	on assets over $50 billion

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee.

For the six months ended November 30, 2021, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

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

Other Service Fees

For the six months ended November 30, 2021, FSSC did not receive or reimburse other service fees.

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund’s Wealth Shares, Advisor Shares and Service Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.21%, 0.21% and 0.46% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) August 1, 2022; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

During the six months ended November 30, 2021, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Directors/Trustees and/or common Officers. These purchase and sale transactions complied with Rule 17a-7 under the Act and amounted to $718,800,000 and $666,000,000, respectively. Net realized gain/loss recognized on these transactions was $0.

Directors’/Trustees’ and Miscellaneous Fees

5. INTERFUND LENDING

6. OTHER MATTERS

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

	Beginning Account Value 6/1/2021	Ending Account Value 11/30/2021	Expenses Paid During Period1
Actual:
Wealth Shares	$1,000	$1,000.10	$20.60
Advisor Shares	$1,000	$1,000.10	$30.60
Service Shares	$1,000	$1,000.10	$40.60
Hypothetical (assuming a 5% return before expenses):
Wealth Shares	$1,000	$1,024.47	$20.61
Advisor Shares	$1,000	$1,024.47	$30.61
Service Shares	$1,000	$1,024.47	$40.61

1	Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:

Wealth Shares	0.12%
Advisor Shares	0.12%
Service Shares	0.12%

2	Actual and Hypothetical expenses paid during the period utilizing the Fund’s Wealth Shares current Fee Limit of 0.21% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 183/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.05 and $1.07, respectively.
3	Actual and Hypothetical expenses paid during the period utilizing the Fund’s Advisor Shares current Fee Limit of 0.21% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 183/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.05 and $1.07, respectively.
4	Actual and Hypothetical expenses paid during the period utilizing the Fund’s Service Shares current Fee Limit of 0.46% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 183/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.31 and $2.33, respectively.

Evaluation and Approval of Advisory Contract–May 2021

Federated Hermes Tax-Free Obligations Fund (the “Fund”)

Information Received and Review Process

Nature, Extent and Quality of Services

Based on these considerations, the Board concluded that the nature, extent and quality of the Adviser’s investment management and related services warrant the continuation of the Contract.

Fund Investment Performance

Following such evaluation and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Contract.

Fund Expenses

Following such evaluation and full deliberations, the Board concluded that the fees and expenses of the Fund are reasonable and supported renewal of the Contract.

Profitability and Other Benefits

Economies of Scale

Conclusions

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Portfolio of Investments

November 30, 2021 (unaudited)

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— 101.8%
		Alabama— 5.4%
$ 4,000,000		Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily VRDNs, 0.050%, 12/1/2021	$4,000,000
40,000,000		Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-D) Weekly VRDNs, 0.140%, 12/1/2021	40,000,000
3,275,000		Cooperative District of Fort Spanish, AL, Tender Option Bond Trust Receipts (Series 2021-XF2959) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.180%, 12/2/2021	3,275,000
6,135,000		Huntsville, AL Health Care Authority, (Series 2020-XG0301) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.090%, 12/2/2021	6,135,000
44,300,000		Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly VRDNs, 0.140%, 12/1/2021	44,300,000
33,810,000		West Jefferson, AL IDB PCRB (Alabama Power Co.), (Series 1998) Weekly VRDNs, 0.130%, 12/2/2021	33,810,000
		TOTAL	131,520,000
		Arizona— 0.1%
2,340,000		Arizona State IDA (Colorado Military Academy Building Corp.), Tender Option Bond Trust Receipts (Series 2021-XF2941) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.180%, 12/2/2021	2,340,000
		California— 8.6%
1,670,000		ABAG Finance Authority for Non-Profit Corporations, CA (Ecology Action of Santa Cruz), (Series 2010) Weekly VRDNs, (Comerica Bank LOC), 0.070%, 12/2/2021	1,670,000
2,800,000		California Enterprise Development Authority (Humane Society Silicon Valley), (Series 2008) Weekly VRDNs, (FHLB of San Francisco LOC), 0.070%, 12/2/2021	2,800,000
40,000,000		California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.170%, 12/2/2021	40,000,000
11,015,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 0.110%, Mandatory Tender 3/8/2022	11,015,000
17,450,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.120%, Mandatory Tender 2/15/2022	17,450,000
7,310,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.110%, Mandatory Tender 3/8/2022	7,310,000
12,395,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 0.120%, Mandatory Tender 3/3/2022	12,395,000
20,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 0.170%, Mandatory Tender 12/7/2021	20,000,000
8,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 0.100%, Mandatory Tender 1/13/2022	8,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		California— continued
$ 17,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 0.110%, Mandatory Tender 2/3/2022	$17,000,000
1,700,000		California Statewide Communities Development Authority (Pacific Collegiate Foundation), (Series 2016) Weekly VRDNs, (Comerica Bank LOC), 0.070%, 12/2/2021	1,700,000
13,200,000		California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2021 Series A: One Uptown Newport Apartments) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 0.110%, 12/2/2021	13,200,000
6,500,000		Folsom Cordova, CA USD (School Facilities Improvement District No. 3), Tender Option Bond Trust Certificates (Series 2019-XM0744) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.090%, 12/2/2021	6,500,000
2,500,000		Los Angeles County, CA Metropolitan Transportation Authority, (Second Subordinate Sales Tax Revenue, Series A-TE-Barclays) (Proposition A), CP, (Barclays Bank PLC LOC), 0.060%, Mandatory Tender 12/1/2021	2,500,000
10,000,000		River Islands, CA Public Financing Authority (River Islands, CA Public Financing Authority-Community Facilities District No. 2015-1), Tender Option Bond Trust Floater Certificates (Series 2019-MIZ9002) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	10,000,000
2,200,000		San Diego County, CA (Museum of Contemporary Art San Diego), (Series 2004) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 0.070%, 12/2/2021	2,200,000
5,000,000		San Diego County, CA Water Authority, Commercial Paper Notes (Series 10), CP, 0.090%, Mandatory Tender 12/3/2021	5,000,000
13,400,000		San Francisco, CA City and County (Transbay Block 8 Tower Apartments Obligated Group), Mizuho 3a-7 (2021-MIZ9063) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	13,400,000
8,490,000		Twin Rivers, CA USD, Tender Option Bond Trust Certificates (Series 2017-XF2442) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.090%, 12/2/2021	8,490,000
10,300,000		University of California (The Regents of), Tender Option Bond Trust Certificates (Series 2018-ZF2670) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.080%, 12/2/2021	10,300,000
		TOTAL	210,930,000
		Colorado— 0.8%
17,570,000		Colorado Health Facilities Authority (Children’s Hospital Colorado Obligated Group), PUTTERs (Series 5008) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 12/1/2021	17,570,000
1,294,312		Colorado HFA (Steele San Juan, LLC), Mizuho 3a-7 (Series 2021-MIZ9068) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	1,294,312
		TOTAL	18,864,312

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Connecticut— 1.8%
$ 26,815,000		Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.170%, 12/2/2021	$26,815,000
8,500,000		Regional School District No. 14, CT BANs, 1.000%, 4/21/2022	8,524,541
3,875,000		Regional School District #19, CT BANs, 1.750%, 6/9/2022	3,906,473
3,765,000		Shelton, CT Housing Authority (Crosby Commons), (Series 1998) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 0.150%, 12/2/2021	3,765,000
		TOTAL	43,011,014
		Florida— 8.8%
6,405,000		Clearwater, FL Water and Sewer Authority, Solar Eclipse (Series 2017-0014) Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.040%, 12/1/2021	6,405,000
25,000,000		Escambia County, FL Solid Waste Disposal (Gulf Power Co.), (First Series 2009) Daily VRDNs, 0.050%, 12/1/2021	25,000,000
1,400,000		Florida Development Finance Corp. (Navigator Academy of Leadership, Inc.), Tender Option Bond Trust Receipts (2021-XF2945) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.180%, 12/2/2021	1,400,000
11,500,000		Hillsborough County, FL IDA (Baycare Health System), (Series 2020B) Daily VRDNs, (TD Bank, N.A. LOC), 0.030%, 12/1/2021	11,500,000
10,000,000		Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1994), CP, 0.120%, Mandatory Tender 1/19/2022	10,000,000
24,760,000		Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1994), CP, 0.120%, Mandatory Tender 1/19/2022	24,760,000
20,300,000		Jacksonville, FL PCR (Florida Power & Light Co.), Pollution Control Revenue Refunding Bonds (Series 1992), CP, 0.120%, Mandatory Tender 1/19/2022	20,300,000
6,425,000		JEA, FL Electric System, (Series Three 2008A) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.050%, 12/1/2021	6,425,000
2,495,000		Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 (2021-MIZ9072) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	2,495,000
10,000		Orange County, FL HFA (Post Fountains at Lee Vista), (Series 1997E) Weekly VRDNs, (FNMA LOC), 0.050%, 12/1/2021	10,000
16,500,000		Polk County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs, 0.350%, 12/2/2021	16,500,000
38,550,000		St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 0.030%, 12/1/2021	38,550,000
7,000,000		Tampa-Hillsborough County, FL Expressway Authority, RBC Muni Products (Series G-113) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 1/3/2022	7,000,000
45,100,000		Volusia County, FL Hospital Authority (Halifax Hospital Medical Center, FL), PUTTERs 3a-7 (Series 5032) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 12/1/2021	45,100,000
		TOTAL	215,445,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Georgia— 0.5%
$ 2,460,000		Brookhaven Development Authority, GA (Children’s Healthcare of Atlanta, Inc.), Tender Option Bond Trust Receipts (Series 2019-XG0224) Weekly VRDNs, (Bank of America N.A. LIQ), 0.080%, 12/2/2021	$2,460,000
1,450,000		Georgia State HFA, Tender Option Bond Trust Receipts (2020-ZF0783) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.100%, 12/2/2021	1,450,000
7,285,000		Georgia State HFA, Tender Option Bond Trust Receipts (Series 2018-ZF0653) Weekly VRDNs, (Bank of America N.A. LIQ), 0.090%, 12/2/2021	7,285,000
1,800,000		Savannah, GA EDA (Calvary Day School), (Series 2006) Weekly VRDNs, (Truist Bank LOC), 0.110%, 12/1/2021	1,800,000
		TOTAL	12,995,000
		Hawaii— 0.3%
7,520,000		Hawaii State Department of Budget & Finance (Queen’s Health Systems), (2015 Series B) VRENs, 0.500%, 12/2/2021	7,520,000
		Idaho— 0.4%
9,235,000		Idaho Health Facilities Authority (Trinity Healthcare Credit Group), (Series 2013ID) TOBs, 0.100%, Mandatory Tender 2/1/2022	9,235,000
		Illinois— 3.4%
600,000		Chicago, IL MFH Revenue (Churchview Manor Senior Apartments), (Series 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.240%, 12/2/2021	600,000
2,500,000		Chicago, IL Park District, Tender Optio Bond Trust Certificates (Series 2021-XX1168) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Build America Mutual Assurance INS), 0.120%, 12/2/2021	2,500,000
2,000,000		Chicago, IL Park District, Tender Option Bond Trust Certificates (Series 2021-XX1169) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Build America Mutual Assurance INS), 0.120%, 12/2/2021	2,000,000
16,000,000		Chicago, IL Sales Tax, Tender Option Bond Trust Receipt (Series 2019-XF0779) Weekly VRDNs, (Build America Mutual Assurance INS)/(Toronto Dominion Bank LIQ), 0.100%, 12/2/2021	16,000,000
10,975,000		Macon County, IL School District #61 (Decatur), Tender Option Bond Trust Certificates (Series 2020-XM0855) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 12/2/2021	10,975,000
16,500,000		Metropolitan Pier & Exposition Authority, IL, Tender Option Bond Trust Receipts (2021-MS0001) TOBs, (Morgan Stanley Bank, N.A. LIQ)/(Morgan Stanley Bank, N.A. LOC), 0.170%, Optional Tender 2/3/2022	16,500,000
33,750,000		Sales Tax Securitization Corp., IL, Tender Option Bond Trust Certificates (Series 2018-XM0714) Weekly VRDNs, (Build America Mutual Assurance INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 12/2/2021	33,750,000
		TOTAL	82,325,000
		Indiana— 1.5%
20,640,000		Indiana Development Finance Authority (Archer-Daniels-Midland Co.), (Series 2012) Weekly VRDNs, 0.080%, 12/1/2021	20,640,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Indiana— continued
$ 17,040,000		Indiana State Finance Authority (Indiana State), Stage Trust (Series 2020-004) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 12/2/2021	$17,040,000
		TOTAL	37,680,000
		Iowa— 0.3%
6,935,000		Iowa Finance Authority - Health Facilities (UnityPoint Health), (Series 2013B-1) Daily VRDNs, (TD Bank, N.A. LOC), 0.030%, 12/1/2021	6,935,000
		Kentucky— 1.0%
17,865,000		Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.110%, 12/3/2021	17,865,000
7,500,000		Kentucky State Property & Buildings Commission, RBC Muni Products (Series G-116) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 5/2/2022	7,500,000
		TOTAL	25,365,000
		Louisiana— 2.2%
16,000,000		Baton Rouge, LA Industrial Development Board (Exxon Mobil Corp.), (Series 2010A) Daily VRDNs, (GTD by Exxon Mobil Corp.), 0.030%, 12/1/2021	16,000,000
12,900,000		Baton Rouge, LA Industrial Development Board (Exxon Mobil Corp.), (Series 2010B) Daily VRDNs, 0.030%, 12/1/2021	12,900,000
910,000		Louisiana Local Government Environmental Facilities CDA (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs, (FHLB of Dallas LOC), 0.080%, 12/1/2021	910,000
3,100,000		Louisiana State Housing Corporation (Peace Lake Louisiana Tower Community L.P.), Tender Option Bond Trust Floater Certificates (Series 2020-MIZ9053) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	3,100,000
21,260,000		Shreveport, LA Water & Sewer, Tender Option Bond Trust Certificates (Series 2019-ZF2818) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 12/2/2021	21,260,000
		TOTAL	54,170,000
		Maryland— 1.3%
7,500,000		Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 1/3/2022	7,500,000
4,345,000		Maryland State Health & Higher Educational Facilities Authority (Greater Baltimore Medical Center), Tender Option Bond Trust Receipts (Series 2021-XG0335) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.080%, 12/2/2021	4,345,000
20,475,000		Montgomery County, MD (Trinity Healthcare Credit Group), (Series 2013MD) TOBs, 0.100%, Mandatory Tender 3/1/2022	20,475,000
		TOTAL	32,320,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Michigan— 1.8%
$ 5,000,000		Eastern Michigan University (Board of Regents of), Tender Option Bond Trust Certificates (Series 2018-ZF2620) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 12/2/2021	$5,000,000
4,000,000		Jackson County, MI Public Schools, Tender Option Bond Trust Receipts (Series 2018-XF2650) Weekly VRDNs, (Bank of America N.A. LIQ)/(Michigan School Bond Qualification and Loan Program COL), 0.150%, 12/2/2021	4,000,000
4,000,000		Michigan Finance Authority 2nd Lien Distributable State Aid (Wayne County, MI), (Series 2021-XM0934) Weekly VRDNs, (GTD by Michigan State)/(Royal Bank of Canada LIQ), 0.100%, 12/2/2021	4,000,000
3,500,000		Michigan State Building Authority, (Series III) VRENs, 0.090%, 12/1/2021	3,500,000
2,670,000		Michigan State Finance Authority Revenue (McLaren Health Care Corp.), Tender Option Bond Trust Receipts (Series 2019-ZF0784) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.110%, 12/2/2021	2,670,000
3,335,000		Michigan State Finance Authority Revenue (McLaren Health Care Corp.), Tender Option Bond Trust Receipts (Series 2019-ZF0790) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.110%, 12/2/2021	3,335,000
15,375,000		Michigan State Finance Authority Revenue (Trinity Healthcare Credit Group), (Series 2013MI-1) TOBs, 0.100%, Mandatory Tender 3/1/2022	15,375,000
350,000		Michigan State Strategic Fund (Henry Ford Museum & Greenfield Village) Daily VRDNs, (Comerica Bank LOC), 0.050%, 12/1/2021	350,000
3,035,000		Michigan Strategic Fund (Washtenaw Christian Academy), (Series 2008) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.110%, 12/3/2021	3,035,000
4,000,000		Trenton, MI Public Schools, Tender Option Bond Trust Receipts (Series 2018-XF2651) Weekly VRDNs, (Bank of America N.A. LIQ)/(GTD by Michigan School Bond Qualification and Loan Program), 0.150%, 12/2/2021	4,000,000
		TOTAL	45,265,000
		Mississippi— 1.0%
4,670,000		Mississippi Business Finance Corp. (Gulf Power Co.), (1st Series 2019) Daily VRDNs, 0.040%, 12/1/2021	4,670,000
1,393,000		Mississippi Home Corp. (Jackson Manor Preservation LP), Tender Option Bond Trust Receipts (Series 2021-XF2936) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.180%, 12/2/2021	1,393,000
17,600,000		Perry County, MS (Leaf River Cellulose LLC), (Series 2021) Weekly VRDNs, (GTD by Georgia-Pacific LLC), 0.110%, 12/2/2021	17,600,000
		TOTAL	23,663,000
		Missouri— 0.8%
2,500,000		Lees Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	2,500,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Missouri— continued
$ 7,500,000		Missouri State Health and Educational Facilities Authority Health Facilities (Mercy Health Systems), (Series 2020-XG0300) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.090%, 12/2/2021	$7,500,000
10,000,000		Missouri State HEFA (Stowers Institute for Medical Research), RBC Muni Products (Series 2018 C-16) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.110%, 12/2/2021	10,000,000
		TOTAL	20,000,000
		Montana— 0.2%
3,800,000		Montana State Board of Housing (HRDC IX Affordable Housing Solutions LP), Mizuho 3a-7 (2021-MIZ9061) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.300%, 12/2/2021	3,800,000
		Multi-State— 13.8%
122,000,000		Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly VRDPs, (Societe Generale, Paris LIQ), 0.110%, 12/2/2021	122,000,000
115,400,000		Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, (Series 2) Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 0.110%, 12/2/2021	115,400,000
100,000,000		Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.100%, 12/2/2021	100,000,000
		TOTAL	337,400,000
		Nebraska— 0.9%
21,600,000		Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 0.090%, 12/2/2021	21,600,000
		New Jersey— 7.3%
4,750,000		Alpha Borough, NJ BANs, 1.000%, 3/4/2022	4,758,065
4,000,000		Bloomfield Township, NJ BANs, 1.000%, 3/29/2022	4,009,557
5,879,800		Caldwell Borough, NJ BANs, 1.500%, 4/1/2022	5,903,112
11,140,000		Clark Township, NJ BANs, 1.000%, 12/2/2022	11,208,734
4,889,000		Cresskill Borough, NJ BANs, 1.000%, 10/14/2022	4,919,485
17,231,708		East Hanover Township, NJ, (Series A) BANs, 1.500%, 8/12/2022	17,387,236
1,995,000		Eastampton Township, NJ BANs, 1.000%, 7/28/2022	2,004,641
3,491,000		Englewood Cliffs, NJ BANs, 1.000%, 11/10/2022	3,511,313
6,235,779		Englewood Cliffs, NJ BANs, 1.000%, 2/18/2022	6,246,552
3,836,000		Florham Park, NJ, (Series B) BANs, 1.500%, 9/2/2022	3,869,144
2,369,464		Franklin Borough, NJ BANs, 1.000%, 7/29/2022	2,381,118
4,931,625		Glen Ridge, NJ BANs, 1.000%, 7/15/2022	4,954,771
1,515,900		Hillside Township, NJ BANs, 1.000%, 5/27/2022	1,520,950
3,000,000		Ho-Ho-Kus, NJ BANs, 1.250%, 5/6/2022	3,012,527
6,299,000		Holmdel Township, NJ BANs, 1.000%, 2/11/2022	6,308,833
3,770,000		Kenilworth, NJ BANs, 1.000%, 3/4/2022	3,776,791
5,000,000		Logan Township, NJ BANs, 1.000%, 10/19/2022	5,030,744
9,409,000		Long Branch, NJ BANs, 0.750%, 2/2/2022	9,417,094

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		New Jersey— continued
$ 9,815,000		New Jersey Health Care Facilities Financing Authority (AHS Hospital Corp.), (Series 2008B) Weekly VRDNs, (Bank of America N.A. LOC), 0.070%, 12/2/2021	$9,815,000
7,500,000		New Jersey Turnpike Authority, RBC Muni Products (Series G-119) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.200%, Optional Tender 1/3/2022	7,500,000
4,084,000		Ocean Township, NJ (Ocean County) BANs, 1.000%, 9/8/2022	4,109,096
14,520,000		Pennsauken Township, NJ, (Series A) BANs, 1.000%, 6/8/2022	14,576,243
5,274,500		Pequannock Township, NJ BANs, 1.000%, 7/13/2022	5,299,036
3,800,158		Runnemede, NJ, (Series A) BANs, 1.000%, 6/28/2022	3,815,781
4,687,000		South Orange ViIlage Township, NJ BANs, 1.000%, 12/17/2021	4,688,144
5,006,000		Spotswood, NJ BANs, 1.250%, 12/15/2021	5,007,576
14,304,000		Teaneck, NJ BANs, 1.000%, 5/6/2022	14,352,865
8,777,000		Tinton Falls, NJ, (Series A) BANs, 1.250%, 10/27/2022	8,852,116
		TOTAL	178,236,524
		New York— 14.5%
16,925,000		Batavia, NY City School District BANs, 1.500%, 6/14/2022	17,041,329
15,516,000		Binghamton, NY City School District BANs, 1.000%, 6/24/2022	15,585,479
5,800,000		Cooperstown, NY BANs, 1.000%, 1/27/2022	5,806,313
16,110,000		Cortland, NY, (Series A) BANs, 2.000%, 11/11/2022	16,364,994
24,850,000		Lindenhurst, NY Union Free School District TANs, 1.000%, 6/24/2022	24,972,904
5,490,000		Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2018-XM0697) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.100%, 12/2/2021	5,490,000
1,670,000		Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2020-XM0835) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.100%, 12/2/2021	1,670,000
25,000,000		New York City Housing Development Corp., Sustainable Development (Series I-3) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.050%, 12/2/2021	25,000,000
40,000,000		New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2009 Series BB-2) Daily VRDNs, (Landesbank Hessen-Thuringen LIQ), 0.030%, 12/1/2021	40,000,000
8,800,000		New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series FF-2) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.040%, 12/1/2021	8,800,000
11,500,000		New York City, NY Transitional Finance Authority, Fiscal 2014 (Subseries D-3) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 0.030%, 12/1/2021	11,500,000
58,500,000		New York City, NY Transitional Finance Authority, Stage Trust 3a-7 (Series 2020-002) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 12/2/2021	58,500,000
300,000		New York City, NY, (Subseries A-7) Daily VRDNs, (Bank of the West, San Francisco, CA LOC), 0.050%, 12/1/2021	300,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		New York— continued
$ 10,980,000		New York City, NY, (Subseries B-5) Daily VRDNs, (Barclays Bank PLC LIQ), 0.050%, 12/1/2021	$10,980,000
7,580,000		New York City, NY, Fiscal 2013 (Subseries A-3) Daily VRDNs, (Mizuho Bank Ltd. LOC), 0.030%, 12/1/2021	7,580,000
10,000,000		New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 0.200%, 12/2/2021	10,000,000
5,540,000		New York State Dormitory Authority (Montefiore Medical Center), Tender Option Bond Trust Receipts (Series 2020-XM0922) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.110%, 12/2/2021	5,540,000
4,900,000		North Merrick, NY Union Free School District TANs, 1.000%, 6/24/2022	4,922,009
50,000,000		Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Royal Bank of Canada LIQ), 0.100%, 12/2/2021	50,000,000
6,735,000		Otsego County, NY BANs, 1.250%, 3/18/2022	6,753,895
9,610,000		Peekskill, NY City School District BANs, 1.000%, 6/29/2022	9,654,122
6,093,684		Union, NY BANs, 0.750%, 2/25/2022	6,101,552
2,658,520		Vestal, NY CSD, (Series B) BANs, 1.000%, 9/30/2022	2,675,690
4,770,000		Washington County, NY BANs, 1.000%, 3/25/2022	4,781,293
5,025,000		York, NY CSD BANs, 1.250%, 6/23/2022	5,053,843
		TOTAL	355,073,423
		North Carolina— 0.4%
2,000,000		Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), (Series 2007E) Daily VRDNs, (TD Bank, N.A. LOC), 0.030%, 12/1/2021	2,000,000
5,080,000		Clark Township, NJ BANs, 1.000%, 12/2/2021	5,080,069
2,200,000		University of North Carolina at Chapel Hill (University of North Carolina Hospitals), (Series 2001A) Daily VRDNs, (TD Bank, N.A. LIQ), 0.030%, 12/1/2021	2,200,000
		TOTAL	9,280,069
		North Dakota— 0.1%
3,200,000		University of North Dakota, Tender Option Bond Trust Receipts (Series 2021-XG0336) Weekly VRDNs, (Toronto Dominion Bank LIQ)/(Toronto Dominion Bank LOC), 0.090%, 12/2/2021	3,200,000
		Ohio— 3.6%
1,650,000		Avon, OH, Water System Improvement Revenue Bonds BANs, 1.000%, 1/27/2022	1,651,928
2,713,300		Fairborn, OH, (Series B) BANs, 1.000%, 8/31/2022	2,729,539
14,400,000		Franklin County, OH Mortgage Revenue (Trinity Healthcare Credit Group), (Series 2013OH) TOBs, 0.100%, Mandatory Tender 2/1/2022	14,400,000
9,000,000		Grove City, OH BANs, 1.000%, 7/7/2022	9,042,905
23,640,000		Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.170%, 12/2/2021	23,640,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Ohio— continued
$ 14,800,000		Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Barclays Golden Blue (Series 2020-002) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.170%, 12/2/2021	$14,800,000
10,000,000		Ohio University, (RBC Muni Products Series G-27) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 12/1/2021	10,000,000
7,290,000		Sandusky, OH BANs, 1.000%, 9/30/2022	7,335,872
4,500,000		Tipp City, OH BANs, 0.750%, 2/9/2022	4,504,647
		TOTAL	88,104,891
		Oklahoma— 0.1%
3,410,000		Oklahoma Development Finance Authority (OU Medicine), Tender Option Bond Trust Receipts (Series 2018-XG0210) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.100%, 12/2/2021	3,410,000
		Pennsylvania— 4.4%
6,400,000		Allegheny County, PA HDA (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.080%, 12/2/2021	6,400,000
11,460,000		Allegheny County, PA HDA (UPMC Health System), Tender Option Bond Trust Receipts (Series 2019-XM0758) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.120%, 12/2/2021	11,460,000
4,490,000		Berks County, PA IDA (Tower Health), Tender Option Bond Trust Certificates (Series 2018-XL0061) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.100%, 12/2/2021	4,490,000
3,150,000		Central Bradford Progress Authority, PA (Guthrie Clinic), (Series 2020-XF 1259) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.090%, 12/2/2021	3,150,000
2,240,000		Chester County, PA HEFA (Tel Hai Obligated Group Project), (Series of 2009) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 0.150%, 12/2/2021	2,240,000
1,665,000		Pennsylvania Economic Development Financing Authority (UPMC Health System), Tender Option Bond Trust Receipts (2015-ZM0088) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.120%, 12/2/2021	1,665,000
11,995,000		Pennsylvania State Higher Education Facilities Authority (Foundation for Indiana University of Pennsylvania), RBC Muni Products (E-75) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.220%, Optional Tender 1/3/2022	11,995,000
4,750,000		Pennsylvania State Turnpike Commission, (Series 2017-ZM0535) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Citibank N.A., New York LIQ), 0.100%, 12/2/2021	4,750,000
20,000,000		Pennsylvania State Turnpike Commission, PUTTERs (Series 5024) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 12/1/2021	20,000,000
10,000,000		Pennsylvania State Turnpike Commission, PUTTERs (Series 5025) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 12/1/2021	10,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Pennsylvania— continued
$ 8,975,000		Pennsylvania State Turnpike Commission, Tender Option Bond Trust Certificates (Series 2020-XM0861) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 12/2/2021	$8,975,000
1,525,000		Philadelphia, PA Authority for Industrial Development (Susquehanna Net Zero Housing, L.P.), Tender Option Bond Trust Floater Certificates (2020-MIZ9051) VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 0.300%, 12/2/2021	1,525,000
6,865,000		Philadelphia, PA School District, Tender Option Bond Trust Receipts (Series 2020-XF0881) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 0.090%, 12/2/2021	6,865,000
14,000,000		State Public School Building Authority, PA (Philadelphia, PA School District), Tender Option Bond Trust Certificates (2016-XG0085) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Credit Suisse AG LIQ), 0.090%, 12/2/2021	14,000,000
		TOTAL	107,515,000
		South Carolina— 1.3%
18,000,000		South Carolina Jobs-EDA (Palmetto Health Alliance), (Series 2019-BAML5004) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.090%, 12/2/2021	18,000,000
12,670,000		South Carolina Transportation Infrastructure Bank, Tender Option Bond Trust Receipts (Series G-109) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 4/1/2022	12,670,000
		TOTAL	30,670,000
		Tennessee— 1.5%
2,600,000		Blount County, TN Public Building Authority (Knox County, TN), (Series C-3-A) Weekly VRDNs, (Truist Bank LIQ), 0.140%, 12/2/2021	2,600,000
4,100,000		Metropolitan Government Nashville & Davidson County, TN HEFA (Meharry Medical College), (Series 2009) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.110%, 12/3/2021	4,100,000
15,000,000		Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 0.100%, Mandatory Tender 2/1/2022	15,000,000
6,945,000		Sevier County, TN Public Building Authority (Sevier County, TN), Local Government Public Improvement Bonds (Series VII-B-1) Weekly VRDNs, (Bank of America N.A. LOC), 0.060%, 12/1/2021	6,945,000
7,900,000		Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs, (Truist Bank LOC), 0.140%, 12/2/2021	7,900,000
		TOTAL	36,545,000
		Texas— 8.6%
40,000,000		Harris County, TX Cultural Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP, 0.080%, Mandatory Tender 1/4/2022	40,000,000
34,000,000		Harris County, TX Cultural Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP, 0.100%, Mandatory Tender 2/2/2022	34,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Texas— continued
$ 25,000,000		Port Arthur Navigation District, TX IDC (TOTAL Petrochemicals USA, Inc.), (Series 2012) Weekly VRDNs, (GTD by TotalEnergies SE), 0.090%, 12/1/2021	$25,000,000
7,600,000		Port Arthur Navigation District, TX IDC (TOTAL Petrochemicals USA, Inc.), (Series 2012B) Weekly VRDNs, (GTD by TotalEnergies SE), 0.080%, 12/1/2021	7,600,000
7,500,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002B) Weekly VRDNs, 0.100%, 12/1/2021	7,500,000
30,000,000		Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals USA, Inc.), (Series 2010) Weekly VRDNs, (GTD by TotalEnergies SE), 0.080%, 12/1/2021	30,000,000
41,000,000		Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals USA, Inc.), Exempt Facilities Revenue Bonds (Series 2009) Weekly VRDNs, (GTD by TotalEnergies SE), 0.080%, 12/1/2021	41,000,000
4,000,000		South Texas CCD, (RBC Muni Products G-35) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.080%, 12/2/2021	4,000,000
14,700,000		Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Care System), (Series 2011C) Daily VRDNs, (TD Bank, N.A. LOC), 0.030%, 12/1/2021	14,700,000
6,775,000		Tarrant County, TX Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), (Series 2008A) Daily VRDNs, (TD Bank, N.A. LOC), 0.030%, 12/1/2021	6,775,000
		TOTAL	210,575,000
		Virginia— 3.8%
4,765,000		Alexandria, VA, Solar Eclipse (2017-0044) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.100%, 12/2/2021	4,765,000
1,850,000		Fairfax County, VA EDA (Young Men’s Christian Association of Metropolitan Washington), (Series 2001) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 0.150%, 12/3/2021	1,850,000
3,500,000		Hampton Roads, VA Transportation Accountability Commission, Tender Option Bond Trust Receipts (Series 2020-ZF0997) Weekly VRDNs, (Bank of America N.A. LIQ), 0.080%, 12/2/2021	3,500,000
250,000		Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003A) Weekly VRDNs, 0.060%, 12/1/2021	250,000
5,200,000		Loudoun County, VA, Solar Eclipse (Series 2017-0038) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.100%, 12/2/2021	5,200,000
335,000		Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), (Series 2017C) Weekly VRDNs, (Truist Bank LOC), 0.140%, 12/2/2021	335,000
6,210,000		Metropolitan Washington, DC Airports Authority (Dulles Metrorail and Capital Improvement Project), Tender Option Bond Trust Certificates (Series 2019-ZM0795) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 12/2/2021	6,210,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Virginia— continued
$ 2,535,000		Metropolitan Washington, DC Airports Authority (Dulles Metrorail and Capital Improvement Project), Tender Option Bond Trust Certificates (Series 2019-ZM0796) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.130%, 12/2/2021	$2,535,000
5,330,000		Roanoke, VA EDA (Carilion Health System Obligated Group), Tender Option Bond Trust Receipts (Series 2020-XF0955) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.080%, 12/2/2021	5,330,000
41,670,000		Suffolk, VA EDA (Sentara Health Systems Obligation Group), Tender Option Bond Trust Floater Certificates (2020-MIZ9025) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.120%, 12/2/2021	41,670,000
2,000,000		University of Virginia (The Rectors and Visitors of), Solar Eclipse (Series 2017-0017) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.100%, 12/2/2021	2,000,000
8,585,000		Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipts (Series 2020-XF0926) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.120%, 12/2/2021	8,585,000
4,500,000		Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipts (Series 2020-ZF0927) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.120%, 12/2/2021	4,500,000
6,640,000		Virginia State Public Building Authority Public Facilities (Virginia State), RBC Muni Products (Series G-40) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.250%, Optional Tender 2/1/2022	6,640,000
		TOTAL	93,370,000
		West Virginia— 0.3%
1,475,000		Morgantown, WV Combined Utility System (Morgantown Utility Board, Inc.), Tender Option Bond Trust Receipts (Series 2018-ZF0672) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.100%, 12/2/2021	1,475,000
6,000,000		West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 0.140%, 12/2/2021	6,000,000
		TOTAL	7,475,000
		Wisconsin— 1.0%
5,000,000		Milwaukee County, WI Metropolitan Sewer District, Solar Eclipse 2017-0036 Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.040%, 12/1/2021	5,000,000
5,730,000		Public Finance Authority, WI (Bradford Preparatory School), Tender Option Bond Trust Receipts (2020-XF2887) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.250%, 12/2/2021	5,730,000
1,030,000		Public Finance Authority, WI (Carolina Charter Academy, Inc.), Tender Option Bond Trust Receipts (Series 2021-XF2931) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.180%, 12/2/2021	1,030,000
9,331,000		Wisconsin Center District, Tender Option Bond Trust Receipts (Series 2020-XF1208) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.090%, 12/2/2021	9,331,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Wisconsin— continued
$ 4,000,000		Wood County, WI BANs, 0.750%, 3/7/2022	$4,003,055
		TOTAL	25,094,055
		TOTAL INVESTMENT IN SECURITIES—101.8% (AT AMORTIZED COST)2	2,490,932,288
		OTHER ASSETS AND LIABILITIES - NET—(1.8)%3	(43,776,713)
		TOTAL NET ASSETS—100%	$2,447,155,575

At November 30, 2021, the Fund held no securities that are subject to the federal alternative minimum tax (AMT) (unaudited).

1	Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
2	Also represents cost for federal tax purposes.
3	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at November 30, 2021.

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

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

Semi-Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2021	Year Ended May 31,		Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2021	2021	2020	Period Ended 5/31/20191	2018	2017	2016
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.0002	0.001	0.012	0.012	0.010	0.006	0.0002
Net realized gain (loss)	0.0002	0.0002	0.0002	0.0002	0.0002	0.002	0.0002
Total From Investment Operations	0.0002	0.001	0.012	0.012	0.010	0.008	0.0002
Less Distributions:
Distributions from net investment income	(0.000)2	(0.001)	(0.012)	(0.012)	(0.010)	(0.006)	(0.000)2
Distributions from net realized gain	(0.000)2	(0.000)2	(0.000)2	(0.000)2	(0.000)2	(0.002)	(0.000)2
Total Distributions	(0.000)2	(0.001)	(0.012)	(0.012)	(0.010)	(0.008)	(0.000)2
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return3	0.01%	0.06%	1.19%	1.22%	1.03%	0.77%	0.11%
Ratios to Average Net Assets:
Net expenses4	0.12%5	0.21%	0.21%	0.21%5	0.21%	0.21%	0.13%6
Net investment income	0.01%5	0.06%	1.14%	1.46%5	1.03%	0.57%	0.08%
Expense waiver/ reimbursement7	0.18%5	0.09%	0.08%	0.09%5	0.09%	0.09%	0.17%
Supplemental Data:
Net assets, end of period (000 omitted)	$2,258,394	$2,415,796	$4,131,257	$3,403,098	$3,054,475	$2,270,120	$4,088,135

1	The Fund has changed its fiscal year end from July 31 to May 31. This period represents the ten-month period from August 1, 2018 to May 31, 2019.
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	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio was 0.13% for the year ended July 31, 2016, after taking into account these expense reductions.
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/reimbursement recorded by investment companies in which the Fund may invest.

See Notes which are an integral part of the Financial Statements

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

Semi-Annual Shareholder Report

Notes to Financial Statements

November 30, 2021 (unaudited)

1. ORGANIZATION

Federated Hermes Money Market Obligations Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included herein are only those of Federated Hermes Tax-Free Obligations Fund (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares: Wealth Shares, Advisor Shares and Service Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide dividend income exempt from federal regular income tax consistent with stability of principal. Interest income from the Fund’s investments normally will not be subject to the AMT for individuals, and may be subject to state and local taxes.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waivers of $2,559,575 is disclosed in various locations in this Note 2 and Note 4.

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

Other Service Fees

For the six months ended November 30, 2021, other service fees for the Fund were as follows:

	Other Service Fees Incurred	Other Service Fees Waived by Unaffiliated Third Parties
Service Shares	$234,564	$(234,564)

For the six months ended November 30, 2021, the Fund’s Wealth Shares and Advisor Shares did not incur other service fees.

Semi-Annual Shareholder Report

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

Semi-Annual Shareholder Report

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 11/30/2021		Year Ended 5/31/2021
Wealth Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	1,279,572	$1,279,572	3,567,284	$3,567,284
Shares issued to shareholders in payment of distributions declared	80	80	1,520	1,520
Shares redeemed	(1,437,038)	(1,437,038)	(5,284,309)	(5,284,309)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	(157,386)	$(157,386)	(1,715,505)	$(1,715,505)
	Six Months Ended 11/30/2021		Year Ended 5/31/2021
Advisor Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	6,207	$6,207	25,701	$25,701
Shares issued to shareholders in payment of distributions declared	1	1	25	25
Shares redeemed	(5,424)	(5,424)	(49,750)	(49,750)
NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS	784	$784	(24,024)	$(24,024)
	Six Months Ended 11/30/2021		Year Ended 5/31/2021
Service Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	117,082	$117,082	377,759	$377,759
Shares issued to shareholders in payment of distributions declared	5	5	13	13
Shares redeemed	(173,431)	(173,431)	(368,963)	(368,963)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(56,344)	$(56,344)	8,809	$8,809
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(212,946)	$(212,946)	(1,730,720)	$(1,730,720)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Semi-Annual Shareholder Report

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.100%	on assets up to $50 billion
0.075%	on assets over $50 billion

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee.

For the six months ended November 30, 2021, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

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

Other Service Fees

For the six months ended November 30, 2021, FSSC did not receive or reimburse other service fees.

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund’s Wealth Shares, Advisor Shares and Service Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.21%, 0.21% and 0.46% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) August 1, 2022; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Semi-Annual Shareholder Report

Interfund Transactions

During the six months ended November 30, 2021, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Directors/Trustees and/or common Officers. These purchase and sale transactions complied with Rule 17a-7 under the Act and amounted to $718,800,000 and $666,000,000, respectively. Net realized gain/loss recognized on these transactions was $0.

Directors’/Trustees’ and Miscellaneous Fees

5. INTERFUND LENDING

6. OTHER MATTERS

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2021

Federated Hermes Tax-Free Obligations Fund (the “Fund”)

Information Received and Review Process

Semi-Annual Shareholder Report

Nature, Extent and Quality of Services

Semi-Annual Shareholder Report

Based on these considerations, the Board concluded that the nature, extent and quality of the Adviser’s investment management and related services warrant the continuation of the Contract.

Fund Investment Performance

Semi-Annual Shareholder Report

Following such evaluation and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Contract.

Fund Expenses

Semi-Annual Shareholder Report

Following such evaluation and full deliberations, the Board concluded that the fees and expenses of the Fund are reasonable and supported renewal of the Contract.

Semi-Annual Shareholder Report

Profitability and Other Benefits

Semi-Annual Shareholder Report

Economies of Scale

Semi-Annual Shareholder Report

Conclusions

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Item 2.

Code of Ethics

Not Applicable

Item 3.

Audit Committee Financial Expert

Not Applicable

Item 4.

Principal Accountant Fees and Services

Not Applicable

Item 5.

Audit Committee of Listed Registrants

Not Applicable

Item 6.

Schedule of Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.

(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not Applicable

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not Applicable

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not Applicable

Item 10.

Submission of Matters to a Vote of Security Holders

No Changes to Report

Item 11.

Controls and Procedures

(a) The registrant’s President and Treasurer have concluded that the

registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not Applicable

Item 13.

Exhibits

(a)(1) Code of Ethics- Not Applicable to this Report.

(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.

(a)(3) Not Applicable.

(b) Certifications pursuant to 18 U.S.C. Section 1350.

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 Federated Hermes Money Market Obligations Trust

By /S/ Lori A. Hensler

Lori A. Hensler

Principal Financial Officer

Date January 24, 2022

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 /S/ J. Christopher Donahue

J. Christopher Donahue

Principal Executive Officer

Date January 24, 2022

By /S/ Lori A. Hensler

Lori A. Hensler

Principal Financial Officer

Date January 24, 2022

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

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	74.0%
Municipal Notes	20.3%
Commercial Paper	6.2%
Other Assets and Liabilities—Net2	(0.5)%
TOTAL	100%

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	67.6%
8-30 Days	3.9%
31-90 Days	15.6%
91-180 Days	3.6%
181 Days or more	9.8%
Other Assets and Liabilities—Net2	(0.5)%
Total	100%

Assets:
Investment in securities, at amortized cost and fair value	$2,687,827,652
Cash	671,408
Income receivable	2,615,479
Receivable for shares sold	37,183
Total Assets	2,691,151,722
Liabilities:
Payable for investments purchased	15,210,530
Payable for shares redeemed	2,132,472
Income distribution payable	1,660
Payable for investment adviser fee (Note 4)	5,120
Payable for administrative fee (Note 4)	5,733
Payable for other service fees (Notes 2 and 4)	9,140
Accrued expenses (Note 4)	212,956
Total Liabilities	17,577,611
Net assets for 2,673,482,922 shares outstanding	$2,673,574,111
Net Assets Consist of:
Paid-in capital	$2,673,462,610
Total distributable earnings (loss)	111,501
Total Net Assets	$2,673,574,111

Investment Income:
Interest	$2,564,335
Expenses:
Investment adviser fee (Note 4)	2,811,233
Administrative fee (Note 4)	1,100,485
Custodian fees	43,920
Transfer agent fees (Note 2)	547,701
Directors’/Trustees’ fees (Note 4)	8,503
Auditing fees	11,492
Legal fees	10,840
Portfolio accounting fees	134,616
Distribution services fee (Note 4)	991,456
Other service fees (Notes 2 and 4)	1,745,569
Share registration costs	75,533
Printing and postage	23,816
Miscellaneous (Note 4)	11,437
TOTAL EXPENSES	7,516,601
Waivers and Reimbursements:
Waiver of investment adviser fee (Note 4)	(1,841,808)
Waivers/reimbursements of other operating expenses (Notes 2 and 4)	(3,251,797)
TOTAL WAIVERS AND REIMBURSEMENTS	(5,093,605)
Net expenses	2,422,996
Net investment income	$141,339
Net realized gain on investments	23,974
Change in net assets resulting from operations	$165,313

Portfolio of Investments Summary Tables	1
Portfolio of Investments	2
Financial Highlights	17
Statement of Assets and Liabilities	25
Statement of Operations	27
Statement of Changes in Net Assets	28
Notes to Financial Statements	29
Shareholder Expense Example	37
Evaluation and Approval of Advisory Contract	40
Voting Proxies on Fund Portfolio Securities	50
Portfolio Schedule	50

1	See the Fund’s Prospectus and Statement of Additional Information for a description of these investments.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

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

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Automated Shares:
$671,338,937 ÷ 671,316,057 shares outstanding, no par value, unlimited shares authorized	$1.00
Investment Shares:
$4,213,429 ÷ 4,213,285 shares outstanding, no par value, unlimited shares authorized	$1.00
Wealth Shares:
$1,143,880,067 ÷ 1,143,841,042 shares outstanding, no par value, unlimited shares authorized	$1.00
Service Shares:
$284,802,008 ÷ 284,792,272 shares outstanding, no par value, unlimited shares authorized	$1.00
Cash II Shares:
$73,970,366 ÷ 73,967,845 shares outstanding, no par value, unlimited shares authorized	$1.00
Cash Series Shares:
$249,484,019 ÷ 249,475,517 shares outstanding, no par value, unlimited shares authorized	$1.00
Capital Shares:
$245,885,285 ÷ 245,876,904 shares outstanding, no par value, unlimited shares authorized	$1.00

	Six Months Ended (unaudited) 11/30/2021	Year Ended 5/31/2021
Increase (Decrease) in Net Assets
Operations:
Net investment income	$141,339	$2,680,484
Net realized gain (loss)	23,974	87,172
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	165,313	2,767,656
Distributions to Shareholders:
Automated Shares	(33,583)	(82,942)
Investment Shares	(217)	(976)
Wealth Shares	(63,048)	(2,328,392)
Service Shares	(12,839)	(97,518)
Cash II Shares	(3,770)	(6,463)
Cash Series Shares	(14,235)	(29,175)
Capital Shares	(13,657)	(228,477)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(141,349)	(2,773,943)
Share Transactions:
Proceeds from sale of shares	1,366,188,669	5,768,486,888
Net asset value of shares issued to shareholders in payment of distributions declared	130,809	2,386,409
Cost of shares redeemed	(1,661,532,548)	(6,302,848,809)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(295,213,070)	(531,975,512)
Change in net assets	(295,189,106)	(531,981,799)
Net Assets:
Beginning of period	2,968,763,217	3,500,745,016
End of period	$2,673,574,111	$2,968,763,217

Assets:
Investment in securities, at amortized cost and fair value	$2,490,932,288
Cash	904,932
Income receivable	1,800,618
Receivable for investments sold	3,017,778
Receivable for shares sold	302,034
Total Assets	2,496,957,650
Liabilities:
Payable for investments purchased	47,058,734
Payable for shares redeemed	2,620,377
Income distribution payable	7,683
Payable for investment adviser fee (Note 4)	1,974
Payable for administrative fee (Note 4)	5,248
Accrued expenses (Note 4)	108,059
Total Liabilities	49,802,075
Net assets for 2,446,951,698 shares outstanding	$2,447,155,575
Net Assets Consist of:
Paid-in capital	$2,446,932,215
Total distributable earnings (loss)	223,360
Total Net Assets	$2,447,155,575
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Wealth Shares:
$2,258,393,972 ÷ 2,258,205,822 shares outstanding, no par value, unlimited shares authorized	$1.00
Advisor Shares:
$18,945,242 ÷ 18,943,653 shares outstanding, no par value, unlimited shares authorized	$1.00
Service Shares:
$169,816,361 ÷ 169,802,223 shares outstanding, no par value, unlimited shares authorized	$1.00

Investment Income:
Interest	$1,573,615
Expenses:
Investment adviser fee (Note 4)	2,559,324
Administrative fee (Note 4)	1,001,667
Custodian fees	39,143
Transfer agent fees	12,568
Directors’/Trustees’ fees (Note 4)	7,660
Auditing fees	11,491
Legal fees	10,145
Portfolio accounting fees	108,138
Other service fees (Notes 2 and 4)	234,564
Share registration costs	44,630
Printing and postage	15,064
Miscellaneous (Note 4)	23,169
TOTAL EXPENSES	4,067,563
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	(2,323,263)
Waivers/reimbursement of other operating expenses (Notes 2 and 4)	(236,312)
TOTAL WAIVERS AND REIMBURSEMENT	(2,559,575)
Net expenses	1,507,988
Net investment income	$65,627
Net realized gain on investments	44,449
Change in net assets resulting from operations	$110,076