0001623632-22-000906.txt : 20220728 0001623632-22-000906.hdr.sgml : 20220728 20220728072116 ACCESSION NUMBER: 0001623632-22-000906 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20220531 FILED AS OF DATE: 20220728 DATE AS OF CHANGE: 20220728 EFFECTIVENESS DATE: 20220728 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Federated Hermes Money Market Obligations Trust CENTRAL INDEX KEY: 0000856517 IRS NUMBER: 251415329 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-05950 FILM NUMBER: 221112796 BUSINESS ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 FORMER COMPANY: FORMER CONFORMED NAME: MONEY MARKET OBLIGATIONS TRUST DATE OF NAME CHANGE: 20101109 FORMER COMPANY: FORMER CONFORMED NAME: MONEY MARKET OBLIGATIONS TRUST /NEW/ DATE OF NAME CHANGE: 19920703 0000856517 S000009558 Federated Hermes Municipal Obligations Fund C000026108 Wealth Shares MOFXX C000026109 Service Shares MOSXX C000026110 Capital Shares MFCXX C000157041 Cash II Shares MODXX C000157042 Cash Series Shares MFSXX C000157043 Investment Shares MOIXX C000157044 Automated Shares MOTXX 0000856517 S000009577 Federated Hermes Tax-Free Obligations Fund C000026164 Wealth Shares TBIXX C000026165 Service Shares TBSXX C000190788 Advisor Shares TBVXX N-CSR 1 mmot-form.htm 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, Pennsylvania 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: 05/31/22

 

 

Date of Reporting Period: 05/31/22

 

 

 

 

 

 

 

 

 

  Item 1. Reports to Stockholders

 

 

 

Annual Shareholder Report
May 31, 2022
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 Annual Shareholder Report for your fund covering the period from June 1, 2021 through May 31, 2022. This report includes a complete listing of your fund’s holdings, performance information and financial statements along with other important fund information.
As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.
In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.
Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.
Sincerely,
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 Summary Tables (unaudited)
At May 31, 2022, the Fund’s portfolio composition1 was as follows:
Security Type
Percentage of
Total Net Assets
Variable Rate Demand Instruments
73.1%
Municipal Notes
15.8%
Commercial Paper
10.4%
Other Assets and Liabilities—Net2
0.7%
TOTAL
100%
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.
At May 31, 2022, the Fund’s effective maturity schedule1 was as follows:
Securities With an
Effective Maturity of:
Percentage of
Total Net Assets
1-7 Days
69.4%
8-30 Days
4.9%
31-90 Days
17.9%
91-180 Days
4.8%
181 Days or more
2.3%
Other Assets and Liabilities—Net2
0.7%
Total
100%
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.
Annual Shareholder Report
1

Portfolio of Investments
May 31, 2022
Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   99.3%
 
 
 
Alabama—   1.8%
 
$    875,000
 
Autauga County, AL IDA (Marshall Prattville, LLC), (Series 2008)
Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.900%, 6/2/2022
$      875,000
  3,275,000
 
Cooperative District of Fort Spanish, AL, Tender Option Bond Trust
Receipts (Series 2021-XF2958) Weekly VRDNs, (GTD by Mizuho Bank
Ltd.)/(Mizuho Bank Ltd. LIQ), 0.990%, 6/2/2022
    3,275,000
  9,275,000
 
Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2007) Weekly
VRDNs, (Comerica Bank LOC), 0.900%, 6/2/2022
    9,275,000
10,000,000
 
Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2011) Weekly
VRDNs, (Comerica Bank LOC), 0.900%, 6/2/2022
   10,000,000
33,700,000
 
Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly
VRDNs, 0.930%, 6/1/2022
   33,700,000
 
 
TOTAL
57,125,000
 
 
Arizona—   1.2%
 
32,500,000
 
Arizona State IDA (Vaseo Apartments LP), Mizuho 3a-7 (2021-MIZ9088)
VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ),
1.040%, 6/2/2022
   32,500,000
  5,610,000
 
Maricopa County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly
VRDNs, (Wells Fargo Bank, N.A. LOC), 0.940%, 6/2/2022
    5,610,000
 
 
TOTAL
38,110,000
 
 
Arkansas—   0.4%
 
13,500,000
 
Blytheville, AR (Nucor Corp.), (Series 2002) Weekly VRDNs,
0.980%, 6/1/2022
   13,500,000
 
 
California—   12.2%
 
19,000,000
 
California Educational Facilities Authority (Stanford University),
(Series S-4), CP, 0.950%, Mandatory Tender 7/5/2022
   19,000,000
  4,910,000
 
California Enterprise Development Authority (J. Harris Industrial Water
Treatment, Inc.), (Series 2015) Weekly VRDNs, (City National Bank
LOC), 0.870%, 6/2/2022
    4,910,000
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), 0.910%, 6/2/2022
   20,000,000
22,000,000
 
California Health Facilities Financing Authority (Kaiser Permanente),
(Series 2006E), CP, 0.520%, Mandatory Tender 6/15/2022
   22,000,000
  9,220,000
 
California Health Facilities Financing Authority (Kaiser Permanente),
(Series 2006E), CP, 0.800%, Mandatory Tender 7/14/2022
    9,220,000
  4,826,000
 
California HFA Multi-Family (Hope on Broadway LP), Tender Option
Bond Trust Receipts (2021-XF2928) Weekly VRDNs, (GTD by Mizuho
Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.990%, 6/2/2022
    4,826,000
  2,000,000
 
California PCFA (C.A. and E.J. Vanderham Family Trust), (Series 2003)
Weekly VRDNs, (CoBank, ACB LOC), 0.900%, 6/2/2022
    2,000,000
Annual Shareholder Report
2

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
California—   continued
 
$  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), 0.900%, 6/2/2022
$    3,000,000
  2,940,000
 
California PCFA (T & W Farms), (Series 2002) Weekly VRDNs, (Bank of
America N.A. LOC), 0.900%, 6/2/2022
    2,940,000
  5,815,000
 
California School Finance Authority (CPMS Higher Ground, LLC),
Tender Option Bond Trust Receipts (2020-XF2893) Weekly VRDNs,
(GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.990%, 6/2/2022
    5,815,000
  5,175,000
 
California Statewide Communities Development Authority (Essex
Monarch La Brea Apartments LP), Tender Option Bond Trust Floater
Certificates (Series 2019-MIZ9012) VRENs, (GTD by Mizuho Bank
Ltd.)/(Mizuho Bank Ltd. LIQ), 1.040%, 6/2/2022
    5,175,000
22,263,000
 
California Statewide Communities Development Authority (Essex
Monarch Santa Monica Apartments LP), Tender Option Bond Trust
Floater Certificates (Series 2019-MIZ9011) VRENs, (GTD by Mizuho
Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 1.040%, 6/2/2022
   22,263,000
  9,000,000
 
California Statewide Communities Development Authority (Kaiser
Permanente), (Series 2004I), CP, 0.850%, Mandatory Tender 8/10/2022
    9,000,000
17,190,000
 
California Statewide Communities Development Authority (Kaiser
Permanente), (Series 2004K), CP, 0.200%, Mandatory Tender 7/7/2022
   17,190,000
  4,300,000
 
California Statewide Communities Development Authority (Pacific
Collegiate Foundation), (Series 2016) Weekly VRDNs, (Comerica Bank
LOC), 0.780%, 6/2/2022
    4,300,000
14,600,000
 
California Statewide Communities Development Authority MFH
(Uptown Newport Building Owner, LP), (2017 Series AA: One Uptown
Newport Apartments) Weekly VRDNs, (Comerica Bank LOC),
0.840%, 6/2/2022
   14,600,000
10,900,000
 
California Statewide Communities Development Authority MFH
(Uptown Newport Building Owner, LP), (2017 Series BB: One Uptown
Newport Apartments) Weekly VRDNs, (FHLB of Des Moines LOC),
0.830%, 6/2/2022
   10,900,000
14,980,000
 
California Statewide Communities Development Authority MFH
(Uptown Newport Building Owner, LP), (2021 Series A: One Uptown
Newport Apartments) Weekly VRDNs, (Landesbank Hessen-Thuringen
LOC), 0.850%, 6/2/2022
   14,980,000
50,300,000
 
Los Angeles, CA Community Redevelopment Agency (DWF V
Hollywood & Vine, LP), Mizuho 3a-7 (Series 2022-MIZ9089) Weekly
VRDNs, (GTD by FHLMC)/(Mizuho Bank Ltd. LIQ), 0.990%, 6/2/2022
   50,300,000
23,415,000
 
Los Angeles, CA Community Redevelopment Agency (DWF V Wilshire
Vermont, LP), Mizuho 3a-7 (Series 2022-MIZ9090) Weekly VRDNs,
(GTD by FHLMC)/(Mizuho Bank Ltd. LIQ), 0.990%, 6/2/2022
   23,415,000
  3,140,000
 
Los Angeles, CA MFH Revenue Bonds (Hope on Broadway LP), Tender
Option Bond Trust Receipts (Series 2021-XF2929) Weekly VRDNs,
(GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.990%, 6/2/2022
    3,140,000
  8,200,000
 
Los Angeles, CA TRANs, 4.000%, 6/23/2022
    8,214,234
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), 0.920%, 6/1/2022
   34,000,000
Annual Shareholder Report
3

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
California—   continued
 
$  8,000,000
 
River Islands, CA Public Financing Authority (River Islands, CA Public
Financing Authority Community Facilities District No. 2003-1), Tender
Option Bond Trust Floater Certificates (2020-MIZ9026) VRENs, (GTD
by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 1.040%, 6/2/2022
$    8,000,000
  2,795,000
 
Sacramento County, CA HDA (Shiloh Arms Partners LP), Mizuho 3a-7
(2022-MIZ9093) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd.
LIQ), 1.040%, 6/2/2022
    2,795,000
43,230,000
 
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), 1.040%, 6/2/2022
   43,230,000
26,075,000
 
Victorville, CA Joint Powers Financing Authority (Victorville, CA),
(Series 2007A: Cogeneration Facility) Weekly VRDNs, (BNP Paribas SA
LOC), 0.820%, 6/2/2022
   26,075,000
 
 
TOTAL
391,288,234
 
 
Colorado—   0.3%
 
  4,615,000
 
Colorado HFA (Acme Manufacturing Company, Inc.), (Series 2016A)
Weekly VRDNs, (UMB Bank, N.A. LOC), 0.980%, 6/2/2022
    4,615,000
  1,275,000
 
Colorado HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007)
Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.940%, 6/2/2022
    1,275,000
  1,300,000
 
Colorado HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs,
(UMB Bank, N.A. LOC), 1.030%, 6/2/2022
    1,300,000
  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), 1.040%, Optional Tender 6/1/2022
    3,000,000
 
 
TOTAL
10,190,000
 
 
Connecticut—   0.6%
 
  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), 0.970%, Optional Tender 10/3/2022
    8,000,000
10,280,000
 
Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays
Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.910%, 6/2/2022
   10,280,000
 
 
TOTAL
18,280,000
 
 
Florida—   1.5%
 
  2,100,000
 
Capital Trust Agency, FL (Milestones Community School, Inc.), Tender
Option Bond Trust Receipts (2022-XF2965) Weekly VRDNs, (GTD by
Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.990%, 6/2/2022
    2,100,000
12,900,000
 
Florida Development Finance Corp. (Brightline Florida Passenger Rail
Expansion), (Series 2021A) TOBs, (GTD by United States Treasury),
0.300%, Mandatory Tender 7/1/2022
   12,900,000
  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),
0.990%, 6/2/2022
    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),
1.040%, Optional Tender 10/3/2022
    9,000,000
Annual Shareholder Report
4

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Florida—   continued
 
$  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), 0.990%, Optional Tender 9/1/2022
$    5,000,000
11,830,000
 
Miami-Dade County, FL (County of Miami-Dade Seaport Department),
Tender Option Bond Trust Certificates (2022-XF2988 Weekly VRDNs,
(Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ),
0.930%, 6/2/2022
   11,830,000
  3,500,000
 
Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7
(2021-MIZ9072) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd.
LIQ), 1.040%, 6/2/2022
    3,500,000
  1,500,000
 
Miami-Dade County, FL HFA (Superior Manor Phase II LLC), Mizuho
3a-7 (2022-MIZ9087) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank
Ltd. LIQ), 1.040%, 6/2/2022
    1,500,000
 
 
TOTAL
47,270,000
 
 
Georgia—   6.8%
 
13,500,000
 
Appling County, GA Development Authority (Georgia Power Co.), (1st
Series 1997) Daily VRDNs, 0.770%, 6/1/2022
   13,500,000
30,905,000
 
Appling County, GA Development Authority (Georgia Power Co.),
(First Series 2011) Daily VRDNs, 0.770%, 6/1/2022
   30,905,000
37,560,000
 
Burke County, GA Development Authority (Georgia Power Co.),
(Series 2008) Daily VRDNs, 0.770%, 6/1/2022
   37,560,000
  1,700,000
 
Burke County, GA Development Authority (Georgia Power Co.), (Third
Series 2012) Daily VRDNs, 0.790%, 6/1/2022
    1,700,000
10,000,000
 
Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.),
(Series 2008) Weekly VRDNs, (FHLMC LOC), 0.930%, 6/2/2022
   10,000,000
  2,000,000
 
Effingham County, GA Development Authority (Georgia Power Co.),
(Series 2003) Daily VRDNs, 0.780%, 6/1/2022
    2,000,000
    420,000
 
Fitzgerald & Ben Hill County, GA Development Authority
(Agri-Products, Inc.), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A.
LOC), 0.900%, 6/2/2022
      420,000
  2,800,000
 
Floyd County, GA Development Authority PCRB (Georgia Power Co.),
(First Series 1996) Daily VRDNs, 0.770%, 6/1/2022
    2,800,000
11,875,000
 
Fulton County, GA Development Authority (Heritage Station Family
LLC), Tender Option Bond Trust Receipts (2022-XF2984) Weekly
VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC),
0.990%, 6/2/2022
   11,875,000
  9,300,000
 
Monroe County, GA Development Authority Pollution Control
(Georgia Power Co.), (First Series 1997) Daily VRDNs,
0.770%, 6/1/2022
    9,300,000
27,300,000
 
Monroe County, GA Development Authority Pollution Control
(Georgia Power Co.), (First Series 2008) Daily VRDNs,
0.770%, 6/1/2022
   27,300,000
  2,075,000
 
Savannah, GA EDA (Consolidated Utilities, Inc.), (Series 2007) Weekly
VRDNs, (Truist Bank LOC), 0.950%, 6/2/2022
    2,075,000
68,000,000
 
Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs,
0.940%, 6/1/2022
   68,000,000
Annual Shareholder Report
5

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Georgia—   continued
 
$  1,960,000
 
Wayne County, GA, IDA (Sierra International Machinery LLC),
(Series 2011) Weekly VRDNs, (Truist Bank LOC), 0.950%, 6/2/2022
$    1,960,000
 
 
TOTAL
219,395,000
 
 
Hawaii—   0.2%
 
  6,540,000
 
Hawaii State Department of Budget & Finance (Queen’s Health
Systems), (2015 Series C) VRENs, 1.240%, 6/2/2022
    6,540,000
 
 
Illinois—   0.9%
 
  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), 0.880%, 6/2/2022
    4,680,000
  4,600,000
 
Illinois Finance Authority - Solid Waste (Kuusakoski US LLC),
(Series 2013) Weekly VRDNs, (Nordea Bank Abp LOC),
0.880%, 6/2/2022
    4,600,000
18,067,035
 
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), 0.910%, Optional
Tender 8/4/2022
   18,067,035
 
 
TOTAL
27,347,035
 
 
Indiana—   1.2%
 
  6,050,000
 
Bloomington, IN EDRB (SY Henderson Court Investors, LP),
(Series 2008: Henderson Court Apartments) Weekly VRDNs, (FHLMC
LOC), 0.930%, 6/2/2022
    6,050,000
    200,000
 
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),
0.980%, 6/2/2022
      200,000
26,610,000
 
Indiana State Finance Authority (Trinity Healthcare Credit Group),
(Series 2008 D-2), CP, 1.200%, Mandatory Tender 7/18/2022
   26,610,000
  6,000,000
 
Indianapolis, IN MFH (Pedcor Investments-2006-LXXXVIII LP),
(Series 2007A: Forest Ridge Apartments) Weekly VRDNs, (Citizens
Bank, N.A., Providence LOC), 0.920%, 6/2/2022
    6,000,000
 
 
TOTAL
38,860,000
 
 
Iowa—   1.1%
 
29,000,000
 
Iowa Finance Authority (Cargill, Inc.), (Series 2021) Weekly VRDNs,
0.870%, 6/2/2022
   29,000,000
  5,300,000
 
Iowa Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly
VRDNs, (AgriBank FCB LOC), 0.900%, 6/2/2022
    5,300,000
 
 
TOTAL
34,300,000
 
 
Kansas—   0.8%
 
  5,000,000
 
Burlington, KS (Kansas City Power And Light Co.), (Series 2007A)
Weekly VRDNs, 1.020%, 6/1/2022
    5,000,000
21,000,000
 
Burlington, KS (Kansas City Power And Light Co.), (Series 2007B)
Weekly VRDNs, 1.020%, 6/1/2022
   21,000,000
 
 
TOTAL
26,000,000
Annual Shareholder Report
6

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Kentucky—   1.9%
 
$  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), 0.990%, Optional Tender 11/1/2022
$    6,500,000
20,000,000
 
Louisville & Jefferson County, KY Metropolitan Government (Louisville
Gas & Electric Co.), (Series A) Weekly VRDNs, 0.840%, 6/3/2022
   20,000,000
  5,000,000
 
Louisville & Jefferson County, KY Metropolitan Government (Louisville
Gas & Electric Co.), (Series B) Weekly VRDNs, 0.830%, 6/3/2022
    5,000,000
28,895,000
 
Meade County, KY Industrial Building Revenue Authority (Nucor
Corp.), (Series 2021B-1) Daily VRDNs, 0.900%, 6/1/2022
   28,895,000
 
 
TOTAL
60,395,000
 
 
Louisiana—   2.5%
 
12,000,000
 
Louisiana Local Government Environmental Facilities CDA (American
Biocarbon, CT LLC), (Series 2021) TOBs, (GTD by United States
Treasury), 0.250%, Mandatory Tender 6/1/2022
   12,000,000
18,000,000
 
Louisiana Local Government Environmental Facilities CDA (American
Biocarbon, CT LLC), (Series 2021) TOBs, (GTD by United States
Treasury), 2.125%, Mandatory Tender 12/1/2022
   18,000,000
  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), 1.040%, 6/2/2022
    3,790,000
18,500,000
 
St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1)
Weekly VRDNs, (GTD by Nucor Corp.), 0.990%, 6/1/2022
   18,500,000
27,400,000
 
St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1)
Weekly VRDNs, (GTD by Nucor Corp.), 0.970%, 6/1/2022
   27,400,000
 
 
TOTAL
79,690,000
 
 
Maine—   0.7%
 
22,260,000
 
Old Town, ME (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs,
0.920%, 6/1/2022
   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),
0.990%, Optional Tender 7/1/2022
    5,000,000
 
 
Massachusetts—   3.3%
 
10,000,000
 
Massachusetts Development Finance Agency (Nantucket Electric Co.),
(Series 2004), CP, (GTD by Massachusetts Electric Co.), 1.100%,
Mandatory Tender 6/10/2022
   10,000,000
28,000,000
 
Massachusetts Development Finance Agency (Nantucket Electric Co.),
(Series 2004), CP, (GTD by Massachusetts Electric Co.), 1.500%,
Mandatory Tender 7/12/2022
   28,000,000
34,048,000
 
Massachusetts IFA (New England Power Co.), (Series 1992B), CP,
1.000%, Mandatory Tender 6/10/2022
   34,048,000
35,115,000
 
Massachusetts IFA (New England Power Co.), (Series 1992B), CP,
1.400%, Mandatory Tender 7/12/2022
   35,115,000
 
 
TOTAL
107,163,000
Annual Shareholder Report
7

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Michigan—   0.2%
 
$  1,800,000
 
Michigan State Strategic Fund (Universal Forest Products Eastern
Division, Inc.), Series 2002 Weekly VRDNs, (JPMorgan Chase Bank,
N.A. LOC), 0.930%, 6/2/2022
$    1,800,000
  5,250,000
 
Michigan Strategic Fund (Greenville Venture Partners LLC),
(Series 2018) Weekly VRDNs, (CoBank, ACB LOC), 0.900%, 6/2/2022
    5,250,000
 
 
TOTAL
7,050,000
 
 
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),
0.910%, 6/2/2022
    1,330,000
 
 
Missouri—   1.2%
 
  7,500,000
 
Kansas City, MO Airport Revenue (Kansas City International Airport),
Tender Option Bond Trust Certificates (2022-ZF2977) Weekly VRDNs,
(Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A.
LIQ), 0.970%, 6/2/2022
    7,500,000
30,000,000
 
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), 0.910%, 6/2/2022
   30,000,000
  1,200,000
 
Kansas City, MO Planned Industrial Expansion Authority (EPD3
Ridgeview LP), Mizuho 3a-7 (2022-MIZ9086) VRENs, (GTD by Mizuho
Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 1.040%, 6/2/2022
    1,200,000
 
 
TOTAL
38,700,000
 
 
Montana—   0.2%
 
  3,510,000
 
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), 1.040%, 6/2/2022
    3,510,000
  2,215,000
 
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), 1.040%, 6/2/2022
    2,215,000
 
 
TOTAL
5,725,000
 
 
Multi-State—   21.3%
 
52,000,000
 
BlackRock MuniYield Quality Fund III, Inc., (3,564 Series W-7 VRDP
Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ),
0.890%, 6/2/2022
   52,000,000
178,500,000
 
Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily
VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.940%, 6/1/2022
  178,500,000
89,200,000
 
Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027)
Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.940%, 6/1/2022
   89,200,000
75,000,000
 
Nuveen Municipal Credit Income Fund, PUTTERs 3a-7 (Series 5039)
(VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ),
0.940%, 6/1/2022
   75,000,000
37,700,000
 
Nuveen Municipal Credit Opportunities Fund, (Series A) Weekly
VRDPs, (Sumitomo Mitsui Banking Corp. LIQ), 0.900%, 6/2/2022
   37,700,000
Annual Shareholder Report
8

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Multi-State—   continued
 
$102,275,000
 
Nuveen Municipal Credit Opportunities Fund, PUTTERs 3a-7
(Series 5033) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank,
N.A. LIQ), 0.940%, 6/1/2022
$  102,275,000
40,800,000
 
Nuveen Quality Municipal Income Fund, (Series 1) Weekly VRDPs,
(Barclays Bank PLC LIQ), 0.880%, 6/2/2022
   40,800,000
62,000,000
 
Nuveen Quality Municipal Income Fund, (Series 2) Weekly VRDPs,
(Barclays Bank PLC LIQ), 0.880%, 6/2/2022
   62,000,000
47,400,000
 
Nuveen Quality Municipal Income Fund, (Series 2) Weekly VRDPs,
(Barclays Bank PLC LIQ), 0.880%, 6/2/2022
   47,400,000
 
 
TOTAL
684,875,000
 
 
Nebraska—   0.3%
 
  7,500,000
 
Stanton County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs,
1.030%, 6/1/2022
    7,500,000
  1,875,000
 
Stanton County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs,
1.030%, 6/1/2022
    1,875,000
 
 
TOTAL
9,375,000
 
 
Nevada—   0.4%
 
  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), 1.000%, 6/2/2022
    1,395,000
11,500,000
 
Nevada Housing Division (DWF V Summit Club Holdings LLC), Mizuho
3a-7 (2021-MIZ9091) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank
Ltd. LIQ), 1.040%, 6/2/2022
   11,500,000
 
 
TOTAL
12,895,000
 
 
New Jersey—   10.6%
 
  3,903,700
 
Aberdeen Township, NJ BANs, 1.250%, 12/29/2022
    3,921,663
12,994,000
 
Alexandria Township, NJ Board of Education BANs, 1.000%, 7/27/2022
   13,008,713
  4,492,300
 
Berlin Boro, NJ BANs, 1.000%, 9/28/2022
    4,503,403
  2,418,430
 
Boonton Township, NJ BANs, 1.000%, 9/2/2022
    2,423,101
  6,248,518
 
Boonton, NJ BANs, 1.500%, 6/24/2022
    6,253,424
  5,492,565
 
Bound Brook Borough, NJ BANs, 1.000%, 8/18/2022
    5,501,581
  1,030,300
 
Byram Township, NJ BANs, 1.500%, 9/16/2022
    1,034,033
  5,807,835
 
Clementon, NJ BANs, 1.000%, 10/3/2022
    5,822,792
  2,183,035
 
Clinton, NJ BANs, 1.000%, 8/5/2022
    2,185,943
  4,360,523
 
Cranbury Township, NJ BANs, 1.000%, 9/3/2022
    4,369,391
  5,000,000
 
Cresskill Borough, NJ BANs, 1.000%, 10/14/2022
    5,013,277
  5,546,324
 
Demarest, NJ BANs, 1.000%, 6/24/2022
    5,549,008
  2,696,515
 
Dennis Township, NJ BANs, 1.000%, 6/17/2022
    2,697,376
  3,375,000
 
East Greenwich Township, NJ BANs, 1.250%, 11/8/2022
    3,387,509
  7,904,276
 
Eatontown, NJ BANs, 1.000%, 11/3/2022
    7,924,315
  8,040,000
 
Fairview, NJ BANs, 1.000%, 8/26/2022
    8,055,121
Annual Shareholder Report
9

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
New Jersey—   continued
 
$ 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),
0.910%, 6/2/2022
$   20,940,000
  8,203,000
 
Garfield, NJ BANs, 1.000%, 8/5/2022
    8,210,849
  1,094,250
 
Gibbsboro, NJ BANs, 1.000%, 6/30/2022
    1,094,900
  6,971,225
 
Glassboro Borough, NJ, (Series A) BANs, 1.000%, 8/23/2022
    6,983,878
12,600,000
 
Guttenberg, NJ BANs, 1.000%, 10/20/2022
   12,632,952
  1,800,000
 
Hillsdale Borough, NJ BANs, 1.000%, 12/2/2022
    1,805,323
  3,800,540
 
Hopatcong, NJ BANs, 1.000%, 7/22/2022
    3,804,512
  6,063,000
 
Lawrence Township, NJ BANs, 1.000%, 9/23/2022
    6,077,922
  1,273,900
 
Lebanon, NJ BANs, 1.000%, 9/13/2022
    1,276,724
  5,188,000
 
Logan Township, NJ BANs, 1.000%, 10/19/2022
    5,201,870
  2,563,303
 
Merchantville, NJ, (Series A) BANs, 1.000%, 8/2/2022
    2,566,429
  4,580,000
 
Middle Township, NJ BANs, 1.000%, 9/8/2022
    4,589,789
  7,832,673
 
Middlesex, NJ, (Series A) BANs, 1.000%, 6/23/2022
    7,836,204
  3,150,000
 
Moonachie, NJ BANs, 1.000%, 10/14/2022
    3,158,121
  4,023,775
 
Mount Olive Township, NJ BANs, 1.250%, 12/15/2022
    4,042,148
  6,850,000
 
New Jersey Economic Development Authority (Yeshiva of North
Jersey), (Series 2018) Weekly VRDNs, (Valley National Bank LOC),
1.090%, 6/2/2022
    6,850,000
  2,540,000
 
New Jersey EDA (Baptist Home Society of New Jersey) Weekly
VRDNs, (Valley National Bank LOC), 1.090%, 6/2/2022
    2,540,000
11,255,000
 
New Jersey EDA (Jewish Community Center on the Palisades),
(Series 2016) Weekly VRDNs, (Valley National Bank LOC),
1.090%, 6/3/2022
   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),
1.040%, 6/3/2022
    1,325,000
  4,160,000
 
New Jersey Health Care Facilities Financing Authority (Christian Health
Care Center), (Series A-2) Weekly VRDNs, (Valley National Bank LOC),
0.900%, 6/2/2022
    4,160,000
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),
0.910%, 6/2/2022
   14,885,000
  2,484,000
 
Newton, NJ BANs, 1.000%, 7/20/2022
    2,486,495
  5,754,000
 
North Arlington, NJ BANs, 1.250%, 11/10/2022
    5,775,605
  6,716,000
 
Park Ridge Borough, NJ BANs, 3.250%, 4/28/2023
    6,775,545
  4,627,696
 
Pemberton Township, NJ BANs, 1.000%, 6/2/2022
    4,627,787
  6,500,000
 
Pemberton Township, NJ, (Series 2022) BANs, 4.000%, 5/31/2023
    6,563,050
  2,700,000
 
Pine Beach, NJ BANs, 1.000%, 10/28/2022
    2,706,580
  6,200,000
 
Ramsey, NJ BANs, 1.250%, 1/6/2023
    6,229,618
  6,585,000
 
Somers Point, NJ BANs, 1.250%, 12/20/2022
    6,615,842
Annual Shareholder Report
10

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
New Jersey—   continued
 
$  2,345,000
 
South Hackensack, NJ BANs, 1.250%, 12/15/2022
$    2,355,707
  4,687,000
 
South Orange ViIlage Township, NJ BANs, 1.000%, 7/7/2022
    4,689,918
  6,464,075
 
South Plainfield, NJ BANs, 1.000%, 8/19/2022
    6,475,240
  6,136,000
 
South River, NJ, (Series B) BANs, 1.250%, 12/16/2022
    6,164,160
  2,160,395
 
Southampton Township, NJ BANs, 1.000%, 7/6/2022
    2,161,882
  3,200,000
 
Southampton Township, NJ BANs, 1.000%, 7/6/2022
    3,202,147
  3,588,154
 
Springfield Township, NJ BANs, 1.250%, 12/8/2022
    3,603,956
29,512,000
 
Stone Harbor, NJ BANs, 1.500%, 10/28/2022
   29,656,087
  2,931,710
 
Union Beach, NJ BANs, 1.250%, 10/27/2022
    2,941,798
  4,864,000
 
Washington Township (Morris County), NJ BANs, 1.000%, 8/24/2022
    4,872,598
  3,727,978
 
Washington Township, NJ (Warren County) BANs, 1.000%, 8/26/2022
    3,734,987
  4,915,750
 
West Deptford Township, NJ BANs, 1.000%, 9/1/2022
    4,925,640
  3,691,000
 
West Long Branch, NJ BANs, 1.000%, 6/24/2022
    3,692,693
  7,747,500
 
Winslow Township, NJ BANs, 1.000%, 9/20/2022
    7,765,597
 
 
TOTAL
340,910,203
 
 
New York—   2.6%
 
10,500,000
 
Ballston Spa, NY CSD BANs, 1.250%, 6/24/2022
   10,504,001
16,000,000
 
Elmira, NY City School District BANs, 1.500%, 6/24/2022
   16,003,345
  2,150,000
 
Friendship, NY CSD BANs, 1.000%, 6/29/2022
    2,151,267
  4,150,000
 
Garrison, NY UFSD BANs, 1.000%, 6/30/2022
    4,152,463
  5,590,000
 
Hempstead (town), NY IDA MFH (Hempstead Village Housing
Associates LP), (Series 2006) Weekly VRDNs, (FNMA LOC),
0.900%, 6/2/2022
    5,590,000
  4,000,000
 
Hyde Park, NY CSD BANs, 1.250%, 6/17/2022
    4,000,998
  4,000,000
 
Marlboro, NY CSD BANs, 1.250%, 6/29/2022
    4,000,901
  3,670,000
 
New Rochelle, NY IDA (180 Union Avenue Owner LP),
(Series 2006: West End Phase I Facility) Weekly VRDNs, (Citibank N.A.,
New York LOC), 0.880%, 6/2/2022
    3,670,000
15,000,000
 
New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells
Fargo Bank, N.A. LIQ), 0.940%, 6/2/2022
   15,000,000
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), 1.170%, 6/2/2022
   10,000,000
  6,000,000
 
Watertown, NY Enlarged City School District BANs, 1.000%, 6/28/2022
    6,003,320
  2,500,000
 
Watervliet, NY City School District BANs, 3.250%, 4/26/2023
    2,524,247
 
 
TOTAL
83,600,542
 
 
North Carolina—   0.2%
 
  3,000,000
 
Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.),
(Series 2000A) Weekly VRDNs, 0.980%, 6/1/2022
    3,000,000
Annual Shareholder Report
11

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
North Carolina—   continued
 
$  3,000,000
 
Yancey County, NC Industrial Facilities & Pollution Control Financing
Authority (Altec Industries, Inc.), (Series 2007) Weekly VRDNs, (Truist
Bank LOC), 0.950%, 6/2/2022
$    3,000,000
 
 
TOTAL
6,000,000
 
 
Ohio—   1.4%
 
30,470,000
 
Middletown, OH (Premier Health Partners Obligated Group), Golden
Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank
PLC LOC), 0.910%, 6/2/2022
   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), 0.910%, 6/2/2022
    8,100,000
  7,000,000
 
Toledo-Lucas County, OH Port Authority (Van Deurzen Dairy LLC),
(Series 2006) Weekly VRDNs, (AgriBank FCB LOC), 0.900%, 6/2/2022
    7,000,000
 
 
TOTAL
45,570,000
 
 
Oklahoma—   2.2%
 
13,750,000
 
Garfield County, OK Industrial Authority Pollution Control (Oklahoma
Gas and Electric Co.), (Series 1995-A) Weekly VRDNs,
0.910%, 6/1/2022
   13,750,000
32,400,000
 
Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (1995
Series A) Weekly VRDNs, 0.920%, 6/1/2022
   32,400,000
22,940,000
 
Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.),
(Series 1997A) Weekly VRDNs, 0.910%, 6/1/2022
   22,940,000
 
 
TOTAL
69,090,000
 
 
Oregon—   0.0%
 
  1,360,000
 
Port of Morrow, OR Pollution Control (Idaho Power Co.), (Series 2000)
Weekly VRDNs, 0.920%, 6/1/2022
    1,360,000
 
 
Pennsylvania—   0.9%
 
26,500,000
 
Blackrock MuniYield Pennsylvania Quality Fund, (663 Series W-7 VRDP
Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ),
0.880%, 6/2/2022
   26,500,000
    795,000
 
East Hempfield Township, PA IDA (BGT Realty), (Series of 2005)
Weekly VRDNs, (Fulton Bank, N.A. LOC), 1.100%, 6/2/2022
      795,000
  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), 1.040%, 6/2/2022
    2,000,000
 
 
TOTAL
29,295,000
 
 
South Carolina—   1.2%
 
21,500,000
 
Berkeley County, SC IDB (Nucor Corp.) Weekly VRDNs,
1.030%, 6/1/2022
   21,500,000
10,100,000
 
Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs,
1.030%, 6/1/2022
   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), 0.940%, 6/2/2022
    2,815,000
Annual Shareholder Report
12

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
South Carolina—   continued
 
$  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), 0.940%, 6/2/2022
$    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), 0.900%, 6/2/2022
    3,000,000
 
 
Tennessee—   1.5%
 
25,620,000
 
Memphis-Shelby County, TN Industrial Development Board - PCRB
(Nucor Steel Memphis, Inc.), (Series 2007) Weekly VRDNs, (GTD by
Nucor Corp.), 1.030%, 6/1/2022
   25,620,000
22,150,000
 
Metropolitan Government Nashville & Davidson County, TN, (2014
Program), CPX, 1.350%, Mandatory Tender 7/6/2022
   22,150,000
 
 
TOTAL
47,770,000
 
 
Texas—   14.7%
 
  5,000,000
 
Alamo, TX CCD, RBC Muni Products (Series G-111) TOBs, (Royal Bank
of Canada LIQ)/(Royal Bank of Canada LOC), 0.990%, Optional
Tender 11/1/2022
    5,000,000
28,000,000
 
Calhoun, TX Port Authority (BP PLC), (Series 1998) Weekly VRDNs,
0.980%, 6/1/2022
   28,000,000
27,480,000
 
Harris County, TX Cultural Education Facilities Finance Corp.
(Methodist Hospital, Harris County, TX), (Series 2009 C-2), CP, 0.860%,
Mandatory Tender 6/1/2022
   27,480,000
25,000,000
 
Harris County, TX Cultural Education Facilities Finance Corp.
(Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP,
0.820%, Mandatory Tender 6/3/2022
   25,000,000
40,000,000
 
Harris County, TX Cultural Education Facilities Finance Corp.
(Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP,
0.820%, Mandatory Tender 6/2/2022
   40,000,000
  4,000,000
 
Jewett, TX Economic Development Corporation (Nucor Corp.),
(Series 2003) Weekly VRDNs, 1.030%, 6/1/2022
    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), 0.990%, Optional Tender 7/1/2022
    9,000,000
27,800,000
 
Port of Corpus Christi Authority of Nueces County, TX (Flint Hills
Resources LLC), (Series 2002A) Weekly VRDNs, 0.900%, 6/1/2022
   27,800,000
  7,500,000
 
Port of Corpus Christi Authority of Nueces County, TX (Flint Hills
Resources LLC), (Series 2002B) Daily VRDNs, 0.980%, 6/1/2022
    7,500,000
17,500,000
 
Port of Corpus Christi Authority of Nueces County, TX (Flint Hills
Resources LLC), (Series 2003) Weekly VRDNs, 1.000%, 6/1/2022
   17,500,000
25,000,000
 
Port of Corpus Christi Authority of Nueces County, TX (Flint Hills
Resources LLC), (Series 2005) Weekly VRDNs, 1.000%, 6/1/2022
   25,000,000
42,000,000
 
Port of Corpus Christi Authority of Nueces County, TX (Flint Hills
Resources LLC), (Series 2006) Weekly VRDNs, 1.000%, 6/1/2022
   42,000,000
35,000,000
 
Port of Corpus Christi Authority of Nueces County, TX (Flint Hills
Resources LLC), (Series 2007) Weekly VRDNs, 1.000%, 6/1/2022
   35,000,000
Annual Shareholder Report
13

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Texas—   continued
 
$ 19,650,000
 
Port of Port Arthur Navigation District of Jefferson County, TX (Motiva
Enterprises LLC), (Series 2010A) Daily VRDNs, 0.840%, 6/1/2022
$   19,650,000
    850,000
 
Port of Port Arthur Navigation District of Jefferson County, TX (Motiva
Enterprises LLC), (Series 2010B) Daily VRDNs, 0.840%, 6/1/2022
      850,000
35,500,000
 
Port of Port Arthur Navigation District of Jefferson County, TX (Motiva
Enterprises LLC), (Series 2010C) Daily VRDNs, 0.860%, 6/1/2022
   35,500,000
14,050,000
 
Port of Port Arthur Navigation District of Jefferson County, TX (Motiva
Enterprises LLC), (Series 2010D) Weekly VRDNs, 0.900%, 6/1/2022
   14,050,000
83,900,000
 
Port of Port Arthur Navigation District of Jefferson County, TX (Motiva
Enterprises LLC), (Series 2010E) Weekly VRDNs, 0.990%, 6/1/2022
   83,900,000
10,000,000
 
San Antonio, TX Electric & Gas System, (2012 Series A), CP, 1.050%,
Mandatory Tender 6/22/2022
   10,000,000
15,000,000
 
Texas State Department of Housing & Community Affairs (Onion Creek
Housing Partners Ltd.), (Series 2007) Weekly VRDNs, (Federal National
Mortgage Association LOC), 0.930%, 6/2/2022
   15,000,000
 
 
TOTAL
472,230,000
 
 
Utah—   0.1%
 
  1,970,000
 
Salt Lake City, UT (Salt Lake City International Airport), Airport
Revenue Bonds (Series 2017A), 5.000%, 7/1/2022
    1,976,021
    500,000
 
Salt Lake County, UT Training Facilities (Community Foundation For
The Disabled, Inc.), (Series 2000) Weekly VRDNs, (Wells Fargo Bank,
N.A. LOC), 0.980%, 6/2/2022
      500,000
 
 
TOTAL
2,476,021
 
 
Virginia—   0.1%
 
  1,540,000
 
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), 0.940%, 6/2/2022
    1,540,000
  2,515,000
 
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), 0.940%, 6/2/2022
    2,515,000
 
 
TOTAL
4,055,000
 
 
Washington—   0.0%
 
  1,470,000
 
Washington State Economic Development Finance Authority (Mesa
Dairy, LLC), (Series 2007E) Weekly VRDNs, (Bank of the West,
San Francisco, CA LOC), 0.900%, 6/2/2022
    1,470,000
 
 
Wisconsin—   2.5%
 
10,991,000
 
Public Finance Authority, WI (Agape Meadowcreek, Inc.), Tender
Option Bond Trust Receipts (2020-XF2871) Weekly VRDNs, (GTD by
Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 1.010%, 6/2/2022
   10,991,000
  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), 1.010%, 6/2/2022
    6,000,000
  1,415,000
 
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), 0.990%, 6/2/2022
    1,415,000
Annual Shareholder Report
14

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Wisconsin—   continued
 
$  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), 0.990%, 6/2/2022
$    1,650,000
    790,000
 
West Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly
VRDNs, (U.S. Bank, N.A. LOC), 1.100%, 6/2/2022
      790,000
  2,450,000
 
Wisconsin State Public Finance Authority (Birchwood Properties LP),
(Series 2016) Weekly VRDNs, (FHLB of Des Moines LOC),
1.010%, 6/2/2022
    2,450,000
57,585,000
 
Wisconsin State Public Finance Authority (Waste Management, Inc.),
(Series A-2) TOBs, 2.000%, Mandatory Tender 8/1/2022
   57,585,000
 
 
TOTAL
80,881,000
 
 
TOTAL INVESTMENT IN SECURITIES—99.3%
(AT AMORTIZED COST)2
3,189,686,035
 
 
OTHER ASSETS AND LIABILITIES - NET—0.7%3
23,385,572
 
 
TOTAL NET ASSETS—100%
$3,213,071,607
Securities that are subject to the federal alternative minimum tax (AMT) represent 49.6% 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 May 31, 2022.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Annual Shareholder Report
15

In valuing the Fund’s assets as of May 31, 2022, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
The following acronym(s) are used throughout this portfolio:
 
BANs
—Bond Anticipation Notes
CCD
—Community College District
CDA
—Community Development Authority
CP
—Commercial Paper
CPX
—Commercial Paper Extendible
CSD
—Central School District
EDA
—Economic Development Authority
EDRB
—Economic Development Revenue Bond
FHLB
—Federal Home Loan Bank
FHLMC
—Federal Home Loan Mortgage Corporation
FNMA
—Federal National Mortgage Association
GTD
—Guaranteed
HDA
—Hospital Development Authority
HFA
—Housing Finance Authority
IDA
—Industrial Development Authority
IDB
—Industrial Development Bond
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
PLC
—Public Limited Company
PUTTERs
—Puttable Tax-Exempt Receipts
TOBs
—Tender Option Bonds
TRANs
—Tax and Revenue Anticipation Notes
UFSD
—Union Free School District
VMTP
—Variable Municipal Term Preferred
VRDNs
—Variable Rate Demand Notes
VRDP
—Variable Rate Demand Preferred
VRDPs
—Variable Rate Demand Preferreds
VRENs
—Variable Rate Extendible Notes
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
16

Financial HighlightsAutomated Shares
(For a Share Outstanding Throughout Each Period)
 
Year Ended May 31,
Period
Ended
5/31/20191
Year Ended July 31,
 
2022
2021
2020
20182
20173
Net Asset Value, Beginning of Period
$1.00
$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
Net realized gain (loss)
0.0004
0.0004
0.0004
0.0004
0.0004
0.001
Total From Investment
Operations
0.0004
0.0004
0.009
0.010
0.007
0.003
Less Distributions:
 
 
 
 
 
 
Distributions from net investment income
(0.000)4
(0.000)4
(0.009)
(0.010)
(0.007)
(0.002)
Distributions from net realized gain
(0.000)4
(0.000)4
(0.000)4
(0.000)4
(0.000)4
(0.001)
Total Distributions
(0.000)4
(0.000)4
(0.009)
(0.010)
(0.007)
(0.003)
Net Asset Value, End of Period
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Total Return6
0.04%
0.01%
0.91%
0.99%
0.77%
0.29%
Ratios to Average Net Assets:
 
 
 
 
 
 
Net expenses7
0.27%
0.33%
0.56%
0.56%8
0.55%
0.61%
Net investment income
0.03%
0.01%
0.90%
1.20%8
0.81%
0.23%
Expense waiver/reimbursement9
0.38%
0.32%
0.09%
0.09%8
0.10%
0.11%
Supplemental Data:
 
 
 
 
 
 
Net assets, end of period (000 omitted)
$700,243
$683,243
$818,565
$636,808
$48,952
$010
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
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.
10
Represents less than $1,000.
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
17

Financial HighlightsInvestment Shares
(For a Share Outstanding Throughout Each Period)
 
Year Ended May 31,
Period
Ended
5/31/20191
Year Ended July 31,
 
2022
2021
2020
2018
2017
Net Asset Value, Beginning of Period
$1.00
$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
Net realized gain (loss)
0.0002
0.0002
0.0002
0.0002
0.0002
0.001
Total From Investment Operations
0.0002
0.0002
0.007
0.008
0.005
0.002
Less Distributions:
 
 
 
 
 
 
Distributions from net investment income
(0.000)2
(0.000)2
(0.007)
(0.008)
(0.005)
(0.001)
Distributions from net realized gain
(0.000)2
(0.000)2
(0.000)2
(0.000)2
(0.000)2
(0.001)
Total Distributions
(0.000)2
(0.000)2
(0.007)
(0.008)
(0.005)
(0.002)
Net Asset Value, End of Period
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Total Return4
0.02%
0.01%
0.71%
0.79%
0.54%
0.17%
Ratios to Average Net Assets:
 
 
 
 
 
 
Net expenses5
0.27%
0.35%
0.78%
0.78%6
0.78%
0.76%
Net investment income
0.01%
0.01%
0.77%
0.95%6
0.46%
0.11%
Expense waiver/reimbursement7
0.63%
0.54%
0.12%
0.12%6
0.13%
0.16%
Supplemental Data:
 
 
 
 
 
 
Net assets, end of period (000 omitted)
$2,874
$4,756
$11,112
$44,873
$40,219
$68,690
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
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
Annual Shareholder Report
18

Financial HighlightsWealth Shares
(For a Share Outstanding Throughout Each Period)
 
Year Ended May 31,
Period
Ended
5/31/20191
Year Ended July 31,
 
2022
2021
2020
2018
2017
Net Asset Value, Beginning of
Period
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Income From Investment
Operations:
 
 
 
 
 
 
Net investment income
0.001
0.001
0.012
0.0132
0.011
0.001
Net realized gain (loss)
0.0003
0.0003
0.001
0.0003
0.0003
0.001
Total From Investment
Operations
0.001
0.001
0.013
0.013
0.011
0.002
Less Distributions:
 
 
 
 
 
 
Distributions from net investment
income
(0.001)
(0.001)
(0.013)
(0.013)
(0.011)
(0.001)
Distributions from net realized
gain
(0.000)3
(0.000)3
(0.000)3
(0.000)3
(0.000)3
(0.001)
Total Distributions
(0.001)
(0.001)
(0.013)
(0.013)
(0.011)
(0.002)
Net Asset Value, End of Period
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Total Return4
0.12%
0.13%
1.27%
1.27%
1.12%
0.72%
Ratios to Average Net Assets:
 
 
 
 
 
 
Net expenses5
0.19%
0.21%
0.21%
0.21%6
0.21%
0.21%
Net investment income
0.13%
0.12%
1.24%
1.52%6
1.10%
0.64%
Expense waiver/reimbursement7
0.11%
0.09%
0.09%
0.09%6
0.10%
0.11%
Supplemental Data:
 
 
 
 
 
 
Net assets, end of period (000
omitted)
$1,772,201
$1,372,803
$1,510,434
$1,713,390
$1,163,568
$667,169
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
Per share numbers have been calculated using the average shares method.
3
Represents less than $0.001.
4
Based on net asset value. Total returns for periods of less than one year are not annualized.
5
Amount does not reflect net expenses incurred by investment companies in which the Fund
may invest.
6
Computed on an annualized basis.
7
This expense decrease is reflected in both the net expense and the net investment income ratios
shown above. Amount does not reflect expense waiver/reimbursement recorded by investment
companies in which the Fund may invest.
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
19

Financial HighlightsService Shares
(For a Share Outstanding Throughout Each Period)
 
Year Ended May 31,
Period
Ended
5/31/20191
Year Ended July 31,
 
2022
2021
2020
2018
2017
Net Asset Value, Beginning of Period
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Income From Investment Operations:
 
 
 
 
 
 
Net investment income
0.001
0.0002
0.010
0.0113
0.008
0.004
Net realized gain (loss)
0.0002
0.0002
0.0002
0.0002
0.0002
0.001
Total From Investment
Operations
0.001
0.0002
0.010
0.011
0.008
0.005
Less Distributions:
 
 
 
 
 
 
Distributions from net investment income
(0.001)
(0.000)2
(0.010)
(0.011)
(0.008)
(0.004)
Distributions from net realized gain
(0.000)2
(0.000)2
(0.000)2
(0.000)2
(0.000)2
(0.001)
Total Distributions
(0.001)
(0.000)2
(0.010)
(0.011)
(0.008)
(0.005)
Net Asset Value, End of Period
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Total Return4
0.05%
0.02%
1.01%
1.06%
0.87%
0.47%
Ratios to Average Net Assets:
 
 
 
 
 
 
Net expenses5
0.25%
0.34%
0.46%
0.46%6
0.46%
0.46%
Net investment income
0.05%
0.02%
0.98%
1.26%6
0.84%
0.39%
Expense waiver/reimbursement7
0.30%
0.20%
0.09%
0.09%6
0.10%
0.11%
Supplemental Data:
 
 
 
 
 
 
Net assets, end of period (000 omitted)
$232,943
$255,785
$515,994
$410,580
$449,099
$369,709
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
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
Annual Shareholder Report
20

Financial HighlightsCash II Shares
(For a Share Outstanding Throughout Each Period)
 
Year Ended May 31,
Period
Ended
5/31/20191
Year Ended July 31,
 
2022
2021
2020
2018
2017
Net Asset Value, Beginning of Period
$1.00
$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
Net realized gain (loss)
0.0002
0.0002
0.0002
0.0002
0.0002
0.001
Total From Investment Operations
0.0002
0.0002
0.006
0.007
0.004
0.001
Less Distributions:
 
 
 
 
 
 
Distributions from net investment income
(0.000)2
(0.000)2
(0.006)
(0.007)
(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)
Total Distributions
(0.000)2
(0.000)2
(0.006)
(0.007)
(0.004)
(0.001)
Net Asset Value, End of Period
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Total Return4
0.01%
0.01%
0.60%
0.69%
0.43%
0.11%
Ratios to Average Net Assets:
 
 
 
 
 
 
Net expenses5
0.29%
0.31%
0.88%
0.91%6
0.90%
0.82%
Net investment income
0.01%
0.01%
0.60%
0.83%6
0.35%
0.04%
Expense waiver/reimbursement7
0.71%
0.69%
0.11%
0.09%6
0.10%
0.19%
Supplemental Data:
 
 
 
 
 
 
Net assets, end of period (000 omitted)
$71,843
$74,123
$44,704
$50,506
$49,804
$88,884
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
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
Annual Shareholder Report
21

Financial HighlightsCash Series Shares
(For a Share Outstanding Throughout Each Period)
 
Year Ended May 31,
Period
Ended
5/31/20191
Year Ended July 31,
 
2022
2021
2020
2018
2017
Net Asset Value, Beginning of Period
$1.00
$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
Net realized gain (loss)
0.0002
0.0002
0.0002
0.0002
0.0002
0.001
Total From Investment
Operations
0.0002
0.0002
0.005
0.006
0.003
0.001
Less Distributions:
 
 
 
 
 
 
Distributions from net investment income
(0.000)2
(0.000)2
(0.005)
(0.006)
(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
(0.001)
Total Distributions
(0.000)2
(0.000)2
(0.005)
(0.006)
(0.003)
(0.001)
Net Asset Value, End of Period
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Total Return4
0.01%
0.01%
0.49%
0.59%
0.31%
0.07%
Ratios to Average Net Assets:
 
 
 
 
 
 
Net expenses5
0.29%
0.32%
0.99%
1.02%6
1.02%
0.83%
Net investment income
0.01%
0.01%
0.49%
0.71%6
0.30%
0.01%
Expense waiver/reimbursement7
0.97%
0.93%
0.27%
0.24%6
0.24%
0.45%
Supplemental Data:
 
 
 
 
 
 
Net assets, end of period (000 omitted)
$237,579
$288,115
$240,445
$281,674
$328,142
$118,975
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
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
Annual Shareholder Report
22

Financial HighlightsCapital Shares
(For a Share Outstanding Throughout Each Period)
 
Year Ended May 31,
Period
Ended
5/31/20191
Year Ended July 31,
 
2022
2021
2020
2018
2017
Net Asset Value, Beginning of Period
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Income From Investment Operations:
 
 
 
 
 
 
Net investment income
0.001
0.001
0.012
0.0122
0.010
0.006
Net realized gain (loss)
0.0003
0.0003
0.0003
0.0003
0.0003
0.001
Total From Investment
Operations
0.001
0.001
0.012
0.012
0.010
0.007
Less Distributions:
 
 
 
 
 
 
Distributions from net investment income
(0.001)
(0.001)
(0.012)
(0.012)
(0.010)
(0.006)
Distributions from net realized gain
(0.000)3
(0.000)3
(0.000)3
(0.000)3
(0.000)3
(0.001)
Total Distributions
(0.001)
(0.001)
(0.012)
(0.012)
(0.010)
(0.007)
Net Asset Value, End of Period
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Total Return4
0.09%
0.06%
1.16%
1.19%
1.02%
0.62%
Ratios to Average Net Assets:
 
 
 
 
 
 
Net expenses5
0.21%
0.28%
0.31%
0.31%6
0.31%
0.31%
Net investment income
0.07%
0.06%
1.16%
1.41%6
1.01%
0.57%
Expense waiver/reimbursement7
0.19%
0.12%
0.09%
0.09%6
0.10%
0.11%
Supplemental Data:
 
 
 
 
 
 
Net assets, end of period (000 omitted)
$195,389
$289,938
$359,491
$409,796
$635,782
$255,216
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
Per share numbers have been calculated using the average shares method.
3
Represents less than $0.001.
4
Based on net asset value. Total returns for periods of less than one year are not annualized.
5
Amount does not reflect net expenses incurred by investment companies in which the Fund
may invest.
6
Computed on an annualized basis.
7
This expense decrease is reflected in both the net expense and the net investment income ratios
shown above. Amount does not reflect expense waiver/reimbursement recorded by investment
companies in which the Fund may invest.
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
23

Statement of Assets and Liabilities
May 31, 2022
Assets:
 
Investment in securities, at amortized cost and fair value
$3,189,686,035
Cash
1,695,111
Income receivable
5,281,385
Receivable for investments sold
40,411,643
Receivable for shares sold
5,947,575
Total Assets
3,243,021,749
Liabilities:
 
Payable for investments purchased
27,678,510
Payable for shares redeemed
1,507,355
Income distribution payable
81,290
Payable for investment adviser fee (Note5)
10,443
Payable for administrative fee (Note5)
6,890
Payable for distribution services fee (Note5)
118,413
Payable for other service fees (Notes 2 and5)
266,926
Accrued expenses (Note5)
280,315
Total Liabilities
29,950,142
Net assets for 3,213,021,467 shares outstanding
$3,213,071,607
Net Assets Consist of:
 
Paid-in capital
$3,213,001,158
Total distributable earnings (loss)
70,449
Total Net Assets
$3,213,071,607
Annual Shareholder Report
24

Statement of Assets and Liabilitiescontinued
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
 
Automated Shares:
 
$700,242,548 ÷ 700,231,604 shares outstanding, no par value, unlimited
shares authorized
$1.00
Investment Shares:
 
$2,873,767 ÷ 2,873,722 shares outstanding, no par value, unlimited
shares authorized
$1.00
Wealth Shares:
 
$1,772,200,856 ÷ 1,772,173,237 shares outstanding, no par value, unlimited
shares authorized
$1.00
Service Shares:
 
$232,942,551 ÷ 232,938,910 shares outstanding, no par value, unlimited
shares authorized
$1.00
Cash II Shares:
 
$71,843,440 ÷ 71,842,317 shares outstanding, no par value, unlimited
shares authorized
$1.00
Cash Series Shares:
 
$237,579,020 ÷ 237,575,306 shares outstanding, no par value, unlimited
shares authorized
$1.00
Capital Shares:
 
$195,389,425 ÷ 195,386,371 shares outstanding, no par value, unlimited
shares authorized
$1.00
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
25

Statement of Operations
Year Ended May 31, 2022
Investment Income:
 
Interest
$8,566,733
Expenses:
 
Investment adviser fee (Note5)
5,578,606
Administrative fee (Note5)
2,183,688
Custodian fees
83,584
Transfer agent fees (Note 2)
1,099,224
Directors’/Trustees’ fees (Note5)
16,549
Auditing fees
23,001
Legal fees
19,371
Portfolio accounting fees
274,745
Distribution services fee (Note5)
1,934,975
Other service fees (Notes 2 and5)
3,463,894
Share registration costs
104,913
Printing and postage
35,126
Miscellaneous (Note5)
22,044
TOTAL EXPENSES
14,839,720
Waivers and Reimbursements:
 
Waiver of investment adviser fee (Note5)
(3,139,456)
Waivers/reimbursements of other operating expenses (Notes 2 and 5)
(5,309,868)
TOTAL WAIVERS AND REIMBURSEMENTS
(8,449,324)
Net expenses
6,390,396
Net investment income
2,176,337
Net realized gain on investments
69,113
Change in net assets resulting from operations
$2,245,450
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
26

Statement of Changes in Net Assets
Year Ended May 31
2022
2021
Increase (Decrease) in Net Assets
 
 
Operations:
 
 
Net investment income
$2,176,337
$2,680,484
Net realized gain (loss)
69,113
87,172
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS
2,245,450
2,767,656
Distributions to Shareholders:
 
 
Automated Shares
(242,884)
(82,942)
Investment Shares
(720)
(976)
Wealth Shares
(1,667,616)
(2,328,392)
Service Shares
(127,174)
(97,518)
Cash II Shares
(9,913)
(6,463)
Cash Series Shares
(37,090)
(29,175)
Capital Shares
(177,141)
(228,477)
CHANGE IN NET ASSETS RESULTING FROM
DISTRIBUTIONS TO SHAREHOLDERS
(2,262,538)
(2,773,943)
Share Transactions:
 
 
Proceeds from sale of shares
3,952,421,143
5,768,486,888
Net asset value of shares issued to shareholders in payment of
distributions declared
2,064,912
2,386,409
Cost of shares redeemed
(3,710,160,577)
(6,302,848,809)
CHANGE IN NET ASSETS RESULTING FROM
SHARE TRANSACTIONS
244,325,478
(531,975,512)
Change in net assets
244,308,390
(531,981,799)
Net Assets:
 
 
Beginning of period
2,968,763,217
3,500,745,016
End of period
$3,213,071,607
$2,968,763,217
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
27

Notes to Financial Statements
May 31, 2022
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.
Annual Shareholder Report
28

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 $8,449,324 is disclosed in various locations in this Note 2 and Note 5. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.
Transfer Agent Fees
For the year ended May 31, 2022, 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
$701,530
$
$(476,341)
Investment Shares
4,069
(2,904)
Wealth Shares
27,197
Service Shares
5,550
Cash II Shares
72,265
(49,334)
Cash Series Shares
283,198
(83,134)
(136,152)
Capital Shares
5,415
(5)
TOTAL
$1,099,224
$(83,139)
$(664,731)
Annual Shareholder Report
29

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 year ended May 31, 2022, 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
$1,716,100
$(11,103)
$(1,349,704)
Investment Shares
10,296
(173)
(9,548)
Service Shares
612,413
(462,413)
Cash II Shares
187,047
(504)
(176,536)
Cash Series Shares
692,791
(1,178)
(675,166)
Capital Shares
245,247
(1,996)
(181,192)
TOTAL
$3,463,894
$(14,954)
$(2,854,559)
For the year ended May 31, 2022, the Fund’s Wealth Shares did not incur other service fees.
Federal Taxes
It is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the year ended May 31, 2022, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of May 31, 2022, tax years 2019 through 2022 remain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.
When-Issued and Delayed-Delivery Transactions
The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
Restricted Securities
The Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In
Annual Shareholder Report
30

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:
 
Year Ended
5/31/2022
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
371,576
$371,576
420,871
$420,871
Shares issued to shareholders in
payment of distributions declared
243
243
83
83
Shares redeemed
(354,815)
(354,815)
(556,273)
(556,273)
NET CHANGE RESULTING FROM
AUTOMATED
SHARE TRANSACTIONS
17,004
$17,004
(135,319)
$(135,319)
 
Year Ended
5/31/2022
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
6,695
$6,695
17,902
$17,902
Shares issued to shareholders in
payment of distributions declared
1
1
1
1
Shares redeemed
(8,579)
(8,579)
(24,259)
(24,259)
NET CHANGE RESULTING FROM
INVESTMENT
SHARE TRANSACTIONS
(1,883)
$(1,883)
(6,356)
$(6,356)
Annual Shareholder Report
31

 
Year Ended
5/31/2022
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
2,302,899
$2,302,899
3,727,752
$3,727,752
Shares issued to shareholders in
payment of distributions declared
1,492
1,492
1,950
1,950
Shares redeemed
(1,904,990)
(1,904,990)
(3,867,332)
(3,867,332)
NET CHANGE RESULTING FROM
WEALTH SHARE TRANSACTIONS
399,401
$399,401
(137,630)
$(137,630)
 
Year Ended
5/31/2022
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
583,932
$583,932
597,196
$597,196
Shares issued to shareholders in
payment of distributions declared
106
106
89
89
Shares redeemed
(606,878)
(606,878)
(857,490)
(857,490)
NET CHANGE RESULTING FROM
SERVICE SHARE TRANSACTIONS
(22,840)
$(22,840)
(260,205)
$(260,205)
 
Year Ended
5/31/2022
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
30,387
$30,387
84,333
$84,333
Shares issued to shareholders in
payment of distributions declared
10
10
6
6
Shares redeemed
(32,676)
(32,676)
(54,921)
(54,921)
NET CHANGE RESULTING FROM
CASH II SHARE TRANSACTIONS
(2,279)
$(2,279)
29,418
$29,418
 
Year Ended
5/31/2022
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
483,411
$483,411
551,188
$551,188
Shares issued to shareholders in
payment of distributions declared
37
37
29
29
Shares redeemed
(533,981)
(533,981)
(503,548)
(503,548)
NET CHANGE RESULTING FROM
CASH SERIES
SHARE TRANSACTIONS
(50,533)
$(50,533)
47,669
$47,669
Annual Shareholder Report
32

 
Year Ended
5/31/2022
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
173,522
$173,522
369,245
$369,245
Shares issued to shareholders in
payment of distributions declared
177
177
227
227
Shares redeemed
(268,244)
(268,244)
(439,025)
(439,025)
NET CHANGE RESULTING FROM
CAPITAL SHARE TRANSACTIONS
(94,545)
$(94,545)
(69,553)
$(69,553)
NET CHANGE RESULTING FROM
TOTAL FUND
SHARE TRANSACTIONS
244,325
$244,325
(531,976)
$(531,976)
4. FEDERAL TAX INFORMATION
The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended May 31, 2022 and 2021, was as follows:
 
2022
2021
Tax-exempt income
$2,175,386
$2,757,452
Ordinary income1
$87,125
$15,822
Long-term capital gains
$27
$669
1
For tax purposes, short-term capital gain distributions are considered ordinary
income distributions.
As of May 31, 2022, the components of distributable earnings on a tax-basis were as follows:
Undistributed tax-exempt income
$1,363
Undistributed long-term capital gains
$69,086
5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Adviser Fee
The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund’s average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund’s expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the year ended May 31, 2022, the Adviser voluntarily waived $3,139,456 of its fee and voluntarily reimbursed $83,139 of transfer agent fees.
Annual Shareholder Report
33

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 year ended May 31, 2022, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.
In addition, FAS may charge certain out-of-pocket expenses to the Fund.
Distribution Services Fee
The Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund’s Investment Shares, Cash II Shares and Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:
 
Percentage of Average Daily
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 year ended May 31, 2022, distribution services fees for the Fund were as follows:
 
Distribution Services
Fees Incurred
Distribution Services
Fees Waived
Investment Shares
$10,297
$(8,731)
Cash II Shares
261,980
(218,444)
Cash Series Shares
1,662,698
(1,465,310)
TOTAL
$1,934,975
$(1,692,485)
When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the year ended May 31, 2022, FSC did not retain any fees paid by the Fund.
Annual Shareholder Report
34

Other Service Fees
For the year ended May 31, 2022, FSSC received $115 and reimbursed $14,954 of the other service fees disclosed in Note 2.
Expense Limitation
Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund’s Automated Shares, Investment Shares, Wealth Shares, Service Shares, Cash II Shares, Cash Series Shares and Capital Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.56%, 0.78%, 0.21%, 0.46%, 0.91%, 1.02% and 0.31% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) August 1, 2023; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.
Interfund Transactions
During the year ended May 31, 2022, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Directors/Trustees and/or common Officers. These purchase and sale transactions complied with Rule 17a-7 under the Act and amounted to $1,082,470,000 and $1,130,290,000, respectively. Net realized gain/loss recognized on these transactions was $0.
Directors’/Trustees’ and Miscellaneous Fees
Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors’/Trustees’ fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.
6. 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 May 31, 2022, there were no outstanding loans. During the year ended May 31, 2022, the program was not utilized.
Annual Shareholder Report
35

7. INDEMNIFICATIONS
Under the Fund’s organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party’s actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.
8. 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 continue 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.
9. FEDERAL TAX INFORMATION (UNAUDITED)
For the year ended May 31, 2022, the amount of long-term capital gains designated by the Fund was $27.
For the year ended May 31, 2022, 100% of the distributions from net investment income is exempt from federal income tax, other than the federal AMT.
Annual Shareholder Report
36

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Federated Hermes Money Market Obligations Trust and the Shareholders of Federated Hermes Municipal Obligations Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of the Federated Hermes Municipal Obligations Fund (the Fund), a portfolio of Federated Hermes Money Market Obligations Trust, including the portfolio of investments, as of May 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the three-year period then ended, the ten-month period ended May 31, 2019 and the two-year period ended July 31, 2018. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended, the ten-month period ended May 31, 2019 and the two-year period ended July 31, 2018 in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
Annual Shareholder Report
37

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of May 31, 2022, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor for one or more of Federated Hermes’ investment companies since 2006.
Boston, Massachusetts
July 25, 2022
Annual Shareholder Report
38

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 December 1, 2021 to May 31, 2022.
ACTUAL EXPENSES
The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Annual Shareholder Report
39

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
12/1/2021
Ending
Account Value
5/31/2022
Expenses Paid
During Period1
Actual:
 
 
 
Automated Shares
$1,000
$1,000.30
$1.852
Investment Shares
$1,000
$1,000.10
$1.853
Wealth Shares
$1,000
$1,001.10
$1.05
Service Shares
$1,000
$1,000.50
$1.654
Cash II Shares
$1,000
$1,000.10
$2.045
Cash Series Shares
$1,000
$1,000.10
$2.046
Capital Shares
$1,000
$1,000.80
$1.307
Hypothetical (assuming a 5% return
before expenses):
 
 
 
Automated Shares
$1,000
$1,023.09
$1.872
Investment Shares
$1,000
$1,023.09
$1.873
Wealth Shares
$1,000
$1,023.88
$1.06
Service Shares
$1,000
$1,023.29
$1.664
Cash II Shares
$1,000
$1,022.89
$2.075
Cash Series Shares
$1,000
$1,022.89
$2.076
Capital Shares
$1,000
$1,023.64
$1.317
1
Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average
account value over the period, multiplied by 182/365 (to reflect the one-half-year period). The
annualized net expense ratios are as follows:
Automated Shares
0.37%
Investment Shares
0.37%
Wealth Shares
0.21%
Service Shares
0.33%
Cash II Shares
0.41%
Cash Series Shares
0.41%
Capital Shares
0.26%
2
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 5 under
Expense Limitation), multiplied by the average account value over the period, multiplied by
182/365 (to reflect expenses paid as if they had been in effect throughout the most recent
one-half-year period) would be $2.79 and $2.82, respectively.
3
Actual and Hypothetical expenses paid during the period utilizing the Fund’s current Fee Limit of
0.78% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation),
multiplied by the average account value over the period, multiplied by 182/365 (to reflect
expenses paid as if they had been in effect throughout the most recent one-half-year period)
would be $3.89 and $3.93, respectively.
Annual Shareholder Report
40

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 5 under
Expense Limitation), multiplied by the average account value over the period, multiplied by
182/365 (to reflect expenses paid as if they had been in effect throughout the most recent
one-half-year period) would be $2.29 and $2.32, respectively.
5
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 5 under
Expense Limitation), multiplied by the average account value over the period, multiplied by
182/365 (to reflect expenses paid as if they had been in effect throughout the most recent
one-half-year period) would be $4.54 and $4.59, respectively.
6
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 5 under
Expense Limitation), multiplied by the average account value over the period, multiplied by
182/365 (to reflect expenses paid as if they had been in effect throughout the most recent
one-half-year period) would be $5.09 and $5.14, respectively.
7
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 5 under
Expense Limitation), multiplied by the average account value over the period, multiplied by
182/365 (to reflect expenses paid as if they had been in effect throughout the most recent
one-half-year period) would be $1.55 and $1.56, respectively.
Annual Shareholder Report
41

Board of Trustees and Trust Officers
The Board of Trustees is responsible for managing the Trust’s business affairs and for exercising all the Trust’s powers except those reserved for the shareholders. The following tables give information about each Trustee and the senior officers of the Fund. Where required, the tables separately list Trustees who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). Unless otherwise noted, the address of each person listed is 1001 Liberty Avenue, Pittsburgh, PA 15222-3779. The address of all Independent Trustees listed is 4000 Ericsson Drive, Warrendale, PA 15086-7561; Attention: Mutual Fund Board. As of December 31, 2021, the Trust comprised 16 portfolio(s), and the Federated Hermes Fund Family consisted of 33 investment companies (comprising 102 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Trustee oversees all portfolios in the Federated Hermes Fund Family and serves for an indefinite term. The Fund’s Statement of Additional Information includes additional information about Trust Trustees and is available, without charge and upon request, by calling 1-800-341-7400, Option #4.
Interested TRUSTEES Background
Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s)
J. Christopher Donahue*
Birth Date: April 11, 1949
President and Trustee
Indefinite Term
Began serving: April 1989
Principal Occupations: Principal Executive Officer and President of
certain of the Funds in the Federated Hermes Fund Family; Director or
Trustee of the Funds in the Federated Hermes Fund Family; President,
Chief Executive Officer and Director, Federated Hermes, Inc.;
Chairman and Trustee, Federated Investment Management Company;
Trustee, Federated Investment Counseling; Chairman and Director,
Federated Global Investment Management Corp.; Chairman and
Trustee, Federated Equity Management Company of Pennsylvania;
Trustee, Federated Shareholder Services Company; Director,
Federated Services Company.
Previous Positions: President, Federated Investment Counseling;
President and Chief Executive Officer, Federated Investment
Management Company, Federated Global Investment Management
Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd.
Annual Shareholder Report
42

Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s)
Thomas R. Donahue*
Birth Date: October 20, 1958
Trustee
Indefinite Term
Began serving: May 2016
Principal Occupations: Director or Trustee of certain of the funds in
the Federated Hermes Fund Family; Chief Financial Officer, Treasurer,
Vice President and Assistant Secretary, Federated Hermes, Inc.;
Chairman and Trustee, Federated Administrative Services; Chairman
and Director, Federated Administrative Services, Inc.; Trustee and
Treasurer, Federated Advisory Services Company; Director or Trustee
and Treasurer, Federated Equity Management Company of
Pennsylvania, Federated Global Investment Management Corp.,
Federated Investment Counseling, and Federated Investment
Management Company; Director, MDTA LLC; Director, Executive Vice
President and Assistant Secretary, Federated Securities Corp.;
Director or Trustee and Chairman, Federated Services Company and
Federated Shareholder Services Company; and Director and
President, FII Holdings, Inc.
Previous Positions: Director, Federated Hermes, Inc.; Assistant
Secretary, Federated Investment Management Company, Federated
Global Investment Management Company and Passport Research,
LTD; Treasurer, Passport Research, LTD; Executive Vice President,
Federated Securities Corp.; and Treasurer, FII Holdings, Inc.
*
Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries.
INDEPENDENT TRUSTEES Background
Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins
Birth Date: January 24, 1947
Trustee
Indefinite Term
Began serving:
September 2013
Principal Occupations: Director or Trustee, and Chair of the Board
of Directors or Trustees, of the Federated Hermes Fund Family;
formerly, Chairman and CEO, The Collins Group, Inc. (a private equity
firm) (Retired).
Other Directorships Held: Director, KLX Energy Services Holdings,
Inc. (oilfield services); former Director of KLX Corp. (aerospace).
Qualifications: Mr. Collins has served in several business and financial
management roles and directorship positions throughout his career.
Mr. Collins previously served as Chairman and CEO of The Collins
Group, Inc. (a private equity firm) and as a Director of KLX Corp.
Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins
previously served as Director and Audit Committee Member, Bank of
America Corp.; Director, FleetBoston Financial Corp.; and Director,
Beth Israel Deaconess Medical Center (Harvard University
Affiliate Hospital).
Annual Shareholder Report
43

Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications
G. Thomas Hough
Birth Date: February 28, 1955
Trustee
Indefinite Term
Began serving: August 2015
Principal Occupations: Director or Trustee, Chair of the Audit
Committee of the Federated Hermes Fund Family; formerly, Vice
Chair, Ernst & Young LLP (public accounting firm) (Retired).
Other Directorships Held: Director, Chair of the Audit Committee,
Equifax, Inc.; Lead Director, Member of the Audit and Nominating and
Corporate Governance Committees, Haverty Furniture Companies,
Inc.; formerly, Director, Member of Governance and Compensation
Committees, Publix Super Markets, Inc.
Qualifications: Mr. Hough has served in accounting, business
management and directorship positions throughout his career.
Mr. Hough most recently held the position of Americas Vice Chair of
Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough
serves on the President’s Cabinet and Business School Board of
Visitors for the University of Alabama. Mr. Hough previously served on
the Business School Board of Visitors for Wake Forest University, and
he previously served as an Executive Committee member of the
United States Golf Association.
Maureen Lally-Green
Birth Date: July 5, 1949
Trustee
Indefinite Term
Began serving: August 2009
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; Adjunct Professor Emerita of Law, Duquesne University
School of Law; formerly, Dean of the Duquesne University School of
Law and Professor of Law and Interim Dean of the Duquesne
University School of Law; formerly, Associate General Secretary and
Director, Office of Church Relations, Diocese of Pittsburgh.
Other Directorships Held: Director, CNX Resources Corporation
(formerly known as CONSOL Energy Inc.).
Qualifications: Judge Lally-Green has served in various legal and
business roles and directorship positions throughout her career. Judge
Lally-Green previously held the position of Dean of the School of Law
of Duquesne University (as well as Interim Dean). Judge Lally-Green
previously served as a member of the Superior Court of Pennsylvania
and as a Professor of Law, Duquesne University School of Law. Judge
Lally-Green was appointed by the Supreme Court of Pennsylvania to
serve on the Supreme Court’s Board of Continuing Judicial Education
and the Supreme Court’s Appellate Court Procedural Rules
Committee. Judge Lally-Green also currently holds the positions on
not for profit or for profit boards of directors as follows: Director
and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary;
Member, Pennsylvania State Board of Education (public); Director,
Catholic Charities, Pittsburgh; and Director CNX Resources
Corporation (formerly known as CONSOL Energy Inc.). Judge
Lally-Green has held the positions of: Director, Auberle; Director,
Epilepsy Foundation of Western and Central Pennsylvania; Director,
Ireland Institute of Pittsburgh; Director, Saint Thomas More Society;
Director and Chair, Catholic High Schools of the Diocese of
Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director,
St. Vincent College; Director and Chair, North Catholic High
School, Inc.; Director and Vice Chair, Our Campaign for the Church
Alive!, Inc.; and Director, Saint Francis University.
Annual Shareholder Report
44

Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications
Thomas M. O’Neill
Birth Date: June 14, 1951
Trustee
Indefinite Term
Began serving: August 2006
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; Sole Proprietor, Navigator Management Company
(investment and strategic consulting).
Other Directorships Held: None.
Qualifications: Mr. O’Neill has served in several business, mutual fund
and financial management roles and directorship positions throughout
his career. Mr. O’Neill serves as Director, Medicines for Humanity.
Mr. O’Neill previously served as Chief Executive Officer and President,
Managing Director and Chief Investment Officer, Fleet Investment
Advisors; President and Chief Executive Officer, Aeltus Investment
Management, Inc.; General Partner, Hellman, Jordan Management
Co., Boston, MA; Chief Investment Officer, The Putnam Companies,
Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director
and Consultant, EZE Castle Software (investment order management
software); Director, The Golisano Children’s Museum of Naples,
Florida; and Director, Midway Pacific (lumber).
Madelyn A. Reilly
Birth Date: February 2, 1956
Trustee
Indefinite Term
Began serving:
November 2020
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; formerly, Executive Vice President for Legal Affairs,
General Counsel and Secretary to the Board of Directors, Duquesne
University (Retired).
Other Directorships Held: None.
Qualifications: Ms. Reilly has served in various business and legal
management roles throughout her career. Ms. Reilly previously served
as Senior Vice President for Legal Affairs, General Counsel and
Secretary to the Board of Directors and Assistant General Counsel and
Director of Risk Management, Duquesne University. Prior to her work
at Duquesne University, Ms. Reilly served as Assistant General
Counsel of Compliance and Enterprise Risk as well as Senior Counsel
of Environment, Health and Safety, PPG Industries. Ms. Reilly currently
serves as a member of the Board of Directors of UPMC
Mercy Hospital.
Annual Shareholder Report
45

Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications
P. Jerome Richey
Birth Date: February 23, 1949
Trustee
Indefinite Term
Began serving:
September 2013
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; Management Consultant; Retired; formerly, Senior Vice
Chancellor and Chief Legal Officer, University of Pittsburgh and
Executive Vice President and Chief Legal Officer, CONSOL Energy Inc.
(now split into two separate publicly traded companies known as
CONSOL Energy Inc. and CNX Resources Corp.).
Other Directorships Held: None.
Qualifications: Mr. Richey has served in several business and legal
management roles and directorship positions throughout his career.
Mr. Richey most recently held the positions of Senior Vice Chancellor
and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously
served as Chairman of the Board, Epilepsy Foundation of Western
Pennsylvania and Chairman of the Board, World Affairs Council of
Pittsburgh. Mr. Richey previously served as Chief Legal Officer and
Executive Vice President, CONSOL Energy Inc. and CNX Gas
Company; and Board Member, Ethics Counsel and Shareholder,
Buchanan Ingersoll & Rooney PC (a law firm).
John S. Walsh
Birth Date:
November 28, 1957
Trustee
Indefinite Term
Began serving: January 1999
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; President and Director, Heat Wagon, Inc. (manufacturer
of construction temporary heaters); President and Director,
Manufacturers Products, Inc. (distributor of portable construction
heaters); President, Portable Heater Parts, a division of Manufacturers
Products, Inc.
Other Directorships Held: None.
Qualifications: Mr. Walsh has served in several business management
roles and directorship positions throughout his career. Mr. Walsh
previously served as Vice President, Walsh & Kelly, Inc.
(paving contractors).
Annual Shareholder Report
46

OFFICERS
Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years
and Previous Position(s)
Lori A. Hensler
Birth Date: January 6, 1967
TREASURER
Officer since: April 2013
Principal Occupations: Principal Financial Officer and Treasurer of the
Federated Hermes Fund Family; Senior Vice President, Federated
Administrative Services; Financial and Operations Principal for
Federated Securities Corp.; and Assistant Treasurer, Federated
Investors Trust Company. Ms. Hensler has received the Certified
Public Accountant designation.
Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice
President and Assistant Treasurer, Federated Investors Management
Company; Treasurer, Federated Investors Trust Company; Assistant
Treasurer, Federated Administrative Services, Federated
Administrative Services, Inc., Federated Securities Corp., Edgewood
Services, Inc., Federated Advisory Services Company, Federated
Equity Management Company of Pennsylvania, Federated Global
Investment Management Corp., Federated Investment Counseling,
Federated Investment Management Company, Passport Research,
Ltd., and Federated MDTA, LLC; Financial and Operations Principal for
Federated Securities Corp., Edgewood Services, Inc. and Southpointe
Distribution Services, Inc.
Peter J. Germain
Birth Date:
September 3, 1959
CHIEF LEGAL OFFICER,
SECRETARY and EXECUTIVE
VICE PRESIDENT
Officer since: January 2005
Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary
and Executive Vice President of the Federated Hermes Fund Family.
He is General Counsel, Chief Legal Officer, Secretary and Executive
Vice President, Federated Hermes, Inc.; Trustee and Senior Vice
President, Federated Investors Management Company; Trustee and
President, Federated Administrative Services; Director and President,
Federated Administrative Services, Inc.; Director and Vice President,
Federated Securities Corp.; Director and Secretary, Federated Private
Asset Management, Inc.; Secretary, Federated Shareholder Services
Company; and Secretary, Retirement Plan Service Company of
America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a
member of the Pennsylvania Bar Association.
Previous Positions: Deputy General Counsel, Special Counsel,
Managing Director of Mutual Fund Services, Federated Hermes, Inc.;
Senior Vice President, Federated Services Company; and Senior
Corporate Counsel, Federated Hermes, Inc.
Stephen Van Meter
Birth Date: June 5, 1975
CHIEF COMPLIANCE
OFFICER AND SENIOR
VICE PRESIDENT
Officer since: July 2015
Principal Occupations: Senior Vice President and Chief Compliance
Officer of the Federated Hermes Fund Family; Vice President and
Chief Compliance Officer of Federated Hermes, Inc. and Chief
Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined
Federated Hermes, Inc. in October 2011. He holds FINRA licenses
under Series 3, 7, 24 and 66.
Previous Positions: Mr. Van Meter previously held the position of
Compliance Operating Officer, Federated Hermes, Inc. Prior to joining
Federated Hermes, Inc., Mr. Van Meter served at the United States
Securities and Exchange Commission in the positions of Senior
Counsel, Office of Chief Counsel, Division of Investment Management
and Senior Counsel, Division of Enforcement.
Annual Shareholder Report
47

Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years
and Previous Position(s)
Deborah A. Cunningham
Birth Date:
September 15, 1959
Chief Investment Officer
Officer since: May 2004
Principal Occupations: Deborah A. Cunningham was named Chief
Investment Officer of Federated Hermes’ money market products in
2004. She joined Federated Hermes in 1981 and has been a Senior
Portfolio Manager since 1997 and an Executive Vice President of the
Fund’s Adviser since 2009. Ms. Cunningham has received the
Chartered Financial Analyst designation and holds an M.S.B.A. in
Finance from Robert Morris College.
Mary Jo Ochson
Birth Date:
September 12, 1953
Chief Investment Officer
Officer since: May 2004
Portfolio Manager since:
November 1996
Principal Occupations: Mary Jo Ochson has been the Fund’s Portfolio
Manager since November 1996. Ms. Ochson was named Chief
Investment Officer of Federated’s tax-exempt fixed-income products
in 2004 and Chief Investment Officer of Federated’s Tax-Free Money
Markets in 2010. She joined Federated in 1982 and has been a Senior
Portfolio Manager and a Senior Vice President of the Funds Adviser
since 1996. Ms. Ochson has received the Chartered Financial Analyst
designation and holds an M.B.A. in Finance from the University
of Pittsburgh.
Annual Shareholder Report
48

Evaluation and Approval of Advisory ContractMay 2022
Federated Hermes Municipal Obligations Fund (the “Fund”)
At its meetings in May 2022 (the “May Meetings”), the Fund’s Board of Trustees (the “Board”), including those Trustees who are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940 (the “Independent Trustees”), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the “Adviser”) (the “Contract”) for an additional one-year term. The Board’s determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board’s approval are summarized below.
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 by independent legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional matters as the Independent Trustees deemed
Annual Shareholder Report
49

reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.
The Board’s consideration of the Contract included review of materials and information covering the following matters, among others: the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates; Federated Hermes’ business and operations; the Adviser’s investment philosophy, personnel and processes; the Fund’s investment objectives and strategies; the Fund’s short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund’s particular investment program and a group of its peer funds and/or its benchmark, as appropriate); the Fund’s investment objectives; the Fund’s fees and expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the financial condition of Federated Hermes; the Adviser’s profitability with respect to the Fund; distribution and sales activity for the Fund; and the use and allocation of brokerage commissions derived from trading the Fund’s portfolio securities (if any).
The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser’s fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser’s cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize “economies of scale” as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any “fall-out” benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fee and expense structures, including a comparison of management fees paid to the adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund’s board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser’s services and fees. The Board noted that the Securities and Exchange Commission (“SEC”) disclosure requirements
Annual Shareholder Report
50

regarding the basis for a fund board’s approval of the fund’s investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a “Federated Hermes Fund” and, collectively, the (“Federated Hermes Funds”).
In addition to considering the above-referenced factors, the Board was mindful of the preferences and expectations of Fund shareholders and the potential disruptions of the Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund on the strength of Federated Hermes’ industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund’s shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.
In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.
Annual Shareholder Report
51

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 Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by Federated Hermes. The Board considered the Adviser’s personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and Federated Hermes’ ability and experience in attracting and retaining qualified personnel to service the Fund. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser’s ability to deliver competitive investment performance for the Fund when compared to the Fund’s Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund’s investment program. The Board also considered the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, in order to maintain a positive yield for the Fund in the low interest rate environment.
In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened the organization’s investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance (“ESG”) factors and issuer engagement on ESG matters. The Board considered the quality of Federated Hermes’ communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account Federated Hermes’ communications with the Board in light of the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds’ officers.
The Board received and evaluated information regarding Federated Hermes’ regulatory and compliance environment. The Board considered Federated Hermes’ compliance program and compliance history and reports from the CCO about Federated Hermes’ compliance with applicable laws and
Annual Shareholder Report
52

regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes’ support of the Federated Hermes Funds’ compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated Hermes’ commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes’ approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds’ compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes’ oversight in this regard, including in connection with the designation of the Federated Hermes Funds’ investment advisers as the administrators of the Federated Hermes Funds’ liquidity risk management program.
The Board also considered the implementation of Federated Hermes’ business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes’ commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.
The Board considered Federated Hermes’ efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges.
Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Adviser to the Fund.
Fund Investment Performance
The Board considered the investment performance of the Fund. In evaluating the Fund’s investment performance, the Board considered performance results in light of the Fund’s investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser’s analysis of, the Fund’s performance over different time periods that were
Annual Shareholder Report
53

provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund’s gross and net returns, the Fund’s investment performance compared to one or more relevant categories or groups of peer funds and the Fund’s benchmark index, performance attribution information and commentary on the effect of market conditions.
The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by iMoneyNet, an independent fund ranking organization (the “Performance Peer Group”). The Board noted the CCO’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds’ objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.
For the one-year period ended December 31, 2021, the Fund’s performance was above the median of the Performance Peer Group. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its Performance Peer Group.
Based on these considerations, the Board concluded that it had continued confidence in the Adviser’s overall capabilities to manage the Fund.
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 evaluation. The Board focused on comparisons with other similar registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund
Annual Shareholder Report
54

shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund’s shareholders. The Board noted that the range of such other registered funds’ fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.
The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was above the median of the Expense Peer Group, but the Board noted the applicable waivers and reimbursements, and that the overall expense structure of the Fund remained competitive in the context of other factors considered by the Board.
The Board also received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO’s conclusion that non-registered fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing and fund liquidity; (vi) different administrative responsibilities; (vii) different degrees of risk associated with management; and (viii) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution’s registered fund, noting the CCO’s view that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds’ advisory fees.
Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.
Annual Shareholder Report
55

Profitability
The Board received and considered profitability information furnished by Federated Hermes, as requested by the CCO. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO’s view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered the CCO’s view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board noted the impact of the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, on the profitability of the Fund to the Adviser.
The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO’s conclusion that, based on such profitability information, Federated Hermes’ profit margins did not appear to be excessive. The Board also considered the CCO’s view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.
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, processes and tools for portfolio management, including the use of market data on which portfolio managers make investment decisions; trading operations; ESG integration and issuer engagement on ESG matters; shareholder services; compliance; business continuity; cybersecurity; internal audit and risk management functions; and technology that supports the provision of investment management services. The Board noted that Federated
Annual Shareholder Report
56

Hermes’ investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund’s assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered Federated Hermes’ reductions in contractual management fees for certain Federated Hermes Funds during the prior year, including in response to the CCO’s recommendations in the prior year’s CCO Fee Evaluation Report, which have resulted in benefits being realized by shareholders.
The Board also considered reports on adviser-paid fees (commonly referred to as “revenue sharing”) that were provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes and the CCO believe that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to evaluate the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.
Other Benefits
The Board considered information regarding the compensation and other ancillary (or “fall-out”) benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds’ investment advisory contracts, Federated Hermes’ affiliates also receive fees for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds’ administrator and distributor). In this regard, the Board considered that certain of Federated Hermes’ affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.
Annual Shareholder Report
57

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 is reasonable; and (ii) the CCO’s recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board’s evaluation of the Federated Hermes Funds’ advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board’s determination to approve the continuation of the Contract reflects its view that Federated Hermes’ performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.
Annual Shareholder Report
58

Voting Proxies on Fund Portfolio Securities
A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund’s portfolio is available, without charge and upon request, by calling 1-800-341-7400, Option #4. A report on “Form N-PX” of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC’s website at sec.gov.
Portfolio Schedule
The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on “Form N-MFP.” Form N-MFP is available on the SEC’s website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.
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59

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.
Federated Hermes Municipal Obligations Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Contact us at FederatedInvestors.com
or call 1-800-341-7400.
Federated Securities Corp., Distributor
CUSIP 608919643
CUSIP 608919635
CUSIP 60934N658
CUSIP 60934N641
CUSIP 608919668
CUSIP 608919650
CUSIP 60934N633
Q450516 (7/22)
© 2022 Federated Hermes, Inc.

Annual Shareholder Report
May 31, 2022
Share Class | Ticker
Wealth | MOFXX
 
 
 

Federated Hermes Municipal Obligations Fund

A Portfolio of Federated Hermes Money Market Obligations Trust
Dear Valued Shareholder,
We are pleased to present the Annual Shareholder Report for your fund covering the period from June 1, 2021 through May 31, 2022. This report includes a complete listing of your fund’s holdings, performance information and financial statements along with other important fund information.
As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.
In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.
Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.
Sincerely,
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 Summary Tables (unaudited)
At May 31, 2022, the Fund’s portfolio composition1 was as follows:
Security Type
Percentage of
Total Net Assets
Variable Rate Demand Instruments
73.1%
Municipal Notes
15.8%
Commercial Paper
10.4%
Other Assets and Liabilities—Net2
0.7%
TOTAL
100%
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.
At May 31, 2022, the Fund’s effective maturity schedule1 was as follows:
Securities With an
Effective Maturity of:
Percentage of
Total Net Assets
1-7 Days
69.4%
8-30 Days
4.9%
31-90 Days
17.9%
91-180 Days
4.8%
181 Days or more
2.3%
Other Assets and Liabilities—Net2
0.7%
Total
100%
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.
Annual Shareholder Report
1

Portfolio of Investments
May 31, 2022
Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   99.3%
 
 
 
Alabama—   1.8%
 
$    875,000
 
Autauga County, AL IDA (Marshall Prattville, LLC), (Series 2008)
Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.900%, 6/2/2022
$      875,000
  3,275,000
 
Cooperative District of Fort Spanish, AL, Tender Option Bond Trust
Receipts (Series 2021-XF2958) Weekly VRDNs, (GTD by Mizuho Bank
Ltd.)/(Mizuho Bank Ltd. LIQ), 0.990%, 6/2/2022
    3,275,000
  9,275,000
 
Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2007) Weekly
VRDNs, (Comerica Bank LOC), 0.900%, 6/2/2022
    9,275,000
10,000,000
 
Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2011) Weekly
VRDNs, (Comerica Bank LOC), 0.900%, 6/2/2022
   10,000,000
33,700,000
 
Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly
VRDNs, 0.930%, 6/1/2022
   33,700,000
 
 
TOTAL
57,125,000
 
 
Arizona—   1.2%
 
32,500,000
 
Arizona State IDA (Vaseo Apartments LP), Mizuho 3a-7 (2021-MIZ9088)
VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ),
1.040%, 6/2/2022
   32,500,000
  5,610,000
 
Maricopa County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly
VRDNs, (Wells Fargo Bank, N.A. LOC), 0.940%, 6/2/2022
    5,610,000
 
 
TOTAL
38,110,000
 
 
Arkansas—   0.4%
 
13,500,000
 
Blytheville, AR (Nucor Corp.), (Series 2002) Weekly VRDNs,
0.980%, 6/1/2022
   13,500,000
 
 
California—   12.2%
 
19,000,000
 
California Educational Facilities Authority (Stanford University),
(Series S-4), CP, 0.950%, Mandatory Tender 7/5/2022
   19,000,000
  4,910,000
 
California Enterprise Development Authority (J. Harris Industrial Water
Treatment, Inc.), (Series 2015) Weekly VRDNs, (City National Bank
LOC), 0.870%, 6/2/2022
    4,910,000
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), 0.910%, 6/2/2022
   20,000,000
22,000,000
 
California Health Facilities Financing Authority (Kaiser Permanente),
(Series 2006E), CP, 0.520%, Mandatory Tender 6/15/2022
   22,000,000
  9,220,000
 
California Health Facilities Financing Authority (Kaiser Permanente),
(Series 2006E), CP, 0.800%, Mandatory Tender 7/14/2022
    9,220,000
  4,826,000
 
California HFA Multi-Family (Hope on Broadway LP), Tender Option
Bond Trust Receipts (2021-XF2928) Weekly VRDNs, (GTD by Mizuho
Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.990%, 6/2/2022
    4,826,000
  2,000,000
 
California PCFA (C.A. and E.J. Vanderham Family Trust), (Series 2003)
Weekly VRDNs, (CoBank, ACB LOC), 0.900%, 6/2/2022
    2,000,000
Annual Shareholder Report
2

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
California—   continued
 
$  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), 0.900%, 6/2/2022
$    3,000,000
  2,940,000
 
California PCFA (T & W Farms), (Series 2002) Weekly VRDNs, (Bank of
America N.A. LOC), 0.900%, 6/2/2022
    2,940,000
  5,815,000
 
California School Finance Authority (CPMS Higher Ground, LLC),
Tender Option Bond Trust Receipts (2020-XF2893) Weekly VRDNs,
(GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.990%, 6/2/2022
    5,815,000
  5,175,000
 
California Statewide Communities Development Authority (Essex
Monarch La Brea Apartments LP), Tender Option Bond Trust Floater
Certificates (Series 2019-MIZ9012) VRENs, (GTD by Mizuho Bank
Ltd.)/(Mizuho Bank Ltd. LIQ), 1.040%, 6/2/2022
    5,175,000
22,263,000
 
California Statewide Communities Development Authority (Essex
Monarch Santa Monica Apartments LP), Tender Option Bond Trust
Floater Certificates (Series 2019-MIZ9011) VRENs, (GTD by Mizuho
Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 1.040%, 6/2/2022
   22,263,000
  9,000,000
 
California Statewide Communities Development Authority (Kaiser
Permanente), (Series 2004I), CP, 0.850%, Mandatory Tender 8/10/2022
    9,000,000
17,190,000
 
California Statewide Communities Development Authority (Kaiser
Permanente), (Series 2004K), CP, 0.200%, Mandatory Tender 7/7/2022
   17,190,000
  4,300,000
 
California Statewide Communities Development Authority (Pacific
Collegiate Foundation), (Series 2016) Weekly VRDNs, (Comerica Bank
LOC), 0.780%, 6/2/2022
    4,300,000
14,600,000
 
California Statewide Communities Development Authority MFH
(Uptown Newport Building Owner, LP), (2017 Series AA: One Uptown
Newport Apartments) Weekly VRDNs, (Comerica Bank LOC),
0.840%, 6/2/2022
   14,600,000
10,900,000
 
California Statewide Communities Development Authority MFH
(Uptown Newport Building Owner, LP), (2017 Series BB: One Uptown
Newport Apartments) Weekly VRDNs, (FHLB of Des Moines LOC),
0.830%, 6/2/2022
   10,900,000
14,980,000
 
California Statewide Communities Development Authority MFH
(Uptown Newport Building Owner, LP), (2021 Series A: One Uptown
Newport Apartments) Weekly VRDNs, (Landesbank Hessen-Thuringen
LOC), 0.850%, 6/2/2022
   14,980,000
50,300,000
 
Los Angeles, CA Community Redevelopment Agency (DWF V
Hollywood & Vine, LP), Mizuho 3a-7 (Series 2022-MIZ9089) Weekly
VRDNs, (GTD by FHLMC)/(Mizuho Bank Ltd. LIQ), 0.990%, 6/2/2022
   50,300,000
23,415,000
 
Los Angeles, CA Community Redevelopment Agency (DWF V Wilshire
Vermont, LP), Mizuho 3a-7 (Series 2022-MIZ9090) Weekly VRDNs,
(GTD by FHLMC)/(Mizuho Bank Ltd. LIQ), 0.990%, 6/2/2022
   23,415,000
  3,140,000
 
Los Angeles, CA MFH Revenue Bonds (Hope on Broadway LP), Tender
Option Bond Trust Receipts (Series 2021-XF2929) Weekly VRDNs,
(GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.990%, 6/2/2022
    3,140,000
  8,200,000
 
Los Angeles, CA TRANs, 4.000%, 6/23/2022
    8,214,234
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), 0.920%, 6/1/2022
   34,000,000
Annual Shareholder Report
3

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
California—   continued
 
$  8,000,000
 
River Islands, CA Public Financing Authority (River Islands, CA Public
Financing Authority Community Facilities District No. 2003-1), Tender
Option Bond Trust Floater Certificates (2020-MIZ9026) VRENs, (GTD
by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 1.040%, 6/2/2022
$    8,000,000
  2,795,000
 
Sacramento County, CA HDA (Shiloh Arms Partners LP), Mizuho 3a-7
(2022-MIZ9093) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd.
LIQ), 1.040%, 6/2/2022
    2,795,000
43,230,000
 
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), 1.040%, 6/2/2022
   43,230,000
26,075,000
 
Victorville, CA Joint Powers Financing Authority (Victorville, CA),
(Series 2007A: Cogeneration Facility) Weekly VRDNs, (BNP Paribas SA
LOC), 0.820%, 6/2/2022
   26,075,000
 
 
TOTAL
391,288,234
 
 
Colorado—   0.3%
 
  4,615,000
 
Colorado HFA (Acme Manufacturing Company, Inc.), (Series 2016A)
Weekly VRDNs, (UMB Bank, N.A. LOC), 0.980%, 6/2/2022
    4,615,000
  1,275,000
 
Colorado HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007)
Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.940%, 6/2/2022
    1,275,000
  1,300,000
 
Colorado HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs,
(UMB Bank, N.A. LOC), 1.030%, 6/2/2022
    1,300,000
  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), 1.040%, Optional Tender 6/1/2022
    3,000,000
 
 
TOTAL
10,190,000
 
 
Connecticut—   0.6%
 
  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), 0.970%, Optional Tender 10/3/2022
    8,000,000
10,280,000
 
Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays
Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.910%, 6/2/2022
   10,280,000
 
 
TOTAL
18,280,000
 
 
Florida—   1.5%
 
  2,100,000
 
Capital Trust Agency, FL (Milestones Community School, Inc.), Tender
Option Bond Trust Receipts (2022-XF2965) Weekly VRDNs, (GTD by
Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.990%, 6/2/2022
    2,100,000
12,900,000
 
Florida Development Finance Corp. (Brightline Florida Passenger Rail
Expansion), (Series 2021A) TOBs, (GTD by United States Treasury),
0.300%, Mandatory Tender 7/1/2022
   12,900,000
  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),
0.990%, 6/2/2022
    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),
1.040%, Optional Tender 10/3/2022
    9,000,000
Annual Shareholder Report
4

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Florida—   continued
 
$  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), 0.990%, Optional Tender 9/1/2022
$    5,000,000
11,830,000
 
Miami-Dade County, FL (County of Miami-Dade Seaport Department),
Tender Option Bond Trust Certificates (2022-XF2988 Weekly VRDNs,
(Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ),
0.930%, 6/2/2022
   11,830,000
  3,500,000
 
Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7
(2021-MIZ9072) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd.
LIQ), 1.040%, 6/2/2022
    3,500,000
  1,500,000
 
Miami-Dade County, FL HFA (Superior Manor Phase II LLC), Mizuho
3a-7 (2022-MIZ9087) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank
Ltd. LIQ), 1.040%, 6/2/2022
    1,500,000
 
 
TOTAL
47,270,000
 
 
Georgia—   6.8%
 
13,500,000
 
Appling County, GA Development Authority (Georgia Power Co.), (1st
Series 1997) Daily VRDNs, 0.770%, 6/1/2022
   13,500,000
30,905,000
 
Appling County, GA Development Authority (Georgia Power Co.),
(First Series 2011) Daily VRDNs, 0.770%, 6/1/2022
   30,905,000
37,560,000
 
Burke County, GA Development Authority (Georgia Power Co.),
(Series 2008) Daily VRDNs, 0.770%, 6/1/2022
   37,560,000
  1,700,000
 
Burke County, GA Development Authority (Georgia Power Co.), (Third
Series 2012) Daily VRDNs, 0.790%, 6/1/2022
    1,700,000
10,000,000
 
Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.),
(Series 2008) Weekly VRDNs, (FHLMC LOC), 0.930%, 6/2/2022
   10,000,000
  2,000,000
 
Effingham County, GA Development Authority (Georgia Power Co.),
(Series 2003) Daily VRDNs, 0.780%, 6/1/2022
    2,000,000
    420,000
 
Fitzgerald & Ben Hill County, GA Development Authority
(Agri-Products, Inc.), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A.
LOC), 0.900%, 6/2/2022
      420,000
  2,800,000
 
Floyd County, GA Development Authority PCRB (Georgia Power Co.),
(First Series 1996) Daily VRDNs, 0.770%, 6/1/2022
    2,800,000
11,875,000
 
Fulton County, GA Development Authority (Heritage Station Family
LLC), Tender Option Bond Trust Receipts (2022-XF2984) Weekly
VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC),
0.990%, 6/2/2022
   11,875,000
  9,300,000
 
Monroe County, GA Development Authority Pollution Control
(Georgia Power Co.), (First Series 1997) Daily VRDNs,
0.770%, 6/1/2022
    9,300,000
27,300,000
 
Monroe County, GA Development Authority Pollution Control
(Georgia Power Co.), (First Series 2008) Daily VRDNs,
0.770%, 6/1/2022
   27,300,000
  2,075,000
 
Savannah, GA EDA (Consolidated Utilities, Inc.), (Series 2007) Weekly
VRDNs, (Truist Bank LOC), 0.950%, 6/2/2022
    2,075,000
68,000,000
 
Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs,
0.940%, 6/1/2022
   68,000,000
Annual Shareholder Report
5

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Georgia—   continued
 
$  1,960,000
 
Wayne County, GA, IDA (Sierra International Machinery LLC),
(Series 2011) Weekly VRDNs, (Truist Bank LOC), 0.950%, 6/2/2022
$    1,960,000
 
 
TOTAL
219,395,000
 
 
Hawaii—   0.2%
 
  6,540,000
 
Hawaii State Department of Budget & Finance (Queen’s Health
Systems), (2015 Series C) VRENs, 1.240%, 6/2/2022
    6,540,000
 
 
Illinois—   0.9%
 
  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), 0.880%, 6/2/2022
    4,680,000
  4,600,000
 
Illinois Finance Authority - Solid Waste (Kuusakoski US LLC),
(Series 2013) Weekly VRDNs, (Nordea Bank Abp LOC),
0.880%, 6/2/2022
    4,600,000
18,067,035
 
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), 0.910%, Optional
Tender 8/4/2022
   18,067,035
 
 
TOTAL
27,347,035
 
 
Indiana—   1.2%
 
  6,050,000
 
Bloomington, IN EDRB (SY Henderson Court Investors, LP),
(Series 2008: Henderson Court Apartments) Weekly VRDNs, (FHLMC
LOC), 0.930%, 6/2/2022
    6,050,000
    200,000
 
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),
0.980%, 6/2/2022
      200,000
26,610,000
 
Indiana State Finance Authority (Trinity Healthcare Credit Group),
(Series 2008 D-2), CP, 1.200%, Mandatory Tender 7/18/2022
   26,610,000
  6,000,000
 
Indianapolis, IN MFH (Pedcor Investments-2006-LXXXVIII LP),
(Series 2007A: Forest Ridge Apartments) Weekly VRDNs, (Citizens
Bank, N.A., Providence LOC), 0.920%, 6/2/2022
    6,000,000
 
 
TOTAL
38,860,000
 
 
Iowa—   1.1%
 
29,000,000
 
Iowa Finance Authority (Cargill, Inc.), (Series 2021) Weekly VRDNs,
0.870%, 6/2/2022
   29,000,000
  5,300,000
 
Iowa Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly
VRDNs, (AgriBank FCB LOC), 0.900%, 6/2/2022
    5,300,000
 
 
TOTAL
34,300,000
 
 
Kansas—   0.8%
 
  5,000,000
 
Burlington, KS (Kansas City Power And Light Co.), (Series 2007A)
Weekly VRDNs, 1.020%, 6/1/2022
    5,000,000
21,000,000
 
Burlington, KS (Kansas City Power And Light Co.), (Series 2007B)
Weekly VRDNs, 1.020%, 6/1/2022
   21,000,000
 
 
TOTAL
26,000,000
Annual Shareholder Report
6

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Kentucky—   1.9%
 
$  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), 0.990%, Optional Tender 11/1/2022
$    6,500,000
20,000,000
 
Louisville & Jefferson County, KY Metropolitan Government (Louisville
Gas & Electric Co.), (Series A) Weekly VRDNs, 0.840%, 6/3/2022
   20,000,000
  5,000,000
 
Louisville & Jefferson County, KY Metropolitan Government (Louisville
Gas & Electric Co.), (Series B) Weekly VRDNs, 0.830%, 6/3/2022
    5,000,000
28,895,000
 
Meade County, KY Industrial Building Revenue Authority (Nucor
Corp.), (Series 2021B-1) Daily VRDNs, 0.900%, 6/1/2022
   28,895,000
 
 
TOTAL
60,395,000
 
 
Louisiana—   2.5%
 
12,000,000
 
Louisiana Local Government Environmental Facilities CDA (American
Biocarbon, CT LLC), (Series 2021) TOBs, (GTD by United States
Treasury), 0.250%, Mandatory Tender 6/1/2022
   12,000,000
18,000,000
 
Louisiana Local Government Environmental Facilities CDA (American
Biocarbon, CT LLC), (Series 2021) TOBs, (GTD by United States
Treasury), 2.125%, Mandatory Tender 12/1/2022
   18,000,000
  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), 1.040%, 6/2/2022
    3,790,000
18,500,000
 
St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1)
Weekly VRDNs, (GTD by Nucor Corp.), 0.990%, 6/1/2022
   18,500,000
27,400,000
 
St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1)
Weekly VRDNs, (GTD by Nucor Corp.), 0.970%, 6/1/2022
   27,400,000
 
 
TOTAL
79,690,000
 
 
Maine—   0.7%
 
22,260,000
 
Old Town, ME (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs,
0.920%, 6/1/2022
   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),
0.990%, Optional Tender 7/1/2022
    5,000,000
 
 
Massachusetts—   3.3%
 
10,000,000
 
Massachusetts Development Finance Agency (Nantucket Electric Co.),
(Series 2004), CP, (GTD by Massachusetts Electric Co.), 1.100%,
Mandatory Tender 6/10/2022
   10,000,000
28,000,000
 
Massachusetts Development Finance Agency (Nantucket Electric Co.),
(Series 2004), CP, (GTD by Massachusetts Electric Co.), 1.500%,
Mandatory Tender 7/12/2022
   28,000,000
34,048,000
 
Massachusetts IFA (New England Power Co.), (Series 1992B), CP,
1.000%, Mandatory Tender 6/10/2022
   34,048,000
35,115,000
 
Massachusetts IFA (New England Power Co.), (Series 1992B), CP,
1.400%, Mandatory Tender 7/12/2022
   35,115,000
 
 
TOTAL
107,163,000
Annual Shareholder Report
7

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Michigan—   0.2%
 
$  1,800,000
 
Michigan State Strategic Fund (Universal Forest Products Eastern
Division, Inc.), Series 2002 Weekly VRDNs, (JPMorgan Chase Bank,
N.A. LOC), 0.930%, 6/2/2022
$    1,800,000
  5,250,000
 
Michigan Strategic Fund (Greenville Venture Partners LLC),
(Series 2018) Weekly VRDNs, (CoBank, ACB LOC), 0.900%, 6/2/2022
    5,250,000
 
 
TOTAL
7,050,000
 
 
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),
0.910%, 6/2/2022
    1,330,000
 
 
Missouri—   1.2%
 
  7,500,000
 
Kansas City, MO Airport Revenue (Kansas City International Airport),
Tender Option Bond Trust Certificates (2022-ZF2977) Weekly VRDNs,
(Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A.
LIQ), 0.970%, 6/2/2022
    7,500,000
30,000,000
 
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), 0.910%, 6/2/2022
   30,000,000
  1,200,000
 
Kansas City, MO Planned Industrial Expansion Authority (EPD3
Ridgeview LP), Mizuho 3a-7 (2022-MIZ9086) VRENs, (GTD by Mizuho
Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 1.040%, 6/2/2022
    1,200,000
 
 
TOTAL
38,700,000
 
 
Montana—   0.2%
 
  3,510,000
 
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), 1.040%, 6/2/2022
    3,510,000
  2,215,000
 
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), 1.040%, 6/2/2022
    2,215,000
 
 
TOTAL
5,725,000
 
 
Multi-State—   21.3%
 
52,000,000
 
BlackRock MuniYield Quality Fund III, Inc., (3,564 Series W-7 VRDP
Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ),
0.890%, 6/2/2022
   52,000,000
178,500,000
 
Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily
VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.940%, 6/1/2022
  178,500,000
89,200,000
 
Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027)
Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.940%, 6/1/2022
   89,200,000
75,000,000
 
Nuveen Municipal Credit Income Fund, PUTTERs 3a-7 (Series 5039)
(VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ),
0.940%, 6/1/2022
   75,000,000
37,700,000
 
Nuveen Municipal Credit Opportunities Fund, (Series A) Weekly
VRDPs, (Sumitomo Mitsui Banking Corp. LIQ), 0.900%, 6/2/2022
   37,700,000
Annual Shareholder Report
8

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Multi-State—   continued
 
$102,275,000
 
Nuveen Municipal Credit Opportunities Fund, PUTTERs 3a-7
(Series 5033) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank,
N.A. LIQ), 0.940%, 6/1/2022
$  102,275,000
40,800,000
 
Nuveen Quality Municipal Income Fund, (Series 1) Weekly VRDPs,
(Barclays Bank PLC LIQ), 0.880%, 6/2/2022
   40,800,000
62,000,000
 
Nuveen Quality Municipal Income Fund, (Series 2) Weekly VRDPs,
(Barclays Bank PLC LIQ), 0.880%, 6/2/2022
   62,000,000
47,400,000
 
Nuveen Quality Municipal Income Fund, (Series 2) Weekly VRDPs,
(Barclays Bank PLC LIQ), 0.880%, 6/2/2022
   47,400,000
 
 
TOTAL
684,875,000
 
 
Nebraska—   0.3%
 
  7,500,000
 
Stanton County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs,
1.030%, 6/1/2022
    7,500,000
  1,875,000
 
Stanton County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs,
1.030%, 6/1/2022
    1,875,000
 
 
TOTAL
9,375,000
 
 
Nevada—   0.4%
 
  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), 1.000%, 6/2/2022
    1,395,000
11,500,000
 
Nevada Housing Division (DWF V Summit Club Holdings LLC), Mizuho
3a-7 (2021-MIZ9091) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank
Ltd. LIQ), 1.040%, 6/2/2022
   11,500,000
 
 
TOTAL
12,895,000
 
 
New Jersey—   10.6%
 
  3,903,700
 
Aberdeen Township, NJ BANs, 1.250%, 12/29/2022
    3,921,663
12,994,000
 
Alexandria Township, NJ Board of Education BANs, 1.000%, 7/27/2022
   13,008,713
  4,492,300
 
Berlin Boro, NJ BANs, 1.000%, 9/28/2022
    4,503,403
  2,418,430
 
Boonton Township, NJ BANs, 1.000%, 9/2/2022
    2,423,101
  6,248,518
 
Boonton, NJ BANs, 1.500%, 6/24/2022
    6,253,424
  5,492,565
 
Bound Brook Borough, NJ BANs, 1.000%, 8/18/2022
    5,501,581
  1,030,300
 
Byram Township, NJ BANs, 1.500%, 9/16/2022
    1,034,033
  5,807,835
 
Clementon, NJ BANs, 1.000%, 10/3/2022
    5,822,792
  2,183,035
 
Clinton, NJ BANs, 1.000%, 8/5/2022
    2,185,943
  4,360,523
 
Cranbury Township, NJ BANs, 1.000%, 9/3/2022
    4,369,391
  5,000,000
 
Cresskill Borough, NJ BANs, 1.000%, 10/14/2022
    5,013,277
  5,546,324
 
Demarest, NJ BANs, 1.000%, 6/24/2022
    5,549,008
  2,696,515
 
Dennis Township, NJ BANs, 1.000%, 6/17/2022
    2,697,376
  3,375,000
 
East Greenwich Township, NJ BANs, 1.250%, 11/8/2022
    3,387,509
  7,904,276
 
Eatontown, NJ BANs, 1.000%, 11/3/2022
    7,924,315
  8,040,000
 
Fairview, NJ BANs, 1.000%, 8/26/2022
    8,055,121
Annual Shareholder Report
9

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
New Jersey—   continued
 
$ 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),
0.910%, 6/2/2022
$   20,940,000
  8,203,000
 
Garfield, NJ BANs, 1.000%, 8/5/2022
    8,210,849
  1,094,250
 
Gibbsboro, NJ BANs, 1.000%, 6/30/2022
    1,094,900
  6,971,225
 
Glassboro Borough, NJ, (Series A) BANs, 1.000%, 8/23/2022
    6,983,878
12,600,000
 
Guttenberg, NJ BANs, 1.000%, 10/20/2022
   12,632,952
  1,800,000
 
Hillsdale Borough, NJ BANs, 1.000%, 12/2/2022
    1,805,323
  3,800,540
 
Hopatcong, NJ BANs, 1.000%, 7/22/2022
    3,804,512
  6,063,000
 
Lawrence Township, NJ BANs, 1.000%, 9/23/2022
    6,077,922
  1,273,900
 
Lebanon, NJ BANs, 1.000%, 9/13/2022
    1,276,724
  5,188,000
 
Logan Township, NJ BANs, 1.000%, 10/19/2022
    5,201,870
  2,563,303
 
Merchantville, NJ, (Series A) BANs, 1.000%, 8/2/2022
    2,566,429
  4,580,000
 
Middle Township, NJ BANs, 1.000%, 9/8/2022
    4,589,789
  7,832,673
 
Middlesex, NJ, (Series A) BANs, 1.000%, 6/23/2022
    7,836,204
  3,150,000
 
Moonachie, NJ BANs, 1.000%, 10/14/2022
    3,158,121
  4,023,775
 
Mount Olive Township, NJ BANs, 1.250%, 12/15/2022
    4,042,148
  6,850,000
 
New Jersey Economic Development Authority (Yeshiva of North
Jersey), (Series 2018) Weekly VRDNs, (Valley National Bank LOC),
1.090%, 6/2/2022
    6,850,000
  2,540,000
 
New Jersey EDA (Baptist Home Society of New Jersey) Weekly
VRDNs, (Valley National Bank LOC), 1.090%, 6/2/2022
    2,540,000
11,255,000
 
New Jersey EDA (Jewish Community Center on the Palisades),
(Series 2016) Weekly VRDNs, (Valley National Bank LOC),
1.090%, 6/3/2022
   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),
1.040%, 6/3/2022
    1,325,000
  4,160,000
 
New Jersey Health Care Facilities Financing Authority (Christian Health
Care Center), (Series A-2) Weekly VRDNs, (Valley National Bank LOC),
0.900%, 6/2/2022
    4,160,000
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),
0.910%, 6/2/2022
   14,885,000
  2,484,000
 
Newton, NJ BANs, 1.000%, 7/20/2022
    2,486,495
  5,754,000
 
North Arlington, NJ BANs, 1.250%, 11/10/2022
    5,775,605
  6,716,000
 
Park Ridge Borough, NJ BANs, 3.250%, 4/28/2023
    6,775,545
  4,627,696
 
Pemberton Township, NJ BANs, 1.000%, 6/2/2022
    4,627,787
  6,500,000
 
Pemberton Township, NJ, (Series 2022) BANs, 4.000%, 5/31/2023
    6,563,050
  2,700,000
 
Pine Beach, NJ BANs, 1.000%, 10/28/2022
    2,706,580
  6,200,000
 
Ramsey, NJ BANs, 1.250%, 1/6/2023
    6,229,618
  6,585,000
 
Somers Point, NJ BANs, 1.250%, 12/20/2022
    6,615,842
Annual Shareholder Report
10

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
New Jersey—   continued
 
$  2,345,000
 
South Hackensack, NJ BANs, 1.250%, 12/15/2022
$    2,355,707
  4,687,000
 
South Orange ViIlage Township, NJ BANs, 1.000%, 7/7/2022
    4,689,918
  6,464,075
 
South Plainfield, NJ BANs, 1.000%, 8/19/2022
    6,475,240
  6,136,000
 
South River, NJ, (Series B) BANs, 1.250%, 12/16/2022
    6,164,160
  2,160,395
 
Southampton Township, NJ BANs, 1.000%, 7/6/2022
    2,161,882
  3,200,000
 
Southampton Township, NJ BANs, 1.000%, 7/6/2022
    3,202,147
  3,588,154
 
Springfield Township, NJ BANs, 1.250%, 12/8/2022
    3,603,956
29,512,000
 
Stone Harbor, NJ BANs, 1.500%, 10/28/2022
   29,656,087
  2,931,710
 
Union Beach, NJ BANs, 1.250%, 10/27/2022
    2,941,798
  4,864,000
 
Washington Township (Morris County), NJ BANs, 1.000%, 8/24/2022
    4,872,598
  3,727,978
 
Washington Township, NJ (Warren County) BANs, 1.000%, 8/26/2022
    3,734,987
  4,915,750
 
West Deptford Township, NJ BANs, 1.000%, 9/1/2022
    4,925,640
  3,691,000
 
West Long Branch, NJ BANs, 1.000%, 6/24/2022
    3,692,693
  7,747,500
 
Winslow Township, NJ BANs, 1.000%, 9/20/2022
    7,765,597
 
 
TOTAL
340,910,203
 
 
New York—   2.6%
 
10,500,000
 
Ballston Spa, NY CSD BANs, 1.250%, 6/24/2022
   10,504,001
16,000,000
 
Elmira, NY City School District BANs, 1.500%, 6/24/2022
   16,003,345
  2,150,000
 
Friendship, NY CSD BANs, 1.000%, 6/29/2022
    2,151,267
  4,150,000
 
Garrison, NY UFSD BANs, 1.000%, 6/30/2022
    4,152,463
  5,590,000
 
Hempstead (town), NY IDA MFH (Hempstead Village Housing
Associates LP), (Series 2006) Weekly VRDNs, (FNMA LOC),
0.900%, 6/2/2022
    5,590,000
  4,000,000
 
Hyde Park, NY CSD BANs, 1.250%, 6/17/2022
    4,000,998
  4,000,000
 
Marlboro, NY CSD BANs, 1.250%, 6/29/2022
    4,000,901
  3,670,000
 
New Rochelle, NY IDA (180 Union Avenue Owner LP),
(Series 2006: West End Phase I Facility) Weekly VRDNs, (Citibank N.A.,
New York LOC), 0.880%, 6/2/2022
    3,670,000
15,000,000
 
New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells
Fargo Bank, N.A. LIQ), 0.940%, 6/2/2022
   15,000,000
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), 1.170%, 6/2/2022
   10,000,000
  6,000,000
 
Watertown, NY Enlarged City School District BANs, 1.000%, 6/28/2022
    6,003,320
  2,500,000
 
Watervliet, NY City School District BANs, 3.250%, 4/26/2023
    2,524,247
 
 
TOTAL
83,600,542
 
 
North Carolina—   0.2%
 
  3,000,000
 
Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.),
(Series 2000A) Weekly VRDNs, 0.980%, 6/1/2022
    3,000,000
Annual Shareholder Report
11

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
North Carolina—   continued
 
$  3,000,000
 
Yancey County, NC Industrial Facilities & Pollution Control Financing
Authority (Altec Industries, Inc.), (Series 2007) Weekly VRDNs, (Truist
Bank LOC), 0.950%, 6/2/2022
$    3,000,000
 
 
TOTAL
6,000,000
 
 
Ohio—   1.4%
 
30,470,000
 
Middletown, OH (Premier Health Partners Obligated Group), Golden
Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank
PLC LOC), 0.910%, 6/2/2022
   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), 0.910%, 6/2/2022
    8,100,000
  7,000,000
 
Toledo-Lucas County, OH Port Authority (Van Deurzen Dairy LLC),
(Series 2006) Weekly VRDNs, (AgriBank FCB LOC), 0.900%, 6/2/2022
    7,000,000
 
 
TOTAL
45,570,000
 
 
Oklahoma—   2.2%
 
13,750,000
 
Garfield County, OK Industrial Authority Pollution Control (Oklahoma
Gas and Electric Co.), (Series 1995-A) Weekly VRDNs,
0.910%, 6/1/2022
   13,750,000
32,400,000
 
Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (1995
Series A) Weekly VRDNs, 0.920%, 6/1/2022
   32,400,000
22,940,000
 
Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.),
(Series 1997A) Weekly VRDNs, 0.910%, 6/1/2022
   22,940,000
 
 
TOTAL
69,090,000
 
 
Oregon—   0.0%
 
  1,360,000
 
Port of Morrow, OR Pollution Control (Idaho Power Co.), (Series 2000)
Weekly VRDNs, 0.920%, 6/1/2022
    1,360,000
 
 
Pennsylvania—   0.9%
 
26,500,000
 
Blackrock MuniYield Pennsylvania Quality Fund, (663 Series W-7 VRDP
Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ),
0.880%, 6/2/2022
   26,500,000
    795,000
 
East Hempfield Township, PA IDA (BGT Realty), (Series of 2005)
Weekly VRDNs, (Fulton Bank, N.A. LOC), 1.100%, 6/2/2022
      795,000
  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), 1.040%, 6/2/2022
    2,000,000
 
 
TOTAL
29,295,000
 
 
South Carolina—   1.2%
 
21,500,000
 
Berkeley County, SC IDB (Nucor Corp.) Weekly VRDNs,
1.030%, 6/1/2022
   21,500,000
10,100,000
 
Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs,
1.030%, 6/1/2022
   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), 0.940%, 6/2/2022
    2,815,000
Annual Shareholder Report
12

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
South Carolina—   continued
 
$  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), 0.940%, 6/2/2022
$    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), 0.900%, 6/2/2022
    3,000,000
 
 
Tennessee—   1.5%
 
25,620,000
 
Memphis-Shelby County, TN Industrial Development Board - PCRB
(Nucor Steel Memphis, Inc.), (Series 2007) Weekly VRDNs, (GTD by
Nucor Corp.), 1.030%, 6/1/2022
   25,620,000
22,150,000
 
Metropolitan Government Nashville & Davidson County, TN, (2014
Program), CPX, 1.350%, Mandatory Tender 7/6/2022
   22,150,000
 
 
TOTAL
47,770,000
 
 
Texas—   14.7%
 
  5,000,000
 
Alamo, TX CCD, RBC Muni Products (Series G-111) TOBs, (Royal Bank
of Canada LIQ)/(Royal Bank of Canada LOC), 0.990%, Optional
Tender 11/1/2022
    5,000,000
28,000,000
 
Calhoun, TX Port Authority (BP PLC), (Series 1998) Weekly VRDNs,
0.980%, 6/1/2022
   28,000,000
27,480,000
 
Harris County, TX Cultural Education Facilities Finance Corp.
(Methodist Hospital, Harris County, TX), (Series 2009 C-2), CP, 0.860%,
Mandatory Tender 6/1/2022
   27,480,000
25,000,000
 
Harris County, TX Cultural Education Facilities Finance Corp.
(Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP,
0.820%, Mandatory Tender 6/3/2022
   25,000,000
40,000,000
 
Harris County, TX Cultural Education Facilities Finance Corp.
(Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP,
0.820%, Mandatory Tender 6/2/2022
   40,000,000
  4,000,000
 
Jewett, TX Economic Development Corporation (Nucor Corp.),
(Series 2003) Weekly VRDNs, 1.030%, 6/1/2022
    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), 0.990%, Optional Tender 7/1/2022
    9,000,000
27,800,000
 
Port of Corpus Christi Authority of Nueces County, TX (Flint Hills
Resources LLC), (Series 2002A) Weekly VRDNs, 0.900%, 6/1/2022
   27,800,000
  7,500,000
 
Port of Corpus Christi Authority of Nueces County, TX (Flint Hills
Resources LLC), (Series 2002B) Daily VRDNs, 0.980%, 6/1/2022
    7,500,000
17,500,000
 
Port of Corpus Christi Authority of Nueces County, TX (Flint Hills
Resources LLC), (Series 2003) Weekly VRDNs, 1.000%, 6/1/2022
   17,500,000
25,000,000
 
Port of Corpus Christi Authority of Nueces County, TX (Flint Hills
Resources LLC), (Series 2005) Weekly VRDNs, 1.000%, 6/1/2022
   25,000,000
42,000,000
 
Port of Corpus Christi Authority of Nueces County, TX (Flint Hills
Resources LLC), (Series 2006) Weekly VRDNs, 1.000%, 6/1/2022
   42,000,000
35,000,000
 
Port of Corpus Christi Authority of Nueces County, TX (Flint Hills
Resources LLC), (Series 2007) Weekly VRDNs, 1.000%, 6/1/2022
   35,000,000
Annual Shareholder Report
13

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Texas—   continued
 
$ 19,650,000
 
Port of Port Arthur Navigation District of Jefferson County, TX (Motiva
Enterprises LLC), (Series 2010A) Daily VRDNs, 0.840%, 6/1/2022
$   19,650,000
    850,000
 
Port of Port Arthur Navigation District of Jefferson County, TX (Motiva
Enterprises LLC), (Series 2010B) Daily VRDNs, 0.840%, 6/1/2022
      850,000
35,500,000
 
Port of Port Arthur Navigation District of Jefferson County, TX (Motiva
Enterprises LLC), (Series 2010C) Daily VRDNs, 0.860%, 6/1/2022
   35,500,000
14,050,000
 
Port of Port Arthur Navigation District of Jefferson County, TX (Motiva
Enterprises LLC), (Series 2010D) Weekly VRDNs, 0.900%, 6/1/2022
   14,050,000
83,900,000
 
Port of Port Arthur Navigation District of Jefferson County, TX (Motiva
Enterprises LLC), (Series 2010E) Weekly VRDNs, 0.990%, 6/1/2022
   83,900,000
10,000,000
 
San Antonio, TX Electric & Gas System, (2012 Series A), CP, 1.050%,
Mandatory Tender 6/22/2022
   10,000,000
15,000,000
 
Texas State Department of Housing & Community Affairs (Onion Creek
Housing Partners Ltd.), (Series 2007) Weekly VRDNs, (Federal National
Mortgage Association LOC), 0.930%, 6/2/2022
   15,000,000
 
 
TOTAL
472,230,000
 
 
Utah—   0.1%
 
  1,970,000
 
Salt Lake City, UT (Salt Lake City International Airport), Airport
Revenue Bonds (Series 2017A), 5.000%, 7/1/2022
    1,976,021
    500,000
 
Salt Lake County, UT Training Facilities (Community Foundation For
The Disabled, Inc.), (Series 2000) Weekly VRDNs, (Wells Fargo Bank,
N.A. LOC), 0.980%, 6/2/2022
      500,000
 
 
TOTAL
2,476,021
 
 
Virginia—   0.1%
 
  1,540,000
 
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), 0.940%, 6/2/2022
    1,540,000
  2,515,000
 
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), 0.940%, 6/2/2022
    2,515,000
 
 
TOTAL
4,055,000
 
 
Washington—   0.0%
 
  1,470,000
 
Washington State Economic Development Finance Authority (Mesa
Dairy, LLC), (Series 2007E) Weekly VRDNs, (Bank of the West,
San Francisco, CA LOC), 0.900%, 6/2/2022
    1,470,000
 
 
Wisconsin—   2.5%
 
10,991,000
 
Public Finance Authority, WI (Agape Meadowcreek, Inc.), Tender
Option Bond Trust Receipts (2020-XF2871) Weekly VRDNs, (GTD by
Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 1.010%, 6/2/2022
   10,991,000
  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), 1.010%, 6/2/2022
    6,000,000
  1,415,000
 
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), 0.990%, 6/2/2022
    1,415,000
Annual Shareholder Report
14

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Wisconsin—   continued
 
$  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), 0.990%, 6/2/2022
$    1,650,000
    790,000
 
West Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly
VRDNs, (U.S. Bank, N.A. LOC), 1.100%, 6/2/2022
      790,000
  2,450,000
 
Wisconsin State Public Finance Authority (Birchwood Properties LP),
(Series 2016) Weekly VRDNs, (FHLB of Des Moines LOC),
1.010%, 6/2/2022
    2,450,000
57,585,000
 
Wisconsin State Public Finance Authority (Waste Management, Inc.),
(Series A-2) TOBs, 2.000%, Mandatory Tender 8/1/2022
   57,585,000
 
 
TOTAL
80,881,000
 
 
TOTAL INVESTMENT IN SECURITIES—99.3%
(AT AMORTIZED COST)2
3,189,686,035
 
 
OTHER ASSETS AND LIABILITIES - NET—0.7%3
23,385,572
 
 
TOTAL NET ASSETS—100%
$3,213,071,607
Securities that are subject to the federal alternative minimum tax (AMT) represent 49.6% 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 May 31, 2022.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Annual Shareholder Report
15

In valuing the Fund’s assets as of May 31, 2022, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
The following acronym(s) are used throughout this portfolio:
 
BANs
—Bond Anticipation Notes
CCD
—Community College District
CDA
—Community Development Authority
CP
—Commercial Paper
CPX
—Commercial Paper Extendible
CSD
—Central School District
EDA
—Economic Development Authority
EDRB
—Economic Development Revenue Bond
FHLB
—Federal Home Loan Bank
FHLMC
—Federal Home Loan Mortgage Corporation
FNMA
—Federal National Mortgage Association
GTD
—Guaranteed
HDA
—Hospital Development Authority
HFA
—Housing Finance Authority
IDA
—Industrial Development Authority
IDB
—Industrial Development Bond
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
PLC
—Public Limited Company
PUTTERs
—Puttable Tax-Exempt Receipts
TOBs
—Tender Option Bonds
TRANs
—Tax and Revenue Anticipation Notes
UFSD
—Union Free School District
VMTP
—Variable Municipal Term Preferred
VRDNs
—Variable Rate Demand Notes
VRDP
—Variable Rate Demand Preferred
VRDPs
—Variable Rate Demand Preferreds
VRENs
—Variable Rate Extendible Notes
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
16

Financial HighlightsWealth Shares
(For a Share Outstanding Throughout Each Period)
 
Year Ended May 31,
Period
Ended
5/31/20191
Year Ended July 31,
 
2022
2021
2020
2018
2017
Net Asset Value, Beginning of
Period
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Income From Investment
Operations:
 
 
 
 
 
 
Net investment income
0.001
0.001
0.012
0.0132
0.011
0.001
Net realized gain (loss)
0.0003
0.0003
0.001
0.0003
0.0003
0.001
Total From Investment
Operations
0.001
0.001
0.013
0.013
0.011
0.002
Less Distributions:
 
 
 
 
 
 
Distributions from net investment
income
(0.001)
(0.001)
(0.013)
(0.013)
(0.011)
(0.001)
Distributions from net realized
gain
(0.000)3
(0.000)3
(0.000)3
(0.000)3
(0.000)3
(0.001)
Total Distributions
(0.001)
(0.001)
(0.013)
(0.013)
(0.011)
(0.002)
Net Asset Value, End of Period
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Total Return4
0.12%
0.13%
1.27%
1.27%
1.12%
0.72%
Ratios to Average Net Assets:
 
 
 
 
 
 
Net expenses5
0.19%
0.21%
0.21%
0.21%6
0.21%
0.21%
Net investment income
0.13%
0.12%
1.24%
1.52%6
1.10%
0.64%
Expense waiver/reimbursement7
0.11%
0.09%
0.09%
0.09%6
0.10%
0.11%
Supplemental Data:
 
 
 
 
 
 
Net assets, end of period (000
omitted)
$1,772,201
$1,372,803
$1,510,434
$1,713,390
$1,163,568
$667,169
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
Per share numbers have been calculated using the average shares method.
3
Represents less than $0.001.
4
Based on net asset value. Total returns for periods of less than one year are not annualized.
5
Amount does not reflect net expenses incurred by investment companies in which the Fund
may invest.
6
Computed on an annualized basis.
7
This expense decrease is reflected in both the net expense and the net investment income ratios
shown above. Amount does not reflect expense waiver/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 Automated Shares, Investment Shares, Service Shares, Cash II Shares, Cash Series Shares and Capital Shares are presented separately.
Annual Shareholder Report
17

Statement of Assets and Liabilities
May 31, 2022
Assets:
 
Investment in securities, at amortized cost and fair value
$3,189,686,035
Cash
1,695,111
Income receivable
5,281,385
Receivable for investments sold
40,411,643
Receivable for shares sold
5,947,575
Total Assets
3,243,021,749
Liabilities:
 
Payable for investments purchased
27,678,510
Payable for shares redeemed
1,507,355
Income distribution payable
81,290
Payable for investment adviser fee (Note5)
10,443
Payable for administrative fee (Note5)
6,890
Payable for distribution services fee (Note5)
118,413
Payable for other service fees (Notes 2 and5)
266,926
Accrued expenses (Note5)
280,315
Total Liabilities
29,950,142
Net assets for 3,213,021,467 shares outstanding
$3,213,071,607
Net Assets Consist of:
 
Paid-in capital
$3,213,001,158
Total distributable earnings (loss)
70,449
Total Net Assets
$3,213,071,607
Annual Shareholder Report
18

Statement of Assets and Liabilitiescontinued
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
 
Automated Shares:
 
$700,242,548 ÷ 700,231,604 shares outstanding, no par value, unlimited
shares authorized
$1.00
Investment Shares:
 
$2,873,767 ÷ 2,873,722 shares outstanding, no par value, unlimited
shares authorized
$1.00
Wealth Shares:
 
$1,772,200,856 ÷ 1,772,173,237 shares outstanding, no par value, unlimited
shares authorized
$1.00
Service Shares:
 
$232,942,551 ÷ 232,938,910 shares outstanding, no par value, unlimited
shares authorized
$1.00
Cash II Shares:
 
$71,843,440 ÷ 71,842,317 shares outstanding, no par value, unlimited
shares authorized
$1.00
Cash Series Shares:
 
$237,579,020 ÷ 237,575,306 shares outstanding, no par value, unlimited
shares authorized
$1.00
Capital Shares:
 
$195,389,425 ÷ 195,386,371 shares outstanding, no par value, unlimited
shares authorized
$1.00
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
19

Statement of Operations
Year Ended May 31, 2022
Investment Income:
 
Interest
$8,566,733
Expenses:
 
Investment adviser fee (Note5)
5,578,606
Administrative fee (Note5)
2,183,688
Custodian fees
83,584
Transfer agent fees (Note 2)
1,099,224
Directors’/Trustees’ fees (Note5)
16,549
Auditing fees
23,001
Legal fees
19,371
Portfolio accounting fees
274,745
Distribution services fee (Note5)
1,934,975
Other service fees (Notes 2 and5)
3,463,894
Share registration costs
104,913
Printing and postage
35,126
Miscellaneous (Note5)
22,044
TOTAL EXPENSES
14,839,720
Waivers and Reimbursements:
 
Waiver of investment adviser fee (Note5)
(3,139,456)
Waivers/reimbursements of other operating expenses (Notes 2 and 5)
(5,309,868)
TOTAL WAIVERS AND REIMBURSEMENTS
(8,449,324)
Net expenses
6,390,396
Net investment income
2,176,337
Net realized gain on investments
69,113
Change in net assets resulting from operations
$2,245,450
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
20

Statement of Changes in Net Assets
Year Ended May 31
2022
2021
Increase (Decrease) in Net Assets
 
 
Operations:
 
 
Net investment income
$2,176,337
$2,680,484
Net realized gain (loss)
69,113
87,172
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS
2,245,450
2,767,656
Distributions to Shareholders:
 
 
Automated Shares
(242,884)
(82,942)
Investment Shares
(720)
(976)
Wealth Shares
(1,667,616)
(2,328,392)
Service Shares
(127,174)
(97,518)
Cash II Shares
(9,913)
(6,463)
Cash Series Shares
(37,090)
(29,175)
Capital Shares
(177,141)
(228,477)
CHANGE IN NET ASSETS RESULTING FROM
DISTRIBUTIONS TO SHAREHOLDERS
(2,262,538)
(2,773,943)
Share Transactions:
 
 
Proceeds from sale of shares
3,952,421,143
5,768,486,888
Net asset value of shares issued to shareholders in payment of
distributions declared
2,064,912
2,386,409
Cost of shares redeemed
(3,710,160,577)
(6,302,848,809)
CHANGE IN NET ASSETS RESULTING FROM
SHARE TRANSACTIONS
244,325,478
(531,975,512)
Change in net assets
244,308,390
(531,981,799)
Net Assets:
 
 
Beginning of period
2,968,763,217
3,500,745,016
End of period
$3,213,071,607
$2,968,763,217
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
21

Notes to Financial Statements
May 31, 2022
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.
Annual Shareholder Report
22

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 $8,449,324 is disclosed in various locations in this Note 2 and Note 5. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.
Transfer Agent Fees
For the year ended May 31, 2022, 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
$701,530
$
$(476,341)
Investment Shares
4,069
(2,904)
Wealth Shares
27,197
Service Shares
5,550
Cash II Shares
72,265
(49,334)
Cash Series Shares
283,198
(83,134)
(136,152)
Capital Shares
5,415
(5)
TOTAL
$1,099,224
$(83,139)
$(664,731)
Annual Shareholder Report
23

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 year ended May 31, 2022, 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
$1,716,100
$(11,103)
$(1,349,704)
Investment Shares
10,296
(173)
(9,548)
Service Shares
612,413
(462,413)
Cash II Shares
187,047
(504)
(176,536)
Cash Series Shares
692,791
(1,178)
(675,166)
Capital Shares
245,247
(1,996)
(181,192)
TOTAL
$3,463,894
$(14,954)
$(2,854,559)
For the year ended May 31, 2022, the Fund’s Wealth Shares did not incur other service fees.
Federal Taxes
It is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the year ended May 31, 2022, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of May 31, 2022, tax years 2019 through 2022 remain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.
When-Issued and Delayed-Delivery Transactions
The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
Restricted Securities
The Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In
Annual Shareholder Report
24

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:
 
Year Ended
5/31/2022
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
371,576
$371,576
420,871
$420,871
Shares issued to shareholders in
payment of distributions declared
243
243
83
83
Shares redeemed
(354,815)
(354,815)
(556,273)
(556,273)
NET CHANGE RESULTING FROM
AUTOMATED
SHARE TRANSACTIONS
17,004
$17,004
(135,319)
$(135,319)
 
Year Ended
5/31/2022
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
6,695
$6,695
17,902
$17,902
Shares issued to shareholders in
payment of distributions declared
1
1
1
1
Shares redeemed
(8,579)
(8,579)
(24,259)
(24,259)
NET CHANGE RESULTING FROM
INVESTMENT
SHARE TRANSACTIONS
(1,883)
$(1,883)
(6,356)
$(6,356)
Annual Shareholder Report
25

 
Year Ended
5/31/2022
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
2,302,899
$2,302,899
3,727,752
$3,727,752
Shares issued to shareholders in
payment of distributions declared
1,492
1,492
1,950
1,950
Shares redeemed
(1,904,990)
(1,904,990)
(3,867,332)
(3,867,332)
NET CHANGE RESULTING FROM
WEALTH SHARE TRANSACTIONS
399,401
$399,401
(137,630)
$(137,630)
 
Year Ended
5/31/2022
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
583,932
$583,932
597,196
$597,196
Shares issued to shareholders in
payment of distributions declared
106
106
89
89
Shares redeemed
(606,878)
(606,878)
(857,490)
(857,490)
NET CHANGE RESULTING FROM
SERVICE SHARE TRANSACTIONS
(22,840)
$(22,840)
(260,205)
$(260,205)
 
Year Ended
5/31/2022
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
30,387
$30,387
84,333
$84,333
Shares issued to shareholders in
payment of distributions declared
10
10
6
6
Shares redeemed
(32,676)
(32,676)
(54,921)
(54,921)
NET CHANGE RESULTING FROM
CASH II SHARE TRANSACTIONS
(2,279)
$(2,279)
29,418
$29,418
 
Year Ended
5/31/2022
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
483,411
$483,411
551,188
$551,188
Shares issued to shareholders in
payment of distributions declared
37
37
29
29
Shares redeemed
(533,981)
(533,981)
(503,548)
(503,548)
NET CHANGE RESULTING FROM
CASH SERIES
SHARE TRANSACTIONS
(50,533)
$(50,533)
47,669
$47,669
Annual Shareholder Report
26

 
Year Ended
5/31/2022
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
173,522
$173,522
369,245
$369,245
Shares issued to shareholders in
payment of distributions declared
177
177
227
227
Shares redeemed
(268,244)
(268,244)
(439,025)
(439,025)
NET CHANGE RESULTING FROM
CAPITAL SHARE TRANSACTIONS
(94,545)
$(94,545)
(69,553)
$(69,553)
NET CHANGE RESULTING FROM
TOTAL FUND
SHARE TRANSACTIONS
244,325
$244,325
(531,976)
$(531,976)
4. FEDERAL TAX INFORMATION
The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended May 31, 2022 and 2021, was as follows:
 
2022
2021
Tax-exempt income
$2,175,386
$2,757,452
Ordinary income1
$87,125
$15,822
Long-term capital gains
$27
$669
1
For tax purposes, short-term capital gain distributions are considered ordinary
income distributions.
As of May 31, 2022, the components of distributable earnings on a tax-basis were as follows:
Undistributed tax-exempt income
$1,363
Undistributed long-term capital gains
$69,086
5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Adviser Fee
The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund’s average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund’s expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the year ended May 31, 2022, the Adviser voluntarily waived $3,139,456 of its fee and voluntarily reimbursed $83,139 of transfer agent fees.
Annual Shareholder Report
27

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 year ended May 31, 2022, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.
In addition, FAS may charge certain out-of-pocket expenses to the Fund.
Distribution Services Fee
The Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund’s Investment Shares, Cash II Shares and Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:
 
Percentage of Average Daily
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 year ended May 31, 2022, distribution services fees for the Fund were as follows:
 
Distribution Services
Fees Incurred
Distribution Services
Fees Waived
Investment Shares
$10,297
$(8,731)
Cash II Shares
261,980
(218,444)
Cash Series Shares
1,662,698
(1,465,310)
TOTAL
$1,934,975
$(1,692,485)
When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the year ended May 31, 2022, FSC did not retain any fees paid by the Fund.
Annual Shareholder Report
28

Other Service Fees
For the year ended May 31, 2022, FSSC received $115 and reimbursed $14,954 of the other service fees disclosed in Note 2.
Expense Limitation
Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund’s Automated Shares, Investment Shares, Wealth Shares, Service Shares, Cash II Shares, Cash Series Shares and Capital Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.56%, 0.78%, 0.21%, 0.46%, 0.91%, 1.02% and 0.31% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) August 1, 2023; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.
Interfund Transactions
During the year ended May 31, 2022, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Directors/Trustees and/or common Officers. These purchase and sale transactions complied with Rule 17a-7 under the Act and amounted to $1,082,470,000 and $1,130,290,000, respectively. Net realized gain/loss recognized on these transactions was $0.
Directors’/Trustees’ and Miscellaneous Fees
Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors’/Trustees’ fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.
6. 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 May 31, 2022, there were no outstanding loans. During the year ended May 31, 2022, the program was not utilized.
Annual Shareholder Report
29

7. INDEMNIFICATIONS
Under the Fund’s organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party’s actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.
8. 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 continue 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.
9. FEDERAL TAX INFORMATION (UNAUDITED)
For the year ended May 31, 2022, the amount of long-term capital gains designated by the Fund was $27.
For the year ended May 31, 2022, 100% of the distributions from net investment income is exempt from federal income tax, other than the federal AMT.
Annual Shareholder Report
30

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Federated Hermes Money Market Obligations Trust and the Shareholders of Federated Hermes Municipal Obligations Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of the Federated Hermes Municipal Obligations Fund (the Fund), a portfolio of Federated Hermes Money Market Obligations Trust, including the portfolio of investments, as of May 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the three-year period then ended, the ten-month period ended May 31, 2019 and the two-year period ended July 31, 2018. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended, the ten-month period ended May 31, 2019 and the two-year period ended July 31, 2018 in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
Annual Shareholder Report
31

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of May 31, 2022, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor for one or more of Federated Hermes’ investment companies since 2006.
Boston, Massachusetts
July 25, 2022
Annual Shareholder Report
32

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 December 1, 2021 to May 31, 2022.
ACTUAL EXPENSES
The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
 
Beginning
Account Value
12/1/2021
Ending
Account Value
5/31/2022
Expenses Paid
During Period
Actual
$1,000.00
$1,001.10
$1.05
Hypothetical (assuming a 5% return
before expenses)
$1,000.00
$1,023.88
$1.06
Annual Shareholder Report
33

Board of Trustees and Trust Officers
The Board of Trustees is responsible for managing the Trust’s business affairs and for exercising all the Trust’s powers except those reserved for the shareholders. The following tables give information about each Trustee and the senior officers of the Fund. Where required, the tables separately list Trustees who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). Unless otherwise noted, the address of each person listed is 1001 Liberty Avenue, Pittsburgh, PA 15222-3779. The address of all Independent Trustees listed is 4000 Ericsson Drive, Warrendale, PA 15086-7561; Attention: Mutual Fund Board. As of December 31, 2021, the Trust comprised 16 portfolio(s), and the Federated Hermes Fund Family consisted of 33 investment companies (comprising 102 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Trustee oversees all portfolios in the Federated Hermes Fund Family and serves for an indefinite term. The Fund’s Statement of Additional Information includes additional information about Trust Trustees and is available, without charge and upon request, by calling 1-800-341-7400, Option #4.
Interested TRUSTEES Background
Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s)
J. Christopher Donahue*
Birth Date: April 11, 1949
President and Trustee
Indefinite Term
Began serving: April 1989
Principal Occupations: Principal Executive Officer and President of
certain of the Funds in the Federated Hermes Fund Family; Director or
Trustee of the Funds in the Federated Hermes Fund Family; President,
Chief Executive Officer and Director, Federated Hermes, Inc.;
Chairman and Trustee, Federated Investment Management Company;
Trustee, Federated Investment Counseling; Chairman and Director,
Federated Global Investment Management Corp.; Chairman and
Trustee, Federated Equity Management Company of Pennsylvania;
Trustee, Federated Shareholder Services Company; Director,
Federated Services Company.
Previous Positions: President, Federated Investment Counseling;
President and Chief Executive Officer, Federated Investment
Management Company, Federated Global Investment Management
Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd.
Annual Shareholder Report
34

Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s)
Thomas R. Donahue*
Birth Date: October 20, 1958
Trustee
Indefinite Term
Began serving: May 2016
Principal Occupations: Director or Trustee of certain of the funds in
the Federated Hermes Fund Family; Chief Financial Officer, Treasurer,
Vice President and Assistant Secretary, Federated Hermes, Inc.;
Chairman and Trustee, Federated Administrative Services; Chairman
and Director, Federated Administrative Services, Inc.; Trustee and
Treasurer, Federated Advisory Services Company; Director or Trustee
and Treasurer, Federated Equity Management Company of
Pennsylvania, Federated Global Investment Management Corp.,
Federated Investment Counseling, and Federated Investment
Management Company; Director, MDTA LLC; Director, Executive Vice
President and Assistant Secretary, Federated Securities Corp.;
Director or Trustee and Chairman, Federated Services Company and
Federated Shareholder Services Company; and Director and
President, FII Holdings, Inc.
Previous Positions: Director, Federated Hermes, Inc.; Assistant
Secretary, Federated Investment Management Company, Federated
Global Investment Management Company and Passport Research,
LTD; Treasurer, Passport Research, LTD; Executive Vice President,
Federated Securities Corp.; and Treasurer, FII Holdings, Inc.
*
Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries.
INDEPENDENT TRUSTEES Background
Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins
Birth Date: January 24, 1947
Trustee
Indefinite Term
Began serving:
September 2013
Principal Occupations: Director or Trustee, and Chair of the Board
of Directors or Trustees, of the Federated Hermes Fund Family;
formerly, Chairman and CEO, The Collins Group, Inc. (a private equity
firm) (Retired).
Other Directorships Held: Director, KLX Energy Services Holdings,
Inc. (oilfield services); former Director of KLX Corp. (aerospace).
Qualifications: Mr. Collins has served in several business and financial
management roles and directorship positions throughout his career.
Mr. Collins previously served as Chairman and CEO of The Collins
Group, Inc. (a private equity firm) and as a Director of KLX Corp.
Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins
previously served as Director and Audit Committee Member, Bank of
America Corp.; Director, FleetBoston Financial Corp.; and Director,
Beth Israel Deaconess Medical Center (Harvard University
Affiliate Hospital).
Annual Shareholder Report
35

Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications
G. Thomas Hough
Birth Date: February 28, 1955
Trustee
Indefinite Term
Began serving: August 2015
Principal Occupations: Director or Trustee, Chair of the Audit
Committee of the Federated Hermes Fund Family; formerly, Vice
Chair, Ernst & Young LLP (public accounting firm) (Retired).
Other Directorships Held: Director, Chair of the Audit Committee,
Equifax, Inc.; Lead Director, Member of the Audit and Nominating and
Corporate Governance Committees, Haverty Furniture Companies,
Inc.; formerly, Director, Member of Governance and Compensation
Committees, Publix Super Markets, Inc.
Qualifications: Mr. Hough has served in accounting, business
management and directorship positions throughout his career.
Mr. Hough most recently held the position of Americas Vice Chair of
Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough
serves on the President’s Cabinet and Business School Board of
Visitors for the University of Alabama. Mr. Hough previously served on
the Business School Board of Visitors for Wake Forest University, and
he previously served as an Executive Committee member of the
United States Golf Association.
Maureen Lally-Green
Birth Date: July 5, 1949
Trustee
Indefinite Term
Began serving: August 2009
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; Adjunct Professor Emerita of Law, Duquesne University
School of Law; formerly, Dean of the Duquesne University School of
Law and Professor of Law and Interim Dean of the Duquesne
University School of Law; formerly, Associate General Secretary and
Director, Office of Church Relations, Diocese of Pittsburgh.
Other Directorships Held: Director, CNX Resources Corporation
(formerly known as CONSOL Energy Inc.).
Qualifications: Judge Lally-Green has served in various legal and
business roles and directorship positions throughout her career. Judge
Lally-Green previously held the position of Dean of the School of Law
of Duquesne University (as well as Interim Dean). Judge Lally-Green
previously served as a member of the Superior Court of Pennsylvania
and as a Professor of Law, Duquesne University School of Law. Judge
Lally-Green was appointed by the Supreme Court of Pennsylvania to
serve on the Supreme Court’s Board of Continuing Judicial Education
and the Supreme Court’s Appellate Court Procedural Rules
Committee. Judge Lally-Green also currently holds the positions on
not for profit or for profit boards of directors as follows: Director
and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary;
Member, Pennsylvania State Board of Education (public); Director,
Catholic Charities, Pittsburgh; and Director CNX Resources
Corporation (formerly known as CONSOL Energy Inc.). Judge
Lally-Green has held the positions of: Director, Auberle; Director,
Epilepsy Foundation of Western and Central Pennsylvania; Director,
Ireland Institute of Pittsburgh; Director, Saint Thomas More Society;
Director and Chair, Catholic High Schools of the Diocese of
Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director,
St. Vincent College; Director and Chair, North Catholic High
School, Inc.; Director and Vice Chair, Our Campaign for the Church
Alive!, Inc.; and Director, Saint Francis University.
Annual Shareholder Report
36

Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications
Thomas M. O’Neill
Birth Date: June 14, 1951
Trustee
Indefinite Term
Began serving: August 2006
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; Sole Proprietor, Navigator Management Company
(investment and strategic consulting).
Other Directorships Held: None.
Qualifications: Mr. O’Neill has served in several business, mutual fund
and financial management roles and directorship positions throughout
his career. Mr. O’Neill serves as Director, Medicines for Humanity.
Mr. O’Neill previously served as Chief Executive Officer and President,
Managing Director and Chief Investment Officer, Fleet Investment
Advisors; President and Chief Executive Officer, Aeltus Investment
Management, Inc.; General Partner, Hellman, Jordan Management
Co., Boston, MA; Chief Investment Officer, The Putnam Companies,
Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director
and Consultant, EZE Castle Software (investment order management
software); Director, The Golisano Children’s Museum of Naples,
Florida; and Director, Midway Pacific (lumber).
Madelyn A. Reilly
Birth Date: February 2, 1956
Trustee
Indefinite Term
Began serving:
November 2020
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; formerly, Executive Vice President for Legal Affairs,
General Counsel and Secretary to the Board of Directors, Duquesne
University (Retired).
Other Directorships Held: None.
Qualifications: Ms. Reilly has served in various business and legal
management roles throughout her career. Ms. Reilly previously served
as Senior Vice President for Legal Affairs, General Counsel and
Secretary to the Board of Directors and Assistant General Counsel and
Director of Risk Management, Duquesne University. Prior to her work
at Duquesne University, Ms. Reilly served as Assistant General
Counsel of Compliance and Enterprise Risk as well as Senior Counsel
of Environment, Health and Safety, PPG Industries. Ms. Reilly currently
serves as a member of the Board of Directors of UPMC
Mercy Hospital.
Annual Shareholder Report
37

Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications
P. Jerome Richey
Birth Date: February 23, 1949
Trustee
Indefinite Term
Began serving:
September 2013
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; Management Consultant; Retired; formerly, Senior Vice
Chancellor and Chief Legal Officer, University of Pittsburgh and
Executive Vice President and Chief Legal Officer, CONSOL Energy Inc.
(now split into two separate publicly traded companies known as
CONSOL Energy Inc. and CNX Resources Corp.).
Other Directorships Held: None.
Qualifications: Mr. Richey has served in several business and legal
management roles and directorship positions throughout his career.
Mr. Richey most recently held the positions of Senior Vice Chancellor
and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously
served as Chairman of the Board, Epilepsy Foundation of Western
Pennsylvania and Chairman of the Board, World Affairs Council of
Pittsburgh. Mr. Richey previously served as Chief Legal Officer and
Executive Vice President, CONSOL Energy Inc. and CNX Gas
Company; and Board Member, Ethics Counsel and Shareholder,
Buchanan Ingersoll & Rooney PC (a law firm).
John S. Walsh
Birth Date:
November 28, 1957
Trustee
Indefinite Term
Began serving: January 1999
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; President and Director, Heat Wagon, Inc. (manufacturer
of construction temporary heaters); President and Director,
Manufacturers Products, Inc. (distributor of portable construction
heaters); President, Portable Heater Parts, a division of Manufacturers
Products, Inc.
Other Directorships Held: None.
Qualifications: Mr. Walsh has served in several business management
roles and directorship positions throughout his career. Mr. Walsh
previously served as Vice President, Walsh & Kelly, Inc.
(paving contractors).
Annual Shareholder Report
38

OFFICERS
Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years
and Previous Position(s)
Lori A. Hensler
Birth Date: January 6, 1967
TREASURER
Officer since: April 2013
Principal Occupations: Principal Financial Officer and Treasurer of the
Federated Hermes Fund Family; Senior Vice President, Federated
Administrative Services; Financial and Operations Principal for
Federated Securities Corp.; and Assistant Treasurer, Federated
Investors Trust Company. Ms. Hensler has received the Certified
Public Accountant designation.
Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice
President and Assistant Treasurer, Federated Investors Management
Company; Treasurer, Federated Investors Trust Company; Assistant
Treasurer, Federated Administrative Services, Federated
Administrative Services, Inc., Federated Securities Corp., Edgewood
Services, Inc., Federated Advisory Services Company, Federated
Equity Management Company of Pennsylvania, Federated Global
Investment Management Corp., Federated Investment Counseling,
Federated Investment Management Company, Passport Research,
Ltd., and Federated MDTA, LLC; Financial and Operations Principal for
Federated Securities Corp., Edgewood Services, Inc. and Southpointe
Distribution Services, Inc.
Peter J. Germain
Birth Date:
September 3, 1959
CHIEF LEGAL OFFICER,
SECRETARY and EXECUTIVE
VICE PRESIDENT
Officer since: January 2005
Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary
and Executive Vice President of the Federated Hermes Fund Family.
He is General Counsel, Chief Legal Officer, Secretary and Executive
Vice President, Federated Hermes, Inc.; Trustee and Senior Vice
President, Federated Investors Management Company; Trustee and
President, Federated Administrative Services; Director and President,
Federated Administrative Services, Inc.; Director and Vice President,
Federated Securities Corp.; Director and Secretary, Federated Private
Asset Management, Inc.; Secretary, Federated Shareholder Services
Company; and Secretary, Retirement Plan Service Company of
America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a
member of the Pennsylvania Bar Association.
Previous Positions: Deputy General Counsel, Special Counsel,
Managing Director of Mutual Fund Services, Federated Hermes, Inc.;
Senior Vice President, Federated Services Company; and Senior
Corporate Counsel, Federated Hermes, Inc.
Stephen Van Meter
Birth Date: June 5, 1975
CHIEF COMPLIANCE
OFFICER AND SENIOR
VICE PRESIDENT
Officer since: July 2015
Principal Occupations: Senior Vice President and Chief Compliance
Officer of the Federated Hermes Fund Family; Vice President and
Chief Compliance Officer of Federated Hermes, Inc. and Chief
Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined
Federated Hermes, Inc. in October 2011. He holds FINRA licenses
under Series 3, 7, 24 and 66.
Previous Positions: Mr. Van Meter previously held the position of
Compliance Operating Officer, Federated Hermes, Inc. Prior to joining
Federated Hermes, Inc., Mr. Van Meter served at the United States
Securities and Exchange Commission in the positions of Senior
Counsel, Office of Chief Counsel, Division of Investment Management
and Senior Counsel, Division of Enforcement.
Annual Shareholder Report
39

Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years
and Previous Position(s)
Deborah A. Cunningham
Birth Date:
September 15, 1959
Chief Investment Officer
Officer since: May 2004
Principal Occupations: Deborah A. Cunningham was named Chief
Investment Officer of Federated Hermes’ money market products in
2004. She joined Federated Hermes in 1981 and has been a Senior
Portfolio Manager since 1997 and an Executive Vice President of the
Fund’s Adviser since 2009. Ms. Cunningham has received the
Chartered Financial Analyst designation and holds an M.S.B.A. in
Finance from Robert Morris College.
Mary Jo Ochson
Birth Date:
September 12, 1953
Chief Investment Officer
Officer since: May 2004
Portfolio Manager since:
November 1996
Principal Occupations: Mary Jo Ochson has been the Fund’s Portfolio
Manager since November 1996. Ms. Ochson was named Chief
Investment Officer of Federated’s tax-exempt fixed-income products
in 2004 and Chief Investment Officer of Federated’s Tax-Free Money
Markets in 2010. She joined Federated in 1982 and has been a Senior
Portfolio Manager and a Senior Vice President of the Fund’sAdviser
since 1996. Ms. Ochson has received the Chartered Financial Analyst
designation and holds an M.B.A. in Finance from the University
of Pittsburgh.
Annual Shareholder Report
40

Evaluation and Approval of Advisory ContractMay 2022
Federated Hermes Municipal Obligations Fund (the “Fund”)
At its meetings in May 2022 (the “May Meetings”), the Fund’s Board of Trustees (the “Board”), including those Trustees who are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940 (the “Independent Trustees”), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the “Adviser”) (the “Contract”) for an additional one-year term. The Board’s determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board’s approval are summarized below.
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 by independent legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional matters as the Independent Trustees deemed
Annual Shareholder Report
41

reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.
The Board’s consideration of the Contract included review of materials and information covering the following matters, among others: the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates; Federated Hermes’ business and operations; the Adviser’s investment philosophy, personnel and processes; the Fund’s investment objectives and strategies; the Fund’s short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund’s particular investment program and a group of its peer funds and/or its benchmark, as appropriate); the Fund’s investment objectives; the Fund’s fees and expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the financial condition of Federated Hermes; the Adviser’s profitability with respect to the Fund; distribution and sales activity for the Fund; and the use and allocation of brokerage commissions derived from trading the Fund’s portfolio securities (if any).
The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser’s fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser’s cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize “economies of scale” as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any “fall-out” benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fee and expense structures, including a comparison of management fees paid to the adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund’s board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser’s services and fees. The Board noted that the Securities and Exchange Commission (“SEC”) disclosure requirements
Annual Shareholder Report
42

regarding the basis for a fund board’s approval of the fund’s investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a “Federated Hermes Fund” and, collectively, the (“Federated Hermes Funds”).
In addition to considering the above-referenced factors, the Board was mindful of the preferences and expectations of Fund shareholders and the potential disruptions of the Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund on the strength of Federated Hermes’ industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund’s shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.
In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.
Annual Shareholder Report
43

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 Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by Federated Hermes. The Board considered the Adviser’s personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and Federated Hermes’ ability and experience in attracting and retaining qualified personnel to service the Fund. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser’s ability to deliver competitive investment performance for the Fund when compared to the Fund’s Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund’s investment program. The Board also considered the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, in order to maintain a positive yield for the Fund in the low interest rate environment.
In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened the organization’s investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance (“ESG”) factors and issuer engagement on ESG matters. The Board considered the quality of Federated Hermes’ communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account Federated Hermes’ communications with the Board in light of the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds’ officers.
The Board received and evaluated information regarding Federated Hermes’ regulatory and compliance environment. The Board considered Federated Hermes’ compliance program and compliance history and reports from the CCO about Federated Hermes’ compliance with applicable laws and
Annual Shareholder Report
44

regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes’ support of the Federated Hermes Funds’ compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated Hermes’ commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes’ approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds’ compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes’ oversight in this regard, including in connection with the designation of the Federated Hermes Funds’ investment advisers as the administrators of the Federated Hermes Funds’ liquidity risk management program.
The Board also considered the implementation of Federated Hermes’ business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes’ commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.
The Board considered Federated Hermes’ efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges.
Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Adviser to the Fund.
Fund Investment Performance
The Board considered the investment performance of the Fund. In evaluating the Fund’s investment performance, the Board considered performance results in light of the Fund’s investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser’s analysis of, the Fund’s performance over different time periods that were
Annual Shareholder Report
45

provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund’s gross and net returns, the Fund’s investment performance compared to one or more relevant categories or groups of peer funds and the Fund’s benchmark index, performance attribution information and commentary on the effect of market conditions.
The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by iMoneyNet, an independent fund ranking organization (the “Performance Peer Group”). The Board noted the CCO’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds’ objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.
For the one-year period ended December 31, 2021, the Fund’s performance was above the median of the Performance Peer Group. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its Performance Peer Group.
Based on these considerations, the Board concluded that it had continued confidence in the Adviser’s overall capabilities to manage the Fund.
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 evaluation. The Board focused on comparisons with other similar registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund
Annual Shareholder Report
46

shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund’s shareholders. The Board noted that the range of such other registered funds’ fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.
The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was above the median of the Expense Peer Group, but the Board noted the applicable waivers and reimbursements, and that the overall expense structure of the Fund remained competitive in the context of other factors considered by the Board.
The Board also received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO’s conclusion that non-registered fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing and fund liquidity; (vi) different administrative responsibilities; (vii) different degrees of risk associated with management; and (viii) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution’s registered fund, noting the CCO’s view that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds’ advisory fees.
Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.
Annual Shareholder Report
47

Profitability
The Board received and considered profitability information furnished by Federated Hermes, as requested by the CCO. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO’s view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered the CCO’s view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board noted the impact of the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, on the profitability of the Fund to the Adviser.
The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO’s conclusion that, based on such profitability information, Federated Hermes’ profit margins did not appear to be excessive. The Board also considered the CCO’s view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.
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, processes and tools for portfolio management, including the use of market data on which portfolio managers make investment decisions; trading operations; ESG integration and issuer engagement on ESG matters; shareholder services; compliance; business continuity; cybersecurity; internal audit and risk management functions; and technology that supports the provision of investment management services. The Board noted that Federated
Annual Shareholder Report
48

Hermes’ investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund’s assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered Federated Hermes’ reductions in contractual management fees for certain Federated Hermes Funds during the prior year, including in response to the CCO’s recommendations in the prior year’s CCO Fee Evaluation Report, which have resulted in benefits being realized by shareholders.
The Board also considered reports on adviser-paid fees (commonly referred to as “revenue sharing”) that were provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes and the CCO believe that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to evaluate the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.
Other Benefits
The Board considered information regarding the compensation and other ancillary (or “fall-out”) benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds’ investment advisory contracts, Federated Hermes’ affiliates also receive fees for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds’ administrator and distributor). In this regard, the Board considered that certain of Federated Hermes’ affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.
Annual Shareholder Report
49

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 is reasonable; and (ii) the CCO’s recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board’s evaluation of the Federated Hermes Funds’ advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board’s determination to approve the continuation of the Contract reflects its view that Federated Hermes’ performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.
Annual Shareholder Report
50

Voting Proxies on Fund Portfolio Securities
A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund’s portfolio is available, without charge and upon request, by calling 1-800-341-7400, Option #4. A report on “Form N-PX” of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC’s website at sec.gov.
Portfolio Schedule
The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on “Form N-MFP.” Form N-MFP is available on the SEC’s website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.
Annual Shareholder Report
51

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.
Federated Hermes Municipal Obligations Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Contact us at FederatedInvestors.com
or call 1-800-341-7400.
Federated Securities Corp., Distributor
CUSIP 60934N658
33515 (7/22)
© 2022 Federated Hermes, Inc.

Annual Shareholder Report
May 31, 2022
Share Class | Ticker
Wealth | TBIXX
Advisor | TBVXX
Service | TBSXX
 

Federated Hermes Tax-Free Obligations Fund

A Portfolio of Federated Hermes Money Market Obligations Trust
Dear Valued Shareholder,
We are pleased to present the Annual Shareholder Report for your fund covering the period from June 1, 2021 through May 31, 2022. This report includes a complete listing of your fund’s holdings, performance information and financial statements along with other important fund information.
As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.
In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.
Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.
Sincerely,
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 Summary Tables (unaudited)
At May 31, 2022, the Fund’s portfolio composition1 was as follows:
Security Type
Percentage of
Total Net Assets
Variable Rate Demand Instruments
75.5%
Municipal Notes
15.7%
Commercial Paper
9.7%
Other Assets and Liabilities—Net2
(0.9)%
TOTAL
100%
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.
At May 31, 2022, the Fund’s effective maturity schedule1 was as follows:
Securities With an
Effective Maturity of:
Percentage of
Total Net Assets
1-7 Days
70.7%
8-30 Days
8.9%
31-90 Days
14.4%
91-180 Days
4.7%
181 Days or more
2.2%
Other Assets and Liabilities—Net2
(0.9)%
Total
100%
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.
Annual Shareholder Report
1

Portfolio of Investments
May 31, 2022
Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   100.9%
 
 
 
Alabama—   5.3%
 
$ 40,000,000
 
Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-D) Weekly
VRDNs, 0.930%, 6/1/2022
$   40,000,000
  4,400,000
 
Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs,
0.650%, 6/1/2022
    4,400,000
  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), 0.990%, 6/2/2022
    3,275,000
  5,115,000
 
Huntsville, AL Health Care Authority, (Series 2020-XG0301) Weekly
VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC),
0.830%, 6/2/2022
    5,115,000
  6,000,000
 
Mobile, AL IDB (Alabama Power Co.), (First Series 2009: Barry Plant)
Daily VRDNs, 0.650%, 6/1/2022
    6,000,000
44,300,000
 
Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly
VRDNs, 0.930%, 6/1/2022
   44,300,000
33,810,000
 
West Jefferson, AL IDB PCRB (Alabama Power Co.), (Series 1998)
Weekly VRDNs, 0.910%, 6/2/2022
   33,810,000
 
 
TOTAL
136,900,000
 
 
Alaska—   0.3%
 
  7,000,000
 
Valdez, AK Marine Terminal (Exxon Pipeline Co.), (Series 1993 A) Daily
VRDNs, (GTD by Exxon Mobil Corp.), 0.600%, 6/1/2022
    7,000,000
 
 
Arizona—   1.3%
 
  3,675,000
 
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), 0.990%, 6/2/2022
    3,675,000
30,000,000
 
Arizona State IDA (Vaseo Apartments LP), Mizuho 3a-7 (2021-MIZ9088)
VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ),
1.040%, 6/2/2022
   30,000,000
 
 
TOTAL
33,675,000
 
 
California—   8.0%
 
  2,865,000
 
California Enterprise Development Authority (Humane Society Silicon
Valley), (Series 2008) Weekly VRDNs, (FHLB of San Francisco LOC),
0.810%, 6/2/2022
    2,865,000
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), 0.910%, 6/2/2022
   40,000,000
  5,860,000
 
California Municipal Finance Authority (Brawley Pacific Associates III),
Tender Option Bond Trust Receipts (2020-XF2892) Weekly VRDNs,
(GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.990%, 6/2/2022
    5,860,000
18,825,000
 
California Municipal Finance Authority (Montague Parkway Associates
LP), Tender Option Bond Trust Floater Certificates (2020-MIZ9041)
Weekly VRDNs, (GTD by FHLMC)/(Mizuho Bank Ltd. LIQ),
0.860%, 6/2/2022
   18,825,000
Annual Shareholder Report
2

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
California—   continued
 
$  7,600,000
 
California Public Finance Authority (San Pablo, CA),
(Series 2022-XX1174) Weekly VRDNs, (Assured Guaranty Municipal
Corp. INS)/(Barclays Bank PLC LIQ), 0.870%, 6/2/2022
$    7,600,000
10,000,000
 
California Statewide Communities Development Authority (CHF-Irvine
LLC), (Series 2021-XL0192) Weekly VRDNs, (Barclays Bank PLC
LIQ)/(Build America Mutual Assurance INS), 0.870%, 6/2/2022
   10,000,000
  3,998,000
 
California Statewide Communities Development Authority (Essex
Monarch Santa Monica Apartments LP), Tender Option Bond Trust
Floater Certificates (Series 2019-MIZ9011) VRENs, (GTD by Mizuho
Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 1.040%, 6/2/2022
    3,998,000
11,015,000
 
California Statewide Communities Development Authority (Kaiser
Permanente), (Series 2004E), CP, 0.850%, Mandatory Tender 8/11/2022
   11,015,000
12,395,000
 
California Statewide Communities Development Authority (Kaiser
Permanente), (Series 2004I), CP, 0.850%, Mandatory Tender 8/10/2022
   12,395,000
  7,310,000
 
California Statewide Communities Development Authority (Kaiser
Permanente), (Series 2004I), CP, 0.850%, Mandatory Tender 8/11/2022
    7,310,000
20,000,000
 
California Statewide Communities Development Authority (Kaiser
Permanente), (Series 2004K), CP, 0.200%, Mandatory Tender 7/7/2022
   20,000,000
13,000,000
 
California Statewide Communities Development Authority (Kaiser
Permanente), (Series 2008B), CP, 1.600%, Mandatory
Tender 10/5/2022
   13,000,000
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), 0.850%, 6/2/2022
   13,200,000
  6,670,000
 
Manteca, CA USD, Tender Option Bond Trust Certificates
(2015-ZM0093) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ),
0.830%, 6/2/2022
    6,670,000
  5,655,000
 
River Islands, CA Public Financing Authority (River Islands, CA Public
Financing Authority Community Facilities District No. 2003-1), Tender
Option Bond Trust Floater Certificates (2020-MIZ9026) VRENs, (GTD
by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 1.040%, 6/2/2022
    5,655,000
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), 1.040%, 6/2/2022
   10,000,000
  3,300,000
 
River Islands, CA Public Financing Authority, Tender Option Bond Trust
Floater Certificates (2019-MIZ9003) VRENs, (GTD by Mizuho Bank
Ltd.)/(Mizuho Bank Ltd. LIQ), 1.040%, 6/2/2022
    3,300,000
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), 1.040%, 6/2/2022
   13,400,000
 
 
TOTAL
205,093,000
 
 
Colorado—   0.7%
 
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),
0.650%, 6/1/2022
   17,570,000
Annual Shareholder Report
3

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Colorado—   continued
 
$  1,288,786
 
Colorado HFA (Steele San Juan, LLC), Mizuho 3a-7
(Series 2021-MIZ9068) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho
Bank Ltd. LIQ), 1.040%, 6/2/2022
$    1,288,786
 
 
TOTAL
18,858,786
 
 
Connecticut—   1.3%
 
26,815,000
 
Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays
Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.910%, 6/2/2022
   26,815,000
  3,875,000
 
Regional School District #19, CT BANs, 1.750%, 6/9/2022
    3,876,325
  3,465,000
 
Shelton, CT Housing Authority (Crosby Commons), (Series 1998)
Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC),
0.860%, 6/2/2022
    3,465,000
 
 
TOTAL
34,156,325
 
 
Florida—   9.6%
 
  2,000,000
 
Capital Trust Agency, FL (Milestones Community School, Inc.), Tender
Option Bond Trust Receipts (2022-XF2965) Weekly VRDNs, (GTD by
Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.990%, 6/2/2022
    2,000,000
30,400,000
 
Escambia County, FL Solid Waste Disposal (Gulf Power Co.) Daily
VRDNs, 0.680%, 6/1/2022
   30,400,000
10,000,000
 
Escambia County, FL Solid Waste Disposal (Gulf Power Co.), (First
Series 2009) Daily VRDNs, 0.710%, 6/1/2022
   10,000,000
  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),
0.990%, 6/2/2022
    1,400,000
14,000,000
 
Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1995) Daily
VRDNs, 0.680%, 6/1/2022
   14,000,000
25,000,000
 
JEA, FL Electric System, (Series 2008C-3), CP, (Royal Bank of Canada
LIQ), 0.930%, Mandatory Tender 6/9/2022
   25,000,000
  6,075,000
 
JEA, FL Electric System, (Series Three 2008A) Weekly VRDNs, (Royal
Bank of Canada LIQ), 0.830%, 6/1/2022
    6,075,000
  9,950,000
 
JEA, FL Electric System, (Series Three 2008B-2: Senior Revenue Bonds)
Weekly VRDNs, (Royal Bank of Canada LIQ), 0.830%, 6/1/2022
    9,950,000
18,170,000
 
JEA, FL Water & Sewer System, (2008 Series B: Senior Revenue Bonds)
Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.750%, 6/1/2022
   18,170,000
25,200,000
 
Martin County, FL PCRB (Florida Power & Light Co.), (Series 2000)
Daily VRDNs, 0.700%, 6/1/2022
   25,200,000
  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), 1.040%, 6/2/2022
    2,495,000
  1,400,000
 
Miami-Dade County, FL HFA (Superior Manor Phase II LLC), Mizuho
3a-7 (2022-MIZ9087) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank
Ltd. LIQ), 1.040%, 6/2/2022
    1,400,000
     10,000
 
Orange County, FL HFA (Post Fountains at Lee Vista), (Series 1997E)
Weekly VRDNs, (FNMA LOC), 0.780%, 6/1/2022
       10,000
16,500,000
 
Polk County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs,
1.090%, 6/2/2022
   16,500,000
Annual Shareholder Report
4

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Florida—   continued
 
$ 33,000,000
 
St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000)
Daily VRDNs, 0.640%, 6/1/2022
$   33,000,000
  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), 0.990%, Optional Tender 7/1/2022
    7,000,000
44,500,000
 
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), 0.650%, 6/1/2022
   44,500,000
 
 
TOTAL
247,100,000
 
 
Georgia—   0.7%
 
  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),
0.820%, 6/2/2022
    2,460,000
  3,330,000
 
Columbia County, GA Development Authority (Schools for
Arts-Infused Learning, Inc.), Tender Option Bond Trust Receipts
(2022-XF2966) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho
Bank Ltd. LIQ), 0.990%, 6/2/2022
    3,330,000
10,000,000
 
Fulton County, GA Development Authority (Heritage Station Family
LLC), Tender Option Bond Trust Receipts (2022-XF2984) Weekly
VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC),
0.990%, 6/2/2022
   10,000,000
  1,450,000
 
Georgia State HFA, Tender Option Bond Trust Receipts (2020-ZF0783)
Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.840%, 6/2/2022
    1,450,000
 
 
TOTAL
17,240,000
 
 
Hawaii—   0.3%
 
  7,520,000
 
Hawaii State Department of Budget & Finance (Queen’s Health
Systems), (2015 Series B) VRENs, 1.240%, 6/2/2022
    7,520,000
 
 
Illinois—   4.1%
 
    600,000
 
Chicago, IL MFH Revenue (Churchview Manor Senior Apartments),
(Series 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC),
1.020%, 6/2/2022
      600,000
10,200,000
 
Chicago, IL Park District, (Series 2015-XF2111) Weekly VRDNs, (Build
America Mutual Assurance INS)/(Citibank N.A., New York LIQ),
0.890%, 6/2/2022
   10,200,000
  5,000,000
 
Chicago, IL Park District, Tender Option Bond Trust Certificates
(Series 2021-XX1168) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Build
America Mutual Assurance INS), 0.890%, 6/2/2022
    5,000,000
  3,000,000
 
Chicago, IL Park District, Tender Option Bond Trust Certificates
(Series 2021-XX1169) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Build
America Mutual Assurance INS), 0.890%, 6/2/2022
    3,000,000
27,000,000
 
Chicago, IL Sales Tax, Tender Option Bond Trust Receipt
(Series 2019-XF0779) Weekly VRDNs, (Build America Mutual Assurance
INS)/(Toronto Dominion Bank LIQ), 0.840%, 6/2/2022
   27,000,000
Annual Shareholder Report
5

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Illinois—   continued
 
$ 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),
0.870%, 6/2/2022
$   10,975,000
16,392,965
 
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), 0.910%, Optional
Tender 8/4/2022
   16,392,965
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),
0.870%, 6/2/2022
   33,750,000
 
 
TOTAL
106,917,965
 
 
Indiana—   0.5%
 
12,140,000
 
Indiana State Finance Authority Environmental (Ispat Inland Inc.),
(Series 2005) Weekly VRDNs, (Cooperatieve Rabobank UA LOC),
0.830%, 6/1/2022
   12,140,000
 
 
Iowa—   0.1%
 
  3,000,000
 
Iowa Finance Authority - Health Facilities (UnityPoint Health),
(Series 2013B-1) Daily VRDNs, (TD Bank, N.A. LOC), 0.610%, 6/1/2022
    3,000,000
 
 
Kentucky—   1.0%
 
17,865,000
 
Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs,
(Fifth Third Bank, N.A. LOC), 0.870%, 6/3/2022
   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), 0.990%, Optional Tender 11/1/2022
    7,500,000
 
 
TOTAL
25,365,000
 
 
Louisiana—   1.5%
 
    800,000
 
Baton Rouge, LA Industrial Development Board (Exxon Mobil Corp.),
(Series 2010B) Daily VRDNs, 0.580%, 6/1/2022
      800,000
    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), 0.890%, 6/1/2022
      910,000
12,900,000
 
Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.),
(Series 2009A) Weekly VRDNs, 0.800%, 6/1/2022
   12,900,000
  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), 1.040%, 6/2/2022
    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), 0.870%, 6/2/2022
   21,260,000
 
 
TOTAL
38,970,000
Annual Shareholder Report
6

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Maryland—   1.2%
 
$  7,500,000
 
Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28)
TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC),
0.990%, Optional Tender 7/1/2022
$    7,500,000
  5,400,000
 
Maryland State Health & Higher Educational Facilities Authority,
(Series 1985A) Weekly VRDNs, (TD Bank, N.A. LOC), 0.800%, 6/1/2022
    5,400,000
17,500,000
 
Montgomery County, MD (Trinity Healthcare Credit Group),
(Series 2013MD) TOBs, 0.120%, Mandatory Tender 9/1/2022
   17,500,000
 
 
TOTAL
30,400,000
 
 
Michigan—   2.4%
 
  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),
0.870%, 6/2/2022
    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),
0.890%, 6/2/2022
    4,000,000
10,500,000
 
Michigan State Building Authority, (Series III) VRENs, 0.890%, 6/1/2022
   10,500,000
  2,000,000
 
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), 0.890%, 6/2/2022
    2,000,000
  2,500,000
 
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), 0.890%, 6/2/2022
    2,500,000
11,000,000
 
Michigan State Finance Authority Revenue (Trinity Healthcare Credit
Group), (Series 2013MI-1) TOBs, 0.120%, Mandatory Tender 9/1/2022
   11,000,000
  8,050,000
 
Michigan State Strategic Fund (Henry Ford Museum & Greenfield
Village) Daily VRDNs, (Comerica Bank LOC), 0.670%, 6/1/2022
    8,050,000
  2,990,000
 
Michigan Strategic Fund (Washtenaw Christian Academy),
(Series 2008) Weekly VRDNs, (Fifth Third Bank, N.A. LOC),
0.870%, 6/3/2022
    2,990,000
12,000,000
 
St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles
& St. Joseph Obligated Group), (Series 2006) Weekly VRDNs, (Assured
Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ),
0.800%, 6/2/2022
   12,000,000
  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),
0.890%, 6/2/2022
    4,000,000
 
 
TOTAL
62,040,000
 
 
Mississippi—   1.5%
 
  4,670,000
 
Mississippi Business Finance Corp. (Gulf Power Co.), (1st Series 2019)
Daily VRDNs, 0.640%, 6/1/2022
    4,670,000
  3,019,000
 
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), 0.990%, 6/2/2022
    3,019,000
Annual Shareholder Report
7

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Mississippi—   continued
 
$ 30,600,000
 
Perry County, MS (Leaf River Cellulose LLC), (Series 2021) Weekly
VRDNs, (GTD by Georgia-Pacific LLC), 0.830%, 6/2/2022
$   30,600,000
 
 
TOTAL
38,289,000
 
 
Missouri—   0.7%
 
  1,100,000
 
Kansas City, MO Planned Industrial Expansion Authority (EPD3
Ridgeview LP), Mizuho 3a-7 (2022-MIZ9086) VRENs, (GTD by Mizuho
Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 1.040%, 6/2/2022
    1,100,000
  2,500,000
 
Lees Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055)
VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ),
1.040%, 6/2/2022
    2,500,000
  3,750,000
 
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),
0.830%, 6/2/2022
    3,750,000
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), 0.840%, 6/2/2022
   10,000,000
 
 
TOTAL
17,350,000
 
 
Montana—   0.2%
 
  5,800,000
 
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), 1.040%, 6/2/2022
    5,800,000
 
 
Multi-State—   11.8%
 
116,000,000
 
Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly
VRDPs, (Societe Generale, Paris LIQ), 0.850%, 6/2/2022
  116,000,000
88,400,000
 
Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund,
(Series 2) Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ),
0.850%, 6/2/2022
   88,400,000
100,000,000
 
Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4)
Weekly VRDPs, (Barclays Bank PLC LIQ), 0.840%, 6/2/2022
  100,000,000
 
 
TOTAL
304,400,000
 
 
Nebraska—   0.8%
 
21,600,000
 
Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs,
0.850%, 6/2/2022
   21,600,000
 
 
Nevada—   0.4%
 
10,500,000
 
Nevada Housing Division (DWF V Summit Club Holdings LLC), Mizuho
3a-7 (2021-MIZ9091) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank
Ltd. LIQ), 1.040%, 6/2/2022
   10,500,000
 
 
New Jersey—   4.1%
 
11,140,000
 
Clark Township, NJ BANs, 1.000%, 12/2/2022
   11,174,649
  4,889,000
 
Cresskill Borough, NJ BANs, 1.000%, 10/14/2022
    4,901,983
17,231,708
 
East Hanover Township, NJ, (Series A) BANs, 1.500%, 8/12/2022
   17,275,795
  1,995,000
 
Eastampton Township, NJ BANs, 1.000%, 7/28/2022
    1,997,299
  3,491,000
 
Englewood Cliffs, NJ BANs, 1.000%, 11/10/2022
    3,500,566
  3,836,000
 
Florham Park, NJ, (Series B) BANs, 1.500%, 9/2/2022
    3,847,209
Annual Shareholder Report
8

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
New Jersey—   continued
 
$  2,369,464
 
Franklin Borough, NJ BANs, 1.000%, 7/29/2022
$    2,372,280
  4,931,625
 
Glen Ridge, NJ BANs, 1.000%, 7/15/2022
    4,936,131
  5,000,000
 
Logan Township, NJ BANs, 1.000%, 10/19/2022
    5,013,367
  7,500,000
 
New Jersey Turnpike Authority, RBC Muni Products (Series G-119)
TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC),
0.940%, Optional Tender 7/1/2022
    7,500,000
  4,084,000
 
Ocean Township, NJ (Ocean County) BANs, 1.000%, 9/8/2022
    4,092,842
14,520,000
 
Pennsauken Township, NJ, (Series A) BANs, 1.000%, 6/8/2022
   14,522,083
  5,274,500
 
Pequannock Township, NJ BANs, 1.000%, 7/13/2022
    5,279,101
  3,800,158
 
Runnemede, NJ, (Series A) BANs, 1.000%, 6/28/2022
    3,802,176
  6,670,500
 
Spotswood, NJ, (Series A) BANs, 1.000%, 6/16/2022
    6,672,146
  8,777,000
 
Tinton Falls, NJ, (Series A) BANs, 1.250%, 10/27/2022
    8,810,688
 
 
TOTAL
105,698,315
 
 
New York—   16.6%
 
16,925,000
 
Batavia, NY City School District BANs, 1.500%, 6/14/2022
   16,932,755
15,516,000
 
Binghamton, NY City School District BANs, 1.000%, 6/24/2022
   15,523,795
11,210,000
 
Broome County, NY (United Health Services Hospitals, Inc.),
(Series 2022-XF1289) Weekly VRDNs, (Assured Guaranty Municipal
Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.940%, 6/2/2022
   11,210,000
16,110,000
 
Cortland, NY, (Series A) BANs, 2.000%, 11/11/2022
   16,230,475
10,350,000
 
East Rockaway, NY Union Free School District BANs,
1.000%, 6/17/2022
   10,351,533
14,000,000
 
Elmira, NY City School District BANs, 1.500%, 6/24/2022
   14,002,927
  7,250,000
 
Elwood, NY Union Free School District TANs, 1.250%, 6/24/2022
    7,253,981
24,850,000
 
Lindenhurst, NY Union Free School District TANs, 1.000%, 6/24/2022
   24,863,789
  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), 0.840%, 6/2/2022
    5,490,000
  4,800,000
 
New York City, NY Municipal Water Finance Authority Daily VRDNs,
(State Street Bank and Trust Co. LIQ), 0.580%, 6/1/2022
    4,800,000
  5,500,000
 
New York City, NY Municipal Water Finance Authority, (Fiscal 2014
AA-3 Bonds) Daily VRDNs, (TD Bank, N.A. LIQ), 0.600%, 6/1/2022
    5,500,000
10,000,000
 
New York City, NY Municipal Water Finance Authority, (Fiscal 2015
Subseries BB-1) Daily VRDNs, (Bank of America N.A. LIQ),
0.570%, 6/1/2022
   10,000,000
13,075,000
 
New York City, NY Municipal Water Finance Authority, (Fiscal 2015
Subseries BB-2) Daily VRDNs, (Mizuho Bank Ltd. LIQ),
0.640%, 6/1/2022
   13,075,000
11,270,000
 
New York City, NY Municipal Water Finance Authority, Fiscal 2011
(Subseries FF-1) Daily VRDNs, (Bank of America N.A. LIQ),
0.570%, 6/1/2022
   11,270,000
Annual Shareholder Report
9

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
New York—   continued
 
$ 17,000,000
 
New York City, NY Municipal Water Finance Authority, Second General
Resolution (Fiscal 2009 Series BB-2) Daily VRDNs, (Landesbank
Hessen-Thuringen LIQ), 0.620%, 6/1/2022
$   17,000,000
  3,495,000
 
New York City, NY Transitional Finance Authority, Fiscal 2003
(Series A-4) Daily VRDNs, (TD Bank, N.A. LIQ), 0.600%, 6/1/2022
    3,495,000
  6,650,000
 
New York City, NY Transitional Finance Authority, Fiscal 2014
(Subseries D-3) Daily VRDNs, (Mizuho Bank Ltd. LIQ),
0.620%, 6/1/2022
    6,650,000
14,550,000
 
New York City, NY, (Fiscal 2006 Series I-4) Daily VRDNs, (TD Bank, N.A.
LOC), 0.600%, 6/1/2022
   14,550,000
17,400,000
 
New York City, NY, (Fiscal 2018 Series E Subseries E-5) Daily VRDNs,
(TD Bank, N.A. LOC), 0.600%, 6/1/2022
   17,400,000
20,000,000
 
New York City, NY, (Fiscal 2022 Subseries D-3) Daily VRDNs, (State
Street Bank and Trust Co. LIQ), 0.690%, 6/1/2022
   20,000,000
12,000,000
 
New York City, NY, (Subseries A-2) Daily VRDNs, (Mizuho Bank Ltd.
LOC), 0.630%, 6/1/2022
   12,000,000
12,215,000
 
New York City, NY, (Subseries A-7) Daily VRDNs, (Bank of the West,
San Francisco, CA LOC), 0.640%, 6/1/2022
   12,215,000
16,145,000
 
New York City, NY, (Subseries D-4) Daily VRDNs, (TD Bank, N.A. LOC),
0.600%, 6/1/2022
   16,145,000
  7,300,000
 
New York City, NY, Fiscal 2018 (Subseries B-4) Daily VRDNs, (Barclays
Bank PLC LIQ), 0.650%, 6/1/2022
    7,300,000
10,000,000
 
New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells
Fargo Bank, N.A. LIQ), 0.940%, 6/2/2022
   10,000,000
  2,000,000
 
New York State Energy Research & Development Authority
(Consolidated Edison Co.), (Series 2005A-3) Weekly VRDNs, (Mizuho
Bank Ltd. LOC), 0.720%, 6/1/2022
    2,000,000
  3,000,000
 
New York State Power Authority (New York State Power Authority
Transmission Project), (Series 2022-XF1300) Weekly VRDNs, (Assured
Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ),
0.910%, 6/2/2022
    3,000,000
  3,000,000
 
New York State Power Authority (New York State Power Authority
Transmission Project), (Series 2022-XF1310) Weekly VRDNs, (Assured
Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ),
0.910%, 6/2/2022
    3,000,000
  5,475,000
 
New York State Power Authority (New York State Power Authority
Transmission Project), (Series 2022-YX1184) Weekly VRDNs, (GTD by
Assured Guaranty Municipal Corp.)/(Barclays Bank PLC LIQ),
0.870%, 6/2/2022
    5,475,000
  4,900,000
 
North Merrick, NY Union Free School District TANs,
1.000%, 6/24/2022
    4,902,469
50,000,000
 
Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2)
Weekly VRDPs, (Royal Bank of Canada LIQ), 0.840%, 6/2/2022
   50,000,000
  8,120,000
 
Oswego, NY City School District BANs, 1.250%, 7/22/2022
    8,128,965
  9,610,000
 
Peekskill, NY City School District BANs, 1.000%, 6/29/2022
    9,615,883
  6,850,000
 
Portville, NY CSD BANs, 1.500%, 6/30/2022
    6,855,663
Annual Shareholder Report
10

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
New York—   continued
 
$ 14,000,000
 
Sewanhaka, NY Central High School District TANs, 1.500%, 6/20/2022
$   14,008,332
10,350,000
 
Troy, NY Enlarged CSD BANs, 4.000%, 6/8/2023
   10,542,510
  2,658,520
 
Vestal, NY CSD, (Series B) BANs, 1.000%, 9/30/2022
    2,665,377
  5,025,000
 
York, NY CSD BANs, 1.250%, 6/23/2022
    5,028,111
 
 
TOTAL
428,481,565
 
 
North Carolina—   1.4%
 
  5,905,000
 
Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health
(previously Carolinas HealthCare) System), (Series 2007E) Daily VRDNs,
(TD Bank, N.A. LOC), 0.610%, 6/1/2022
    5,905,000
30,120,000
 
University of North Carolina at Chapel Hill (University of North Carolina
Hospitals), (Series 2001B) Daily VRDNs, (TD Bank, N.A. LIQ),
0.610%, 6/1/2022
   30,120,000
 
 
TOTAL
36,025,000
 
 
North Dakota—   0.1%
 
  2,560,000
 
University of North Dakota, Tender Option Bond Trust Receipts
(Series 2021-XG0336) Weekly VRDNs, (Toronto Dominion Bank
LIQ)/(Toronto Dominion Bank LOC), 0.830%, 6/2/2022
    2,560,000
 
 
Ohio—   3.0%
 
    200,000
 
Allen County, OH (Bon Secours Mercy Health), (Series 2010C) Daily
VRDNs, (BMO Harris Bank, N.A. LOC), 0.670%, 6/1/2022
      200,000
  4,000,000
 
Cleveland, OH, Tender Option Bond Trust Receipts
(Series 2018-XF2657) Weekly VRDNs, (Bank of America N.A. LIQ),
0.930%, 6/2/2022
    4,000,000
  2,713,300
 
Fairborn, OH, (Series B) BANs, 1.000%, 8/31/2022
    2,718,713
  9,000,000
 
Grove City, OH BANs, 1.000%, 7/7/2022
    9,007,085
  1,095,000
 
Lorain County, OH, (Series B) BANs, 2.000%, 12/15/2022
    1,104,415
23,640,000
 
Middletown, OH (Premier Health Partners Obligated Group), Golden
Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank
PLC LOC), 0.910%, 6/2/2022
   23,640,000
  4,285,000
 
Ohio State Hospital Revenue (University Hospitals Health System Inc.
Obligated Group), (Series C-18) Weekly VRDNs, (Royal Bank of Canada
LIQ)/(Royal Bank of Canada LOC), 0.830%, 6/2/2022
    4,285,000
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), 0.910%, 6/2/2022
   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), 0.990%, Optional
Tender 6/1/2022
   10,000,000
  7,290,000
 
Sandusky, OH BANs, 1.000%, 9/30/2022
    7,308,318
 
 
TOTAL
77,063,531
 
 
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),
0.840%, 6/2/2022
    3,410,000
Annual Shareholder Report
11

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Oregon—   0.0%
 
$  1,000,000
 
Oregon State Facilities Authority (PeaceHealth), (2018 Series B) Daily
VRDNs, (TD Bank, N.A. LOC), 0.600%, 6/1/2022
$    1,000,000
 
 
Pennsylvania—   5.6%
 
  6,400,000
 
Allegheny County, PA HDA (Dialysis Clinic, Inc.), (Series 1997) Weekly
VRDNs, (Fifth Third Bank, N.A. LOC), 0.860%, 6/2/2022
    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), 0.860%, 6/2/2022
   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), 0.870%, 6/2/2022
    4,490,000
  1,575,000
 
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), 0.830%, 6/2/2022
    1,575,000
  2,240,000
 
Chester County, PA HEFA (Tel Hai Obligated Group Project),
(Series of 2009) Weekly VRDNs, (Manufacturers & Traders Trust Co.,
Buffalo LOC), 0.860%, 6/2/2022
    2,240,000
11,300,000
 
Delaware County, PA IDA (United Parcel Service, Inc.), (Series 2015)
Daily VRDNs, (GTD by United Parcel Service, Inc.), 0.700%, 6/1/2022
   11,300,000
16,100,000
 
Pennsylvania Economic Development Financing Authority (PPL Energy
Supply LLC), (Series 2009B) Weekly VRDNs, (MUFG Bank Ltd. LOC),
1.400%, 6/1/2022
   16,100,000
  6,045,000
 
Pennsylvania Economic Development Financing Authority (PPL Energy
Supply LLC), (Series 2009C) Weekly VRDNs, (MUFG Bank Ltd. LOC),
1.400%, 6/1/2022
    6,045,000
  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), 0.940%, 6/2/2022
    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),
0.990%, Optional Tender 7/1/2022
   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), 0.870%, 6/2/2022
    4,750,000
10,000,000
 
Pennsylvania State Turnpike Commission, PUTTERs (Series 5024) Daily
VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank,
N.A. LOC), 0.650%, 6/1/2022
   10,000,000
24,830,000
 
Pennsylvania State Turnpike Commission, PUTTERs (Series 5026) Daily
VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank,
N.A. LOC), 0.650%, 6/1/2022
   24,830,000
  7,980,000
 
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),
0.870%, 6/2/2022
    7,980,000
Annual Shareholder Report
12

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Pennsylvania—   continued
 
$  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), 1.040%, 6/2/2022
$    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), 0.870%, 6/2/2022
    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)/(Morgan Stanley
Bank, N.A. LIQ), 0.870%, 6/2/2022
   14,000,000
 
 
TOTAL
143,220,000
 
 
South Carolina—   0.5%
 
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), 0.990%, Optional Tender 10/3/2022
   12,670,000
 
 
Tennessee—   2.5%
 
  2,600,000
 
Blount County, TN Public Building Authority (Knox County, TN),
(Series C-3-A) Weekly VRDNs, (Truist Bank LIQ), 0.910%, 6/2/2022
    2,600,000
  3,150,000
 
Metropolitan Government Nashville & Davidson County, TN HEFA
(Meharry Medical College), (Series 2009) Weekly VRDNs, (Fifth Third
Bank, N.A. LOC), 0.870%, 6/3/2022
    3,150,000
20,000,000
 
Metropolitan Government Nashville & Davidson County, TN, (2014
Program), CPX, 1.300%, Mandatory Tender 6/8/2022
   20,000,000
15,000,000
 
Metropolitan Government Nashville & Davidson County, TN, (2014
Program), CPX, 1.300%, Mandatory Tender 6/14/2022
   15,000,000
  7,900,000
 
Sevier County, TN Public Building Authority, (Series V-B-1) Weekly
VRDNs, (Truist Bank LOC), 0.910%, 6/2/2022
    7,900,000
16,710,000
 
Shelby County, TN Health Education & Housing Facilities Board
(Methodist Le Bonheur Healthcare), (Series 2008A) Daily VRDNs,
(Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ),
0.640%, 6/1/2022
   16,710,000
 
 
TOTAL
65,360,000
 
 
Texas—   8.0%
 
20,000,000
 
Harris County, TX Cultural Education Facilities Finance Corp.
(Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP,
0.820%, Mandatory Tender 6/3/2022
   20,000,000
61,915,000
 
Harris County, TX Cultural Education Facilities Finance Corp.
(Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP,
0.820%, Mandatory Tender 6/2/2022
   61,915,000
34,000,000
 
Harris County, TX Cultural Education Facilities Finance Corp.
(Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP,
0.860%, Mandatory Tender 6/1/2022
   34,000,000
16,600,000
 
Port Arthur Navigation District, TX IDC (Air Products LP), (Series 2005)
Daily VRDNs, (GTD by Air Products & Chemicals, Inc.),
0.550%, 6/1/2022
   16,600,000
Annual Shareholder Report
13

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Texas—   continued
 
$  7,600,000
 
Port Arthur Navigation District, TX IDC (TOTAL Petrochemicals USA,
Inc.), (Series 2012B) Weekly VRDNs, (GTD by TotalEnergies SE),
0.850%, 6/1/2022
$    7,600,000
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),
0.850%, 6/1/2022
   41,000,000
10,000,000
 
San Antonio, TX Electric & Gas System, (2012 Series A), CP, 1.050%,
Mandatory Tender 6/22/2022
   10,000,000
  4,000,000
 
South Texas CCD, (RBC Muni Products G-35) Weekly VRDNs, (Royal
Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.820%, 6/2/2022
    4,000,000
10,330,000
 
Tarrant County, TX Cultural Education Facilities Finance Corp.
(Methodist Hospitals of Dallas), (Series 2008A) Daily VRDNs, (TD Bank,
N.A. LOC), 0.610%, 6/1/2022
   10,330,000
 
 
TOTAL
205,445,000
 
 
Virginia—   3.8%
 
  4,760,000
 
Alexandria, VA, Solar Eclipse (2017-0044) Weekly VRDNs, (U.S. Bank,
N.A. LIQ), 0.840%, 6/2/2022
    4,760,000
  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), 0.860%, 6/3/2022
    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), 0.820%, 6/2/2022
    3,500,000
    250,000
 
Loudoun County, VA IDA (Howard Hughes Medical Institute),
(Series 2003A) Weekly VRDNs, 0.800%, 6/1/2022
      250,000
  5,200,000
 
Loudoun County, VA, Solar Eclipse (Series 2017-0038) Weekly VRDNs,
(U.S. Bank, N.A. LIQ), 0.840%, 6/2/2022
    5,200,000
    335,000
 
Lynchburg, VA Economic Development Authority (Centra Health
Obligated Group), (Series 2017C) Weekly VRDNs, (Truist Bank LOC),
0.910%, 6/2/2022
      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), 0.870%, 6/7/2022
    6,210,000
  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), 0.870%, 6/7/2022
    2,535,000
51,305,000
 
Suffolk, VA EDA (Sentara Health Systems Obligated Group), Tender
Option Bond Trust Floater Certificates (2020-MIZ9025) Weekly VRDNs,
(GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.880%, 6/2/2022
   51,305,000
  2,000,000
 
University of Virginia (The Rectors and Visitors of), Solar Eclipse
(Series 2017-0017) Weekly VRDNs, (U.S. Bank, N.A. LIQ),
0.840%, 6/2/2022
    2,000,000
Annual Shareholder Report
14

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Virginia—   continued
 
$  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), 0.940%, 6/2/2022
$    8,585,000
  3,600,000
 
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), 0.940%, 6/2/2022
    3,600,000
  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), 0.990%, Optional Tender 8/1/2022
    6,640,000
 
 
TOTAL
96,770,000
 
 
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),
0.840%, 6/2/2022
    1,475,000
  5,635,000
 
West Virginia State Hospital Finance Authority (Cabell Huntington
Hospital), (Series 2008A) Weekly VRDNs, (Truist Bank LOC),
0.910%, 6/2/2022
    5,635,000
 
 
TOTAL
7,110,000
 
 
Wisconsin—   1.2%
 
  8,992,000
 
Public Finance Authority, WI (Agape Meadowcreek, Inc.), Tender
Option Bond Trust Receipts (2020-XF2871) Weekly VRDNs, (GTD by
Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 1.010%, 6/2/2022
    8,992,000
  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), 1.010%, 6/2/2022
    5,730,000
  1,630,000
 
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), 0.990%, 6/2/2022
    1,630,000
12,790,000
 
Wisconsin Center District, Tender Option Bond Trust Receipts
(Series 2020-XF1208) Weekly VRDNs, (Assured Guaranty Municipal
Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.910%, 6/2/2022
   12,790,000
  2,800,000
 
Wisconsin Public Finance Authority (Atlantic Housing Foundation, Inc.),
Mizuho 3a-7 (2022-MIZ9092) VRENs, (GTD by Mizuho Bank
Ltd.)/(Mizuho Bank Ltd. LIQ), 1.040%, 6/2/2022
    2,800,000
 
 
TOTAL
31,942,000
 
 
TOTAL INVESTMENT IN SECURITIES—100.9%
(AT AMORTIZED COST)2
2,601,070,487
 
 
OTHER ASSETS AND LIABILITIES - NET—(0.9)%3
(24,194,831)
 
 
TOTAL NET ASSETS—100%
$2,576,875,656
Annual Shareholder Report
15

At May 31, 2022, the Fund held no securities that are subject to the federal alternative minimum tax (AMT) (unaudited).
1
Current rate and current maturity or next reset date shown for floating rate notes and variable
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 May 31, 2022.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Annual Shareholder Report
16

In valuing the Fund’s assets as of May 31, 2022, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
The following acronym(s) are used throughout this portfolio:
 
BANs
—Bond Anticipation Notes
CCD
—Community College District
CDA
—Community Development Authority
COL
—Collateralized
CP
—Commercial Paper
CPX
—Commercial Paper Extendible
CSD
—Central School District
EDA
—Economic Development Authority
FHLB
—Federal Home Loan Bank
FHLMC
—Federal Home Loan Mortgage Corporation
FNMA
—Federal National Mortgage Association
GTD
—Guaranteed
HDA
—Hospital Development Authority
HEFA
—Health and Education Facilities Authority
HFA
—Housing Finance Authority
IDA
—Industrial Development Authority
IDB
—Industrial Development Bond
IDC
—Industrial Development Corporation
INS
—Insured
LIQ
—Liquidity Agreement
LOC
—Letter of Credit
MFH
—Multi-Family Housing
PCR
—Pollution Control Revenue
PCRB
—Pollution Control Revenue Bond
PCRBs
—Pollution Control Revenue Bonds
PUTTERs
—Puttable Tax-Exempt Receipts
TANs
—Tax Anticipation Notes
TOBs
—Tender Option Bonds
USD
—United States Dollar
VRDNs
—Variable Rate Demand Notes
VRDPs
—Variable Rate Demand Preferreds
VRENs
—Variable Rate Extendible Notes
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
17

Financial HighlightsWealth Shares
(For a Share Outstanding Throughout Each Period)
 
Year Ended May 31,
Period
Ended
5/31/20191
Year Ended July 31,
 
2022
2021
2020
2018
2017
Net Asset Value, Beginning of
Period
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Income From Investment
Operations:
 
 
 
 
 
 
Net investment income
0.001
0.001
0.012
0.012
0.010
0.006
Net realized gain (loss)
0.0002
0.0002
0.0002
0.0002
0.0002
0.002
Total From Investment
Operations
0.001
0.001
0.012
0.012
0.010
0.008
Less Distributions:
 
 
 
 
 
 
Distributions from net
investment income
(0.001)
(0.001)
(0.012)
(0.012)
(0.010)
(0.006)
Distributions from net realized
gain
(0.000)2
(0.000)2
(0.000)2
(0.000)2
(0.000)2
(0.002)
Total Distributions
(0.001)
(0.001)
(0.012)
(0.012)
(0.010)
(0.008)
Net Asset Value, End of
Period
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Total Return3
0.09%
0.06%
1.19%
1.22%
1.03%
0.77%
Ratios to Average Net Assets:
 
 
 
 
 
 
Net expenses4
0.15%
0.21%
0.21%
0.21%5
0.21%
0.21%
Net investment income
0.08%
0.06%
1.14%
1.46%5
1.03%
0.57%
Expense waiver/reimbursement6
0.15%
0.09%
0.08%
0.09%5
0.09%
0.09%
Supplemental Data:
 
 
 
 
 
 
Net assets, end of period (000
omitted)
$2,374,257
$2,415,796
$4,131,257
$3,403,098
$3,054,475
$2,270,120
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
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
Annual Shareholder Report
18

Financial HighlightsAdvisor Shares
(For a Share Outstanding Throughout Each Period)
 
Year Ended May 31,
Period
Ended
5/31/20191, 2
 
2022
2021
2020
Net Asset Value, Beginning of Period
$1.00
$1.00
$1.00
$1.00
Income From Investment Operations:
 
 
 
 
Net investment income
0.001
0.001
0.012
0.006
Net realized gain (loss)
0.0003
0.0003
0.0003
(0.000)3
Total From Investment Operations
0.001
0.001
0.012
0.006
Less Distributions:
 
 
 
 
Distributions from net investment income
(0.001)
(0.001)
(0.012)
(0.006)
Distributions from net realized gain
(0.000)3
(0.000)3
(0.000)3
Total Distributions
(0.001)
(0.001)
(0.012)
(0.006)
Net Asset Value, End of Period
$1.00
$1.00
$1.00
$1.00
Total Return4
0.09%
0.06%
1.19%
0.55%
Ratios to Average Net Assets:
 
 
 
 
Net expenses5
0.16%
0.21%
0.21%
0.22%6
Net investment income
0.12%
0.07%
1.06%
1.61%6
Expense waiver/reimbursement7
0.14%
0.09%
0.09%
0.09%6
Supplemental Data:
 
 
 
 
Net assets, end of period (000 omitted)
$41,546
$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
Annual Shareholder Report
19

Financial HighlightsService Shares
(For a Share Outstanding Throughout Each Period)
 
Year Ended May 31,
Period
Ended
5/31/20191
Year Ended July 31,
 
2022
2021
2020
2018
2017
Net Asset Value, Beginning of Period
$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
Net realized gain (loss)
0.0002
0.0002
0.0002
0.0002
0.0002
0.002
Total From Investment
Operations
0.0002
0.0002
0.009
0.010
0.008
0.005
Less Distributions:
 
 
 
 
 
 
Distributions from net investment income
(0.000)2
(0.000)2
(0.009)
(0.010)
(0.008)
(0.003)
Distributions from net realized gain
(0.000)2
(0.000)2
(0.000)2
(0.000)2
(0.000)2
(0.002)
Total Distributions
(0.000)2
(0.000)2
(0.009)
(0.010)
(0.008)
(0.005)
Net Asset Value, End of Period
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Total Return3
0.04%
0.01%
0.93%
1.01%
0.78%
0.52%
Ratios to Average Net Assets:
 
 
 
 
 
 
Net expenses4
0.20%
0.26%
0.46%
0.46%5
0.46%
0.46%
Net investment income
0.03%
0.01%
0.90%
1.20%5
0.75%
0.31%
Expense waiver/reimbursement6
0.35%
0.29%
0.08%
0.09%5
0.09%
0.09%
Supplemental Data:
 
 
 
 
 
 
Net assets, end of period (000 omitted)
$161,073
$226,166
$217,345
$213,406
$297,390
$228,340
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
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
Annual Shareholder Report
20

Statement of Assets and Liabilities
May 31, 2022
Assets:
 
Investment in securities, at amortized cost and fair value
$2,601,070,487
Cash
4,856,301
Income receivable
4,644,323
Receivable for shares sold
6,784,311
Total Assets
2,617,355,422
Liabilities:
 
Payable for investments purchased
39,042,510
Payable for shares redeemed
863,259
Income distribution payable
414,471
Payable for investment adviser fee (Note5)
8,542
Payable for administrative fee (Note5)
5,521
Accrued expenses (Note5)
145,463
Total Liabilities
40,479,766
Net assets for 2,576,879,497 shares outstanding
$2,576,875,656
Net Assets Consist of:
 
Paid-in capital
$2,576,860,014
Total distributable earnings (loss)
15,642
Total Net Assets
$2,576,875,656
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
 
Wealth Shares:
 
$2,374,257,110 ÷ 2,374,260,939 shares outstanding, no par value, unlimited
shares authorized
$1.00
Advisor Shares:
 
$41,545,711 ÷ 41,545,740 shares outstanding, no par value, unlimited
shares authorized
$1.00
Service Shares:
 
$161,072,835 ÷ 161,072,818 shares outstanding, no par value, unlimited
shares authorized
$1.00
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
21

Statement of Operations
Year Ended May 31, 2022
Investment Income:
 
Interest
$5,857,853
Expenses:
 
Investment adviser fee (Note5)
4,992,187
Administrative fee (Note5)
1,954,130
Custodian fees
75,163
Transfer agent fees
23,862
Directors’/Trustees’ fees (Note5)
15,073
Auditing fees
23,000
Legal fees
14,463
Portfolio accounting fees
222,899
Other service fees (Notes 2 and5)
459,972
Share registration costs
52,184
Printing and postage
27,805
Miscellaneous (Note5)
36,825
TOTAL EXPENSES
7,897,563
Waivers and Reimbursement:
 
Waiver of investment adviser fee (Note5)
(3,665,684)
Waivers/reimbursement of other operating expenses (Notes 2 and 5)
(367,763)
TOTAL WAIVERS AND REIMBURSEMENT
(4,033,447)
Net expenses
3,864,116
Net investment income
1,993,737
Net realized gain on investments
42,794
Change in net assets resulting from operations
$2,036,531
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
22

Statement of Changes in Net Assets
Year Ended May 31
2022
2021
Increase (Decrease) in Net Assets
 
 
Operations:
 
 
Net investment income
$1,993,737
$2,057,294
Net realized gain (loss)
42,794
201,562
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS
2,036,531
2,258,856
Distributions to Shareholders:
 
 
Wealth Shares
(2,168,585)
(2,157,193)
Advisor Shares
(27,583)
(24,678)
Service Shares
(69,395)
(22,867)
CHANGE IN NET ASSETS RESULTING FROM
DISTRIBUTIONS TO SHAREHOLDERS
(2,265,563)
(2,204,738)
Share Transactions:
 
 
Proceeds from sale of shares
3,448,904,393
3,970,745,002
Net asset value of shares issued to shareholders in payment of
distributions declared
1,339,475
1,557,805
Cost of shares redeemed
(3,533,261,962)
(5,703,022,395)
CHANGE IN NET ASSETS RESULTING FROM
SHARE TRANSACTIONS
(83,018,094)
(1,730,719,588)
Change in net assets
(83,247,126)
(1,730,665,470)
Net Assets:
 
 
Beginning of period
2,660,122,782
4,390,788,252
End of period
$2,576,875,656
$2,660,122,782
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
23

Notes to Financial Statements
May 31, 2022
1. ORGANIZATION
Federated Hermes Money Market Obligations Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included herein are only those of Federated Hermes Tax-Free Obligations Fund (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares: Wealth Shares, Advisor Shares and Service Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide dividend income exempt from federal regular income tax consistent with stability of principal. Interest income from the Fund’s investments normally will not be subject to the AMT for individuals, and may be subject to state and local taxes.
The Fund operates as a retail money market fund. As a retail money market fund, the Fund: (1) will generally continue to use amortized cost to value its portfolio securities and transact at a stable $1.00 net asset value (NAV); (2) has adopted policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons as required for a retail money market fund by Rule 2a-7 under the Act; and (3) has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund’s weekly liquid assets were to fall below a designated threshold, if the Fund’s Board of Trustees (the “Trustees”) determine such liquidity fees or redemption gates are in the best interest of the Fund.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).
Investment Valuation
Securities are valued at amortized cost. 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.
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
Annual Shareholder Report
24

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 $4,033,447 is disclosed in various locations in this Note 2 and Note 5.
Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.
Other Service Fees
The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund’s 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 year ended May 31, 2022, 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
Service Shares
$459,972
$(7,311)
$(358,704)
For the year ended May 31, 2022, the Fund’s Wealth Shares and Advisor Shares did not incur other service fees.
Annual Shareholder Report
25

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 year ended May 31, 2022, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of May 31, 2022, tax years 2019 through 2022 remain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.
When-Issued and Delayed-Delivery Transactions
The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
Restricted Securities
The Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund’s restricted securities are valued at amortized cost in accordance with Rule 2a-7 under the Act.
Other
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.
Annual Shareholder Report
26

3. SHARES OF BENEFICIAL INTEREST
The following tables summarize share activity:
 
Year Ended
5/31/2022
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
3,133,791
$3,133,791
3,567,284
$3,567,284
Shares issued to shareholders in
payment of distributions declared
1,278
1,278
1,520
1,520
Shares redeemed
(3,176,400)
(3,176,400)
(5,284,309)
(5,284,309)
NET CHANGE RESULTING FROM
WEALTH SHARE TRANSACTIONS
(41,331)
$(41,331)
(1,715,505)
$(1,715,505)
 
Year Ended
5/31/2022
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
36,197
$36,197
25,701
$25,701
Shares issued to shareholders in
payment of distributions declared
28
28
25
25
Shares redeemed
(12,838)
(12,838)
(49,750)
(49,750)
NET CHANGE RESULTING FROM
ADVISOR SHARE TRANSACTIONS
23,387
$23,387
(24,024)
$(24,024)
 
Year Ended
5/31/2022
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
278,917
$278,917
377,759
$377,759
Shares issued to shareholders in
payment of distributions declared
34
34
13
13
Shares redeemed
(344,024)
(344,024)
(368,963)
(368,963)
NET CHANGE RESULTING FROM
SERVICE SHARE TRANSACTIONS
(65,073)
$(65,073)
8,809
$8,809
NET CHANGE RESULTING FROM
TOTAL FUND
SHARE TRANSACTIONS
(83,017)
$(83,017)
(1,730,720)
$(1,730,720)
4. FEDERAL TAX INFORMATION
The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended May 31, 2022 and 2021, was as follows:
 
2022
2021
Tax-exempt income
$2,072,356
$2,147,124
Ordinary income1
$168,641
$14,565
Long-term capital gains
$24,566
$43,049
1
For tax purposes, short-term capital gain distributions are considered ordinary
income distributions.
Annual Shareholder Report
27

As of May 31, 2022, the components of distributable earnings on a tax-basis were as follows:
Undistributed tax-exempt income
$32
Undistributed ordinary income1
$12,210
Undistributed long-term capital gains
$3,400
1
For tax purposes, short-term capital gains are considered ordinary income in determining
distributable earnings.
5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Adviser Fee
The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund’s average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund’s expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the year ended May 31, 2022, the Adviser voluntarily waived $3,665,684 of its fee and voluntarily reimbursed $1,748 of other operating expenses.
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 year ended May 31, 2022, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.
In addition, FAS may charge certain out-of-pocket expenses to the Fund.
Other Service Fees
For the year ended May 31, 2022, FSSC received $1,229 of the other service fees disclosed in Note 2.
Annual Shareholder Report
28

Expense Limitation
Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund’s Wealth Shares, Advisor Shares and Service Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.21%, 0.21% and 0.46% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) August 1, 2023; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.
Interfund Transactions
During the year ended May 31, 2022, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Directors/Trustees and/or common Officers. These purchase and sale transactions complied with Rule 17a-7 under the Act and amounted to $1,289,950,000 and $1,118,800,000, respectively.
Directors’/Trustees’ and Miscellaneous Fees
Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors’/Trustees’ fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.
6. 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 May 31, 2022, there were no outstanding loans. During the year ended May 31, 2022, the program was not utilized.
7. INDEMNIFICATIONS
Under the Fund’s organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such
Annual Shareholder Report
29

third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party’s actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.
8. 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 continue 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.
9. FEDERAL TAX INFORMATION (UNAUDITED)
For the year ended May 31, 2022, the amount of long-term capital gains designated by the Fund was $24,566.
For the year ended May 31, 2022, 100% of the distributions from net investment income is exempt from federal income tax, other than the federal AMT.
Annual Shareholder Report
30

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Federated Hermes Money Market Obligations Trust and the Shareholders of Federated Hermes Tax-Free Obligations Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of the Federated Hermes Tax-Free Obligations Fund (the Fund), a portfolio of Federated Hermes Money Market Obligations Trust, including the portfolio of investments, as of May 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the three-year period then ended, the ten-month period ended May 31, 2019, and each of the years in the two-year period ended July 31, 2018. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended, the ten-month period ended May 31, 2019, and each of the years in the two-year period ended July 31, 2018 in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
Annual Shareholder Report
31

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of May 31, 2022, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor for one or more of Federated Hermes’ investment companies since 2006.
Boston, Massachusetts
July 25, 2022
Annual Shareholder Report
32

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 December 1, 2021 to May 31, 2022.
ACTUAL EXPENSES
The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Annual Shareholder Report
33

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
12/1/2021
Ending
Account Value
5/31/2022
Expenses Paid
During Period1
Actual:
 
 
 
Wealth Shares
$1,000
$1,000.90
$0.952
Advisor Shares
$1,000
$1,000.90
$0.953
Service Shares
$1,000
$1,000.40
$1.454
Hypothetical (assuming a 5% return
before expenses):
 
 
 
Wealth Shares
$1,000
$1,023.98
$0.962
Advisor Shares
$1,000
$1,023.98
$0.963
Service Shares
$1,000
$1,023.49
$1.464
1
Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average
account value over the period, multiplied by 182/365 (to reflect the one-half-year period). The
annualized net expense ratios are as follows:
Wealth Shares
0.19%
Advisor Shares
0.19%
Service Shares
0.29%
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 5 under
Expense Limitation), multiplied by the average account value over the period, multiplied by
182/365 (to reflect expenses paid as if they had been in effect throughout the most recent
one-half-year period) would be $1.05 and $1.06, 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 5 under
Expense Limitation), multiplied by the average account value over the period, multiplied by
182/365 (to reflect expenses paid as if they had been in effect throughout the most recent
one-half-year period) would be $1.05 and $1.06, 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 5 under
Expense Limitation), multiplied by the average account value over the period, multiplied by
182/365 (to reflect expenses paid as if they had been in effect throughout the most recent
one-half-year period) would be $2.29 and $2.32, respectively.
Annual Shareholder Report
34

Board of Trustees and Trust Officers
The Board of Trustees is responsible for managing the Trust’s business affairs and for exercising all the Trust’s powers except those reserved for the shareholders. The following tables give information about each Trustee and the senior officers of the Fund. Where required, the tables separately list Trustees who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). Unless otherwise noted, the address of each person listed is 1001 Liberty Avenue, Pittsburgh, PA 15222-3779. The address of all Independent Trustees listed is 4000 Ericsson Drive, Warrendale, PA 15086-7561; Attention: Mutual Fund Board. As of December 31, 2021, the Trust comprised 20 portfolio(s), and the Federated Hermes Fund Family consisted of 33 investment companies (comprising 102 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Trustee oversees all portfolios in the Federated Hermes Fund Family and serves for an indefinite term. The Fund’s Statement of Additional Information includes additional information about Trust Trustees and is available, without charge and upon request, by calling 1-800-341-7400, Option #4.
Interested TRUSTEES Background
Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s)
J. Christopher Donahue*
Birth Date: April 11, 1949
President and Trustee
Indefinite Term
Began serving: April 1989
Principal Occupations: Principal Executive Officer and President of
certain of the Funds in the Federated Hermes Fund Family; Director or
Trustee of the Funds in the Federated Hermes Fund Family; President,
Chief Executive Officer and Director, Federated Hermes, Inc.;
Chairman and Trustee, Federated Investment Management Company;
Trustee, Federated Investment Counseling; Chairman and Director,
Federated Global Investment Management Corp.; Chairman and
Trustee, Federated Equity Management Company of Pennsylvania;
Trustee, Federated Shareholder Services Company; Director,
Federated Services Company.
Previous Positions: President, Federated Investment Counseling;
President and Chief Executive Officer, Federated Investment
Management Company, Federated Global Investment Management
Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd.
Annual Shareholder Report
35

Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s)
Thomas R. Donahue*
Birth Date: October 20, 1958
Trustee
Indefinite Term
Began serving: May 2016
Principal Occupations: Director or Trustee of certain of the funds in
the Federated Hermes Fund Family; Chief Financial Officer, Treasurer,
Vice President and Assistant Secretary, Federated Hermes, Inc.;
Chairman and Trustee, Federated Administrative Services; Chairman
and Director, Federated Administrative Services, Inc.; Trustee and
Treasurer, Federated Advisory Services Company; Director or Trustee
and Treasurer, Federated Equity Management Company of
Pennsylvania, Federated Global Investment Management Corp.,
Federated Investment Counseling, and Federated Investment
Management Company; Director, MDTA LLC; Director, Executive Vice
President and Assistant Secretary, Federated Securities Corp.;
Director or Trustee and Chairman, Federated Services Company and
Federated Shareholder Services Company; and Director and
President, FII Holdings, Inc.
Previous Positions: Director, Federated Hermes, Inc.; Assistant
Secretary, Federated Investment Management Company, Federated
Global Investment Management Company and Passport Research,
LTD; Treasurer, Passport Research, LTD; Executive Vice President,
Federated Securities Corp.; and Treasurer, FII Holdings, Inc.
*
Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries.
INDEPENDENT TRUSTEES Background
Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins
Birth Date: January 24, 1947
Trustee
Indefinite Term
Began serving:
September 2013
Principal Occupations: Director or Trustee, and Chair of the Board
of Directors or Trustees, of the Federated Hermes Fund Family;
formerly, Chairman and CEO, The Collins Group, Inc. (a private equity
firm) (Retired).
Other Directorships Held: Director, KLX Energy Services Holdings,
Inc. (oilfield services); former Director of KLX Corp. (aerospace).
Qualifications: Mr. Collins has served in several business and financial
management roles and directorship positions throughout his career.
Mr. Collins previously served as Chairman and CEO of The Collins
Group, Inc. (a private equity firm) and as a Director of KLX Corp.
Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins
previously served as Director and Audit Committee Member, Bank of
America Corp.; Director, FleetBoston Financial Corp.; and Director,
Beth Israel Deaconess Medical Center (Harvard University
Affiliate Hospital).
Annual Shareholder Report
36

Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications
G. Thomas Hough
Birth Date: February 28, 1955
Trustee
Indefinite Term
Began serving: August 2015
Principal Occupations: Director or Trustee, Chair of the Audit
Committee of the Federated Hermes Fund Family; formerly, Vice
Chair, Ernst & Young LLP (public accounting firm) (Retired).
Other Directorships Held: Director, Chair of the Audit Committee,
Equifax, Inc.; Lead Director, Member of the Audit and Nominating and
Corporate Governance Committees, Haverty Furniture Companies,
Inc.; formerly, Director, Member of Governance and Compensation
Committees, Publix Super Markets, Inc.
Qualifications: Mr. Hough has served in accounting, business
management and directorship positions throughout his career.
Mr. Hough most recently held the position of Americas Vice Chair of
Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough
serves on the President’s Cabinet and Business School Board of
Visitors for the University of Alabama. Mr. Hough previously served on
the Business School Board of Visitors for Wake Forest University, and
he previously served as an Executive Committee member of the
United States Golf Association.
Maureen Lally-Green
Birth Date: July 5, 1949
Trustee
Indefinite Term
Began serving: August 2009
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; Adjunct Professor Emerita of Law, Duquesne University
School of Law; formerly, Dean of the Duquesne University School of
Law and Professor of Law and Interim Dean of the Duquesne
University School of Law; formerly, Associate General Secretary and
Director, Office of Church Relations, Diocese of Pittsburgh.
Other Directorships Held: Director, CNX Resources Corporation
(formerly known as CONSOL Energy Inc.).
Qualifications: Judge Lally-Green has served in various legal and
business roles and directorship positions throughout her career. Judge
Lally-Green previously held the position of Dean of the School of Law
of Duquesne University (as well as Interim Dean). Judge Lally-Green
previously served as a member of the Superior Court of Pennsylvania
and as a Professor of Law, Duquesne University School of Law. Judge
Lally-Green was appointed by the Supreme Court of Pennsylvania to
serve on the Supreme Court’s Board of Continuing Judicial Education
and the Supreme Court’s Appellate Court Procedural Rules
Committee. Judge Lally-Green also currently holds the positions on
not for profit or for profit boards of directors as follows: Director
and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary;
Member, Pennsylvania State Board of Education (public); Director,
Catholic Charities, Pittsburgh; and Director CNX Resources
Corporation (formerly known as CONSOL Energy Inc.). Judge
Lally-Green has held the positions of: Director, Auberle; Director,
Epilepsy Foundation of Western and Central Pennsylvania; Director,
Ireland Institute of Pittsburgh; Director, Saint Thomas More Society;
Director and Chair, Catholic High Schools of the Diocese of
Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director,
St. Vincent College; Director and Chair, North Catholic High
School, Inc.; Director and Vice Chair, Our Campaign for the Church
Alive!, Inc.; and Director, Saint Francis University.
Annual Shareholder Report
37

Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications
Thomas M. O’Neill
Birth Date: June 14, 1951
Trustee
Indefinite Term
Began serving: August 2006
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; Sole Proprietor, Navigator Management Company
(investment and strategic consulting).
Other Directorships Held: None.
Qualifications: Mr. O’Neill has served in several business, mutual fund
and financial management roles and directorship positions throughout
his career. Mr. O’Neill serves as Director, Medicines for Humanity.
Mr. O’Neill previously served as Chief Executive Officer and President,
Managing Director and Chief Investment Officer, Fleet Investment
Advisors; President and Chief Executive Officer, Aeltus Investment
Management, Inc.; General Partner, Hellman, Jordan Management
Co., Boston, MA; Chief Investment Officer, The Putnam Companies,
Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director
and Consultant, EZE Castle Software (investment order management
software); Director, The Golisano Children’s Museum of Naples,
Florida; and Director, Midway Pacific (lumber).
Madelyn A. Reilly
Birth Date: February 2, 1956
Trustee
Indefinite Term
Began serving:
November 2020
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; formerly, Executive Vice President for Legal Affairs,
General Counsel and Secretary to the Board of Directors, Duquesne
University (Retired).
Other Directorships Held: None.
Qualifications: Ms. Reilly has served in various business and legal
management roles throughout her career. Ms. Reilly previously served
as Senior Vice President for Legal Affairs, General Counsel and
Secretary to the Board of Directors and Assistant General Counsel and
Director of Risk Management, Duquesne University. Prior to her work
at Duquesne University, Ms. Reilly served as Assistant General
Counsel of Compliance and Enterprise Risk as well as Senior Counsel
of Environment, Health and Safety, PPG Industries. Ms. Reilly currently
serves as a member of the Board of Directors of UPMC
Mercy Hospital.
Annual Shareholder Report
38

Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications
P. Jerome Richey
Birth Date: February 23, 1949
Trustee
Indefinite Term
Began serving:
September 2013
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; Management Consultant; Retired; formerly, Senior Vice
Chancellor and Chief Legal Officer, University of Pittsburgh and
Executive Vice President and Chief Legal Officer, CONSOL Energy Inc.
(now split into two separate publicly traded companies known as
CONSOL Energy Inc. and CNX Resources Corp.).
Other Directorships Held: None.
Qualifications: Mr. Richey has served in several business and legal
management roles and directorship positions throughout his career.
Mr. Richey most recently held the positions of Senior Vice Chancellor
and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously
served as Chairman of the Board, Epilepsy Foundation of Western
Pennsylvania and Chairman of the Board, World Affairs Council of
Pittsburgh. Mr. Richey previously served as Chief Legal Officer and
Executive Vice President, CONSOL Energy Inc. and CNX Gas
Company; and Board Member, Ethics Counsel and Shareholder,
Buchanan Ingersoll & Rooney PC (a law firm).
John S. Walsh
Birth Date:
November 28, 1957
Trustee
Indefinite Term
Began serving: January 1999
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; President and Director, Heat Wagon, Inc. (manufacturer
of construction temporary heaters); President and Director,
Manufacturers Products, Inc. (distributor of portable construction
heaters); President, Portable Heater Parts, a division of Manufacturers
Products, Inc.
Other Directorships Held: None.
Qualifications: Mr. Walsh has served in several business management
roles and directorship positions throughout his career. Mr. Walsh
previously served as Vice President, Walsh & Kelly, Inc.
(paving contractors).
Annual Shareholder Report
39

OFFICERS
Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years
and Previous Position(s)
Lori A. Hensler
Birth Date: January 6, 1967
TREASURER
Officer since: April 2013
Principal Occupations: Principal Financial Officer and Treasurer of the
Federated Hermes Fund Family; Senior Vice President, Federated
Administrative Services; Financial and Operations Principal for
Federated Securities Corp.; and Assistant Treasurer, Federated
Investors Trust Company. Ms. Hensler has received the Certified
Public Accountant designation.
Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice
President and Assistant Treasurer, Federated Investors Management
Company; Treasurer, Federated Investors Trust Company; Assistant
Treasurer, Federated Administrative Services, Federated
Administrative Services, Inc., Federated Securities Corp., Edgewood
Services, Inc., Federated Advisory Services Company, Federated
Equity Management Company of Pennsylvania, Federated Global
Investment Management Corp., Federated Investment Counseling,
Federated Investment Management Company, Passport Research,
Ltd., and Federated MDTA, LLC; Financial and Operations Principal for
Federated Securities Corp., Edgewood Services, Inc. and Southpointe
Distribution Services, Inc.
Peter J. Germain
Birth Date:
September 3, 1959
CHIEF LEGAL OFFICER,
SECRETARY and EXECUTIVE
VICE PRESIDENT
Officer since: January 2005
Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary
and Executive Vice President of the Federated Hermes Fund Family.
He is General Counsel, Chief Legal Officer, Secretary and Executive
Vice President, Federated Hermes, Inc.; Trustee and Senior Vice
President, Federated Investors Management Company; Trustee and
President, Federated Administrative Services; Director and President,
Federated Administrative Services, Inc.; Director and Vice President,
Federated Securities Corp.; Director and Secretary, Federated Private
Asset Management, Inc.; Secretary, Federated Shareholder Services
Company; and Secretary, Retirement Plan Service Company of
America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a
member of the Pennsylvania Bar Association.
Previous Positions: Deputy General Counsel, Special Counsel,
Managing Director of Mutual Fund Services, Federated Hermes, Inc.;
Senior Vice President, Federated Services Company; and Senior
Corporate Counsel, Federated Hermes, Inc.
Stephen Van Meter
Birth Date: June 5, 1975
CHIEF COMPLIANCE
OFFICER AND SENIOR
VICE PRESIDENT
Officer since: July 2015
Principal Occupations: Senior Vice President and Chief Compliance
Officer of the Federated Hermes Fund Family; Vice President and
Chief Compliance Officer of Federated Hermes, Inc. and Chief
Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined
Federated Hermes, Inc. in October 2011. He holds FINRA licenses
under Series 3, 7, 24 and 66.
Previous Positions: Mr. Van Meter previously held the position of
Compliance Operating Officer, Federated Hermes, Inc. Prior to joining
Federated Hermes, Inc., Mr. Van Meter served at the United States
Securities and Exchange Commission in the positions of Senior
Counsel, Office of Chief Counsel, Division of Investment Management
and Senior Counsel, Division of Enforcement.
Annual Shareholder Report
40

Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years
and Previous Position(s)
Deborah A. Cunningham
Birth Date:
September 15, 1959
Chief Investment Officer
Officer since: May 2004
Principal Occupations: Deborah A. Cunningham was named Chief
Investment Officer of Federated Hermes’ money market products in
2004. She joined Federated Hermes in 1981 and has been a Senior
Portfolio Manager since 1997 and an Executive Vice President of the
Fund’s Adviser since 2009. Ms. Cunningham has received the
Chartered Financial Analyst designation and holds an M.S.B.A. in
Finance from Robert Morris College.
Mary Jo Ochson
Birth Date:
September 12, 1953
CHIEF INVESTMENT OFFICER
Officer since: May 2004
Portfolio Manager since:
December 1989
Principal Occupations: Mary Jo Ochson has been the Fund’s Portfolio
Manager since December 1989. Ms. Ochson was named Chief
Investment Officer of Federated’s tax-exempt fixed-income products
in 2004 and Chief Investment Officer of Federated’s Tax-Free Money
Markets in 2010. She joined Federated in 1982 and has been a Senior
Portfolio Manager and a Senior Vice President of the Fund’s Adviser
since 1996. Ms. Ochson has received the Chartered Financial Analyst
designation and holds an M.B.A. in Finance from the University
of Pittsburgh.
Annual Shareholder Report
41

Evaluation and Approval of Advisory ContractMay 2022
Federated Hermes Tax-Free Obligations Fund (the “Fund”)
At its meetings in May 2022 (the “May Meetings”), the Fund’s Board of Trustees (the “Board”), including those Trustees who are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940 (the “Independent Trustees”), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the “Adviser”) (the “Contract”) for an additional one-year term. The Board’s determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board’s approval are summarized below.
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 by independent legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional matters as the Independent Trustees deemed
Annual Shareholder Report
42

reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.
The Board’s consideration of the Contract included review of materials and information covering the following matters, among others: the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates; Federated Hermes’ business and operations; the Adviser’s investment philosophy, personnel and processes; the Fund’s investment objectives and strategies; the Fund’s short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund’s particular investment program and a group of its peer funds and/or its benchmark, as appropriate); the Fund’s investment objectives; the Fund’s fees and expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the financial condition of Federated Hermes; the Adviser’s profitability with respect to the Fund; distribution and sales activity for the Fund; and the use and allocation of brokerage commissions derived from trading the Fund’s portfolio securities (if any).
The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser’s fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser’s cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize “economies of scale” as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any “fall-out” benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fee and expense structures, including a comparison of management fees paid to the adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund’s board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser’s services and fees. The Board noted that the Securities and Exchange Commission (“SEC”) disclosure requirements
Annual Shareholder Report
43

regarding the basis for a fund board’s approval of the fund’s investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a “Federated Hermes Fund” and, collectively, the (“Federated Hermes Funds”).
In addition to considering the above-referenced factors, the Board was mindful of the preferences and expectations of Fund shareholders and the potential disruptions of the Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund on the strength of Federated Hermes’ industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund’s shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.
In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.
Annual Shareholder Report
44

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 Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by Federated Hermes. The Board considered the Adviser’s personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and Federated Hermes’ ability and experience in attracting and retaining qualified personnel to service the Fund. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser’s ability to deliver competitive investment performance for the Fund when compared to the Fund’s Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund’s investment program. The Board also considered the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, in order to maintain a positive yield for the Fund in the low interest rate environment.
In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened the organization’s investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance (“ESG”) factors and issuer engagement on ESG matters. The Board considered the quality of Federated Hermes’ communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account Federated Hermes’ communications with the Board in light of the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds’ officers.
The Board received and evaluated information regarding Federated Hermes’ regulatory and compliance environment. The Board considered Federated Hermes’ compliance program and compliance history and reports from the CCO about Federated Hermes’ compliance with applicable laws and
Annual Shareholder Report
45

regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes’ support of the Federated Hermes Funds’ compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated Hermes’ commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes’ approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds’ compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes’ oversight in this regard, including in connection with the designation of the Federated Hermes Funds’ investment advisers as the administrators of the Federated Hermes Funds’ liquidity risk management program.
The Board also considered the implementation of Federated Hermes’ business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes’ commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.
The Board considered Federated Hermes’ efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges.
Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Adviser to the Fund.
Fund Investment Performance
The Board considered the investment performance of the Fund. In evaluating the Fund’s investment performance, the Board considered performance results in light of the Fund’s investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser’s analysis of, the Fund’s performance over different time periods that were
Annual Shareholder Report
46

provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund’s gross and net returns, the Fund’s investment performance compared to one or more relevant categories or groups of peer funds and the Fund’s benchmark index, performance attribution information and commentary on the effect of market conditions.
The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by iMoneyNet, an independent fund ranking organization (the “Performance Peer Group”). The Board noted the CCO’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds’ objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.
For the one-year period ended December 31, 2021, the Fund’s performance was above the median of the Performance Peer Group. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its Performance Peer Group.
Based on these considerations, the Board concluded that it had continued confidence in the Adviser’s overall capabilities to manage the Fund.
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 evaluation. The Board focused on comparisons with other similar registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund
Annual Shareholder Report
47

shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund’s shareholders. The Board noted that the range of such other registered funds’ fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.
The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was above the median of the Expense Peer Group, but the Board noted the applicable waivers and reimbursements, and that the overall expense structure of the Fund remained competitive in the context of other factors considered by the Board.
The Board also received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO’s conclusion that non-registered fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing and fund liquidity; (vi) different administrative responsibilities; (vii) different degrees of risk associated with management; and (viii) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution’s registered fund, noting the CCO’s view that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds’ advisory fees.
Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.
Annual Shareholder Report
48

Profitability
The Board received and considered profitability information furnished by Federated Hermes, as requested by the CCO. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO’s view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered the CCO’s view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board noted the impact of the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, on the profitability of the Fund to the Adviser.
The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO’s conclusion that, based on such profitability information, Federated Hermes’ profit margins did not appear to be excessive. The Board also considered the CCO’s view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.
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, processes and tools for portfolio management, including the use of market data on which portfolio managers make investment decisions; trading operations; ESG integration and issuer engagement on ESG matters; shareholder services; compliance; business continuity; cybersecurity; internal audit and risk management functions; and technology that supports the provision of investment management services. The Board noted that Federated
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49

Hermes’ investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund’s assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered Federated Hermes’ reductions in contractual management fees for certain Federated Hermes Funds during the prior year, including in response to the CCO’s recommendations in the prior year’s CCO Fee Evaluation Report, which have resulted in benefits being realized by shareholders.
The Board also considered reports on adviser-paid fees (commonly referred to as “revenue sharing”) that were provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes and the CCO believe that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to evaluate the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.
Other Benefits
The Board considered information regarding the compensation and other ancillary (or “fall-out”) benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds’ investment advisory contracts, Federated Hermes’ affiliates also receive fees for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds’ administrator and distributor). In this regard, the Board considered that certain of Federated Hermes’ affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.
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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 is reasonable; and (ii) the CCO’s recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board’s evaluation of the Federated Hermes Funds’ advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board’s determination to approve the continuation of the Contract reflects its view that Federated Hermes’ performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.
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51

Voting Proxies on Fund Portfolio Securities
A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund’s portfolio is available, without charge and upon request, by calling 1-800-341-7400, Option #4. A report on “Form N-PX” of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC’s website at sec.gov.
Portfolio Schedule
The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on “Form N-MFP.” Form N-MFP is available on the SEC’s website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.
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You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund’s Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.
Federated Hermes Tax-Free Obligations Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Contact us at FederatedInvestors.com
or call 1-800-341-7400.
Federated Securities Corp., Distributor
CUSIP 60934N401
CUSIP 608919411
CUSIP 60934N880
Q450528 (7/22)
© 2022 Federated Hermes, Inc.

Annual Shareholder Report
May 31, 2022
Share Class | Ticker
Wealth  | TBIXX
 
 
 

Federated Hermes Tax-Free Obligations Fund

A Portfolio of Federated Hermes Money Market Obligations Trust
Dear Valued Shareholder,
We are pleased to present the Annual Shareholder Report for your fund covering the period from June 1, 2021 through May 31, 2022. This report includes a complete listing of your fund’s holdings, performance information and financial statements along with other important fund information.
As a global leader in active, responsible investment management, Federated Hermes is guided by our conviction that responsible investing is the best way to create wealth over the long term. The company provides capabilities across a wide range of asset classes to investors around the world.
In addition, FederatedInvestors.com offers quick and easy access to valuable resources that include timely fund updates, economic and market insights from our investment strategists and financial planning tools. You can also access many of those insights by following us on Twitter (@FederatedHermes) and LinkedIn.
Thank you for investing with us. We hope you find this information useful and look forward to keeping you informed.
Sincerely,
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 Summary Tables (unaudited)
At May 31, 2022, the Fund’s portfolio composition1 was as follows:
Security Type
Percentage of
Total Net Assets
Variable Rate Demand Instruments
75.5%
Municipal Notes
15.7%
Commercial Paper
9.7%
Other Assets and Liabilities—Net2
(0.9)%
TOTAL
100%
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.
At May 31, 2022, the Fund’s effective maturity schedule1 was as follows:
Securities With an
Effective Maturity of:
Percentage of
Total Net Assets
1-7 Days
70.7%
8-30 Days
8.9%
31-90 Days
14.4%
91-180 Days
4.7%
181 Days or more
2.2%
Other Assets and Liabilities—Net2
(0.9)%
Total
100%
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.
Annual Shareholder Report
1

Portfolio of Investments
May 31, 2022
Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   100.9%
 
 
 
Alabama—   5.3%
 
$ 40,000,000
 
Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-D) Weekly
VRDNs, 0.930%, 6/1/2022
$   40,000,000
  4,400,000
 
Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs,
0.650%, 6/1/2022
    4,400,000
  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), 0.990%, 6/2/2022
    3,275,000
  5,115,000
 
Huntsville, AL Health Care Authority, (Series 2020-XG0301) Weekly
VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC),
0.830%, 6/2/2022
    5,115,000
  6,000,000
 
Mobile, AL IDB (Alabama Power Co.), (First Series 2009: Barry Plant)
Daily VRDNs, 0.650%, 6/1/2022
    6,000,000
44,300,000
 
Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly
VRDNs, 0.930%, 6/1/2022
   44,300,000
33,810,000
 
West Jefferson, AL IDB PCRB (Alabama Power Co.), (Series 1998)
Weekly VRDNs, 0.910%, 6/2/2022
   33,810,000
 
 
TOTAL
136,900,000
 
 
Alaska—   0.3%
 
  7,000,000
 
Valdez, AK Marine Terminal (Exxon Pipeline Co.), (Series 1993 A) Daily
VRDNs, (GTD by Exxon Mobil Corp.), 0.600%, 6/1/2022
    7,000,000
 
 
Arizona—   1.3%
 
  3,675,000
 
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), 0.990%, 6/2/2022
    3,675,000
30,000,000
 
Arizona State IDA (Vaseo Apartments LP), Mizuho 3a-7 (2021-MIZ9088)
VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ),
1.040%, 6/2/2022
   30,000,000
 
 
TOTAL
33,675,000
 
 
California—   8.0%
 
  2,865,000
 
California Enterprise Development Authority (Humane Society Silicon
Valley), (Series 2008) Weekly VRDNs, (FHLB of San Francisco LOC),
0.810%, 6/2/2022
    2,865,000
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), 0.910%, 6/2/2022
   40,000,000
  5,860,000
 
California Municipal Finance Authority (Brawley Pacific Associates III),
Tender Option Bond Trust Receipts (2020-XF2892) Weekly VRDNs,
(GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.990%, 6/2/2022
    5,860,000
18,825,000
 
California Municipal Finance Authority (Montague Parkway Associates
LP), Tender Option Bond Trust Floater Certificates (2020-MIZ9041)
Weekly VRDNs, (GTD by FHLMC)/(Mizuho Bank Ltd. LIQ),
0.860%, 6/2/2022
   18,825,000
Annual Shareholder Report
2

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
California—   continued
 
$  7,600,000
 
California Public Finance Authority (San Pablo, CA),
(Series 2022-XX1174) Weekly VRDNs, (Assured Guaranty Municipal
Corp. INS)/(Barclays Bank PLC LIQ), 0.870%, 6/2/2022
$    7,600,000
10,000,000
 
California Statewide Communities Development Authority (CHF-Irvine
LLC), (Series 2021-XL0192) Weekly VRDNs, (Barclays Bank PLC
LIQ)/(Build America Mutual Assurance INS), 0.870%, 6/2/2022
   10,000,000
  3,998,000
 
California Statewide Communities Development Authority (Essex
Monarch Santa Monica Apartments LP), Tender Option Bond Trust
Floater Certificates (Series 2019-MIZ9011) VRENs, (GTD by Mizuho
Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 1.040%, 6/2/2022
    3,998,000
11,015,000
 
California Statewide Communities Development Authority (Kaiser
Permanente), (Series 2004E), CP, 0.850%, Mandatory Tender 8/11/2022
   11,015,000
12,395,000
 
California Statewide Communities Development Authority (Kaiser
Permanente), (Series 2004I), CP, 0.850%, Mandatory Tender 8/10/2022
   12,395,000
  7,310,000
 
California Statewide Communities Development Authority (Kaiser
Permanente), (Series 2004I), CP, 0.850%, Mandatory Tender 8/11/2022
    7,310,000
20,000,000
 
California Statewide Communities Development Authority (Kaiser
Permanente), (Series 2004K), CP, 0.200%, Mandatory Tender 7/7/2022
   20,000,000
13,000,000
 
California Statewide Communities Development Authority (Kaiser
Permanente), (Series 2008B), CP, 1.600%, Mandatory
Tender 10/5/2022
   13,000,000
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), 0.850%, 6/2/2022
   13,200,000
  6,670,000
 
Manteca, CA USD, Tender Option Bond Trust Certificates
(2015-ZM0093) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ),
0.830%, 6/2/2022
    6,670,000
  5,655,000
 
River Islands, CA Public Financing Authority (River Islands, CA Public
Financing Authority Community Facilities District No. 2003-1), Tender
Option Bond Trust Floater Certificates (2020-MIZ9026) VRENs, (GTD
by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 1.040%, 6/2/2022
    5,655,000
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), 1.040%, 6/2/2022
   10,000,000
  3,300,000
 
River Islands, CA Public Financing Authority, Tender Option Bond Trust
Floater Certificates (2019-MIZ9003) VRENs, (GTD by Mizuho Bank
Ltd.)/(Mizuho Bank Ltd. LIQ), 1.040%, 6/2/2022
    3,300,000
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), 1.040%, 6/2/2022
   13,400,000
 
 
TOTAL
205,093,000
 
 
Colorado—   0.7%
 
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),
0.650%, 6/1/2022
   17,570,000
Annual Shareholder Report
3

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Colorado—   continued
 
$  1,288,786
 
Colorado HFA (Steele San Juan, LLC), Mizuho 3a-7
(Series 2021-MIZ9068) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho
Bank Ltd. LIQ), 1.040%, 6/2/2022
$    1,288,786
 
 
TOTAL
18,858,786
 
 
Connecticut—   1.3%
 
26,815,000
 
Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays
Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.910%, 6/2/2022
   26,815,000
  3,875,000
 
Regional School District #19, CT BANs, 1.750%, 6/9/2022
    3,876,325
  3,465,000
 
Shelton, CT Housing Authority (Crosby Commons), (Series 1998)
Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC),
0.860%, 6/2/2022
    3,465,000
 
 
TOTAL
34,156,325
 
 
Florida—   9.6%
 
  2,000,000
 
Capital Trust Agency, FL (Milestones Community School, Inc.), Tender
Option Bond Trust Receipts (2022-XF2965) Weekly VRDNs, (GTD by
Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.990%, 6/2/2022
    2,000,000
30,400,000
 
Escambia County, FL Solid Waste Disposal (Gulf Power Co.) Daily
VRDNs, 0.680%, 6/1/2022
   30,400,000
10,000,000
 
Escambia County, FL Solid Waste Disposal (Gulf Power Co.), (First
Series 2009) Daily VRDNs, 0.710%, 6/1/2022
   10,000,000
  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),
0.990%, 6/2/2022
    1,400,000
14,000,000
 
Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1995) Daily
VRDNs, 0.680%, 6/1/2022
   14,000,000
25,000,000
 
JEA, FL Electric System, (Series 2008C-3), CP, (Royal Bank of Canada
LIQ), 0.930%, Mandatory Tender 6/9/2022
   25,000,000
  6,075,000
 
JEA, FL Electric System, (Series Three 2008A) Weekly VRDNs, (Royal
Bank of Canada LIQ), 0.830%, 6/1/2022
    6,075,000
  9,950,000
 
JEA, FL Electric System, (Series Three 2008B-2: Senior Revenue Bonds)
Weekly VRDNs, (Royal Bank of Canada LIQ), 0.830%, 6/1/2022
    9,950,000
18,170,000
 
JEA, FL Water & Sewer System, (2008 Series B: Senior Revenue Bonds)
Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.750%, 6/1/2022
   18,170,000
25,200,000
 
Martin County, FL PCRB (Florida Power & Light Co.), (Series 2000)
Daily VRDNs, 0.700%, 6/1/2022
   25,200,000
  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), 1.040%, 6/2/2022
    2,495,000
  1,400,000
 
Miami-Dade County, FL HFA (Superior Manor Phase II LLC), Mizuho
3a-7 (2022-MIZ9087) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank
Ltd. LIQ), 1.040%, 6/2/2022
    1,400,000
     10,000
 
Orange County, FL HFA (Post Fountains at Lee Vista), (Series 1997E)
Weekly VRDNs, (FNMA LOC), 0.780%, 6/1/2022
       10,000
16,500,000
 
Polk County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs,
1.090%, 6/2/2022
   16,500,000
Annual Shareholder Report
4

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Florida—   continued
 
$ 33,000,000
 
St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000)
Daily VRDNs, 0.640%, 6/1/2022
$   33,000,000
  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), 0.990%, Optional Tender 7/1/2022
    7,000,000
44,500,000
 
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), 0.650%, 6/1/2022
   44,500,000
 
 
TOTAL
247,100,000
 
 
Georgia—   0.7%
 
  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),
0.820%, 6/2/2022
    2,460,000
  3,330,000
 
Columbia County, GA Development Authority (Schools for
Arts-Infused Learning, Inc.), Tender Option Bond Trust Receipts
(2022-XF2966) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho
Bank Ltd. LIQ), 0.990%, 6/2/2022
    3,330,000
10,000,000
 
Fulton County, GA Development Authority (Heritage Station Family
LLC), Tender Option Bond Trust Receipts (2022-XF2984) Weekly
VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC),
0.990%, 6/2/2022
   10,000,000
  1,450,000
 
Georgia State HFA, Tender Option Bond Trust Receipts (2020-ZF0783)
Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.840%, 6/2/2022
    1,450,000
 
 
TOTAL
17,240,000
 
 
Hawaii—   0.3%
 
  7,520,000
 
Hawaii State Department of Budget & Finance (Queen’s Health
Systems), (2015 Series B) VRENs, 1.240%, 6/2/2022
    7,520,000
 
 
Illinois—   4.1%
 
    600,000
 
Chicago, IL MFH Revenue (Churchview Manor Senior Apartments),
(Series 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC),
1.020%, 6/2/2022
      600,000
10,200,000
 
Chicago, IL Park District, (Series 2015-XF2111) Weekly VRDNs, (Build
America Mutual Assurance INS)/(Citibank N.A., New York LIQ),
0.890%, 6/2/2022
   10,200,000
  5,000,000
 
Chicago, IL Park District, Tender Option Bond Trust Certificates
(Series 2021-XX1168) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Build
America Mutual Assurance INS), 0.890%, 6/2/2022
    5,000,000
  3,000,000
 
Chicago, IL Park District, Tender Option Bond Trust Certificates
(Series 2021-XX1169) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Build
America Mutual Assurance INS), 0.890%, 6/2/2022
    3,000,000
27,000,000
 
Chicago, IL Sales Tax, Tender Option Bond Trust Receipt
(Series 2019-XF0779) Weekly VRDNs, (Build America Mutual Assurance
INS)/(Toronto Dominion Bank LIQ), 0.840%, 6/2/2022
   27,000,000
Annual Shareholder Report
5

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Illinois—   continued
 
$ 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),
0.870%, 6/2/2022
$   10,975,000
16,392,965
 
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), 0.910%, Optional
Tender 8/4/2022
   16,392,965
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),
0.870%, 6/2/2022
   33,750,000
 
 
TOTAL
106,917,965
 
 
Indiana—   0.5%
 
12,140,000
 
Indiana State Finance Authority Environmental (Ispat Inland Inc.),
(Series 2005) Weekly VRDNs, (Cooperatieve Rabobank UA LOC),
0.830%, 6/1/2022
   12,140,000
 
 
Iowa—   0.1%
 
  3,000,000
 
Iowa Finance Authority - Health Facilities (UnityPoint Health),
(Series 2013B-1) Daily VRDNs, (TD Bank, N.A. LOC), 0.610%, 6/1/2022
    3,000,000
 
 
Kentucky—   1.0%
 
17,865,000
 
Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs,
(Fifth Third Bank, N.A. LOC), 0.870%, 6/3/2022
   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), 0.990%, Optional Tender 11/1/2022
    7,500,000
 
 
TOTAL
25,365,000
 
 
Louisiana—   1.5%
 
    800,000
 
Baton Rouge, LA Industrial Development Board (Exxon Mobil Corp.),
(Series 2010B) Daily VRDNs, 0.580%, 6/1/2022
      800,000
    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), 0.890%, 6/1/2022
      910,000
12,900,000
 
Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.),
(Series 2009A) Weekly VRDNs, 0.800%, 6/1/2022
   12,900,000
  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), 1.040%, 6/2/2022
    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), 0.870%, 6/2/2022
   21,260,000
 
 
TOTAL
38,970,000
Annual Shareholder Report
6

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Maryland—   1.2%
 
$  7,500,000
 
Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28)
TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC),
0.990%, Optional Tender 7/1/2022
$    7,500,000
  5,400,000
 
Maryland State Health & Higher Educational Facilities Authority,
(Series 1985A) Weekly VRDNs, (TD Bank, N.A. LOC), 0.800%, 6/1/2022
    5,400,000
17,500,000
 
Montgomery County, MD (Trinity Healthcare Credit Group),
(Series 2013MD) TOBs, 0.120%, Mandatory Tender 9/1/2022
   17,500,000
 
 
TOTAL
30,400,000
 
 
Michigan—   2.4%
 
  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),
0.870%, 6/2/2022
    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),
0.890%, 6/2/2022
    4,000,000
10,500,000
 
Michigan State Building Authority, (Series III) VRENs, 0.890%, 6/1/2022
   10,500,000
  2,000,000
 
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), 0.890%, 6/2/2022
    2,000,000
  2,500,000
 
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), 0.890%, 6/2/2022
    2,500,000
11,000,000
 
Michigan State Finance Authority Revenue (Trinity Healthcare Credit
Group), (Series 2013MI-1) TOBs, 0.120%, Mandatory Tender 9/1/2022
   11,000,000
  8,050,000
 
Michigan State Strategic Fund (Henry Ford Museum & Greenfield
Village) Daily VRDNs, (Comerica Bank LOC), 0.670%, 6/1/2022
    8,050,000
  2,990,000
 
Michigan Strategic Fund (Washtenaw Christian Academy),
(Series 2008) Weekly VRDNs, (Fifth Third Bank, N.A. LOC),
0.870%, 6/3/2022
    2,990,000
12,000,000
 
St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles
& St. Joseph Obligated Group), (Series 2006) Weekly VRDNs, (Assured
Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ),
0.800%, 6/2/2022
   12,000,000
  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),
0.890%, 6/2/2022
    4,000,000
 
 
TOTAL
62,040,000
 
 
Mississippi—   1.5%
 
  4,670,000
 
Mississippi Business Finance Corp. (Gulf Power Co.), (1st Series 2019)
Daily VRDNs, 0.640%, 6/1/2022
    4,670,000
  3,019,000
 
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), 0.990%, 6/2/2022
    3,019,000
Annual Shareholder Report
7

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Mississippi—   continued
 
$ 30,600,000
 
Perry County, MS (Leaf River Cellulose LLC), (Series 2021) Weekly
VRDNs, (GTD by Georgia-Pacific LLC), 0.830%, 6/2/2022
$   30,600,000
 
 
TOTAL
38,289,000
 
 
Missouri—   0.7%
 
  1,100,000
 
Kansas City, MO Planned Industrial Expansion Authority (EPD3
Ridgeview LP), Mizuho 3a-7 (2022-MIZ9086) VRENs, (GTD by Mizuho
Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 1.040%, 6/2/2022
    1,100,000
  2,500,000
 
Lees Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055)
VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ),
1.040%, 6/2/2022
    2,500,000
  3,750,000
 
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),
0.830%, 6/2/2022
    3,750,000
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), 0.840%, 6/2/2022
   10,000,000
 
 
TOTAL
17,350,000
 
 
Montana—   0.2%
 
  5,800,000
 
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), 1.040%, 6/2/2022
    5,800,000
 
 
Multi-State—   11.8%
 
116,000,000
 
Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly
VRDPs, (Societe Generale, Paris LIQ), 0.850%, 6/2/2022
  116,000,000
88,400,000
 
Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund,
(Series 2) Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ),
0.850%, 6/2/2022
   88,400,000
100,000,000
 
Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4)
Weekly VRDPs, (Barclays Bank PLC LIQ), 0.840%, 6/2/2022
  100,000,000
 
 
TOTAL
304,400,000
 
 
Nebraska—   0.8%
 
21,600,000
 
Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs,
0.850%, 6/2/2022
   21,600,000
 
 
Nevada—   0.4%
 
10,500,000
 
Nevada Housing Division (DWF V Summit Club Holdings LLC), Mizuho
3a-7 (2021-MIZ9091) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank
Ltd. LIQ), 1.040%, 6/2/2022
   10,500,000
 
 
New Jersey—   4.1%
 
11,140,000
 
Clark Township, NJ BANs, 1.000%, 12/2/2022
   11,174,649
  4,889,000
 
Cresskill Borough, NJ BANs, 1.000%, 10/14/2022
    4,901,983
17,231,708
 
East Hanover Township, NJ, (Series A) BANs, 1.500%, 8/12/2022
   17,275,795
  1,995,000
 
Eastampton Township, NJ BANs, 1.000%, 7/28/2022
    1,997,299
  3,491,000
 
Englewood Cliffs, NJ BANs, 1.000%, 11/10/2022
    3,500,566
  3,836,000
 
Florham Park, NJ, (Series B) BANs, 1.500%, 9/2/2022
    3,847,209
Annual Shareholder Report
8

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
New Jersey—   continued
 
$  2,369,464
 
Franklin Borough, NJ BANs, 1.000%, 7/29/2022
$    2,372,280
  4,931,625
 
Glen Ridge, NJ BANs, 1.000%, 7/15/2022
    4,936,131
  5,000,000
 
Logan Township, NJ BANs, 1.000%, 10/19/2022
    5,013,367
  7,500,000
 
New Jersey Turnpike Authority, RBC Muni Products (Series G-119)
TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC),
0.940%, Optional Tender 7/1/2022
    7,500,000
  4,084,000
 
Ocean Township, NJ (Ocean County) BANs, 1.000%, 9/8/2022
    4,092,842
14,520,000
 
Pennsauken Township, NJ, (Series A) BANs, 1.000%, 6/8/2022
   14,522,083
  5,274,500
 
Pequannock Township, NJ BANs, 1.000%, 7/13/2022
    5,279,101
  3,800,158
 
Runnemede, NJ, (Series A) BANs, 1.000%, 6/28/2022
    3,802,176
  6,670,500
 
Spotswood, NJ, (Series A) BANs, 1.000%, 6/16/2022
    6,672,146
  8,777,000
 
Tinton Falls, NJ, (Series A) BANs, 1.250%, 10/27/2022
    8,810,688
 
 
TOTAL
105,698,315
 
 
New York—   16.6%
 
16,925,000
 
Batavia, NY City School District BANs, 1.500%, 6/14/2022
   16,932,755
15,516,000
 
Binghamton, NY City School District BANs, 1.000%, 6/24/2022
   15,523,795
11,210,000
 
Broome County, NY (United Health Services Hospitals, Inc.),
(Series 2022-XF1289) Weekly VRDNs, (Assured Guaranty Municipal
Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.940%, 6/2/2022
   11,210,000
16,110,000
 
Cortland, NY, (Series A) BANs, 2.000%, 11/11/2022
   16,230,475
10,350,000
 
East Rockaway, NY Union Free School District BANs,
1.000%, 6/17/2022
   10,351,533
14,000,000
 
Elmira, NY City School District BANs, 1.500%, 6/24/2022
   14,002,927
  7,250,000
 
Elwood, NY Union Free School District TANs, 1.250%, 6/24/2022
    7,253,981
24,850,000
 
Lindenhurst, NY Union Free School District TANs, 1.000%, 6/24/2022
   24,863,789
  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), 0.840%, 6/2/2022
    5,490,000
  4,800,000
 
New York City, NY Municipal Water Finance Authority Daily VRDNs,
(State Street Bank and Trust Co. LIQ), 0.580%, 6/1/2022
    4,800,000
  5,500,000
 
New York City, NY Municipal Water Finance Authority, (Fiscal 2014
AA-3 Bonds) Daily VRDNs, (TD Bank, N.A. LIQ), 0.600%, 6/1/2022
    5,500,000
10,000,000
 
New York City, NY Municipal Water Finance Authority, (Fiscal 2015
Subseries BB-1) Daily VRDNs, (Bank of America N.A. LIQ),
0.570%, 6/1/2022
   10,000,000
13,075,000
 
New York City, NY Municipal Water Finance Authority, (Fiscal 2015
Subseries BB-2) Daily VRDNs, (Mizuho Bank Ltd. LIQ),
0.640%, 6/1/2022
   13,075,000
11,270,000
 
New York City, NY Municipal Water Finance Authority, Fiscal 2011
(Subseries FF-1) Daily VRDNs, (Bank of America N.A. LIQ),
0.570%, 6/1/2022
   11,270,000
Annual Shareholder Report
9

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
New York—   continued
 
$ 17,000,000
 
New York City, NY Municipal Water Finance Authority, Second General
Resolution (Fiscal 2009 Series BB-2) Daily VRDNs, (Landesbank
Hessen-Thuringen LIQ), 0.620%, 6/1/2022
$   17,000,000
  3,495,000
 
New York City, NY Transitional Finance Authority, Fiscal 2003
(Series A-4) Daily VRDNs, (TD Bank, N.A. LIQ), 0.600%, 6/1/2022
    3,495,000
  6,650,000
 
New York City, NY Transitional Finance Authority, Fiscal 2014
(Subseries D-3) Daily VRDNs, (Mizuho Bank Ltd. LIQ),
0.620%, 6/1/2022
    6,650,000
14,550,000
 
New York City, NY, (Fiscal 2006 Series I-4) Daily VRDNs, (TD Bank, N.A.
LOC), 0.600%, 6/1/2022
   14,550,000
17,400,000
 
New York City, NY, (Fiscal 2018 Series E Subseries E-5) Daily VRDNs,
(TD Bank, N.A. LOC), 0.600%, 6/1/2022
   17,400,000
20,000,000
 
New York City, NY, (Fiscal 2022 Subseries D-3) Daily VRDNs, (State
Street Bank and Trust Co. LIQ), 0.690%, 6/1/2022
   20,000,000
12,000,000
 
New York City, NY, (Subseries A-2) Daily VRDNs, (Mizuho Bank Ltd.
LOC), 0.630%, 6/1/2022
   12,000,000
12,215,000
 
New York City, NY, (Subseries A-7) Daily VRDNs, (Bank of the West,
San Francisco, CA LOC), 0.640%, 6/1/2022
   12,215,000
16,145,000
 
New York City, NY, (Subseries D-4) Daily VRDNs, (TD Bank, N.A. LOC),
0.600%, 6/1/2022
   16,145,000
  7,300,000
 
New York City, NY, Fiscal 2018 (Subseries B-4) Daily VRDNs, (Barclays
Bank PLC LIQ), 0.650%, 6/1/2022
    7,300,000
10,000,000
 
New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells
Fargo Bank, N.A. LIQ), 0.940%, 6/2/2022
   10,000,000
  2,000,000
 
New York State Energy Research & Development Authority
(Consolidated Edison Co.), (Series 2005A-3) Weekly VRDNs, (Mizuho
Bank Ltd. LOC), 0.720%, 6/1/2022
    2,000,000
  3,000,000
 
New York State Power Authority (New York State Power Authority
Transmission Project), (Series 2022-XF1300) Weekly VRDNs, (Assured
Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ),
0.910%, 6/2/2022
    3,000,000
  3,000,000
 
New York State Power Authority (New York State Power Authority
Transmission Project), (Series 2022-XF1310) Weekly VRDNs, (Assured
Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ),
0.910%, 6/2/2022
    3,000,000
  5,475,000
 
New York State Power Authority (New York State Power Authority
Transmission Project), (Series 2022-YX1184) Weekly VRDNs, (GTD by
Assured Guaranty Municipal Corp.)/(Barclays Bank PLC LIQ),
0.870%, 6/2/2022
    5,475,000
  4,900,000
 
North Merrick, NY Union Free School District TANs,
1.000%, 6/24/2022
    4,902,469
50,000,000
 
Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2)
Weekly VRDPs, (Royal Bank of Canada LIQ), 0.840%, 6/2/2022
   50,000,000
  8,120,000
 
Oswego, NY City School District BANs, 1.250%, 7/22/2022
    8,128,965
  9,610,000
 
Peekskill, NY City School District BANs, 1.000%, 6/29/2022
    9,615,883
  6,850,000
 
Portville, NY CSD BANs, 1.500%, 6/30/2022
    6,855,663
Annual Shareholder Report
10

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
New York—   continued
 
$ 14,000,000
 
Sewanhaka, NY Central High School District TANs, 1.500%, 6/20/2022
$   14,008,332
10,350,000
 
Troy, NY Enlarged CSD BANs, 4.000%, 6/8/2023
   10,542,510
  2,658,520
 
Vestal, NY CSD, (Series B) BANs, 1.000%, 9/30/2022
    2,665,377
  5,025,000
 
York, NY CSD BANs, 1.250%, 6/23/2022
    5,028,111
 
 
TOTAL
428,481,565
 
 
North Carolina—   1.4%
 
  5,905,000
 
Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health
(previously Carolinas HealthCare) System), (Series 2007E) Daily VRDNs,
(TD Bank, N.A. LOC), 0.610%, 6/1/2022
    5,905,000
30,120,000
 
University of North Carolina at Chapel Hill (University of North Carolina
Hospitals), (Series 2001B) Daily VRDNs, (TD Bank, N.A. LIQ),
0.610%, 6/1/2022
   30,120,000
 
 
TOTAL
36,025,000
 
 
North Dakota—   0.1%
 
  2,560,000
 
University of North Dakota, Tender Option Bond Trust Receipts
(Series 2021-XG0336) Weekly VRDNs, (Toronto Dominion Bank
LIQ)/(Toronto Dominion Bank LOC), 0.830%, 6/2/2022
    2,560,000
 
 
Ohio—   3.0%
 
    200,000
 
Allen County, OH (Bon Secours Mercy Health), (Series 2010C) Daily
VRDNs, (BMO Harris Bank, N.A. LOC), 0.670%, 6/1/2022
      200,000
  4,000,000
 
Cleveland, OH, Tender Option Bond Trust Receipts
(Series 2018-XF2657) Weekly VRDNs, (Bank of America N.A. LIQ),
0.930%, 6/2/2022
    4,000,000
  2,713,300
 
Fairborn, OH, (Series B) BANs, 1.000%, 8/31/2022
    2,718,713
  9,000,000
 
Grove City, OH BANs, 1.000%, 7/7/2022
    9,007,085
  1,095,000
 
Lorain County, OH, (Series B) BANs, 2.000%, 12/15/2022
    1,104,415
23,640,000
 
Middletown, OH (Premier Health Partners Obligated Group), Golden
Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank
PLC LOC), 0.910%, 6/2/2022
   23,640,000
  4,285,000
 
Ohio State Hospital Revenue (University Hospitals Health System Inc.
Obligated Group), (Series C-18) Weekly VRDNs, (Royal Bank of Canada
LIQ)/(Royal Bank of Canada LOC), 0.830%, 6/2/2022
    4,285,000
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), 0.910%, 6/2/2022
   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), 0.990%, Optional
Tender 6/1/2022
   10,000,000
  7,290,000
 
Sandusky, OH BANs, 1.000%, 9/30/2022
    7,308,318
 
 
TOTAL
77,063,531
 
 
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),
0.840%, 6/2/2022
    3,410,000
Annual Shareholder Report
11

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Oregon—   0.0%
 
$  1,000,000
 
Oregon State Facilities Authority (PeaceHealth), (2018 Series B) Daily
VRDNs, (TD Bank, N.A. LOC), 0.600%, 6/1/2022
$    1,000,000
 
 
Pennsylvania—   5.6%
 
  6,400,000
 
Allegheny County, PA HDA (Dialysis Clinic, Inc.), (Series 1997) Weekly
VRDNs, (Fifth Third Bank, N.A. LOC), 0.860%, 6/2/2022
    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), 0.860%, 6/2/2022
   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), 0.870%, 6/2/2022
    4,490,000
  1,575,000
 
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), 0.830%, 6/2/2022
    1,575,000
  2,240,000
 
Chester County, PA HEFA (Tel Hai Obligated Group Project),
(Series of 2009) Weekly VRDNs, (Manufacturers & Traders Trust Co.,
Buffalo LOC), 0.860%, 6/2/2022
    2,240,000
11,300,000
 
Delaware County, PA IDA (United Parcel Service, Inc.), (Series 2015)
Daily VRDNs, (GTD by United Parcel Service, Inc.), 0.700%, 6/1/2022
   11,300,000
16,100,000
 
Pennsylvania Economic Development Financing Authority (PPL Energy
Supply LLC), (Series 2009B) Weekly VRDNs, (MUFG Bank Ltd. LOC),
1.400%, 6/1/2022
   16,100,000
  6,045,000
 
Pennsylvania Economic Development Financing Authority (PPL Energy
Supply LLC), (Series 2009C) Weekly VRDNs, (MUFG Bank Ltd. LOC),
1.400%, 6/1/2022
    6,045,000
  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), 0.940%, 6/2/2022
    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),
0.990%, Optional Tender 7/1/2022
   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), 0.870%, 6/2/2022
    4,750,000
10,000,000
 
Pennsylvania State Turnpike Commission, PUTTERs (Series 5024) Daily
VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank,
N.A. LOC), 0.650%, 6/1/2022
   10,000,000
24,830,000
 
Pennsylvania State Turnpike Commission, PUTTERs (Series 5026) Daily
VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank,
N.A. LOC), 0.650%, 6/1/2022
   24,830,000
  7,980,000
 
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),
0.870%, 6/2/2022
    7,980,000
Annual Shareholder Report
12

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Pennsylvania—   continued
 
$  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), 1.040%, 6/2/2022
$    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), 0.870%, 6/2/2022
    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)/(Morgan Stanley
Bank, N.A. LIQ), 0.870%, 6/2/2022
   14,000,000
 
 
TOTAL
143,220,000
 
 
South Carolina—   0.5%
 
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), 0.990%, Optional Tender 10/3/2022
   12,670,000
 
 
Tennessee—   2.5%
 
  2,600,000
 
Blount County, TN Public Building Authority (Knox County, TN),
(Series C-3-A) Weekly VRDNs, (Truist Bank LIQ), 0.910%, 6/2/2022
    2,600,000
  3,150,000
 
Metropolitan Government Nashville & Davidson County, TN HEFA
(Meharry Medical College), (Series 2009) Weekly VRDNs, (Fifth Third
Bank, N.A. LOC), 0.870%, 6/3/2022
    3,150,000
20,000,000
 
Metropolitan Government Nashville & Davidson County, TN, (2014
Program), CPX, 1.300%, Mandatory Tender 6/8/2022
   20,000,000
15,000,000
 
Metropolitan Government Nashville & Davidson County, TN, (2014
Program), CPX, 1.300%, Mandatory Tender 6/14/2022
   15,000,000
  7,900,000
 
Sevier County, TN Public Building Authority, (Series V-B-1) Weekly
VRDNs, (Truist Bank LOC), 0.910%, 6/2/2022
    7,900,000
16,710,000
 
Shelby County, TN Health Education & Housing Facilities Board
(Methodist Le Bonheur Healthcare), (Series 2008A) Daily VRDNs,
(Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ),
0.640%, 6/1/2022
   16,710,000
 
 
TOTAL
65,360,000
 
 
Texas—   8.0%
 
20,000,000
 
Harris County, TX Cultural Education Facilities Finance Corp.
(Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP,
0.820%, Mandatory Tender 6/3/2022
   20,000,000
61,915,000
 
Harris County, TX Cultural Education Facilities Finance Corp.
(Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP,
0.820%, Mandatory Tender 6/2/2022
   61,915,000
34,000,000
 
Harris County, TX Cultural Education Facilities Finance Corp.
(Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP,
0.860%, Mandatory Tender 6/1/2022
   34,000,000
16,600,000
 
Port Arthur Navigation District, TX IDC (Air Products LP), (Series 2005)
Daily VRDNs, (GTD by Air Products & Chemicals, Inc.),
0.550%, 6/1/2022
   16,600,000
Annual Shareholder Report
13

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Texas—   continued
 
$  7,600,000
 
Port Arthur Navigation District, TX IDC (TOTAL Petrochemicals USA,
Inc.), (Series 2012B) Weekly VRDNs, (GTD by TotalEnergies SE),
0.850%, 6/1/2022
$    7,600,000
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),
0.850%, 6/1/2022
   41,000,000
10,000,000
 
San Antonio, TX Electric & Gas System, (2012 Series A), CP, 1.050%,
Mandatory Tender 6/22/2022
   10,000,000
  4,000,000
 
South Texas CCD, (RBC Muni Products G-35) Weekly VRDNs, (Royal
Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.820%, 6/2/2022
    4,000,000
10,330,000
 
Tarrant County, TX Cultural Education Facilities Finance Corp.
(Methodist Hospitals of Dallas), (Series 2008A) Daily VRDNs, (TD Bank,
N.A. LOC), 0.610%, 6/1/2022
   10,330,000
 
 
TOTAL
205,445,000
 
 
Virginia—   3.8%
 
  4,760,000
 
Alexandria, VA, Solar Eclipse (2017-0044) Weekly VRDNs, (U.S. Bank,
N.A. LIQ), 0.840%, 6/2/2022
    4,760,000
  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), 0.860%, 6/3/2022
    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), 0.820%, 6/2/2022
    3,500,000
    250,000
 
Loudoun County, VA IDA (Howard Hughes Medical Institute),
(Series 2003A) Weekly VRDNs, 0.800%, 6/1/2022
      250,000
  5,200,000
 
Loudoun County, VA, Solar Eclipse (Series 2017-0038) Weekly VRDNs,
(U.S. Bank, N.A. LIQ), 0.840%, 6/2/2022
    5,200,000
    335,000
 
Lynchburg, VA Economic Development Authority (Centra Health
Obligated Group), (Series 2017C) Weekly VRDNs, (Truist Bank LOC),
0.910%, 6/2/2022
      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), 0.870%, 6/7/2022
    6,210,000
  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), 0.870%, 6/7/2022
    2,535,000
51,305,000
 
Suffolk, VA EDA (Sentara Health Systems Obligated Group), Tender
Option Bond Trust Floater Certificates (2020-MIZ9025) Weekly VRDNs,
(GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 0.880%, 6/2/2022
   51,305,000
  2,000,000
 
University of Virginia (The Rectors and Visitors of), Solar Eclipse
(Series 2017-0017) Weekly VRDNs, (U.S. Bank, N.A. LIQ),
0.840%, 6/2/2022
    2,000,000
Annual Shareholder Report
14

Principal
Amount
 
 
Value
           
1
SHORT-TERM MUNICIPALS—   continued
 
 
 
Virginia—   continued
 
$  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), 0.940%, 6/2/2022
$    8,585,000
  3,600,000
 
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), 0.940%, 6/2/2022
    3,600,000
  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), 0.990%, Optional Tender 8/1/2022
    6,640,000
 
 
TOTAL
96,770,000
 
 
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),
0.840%, 6/2/2022
    1,475,000
  5,635,000
 
West Virginia State Hospital Finance Authority (Cabell Huntington
Hospital), (Series 2008A) Weekly VRDNs, (Truist Bank LOC),
0.910%, 6/2/2022
    5,635,000
 
 
TOTAL
7,110,000
 
 
Wisconsin—   1.2%
 
  8,992,000
 
Public Finance Authority, WI (Agape Meadowcreek, Inc.), Tender
Option Bond Trust Receipts (2020-XF2871) Weekly VRDNs, (GTD by
Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 1.010%, 6/2/2022
    8,992,000
  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), 1.010%, 6/2/2022
    5,730,000
  1,630,000
 
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), 0.990%, 6/2/2022
    1,630,000
12,790,000
 
Wisconsin Center District, Tender Option Bond Trust Receipts
(Series 2020-XF1208) Weekly VRDNs, (Assured Guaranty Municipal
Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.910%, 6/2/2022
   12,790,000
  2,800,000
 
Wisconsin Public Finance Authority (Atlantic Housing Foundation, Inc.),
Mizuho 3a-7 (2022-MIZ9092) VRENs, (GTD by Mizuho Bank
Ltd.)/(Mizuho Bank Ltd. LIQ), 1.040%, 6/2/2022
    2,800,000
 
 
TOTAL
31,942,000
 
 
TOTAL INVESTMENT IN SECURITIES—100.9%
(AT AMORTIZED COST)2
2,601,070,487
 
 
OTHER ASSETS AND LIABILITIES - NET—(0.9)%3
(24,194,831)
 
 
TOTAL NET ASSETS—100%
$2,576,875,656
Annual Shareholder Report
15

At May 31, 2022, the Fund held no securities that are subject to the federal alternative minimum tax (AMT) (unaudited).
1
Current rate and current maturity or next reset date shown for floating rate notes and variable
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 May 31, 2022.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Annual Shareholder Report
16

In valuing the Fund’s assets as of May 31, 2022, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
The following acronym(s) are used throughout this portfolio:
 
BANs
—Bond Anticipation Notes
CCD
—Community College District
CDA
—Community Development Authority
COL
—Collateralized
CP
—Commercial Paper
CPX
—Commercial Paper Extendible
CSD
—Central School District
EDA
—Economic Development Authority
FHLB
—Federal Home Loan Bank
FHLMC
—Federal Home Loan Mortgage Corporation
FNMA
—Federal National Mortgage Association
GTD
—Guaranteed
HDA
—Hospital Development Authority
HEFA
—Health and Education Facilities Authority
HFA
—Housing Finance Authority
IDA
—Industrial Development Authority
IDB
—Industrial Development Bond
IDC
—Industrial Development Corporation
INS
—Insured
LIQ
—Liquidity Agreement
LOC
—Letter of Credit
MFH
—Multi-Family Housing
PCR
—Pollution Control Revenue
PCRB
—Pollution Control Revenue Bond
PCRBs
—Pollution Control Revenue Bonds
PUTTERs
—Puttable Tax-Exempt Receipts
TANs
—Tax Anticipation Notes
TOBs
—Tender Option Bonds
USD
—United States Dollar
VRDNs
—Variable Rate Demand Notes
VRDPs
—Variable Rate Demand Preferreds
VRENs
—Variable Rate Extendible Notes
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
17

Financial HighlightsWealth Shares
(For a Share Outstanding Throughout Each Period)
 
Year Ended May 31,
Period
Ended
5/31/20191
Year Ended July 31,
 
2022
2021
2020
2018
2017
Net Asset Value, Beginning of
Period
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Income From Investment
Operations:
 
 
 
 
 
 
Net investment income
0.001
0.001
0.012
0.012
0.010
0.006
Net realized gain (loss)
0.0002
0.0002
0.0002
0.0002
0.0002
0.002
Total From Investment
Operations
0.001
0.001
0.012
0.012
0.010
0.008
Less Distributions:
 
 
 
 
 
 
Distributions from net
investment income
(0.001)
(0.001)
(0.012)
(0.012)
(0.010)
(0.006)
Distributions from net realized
gain
(0.000)2
(0.000)2
(0.000)2
(0.000)2
(0.000)2
(0.002)
Total Distributions
(0.001)
(0.001)
(0.012)
(0.012)
(0.010)
(0.008)
Net Asset Value, End of
Period
$1.00
$1.00
$1.00
$1.00
$1.00
$1.00
Total Return3
0.09%
0.06%
1.19%
1.22%
1.03%
0.77%
Ratios to Average Net Assets:
 
 
 
 
 
 
Net expenses4
0.15%
0.21%
0.21%
0.21%5
0.21%
0.21%
Net investment income
0.08%
0.06%
1.14%
1.46%5
1.03%
0.57%
Expense waiver/reimbursement6
0.15%
0.09%
0.08%
0.09%5
0.09%
0.09%
Supplemental Data:
 
 
 
 
 
 
Net assets, end of period (000
omitted)
$2,374,257
$2,415,796
$4,131,257
$3,403,098
$3,054,475
$2,270,120
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
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.
Annual Shareholder Report
18

Statement of Assets and Liabilities
May 31, 2022
Assets:
 
Investment in securities, at amortized cost and fair value
$2,601,070,487
Cash
4,856,301
Income receivable
4,644,323
Receivable for shares sold
6,784,311
Total Assets
2,617,355,422
Liabilities:
 
Payable for investments purchased
39,042,510
Payable for shares redeemed
863,259
Income distribution payable
414,471
Payable for investment adviser fee (Note5)
8,542
Payable for administrative fee (Note5)
5,521
Accrued expenses (Note5)
145,463
Total Liabilities
40,479,766
Net assets for 2,576,879,497 shares outstanding
$2,576,875,656
Net Assets Consist of:
 
Paid-in capital
$2,576,860,014
Total distributable earnings (loss)
15,642
Total Net Assets
$2,576,875,656
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
 
Wealth Shares:
 
$2,374,257,110 ÷ 2,374,260,939 shares outstanding, no par value, unlimited
shares authorized
$1.00
Advisor Shares:
 
$41,545,711 ÷ 41,545,740 shares outstanding, no par value, unlimited
shares authorized
$1.00
Service Shares:
 
$161,072,835 ÷ 161,072,818 shares outstanding, no par value, unlimited
shares authorized
$1.00
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
19

Statement of Operations
Year Ended May 31, 2022
Investment Income:
 
Interest
$5,857,853
Expenses:
 
Investment adviser fee (Note5)
4,992,187
Administrative fee (Note5)
1,954,130
Custodian fees
75,163
Transfer agent fees
23,862
Directors’/Trustees’ fees (Note5)
15,073
Auditing fees
23,000
Legal fees
14,463
Portfolio accounting fees
222,899
Other service fees (Notes 2 and5)
459,972
Share registration costs
52,184
Printing and postage
27,805
Miscellaneous (Note5)
36,825
TOTAL EXPENSES
7,897,563
Waivers and Reimbursement:
 
Waiver of investment adviser fee (Note5)
(3,665,684)
Waivers/reimbursement of other operating expenses (Notes 2 and 5)
(367,763)
TOTAL WAIVERS AND REIMBURSEMENT
(4,033,447)
Net expenses
3,864,116
Net investment income
1,993,737
Net realized gain on investments
42,794
Change in net assets resulting from operations
$2,036,531
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
20

Statement of Changes in Net Assets
Year Ended May 31
2022
2021
Increase (Decrease) in Net Assets
 
 
Operations:
 
 
Net investment income
$1,993,737
$2,057,294
Net realized gain (loss)
42,794
201,562
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS
2,036,531
2,258,856
Distributions to Shareholders:
 
 
Wealth Shares
(2,168,585)
(2,157,193)
Advisor Shares
(27,583)
(24,678)
Service Shares
(69,395)
(22,867)
CHANGE IN NET ASSETS RESULTING FROM
DISTRIBUTIONS TO SHAREHOLDERS
(2,265,563)
(2,204,738)
Share Transactions:
 
 
Proceeds from sale of shares
3,448,904,393
3,970,745,002
Net asset value of shares issued to shareholders in payment of
distributions declared
1,339,475
1,557,805
Cost of shares redeemed
(3,533,261,962)
(5,703,022,395)
CHANGE IN NET ASSETS RESULTING FROM
SHARE TRANSACTIONS
(83,018,094)
(1,730,719,588)
Change in net assets
(83,247,126)
(1,730,665,470)
Net Assets:
 
 
Beginning of period
2,660,122,782
4,390,788,252
End of period
$2,576,875,656
$2,660,122,782
See Notes which are an integral part of the Financial Statements
Annual Shareholder Report
21

Notes to Financial Statements
May 31, 2022
1. ORGANIZATION
Federated Hermes Money Market Obligations Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 16 portfolios. The financial statements included herein are only those of Federated Hermes Tax-Free Obligations Fund (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares: Wealth Shares, Advisor Shares and Service Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide dividend income exempt from federal regular income tax consistent with stability of principal. Interest income from the Fund’s investments normally will not be subject to the AMT for individuals, and may be subject to state and local taxes.
The Fund operates as a retail money market fund. As a retail money market fund, the Fund: (1) will generally continue to use amortized cost to value its portfolio securities and transact at a stable $1.00 net asset value (NAV); (2) has adopted policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons as required for a retail money market fund by Rule 2a-7 under the Act; and (3) has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund’s weekly liquid assets were to fall below a designated threshold, if the Fund’s Board of Trustees (the “Trustees”) determine such liquidity fees or redemption gates are in the best interest of the Fund.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (GAAP).
Investment Valuation
Securities are valued at amortized cost. 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.
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
Annual Shareholder Report
22

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 $4,033,447 is disclosed in various locations in this Note 2 and Note 5.
Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.
Other Service Fees
The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund’s 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 year ended May 31, 2022, 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
Service Shares
$459,972
$(7,311)
$(358,704)
For the year ended May 31, 2022, the Fund’s Wealth Shares and Advisor Shares did not incur other service fees.
Annual Shareholder Report
23

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 year ended May 31, 2022, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of May 31, 2022, tax years 2019 through 2022 remain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.
When-Issued and Delayed-Delivery Transactions
The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
Restricted Securities
The Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund’s restricted securities are valued at amortized cost in accordance with Rule 2a-7 under the Act.
Other
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from those estimated. The Fund applies investment company accounting and reporting guidance.
Annual Shareholder Report
24

3. SHARES OF BENEFICIAL INTEREST
The following tables summarize share activity:
 
Year Ended
5/31/2022
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
3,133,791
$3,133,791
3,567,284
$3,567,284
Shares issued to shareholders in
payment of distributions declared
1,278
1,278
1,520
1,520
Shares redeemed
(3,176,400)
(3,176,400)
(5,284,309)
(5,284,309)
NET CHANGE RESULTING FROM
WEALTH SHARE TRANSACTIONS
(41,331)
$(41,331)
(1,715,505)
$(1,715,505)
 
Year Ended
5/31/2022
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
36,197
$36,197
25,701
$25,701
Shares issued to shareholders in
payment of distributions declared
28
28
25
25
Shares redeemed
(12,838)
(12,838)
(49,750)
(49,750)
NET CHANGE RESULTING FROM
ADVISOR SHARE TRANSACTIONS
23,387
$23,387
(24,024)
$(24,024)
 
Year Ended
5/31/2022
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
278,917
$278,917
377,759
$377,759
Shares issued to shareholders in
payment of distributions declared
34
34
13
13
Shares redeemed
(344,024)
(344,024)
(368,963)
(368,963)
NET CHANGE RESULTING FROM
SERVICE SHARE TRANSACTIONS
(65,073)
$(65,073)
8,809
$8,809
NET CHANGE RESULTING FROM
TOTAL FUND
SHARE TRANSACTIONS
(83,017)
$(83,017)
(1,730,720)
$(1,730,720)
4. FEDERAL TAX INFORMATION
The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended May 31, 2022 and 2021, was as follows:
 
2022
2021
Tax-exempt income
$2,072,356
$2,147,124
Ordinary income1
$168,641
$14,565
Long-term capital gains
$24,566
$43,049
1
For tax purposes, short-term capital gain distributions are considered ordinary
income distributions.
Annual Shareholder Report
25

As of May 31, 2022, the components of distributable earnings on a tax-basis were as follows:
Undistributed tax-exempt income
$32
Undistributed ordinary income1
$12,210
Undistributed long-term capital gains
$3,400
1
For tax purposes, short-term capital gains are considered ordinary income in determining
distributable earnings.
5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Adviser Fee
The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund’s average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund’s expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the year ended May 31, 2022, the Adviser voluntarily waived $3,665,684 of its fee and voluntarily reimbursed $1,748 of other operating expenses.
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 year ended May 31, 2022, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.
In addition, FAS may charge certain out-of-pocket expenses to the Fund.
Other Service Fees
For the year ended May 31, 2022, FSSC received $1,229 of the other service fees disclosed in Note 2.
Annual Shareholder Report
26

Expense Limitation
Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund’s Wealth Shares, Advisor Shares and Service Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.21%, 0.21% and 0.46% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) August 1, 2023; or (b) the date of the Fund’s next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.
Interfund Transactions
During the year ended May 31, 2022, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Directors/Trustees and/or common Officers. These purchase and sale transactions complied with Rule 17a-7 under the Act and amounted to $1,289,950,000 and $1,118,800,000, respectively.
Directors’/Trustees’ and Miscellaneous Fees
Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Independent Directors’/Trustees’ fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.
6. 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 May 31, 2022, there were no outstanding loans. During the year ended May 31, 2022, the program was not utilized.
7. INDEMNIFICATIONS
Under the Fund’s organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence or reckless disregard of their duties to the Fund). In addition, in the normal course of business, the Fund provides certain indemnifications under arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into by the Fund under which the Fund agrees to indemnify such
Annual Shareholder Report
27

third party for certain liabilities arising out of actions taken pursuant to the arrangement, provided the third party’s actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance, bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss to be remote.
8. 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 continue 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.
9. FEDERAL TAX INFORMATION (UNAUDITED)
For the year ended May 31, 2022, the amount of long-term capital gains designated by the Fund was $24,566.
For the year ended May 31, 2022, 100% of the distributions from net investment income is exempt from federal income tax, other than the federal AMT.
Annual Shareholder Report
28

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Federated Hermes Money Market Obligations Trust and the Shareholders of Federated Hermes Tax-Free Obligations Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of the Federated Hermes Tax-Free Obligations Fund (the Fund), a portfolio of Federated Hermes Money Market Obligations Trust, including the portfolio of investments, as of May 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the three-year period then ended, the ten-month period ended May 31, 2019, and each of the years in the two-year period ended July 31, 2018. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended, the ten-month period ended May 31, 2019, and each of the years in the two-year period ended July 31, 2018 in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
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29

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of May 31, 2022, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor for one or more of Federated Hermes’ investment companies since 2006.
Boston, Massachusetts
July 25, 2022
Annual Shareholder Report
30

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 December 1, 2021 to May 31, 2022.
ACTUAL EXPENSES
The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Annual Shareholder Report
31

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
12/1/2021
Ending
Account Value
5/31/2022
Expenses Paid
During Period1
Actual
$1,000.00
$1,000.90
$0.952
Hypothetical (assuming a 5% return
before expenses)
$1,000.00
$1,023.98
$0.962
1
Expenses are equal to the Fund’s Wealth Shares annualized net expense ratio of 0.17%,
multiplied by the average account value over the period, multiplied by 182/365 (to reflect the
one-half-year period).
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 5 under
Expense Limitation), multiplied by the average account value over the period, multiplied by
182/365 (to reflect expenses paid as if they had been in effect throughout the most recent
one-half-year period) would be $1.05 and $1.06, respectively.
Annual Shareholder Report
32

Board of Trustees and Trust Officers
The Board of Trustees is responsible for managing the Trust’s business affairs and for exercising all the Trust’s powers except those reserved for the shareholders. The following tables give information about each Trustee and the senior officers of the Fund. Where required, the tables separately list Trustees who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). Unless otherwise noted, the address of each person listed is 1001 Liberty Avenue, Pittsburgh, PA 15222-3779. The address of all Independent Trustees listed is 4000 Ericsson Drive, Warrendale, PA 15086-7561; Attention: Mutual Fund Board. As of December 31, 2021, the Trust comprised 20 portfolio(s), and the Federated Hermes Fund Family consisted of 33 investment companies (comprising 102 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Trustee oversees all portfolios in the Federated Hermes Fund Family and serves for an indefinite term. The Fund’s Statement of Additional Information includes additional information about Trust Trustees and is available, without charge and upon request, by calling 1-800-341-7400, Option #4.
Interested TRUSTEES Background
Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s)
J. Christopher Donahue*
Birth Date: April 11, 1949
President and Trustee
Indefinite Term
Began serving: April 1989
Principal Occupations: Principal Executive Officer and President of
certain of the Funds in the Federated Hermes Fund Family; Director or
Trustee of the Funds in the Federated Hermes Fund Family; President,
Chief Executive Officer and Director, Federated Hermes, Inc.;
Chairman and Trustee, Federated Investment Management Company;
Trustee, Federated Investment Counseling; Chairman and Director,
Federated Global Investment Management Corp.; Chairman and
Trustee, Federated Equity Management Company of Pennsylvania;
Trustee, Federated Shareholder Services Company; Director,
Federated Services Company.
Previous Positions: President, Federated Investment Counseling;
President and Chief Executive Officer, Federated Investment
Management Company, Federated Global Investment Management
Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd.
Annual Shareholder Report
33

Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s)
Thomas R. Donahue*
Birth Date: October 20, 1958
Trustee
Indefinite Term
Began serving: May 2016
Principal Occupations: Director or Trustee of certain of the funds in
the Federated Hermes Fund Family; Chief Financial Officer, Treasurer,
Vice President and Assistant Secretary, Federated Hermes, Inc.;
Chairman and Trustee, Federated Administrative Services; Chairman
and Director, Federated Administrative Services, Inc.; Trustee and
Treasurer, Federated Advisory Services Company; Director or Trustee
and Treasurer, Federated Equity Management Company of
Pennsylvania, Federated Global Investment Management Corp.,
Federated Investment Counseling, and Federated Investment
Management Company; Director, MDTA LLC; Director, Executive Vice
President and Assistant Secretary, Federated Securities Corp.;
Director or Trustee and Chairman, Federated Services Company and
Federated Shareholder Services Company; and Director and
President, FII Holdings, Inc.
Previous Positions: Director, Federated Hermes, Inc.; Assistant
Secretary, Federated Investment Management Company, Federated
Global Investment Management Company and Passport Research,
LTD; Treasurer, Passport Research, LTD; Executive Vice President,
Federated Securities Corp.; and Treasurer, FII Holdings, Inc.
*
Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries.
INDEPENDENT TRUSTEES Background
Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins
Birth Date: January 24, 1947
Trustee
Indefinite Term
Began serving:
September 2013
Principal Occupations: Director or Trustee, and Chair of the Board
of Directors or Trustees, of the Federated Hermes Fund Family;
formerly, Chairman and CEO, The Collins Group, Inc. (a private equity
firm) (Retired).
Other Directorships Held: Director, KLX Energy Services Holdings,
Inc. (oilfield services); former Director of KLX Corp. (aerospace).
Qualifications: Mr. Collins has served in several business and financial
management roles and directorship positions throughout his career.
Mr. Collins previously served as Chairman and CEO of The Collins
Group, Inc. (a private equity firm) and as a Director of KLX Corp.
Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins
previously served as Director and Audit Committee Member, Bank of
America Corp.; Director, FleetBoston Financial Corp.; and Director,
Beth Israel Deaconess Medical Center (Harvard University
Affiliate Hospital).
Annual Shareholder Report
34

Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications
G. Thomas Hough
Birth Date: February 28, 1955
Trustee
Indefinite Term
Began serving: August 2015
Principal Occupations: Director or Trustee, Chair of the Audit
Committee of the Federated Hermes Fund Family; formerly, Vice
Chair, Ernst & Young LLP (public accounting firm) (Retired).
Other Directorships Held: Director, Chair of the Audit Committee,
Equifax, Inc.; Lead Director, Member of the Audit and Nominating and
Corporate Governance Committees, Haverty Furniture Companies,
Inc.; formerly, Director, Member of Governance and Compensation
Committees, Publix Super Markets, Inc.
Qualifications: Mr. Hough has served in accounting, business
management and directorship positions throughout his career.
Mr. Hough most recently held the position of Americas Vice Chair of
Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough
serves on the President’s Cabinet and Business School Board of
Visitors for the University of Alabama. Mr. Hough previously served on
the Business School Board of Visitors for Wake Forest University, and
he previously served as an Executive Committee member of the
United States Golf Association.
Maureen Lally-Green
Birth Date: July 5, 1949
Trustee
Indefinite Term
Began serving: August 2009
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; Adjunct Professor Emerita of Law, Duquesne University
School of Law; formerly, Dean of the Duquesne University School of
Law and Professor of Law and Interim Dean of the Duquesne
University School of Law; formerly, Associate General Secretary and
Director, Office of Church Relations, Diocese of Pittsburgh.
Other Directorships Held: Director, CNX Resources Corporation
(formerly known as CONSOL Energy Inc.).
Qualifications: Judge Lally-Green has served in various legal and
business roles and directorship positions throughout her career. Judge
Lally-Green previously held the position of Dean of the School of Law
of Duquesne University (as well as Interim Dean). Judge Lally-Green
previously served as a member of the Superior Court of Pennsylvania
and as a Professor of Law, Duquesne University School of Law. Judge
Lally-Green was appointed by the Supreme Court of Pennsylvania to
serve on the Supreme Court’s Board of Continuing Judicial Education
and the Supreme Court’s Appellate Court Procedural Rules
Committee. Judge Lally-Green also currently holds the positions on
not for profit or for profit boards of directors as follows: Director
and Chair, UPMC Mercy Hospital; Regent, Saint Vincent Seminary;
Member, Pennsylvania State Board of Education (public); Director,
Catholic Charities, Pittsburgh; and Director CNX Resources
Corporation (formerly known as CONSOL Energy Inc.). Judge
Lally-Green has held the positions of: Director, Auberle; Director,
Epilepsy Foundation of Western and Central Pennsylvania; Director,
Ireland Institute of Pittsburgh; Director, Saint Thomas More Society;
Director and Chair, Catholic High Schools of the Diocese of
Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director,
St. Vincent College; Director and Chair, North Catholic High
School, Inc.; Director and Vice Chair, Our Campaign for the Church
Alive!, Inc.; and Director, Saint Francis University.
Annual Shareholder Report
35

Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications
Thomas M. O’Neill
Birth Date: June 14, 1951
Trustee
Indefinite Term
Began serving: August 2006
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; Sole Proprietor, Navigator Management Company
(investment and strategic consulting).
Other Directorships Held: None.
Qualifications: Mr. O’Neill has served in several business, mutual fund
and financial management roles and directorship positions throughout
his career. Mr. O’Neill serves as Director, Medicines for Humanity.
Mr. O’Neill previously served as Chief Executive Officer and President,
Managing Director and Chief Investment Officer, Fleet Investment
Advisors; President and Chief Executive Officer, Aeltus Investment
Management, Inc.; General Partner, Hellman, Jordan Management
Co., Boston, MA; Chief Investment Officer, The Putnam Companies,
Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director
and Consultant, EZE Castle Software (investment order management
software); Director, The Golisano Children’s Museum of Naples,
Florida; and Director, Midway Pacific (lumber).
Madelyn A. Reilly
Birth Date: February 2, 1956
Trustee
Indefinite Term
Began serving:
November 2020
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; formerly, Executive Vice President for Legal Affairs,
General Counsel and Secretary to the Board of Directors, Duquesne
University (Retired).
Other Directorships Held: None.
Qualifications: Ms. Reilly has served in various business and legal
management roles throughout her career. Ms. Reilly previously served
as Senior Vice President for Legal Affairs, General Counsel and
Secretary to the Board of Directors and Assistant General Counsel and
Director of Risk Management, Duquesne University. Prior to her work
at Duquesne University, Ms. Reilly served as Assistant General
Counsel of Compliance and Enterprise Risk as well as Senior Counsel
of Environment, Health and Safety, PPG Industries. Ms. Reilly currently
serves as a member of the Board of Directors of UPMC
Mercy Hospital.
Annual Shareholder Report
36

Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications
P. Jerome Richey
Birth Date: February 23, 1949
Trustee
Indefinite Term
Began serving:
September 2013
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; Management Consultant; Retired; formerly, Senior Vice
Chancellor and Chief Legal Officer, University of Pittsburgh and
Executive Vice President and Chief Legal Officer, CONSOL Energy Inc.
(now split into two separate publicly traded companies known as
CONSOL Energy Inc. and CNX Resources Corp.).
Other Directorships Held: None.
Qualifications: Mr. Richey has served in several business and legal
management roles and directorship positions throughout his career.
Mr. Richey most recently held the positions of Senior Vice Chancellor
and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously
served as Chairman of the Board, Epilepsy Foundation of Western
Pennsylvania and Chairman of the Board, World Affairs Council of
Pittsburgh. Mr. Richey previously served as Chief Legal Officer and
Executive Vice President, CONSOL Energy Inc. and CNX Gas
Company; and Board Member, Ethics Counsel and Shareholder,
Buchanan Ingersoll & Rooney PC (a law firm).
John S. Walsh
Birth Date:
November 28, 1957
Trustee
Indefinite Term
Began serving: January 1999
Principal Occupations: Director or Trustee of the Federated Hermes
Fund Family; President and Director, Heat Wagon, Inc. (manufacturer
of construction temporary heaters); President and Director,
Manufacturers Products, Inc. (distributor of portable construction
heaters); President, Portable Heater Parts, a division of Manufacturers
Products, Inc.
Other Directorships Held: None.
Qualifications: Mr. Walsh has served in several business management
roles and directorship positions throughout his career. Mr. Walsh
previously served as Vice President, Walsh & Kelly, Inc.
(paving contractors).
Annual Shareholder Report
37

OFFICERS
Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years
and Previous Position(s)
Lori A. Hensler
Birth Date: January 6, 1967
TREASURER
Officer since: April 2013
Principal Occupations: Principal Financial Officer and Treasurer of the
Federated Hermes Fund Family; Senior Vice President, Federated
Administrative Services; Financial and Operations Principal for
Federated Securities Corp.; and Assistant Treasurer, Federated
Investors Trust Company. Ms. Hensler has received the Certified
Public Accountant designation.
Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice
President and Assistant Treasurer, Federated Investors Management
Company; Treasurer, Federated Investors Trust Company; Assistant
Treasurer, Federated Administrative Services, Federated
Administrative Services, Inc., Federated Securities Corp., Edgewood
Services, Inc., Federated Advisory Services Company, Federated
Equity Management Company of Pennsylvania, Federated Global
Investment Management Corp., Federated Investment Counseling,
Federated Investment Management Company, Passport Research,
Ltd., and Federated MDTA, LLC; Financial and Operations Principal for
Federated Securities Corp., Edgewood Services, Inc. and Southpointe
Distribution Services, Inc.
Peter J. Germain
Birth Date:
September 3, 1959
CHIEF LEGAL OFFICER,
SECRETARY and EXECUTIVE
VICE PRESIDENT
Officer since: January 2005
Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary
and Executive Vice President of the Federated Hermes Fund Family.
He is General Counsel, Chief Legal Officer, Secretary and Executive
Vice President, Federated Hermes, Inc.; Trustee and Senior Vice
President, Federated Investors Management Company; Trustee and
President, Federated Administrative Services; Director and President,
Federated Administrative Services, Inc.; Director and Vice President,
Federated Securities Corp.; Director and Secretary, Federated Private
Asset Management, Inc.; Secretary, Federated Shareholder Services
Company; and Secretary, Retirement Plan Service Company of
America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a
member of the Pennsylvania Bar Association.
Previous Positions: Deputy General Counsel, Special Counsel,
Managing Director of Mutual Fund Services, Federated Hermes, Inc.;
Senior Vice President, Federated Services Company; and Senior
Corporate Counsel, Federated Hermes, Inc.
Stephen Van Meter
Birth Date: June 5, 1975
CHIEF COMPLIANCE
OFFICER AND SENIOR
VICE PRESIDENT
Officer since: July 2015
Principal Occupations: Senior Vice President and Chief Compliance
Officer of the Federated Hermes Fund Family; Vice President and
Chief Compliance Officer of Federated Hermes, Inc. and Chief
Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined
Federated Hermes, Inc. in October 2011. He holds FINRA licenses
under Series 3, 7, 24 and 66.
Previous Positions: Mr. Van Meter previously held the position of
Compliance Operating Officer, Federated Hermes, Inc. Prior to joining
Federated Hermes, Inc., Mr. Van Meter served at the United States
Securities and Exchange Commission in the positions of Senior
Counsel, Office of Chief Counsel, Division of Investment Management
and Senior Counsel, Division of Enforcement.
Annual Shareholder Report
38

Name
Birth Date
Positions Held with Trust
Date Service Began
Principal Occupation(s) for Past Five Years
and Previous Position(s)
Deborah A. Cunningham
Birth Date:
September 15, 1959
CHIEF INVESTMENT OFFICER
Officer since: May 2004
Principal Occupations: Deborah A. Cunningham was named Chief
Investment Officer of Federated Hermes’ money market products in
2004. She joined Federated Hermes in 1981 and has been a Senior
Portfolio Manager since 1997 and an Executive Vice President of the
Fund’s Adviser since 2009. Ms. Cunningham has received the
Chartered Financial Analyst designation and holds an M.S.B.A. in
Finance from Robert Morris College.
Mary Jo Ochson
Birth Date:
September 12, 1953
CHIEF INVESTMENT OFFICER
Officer since: May 2004
Portfolio Manager since:
December 1989
Principal Occupations: Mary Jo Ochson has been the Fund’s Portfolio
Manager since December 1989. Ms. Ochson was named Chief
Investment Officer of Federated’s tax-exempt fixed-income products
in 2004 and Chief Investment Officer of Federated’s Tax-Free Money
Markets in 2010. She joined Federated in 1982 and has been a Senior
Portfolio Manager and a Senior Vice President of the Fund’s Adviser
since 1996. Ms. Ochson has received the Chartered Financial Analyst
designation and holds an M.B.A. in Finance from the University
of Pittsburgh.
Annual Shareholder Report
39

Evaluation and Approval of Advisory ContractMay 2022
Federated Hermes Tax-Free Obligations Fund (the “Fund”)
At its meetings in May 2022 (the “May Meetings”), the Fund’s Board of Trustees (the “Board”), including those Trustees who are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940 (the “Independent Trustees”), reviewed and unanimously approved the continuation of the investment advisory contract between the Fund and Federated Investment Management Company (the “Adviser”) (the “Contract”) for an additional one-year term. The Board’s determination to approve the continuation of the Contract reflects the exercise of its business judgment after considering all of the information and factors believed to be relevant and appropriate on whether to approve the continuation of the existing arrangement. The information, factors and conclusions that formed the basis for the Board’s approval are summarized below.
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 by independent legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized below. The Board also considered such additional matters as the Independent Trustees deemed
Annual Shareholder Report
40

reasonably necessary to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the Board at its meetings throughout the year and in between regularly scheduled meetings on particular matters as the need arose.
The Board’s consideration of the Contract included review of materials and information covering the following matters, among others: the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates; Federated Hermes’ business and operations; the Adviser’s investment philosophy, personnel and processes; the Fund’s investment objectives and strategies; the Fund’s short-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, and relative to the Fund’s particular investment program and a group of its peer funds and/or its benchmark, as appropriate); the Fund’s investment objectives; the Fund’s fees and expenses, including the advisory fee and the overall expense structure of the Fund (both in absolute terms and relative to a group of its peer funds), with due regard for contractual or voluntary expense limitations (if any); the financial condition of Federated Hermes; the Adviser’s profitability with respect to the Fund; distribution and sales activity for the Fund; and the use and allocation of brokerage commissions derived from trading the Fund’s portfolio securities (if any).
The Board also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered funds in determining to approve the Contract. Using these judicial decisions as a guide, the Board observed that the following factors may be relevant to an adviser’s fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the fund, its benchmark and comparable funds; (2) the adviser’s cost of providing the services and the profitability to the adviser of providing advisory services to the fund; (3) the extent to which the adviser may realize “economies of scale” as the fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its shareholders or the family of funds; (4) any “fall-out” benefits that accrue to the adviser because of its relationship with the fund, including research services received from brokers that execute fund trades and any fees paid to affiliates of the adviser for services rendered to the fund; (5) comparative fee and expense structures, including a comparison of management fees paid to the adviser with those paid by similar funds both internally and externally as well as management fees charged to institutional and other advisory clients of the adviser for what might be viewed as like services; and (6) the extent of care, conscientiousness and independence with which the fund’s board members perform their duties and their expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the adviser’s services and fees. The Board noted that the Securities and Exchange Commission (“SEC”) disclosure requirements
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regarding the basis for a fund board’s approval of the fund’s investment advisory contract generally align with the factors listed above. The Board was guided by these factors in its review of the Contract to the extent it considered them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters relating to the oversight of the other funds advised by Federated Hermes (each, a “Federated Hermes Fund” and, collectively, the (“Federated Hermes Funds”).
In addition to considering the above-referenced factors, the Board was mindful of the preferences and expectations of Fund shareholders and the potential disruptions of the Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund on the strength of Federated Hermes’ industry standing and reputation and with the expectation that Federated Hermes will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that in the marketplace there are a range of investment options available to the Fund’s shareholders and such shareholders, having had the opportunity to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the Fund.
In determining to approve the continuation of the Contract, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the continuation of the Contract was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Contract. The Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive session with their independent legal counsel and without management present to review the relevant materials and consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made on a fund-by-fund basis.
Annual Shareholder Report
42

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 Federated Hermes dedicated to the Fund. In this regard, the Board evaluated, among other things, the terms of the Contract and the range of services provided to the Fund by Federated Hermes. The Board considered the Adviser’s personnel, investment philosophy and process, investment research capabilities and resources, trade operations capabilities, experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and Federated Hermes’ ability and experience in attracting and retaining qualified personnel to service the Fund. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance with the limitations set forth in Rule 2a-7 under the 1940 Act. In this connection, the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board also considered the Adviser’s ability to deliver competitive investment performance for the Fund when compared to the Fund’s Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the Adviser is executing the Fund’s investment program. The Board also considered the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, in order to maintain a positive yield for the Fund in the low interest rate environment.
In addition, the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational enhancements that are designed to benefit the Federated Hermes Funds. The Board noted the significant acquisition of Hermes Fund Managers Limited by Federated Hermes, which has deepened the organization’s investment management expertise and capabilities and expanded the investment process for all of the Federated Hermes Funds to have access to analytical resources related to environmental, social and governance (“ESG”) factors and issuer engagement on ESG matters. The Board considered the quality of Federated Hermes’ communications with the Board and responsiveness to Board inquiries and requests made from time to time with respect to the Fund and other Federated Hermes Funds. In this regard, the Board took into account Federated Hermes’ communications with the Board in light of the pandemic. The Board also considered that Federated Hermes is responsible for providing the Federated Hermes Funds’ officers.
The Board received and evaluated information regarding Federated Hermes’ regulatory and compliance environment. The Board considered Federated Hermes’ compliance program and compliance history and reports from the CCO about Federated Hermes’ compliance with applicable laws and
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43

regulations, including responses to regulatory developments and any compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes’ support of the Federated Hermes Funds’ compliance control structure and the compliance-related resources devoted by Federated Hermes in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, including Federated Hermes’ commitment to respond to rulemaking and other regulatory initiatives of the SEC. The Board considered Federated Hermes’ approach to internal audits and risk management with respect to the Federated Hermes Funds and its day-to-day oversight of the Federated Hermes Funds’ compliance with their investment objectives and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of Federated Hermes’ oversight in this regard, including in connection with the designation of the Federated Hermes Funds’ investment advisers as the administrators of the Federated Hermes Funds’ liquidity risk management program.
The Board also considered the implementation of Federated Hermes’ business continuity plans and recognized steps taken by Federated Hermes to continue to provide the same nature, extent and quality of services to the Federated Hermes Funds during the pandemic. In addition, the Board noted Federated Hermes’ commitment to maintaining high quality systems and expending substantial resources to prepare for and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service providers operate, including changes associated with the pandemic.
The Board considered Federated Hermes’ efforts to provide shareholders in the Federated Hermes Funds with a comprehensive array of funds with different investment objectives, policies and strategies. The Board considered the expenses that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to exchange investments between the same class of shares without the incurrence of additional sales charges.
Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided by the Adviser to the Fund.
Fund Investment Performance
The Board considered the investment performance of the Fund. In evaluating the Fund’s investment performance, the Board considered performance results in light of the Fund’s investment objective, strategies and risks. The Board considered detailed investment reports on, and the Adviser’s analysis of, the Fund’s performance over different time periods that were
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provided to the Board throughout the year and in connection with the May Meetings. These reports include, among other items, information on the Fund’s gross and net returns, the Fund’s investment performance compared to one or more relevant categories or groups of peer funds and the Fund’s benchmark index, performance attribution information and commentary on the effect of market conditions.
The Board also reviewed comparative information regarding the performance of other registered funds in the category of peer funds selected by iMoneyNet, an independent fund ranking organization (the “Performance Peer Group”). The Board noted the CCO’s view that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating the performance of the Adviser in managing the Fund. The Board considered, in evaluating such comparisons, that in some cases there may be differences in the funds’ objectives or investment management techniques, or the costs to implement the funds, even within the same Performance Peer Group.
For the one-year period ended December 31, 2021, the Fund’s performance was above the median of the Performance Peer Group. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its Performance Peer Group.
Based on these considerations, the Board concluded that it had continued confidence in the Adviser’s overall capabilities to manage the Fund.
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 evaluation. The Board focused on comparisons with other similar registered funds more heavily than non-registered fund products or services because such comparisons are believed to be more relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily available to Fund
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shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact, chosen and maintained by the Fund’s shareholders. The Board noted that the range of such other registered funds’ fees and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace in which the Fund competes.
The Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position of the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory fee rate was above the median of the Expense Peer Group, but the Board noted the applicable waivers and reimbursements, and that the overall expense structure of the Fund remained competitive in the context of other factors considered by the Board.
The Board also received and considered information about the fees charged by Federated Hermes for providing advisory services to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO’s conclusion that non-registered fund clients are inherently different products due to the following differences, among others: (i) different types of targeted investors; (ii) different applicable laws and regulations; (iii) different legal structures; (iv) different average account sizes and portfolio management techniques made necessary by different cash flows and different associated costs; (v) the time spent by portfolio managers and their teams (among other personnel across various departments, including legal, compliance and risk management) in reviewing securities pricing and fund liquidity; (vi) different administrative responsibilities; (vii) different degrees of risk associated with management; and (viii) a variety of different costs. The Board also considered information regarding the differences in the nature of the services required for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as a sub-adviser to another institution’s registered fund, noting the CCO’s view that Federated Hermes generally performs significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO did not consider the fees for providing advisory services to other types of clients to be determinative in judging the appropriateness of the Federated Hermes Funds’ advisory fees.
Based on these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction with other matters considered, are reasonable in light of the services provided.
Annual Shareholder Report
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Profitability
The Board received and considered profitability information furnished by Federated Hermes, as requested by the CCO. Such profitability information included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered the CCO’s view that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in allocating costs on a fund-by-fund basis continues to cause the CCO to question the precision of the process and to conclude that such reports may be unreliable because a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered the CCO’s view that the allocation methodologies used by Federated Hermes in estimating profitability for purposes of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies previously reviewed by an independent consultant. The Board noted that the independent consultant had previously conducted a review of the allocation methodologies and reported that, although there is no single best method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board noted the impact of the additional yield support provided by Federated Hermes, in the form of voluntary fee waivers and/or expense reimbursements, on the profitability of the Fund to the Adviser.
The Board also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly held fund management companies, including information regarding profitability trends over time. The Board considered the CCO’s conclusion that, based on such profitability information, Federated Hermes’ profit margins did not appear to be excessive. The Board also considered the CCO’s view that Federated Hermes appeared financially sound, with the resources necessary to fulfill its obligations under its contracts with the Federated Hermes Funds.
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, processes and tools for portfolio management, including the use of market data on which portfolio managers make investment decisions; trading operations; ESG integration and issuer engagement on ESG matters; shareholder services; compliance; business continuity; cybersecurity; internal audit and risk management functions; and technology that supports the provision of investment management services. The Board noted that Federated
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Hermes’ investments in these areas are extensive and are designed to provide enhanced services to the Federated Hermes Funds and their shareholders. The Board considered that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole. In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes Fund’s assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future. The Board also considered Federated Hermes’ reductions in contractual management fees for certain Federated Hermes Funds during the prior year, including in response to the CCO’s recommendations in the prior year’s CCO Fee Evaluation Report, which have resulted in benefits being realized by shareholders.
The Board also considered reports on adviser-paid fees (commonly referred to as “revenue sharing”) that were provided to the Board throughout the year and in connection with the May Meetings. The Board considered that Federated Hermes and the CCO believe that this information should be viewed to determine if there was an incentive to either not apply breakpoints, or to apply breakpoints at higher levels, and should not be viewed to evaluate the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any uniform methodology or pattern with respect to structuring fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.
Other Benefits
The Board considered information regarding the compensation and other ancillary (or “fall-out”) benefits that Federated Hermes derived from its relationships with the Federated Hermes Funds. The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds’ investment advisory contracts, Federated Hermes’ affiliates also receive fees for providing other services to the Federated Hermes Funds under separate contracts (e.g., for serving as the Federated Hermes Funds’ administrator and distributor). In this regard, the Board considered that certain of Federated Hermes’ affiliates provide distribution and shareholder services to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing any indirect benefit that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the Federated Hermes Funds.
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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 is reasonable; and (ii) the CCO’s recommendation that the Board approve the management fee. The Board noted that, under these circumstances, no changes were recommended to, and no objection was raised to the continuation of, the Contract by the CCO. The CCO also recognized that the Board’s evaluation of the Federated Hermes Funds’ advisory and sub-advisory arrangements is a continuing and ongoing process that is informed by the information that the Board requests and receives from management throughout the course of the year and, in this regard, the CCO noted certain items for future reporting to the Board or further consideration by management as the Board continues its ongoing oversight of the Federated Hermes Funds.
On the basis of the information and factors summarized above, among other information and factors deemed relevant by the Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were deemed to be relevant, the Board’s determination to approve the continuation of the Contract reflects its view that Federated Hermes’ performance and actions provided a satisfactory basis to support the determination to approve the continuation of the existing arrangement.
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Voting Proxies on Fund Portfolio Securities
A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund’s portfolio is available, without charge and upon request, by calling 1-800-341-7400, Option #4. A report on “Form N-PX” of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at FederatedInvestors.com/FundInformation. Form N-PX filings are also available at the SEC’s website at sec.gov.
Portfolio Schedule
The Fund files with the SEC a complete schedule of its portfolio holdings as of the close of each month on “Form N-MFP.” Form N-MFP is available on the SEC’s website at sec.gov. You may access Form N-MFP via the link to the Fund and share class name at FederatedInvestors.com.
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You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
This Report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund’s Prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.
Federated Hermes Tax-Free Obligations Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Contact us at FederatedInvestors.com
or call 1-800-341-7400.
Federated Securities Corp., Distributor
CUSIP 60934N401
39006 (7/22)
© 2022 Federated Hermes, Inc.

 

  Item 2. Code of Ethics

 

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

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

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

(e) Not Applicable

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

Item 3. Audit Committee Financial Expert

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

 

  Item 4. Principal Accountant Fees and Services

 

(a)       Audit Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2022 – $364,480

Fiscal year ended 2021 - $438,360

(b)       Audit-Related Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2022 - $4,690

Fiscal year ended 2021 - $0

Fiscal year ended 2022- Audit consent fee for N-1A filing.

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

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

Fiscal year ended 2022 - $0

Fiscal year ended 2021 - $0

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

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

Fiscal year ended 2022 - $0

Fiscal year ended 2021 - $0

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

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

The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.

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

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

AUDIT SERVICES

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

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

AUDIT-RELATED SERVICES

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

TAX SERVICES

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

ALL OTHER SERVICES

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

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

 

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

 

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

 

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

 

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

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

PRE-APPROVAL FEE LEVELS

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

PROCEDURES

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

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

4(b)

Fiscal year ended 2022 – 0%

Fiscal year ended 2021 - 0%

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

4(c)

Fiscal year ended 2022 – 0%

Fiscal year ended 2021 – 0%

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

4(d)

Fiscal year ended 2022 – 0%

Fiscal year ended 2021 – 0%

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

  (f) NA

 

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

 

Fiscal year ended 2022 - $153,938

Fiscal year ended 2021 - $62,345

  (h) The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s Adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
  Item 5. Audit Committee of Listed Registrants

 

Not Applicable

 

  Item 6. Schedule of Investments

 

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

 

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

 

  Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

 

Not Applicable

 

  Item 8. Portfolio Managers of Closed-End Management Investment Companies

 

Not Applicable

 

  Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

 

Not Applicable

 

  Item 10. Submission of Matters to a Vote of Security Holders

 

No Changes to Report

 

  Item 11. Controls and Procedures

 

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

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

 

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

  Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

 

Not Applicable

 

  Item 13. Exhibits

 

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

 

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

 

(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 July 25, 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 July 25, 2022

 

 

By /S/ Lori A. Hensler

 

Lori A. Hensler, Principal Financial Officer

 

Date July 25, 2022

 

 

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N-CSR Item 13(a)(2) - Exhibits: Certifications

 

 

I, J. Christopher Donahue, certify that:

 

  1. I have reviewed this report on Form N-CSR of Federated Hermes Money Market Obligations Trust on behalf of: Federated Hermes Municipal Obligations Fund, Federated Hermes Tax-Free Obligations Fund("registrant");

 

  1. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  1. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

  1. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

    1. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

    1. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

    1. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

    1. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  1. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

    1. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

    1. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

 

 

Date: July 25, 2022

/S/ J. Christopher Donahue

J. Christopher Donahue, President - Principal Executive Officer

 

 

N-CSR Item 13(a)(2) - Exhibits: Certifications

 

 

I, Lori A. Hensler, certify that:

 

  1. I have reviewed this report on Form N-CSR of Federated Hermes Money Market Obligations Trust on behalf of: Federated Hermes Municipal Obligations Fund, Federated Hermes Tax-Free Obligations Fund("registrant");

 

  1. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  1. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

  1. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

    1. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

    1. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

    1. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

    1. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  1. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

    1. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

    1. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

 

 

Date: July 25, 2022

/S/ Lori A. Hensler

Lori A. Hensler, Treasurer - Principal Financial Officer

 

 

EX-99.CERT906 12 mmot-cert906.htm

N-CSR Item 13(b) - Exhibits: Certifications

 

SECTION 906 CERTIFICATION

 

Pursuant to 18 U.S.C.§ 1350, the undersigned officers of Federated Hermes Money Market Obligations Trust on behalf of Federated Hermes Municipal Obligations Fund, Federated Hermes Tax-Free Obligations Fund(the “Registrant”), hereby certify, to the best of our knowledge, that the Registrant’s Report on Form N-CSR for the period ended May 31, 2022 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

 

Dated: July 25, 2022

 

/s/ J. Christopher Donahue

J. Christopher Donahue

Title: President, Principal Executive Officer

 

 

 

Dated: July 25, 2022

 

/s/ Lori A. Hensler

Lori A. Hensler

Title: Treasurer, Principal Financial Officer

 

This certification is being furnished solely pursuant to 18 U.S.C.§ 1350 and is not being filed as part of the Report or as a separate disclosure document.