EDGAR HTML

United States

Securities and Exchange Commission

Washington, D.C. 20549

Form N-CSR

Certified Shareholder Report of Registered Management Investment Companies

811-5950

(Investment Company Act File Number)

Federated Hermes Money Market Obligations Trust

______________________________________________________________

(Exact Name of Registrant as Specified in Charter)

Federated Hermes Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

(Address of Principal Executive Offices)

(412) 288-1900

(Registrant's Telephone Number)

Peter J. Germain, Esquire

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

Date of Fiscal Year End: 5/31/23

Date of Reporting Period: Six months ended 11/30/22

Item 1.

Reports to Stockholders

Semi-Annual Shareholder Report

November 30, 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 Semi-Annual Shareholder Report for your fund covering the period from June 1, 2022 through November 30, 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

November 30, 2022 (unaudited)

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— 100.3%
		Alabama— 1.9%
$ 9,275,000		Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2007) Weekly VRDNs, (Comerica Bank LOC), 2.000%, 12/1/2022	$ 9,275,000
10,000,000		Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2011) Weekly VRDNs, (Comerica Bank LOC), 2.000%, 12/1/2022	10,000,000
33,700,000		Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly VRDNs, 2.020%, 12/7/2022	33,700,000
		TOTAL	52,975,000
		Alaska— 1.1%
32,000,000		Valdez, AK Marine Terminal (Phillips Transportation Alaska, Inc.), (Series 1994A) Weekly VRDNs, (ConocoPhillips GTD), 1.900%, 12/7/2022	32,000,000
		Arizona— 1.3%
32,500,000		Arizona State IDA (Vaseo Apartments LP), Mizuho 3a-7 (2021-MIZ9088) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	32,500,000
5,610,000		Maricopa County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 2.060%, 12/1/2022	5,610,000
		TOTAL	38,110,000
		Arkansas— 0.5%
13,500,000		Blytheville, AR (Nucor Corp.), (Series 2002) Weekly VRDNs, 2.050%, 12/7/2022	13,500,000
		California— 18.4%
3,000,000		California Educational Facilities Authority (Stanford University), (Series S-4), CP, 1.750%, Mandatory Tender 12/6/2022	3,000,000
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), 2.050%, 12/1/2022	20,000,000
31,205,000		California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006E), CP, 1.950%, Mandatory Tender 12/15/2022	31,205,000
2,356,000		California HFA (Hope on Broadway LP), Tender Option Bond Trust Receipts (Series 2022-XF3018) Weekly VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.100%, 12/1/2022	2,356,000
4,500,000		California Municipal Finance Authority (Brawley Pacific Associates III), Tender Option Bond Trust Receipts (Series 2022-XF3027) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.100%, 12/1/2022	4,500,000
30,500,000		California Municipal Finance Authority (Waste Management, Inc.), (Series 2020) TOBs, (Waste Management Holdings, Inc. GTD), 2.950%, Mandatory Tender 12/1/2022	30,500,000
2,000,000		California PCFA (C.A. and E.J. Vanderham Family Trust), (Series 2003) Weekly VRDNs, (CoBank, ACB LOC), 2.000%, 12/1/2022	2,000,000

Semi-Annual Shareholder Report

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), 2.000%, 12/1/2022	$ 3,000,000
2,940,000		California PCFA (T & W Farms), (Series 2002) Weekly VRDNs, (Bank of America N.A. LOC), 2.000%, 12/1/2022	2,940,000
5,154,000		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), 2.150%, 12/1/2022	5,154,000
22,184,000		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), 2.150%, 12/1/2022	22,184,000
10,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 2.020%, Mandatory Tender 12/14/2022	10,000,000
9,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 2.000%, Mandatory Tender 12/13/2022	9,000,000
17,190,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 3.100%, Mandatory Tender 3/2/2023	17,190,000
12,500,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-1), CP, 1.900%, Mandatory Tender 12/7/2022	12,500,000
12,500,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-4), CP, 3.130%, Mandatory Tender 1/11/2023	12,500,000
7,300,000		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), 1.940%, 12/1/2022	7,300,000
4,842,000		Los Angeles County, CA (Hope on Broadway LP), Tender Option Bond Trust Receipts (2022-XF3019) Weekly VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.100%, 12/1/2022	4,842,000
86,050,000		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), 2.150%, 12/1/2022	86,050,000
42,415,000		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), 2.150%, 12/1/2022	42,415,000
75,000,000		Nuveen California Quality Municipal Income Fund, RIB Floater Trust (Series 2022-FR-RI-005) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.230%, 12/1/2022	75,000,000
45,000,000		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 2022-MIZ9110) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	45,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		California— continued
$ 2,770,000		Sacramento County, CA HDA (Shiloh Arms Partners LP), Mizuho 3a-7 (2022-MIZ9093) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	$ 2,770,000
30,000,000		San Francisco, CA City and County (Block 9 MRU Residential LLC), Mizuho 3a-7 (Series 2022-MIZ9100) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	30,000,000
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), 2.150%, 12/1/2022	43,230,000
		TOTAL	524,636,000
		Colorado— 0.4%
4,615,000		Colorado HFA (Acme Manufacturing Company, Inc.), (Series 2016A) Weekly VRDNs, (UMB Bank, N.A. LOC), 2.090%, 12/1/2022	4,615,000
1,275,000		Colorado HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 2.070%, 12/1/2022	1,275,000
1,230,000		Colorado HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs, (UMB Bank, N.A. LOC), 2.160%, 12/1/2022	1,230,000
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), 2.150%, Optional Tender 12/1/2022	3,000,000
		TOTAL	10,120,000
		Connecticut— 0.5%
4,145,000		Connecticut State Special Transportation Fund, RBC Muni Products (Series G-110) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.080%, Optional Tender 4/3/2023	4,145,000
10,060,000		Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.050%, 12/1/2022	10,060,000
		TOTAL	14,205,000
		Florida— 4.1%
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), 2.100%, 12/1/2022	2,100,000
14,000,000		Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), (Series A) TOBs, (GTD by United States Treasury), 2.900%, Mandatory Tender 4/4/2023	14,000,000
4,280,000		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), 2.100%, 12/1/2022	4,280,000
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), 2.150%, Optional Tender 4/3/2023	9,000,000
5,000,000		Hillsborough County, FL Solid Waste & Resource Recovery, RBC Muni Products (Series G-41) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Optional Tender 3/1/2023	5,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Florida— continued
$ 20,500,000		Liberty County, FL (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 2.050%, 12/1/2022	$ 20,500,000
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), 2.040%, 12/1/2022	11,830,000
7,490,000		Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 (2021-MIZ9072) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	7,490,000
4,630,000		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), 2.150%, 12/1/2022	4,630,000
37,280,000		Miami-Dade County, FL School District, (Series 2022) TANs, 4.000%, 2/23/2023	37,380,046
		TOTAL	116,210,046
		Georgia— 6.1%
4,200,000		Appling County, GA Development Authority (Georgia Power Co.), (1st Series 1997) Daily VRDNs, 1.700%, 12/1/2022	4,200,000
28,000,000		Appling County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 1.700%, 12/1/2022	28,000,000
9,750,000		Atlanta, GA, Urban Residential Finance Authority (Columbia at Sylvan Hills Apartments), (Series 2006) Weekly VRDNs, (FNMA LOC), 2.040%, 12/1/2022	9,750,000
6,900,000		Burke County, GA Development Authority (Georgia Power Co.), (Series 2008) Daily VRDNs, 1.700%, 12/1/2022	6,900,000
8,815,000		Columbus, GA Development Authority (Avalon Apartments LP), (Series 2008) Weekly VRDNs, (FNMA LOC), 2.040%, 12/1/2022	8,815,000
10,000,000		Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs, (FHLMC LOC), 2.040%, 12/1/2022	10,000,000
13,870,000		Effingham County, GA Development Authority (Georgia Power Co.), (Series 2003) Daily VRDNs, 1.710%, 12/1/2022	13,870,000
360,000		Fitzgerald & Ben Hill County, GA Development Authority (Agri-Products, Inc.), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A. LOC), 2.000%, 12/1/2022	360,000
3,700,000		Floyd County, GA Development Authority PCRB (Georgia Power Co.), (First Series 1996) Daily VRDNs, 1.700%, 12/1/2022	3,700,000
2,000,000		Heard County, GA Development Authority (Georgia Power Co.), (First Series 1996) Daily VRDNs, 1.710%, 12/1/2022	2,000,000
9,300,000		Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), (First Series 1997) Daily VRDNs, 1.700%, 12/1/2022	9,300,000
1,775,000		Savannah, GA EDA (Consolidated Utilities, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 2.030%, 12/1/2022	1,775,000
72,250,000		Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 1.940%, 12/7/2022	72,250,000

Semi-Annual Shareholder Report

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), 2.030%, 12/1/2022	$ 1,960,000
		TOTAL	172,880,000
		Hawaii— 0.2%
6,110,000		Hawaii State Department of Budget & Finance (Queen’s Health Systems), (2015 Series C) VRENs, 2.350%, 12/1/2022	6,110,000
		Idaho— 0.5%
13,690,000		American Falls, ID Reservoir District (Idaho Power Co.), (Series 2000) Weekly VRDNs, 2.400%, 12/7/2022	13,690,000
		Illinois— 0.6%
17,891,398		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), 2.200%, Optional Tender 12/15/2022	17,891,398
		Indiana— 2.2%
6,000,000		Bloomington, IN EDRB (SY Henderson Court Investors, LP), (Series 2008: Henderson Court Apartments) Weekly VRDNs, (FHLMC LOC), 2.040%, 12/1/2022	6,000,000
14,250,000		Indiana Development Finance Authority (Duke Energy Indiana, Inc.), (Series 2003B) Weekly VRDNs, 2.030%, 12/7/2022	14,250,000
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), 2.050%, 12/1/2022	200,000
25,000,000		Indiana State Finance Authority (Trinity Healthcare Credit Group), (Series 2008 D-2), CP, 2.000%, Mandatory Tender 1/4/2023	25,000,000
17,000,000		Indiana State Finance Authority Environmental (Fulcrum Centerpoint, LLC), (Series 2022) TOBs, (United States Treasury GTD), 4.550%, Mandatory Tender 11/15/2023	17,000,000
		TOTAL	62,450,000
		Iowa— 0.2%
5,300,000		Iowa Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly VRDNs, (AgriBank FCB LOC), 2.000%, 12/1/2022	5,300,000
		Kansas— 0.9%
4,900,000		Burlington, KS (Kansas City Power And Light Co.), (Series 2007A) Weekly VRDNs, 2.150%, 12/7/2022	4,900,000
21,000,000		Burlington, KS (Kansas City Power And Light Co.), (Series 2007B) Weekly VRDNs, 2.150%, 12/7/2022	21,000,000
		TOTAL	25,900,000
		Kentucky— 1.2%
3,435,000		Kentucky State Property & Buildings Commission, RBC Muni Products (Series G-116) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Mandatory Tender 5/1/2023	3,435,000
11,350,000		Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), (Series A) Weekly VRDNs, 1.980%, 12/2/2022	11,350,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Kentucky— continued
$ 18,270,000		Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021B-1) Daily VRDNs, 1.800%, 12/1/2022	$ 18,270,000
		TOTAL	33,055,000
		Louisiana— 3.6%
9,785,000		Calcasieu Parish, LA Public Trust Authority (WPT Corp.), (Series 1997) Weekly VRDNs, (Bank of America N.A. LOC), 2.350%, 12/7/2022	9,785,000
14,200,000		East Baton Rouge Parish, LA IDB (Georgia-Pacific LLC), Solid Waste Disposal Revenue Bonds (Series 2004) Weekly VRDNs, 2.000%, 12/7/2022	14,200,000
11,000,000		Louisiana Local Government Environmental Facilities CDA (American Biocarbon, CT LLC) TOBs, (GTD by United States Treasury), 3.850%, Mandatory Tender 8/1/2023	11,000,000
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), 2.150%, 12/1/2022	3,790,000
18,500,000		St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (GTD by Nucor Corp.), 2.230%, 12/7/2022	18,500,000
27,400,000		St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (GTD by Nucor Corp.), 2.300%, 12/7/2022	27,400,000
		TOTAL	102,675,000
		Maine— 0.8%
22,260,000		Old Town, ME (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 2.100%, 12/7/2022	22,260,000
		Maryland— 1.7%
5,020,000		Baltimore County, MD (Oak Crest Village Inc.), 3a-7 Credit Enhanced Trust (Series 2022-032) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.100%, 12/1/2022	5,020,000
5,000,000		Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Optional Tender 1/3/2023	5,000,000
22,000,000		Maryland Health and Higher Educational Facilities Authority (Integrace Obligated Group), 3a-7 Credit Enhanced Trust (Series 2022-024) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.100%, 12/1/2022	22,000,000
15,910,000		Montgomery County, MD (Trinity Healthcare Credit Group), (Series 2013MD) TOBs, 2.580%, Mandatory Tender 3/1/2023	15,910,000
		TOTAL	47,930,000
		Massachusetts— 1.3%
27,000,000		Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), 2.850%, Mandatory Tender 1/11/2023	27,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Massachusetts— continued
$ 10,000,000		Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), 2.950%, Mandatory Tender 12/2/2022	$ 10,000,000
		TOTAL	37,000,000
		Michigan— 0.2%
5,250,000		Michigan Strategic Fund (Greenville Venture Partners LLC), (Series 2018) Weekly VRDNs, (CoBank, ACB LOC), 2.000%, 12/1/2022	5,250,000
		Minnesota— 0.9%
25,600,000		Roseville, MN, Tender Option Bond Trust Receipts (Series 2022-XF3034) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022	25,600,000
		Mississippi— 0.2%
5,865,000		Mississippi Home Corp, Mizuho 3a-7 (Series 2022-XF3022) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022	5,865,000
		Missouri— 1.3%
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), 2.040%, 12/1/2022	30,000,000
3,755,000		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), 2.150%, 12/1/2022	3,755,000
2,500,000		Lees Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	2,500,000
		TOTAL	36,255,000
		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), 2.150%, 12/1/2022	3,510,000
3,320,000		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), 2.150%, 12/1/2022	3,320,000
		TOTAL	6,830,000
		Multi-State— 11.9%
63,500,000		Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.080%, 12/1/2022	63,500,000
97,400,000		Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.080%, 12/1/2022	97,400,000
130,100,000		Nuveen Municipal Credit Income Fund, PUTTERs 3a-7 (Series 5039) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.080%, 12/1/2022	130,100,000
37,700,000		Nuveen Municipal Credit Opportunities Fund, (Series A) Weekly VRDPs, (Sumitomo Mitsui Banking Corp. LIQ), 2.000%, 12/1/2022	37,700,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Multi-State— continued
$ 11,875,000		Nuveen Municipal Credit Opportunities Fund, PUTTERs 3a-7 (Series 5033) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.080%, 12/1/2022	$ 11,875,000
		TOTAL	340,575,000
		Nebraska— 0.3%
7,500,000		Stanton County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs, 2.250%, 12/7/2022	7,500,000
1,875,000		Stanton County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs, 2.250%, 12/7/2022	1,875,000
		TOTAL	9,375,000
		Nevada— 0.4%
1,275,000		Director of the State of Nevada Department of Business and Industry (575 Mill Street LLC), IDRB (Series 1998A) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 2.110%, 12/1/2022	1,275,000
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), 2.150%, 12/1/2022	11,500,000
		TOTAL	12,775,000
		New Jersey— 7.7%
3,903,700		Aberdeen Township, NJ BANs, 1.250%, 12/29/2022	3,906,084
6,641,725		Butler Borough, NJ BANs, 3.750%, 9/8/2023	6,683,960
5,807,835		Clementon, NJ, (Series A) BANs, 4.250%, 9/28/2023	5,851,875
5,915,500		Delran Township, NJ BANs, 4.250%, 9/5/2023	5,939,103
14,770,000		Freehold Borough, NJ BANs, 4.000%, 8/3/2023	14,875,883
4,000,000		Garwood, NJ BANs, 5.000%, 8/3/2023	4,024,284
5,373,950		Hammonton, NJ BANs, 5.000%, 10/26/2023	5,404,113
2,436,000		Haworth Borough, NJ BANs, 4.500%, 7/14/2023	2,443,776
7,505,061		Highlands, NJ BANs, 4.250%, 7/7/2023	7,555,040
1,800,000		Hillsdale Borough, NJ BANs, 1.000%, 12/2/2022	1,800,029
2,561,000		Hillsdale Borough, NJ BANs, 4.500%, 8/24/2023	2,572,781
6,845,000		Middle Township, NJ BANs, 3.750%, 9/7/2023	6,887,323
4,023,775		Mount Olive Township, NJ BANs, 1.250%, 12/15/2022	4,025,081
5,968,000		Mountainside, NJ BANs, 5.000%, 7/20/2023	6,001,046
13,600,000		New Brunswick, NJ BANs, 3.750%, 9/18/2023	13,689,481
6,850,000		New Jersey EDA (Yeshiva of North Jersey), (Series 2018) Weekly VRDNs, (Valley National Bank LOC), 2.200%, 12/1/2022	6,850,000
3,380,000		New Jersey EDA (Baptist Home Society of New Jersey) Weekly VRDNs, (Valley National Bank LOC), 2.200%, 12/1/2022	3,380,000
11,255,000		New Jersey EDA (Jewish Community Center on the Palisades), (Series 2016) Weekly VRDNs, (Valley National Bank LOC), 2.200%, 12/2/2022	11,255,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		New Jersey— continued
$ 1,285,000		New Jersey EDA (Temple Emanuel of the Pascack Valley), (Series 2001/2019) Weekly VRDNs, (U.S. Bank, N.A. LOC), 2.150%, 12/2/2022	$ 1,285,000
4,160,000		New Jersey Health Care Facilities Financing Authority (Christian Health Care Center), (Series A-2) Weekly VRDNs, (Valley National Bank LOC), 2.100%, 12/1/2022	4,160,000
9,065,000		New Jersey State EDA (Jewish Community Housing Corporation of Metropolitan New Jersey), (Series 2010) Weekly VRDNs, (Valley National Bank LOC), 2.020%, 12/1/2022	9,065,000
6,716,000		Park Ridge Borough, NJ BANs, 3.250%, 4/28/2023	6,742,624
6,500,000		Pemberton Township, NJ, (Series 2022) BANs, 4.000%, 5/31/2023	6,531,352
6,200,000		Ramsey, NJ BANs, 1.250%, 1/6/2023	6,204,869
3,496,000		Rochelle Park Township, NJ BANs, 4.500%, 8/9/2023	3,508,388
4,041,000		Saddle River, NJ BANs, 5.500%, 6/7/2023	4,071,451
6,585,000		Somers Point, NJ BANs, 1.250%, 12/20/2022	6,587,901
2,345,000		South Hackensack, NJ BANs, 1.250%, 12/15/2022	2,345,761
6,136,000		South River, NJ, (Series B) BANs, 1.250%, 12/16/2022	6,138,133
3,588,154		Springfield Township, NJ BANs, 1.250%, 12/8/2022	3,588,736
3,544,300		Springfield Township, NJ BANs, 4.250%, 9/7/2023	3,557,945
25,000,000		Stone Harbor, NJ BANs, 5.000%, 10/13/2023	25,155,613
6,346,649		Union Beach, NJ BANs, 5.000%, 7/25/2023	6,386,572
3,807,000		Winslow Township, NJ BANs, 3.750%, 9/14/2023	3,831,704
8,068,496		Woolwich, NJ BANs, 3.750%, 5/30/2023	8,115,429
		TOTAL	220,421,337
		New York— 4.8%
3,846,510		Alden Village, NY BANs, 3.750%, 9/7/2023	3,869,411
2,000,000		Hannibal, NY Central School District BANs, 4.250%, 6/28/2023	2,013,330
5,590,000		Hempstead (town), NY IDA MFH (Hempstead Village Housing Associates LP), (Series 2006) Weekly VRDNs, (FNMA LOC), 2.010%, 12/1/2022	5,590,000
5,904,000		Lowville, NY, (Series A) BANs, 3.250%, 8/24/2023	5,912,025
8,000,000		Massena, NY Central School District BANs, 4.000%, 6/29/2023	8,044,647
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), 2.010%, 12/1/2022	3,670,000
15,000,000		New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 2.050%, 12/1/2022	15,000,000
72,800,000		New York State HFA (42nd and 10th Street Associates LLC), 3a-7 High Grade Trust (Series 2022-007) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.300%, 12/1/2022	72,800,000
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), 2.280%, 12/1/2022	10,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		New York— continued
$ 6,700,000		Penn-Yan, NY Central School District BANs, 4.250%, 6/28/2023	$ 6,744,656
1,554,371		Walton, NY Central School District BANs, 4.000%, 6/28/2023	1,562,132
2,500,000		Watervliet, NY City School District BANs, 3.250%, 4/26/2023	2,510,760
		TOTAL	137,716,961
		North Carolina— 0.2%
3,000,000		Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 2.050%, 12/7/2022	3,000,000
3,000,000		Yancey County, NC Industrial Facilities & PCFA (Altec Industries, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 2.030%, 12/1/2022	3,000,000
		TOTAL	6,000,000
		Ohio— 1.6%
30,470,000		Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.050%, 12/1/2022	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), 2.050%, 12/1/2022	8,100,000
7,000,000		Toledo-Lucas County, OH Port Authority (Van Deurzen Dairy LLC), (Series 2006) Weekly VRDNs, (AgriBank FCB LOC), 2.000%, 12/1/2022	7,000,000
		TOTAL	45,570,000
		Oklahoma— 3.0%
14,850,000		Garfield County, OK Industrial Authority Pollution Control (Oklahoma Gas and Electric Co.), (Series 1995-A) Weekly VRDNs, 2.080%, 12/7/2022	14,850,000
30,400,000		Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (1995 Series A) Weekly VRDNs, 2.000%, 12/7/2022	30,400,000
40,450,000		Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (Series 1997A) Weekly VRDNs, 2.080%, 12/7/2022	40,450,000
		TOTAL	85,700,000
		Oregon— 0.1%
4,360,000		Port of Morrow, OR Pollution Control (Idaho Power Co.), (Series 2000) Weekly VRDNs, 2.400%, 12/7/2022	4,360,000
		Pennsylvania— 0.1%
480,000		East Hempfield Township, PA IDA (BGT Realty), (Series of 2005) Weekly VRDNs, (Fulton Bank, N.A. LOC), 2.200%, 12/1/2022	480,000
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), 2.150%, 12/1/2022	2,000,000
		TOTAL	2,480,000
		South Carolina— 1.1%
21,500,000		Berkeley County, SC IDB (Nucor Corp.) Weekly VRDNs, 2.250%, 12/7/2022	21,500,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		South Carolina— continued
$ 10,100,000		Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, 2.250%, 12/7/2022	$ 10,100,000
		TOTAL	31,600,000
		South Dakota— 0.1%
3,000,000		South Dakota Value Added Finance Authority (Prairie Gold Dairy LLC), (Series 2004) Weekly VRDNs, (CoBank, ACB LOC), 2.000%, 12/1/2022	3,000,000
		Tennessee— 1.8%
5,500,000		Covington, TN IDB (Charms Co.), (Series 1992) Weekly VRDNs, (Bank of America N.A. LOC), 2.000%, 12/7/2022	5,500,000
25,620,000		Memphis-Shelby County, TN Industrial Development Board - PCRB (Nucor Steel Memphis, Inc.), (Series 2007) Weekly VRDNs, (GTD by Nucor Corp.), 2.250%, 12/7/2022	25,620,000
21,400,000		Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 2.850%, Mandatory Tender 2/1/2023	21,400,000
		TOTAL	52,520,000
		Texas— 13.0%
2,700,000		Alamo, TX CCD, RBC Muni Products (Series G-111) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Mandatory Tender 5/1/2023	2,700,000
2,700,000		El Paso, TX Housing Finance Corp., Mizuho 3a-7 (2022-MIZ9104) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	2,700,000
4,000,000		Jewett, TX Economic Development Corporation (Nucor Corp.), (Series 2003) Weekly VRDNs, 2.250%, 12/7/2022	4,000,000
4,000,000		Mission, TX Economic Development Corp. (Waste Management, Inc.), (Series 2020A) TOBs, (GTD by Waste Management Holdings, Inc.), 2.950%, Mandatory Tender 12/1/2022	4,000,000
9,500,000		Mission, TX Economic Development Corp. (Waste Management, Inc.), (Series 2020B) TOBs, (GTD by Waste Management Holdings, Inc.), 2.950%, Mandatory Tender 12/1/2022	9,500,000
4,700,000		North Texas Tollway Authority, RBC Municipal Products Trust (Series 2019 G-112) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Optional Tender 1/3/2023	4,700,000
61,600,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Daily VRDNs, 1.900%, 12/1/2022	61,600,000
18,825,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2003) Daily VRDNs, 1.970%, 12/1/2022	18,825,000
25,000,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2005) Daily VRDNs, 1.970%, 12/1/2022	25,000,000
40,600,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2006) Daily VRDNs, 1.970%, 12/1/2022	40,600,000
3,900,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Daily VRDNs, 1.970%, 12/1/2022	3,900,000
22,450,000		Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010A) Daily VRDNs, 1.850%, 12/1/2022	22,450,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Texas— continued
$ 10,250,000		Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010B) Daily VRDNs, 1.850%, 12/1/2022	$ 10,250,000
35,600,000		Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, 1.880%, 12/1/2022	35,600,000
83,900,000		Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs, 2.600%, 12/7/2022	83,900,000
26,000,000		Texas State Affordable Housing Corp., Tender Option Bond Trust Receipts (Series 2022-XF3033) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022	26,000,000
15,000,000		Texas State Department of Housing & Community Affairs (Onion Creek Housing Partners Ltd.), (Series 2007) Weekly VRDNs, (FNMA LOC), 2.040%, 12/1/2022	15,000,000
		TOTAL	370,725,000
		Virginia— 0.1%
1,610,000		Emporia, VA Industrial Development Board (Toll VA III LP), (Series 1999) Weekly VRDNs, (Truist Bank LOC), 1.980%, 12/1/2022	1,610,000
		Washington— 0.0%
1,260,000		Washington State Economic Development Finance Authority (Mesa Dairy, LLC), (Series 2007E) Weekly VRDNs, (Bank of the West, San Francisco, CA LOC), 2.000%, 12/1/2022	1,260,000
		Wisconsin— 3.8%
15,985,000		Public Finance Authority, WI (Agape Meadowcreek, Inc.), Tender Option Bond Trust Floater Certificates (Series 2022-XF3026) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022	15,985,000
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), 2.100%, 12/1/2022	1,415,000
2,050,000		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), 2.100%, 12/1/2022	2,050,000
685,000		West Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly VRDNs, (U.S. Bank, N.A. LOC), 2.210%, 12/1/2022	685,000
2,265,000		Wisconsin State Public Finance Authority (Birchwood Properties LP), (Series 2016) Weekly VRDNs, (FHLB of Des Moines LOC), 2.120%, 12/1/2022	2,265,000
57,500,000		Wisconsin State Public Finance Authority (Waste Management, Inc.), (Series A-2) TOBs, 4.000%, Mandatory Tender 2/1/2023	57,500,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Wisconsin— continued
$ 30,000,000		Wisconsin State Public Finance Authority (Waste Management, Inc.), (Series A-3) TOBs, (GTD by Waste Management Holdings, Inc.), 4.000%, Mandatory Tender 2/1/2023	$ 30,000,000
		TOTAL	109,900,000
		TOTAL INVESTMENT IN SECURITIES—100.3% (AT AMORTIZED COST)2	2,864,285,742
		OTHER ASSETS AND LIABILITIES - NET—(0.3)%3	(9,219,704)
		TOTAL NET ASSETS—100%	$2,855,066,038

Securities that are subject to the federal alternative minimum tax (AMT) represent 50.9% of the portfolio as calculated based upon total market value.

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

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

Semi-Annual Shareholder Report

Financial Highlights–Automated Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2022	Year Ended May 31,			Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2022	2022	2021	2020	Period Ended 5/31/20191	20182	20173
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.006	0.0004	0.0004	0.009	0.0105	0.007	0.002
Net realized gain (loss)	0.000	0.0004	0.0004	0.0004	0.0004	0.0004	0.001
Total From Investment Operations	0.006	0.0004	0.0004	0.009	0.010	0.007	0.003
Less Distributions:
Distributions from net investment income	(0.006)	(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	(0.006)	(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	$1.00
Total Return6	0.60%	0.04%	0.01%	0.91%	0.99%	0.77%	0.29%
Ratios to Average Net Assets:
Net expenses7	0.56%8	0.27%	0.33%	0.56%	0.56%8	0.55%	0.61%
Net investment income	0.41%8	0.03%	0.01%	0.90%	1.20%8	0.81%	0.23%
Expense waiver/reimbursement9	0.08%8	0.38%	0.32%	0.09%	0.09%8	0.10%	0.11%
Supplemental Data:
Net assets, end of period (000 omitted)	$4,377	$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

Semi-Annual Shareholder Report

Financial Highlights–Investment Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2022	Year Ended May 31,			Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2022	2022	2021	2020	Period Ended 5/31/20191	2018	2017
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.005	0.0002	0.0002	0.007	0.0083	0.005	0.001
Net realized gain (loss)	0.000	0.0002	0.0002	0.0002	0.0002	0.0002	0.001
Total From Investment Operations	0.005	0.0002	0.0002	0.007	0.008	0.005	0.002
Less Distributions:
Distributions from net investment income	(0.005)	(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	(0.005)	(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	$1.00
Total Return4	0.49%	0.02%	0.01%	0.71%	0.79%	0.54%	0.17%
Ratios to Average Net Assets:
Net expenses5	0.78%6	0.27%	0.35%	0.78%	0.78%6	0.78%	0.76%
Net investment income	1.08%6	0.01%	0.01%	0.77%	0.95%6	0.46%	0.11%
Expense waiver/reimbursement7	0.12%6	0.63%	0.54%	0.12%	0.12%6	0.13%	0.16%
Supplemental Data:
Net assets, end of period (000 omitted)	$4,033	$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

Semi-Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2022	Year Ended May 31,			Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2022	2022	2021	2020	Period Ended 5/31/20191	2018	2017
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.008	0.001	0.001	0.012	0.0132	0.011	0.001
Net realized gain (loss)	0.000	0.0003	0.0003	0.001	0.0003	0.0003	0.001
Total From Investment Operations	0.008	0.001	0.001	0.013	0.013	0.011	0.002
Less Distributions:
Distributions from net investment income	(0.008)	(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	(0.008)	(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	$1.00
Total Return4	0.78%	0.12%	0.13%	1.27%	1.27%	1.12%	0.72%
Ratios to Average Net Assets:
Net expenses5	0.21%6	0.19%	0.21%	0.21%	0.21%6	0.21%	0.21%
Net investment income	1.59%6	0.13%	0.12%	1.24%	1.52%6	1.10%	0.64%
Expense waiver/ reimbursement7	0.09%6	0.11%	0.09%	0.09%	0.09%6	0.10%	0.11%
Supplemental Data:
Net assets, end of period (000 omitted)	$2,160,489	$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.

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2022	Year Ended May 31,			Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2022	2022	2021	2020	Period Ended 5/31/20191	2018	2017
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.007	0.001	0.0002	0.010	0.0113	0.008	0.004
Net realized gain (loss)	0.000	0.0002	0.0002	0.0002	0.0002	0.0002	0.001
Total From Investment Operations	0.007	0.001	0.0002	0.010	0.011	0.008	0.005
Less Distributions:
Distributions from net investment income	(0.007)	(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	(0.007)	(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	$1.00
Total Return4	0.65%	0.05%	0.02%	1.01%	1.06%	0.87%	0.47%
Ratios to Average Net Assets:
Net expenses5	0.46%6	0.25%	0.34%	0.46%	0.46%6	0.46%	0.46%
Net investment income	1.31%6	0.05%	0.02%	0.98%	1.26%6	0.84%	0.39%
Expense waiver/ reimbursement7	0.09%6	0.30%	0.20%	0.09%	0.09%6	0.10%	0.11%
Supplemental Data:
Net assets, end of period (000 omitted)	$229,937	$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

Semi-Annual Shareholder Report

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2022	Year Ended May 31,			Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2022	2022	2021	2020	Period Ended 5/31/20191	2018	2017
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.004	0.0002	0.0002	0.006	0.0073	0.004	0.0002
Net realized gain (loss)	0.000	0.0002	0.0002	0.0002	0.0002	0.0002	0.001
Total From Investment Operations	0.004	0.0002	0.0002	0.006	0.007	0.004	0.001
Less Distributions:
Distributions from net investment income	(0.004)	(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	(0.004)	(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	$1.00
Total Return4	0.43%	0.01%	0.01%	0.60%	0.69%	0.43%	0.11%
Ratios to Average Net Assets:
Net expenses5	0.90%6	0.29%	0.31%	0.88%	0.91%6	0.90%	0.82%
Net investment income	0.84%6	0.01%	0.01%	0.60%	0.83%6	0.35%	0.04%
Expense waiver/reimbursement7	0.10%6	0.71%	0.69%	0.11%	0.09%6	0.10%	0.19%
Supplemental Data:
Net assets, end of period (000 omitted)	$66,957	$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

Semi-Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2022	Year Ended May 31,			Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2022	2022	2021	2020	Period Ended 5/31/20191	2018	2017
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.004	0.0002	0.0002	0.005	0.0063	0.003	0.0002
Net realized gain (loss)	0.000	0.0002	0.0002	0.0002	0.0002	0.0002	0.001
Total From Investment Operations	0.004	0.0002	0.0002	0.005	0.006	0.003	0.001
Less Distributions:
Distributions from net investment income	(0.004)	(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	(0.004)	(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	$1.00
Total Return4	0.38%	0.01%	0.01%	0.49%	0.59%	0.31%	0.07%
Ratios to Average Net Assets:
Net expenses5	1.00%6	0.29%	0.32%	0.99%	1.02%6	1.02%	0.83%
Net investment income	0.73%6	0.01%	0.01%	0.49%	0.71%6	0.30%	0.01%
Expense waiver/ reimbursement7	0.26%6	0.97%	0.93%	0.27%	0.24%6	0.24%	0.45%
Supplemental Data:
Net assets, end of period (000 omitted)	$197,862	$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

Semi-Annual Shareholder Report

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2022	Year Ended May 31,			Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2022	2022	2021	2020	Period Ended 5/31/20191	2018	2017
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.007	0.001	0.001	0.012	0.0122	0.010	0.006
Net realized gain (loss)	0.000	0.0003	0.0003	0.0003	0.0003	0.0003	0.001
Total From Investment Operations	0.007	0.001	0.001	0.012	0.012	0.010	0.007
Less Distributions:
Distributions from net investment income	(0.007)	(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	(0.007)	(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	$1.00
Total Return4	0.73%	0.09%	0.06%	1.16%	1.19%	1.02%	0.62%
Ratios to Average Net Assets:
Net expenses5	0.31%6	0.21%	0.28%	0.31%	0.31%6	0.31%	0.31%
Net investment income	1.44%6	0.07%	0.06%	1.16%	1.41%6	1.01%	0.57%
Expense waiver/ reimbursement7	0.09%6	0.19%	0.12%	0.09%	0.09%6	0.10%	0.11%
Supplemental Data:
Net assets, end of period (000 omitted)	$191,411	$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

Semi-Annual Shareholder Report

Notes to Financial Statements

November 30, 2022 (unaudited)

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Valuation

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

Semi-Annual Shareholder Report

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

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

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. 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 $1,445,274 is disclosed in various locations in this Note 2 and Note 4. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Semi-Annual Shareholder Report

Transfer Agent Fees

For the six months ended November 30, 2022, transfer agent fees for the Fund were as follows:

	Transfer Agent Fees Incurred	Transfer Agent Fees Reimbursed
Automated Shares	$83,188	$—
Investment Shares	1,290	—
Wealth Shares	17,182	—
Service Shares	2,040	—
Cash II Shares	33,748	—
Cash Series Shares	113,512	(33,486)
Capital Shares	1,705	(2)
TOTAL	$252,665	$(33,488)

Other Service Fees

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

For the six months ended November 30, 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	$205,465	$—	$—
Investment Shares	3,210	—	(1)
Service Shares	293,252	—	—
Cash II Shares	88,226	(504)	(2,373)
Cash Series Shares	279,044	(5,040)	(27,207)
Capital Shares	99,237	—	—
TOTAL	$968,434	$(5,544)	$(29,581)

For the six months ended November 30, 2022, the Fund’s Wealth Shares did not incur other service fees.

Federal Taxes

Semi-Annual Shareholder Report

as income tax expense in the Statement of Operations. As of November 30, 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.

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 11/30/2022		Year Ended 5/31/2022
Automated Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	32,311	$32,311	371,576	$371,576
Shares issued to shareholders in payment of distributions declared	335	335	243	243
Shares redeemed	(728,501)	(728,501)	(354,815)	(354,815)
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS	(695,855)	$(695,855)	17,004	$17,004

Semi-Annual Shareholder Report

	Six Months Ended 11/30/2022		Year Ended 5/31/2022
Investment Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	5,051	$5,051	6,695	$6,695
Shares issued to shareholders in payment of distributions declared	14	14	1	1
Shares redeemed	(3,905)	(3,905)	(8,579)	(8,579)
NET CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS	1,160	$1,160	(1,883)	$(1,883)
	Six Months Ended 11/30/2022		Year Ended 5/31/2022
Wealth Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	2,649,014	$2,649,014	2,302,899	$2,302,899
Shares issued to shareholders in payment of distributions declared	14,373	14,373	1,492	1,492
Shares redeemed	(2,275,110)	(2,275,110)	(1,904,990)	(1,904,990)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	388,277	$388,277	399,401	$399,401
	Six Months Ended 11/30/2022		Year Ended 5/31/2022
Service Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	290,134	$290,134	583,932	$583,932
Shares issued to shareholders in payment of distributions declared	1,236	1,236	106	106
Shares redeemed	(294,376)	(294,376)	(606,878)	(606,878)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(3,006)	$(3,006)	(22,840)	$(22,840)
	Six Months Ended 11/30/2022		Year Ended 5/31/2022
Cash II Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	26,082	$26,082	30,387	$30,387
Shares issued to shareholders in payment of distributions declared	293	293	10	10
Shares redeemed	(31,262)	(31,262)	(32,676)	(32,676)
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	(4,887)	$(4,887)	(2,279)	$(2,279)

Semi-Annual Shareholder Report

	Six Months Ended 11/30/2022		Year Ended 5/31/2022
Cash Series Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	210,138	$210,138	483,411	$483,411
Shares issued to shareholders in payment of distributions declared	800	800	37	37
Shares redeemed	(250,655)	(250,655)	(533,981)	(533,981)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(39,717)	$(39,717)	(50,533)	$(50,533)
	Six Months Ended 11/30/2022		Year Ended 5/31/2022
Capital Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	165,606	$165,606	173,522	$173,522
Shares issued to shareholders in payment of distributions declared	1,419	1,419	177	177
Shares redeemed	(171,003)	(171,003)	(268,244)	(268,244)
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS	(3,978)	$(3,978)	(94,545)	$(94,545)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(358,006)	$(358,006)	244,325	$244,325

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund’s average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund’s expense ratio, or as and when appropriate, to maintain positive or zero net yields. For the six months ended November 30, 2022, the Adviser voluntarily waived $1,253,460 of its fee and voluntarily reimbursed $33,488 of transfer agent fees.

Semi-Annual Shareholder Report

Administrative Fee

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

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

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended November 30, 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 six months ended November 30, 2022, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Investment Shares	$3,210	$(385)
Cash II Shares	123,588	—
Cash Series Shares	669,705	(122,816)
TOTAL	$796,503	$(123,201)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended November 30, 2022, FSC retained $142,867 of fees paid by the Fund.

Semi-Annual Shareholder Report

Other Service Fees

For the six months ended November 30, 2022, FSSC received $645 and reimbursed $5,544 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 six months ended November 30, 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 $596,329,000 and $670,472,000, respectively. Net realized gain/loss recognized on these transactions was $0.

Directors’/Trustees’ and Miscellaneous Fees

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

5. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of November 30, 2022, there were no outstanding loans. During the six months ended November 30, 2022, the program was not utilized.

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6. 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.

7. 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, and may continue to result in, closed 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 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. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic, including significant fiscal and monetary policy changes, that may affect the instruments in which the Fund invests or the issuers of such investments. Any such impact could adversely affect the Fund’s performance.

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2022 to November 30, 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.

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 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

Semi-Annual Shareholder Report

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

Semi-Annual Shareholder Report

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.

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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

Semi-Annual Shareholder Report

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

Semi-Annual Shareholder Report

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

Semi-Annual Shareholder Report

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.

Semi-Annual Shareholder Report

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

Semi-Annual Shareholder Report

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.

Semi-Annual Shareholder Report

Conclusions

The Board considered: (i) the CCO’s conclusion that his observations and the information accompanying the CCO Fee Evaluation Report show that the management fee for the Fund 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.

Semi-Annual Shareholder Report

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

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

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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

Semi-Annual Shareholder Report

Portfolio of Investments

November 30, 2022 (unaudited)

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— 100.3%
		Alabama— 1.9%
$ 9,275,000		Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2007) Weekly VRDNs, (Comerica Bank LOC), 2.000%, 12/1/2022	$ 9,275,000
10,000,000		Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2011) Weekly VRDNs, (Comerica Bank LOC), 2.000%, 12/1/2022	10,000,000
33,700,000		Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly VRDNs, 2.020%, 12/7/2022	33,700,000
		TOTAL	52,975,000
		Alaska— 1.1%
32,000,000		Valdez, AK Marine Terminal (Phillips Transportation Alaska, Inc.), (Series 1994A) Weekly VRDNs, (ConocoPhillips GTD), 1.900%, 12/7/2022	32,000,000
		Arizona— 1.3%
32,500,000		Arizona State IDA (Vaseo Apartments LP), Mizuho 3a-7 (2021-MIZ9088) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	32,500,000
5,610,000		Maricopa County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 2.060%, 12/1/2022	5,610,000
		TOTAL	38,110,000
		Arkansas— 0.5%
13,500,000		Blytheville, AR (Nucor Corp.), (Series 2002) Weekly VRDNs, 2.050%, 12/7/2022	13,500,000
		California— 18.4%
3,000,000		California Educational Facilities Authority (Stanford University), (Series S-4), CP, 1.750%, Mandatory Tender 12/6/2022	3,000,000
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), 2.050%, 12/1/2022	20,000,000
31,205,000		California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006E), CP, 1.950%, Mandatory Tender 12/15/2022	31,205,000
2,356,000		California HFA (Hope on Broadway LP), Tender Option Bond Trust Receipts (Series 2022-XF3018) Weekly VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.100%, 12/1/2022	2,356,000
4,500,000		California Municipal Finance Authority (Brawley Pacific Associates III), Tender Option Bond Trust Receipts (Series 2022-XF3027) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.100%, 12/1/2022	4,500,000
30,500,000		California Municipal Finance Authority (Waste Management, Inc.), (Series 2020) TOBs, (Waste Management Holdings, Inc. GTD), 2.950%, Mandatory Tender 12/1/2022	30,500,000
2,000,000		California PCFA (C.A. and E.J. Vanderham Family Trust), (Series 2003) Weekly VRDNs, (CoBank, ACB LOC), 2.000%, 12/1/2022	2,000,000

Semi-Annual Shareholder Report

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), 2.000%, 12/1/2022	$ 3,000,000
2,940,000		California PCFA (T & W Farms), (Series 2002) Weekly VRDNs, (Bank of America N.A. LOC), 2.000%, 12/1/2022	2,940,000
5,154,000		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), 2.150%, 12/1/2022	5,154,000
22,184,000		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), 2.150%, 12/1/2022	22,184,000
10,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 2.020%, Mandatory Tender 12/14/2022	10,000,000
9,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 2.000%, Mandatory Tender 12/13/2022	9,000,000
17,190,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 3.100%, Mandatory Tender 3/2/2023	17,190,000
12,500,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-1), CP, 1.900%, Mandatory Tender 12/7/2022	12,500,000
12,500,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-4), CP, 3.130%, Mandatory Tender 1/11/2023	12,500,000
7,300,000		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), 1.940%, 12/1/2022	7,300,000
4,842,000		Los Angeles County, CA (Hope on Broadway LP), Tender Option Bond Trust Receipts (2022-XF3019) Weekly VRDNs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.100%, 12/1/2022	4,842,000
86,050,000		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), 2.150%, 12/1/2022	86,050,000
42,415,000		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), 2.150%, 12/1/2022	42,415,000
75,000,000		Nuveen California Quality Municipal Income Fund, RIB Floater Trust (Series 2022-FR-RI-005) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.230%, 12/1/2022	75,000,000
45,000,000		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 2022-MIZ9110) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	45,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		California— continued
$ 2,770,000		Sacramento County, CA HDA (Shiloh Arms Partners LP), Mizuho 3a-7 (2022-MIZ9093) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	$ 2,770,000
30,000,000		San Francisco, CA City and County (Block 9 MRU Residential LLC), Mizuho 3a-7 (Series 2022-MIZ9100) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	30,000,000
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), 2.150%, 12/1/2022	43,230,000
		TOTAL	524,636,000
		Colorado— 0.4%
4,615,000		Colorado HFA (Acme Manufacturing Company, Inc.), (Series 2016A) Weekly VRDNs, (UMB Bank, N.A. LOC), 2.090%, 12/1/2022	4,615,000
1,275,000		Colorado HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 2.070%, 12/1/2022	1,275,000
1,230,000		Colorado HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs, (UMB Bank, N.A. LOC), 2.160%, 12/1/2022	1,230,000
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), 2.150%, Optional Tender 12/1/2022	3,000,000
		TOTAL	10,120,000
		Connecticut— 0.5%
4,145,000		Connecticut State Special Transportation Fund, RBC Muni Products (Series G-110) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.080%, Optional Tender 4/3/2023	4,145,000
10,060,000		Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.050%, 12/1/2022	10,060,000
		TOTAL	14,205,000
		Florida— 4.1%
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), 2.100%, 12/1/2022	2,100,000
14,000,000		Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), (Series A) TOBs, (GTD by United States Treasury), 2.900%, Mandatory Tender 4/4/2023	14,000,000
4,280,000		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), 2.100%, 12/1/2022	4,280,000
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), 2.150%, Optional Tender 4/3/2023	9,000,000
5,000,000		Hillsborough County, FL Solid Waste & Resource Recovery, RBC Muni Products (Series G-41) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Optional Tender 3/1/2023	5,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Florida— continued
$ 20,500,000		Liberty County, FL (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 2.050%, 12/1/2022	$ 20,500,000
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), 2.040%, 12/1/2022	11,830,000
7,490,000		Miami-Dade County, FL HFA (Cordoba FL TC, LP), Mizuho 3a-7 (2021-MIZ9072) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	7,490,000
4,630,000		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), 2.150%, 12/1/2022	4,630,000
37,280,000		Miami-Dade County, FL School District, (Series 2022) TANs, 4.000%, 2/23/2023	37,380,046
		TOTAL	116,210,046
		Georgia— 6.1%
4,200,000		Appling County, GA Development Authority (Georgia Power Co.), (1st Series 1997) Daily VRDNs, 1.700%, 12/1/2022	4,200,000
28,000,000		Appling County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 1.700%, 12/1/2022	28,000,000
9,750,000		Atlanta, GA, Urban Residential Finance Authority (Columbia at Sylvan Hills Apartments), (Series 2006) Weekly VRDNs, (FNMA LOC), 2.040%, 12/1/2022	9,750,000
6,900,000		Burke County, GA Development Authority (Georgia Power Co.), (Series 2008) Daily VRDNs, 1.700%, 12/1/2022	6,900,000
8,815,000		Columbus, GA Development Authority (Avalon Apartments LP), (Series 2008) Weekly VRDNs, (FNMA LOC), 2.040%, 12/1/2022	8,815,000
10,000,000		Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs, (FHLMC LOC), 2.040%, 12/1/2022	10,000,000
13,870,000		Effingham County, GA Development Authority (Georgia Power Co.), (Series 2003) Daily VRDNs, 1.710%, 12/1/2022	13,870,000
360,000		Fitzgerald & Ben Hill County, GA Development Authority (Agri-Products, Inc.), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A. LOC), 2.000%, 12/1/2022	360,000
3,700,000		Floyd County, GA Development Authority PCRB (Georgia Power Co.), (First Series 1996) Daily VRDNs, 1.700%, 12/1/2022	3,700,000
2,000,000		Heard County, GA Development Authority (Georgia Power Co.), (First Series 1996) Daily VRDNs, 1.710%, 12/1/2022	2,000,000
9,300,000		Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), (First Series 1997) Daily VRDNs, 1.700%, 12/1/2022	9,300,000
1,775,000		Savannah, GA EDA (Consolidated Utilities, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 2.030%, 12/1/2022	1,775,000
72,250,000		Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 1.940%, 12/7/2022	72,250,000

Semi-Annual Shareholder Report

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), 2.030%, 12/1/2022	$ 1,960,000
		TOTAL	172,880,000
		Hawaii— 0.2%
6,110,000		Hawaii State Department of Budget & Finance (Queen’s Health Systems), (2015 Series C) VRENs, 2.350%, 12/1/2022	6,110,000
		Idaho— 0.5%
13,690,000		American Falls, ID Reservoir District (Idaho Power Co.), (Series 2000) Weekly VRDNs, 2.400%, 12/7/2022	13,690,000
		Illinois— 0.6%
17,891,398		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), 2.200%, Optional Tender 12/15/2022	17,891,398
		Indiana— 2.2%
6,000,000		Bloomington, IN EDRB (SY Henderson Court Investors, LP), (Series 2008: Henderson Court Apartments) Weekly VRDNs, (FHLMC LOC), 2.040%, 12/1/2022	6,000,000
14,250,000		Indiana Development Finance Authority (Duke Energy Indiana, Inc.), (Series 2003B) Weekly VRDNs, 2.030%, 12/7/2022	14,250,000
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), 2.050%, 12/1/2022	200,000
25,000,000		Indiana State Finance Authority (Trinity Healthcare Credit Group), (Series 2008 D-2), CP, 2.000%, Mandatory Tender 1/4/2023	25,000,000
17,000,000		Indiana State Finance Authority Environmental (Fulcrum Centerpoint, LLC), (Series 2022) TOBs, (United States Treasury GTD), 4.550%, Mandatory Tender 11/15/2023	17,000,000
		TOTAL	62,450,000
		Iowa— 0.2%
5,300,000		Iowa Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly VRDNs, (AgriBank FCB LOC), 2.000%, 12/1/2022	5,300,000
		Kansas— 0.9%
4,900,000		Burlington, KS (Kansas City Power And Light Co.), (Series 2007A) Weekly VRDNs, 2.150%, 12/7/2022	4,900,000
21,000,000		Burlington, KS (Kansas City Power And Light Co.), (Series 2007B) Weekly VRDNs, 2.150%, 12/7/2022	21,000,000
		TOTAL	25,900,000
		Kentucky— 1.2%
3,435,000		Kentucky State Property & Buildings Commission, RBC Muni Products (Series G-116) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Mandatory Tender 5/1/2023	3,435,000
11,350,000		Louisville & Jefferson County, KY Metropolitan Government (Louisville Gas & Electric Co.), (Series A) Weekly VRDNs, 1.980%, 12/2/2022	11,350,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Kentucky— continued
$ 18,270,000		Meade County, KY Industrial Building Revenue Authority (Nucor Corp.), (Series 2021B-1) Daily VRDNs, 1.800%, 12/1/2022	$ 18,270,000
		TOTAL	33,055,000
		Louisiana— 3.6%
9,785,000		Calcasieu Parish, LA Public Trust Authority (WPT Corp.), (Series 1997) Weekly VRDNs, (Bank of America N.A. LOC), 2.350%, 12/7/2022	9,785,000
14,200,000		East Baton Rouge Parish, LA IDB (Georgia-Pacific LLC), Solid Waste Disposal Revenue Bonds (Series 2004) Weekly VRDNs, 2.000%, 12/7/2022	14,200,000
11,000,000		Louisiana Local Government Environmental Facilities CDA (American Biocarbon, CT LLC) TOBs, (GTD by United States Treasury), 3.850%, Mandatory Tender 8/1/2023	11,000,000
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), 2.150%, 12/1/2022	3,790,000
18,500,000		St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (GTD by Nucor Corp.), 2.230%, 12/7/2022	18,500,000
27,400,000		St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (GTD by Nucor Corp.), 2.300%, 12/7/2022	27,400,000
		TOTAL	102,675,000
		Maine— 0.8%
22,260,000		Old Town, ME (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 2.100%, 12/7/2022	22,260,000
		Maryland— 1.7%
5,020,000		Baltimore County, MD (Oak Crest Village Inc.), 3a-7 Credit Enhanced Trust (Series 2022-032) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.100%, 12/1/2022	5,020,000
5,000,000		Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Optional Tender 1/3/2023	5,000,000
22,000,000		Maryland Health and Higher Educational Facilities Authority (Integrace Obligated Group), 3a-7 Credit Enhanced Trust (Series 2022-024) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.100%, 12/1/2022	22,000,000
15,910,000		Montgomery County, MD (Trinity Healthcare Credit Group), (Series 2013MD) TOBs, 2.580%, Mandatory Tender 3/1/2023	15,910,000
		TOTAL	47,930,000
		Massachusetts— 1.3%
27,000,000		Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), 2.850%, Mandatory Tender 1/11/2023	27,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Massachusetts— continued
$ 10,000,000		Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), 2.950%, Mandatory Tender 12/2/2022	$ 10,000,000
		TOTAL	37,000,000
		Michigan— 0.2%
5,250,000		Michigan Strategic Fund (Greenville Venture Partners LLC), (Series 2018) Weekly VRDNs, (CoBank, ACB LOC), 2.000%, 12/1/2022	5,250,000
		Minnesota— 0.9%
25,600,000		Roseville, MN, Tender Option Bond Trust Receipts (Series 2022-XF3034) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022	25,600,000
		Mississippi— 0.2%
5,865,000		Mississippi Home Corp, Mizuho 3a-7 (Series 2022-XF3022) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022	5,865,000
		Missouri— 1.3%
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), 2.040%, 12/1/2022	30,000,000
3,755,000		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), 2.150%, 12/1/2022	3,755,000
2,500,000		Lees Summit, MO IDA (EPD3 Ashbrooke LP), (Series 2020 MIZ9055) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	2,500,000
		TOTAL	36,255,000
		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), 2.150%, 12/1/2022	3,510,000
3,320,000		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), 2.150%, 12/1/2022	3,320,000
		TOTAL	6,830,000
		Multi-State— 11.9%
63,500,000		Invesco Municipal Opportunity Trust, PUTTERs 3a-7 (VMTP 5029) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.080%, 12/1/2022	63,500,000
97,400,000		Invesco Value Municipal Income Trust, PUTTERs 3a-7 (VMTP 5027) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.080%, 12/1/2022	97,400,000
130,100,000		Nuveen Municipal Credit Income Fund, PUTTERs 3a-7 (Series 5039) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.080%, 12/1/2022	130,100,000
37,700,000		Nuveen Municipal Credit Opportunities Fund, (Series A) Weekly VRDPs, (Sumitomo Mitsui Banking Corp. LIQ), 2.000%, 12/1/2022	37,700,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Multi-State— continued
$ 11,875,000		Nuveen Municipal Credit Opportunities Fund, PUTTERs 3a-7 (Series 5033) (VMFP Series C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.080%, 12/1/2022	$ 11,875,000
		TOTAL	340,575,000
		Nebraska— 0.3%
7,500,000		Stanton County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs, 2.250%, 12/7/2022	7,500,000
1,875,000		Stanton County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs, 2.250%, 12/7/2022	1,875,000
		TOTAL	9,375,000
		Nevada— 0.4%
1,275,000		Director of the State of Nevada Department of Business and Industry (575 Mill Street LLC), IDRB (Series 1998A) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 2.110%, 12/1/2022	1,275,000
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), 2.150%, 12/1/2022	11,500,000
		TOTAL	12,775,000
		New Jersey— 7.7%
3,903,700		Aberdeen Township, NJ BANs, 1.250%, 12/29/2022	3,906,084
6,641,725		Butler Borough, NJ BANs, 3.750%, 9/8/2023	6,683,960
5,807,835		Clementon, NJ, (Series A) BANs, 4.250%, 9/28/2023	5,851,875
5,915,500		Delran Township, NJ BANs, 4.250%, 9/5/2023	5,939,103
14,770,000		Freehold Borough, NJ BANs, 4.000%, 8/3/2023	14,875,883
4,000,000		Garwood, NJ BANs, 5.000%, 8/3/2023	4,024,284
5,373,950		Hammonton, NJ BANs, 5.000%, 10/26/2023	5,404,113
2,436,000		Haworth Borough, NJ BANs, 4.500%, 7/14/2023	2,443,776
7,505,061		Highlands, NJ BANs, 4.250%, 7/7/2023	7,555,040
1,800,000		Hillsdale Borough, NJ BANs, 1.000%, 12/2/2022	1,800,029
2,561,000		Hillsdale Borough, NJ BANs, 4.500%, 8/24/2023	2,572,781
6,845,000		Middle Township, NJ BANs, 3.750%, 9/7/2023	6,887,323
4,023,775		Mount Olive Township, NJ BANs, 1.250%, 12/15/2022	4,025,081
5,968,000		Mountainside, NJ BANs, 5.000%, 7/20/2023	6,001,046
13,600,000		New Brunswick, NJ BANs, 3.750%, 9/18/2023	13,689,481
6,850,000		New Jersey EDA (Yeshiva of North Jersey), (Series 2018) Weekly VRDNs, (Valley National Bank LOC), 2.200%, 12/1/2022	6,850,000
3,380,000		New Jersey EDA (Baptist Home Society of New Jersey) Weekly VRDNs, (Valley National Bank LOC), 2.200%, 12/1/2022	3,380,000
11,255,000		New Jersey EDA (Jewish Community Center on the Palisades), (Series 2016) Weekly VRDNs, (Valley National Bank LOC), 2.200%, 12/2/2022	11,255,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		New Jersey— continued
$ 1,285,000		New Jersey EDA (Temple Emanuel of the Pascack Valley), (Series 2001/2019) Weekly VRDNs, (U.S. Bank, N.A. LOC), 2.150%, 12/2/2022	$ 1,285,000
4,160,000		New Jersey Health Care Facilities Financing Authority (Christian Health Care Center), (Series A-2) Weekly VRDNs, (Valley National Bank LOC), 2.100%, 12/1/2022	4,160,000
9,065,000		New Jersey State EDA (Jewish Community Housing Corporation of Metropolitan New Jersey), (Series 2010) Weekly VRDNs, (Valley National Bank LOC), 2.020%, 12/1/2022	9,065,000
6,716,000		Park Ridge Borough, NJ BANs, 3.250%, 4/28/2023	6,742,624
6,500,000		Pemberton Township, NJ, (Series 2022) BANs, 4.000%, 5/31/2023	6,531,352
6,200,000		Ramsey, NJ BANs, 1.250%, 1/6/2023	6,204,869
3,496,000		Rochelle Park Township, NJ BANs, 4.500%, 8/9/2023	3,508,388
4,041,000		Saddle River, NJ BANs, 5.500%, 6/7/2023	4,071,451
6,585,000		Somers Point, NJ BANs, 1.250%, 12/20/2022	6,587,901
2,345,000		South Hackensack, NJ BANs, 1.250%, 12/15/2022	2,345,761
6,136,000		South River, NJ, (Series B) BANs, 1.250%, 12/16/2022	6,138,133
3,588,154		Springfield Township, NJ BANs, 1.250%, 12/8/2022	3,588,736
3,544,300		Springfield Township, NJ BANs, 4.250%, 9/7/2023	3,557,945
25,000,000		Stone Harbor, NJ BANs, 5.000%, 10/13/2023	25,155,613
6,346,649		Union Beach, NJ BANs, 5.000%, 7/25/2023	6,386,572
3,807,000		Winslow Township, NJ BANs, 3.750%, 9/14/2023	3,831,704
8,068,496		Woolwich, NJ BANs, 3.750%, 5/30/2023	8,115,429
		TOTAL	220,421,337
		New York— 4.8%
3,846,510		Alden Village, NY BANs, 3.750%, 9/7/2023	3,869,411
2,000,000		Hannibal, NY Central School District BANs, 4.250%, 6/28/2023	2,013,330
5,590,000		Hempstead (town), NY IDA MFH (Hempstead Village Housing Associates LP), (Series 2006) Weekly VRDNs, (FNMA LOC), 2.010%, 12/1/2022	5,590,000
5,904,000		Lowville, NY, (Series A) BANs, 3.250%, 8/24/2023	5,912,025
8,000,000		Massena, NY Central School District BANs, 4.000%, 6/29/2023	8,044,647
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), 2.010%, 12/1/2022	3,670,000
15,000,000		New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 2.050%, 12/1/2022	15,000,000
72,800,000		New York State HFA (42nd and 10th Street Associates LLC), 3a-7 High Grade Trust (Series 2022-007) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.300%, 12/1/2022	72,800,000
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), 2.280%, 12/1/2022	10,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		New York— continued
$ 6,700,000		Penn-Yan, NY Central School District BANs, 4.250%, 6/28/2023	$ 6,744,656
1,554,371		Walton, NY Central School District BANs, 4.000%, 6/28/2023	1,562,132
2,500,000		Watervliet, NY City School District BANs, 3.250%, 4/26/2023	2,510,760
		TOTAL	137,716,961
		North Carolina— 0.2%
3,000,000		Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 2.050%, 12/7/2022	3,000,000
3,000,000		Yancey County, NC Industrial Facilities & PCFA (Altec Industries, Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 2.030%, 12/1/2022	3,000,000
		TOTAL	6,000,000
		Ohio— 1.6%
30,470,000		Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.050%, 12/1/2022	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), 2.050%, 12/1/2022	8,100,000
7,000,000		Toledo-Lucas County, OH Port Authority (Van Deurzen Dairy LLC), (Series 2006) Weekly VRDNs, (AgriBank FCB LOC), 2.000%, 12/1/2022	7,000,000
		TOTAL	45,570,000
		Oklahoma— 3.0%
14,850,000		Garfield County, OK Industrial Authority Pollution Control (Oklahoma Gas and Electric Co.), (Series 1995-A) Weekly VRDNs, 2.080%, 12/7/2022	14,850,000
30,400,000		Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (1995 Series A) Weekly VRDNs, 2.000%, 12/7/2022	30,400,000
40,450,000		Muskogee, OK Industrial Trust (Oklahoma Gas and Electric Co.), (Series 1997A) Weekly VRDNs, 2.080%, 12/7/2022	40,450,000
		TOTAL	85,700,000
		Oregon— 0.1%
4,360,000		Port of Morrow, OR Pollution Control (Idaho Power Co.), (Series 2000) Weekly VRDNs, 2.400%, 12/7/2022	4,360,000
		Pennsylvania— 0.1%
480,000		East Hempfield Township, PA IDA (BGT Realty), (Series of 2005) Weekly VRDNs, (Fulton Bank, N.A. LOC), 2.200%, 12/1/2022	480,000
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), 2.150%, 12/1/2022	2,000,000
		TOTAL	2,480,000
		South Carolina— 1.1%
21,500,000		Berkeley County, SC IDB (Nucor Corp.) Weekly VRDNs, 2.250%, 12/7/2022	21,500,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		South Carolina— continued
$ 10,100,000		Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, 2.250%, 12/7/2022	$ 10,100,000
		TOTAL	31,600,000
		South Dakota— 0.1%
3,000,000		South Dakota Value Added Finance Authority (Prairie Gold Dairy LLC), (Series 2004) Weekly VRDNs, (CoBank, ACB LOC), 2.000%, 12/1/2022	3,000,000
		Tennessee— 1.8%
5,500,000		Covington, TN IDB (Charms Co.), (Series 1992) Weekly VRDNs, (Bank of America N.A. LOC), 2.000%, 12/7/2022	5,500,000
25,620,000		Memphis-Shelby County, TN Industrial Development Board - PCRB (Nucor Steel Memphis, Inc.), (Series 2007) Weekly VRDNs, (GTD by Nucor Corp.), 2.250%, 12/7/2022	25,620,000
21,400,000		Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 2.850%, Mandatory Tender 2/1/2023	21,400,000
		TOTAL	52,520,000
		Texas— 13.0%
2,700,000		Alamo, TX CCD, RBC Muni Products (Series G-111) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Mandatory Tender 5/1/2023	2,700,000
2,700,000		El Paso, TX Housing Finance Corp., Mizuho 3a-7 (2022-MIZ9104) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	2,700,000
4,000,000		Jewett, TX Economic Development Corporation (Nucor Corp.), (Series 2003) Weekly VRDNs, 2.250%, 12/7/2022	4,000,000
4,000,000		Mission, TX Economic Development Corp. (Waste Management, Inc.), (Series 2020A) TOBs, (GTD by Waste Management Holdings, Inc.), 2.950%, Mandatory Tender 12/1/2022	4,000,000
9,500,000		Mission, TX Economic Development Corp. (Waste Management, Inc.), (Series 2020B) TOBs, (GTD by Waste Management Holdings, Inc.), 2.950%, Mandatory Tender 12/1/2022	9,500,000
4,700,000		North Texas Tollway Authority, RBC Municipal Products Trust (Series 2019 G-112) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Optional Tender 1/3/2023	4,700,000
61,600,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Daily VRDNs, 1.900%, 12/1/2022	61,600,000
18,825,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2003) Daily VRDNs, 1.970%, 12/1/2022	18,825,000
25,000,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2005) Daily VRDNs, 1.970%, 12/1/2022	25,000,000
40,600,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2006) Daily VRDNs, 1.970%, 12/1/2022	40,600,000
3,900,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Daily VRDNs, 1.970%, 12/1/2022	3,900,000
22,450,000		Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010A) Daily VRDNs, 1.850%, 12/1/2022	22,450,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Texas— continued
$ 10,250,000		Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010B) Daily VRDNs, 1.850%, 12/1/2022	$ 10,250,000
35,600,000		Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010C) Daily VRDNs, 1.880%, 12/1/2022	35,600,000
83,900,000		Port of Port Arthur Navigation District of Jefferson County, TX (Motiva Enterprises LLC), (Series 2010E) Weekly VRDNs, 2.600%, 12/7/2022	83,900,000
26,000,000		Texas State Affordable Housing Corp., Tender Option Bond Trust Receipts (Series 2022-XF3033) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022	26,000,000
15,000,000		Texas State Department of Housing & Community Affairs (Onion Creek Housing Partners Ltd.), (Series 2007) Weekly VRDNs, (FNMA LOC), 2.040%, 12/1/2022	15,000,000
		TOTAL	370,725,000
		Virginia— 0.1%
1,610,000		Emporia, VA Industrial Development Board (Toll VA III LP), (Series 1999) Weekly VRDNs, (Truist Bank LOC), 1.980%, 12/1/2022	1,610,000
		Washington— 0.0%
1,260,000		Washington State Economic Development Finance Authority (Mesa Dairy, LLC), (Series 2007E) Weekly VRDNs, (Bank of the West, San Francisco, CA LOC), 2.000%, 12/1/2022	1,260,000
		Wisconsin— 3.8%
15,985,000		Public Finance Authority, WI (Agape Meadowcreek, Inc.), Tender Option Bond Trust Floater Certificates (Series 2022-XF3026) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022	15,985,000
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), 2.100%, 12/1/2022	1,415,000
2,050,000		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), 2.100%, 12/1/2022	2,050,000
685,000		West Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly VRDNs, (U.S. Bank, N.A. LOC), 2.210%, 12/1/2022	685,000
2,265,000		Wisconsin State Public Finance Authority (Birchwood Properties LP), (Series 2016) Weekly VRDNs, (FHLB of Des Moines LOC), 2.120%, 12/1/2022	2,265,000
57,500,000		Wisconsin State Public Finance Authority (Waste Management, Inc.), (Series A-2) TOBs, 4.000%, Mandatory Tender 2/1/2023	57,500,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Wisconsin— continued
$ 30,000,000		Wisconsin State Public Finance Authority (Waste Management, Inc.), (Series A-3) TOBs, (GTD by Waste Management Holdings, Inc.), 4.000%, Mandatory Tender 2/1/2023	$ 30,000,000
		TOTAL	109,900,000
		TOTAL INVESTMENT IN SECURITIES—100.3% (AT AMORTIZED COST)2	2,864,285,742
		OTHER ASSETS AND LIABILITIES - NET—(0.3)%3	(9,219,704)
		TOTAL NET ASSETS—100%	$2,855,066,038

Securities that are subject to the federal alternative minimum tax (AMT) represent 50.9% of the portfolio as calculated based upon total market value.

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

Note: The categories of investments are shown as a percentage of total net assets at November 30, 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 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

Semi-Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2022	Year Ended May 31,			Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2022	2022	2021	2020	Period Ended 5/31/20191	2018	2017
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.008	0.001	0.001	0.012	0.0132	0.011	0.001
Net realized gain (loss)	0.000	0.0003	0.0003	0.001	0.0003	0.0003	0.001
Total From Investment Operations	0.008	0.001	0.001	0.013	0.013	0.011	0.002
Less Distributions:
Distributions from net investment income	(0.008)	(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	(0.008)	(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	$1.00
Total Return4	0.78%	0.12%	0.13%	1.27%	1.27%	1.12%	0.72%
Ratios to Average Net Assets:
Net expenses5	0.21%6	0.19%	0.21%	0.21%	0.21%6	0.21%	0.21%
Net investment income	1.59%6	0.13%	0.12%	1.24%	1.52%6	1.10%	0.64%
Expense waiver/ reimbursement7	0.09%6	0.11%	0.09%	0.09%	0.09%6	0.10%	0.11%
Supplemental Data:
Net assets, end of period (000 omitted)	$2,160,489	$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.

Semi-Annual Shareholder Report

Notes to Financial Statements

November 30, 2022 (unaudited)

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Semi-Annual Shareholder Report

Transfer Agent Fees

For the six months ended November 30, 2022, transfer agent fees for the Fund were as follows:

	Transfer Agent Fees Incurred	Transfer Agent Fees Reimbursed
Automated Shares	$83,188	$—
Investment Shares	1,290	—
Wealth Shares	17,182	—
Service Shares	2,040	—
Cash II Shares	33,748	—
Cash Series Shares	113,512	(33,486)
Capital Shares	1,705	(2)
TOTAL	$252,665	$(33,488)

Other Service Fees

For the six months ended November 30, 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	$205,465	$—	$—
Investment Shares	3,210	—	(1)
Service Shares	293,252	—	—
Cash II Shares	88,226	(504)	(2,373)
Cash Series Shares	279,044	(5,040)	(27,207)
Capital Shares	99,237	—	—
TOTAL	$968,434	$(5,544)	$(29,581)

For the six months ended November 30, 2022, the Fund’s Wealth Shares did not incur other service fees.

Federal Taxes

Semi-Annual Shareholder Report

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 11/30/2022		Year Ended 5/31/2022
Automated Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	32,311	$32,311	371,576	$371,576
Shares issued to shareholders in payment of distributions declared	335	335	243	243
Shares redeemed	(728,501)	(728,501)	(354,815)	(354,815)
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS	(695,855)	$(695,855)	17,004	$17,004

Semi-Annual Shareholder Report

	Six Months Ended 11/30/2022		Year Ended 5/31/2022
Investment Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	5,051	$5,051	6,695	$6,695
Shares issued to shareholders in payment of distributions declared	14	14	1	1
Shares redeemed	(3,905)	(3,905)	(8,579)	(8,579)
NET CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS	1,160	$1,160	(1,883)	$(1,883)
	Six Months Ended 11/30/2022		Year Ended 5/31/2022
Wealth Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	2,649,014	$2,649,014	2,302,899	$2,302,899
Shares issued to shareholders in payment of distributions declared	14,373	14,373	1,492	1,492
Shares redeemed	(2,275,110)	(2,275,110)	(1,904,990)	(1,904,990)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	388,277	$388,277	399,401	$399,401
	Six Months Ended 11/30/2022		Year Ended 5/31/2022
Service Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	290,134	$290,134	583,932	$583,932
Shares issued to shareholders in payment of distributions declared	1,236	1,236	106	106
Shares redeemed	(294,376)	(294,376)	(606,878)	(606,878)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(3,006)	$(3,006)	(22,840)	$(22,840)
	Six Months Ended 11/30/2022		Year Ended 5/31/2022
Cash II Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	26,082	$26,082	30,387	$30,387
Shares issued to shareholders in payment of distributions declared	293	293	10	10
Shares redeemed	(31,262)	(31,262)	(32,676)	(32,676)
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	(4,887)	$(4,887)	(2,279)	$(2,279)

Semi-Annual Shareholder Report

	Six Months Ended 11/30/2022		Year Ended 5/31/2022
Cash Series Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	210,138	$210,138	483,411	$483,411
Shares issued to shareholders in payment of distributions declared	800	800	37	37
Shares redeemed	(250,655)	(250,655)	(533,981)	(533,981)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(39,717)	$(39,717)	(50,533)	$(50,533)
	Six Months Ended 11/30/2022		Year Ended 5/31/2022
Capital Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	165,606	$165,606	173,522	$173,522
Shares issued to shareholders in payment of distributions declared	1,419	1,419	177	177
Shares redeemed	(171,003)	(171,003)	(268,244)	(268,244)
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS	(3,978)	$(3,978)	(94,545)	$(94,545)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(358,006)	$(358,006)	244,325	$244,325

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Semi-Annual Shareholder Report

Administrative Fee

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

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

Distribution Services Fee

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

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Investment Shares	$3,210	$(385)
Cash II Shares	123,588	—
Cash Series Shares	669,705	(122,816)
TOTAL	$796,503	$(123,201)

Semi-Annual Shareholder Report

Other Service Fees

For the six months ended November 30, 2022, FSSC received $645 and reimbursed $5,544 of the other service fees disclosed in Note 2.

Expense Limitation

Interfund Transactions

Directors’/Trustees’ and Miscellaneous Fees

5. INTERFUND LENDING

Semi-Annual Shareholder Report

6. INDEMNIFICATIONS

7. OTHER MATTERS

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

	Beginning Account Value 6/1/2022	Ending Account Value 11/30/2022	Expenses Paid During Period1
Actual	$1,000.00	$1,007.80	$1.06
Hypothetical (assuming a 5% return before expenses)	$1,000.00	$1,024.02	$1.07

1	Expenses are equal to the Fund’s Wealth Shares annualized net expense ratio of 0.21%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half-year period).

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2022

Federated Hermes Municipal Obligations Fund (the “Fund”)

Information Received and Review Process

Semi-Annual Shareholder Report

Nature, Extent and Quality of Services

Semi-Annual Shareholder Report

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

Fund Investment Performance

Semi-Annual Shareholder Report

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

Fund Expenses

Semi-Annual Shareholder Report

Profitability

Economies of Scale

Semi-Annual Shareholder Report

Other Benefits

Semi-Annual Shareholder Report

Conclusions

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

November 30, 2022

Share Class | Ticker

Wealth | TBIXX

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Federated Hermes Tax-Free Obligations Fund

A Portfolio of Federated Hermes Money Market Obligations Trust

Dear Valued Shareholder,

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

Sincerely,

J. Christopher Donahue, President

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

Not FDIC Insured ▪ May Lose Value ▪ No Bank Guarantee

Portfolio of Investments

November 30, 2022 (unaudited)

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— 99.4%
		Alabama— 5.0%
$ 7,510,000		Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 1.100%, 12/1/2022	$ 7,510,000
8,600,000		Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily VRDNs, 1.100%, 12/1/2022	8,600,000
50,000,000		Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-D) Weekly VRDNs, 2.020%, 12/7/2022	50,000,000
2,735,000		Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 1.100%, 12/1/2022	2,735,000
3,100,000		Eutaw, AL Industrial Development Board PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 1.100%, 12/1/2022	3,100,000
13,000,000		Mobile, AL IDB (Alabama Power Co.), (Second Series 2009) Daily VRDNs, 1.120%, 12/1/2022	13,000,000
44,300,000		Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly VRDNs, 2.020%, 12/7/2022	44,300,000
33,810,000		West Jefferson, AL IDB PCRB (Alabama Power Co.), (Series 1998) Weekly VRDNs, 2.020%, 12/1/2022	33,810,000
		TOTAL	163,055,000
		Alaska— 0.4%
13,540,000		Valdez, AK Marine Terminal (Exxon Pipeline Co.), (Series 1993 C) Daily VRDNs, (Exxon Mobil Corp. GTD), 1.000%, 12/1/2022	13,540,000
		Arizona— 0.9%
30,000,000		Arizona State IDA (Vaseo Apartments LP), Mizuho 3a-7 (2021-MIZ9088) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	30,000,000
		California— 9.8%
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), 2.050%, 12/1/2022	40,000,000
3,610,000		California HFA, Mizuho 3a-7 (Series 2022-MIZ9097) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	3,610,000
19,850,000		California HFA, Tender Option Bond Trust Floater Certificates (Series 2022-XF3059) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.100%, 12/1/2022	19,850,000
4,350,000		California Infrastructure & Economic Development Bank (Los Angeles Society for the Prevention of Cruelty to Animals), (Series 2002A) Weekly VRDNs, (Bank of New York Mellon, N.A. LOC), 1.870%, 12/1/2022	4,350,000
7,500,000		California Municipal Finance Authority (Montague Parkway Associates LP), Tender Option Bond Trust Floater Certificates (2020-MIZ9041) Daily VRDNs, (Federal Home Loan Mortgage Corp. GTD)/(Mizuho Bank Ltd. LIQ), 1.100%, 12/1/2022	7,500,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		California— continued
$ 8,815,000		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), 2.100%, 12/1/2022	$ 8,815,000
8,471,000		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), 2.150%, 12/1/2022	8,471,000
11,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 2.020%, Mandatory Tender 12/14/2022	11,000,000
12,395,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 2.000%, Mandatory Tender 12/13/2022	12,395,000
7,310,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 2.020%, Mandatory Tender 12/7/2022	7,310,000
20,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 3.100%, Mandatory Tender 3/2/2023	20,000,000
13,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 2.780%, Mandatory Tender 3/7/2023	13,000,000
12,500,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-1), CP, 1.900%, Mandatory Tender 12/7/2022	12,500,000
8,300,000		California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2017 Series AA: One Uptown Newport Apartments) Weekly VRDNs, (Comerica Bank LOC), 1.950%, 12/1/2022	8,300,000
4,500,000		California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2017 Series BB: One Uptown Newport Apartments) Weekly VRDNs, (Federal Home Loan Bank of Des Moines LOC), 1.940%, 12/1/2022	4,500,000
28,180,000		California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2021 Series A: One Uptown Newport Apartments) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 1.960%, 12/1/2022	28,180,000
4,655,000		Davis Joint Unified School District, CA, Tender Option Bond Trust Certificates (Series 2019-XM0730) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 2.020%, 12/1/2022	4,655,000
7,075,000		Foothill/Eastern Transportation Corridor Agency, CA, Tender Option Bond Trust Certificates (2019-XL011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 2.020%, 12/1/2022	7,075,000
21,185,000		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 2022-MIZ9110) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	21,185,000
32,200,000		San Francisco, CA City and County (Block 9 MRU Residential LLC), Mizuho 3A-7 (Series 2022-MIZ9100) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	32,200,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		California— continued
$ 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), 2.150%, 12/1/2022	$ 13,400,000
28,625,000		Sweetwater, CA Union High School District, Tender Option Bond Trust (Series 2022-XF1394) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.020%, 12/1/2022	28,625,000
5,000,000		Western Placer, CA Unified School District, Tender Option Bond Trust Receipts (Series 2017-XG0152) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 2.020%, 12/1/2022	5,000,000
		TOTAL	321,921,000
		Colorado— 1.4%
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), 1.080%, 12/1/2022	17,570,000
2,279,265		Colorado HFA (Steele San Juan, LLC), Mizuho 3a-7 (Series 2021-MIZ9068) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	2,279,265
25,772,000		Colorado HFA, (Series 2022-XF3035) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022	25,772,000
		TOTAL	45,621,265
		Connecticut— 0.9%
26,235,000		Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.050%, 12/1/2022	26,235,000
3,465,000		Shelton, CT Housing Authority (Crosby Commons), (Series 1998) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 1.970%, 12/1/2022	3,465,000
		TOTAL	29,700,000
		Florida— 11.4%
19,240,000		Clearwater, FL Water and Sewer Authority, Solar Eclipse (Series 2017-0014) Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.990%, 12/1/2022	19,240,000
18,400,000		Escambia County, FL Solid Waste Disposal (Gulf Power Co.), (First Series 2009) Daily VRDNs, 1.100%, 12/1/2022	18,400,000
4,230,000		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), 2.100%, 12/1/2022	4,230,000
13,000,000		Hillsborough County, FL IDA (Baycare Health System), (Series 2020B) Daily VRDNs, (TD Bank, N.A. LOC), 1.000%, 12/1/2022	13,000,000
25,000,000		JEA, FL Electric System, (Series 2008C-3), CP, (Royal Bank of Canada LIQ), 2.650%, Mandatory Tender 12/6/2022	25,000,000
6,075,000		JEA, FL Electric System, (Series Three 2008A) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.870%, 12/7/2022	6,075,000
24,450,000		JEA, FL Electric System, (Series Three 2008B-2: Senior Revenue Bonds) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.870%, 12/7/2022	24,450,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Florida— continued
$ 14,300,000		Manatee County, FL (Florida Power & Light Co.), Pollution Control Revenue Refunding Bonds (Series 1994) Daily VRDNs, 1.150%, 12/1/2022	$ 14,300,000
14,500,000		Martin County, FL (Florida Power & Light Co.), (Series 2022) Weekly VRDNs, 1.950%, 12/1/2022	14,500,000
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), 2.150%, 12/1/2022	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), 2.150%, 12/1/2022	1,400,000
46,170,000		Miami-Dade County, FL School District, (Series 2022) TANs, 4.000%, 2/23/2023	46,350,092
3,160,000		Miami-Dade County, FL Seaport, Tender Option Bond Trust Certificates (Series 2022-ZL0343) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 2.050%, 12/1/2022	3,160,000
16,500,000		Polk County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs, 2.200%, 12/1/2022	16,500,000
111,160,000		St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 1.050%, 12/1/2022	111,160,000
3,700,000		Tampa-Hillsborough County, FL Expressway Authority, RBC Muni Products (Series G-113) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Optional Tender 1/3/2023	3,700,000
6,440,000		Tolomato Community Development District, FL, (Series 2022-XL0297) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 2.020%, 12/1/2022	6,440,000
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), 1.080%, 12/1/2022	44,500,000
		TOTAL	374,900,092
		Georgia— 0.3%
805,000		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), 1.930%, 12/1/2022	805,000
3,330,000		Columbia County, GA Development Authority (Schools for Arts-Infused Learning, Inc.), Tender Option Bond Trust Receipts (2022-XF2966) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.100%, 12/1/2022	3,330,000
7,525,000		Municipal Electric Authority of Georgia, (Series 2022-XG0417) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 2.010%, 12/1/2022	7,525,000
		TOTAL	11,660,000
		Idaho— 0.2%
6,500,000		Idaho Health Facilities Authority (Trinity Healthcare Credit Group), (Series 2013ID) TOBs, 3.300%, Mandatory Tender 2/1/2023	6,500,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Illinois— 3.3%
$ 600,000		Chicago, IL MFH Revenue (Churchview Manor Senior Apartments), (Series 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 2.240%, 12/1/2022	$ 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), 2.000%, 12/1/2022	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), 2.000%, 12/1/2022	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), 2.000%, 12/1/2022	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), 1.950%, 12/1/2022	27,000,000
8,780,000		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), 1.980%, 12/1/2022	8,780,000
16,233,602		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), 2.200%, Optional Tender 12/15/2022	16,233,602
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), 1.980%, 12/1/2022	33,750,000
2,960,000		Sales Tax Securitization Corp., IL, Tender Option Bond Trust Certificates (Series 2022-XL0294) Weekly VRDNs, (Barclays Bank plc LIQ)/(Build America Mutual Assurance INS), 2.000%, 12/1/2022	2,960,000
		TOTAL	107,523,602
		Indiana— 3.2%
17,440,000		Indiana State Finance Authority (Ascension Health Alliance Senior Credit Group), (Series 2008E-4) Weekly VRDNs, 1.820%, 12/7/2022	17,440,000
50,000,000		Indiana State Finance Authority (Trinity Healthcare Credit Group), (Series 2008 D-2), CP, 2.000%, Mandatory Tender 1/4/2023	50,000,000
12,140,000		Indiana State Finance Authority Environmental (Ispat Inland Inc.), (Series 2005) Weekly VRDNs, (Cooperatieve Rabobank UA LOC), 2.000%, 12/7/2022	12,140,000
25,200,000		Indiana State Finance Authority Hospital Revenue (Parkview Health System Obligated Group), (Series 2009D) Daily VRDNs, (Wells Fargo Bank, N.A. LOC), 1.050%, 12/1/2022	25,200,000
		TOTAL	104,780,000
		Kentucky— 0.6%
16,465,000		Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 1.880%, 12/2/2022	16,465,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Kentucky— continued
$ 3,965,000		Kentucky State Property & Buildings Commission, RBC Muni Products (Series G-116) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Mandatory Tender 5/1/2023	$ 3,965,000
		TOTAL	20,430,000
		Louisiana— 0.1%
910,000		Louisiana Local Government Environmental Facilities CDA (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs, (Federal Home Loan Bank of Dallas LOC), 1.980%, 12/7/2022	910,000
3,100,000		Louisiana State Housing Corporation (Peace Lake Louisiana Tower Community L.P.), Tender Option Bond Trust Floater Certificates (Series 2020-MIZ9053) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	3,100,000
		TOTAL	4,010,000
		Maryland— 2.7%
7,500,000		Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Optional Tender 1/3/2023	7,500,000
30,000,000		Maryland State Economic Development Corp. (929 N Wolfe Street LLC), (Series 2022-XF3015) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 2.120%, 12/1/2022	30,000,000
53,000,000		Montgomery County, MD (Trinity Healthcare Credit Group), (Series 2013MD) TOBs, 2.580%, Mandatory Tender 12/1/2022	53,000,000
		TOTAL	90,500,000
		Michigan— 2.2%
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), 2.000%, 12/1/2022	4,000,000
11,100,000		Michigan State Building Authority, (Series III) VRENs, 1.960%, 12/1/2022	11,100,000
40,560,000		Michigan State Finance Authority Revenue (Trinity Healthcare Credit Group), (Series 2013MI-1) TOBs, 2.580%, Mandatory Tender 12/1/2022	40,560,000
8,850,000		Michigan State Strategic Fund (Henry Ford Museum & Greenfield Village) Daily VRDNs, (Comerica Bank LOC), 1.150%, 12/1/2022	8,850,000
2,990,000		Michigan Strategic Fund (Washtenaw Christian Academy), (Series 2008) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 1.880%, 12/2/2022	2,990,000
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), 2.000%, 12/1/2022	4,000,000
		TOTAL	71,500,000
		Minnesota— 0.6%
19,500,000		Dakota County, MN Community Development Agency, (Series 2022-XF3050) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022	19,500,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Mississippi— 0.9%
$ 30,600,000		Perry County, MS (Leaf River Cellulose LLC), (Series 2021) Weekly VRDNs, (GTD by Georgia-Pacific LLC), 1.930%, 12/1/2022	$ 30,600,000
		Missouri— 0.4%
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), 2.150%, 12/1/2022	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), 2.150%, 12/1/2022	2,500,000
10,000,000		Missouri State HEFA (Stowers Institute for Medical Research), RBC Muni Products (Series 2018 C-16) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.950%, 12/1/2022	10,000,000
		TOTAL	13,600,000
		Montana— 0.2%
7,815,000		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), 2.150%, 12/1/2022	7,815,000
		Multi-State— 7.0%
116,000,000		Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly VRDPs, (Societe Generale, Paris LIQ), 1.960%, 12/1/2022	116,000,000
88,400,000		Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, (Series 2) Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 1.960%, 12/1/2022	88,400,000
25,000,000		Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) Weekly VRDPs, (Barclays Bank PLC LIQ), 1.950%, 12/1/2022	25,000,000
		TOTAL	229,400,000
		Nebraska— 0.7%
21,600,000		Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 1.950%, 12/1/2022	21,600,000
		Nevada— 0.3%
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), 2.150%, 12/1/2022	10,500,000
		New Jersey— 3.0%
11,140,000		Clark Township, NJ BANs, 1.000%, 12/2/2022	11,140,188
4,303,451		Cranbury Township, NJ BANs, 3.750%, 8/31/2023	4,333,887
2,688,415		Englewood Cliffs, NJ BANs, 4.500%, 8/9/2023	2,697,942
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), 2.020%, 12/1/2022	20,940,000
9,892,000		Glen Rock, NJ BANs, 4.750%, 7/20/2023	9,946,858
8,050,000		Hackensack, NJ BANs, 3.750%, 8/30/2023	8,108,530
2,367,700		Laurel Springs, NJ, (Series A) BANs, 3.750%, 9/13/2023	2,381,206

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		New Jersey— continued
$ 4,000,000		New Jersey Turnpike Authority, RBC Muni Products (Series G-119) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.080%, Optional Tender 1/3/2023	$ 4,000,000
7,835,000		North Caldwell, NJ BANs, 4.500%, 7/13/2023	7,865,455
5,759,000		Ocean Township, NJ (Ocean County) BANs, 3.750%, 9/6/2023	5,797,492
4,460,000		Old Tappan, NJ BANs, 4.500%, 3/1/2023	4,468,166
5,500,000		Red Bank, NJ BANs, 3.500%, 1/27/2023	5,504,240
2,045,000		Riverside Township, NJ BANs, 4.750%, 8/16/2023	2,053,419
8,500,000		Tenafly, NJ BANs, 4.500%, 5/26/2023	8,532,441
		TOTAL	97,769,824
		New Mexico— 0.2%
6,705,000		New Mexico State Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), Barclays 3a-7 Credit Enhanced (Series 2022-034) VRENs, (Barclays Bank plc LIQ)/(Barclays Bank plc LOC), 2.100%, 12/1/2022	6,705,000
		New York— 15.7%
3,935,213		Battery Park, NY City Authority, RBC Muni Products (Series 2019-E-137) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.930%, 12/1/2022	3,935,213
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), 2.050%, 12/1/2022	11,210,000
9,200,000		East Irondequoit, NY Central School District BANs, 4.250%, 6/28/2023	9,264,954
1,750,000		Greenport, NY Union Free School District TANs, 4.500%, 4/3/2023	1,754,675
20,000,000		Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2012A-2) Weekly VRDNs, (Bank of Montreal LOC), 2.000%, 12/1/2022	20,000,000
10,490,000		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), 1.950%, 12/1/2022	10,490,000
8,340,000		Metropolitan Transportation Authority, NY, (Series 2022-XX1236) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank plc LIQ), 2.020%, 12/1/2022	8,340,000
21,500,000		Metropolitan Transportation Authority, NY, (Subseries 2005E-1) Weekly VRDNs, (Barclays Bank PLC LOC), 1.880%, 12/1/2022	21,500,000
25,000,000		New York City, NY Municipal Water Finance Authority, (Series 2010CC) Weekly VRDNs, (Barclays Bank PLC LIQ), 1.880%, 12/1/2022	25,000,000
19,000,000		New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2009 Series BB-1) Daily VRDNs, (UBS AG LIQ), 1.020%, 12/1/2022	19,000,000
19,850,000		New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2009 Series BB-2) Daily VRDNs, (Landesbank Hessen-Thuringen LIQ), 1.020%, 12/1/2022	19,850,000
15,000,000		New York City, NY Transitional Finance Authority, (Subseries A2) Daily VRDNs, (UBS AG LIQ), 1.020%, 12/1/2022	15,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		New York— continued
$ 16,185,000		New York City, NY, (Fiscal 2006 Series I-8) Daily VRDNs, (State Street Bank and Trust Co. LIQ), 1.050%, 12/1/2022	$ 16,185,000
6,395,000		New York City, NY, (Fiscal 2008 Subseries L-4) Daily VRDNs, (U.S. Bank, N.A. LOC), 1.050%, 12/1/2022	6,395,000
6,000,000		New York City, NY, (Fiscal 2010 Series G Subseries G-4) Weekly VRDNs, (Barclays Bank PLC LIQ), 1.880%, 12/1/2022	6,000,000
2,200,000		New York City, NY, (Fiscal 2012 Series A-4) Weekly VRDNs, (MUFG Bank Ltd. LOC), 1.880%, 12/1/2022	2,200,000
10,000,000		New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 2.050%, 12/1/2022	10,000,000
3,635,000		New York State Dormitory Authority (Blythedale Children’s Hospital), (Series 2009) Weekly VRDNs, (TD Bank, N.A. LOC), 1.920%, 12/1/2022	3,635,000
3,000,000		New York State Dormitory Authority (Northwell Healthcare, Inc.), Tender Option Bond Trust Certificates (Series 2022-XL0272) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 2.020%, 12/1/2022	3,000,000
5,500,000		New York State HFA (10 Barclay Street Housing LLC), (Series A) Weekly VRDNs, (Federal National Mortgage Association LOC), 1.800%, 12/7/2022	5,500,000
3,500,000		New York State HFA (100 Maiden Lane), (2004 Series A) Weekly VRDNs, (Federal National Mortgage Association LOC), 1.850%, 12/7/2022	3,500,000
17,000,000		New York State HFA (17th and 10th Associates, LLC), (Series 2009A: Related-Taconic West 17th Street) Weekly VRDNs, (Federal National Mortgage Association LOC), 1.800%, 12/7/2022	17,000,000
83,795,000		New York State HFA (42nd and 10th Street Associates LLC), (Series 2022-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.100%, 12/1/2022	83,795,000
2,500,000		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), 2.020%, 12/1/2022	2,500,000
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), 1.980%, 12/1/2022	5,475,000
8,300,000		New York State Power Authority, (Series 2), CP, (JPMorgan Chase Bank, N.A. LIQ)/(State Street Bank and Trust Co. LIQ)/(TD Bank, N.A. LIQ)/(Wells Fargo Bank, N.A. LIQ), 2.600%, Mandatory Tender 12/6/2022	8,300,000
5,850,000		New York State Thruway Authority, Tender Option Bond Certificates (Series 2022-XL0312) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 2.050%, 12/1/2022	5,850,000
35,500,000		Northport - East Northport, NY Unified Free School District TANs, 3.500%, 3/1/2023	35,591,502
40,900,000		Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Royal Bank of Canada LIQ), 1.950%, 12/1/2022	40,900,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		New York— continued
$ 11,000,000		Penn-Yan, NY Central School District BANs, 4.250%, 6/28/2023	$ 11,073,316
18,000,000		Riverhead, NY Central School District, (Series B) TANs, 4.000%, 6/28/2023	18,141,749
30,000,000		Syosset, NY CSD TANs, 4.000%, 6/28/2023	30,236,331
20,000,000		Triborough Bridge & Tunnel Authority, NY, (Series B-2A) Weekly VRDNs, (State Street Bank and Trust Co. LOC), 2.000%, 12/7/2022	20,000,000
10,350,000		Troy, NY Enlarged CSD BANs, 4.000%, 6/8/2023	10,449,683
6,000,000		West Genesee, NY Central School District RANs, 3.500%, 12/28/2022	6,005,471
		TOTAL	517,077,894
		North Carolina— 0.3%
10,000,000		Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), (Series 2007E) Daily VRDNs, (TD Bank, N.A. LOC), 1.000%, 12/1/2022	10,000,000
		Ohio— 3.8%
4,000,000		Cleveland, OH, Tender Option Bond Trust Receipts (Series 2018-XF2657) Weekly VRDNs, (Bank of America N.A. LIQ), 2.040%, 12/1/2022	4,000,000
15,585,000		Franklin County, OH Hospital Facility Authority (Nationwide Children’s Hospital), (Series 2013A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.860%, 12/1/2022	15,585,000
10,750,000		Franklin County, OH Mortgage Revenue (Trinity Healthcare Credit Group), (Series 2013OH) TOBs, 3.300%, Mandatory Tender 2/1/2023	10,750,000
2,190,000		Licking County, OH, Airport Facilities Improvement BANs Series 2022) BANs, 4.000%, 8/29/2023	2,207,984
1,095,000		Lorain County, OH, (Series B) BANs, 2.000%, 12/15/2022	1,095,669
23,640,000		Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.050%, 12/1/2022	23,640,000
9,200,000		Ohio State (Capital Facilities Lease-Appropriation -Adult Correction Building Fund), (Series 2016C) Weekly VRDNs, (Ohio State LIQ), 2.000%, 12/7/2022	9,200,000
29,145,000		Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series B-5), CP, 1.800%, Mandatory Tender 12/1/2022	29,145,000
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), 1.940%, 12/1/2022	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), 2.050%, 12/1/2022	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), 2.100%, Optional Tender 12/1/2022	10,000,000
		TOTAL	124,708,653

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		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), 1.950%, 12/1/2022	$ 3,410,000
		Oregon— 0.3%
5,000,000		Oregon State Department of Transportation, (Series A-1), CP, (Wells Fargo Bank, N.A. LOC), 2.470%, Mandatory Tender 12/1/2022	5,000,000
1,250,000		Oregon State Department of Transportation, (Series A-1), CP, (Wells Fargo Bank, N.A. LOC), 3.000%, Mandatory Tender 2/1/2023	1,250,000
3,400,000		Oregon State Department of Transportation, (Series A-2), CP, (Bank of Montreal LOC), 3.000%, Mandatory Tender 2/1/2023	3,400,000
		TOTAL	9,650,000
		Pennsylvania— 6.2%
6,400,000		Allegheny County, PA HDA (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 1.870%, 12/1/2022	6,400,000
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), 1.980%, 12/1/2022	4,490,000
2,065,000		Chester County, PA HEFA (Tel Hai Obligated Group Project), (Series of 2009) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 1.970%, 12/1/2022	2,065,000
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), 2.100%, Optional Tender 1/3/2023	11,995,000
23,300,000		Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), (2008 Series A) Weekly VRDNs, (Bank of America N.A. LOC), 1.840%, 12/7/2022	23,300,000
12,605,000		Pennsylvania State Turnpike Commission, (Series 2022-ZL0364) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.050%, 12/1/2022	12,605,000
9,500,000		Pennsylvania State Turnpike Commission, PUTTERs (Series 5025) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 1.080%, 12/1/2022	9,500,000
24,830,000		Pennsylvania State Turnpike Commission, PUTTERs (Series 5026) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 1.080%, 12/1/2022	24,830,000
7,180,000		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), 1.980%, 12/1/2022	7,180,000
1,525,000		Philadelphia, PA Authority for Industrial Development (Susquehanna Net Zero Housing, L.P.), Tender Option Bond Trust Floater Certificates (2020-MIZ9051) VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.150%, 12/1/2022	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), 1.980%, 12/1/2022	6,865,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Pennsylvania— continued
$ 59,475,000		Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 1.910%, 12/1/2022	$ 59,475,000
18,700,000		Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019E) Daily VRDNs, (U.S. Bank, N.A. LIQ), 1.070%, 12/1/2022	18,700,000
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), 1.980%, 12/1/2022	14,000,000
		TOTAL	202,930,000
		South Carolina— 0.4%
5,530,000		South Carolina State Public Service Authority, Tender Option Bond Trust Certificates (Series 2022-XL0313) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 2.020%, 12/1/2022	5,530,000
6,670,000		South Carolina Transportation Infrastructure Bank, Tender Option Bond Trust Receipts (Series G-109) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Optional Tender 4/3/2023	6,670,000
		TOTAL	12,200,000
		Tennessee— 4.7%
2,300,000		Blount County, TN Public Building Authority (Knox County, TN), (Series C-3-A) Weekly VRDNs, (Truist Bank LIQ), 2.000%, 12/1/2022	2,300,000
23,620,000		Johnson City, TN Health & Education Facilities Board (Ballad Health), (Series 2022B) Weekly VRDNs, (Truist Bank LOC), 1.920%, 12/1/2022	23,620,000
3,150,000		Metropolitan Government Nashville & Davidson County, TN HEFA (Meharry Medical College), (Series 2009) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 1.880%, 12/2/2022	3,150,000
23,000,000		Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 2.850%, Mandatory Tender 2/1/2023	23,000,000
7,500,000		Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs, (Truist Bank LOC), 2.000%, 12/1/2022	7,500,000
58,800,000		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), 1.030%, 12/1/2022	58,800,000
36,320,000		Shelby County, TN Health Education & Housing Facilities Board (Methodist Le Bonheur Healthcare), (Series 2008B) Daily VRDNs, (Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ), 1.070%, 12/1/2022	36,320,000
		TOTAL	154,690,000
		Texas— 8.0%
11,005,000		Dallas, TX, (Series A), CP, 2.350%, Mandatory Tender 12/7/2022	11,005,000
3,485,000		Dallas, TX, (Series A), CP, 2.800%, Mandatory Tender 12/7/2022	3,485,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Texas— continued
$ 3,060,000		El Paso, TX Housing Finance Corp., Mizuho 3A-7 (2022-MIZ9104) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	$ 3,060,000
7,100,000		Gulf Coast, TX IDA (Exxon Mobil Corp.), (Series 2012) Daily VRDNs, 1.000%, 12/1/2022	7,100,000
95,000,000		Harris County, TX Cultural Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP, 1.050%, Mandatory Tender 12/1/2022	95,000,000
7,600,000		Port Arthur Navigation District, TX IDC (TOTAL Petrochemicals USA, Inc.), (Series 2012B) Weekly VRDNs, (GTD by TotalEnergies SE), 1.890%, 12/7/2022	7,600,000
10,600,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002B) Daily VRDNs, 1.950%, 12/1/2022	10,600,000
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), 1.890%, 12/7/2022	41,000,000
20,000,000		San Antonio, TX Electric & Gas System, (2012 Series A), CP, 2.750%, Mandatory Tender 12/8/2022	20,000,000
6,075,000		Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Care System), (Series 2011C) Daily VRDNs, (TD Bank, N.A. LOC), 1.000%, 12/1/2022	6,075,000
8,565,000		Tarrant County, TX Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), (Series 2008A) Daily VRDNs, (TD Bank, N.A. LOC), 1.000%, 12/1/2022	8,565,000
10,000,000		Texas State Affordable Housing Corp., Tender Option Bond Trust Receipts (Series 2022-XF3033) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022	10,000,000
40,000,000		Texas State, (Veterans Bonds Series 2022) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 1.950%, 12/7/2022	40,000,000
		TOTAL	263,490,000
		Virginia— 1.6%
1,700,000		Fairfax County, VA EDA (Young Men’s Christian Association of Metropolitan Washington), (Series 2001) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 1.970%, 12/2/2022	1,700,000
6,500,000		Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003D) Weekly VRDNs, 1.900%, 12/7/2022	6,500,000
335,000		Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), (Series 2017C) Weekly VRDNs, (Truist Bank LOC), 2.000%, 12/1/2022	335,000
9,885,000		Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series 2016B) Weekly VRDNs, 1.800%, 12/7/2022	9,885,000
5,000,000		Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series C-19) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.940%, 12/1/2022	5,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Virginia— continued
$ 6,000,000		Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series C-20) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.940%, 12/1/2022	$ 6,000,000
2,000,000		University of Virginia (The Rectors and Visitors of), Solar Eclipse (Series 2017-0017) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 1.950%, 12/1/2022	2,000,000
8,585,000		Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipts (Series 2020-XF0926) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.050%, 12/1/2022	8,585,000
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), 2.050%, 12/1/2022	1,540,000
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), 2.050%, 12/1/2022	3,600,000
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), 2.050%, 12/1/2022	2,515,000
3,555,000		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), 2.100%, Optional Tender 2/1/2023	3,555,000
		TOTAL	51,215,000
		West Virginia— 0.2%
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), 1.950%, 12/1/2022	1,475,000
5,635,000		West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 2.000%, 12/1/2022	5,635,000
		TOTAL	7,110,000
		Wisconsin— 2.4%
4,000,000		Fort Atkinson, WI School District BANs, 4.000%, 6/22/2023	4,008,400
16,646,000		Public Finance Authority, WI (Agape Meadowcreek, Inc.), Tender Option Bond Trust Floater Certificates (Series 2022-XF3026) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022	16,646,000
2,790,000		Public Finance Authority, WI (Atlantic Housing Foundation, Inc.), Mizuho 3a-7 (2022-MIZ9092) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	2,790,000
31,420,000		Public Finance Authority, WI (Bradford Preparatory School), (Series 2022-XF2997) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	31,420,000
11,061,000		Wisconsin Center District, Tender Option Bond Trust Receipts (Series 2020-XF1208) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 2.020%, 12/1/2022	11,061,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Wisconsin— continued
$ 13,600,000		Wisconsin State, (Series A) Weekly VRDNs, 2.000%, 12/1/2022	$ 13,600,000
		TOTAL	79,525,400
		TOTAL INVESTMENT IN SECURITIES—99.4% (AT AMORTIZED COST)2	3,269,137,730
		OTHER ASSETS AND LIABILITIES - NET—0.6%3	19,141,243
		TOTAL NET ASSETS—100%	$3,288,278,973

At November 30, 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 November 30, 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 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

Semi-Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2022	Year Ended May 31,			Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2022	2022	2021	2020	Period Ended 5/31/20191	2018	2017
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.007	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	0.0002	0.002
Total From Investment Operations	0.007	0.001	0.001	0.012	0.012	0.010	0.008
Less Distributions:
Distributions from net investment income	(0.007)	(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	(0.000)2	(0.002)
Total Distributions	(0.007)	(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	$1.00
Total Return3	0.70%	0.09%	0.06%	1.19%	1.22%	1.03%	0.77%
Ratios to Average Net Assets:
Net expenses4	0.21%5	0.15%	0.21%	0.21%	0.21%5	0.21%	0.21%
Net investment income	1.40%5	0.08%	0.06%	1.14%	1.46%5	1.03%	0.57%
Expense waiver/ reimbursement6	0.08%5	0.15%	0.09%	0.08%	0.09%5	0.09%	0.09%
Supplemental Data:
Net assets, end of period (000 omitted)	$2,928,409	$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

Semi-Annual Shareholder Report

Financial Highlights–Advisor Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2022	Year Ended May 31,			Period Ended 5/31/20191, 2
	Six Months Ended (unaudited) 11/30/2022	2022	2021	2020	Period Ended 5/31/20191, 2
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.007	0.001	0.001	0.012	0.006
Net realized gain (loss)	0.0003	0.0003	0.0003	0.0003	(0.000)3
Total From Investment Operations	0.007	0.001	0.001	0.012	0.006
Less Distributions:
Distributions from net investment income	(0.007)	(0.001)	(0.001)	(0.012)	(0.006)
Distributions from net realized gain	(0.000)3	(0.000)3	(0.000)3	(0.000)3	—
Total Distributions	(0.007)	(0.001)	(0.001)	(0.012)	(0.006)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return4	0.70%	0.09%	0.06%	1.19%	0.55%
Ratios to Average Net Assets:
Net expenses5	0.21%6	0.16%	0.21%	0.21%	0.22%6
Net investment income	1.57%6	0.12%	0.07%	1.06%	1.61%6
Expense waiver/reimbursement7	0.08%6	0.14%	0.09%	0.09%	0.09%6
Supplemental Data:
Net assets, end of period (000 omitted)	$169,954	$41,546	$18,161	$42,186	$5,368

1	Reflects operations for the period from January 18, 2019 (commencement of operations) 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

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2022	Year Ended May 31,			Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2022	2022	2021	2020	Period Ended 5/31/20191	2018	2017
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.006	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	0.0002	0.002
Total From Investment Operations	0.006	0.0002	0.0002	0.009	0.010	0.008	0.005
Less Distributions:
Distributions from net investment income	(0.006)	(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	(0.000)2	(0.002)
Total Distributions	(0.006)	(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	$1.00
Total Return3	0.57%	0.04%	0.01%	0.93%	1.01%	0.78%	0.52%
Ratios to Average Net Assets:
Net expenses4	0.46%5	0.20%	0.26%	0.46%	0.46%5	0.46%	0.46%
Net investment income	1.16%5	0.03%	0.01%	0.90%	1.20%5	0.75%	0.31%
Expense waiver/reimbursement6	0.08%5	0.35%	0.29%	0.08%	0.09%5	0.09%	0.09%
Supplemental Data:
Net assets, end of period (000 omitted)	$189,915	$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

Semi-Annual Shareholder Report

Notes to Financial Statements

November 30, 2022 (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

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

Investment Income, Gains and Losses, Expenses and Distributions

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

Other Service Fees

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

Semi-Annual Shareholder Report

For the six months ended November 30, 2022, other service fees for the Fund were as follows:

	Other Service Fees Incurred
Service Shares	$206,397

For the six months ended November 30, 2022, the Fund’s Wealth Shares and Advisor Shares did not incur other service fees.

Federal Taxes

It is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended November 30, 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 November 30, 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

Restricted Securities

Other

Semi-Annual Shareholder Report

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 11/30/2022		Year Ended 5/31/2022
Wealth Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	2,820,064	$2,820,064	3,133,791	$3,133,791
Shares issued to shareholders in payment of distributions declared	12,192	12,192	1,278	1,278
Shares redeemed	(2,278,119)	(2,278,119)	(3,176,400)	(3,176,400)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	554,137	$554,137	(41,331)	$(41,331)
	Six Months Ended 11/30/2022		Year Ended 5/31/2022
Advisor Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	261,818	$261,818	36,197	$36,197
Shares issued to shareholders in payment of distributions declared	701	701	28	28
Shares redeemed	(134,110)	(134,110)	(12,838)	(12,838)
NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS	128,409	$128,409	23,387	$23,387
	Six Months Ended 11/30/2022		Year Ended 5/31/2022
Service Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	174,220	$174,220	278,917	$278,917
Shares issued to shareholders in payment of distributions declared	499	499	34	34
Shares redeemed	(145,878)	(145,878)	(344,024)	(344,024)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	28,841	$28,841	(65,073)	$(65,073)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	711,387	$711,387	(83,017)	$(83,017)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Semi-Annual Shareholder Report

Administrative Fee

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

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

For the six months ended November 30, 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 six months ended November 30, 2022, FSSC received $2,697 of the other service fees disclosed in Note 2.

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses 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

Semi-Annual Shareholder Report

Directors’/Trustees’ and Miscellaneous Fees

5. INTERFUND LENDING

6. INDEMNIFICATIONS

7. OTHER MATTERS

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2022

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

Information Received and Review Process

Semi-Annual Shareholder Report

Nature, Extent and Quality of Services

Semi-Annual Shareholder Report

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

Fund Investment Performance

Semi-Annual Shareholder Report

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

Fund Expenses

Semi-Annual Shareholder Report

Profitability

Economies of Scale

Semi-Annual Shareholder Report

Other Benefits

Semi-Annual Shareholder Report

Conclusions

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments

November 30, 2022 (unaudited)

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— 99.4%
		Alabama— 5.0%
$ 7,510,000		Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 1.100%, 12/1/2022	$ 7,510,000
8,600,000		Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily VRDNs, 1.100%, 12/1/2022	8,600,000
50,000,000		Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-D) Weekly VRDNs, 2.020%, 12/7/2022	50,000,000
2,735,000		Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 1.100%, 12/1/2022	2,735,000
3,100,000		Eutaw, AL Industrial Development Board PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 1.100%, 12/1/2022	3,100,000
13,000,000		Mobile, AL IDB (Alabama Power Co.), (Second Series 2009) Daily VRDNs, 1.120%, 12/1/2022	13,000,000
44,300,000		Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly VRDNs, 2.020%, 12/7/2022	44,300,000
33,810,000		West Jefferson, AL IDB PCRB (Alabama Power Co.), (Series 1998) Weekly VRDNs, 2.020%, 12/1/2022	33,810,000
		TOTAL	163,055,000
		Alaska— 0.4%
13,540,000		Valdez, AK Marine Terminal (Exxon Pipeline Co.), (Series 1993 C) Daily VRDNs, (Exxon Mobil Corp. GTD), 1.000%, 12/1/2022	13,540,000
		Arizona— 0.9%
30,000,000		Arizona State IDA (Vaseo Apartments LP), Mizuho 3a-7 (2021-MIZ9088) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	30,000,000
		California— 9.8%
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), 2.050%, 12/1/2022	40,000,000
3,610,000		California HFA, Mizuho 3a-7 (Series 2022-MIZ9097) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	3,610,000
19,850,000		California HFA, Tender Option Bond Trust Floater Certificates (Series 2022-XF3059) Weekly VRDNs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.100%, 12/1/2022	19,850,000
4,350,000		California Infrastructure & Economic Development Bank (Los Angeles Society for the Prevention of Cruelty to Animals), (Series 2002A) Weekly VRDNs, (Bank of New York Mellon, N.A. LOC), 1.870%, 12/1/2022	4,350,000
7,500,000		California Municipal Finance Authority (Montague Parkway Associates LP), Tender Option Bond Trust Floater Certificates (2020-MIZ9041) Daily VRDNs, (Federal Home Loan Mortgage Corp. GTD)/(Mizuho Bank Ltd. LIQ), 1.100%, 12/1/2022	7,500,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		California— continued
$ 8,815,000		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), 2.100%, 12/1/2022	$ 8,815,000
8,471,000		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), 2.150%, 12/1/2022	8,471,000
11,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 2.020%, Mandatory Tender 12/14/2022	11,000,000
12,395,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 2.000%, Mandatory Tender 12/13/2022	12,395,000
7,310,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 2.020%, Mandatory Tender 12/7/2022	7,310,000
20,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 3.100%, Mandatory Tender 3/2/2023	20,000,000
13,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 2.780%, Mandatory Tender 3/7/2023	13,000,000
12,500,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-1), CP, 1.900%, Mandatory Tender 12/7/2022	12,500,000
8,300,000		California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2017 Series AA: One Uptown Newport Apartments) Weekly VRDNs, (Comerica Bank LOC), 1.950%, 12/1/2022	8,300,000
4,500,000		California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2017 Series BB: One Uptown Newport Apartments) Weekly VRDNs, (Federal Home Loan Bank of Des Moines LOC), 1.940%, 12/1/2022	4,500,000
28,180,000		California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2021 Series A: One Uptown Newport Apartments) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 1.960%, 12/1/2022	28,180,000
4,655,000		Davis Joint Unified School District, CA, Tender Option Bond Trust Certificates (Series 2019-XM0730) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 2.020%, 12/1/2022	4,655,000
7,075,000		Foothill/Eastern Transportation Corridor Agency, CA, Tender Option Bond Trust Certificates (2019-XL011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 2.020%, 12/1/2022	7,075,000
21,185,000		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 2022-MIZ9110) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	21,185,000
32,200,000		San Francisco, CA City and County (Block 9 MRU Residential LLC), Mizuho 3A-7 (Series 2022-MIZ9100) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	32,200,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		California— continued
$ 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), 2.150%, 12/1/2022	$ 13,400,000
28,625,000		Sweetwater, CA Union High School District, Tender Option Bond Trust (Series 2022-XF1394) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.020%, 12/1/2022	28,625,000
5,000,000		Western Placer, CA Unified School District, Tender Option Bond Trust Receipts (Series 2017-XG0152) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 2.020%, 12/1/2022	5,000,000
		TOTAL	321,921,000
		Colorado— 1.4%
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), 1.080%, 12/1/2022	17,570,000
2,279,265		Colorado HFA (Steele San Juan, LLC), Mizuho 3a-7 (Series 2021-MIZ9068) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	2,279,265
25,772,000		Colorado HFA, (Series 2022-XF3035) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022	25,772,000
		TOTAL	45,621,265
		Connecticut— 0.9%
26,235,000		Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.050%, 12/1/2022	26,235,000
3,465,000		Shelton, CT Housing Authority (Crosby Commons), (Series 1998) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 1.970%, 12/1/2022	3,465,000
		TOTAL	29,700,000
		Florida— 11.4%
19,240,000		Clearwater, FL Water and Sewer Authority, Solar Eclipse (Series 2017-0014) Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.990%, 12/1/2022	19,240,000
18,400,000		Escambia County, FL Solid Waste Disposal (Gulf Power Co.), (First Series 2009) Daily VRDNs, 1.100%, 12/1/2022	18,400,000
4,230,000		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), 2.100%, 12/1/2022	4,230,000
13,000,000		Hillsborough County, FL IDA (Baycare Health System), (Series 2020B) Daily VRDNs, (TD Bank, N.A. LOC), 1.000%, 12/1/2022	13,000,000
25,000,000		JEA, FL Electric System, (Series 2008C-3), CP, (Royal Bank of Canada LIQ), 2.650%, Mandatory Tender 12/6/2022	25,000,000
6,075,000		JEA, FL Electric System, (Series Three 2008A) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.870%, 12/7/2022	6,075,000
24,450,000		JEA, FL Electric System, (Series Three 2008B-2: Senior Revenue Bonds) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.870%, 12/7/2022	24,450,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Florida— continued
$ 14,300,000		Manatee County, FL (Florida Power & Light Co.), Pollution Control Revenue Refunding Bonds (Series 1994) Daily VRDNs, 1.150%, 12/1/2022	$ 14,300,000
14,500,000		Martin County, FL (Florida Power & Light Co.), (Series 2022) Weekly VRDNs, 1.950%, 12/1/2022	14,500,000
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), 2.150%, 12/1/2022	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), 2.150%, 12/1/2022	1,400,000
46,170,000		Miami-Dade County, FL School District, (Series 2022) TANs, 4.000%, 2/23/2023	46,350,092
3,160,000		Miami-Dade County, FL Seaport, Tender Option Bond Trust Certificates (Series 2022-ZL0343) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 2.050%, 12/1/2022	3,160,000
16,500,000		Polk County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs, 2.200%, 12/1/2022	16,500,000
111,160,000		St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 1.050%, 12/1/2022	111,160,000
3,700,000		Tampa-Hillsborough County, FL Expressway Authority, RBC Muni Products (Series G-113) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Optional Tender 1/3/2023	3,700,000
6,440,000		Tolomato Community Development District, FL, (Series 2022-XL0297) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 2.020%, 12/1/2022	6,440,000
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), 1.080%, 12/1/2022	44,500,000
		TOTAL	374,900,092
		Georgia— 0.3%
805,000		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), 1.930%, 12/1/2022	805,000
3,330,000		Columbia County, GA Development Authority (Schools for Arts-Infused Learning, Inc.), Tender Option Bond Trust Receipts (2022-XF2966) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.100%, 12/1/2022	3,330,000
7,525,000		Municipal Electric Authority of Georgia, (Series 2022-XG0417) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 2.010%, 12/1/2022	7,525,000
		TOTAL	11,660,000
		Idaho— 0.2%
6,500,000		Idaho Health Facilities Authority (Trinity Healthcare Credit Group), (Series 2013ID) TOBs, 3.300%, Mandatory Tender 2/1/2023	6,500,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Illinois— 3.3%
$ 600,000		Chicago, IL MFH Revenue (Churchview Manor Senior Apartments), (Series 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 2.240%, 12/1/2022	$ 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), 2.000%, 12/1/2022	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), 2.000%, 12/1/2022	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), 2.000%, 12/1/2022	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), 1.950%, 12/1/2022	27,000,000
8,780,000		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), 1.980%, 12/1/2022	8,780,000
16,233,602		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), 2.200%, Optional Tender 12/15/2022	16,233,602
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), 1.980%, 12/1/2022	33,750,000
2,960,000		Sales Tax Securitization Corp., IL, Tender Option Bond Trust Certificates (Series 2022-XL0294) Weekly VRDNs, (Barclays Bank plc LIQ)/(Build America Mutual Assurance INS), 2.000%, 12/1/2022	2,960,000
		TOTAL	107,523,602
		Indiana— 3.2%
17,440,000		Indiana State Finance Authority (Ascension Health Alliance Senior Credit Group), (Series 2008E-4) Weekly VRDNs, 1.820%, 12/7/2022	17,440,000
50,000,000		Indiana State Finance Authority (Trinity Healthcare Credit Group), (Series 2008 D-2), CP, 2.000%, Mandatory Tender 1/4/2023	50,000,000
12,140,000		Indiana State Finance Authority Environmental (Ispat Inland Inc.), (Series 2005) Weekly VRDNs, (Cooperatieve Rabobank UA LOC), 2.000%, 12/7/2022	12,140,000
25,200,000		Indiana State Finance Authority Hospital Revenue (Parkview Health System Obligated Group), (Series 2009D) Daily VRDNs, (Wells Fargo Bank, N.A. LOC), 1.050%, 12/1/2022	25,200,000
		TOTAL	104,780,000
		Kentucky— 0.6%
16,465,000		Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 1.880%, 12/2/2022	16,465,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Kentucky— continued
$ 3,965,000		Kentucky State Property & Buildings Commission, RBC Muni Products (Series G-116) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Mandatory Tender 5/1/2023	$ 3,965,000
		TOTAL	20,430,000
		Louisiana— 0.1%
910,000		Louisiana Local Government Environmental Facilities CDA (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs, (Federal Home Loan Bank of Dallas LOC), 1.980%, 12/7/2022	910,000
3,100,000		Louisiana State Housing Corporation (Peace Lake Louisiana Tower Community L.P.), Tender Option Bond Trust Floater Certificates (Series 2020-MIZ9053) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	3,100,000
		TOTAL	4,010,000
		Maryland— 2.7%
7,500,000		Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Optional Tender 1/3/2023	7,500,000
30,000,000		Maryland State Economic Development Corp. (929 N Wolfe Street LLC), (Series 2022-XF3015) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 2.120%, 12/1/2022	30,000,000
53,000,000		Montgomery County, MD (Trinity Healthcare Credit Group), (Series 2013MD) TOBs, 2.580%, Mandatory Tender 12/1/2022	53,000,000
		TOTAL	90,500,000
		Michigan— 2.2%
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), 2.000%, 12/1/2022	4,000,000
11,100,000		Michigan State Building Authority, (Series III) VRENs, 1.960%, 12/1/2022	11,100,000
40,560,000		Michigan State Finance Authority Revenue (Trinity Healthcare Credit Group), (Series 2013MI-1) TOBs, 2.580%, Mandatory Tender 12/1/2022	40,560,000
8,850,000		Michigan State Strategic Fund (Henry Ford Museum & Greenfield Village) Daily VRDNs, (Comerica Bank LOC), 1.150%, 12/1/2022	8,850,000
2,990,000		Michigan Strategic Fund (Washtenaw Christian Academy), (Series 2008) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 1.880%, 12/2/2022	2,990,000
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), 2.000%, 12/1/2022	4,000,000
		TOTAL	71,500,000
		Minnesota— 0.6%
19,500,000		Dakota County, MN Community Development Agency, (Series 2022-XF3050) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022	19,500,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Mississippi— 0.9%
$ 30,600,000		Perry County, MS (Leaf River Cellulose LLC), (Series 2021) Weekly VRDNs, (GTD by Georgia-Pacific LLC), 1.930%, 12/1/2022	$ 30,600,000
		Missouri— 0.4%
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), 2.150%, 12/1/2022	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), 2.150%, 12/1/2022	2,500,000
10,000,000		Missouri State HEFA (Stowers Institute for Medical Research), RBC Muni Products (Series 2018 C-16) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.950%, 12/1/2022	10,000,000
		TOTAL	13,600,000
		Montana— 0.2%
7,815,000		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), 2.150%, 12/1/2022	7,815,000
		Multi-State— 7.0%
116,000,000		Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly VRDPs, (Societe Generale, Paris LIQ), 1.960%, 12/1/2022	116,000,000
88,400,000		Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, (Series 2) Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 1.960%, 12/1/2022	88,400,000
25,000,000		Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) Weekly VRDPs, (Barclays Bank PLC LIQ), 1.950%, 12/1/2022	25,000,000
		TOTAL	229,400,000
		Nebraska— 0.7%
21,600,000		Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 1.950%, 12/1/2022	21,600,000
		Nevada— 0.3%
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), 2.150%, 12/1/2022	10,500,000
		New Jersey— 3.0%
11,140,000		Clark Township, NJ BANs, 1.000%, 12/2/2022	11,140,188
4,303,451		Cranbury Township, NJ BANs, 3.750%, 8/31/2023	4,333,887
2,688,415		Englewood Cliffs, NJ BANs, 4.500%, 8/9/2023	2,697,942
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), 2.020%, 12/1/2022	20,940,000
9,892,000		Glen Rock, NJ BANs, 4.750%, 7/20/2023	9,946,858
8,050,000		Hackensack, NJ BANs, 3.750%, 8/30/2023	8,108,530
2,367,700		Laurel Springs, NJ, (Series A) BANs, 3.750%, 9/13/2023	2,381,206

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		New Jersey— continued
$ 4,000,000		New Jersey Turnpike Authority, RBC Muni Products (Series G-119) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.080%, Optional Tender 1/3/2023	$ 4,000,000
7,835,000		North Caldwell, NJ BANs, 4.500%, 7/13/2023	7,865,455
5,759,000		Ocean Township, NJ (Ocean County) BANs, 3.750%, 9/6/2023	5,797,492
4,460,000		Old Tappan, NJ BANs, 4.500%, 3/1/2023	4,468,166
5,500,000		Red Bank, NJ BANs, 3.500%, 1/27/2023	5,504,240
2,045,000		Riverside Township, NJ BANs, 4.750%, 8/16/2023	2,053,419
8,500,000		Tenafly, NJ BANs, 4.500%, 5/26/2023	8,532,441
		TOTAL	97,769,824
		New Mexico— 0.2%
6,705,000		New Mexico State Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), Barclays 3a-7 Credit Enhanced (Series 2022-034) VRENs, (Barclays Bank plc LIQ)/(Barclays Bank plc LOC), 2.100%, 12/1/2022	6,705,000
		New York— 15.7%
3,935,213		Battery Park, NY City Authority, RBC Muni Products (Series 2019-E-137) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.930%, 12/1/2022	3,935,213
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), 2.050%, 12/1/2022	11,210,000
9,200,000		East Irondequoit, NY Central School District BANs, 4.250%, 6/28/2023	9,264,954
1,750,000		Greenport, NY Union Free School District TANs, 4.500%, 4/3/2023	1,754,675
20,000,000		Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2012A-2) Weekly VRDNs, (Bank of Montreal LOC), 2.000%, 12/1/2022	20,000,000
10,490,000		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), 1.950%, 12/1/2022	10,490,000
8,340,000		Metropolitan Transportation Authority, NY, (Series 2022-XX1236) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank plc LIQ), 2.020%, 12/1/2022	8,340,000
21,500,000		Metropolitan Transportation Authority, NY, (Subseries 2005E-1) Weekly VRDNs, (Barclays Bank PLC LOC), 1.880%, 12/1/2022	21,500,000
25,000,000		New York City, NY Municipal Water Finance Authority, (Series 2010CC) Weekly VRDNs, (Barclays Bank PLC LIQ), 1.880%, 12/1/2022	25,000,000
19,000,000		New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2009 Series BB-1) Daily VRDNs, (UBS AG LIQ), 1.020%, 12/1/2022	19,000,000
19,850,000		New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2009 Series BB-2) Daily VRDNs, (Landesbank Hessen-Thuringen LIQ), 1.020%, 12/1/2022	19,850,000
15,000,000		New York City, NY Transitional Finance Authority, (Subseries A2) Daily VRDNs, (UBS AG LIQ), 1.020%, 12/1/2022	15,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		New York— continued
$ 16,185,000		New York City, NY, (Fiscal 2006 Series I-8) Daily VRDNs, (State Street Bank and Trust Co. LIQ), 1.050%, 12/1/2022	$ 16,185,000
6,395,000		New York City, NY, (Fiscal 2008 Subseries L-4) Daily VRDNs, (U.S. Bank, N.A. LOC), 1.050%, 12/1/2022	6,395,000
6,000,000		New York City, NY, (Fiscal 2010 Series G Subseries G-4) Weekly VRDNs, (Barclays Bank PLC LIQ), 1.880%, 12/1/2022	6,000,000
2,200,000		New York City, NY, (Fiscal 2012 Series A-4) Weekly VRDNs, (MUFG Bank Ltd. LOC), 1.880%, 12/1/2022	2,200,000
10,000,000		New York City, NY, Stage Trust 3a-7 (Series 2020-003) VRENs, (Wells Fargo Bank, N.A. LIQ), 2.050%, 12/1/2022	10,000,000
3,635,000		New York State Dormitory Authority (Blythedale Children’s Hospital), (Series 2009) Weekly VRDNs, (TD Bank, N.A. LOC), 1.920%, 12/1/2022	3,635,000
3,000,000		New York State Dormitory Authority (Northwell Healthcare, Inc.), Tender Option Bond Trust Certificates (Series 2022-XL0272) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 2.020%, 12/1/2022	3,000,000
5,500,000		New York State HFA (10 Barclay Street Housing LLC), (Series A) Weekly VRDNs, (Federal National Mortgage Association LOC), 1.800%, 12/7/2022	5,500,000
3,500,000		New York State HFA (100 Maiden Lane), (2004 Series A) Weekly VRDNs, (Federal National Mortgage Association LOC), 1.850%, 12/7/2022	3,500,000
17,000,000		New York State HFA (17th and 10th Associates, LLC), (Series 2009A: Related-Taconic West 17th Street) Weekly VRDNs, (Federal National Mortgage Association LOC), 1.800%, 12/7/2022	17,000,000
83,795,000		New York State HFA (42nd and 10th Street Associates LLC), (Series 2022-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.100%, 12/1/2022	83,795,000
2,500,000		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), 2.020%, 12/1/2022	2,500,000
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), 1.980%, 12/1/2022	5,475,000
8,300,000		New York State Power Authority, (Series 2), CP, (JPMorgan Chase Bank, N.A. LIQ)/(State Street Bank and Trust Co. LIQ)/(TD Bank, N.A. LIQ)/(Wells Fargo Bank, N.A. LIQ), 2.600%, Mandatory Tender 12/6/2022	8,300,000
5,850,000		New York State Thruway Authority, Tender Option Bond Certificates (Series 2022-XL0312) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 2.050%, 12/1/2022	5,850,000
35,500,000		Northport - East Northport, NY Unified Free School District TANs, 3.500%, 3/1/2023	35,591,502
40,900,000		Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Royal Bank of Canada LIQ), 1.950%, 12/1/2022	40,900,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		New York— continued
$ 11,000,000		Penn-Yan, NY Central School District BANs, 4.250%, 6/28/2023	$ 11,073,316
18,000,000		Riverhead, NY Central School District, (Series B) TANs, 4.000%, 6/28/2023	18,141,749
30,000,000		Syosset, NY CSD TANs, 4.000%, 6/28/2023	30,236,331
20,000,000		Triborough Bridge & Tunnel Authority, NY, (Series B-2A) Weekly VRDNs, (State Street Bank and Trust Co. LOC), 2.000%, 12/7/2022	20,000,000
10,350,000		Troy, NY Enlarged CSD BANs, 4.000%, 6/8/2023	10,449,683
6,000,000		West Genesee, NY Central School District RANs, 3.500%, 12/28/2022	6,005,471
		TOTAL	517,077,894
		North Carolina— 0.3%
10,000,000		Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), (Series 2007E) Daily VRDNs, (TD Bank, N.A. LOC), 1.000%, 12/1/2022	10,000,000
		Ohio— 3.8%
4,000,000		Cleveland, OH, Tender Option Bond Trust Receipts (Series 2018-XF2657) Weekly VRDNs, (Bank of America N.A. LIQ), 2.040%, 12/1/2022	4,000,000
15,585,000		Franklin County, OH Hospital Facility Authority (Nationwide Children’s Hospital), (Series 2013A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.860%, 12/1/2022	15,585,000
10,750,000		Franklin County, OH Mortgage Revenue (Trinity Healthcare Credit Group), (Series 2013OH) TOBs, 3.300%, Mandatory Tender 2/1/2023	10,750,000
2,190,000		Licking County, OH, Airport Facilities Improvement BANs Series 2022) BANs, 4.000%, 8/29/2023	2,207,984
1,095,000		Lorain County, OH, (Series B) BANs, 2.000%, 12/15/2022	1,095,669
23,640,000		Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.050%, 12/1/2022	23,640,000
9,200,000		Ohio State (Capital Facilities Lease-Appropriation -Adult Correction Building Fund), (Series 2016C) Weekly VRDNs, (Ohio State LIQ), 2.000%, 12/7/2022	9,200,000
29,145,000		Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series B-5), CP, 1.800%, Mandatory Tender 12/1/2022	29,145,000
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), 1.940%, 12/1/2022	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), 2.050%, 12/1/2022	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), 2.100%, Optional Tender 12/1/2022	10,000,000
		TOTAL	124,708,653

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		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), 1.950%, 12/1/2022	$ 3,410,000
		Oregon— 0.3%
5,000,000		Oregon State Department of Transportation, (Series A-1), CP, (Wells Fargo Bank, N.A. LOC), 2.470%, Mandatory Tender 12/1/2022	5,000,000
1,250,000		Oregon State Department of Transportation, (Series A-1), CP, (Wells Fargo Bank, N.A. LOC), 3.000%, Mandatory Tender 2/1/2023	1,250,000
3,400,000		Oregon State Department of Transportation, (Series A-2), CP, (Bank of Montreal LOC), 3.000%, Mandatory Tender 2/1/2023	3,400,000
		TOTAL	9,650,000
		Pennsylvania— 6.2%
6,400,000		Allegheny County, PA HDA (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 1.870%, 12/1/2022	6,400,000
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), 1.980%, 12/1/2022	4,490,000
2,065,000		Chester County, PA HEFA (Tel Hai Obligated Group Project), (Series of 2009) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 1.970%, 12/1/2022	2,065,000
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), 2.100%, Optional Tender 1/3/2023	11,995,000
23,300,000		Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), (2008 Series A) Weekly VRDNs, (Bank of America N.A. LOC), 1.840%, 12/7/2022	23,300,000
12,605,000		Pennsylvania State Turnpike Commission, (Series 2022-ZL0364) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.050%, 12/1/2022	12,605,000
9,500,000		Pennsylvania State Turnpike Commission, PUTTERs (Series 5025) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 1.080%, 12/1/2022	9,500,000
24,830,000		Pennsylvania State Turnpike Commission, PUTTERs (Series 5026) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 1.080%, 12/1/2022	24,830,000
7,180,000		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), 1.980%, 12/1/2022	7,180,000
1,525,000		Philadelphia, PA Authority for Industrial Development (Susquehanna Net Zero Housing, L.P.), Tender Option Bond Trust Floater Certificates (2020-MIZ9051) VRENs, (Mizuho Bank Ltd. LIQ)/(Mizuho Bank Ltd. LOC), 2.150%, 12/1/2022	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), 1.980%, 12/1/2022	6,865,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Pennsylvania— continued
$ 59,475,000		Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 1.910%, 12/1/2022	$ 59,475,000
18,700,000		Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019E) Daily VRDNs, (U.S. Bank, N.A. LIQ), 1.070%, 12/1/2022	18,700,000
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), 1.980%, 12/1/2022	14,000,000
		TOTAL	202,930,000
		South Carolina— 0.4%
5,530,000		South Carolina State Public Service Authority, Tender Option Bond Trust Certificates (Series 2022-XL0313) Weekly VRDNs, (Build America Mutual Assurance INS)/(Wells Fargo Bank, N.A. LIQ), 2.020%, 12/1/2022	5,530,000
6,670,000		South Carolina Transportation Infrastructure Bank, Tender Option Bond Trust Receipts (Series G-109) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 2.100%, Optional Tender 4/3/2023	6,670,000
		TOTAL	12,200,000
		Tennessee— 4.7%
2,300,000		Blount County, TN Public Building Authority (Knox County, TN), (Series C-3-A) Weekly VRDNs, (Truist Bank LIQ), 2.000%, 12/1/2022	2,300,000
23,620,000		Johnson City, TN Health & Education Facilities Board (Ballad Health), (Series 2022B) Weekly VRDNs, (Truist Bank LOC), 1.920%, 12/1/2022	23,620,000
3,150,000		Metropolitan Government Nashville & Davidson County, TN HEFA (Meharry Medical College), (Series 2009) Weekly VRDNs, (Fifth Third Bank, N.A. LOC), 1.880%, 12/2/2022	3,150,000
23,000,000		Metropolitan Government Nashville & Davidson County, TN, (2014 Program), CPX, 2.850%, Mandatory Tender 2/1/2023	23,000,000
7,500,000		Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs, (Truist Bank LOC), 2.000%, 12/1/2022	7,500,000
58,800,000		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), 1.030%, 12/1/2022	58,800,000
36,320,000		Shelby County, TN Health Education & Housing Facilities Board (Methodist Le Bonheur Healthcare), (Series 2008B) Daily VRDNs, (Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ), 1.070%, 12/1/2022	36,320,000
		TOTAL	154,690,000
		Texas— 8.0%
11,005,000		Dallas, TX, (Series A), CP, 2.350%, Mandatory Tender 12/7/2022	11,005,000
3,485,000		Dallas, TX, (Series A), CP, 2.800%, Mandatory Tender 12/7/2022	3,485,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Texas— continued
$ 3,060,000		El Paso, TX Housing Finance Corp., Mizuho 3A-7 (2022-MIZ9104) VRENs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	$ 3,060,000
7,100,000		Gulf Coast, TX IDA (Exxon Mobil Corp.), (Series 2012) Daily VRDNs, 1.000%, 12/1/2022	7,100,000
95,000,000		Harris County, TX Cultural Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP, 1.050%, Mandatory Tender 12/1/2022	95,000,000
7,600,000		Port Arthur Navigation District, TX IDC (TOTAL Petrochemicals USA, Inc.), (Series 2012B) Weekly VRDNs, (GTD by TotalEnergies SE), 1.890%, 12/7/2022	7,600,000
10,600,000		Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002B) Daily VRDNs, 1.950%, 12/1/2022	10,600,000
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), 1.890%, 12/7/2022	41,000,000
20,000,000		San Antonio, TX Electric & Gas System, (2012 Series A), CP, 2.750%, Mandatory Tender 12/8/2022	20,000,000
6,075,000		Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Care System), (Series 2011C) Daily VRDNs, (TD Bank, N.A. LOC), 1.000%, 12/1/2022	6,075,000
8,565,000		Tarrant County, TX Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), (Series 2008A) Daily VRDNs, (TD Bank, N.A. LOC), 1.000%, 12/1/2022	8,565,000
10,000,000		Texas State Affordable Housing Corp., Tender Option Bond Trust Receipts (Series 2022-XF3033) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022	10,000,000
40,000,000		Texas State, (Veterans Bonds Series 2022) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 1.950%, 12/7/2022	40,000,000
		TOTAL	263,490,000
		Virginia— 1.6%
1,700,000		Fairfax County, VA EDA (Young Men’s Christian Association of Metropolitan Washington), (Series 2001) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo LOC), 1.970%, 12/2/2022	1,700,000
6,500,000		Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003D) Weekly VRDNs, 1.900%, 12/7/2022	6,500,000
335,000		Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), (Series 2017C) Weekly VRDNs, (Truist Bank LOC), 2.000%, 12/1/2022	335,000
9,885,000		Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series 2016B) Weekly VRDNs, 1.800%, 12/7/2022	9,885,000
5,000,000		Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series C-19) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.940%, 12/1/2022	5,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Virginia— continued
$ 6,000,000		Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series C-20) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.940%, 12/1/2022	$ 6,000,000
2,000,000		University of Virginia (The Rectors and Visitors of), Solar Eclipse (Series 2017-0017) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 1.950%, 12/1/2022	2,000,000
8,585,000		Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipts (Series 2020-XF0926) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.050%, 12/1/2022	8,585,000
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), 2.050%, 12/1/2022	1,540,000
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), 2.050%, 12/1/2022	3,600,000
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), 2.050%, 12/1/2022	2,515,000
3,555,000		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), 2.100%, Optional Tender 2/1/2023	3,555,000
		TOTAL	51,215,000
		West Virginia— 0.2%
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), 1.950%, 12/1/2022	1,475,000
5,635,000		West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 2.000%, 12/1/2022	5,635,000
		TOTAL	7,110,000
		Wisconsin— 2.4%
4,000,000		Fort Atkinson, WI School District BANs, 4.000%, 6/22/2023	4,008,400
16,646,000		Public Finance Authority, WI (Agape Meadowcreek, Inc.), Tender Option Bond Trust Floater Certificates (Series 2022-XF3026) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.120%, 12/1/2022	16,646,000
2,790,000		Public Finance Authority, WI (Atlantic Housing Foundation, Inc.), Mizuho 3a-7 (2022-MIZ9092) VRENs, (GTD by Mizuho Bank Ltd.)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	2,790,000
31,420,000		Public Finance Authority, WI (Bradford Preparatory School), (Series 2022-XF2997) Weekly VRDNs, (Mizuho Bank Ltd. GTD)/(Mizuho Bank Ltd. LIQ), 2.150%, 12/1/2022	31,420,000
11,061,000		Wisconsin Center District, Tender Option Bond Trust Receipts (Series 2020-XF1208) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 2.020%, 12/1/2022	11,061,000

Semi-Annual Shareholder Report

Principal Amount			Value
	1	SHORT-TERM MUNICIPALS— continued
		Wisconsin— continued
$ 13,600,000		Wisconsin State, (Series A) Weekly VRDNs, 2.000%, 12/1/2022	$ 13,600,000
		TOTAL	79,525,400
		TOTAL INVESTMENT IN SECURITIES—99.4% (AT AMORTIZED COST)2	3,269,137,730
		OTHER ASSETS AND LIABILITIES - NET—0.6%3	19,141,243
		TOTAL NET ASSETS—100%	$3,288,278,973

At November 30, 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 November 30, 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 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

Semi-Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 11/30/2022	Year Ended May 31,			Period Ended 5/31/20191	Year Ended July 31,
	Six Months Ended (unaudited) 11/30/2022	2022	2021	2020	Period Ended 5/31/20191	2018	2017
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.007	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	0.0002	0.002
Total From Investment Operations	0.007	0.001	0.001	0.012	0.012	0.010	0.008
Less Distributions:
Distributions from net investment income	(0.007)	(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	(0.000)2	(0.002)
Total Distributions	(0.007)	(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	$1.00
Total Return3	0.70%	0.09%	0.06%	1.19%	1.22%	1.03%	0.77%
Ratios to Average Net Assets:
Net expenses4	0.21%5	0.15%	0.21%	0.21%	0.21%5	0.21%	0.21%
Net investment income	1.40%5	0.08%	0.06%	1.14%	1.46%5	1.03%	0.57%
Expense waiver/ reimbursement6	0.08%5	0.15%	0.09%	0.08%	0.09%5	0.09%	0.09%
Supplemental Data:
Net assets, end of period (000 omitted)	$2,928,409	$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.

Semi-Annual Shareholder Report

Notes to Financial Statements

November 30, 2022 (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

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

Semi-Annual Shareholder Report

For the six months ended November 30, 2022, other service fees for the Fund were as follows:

	Other Service Fees Incurred
Service Shares	$206,397

For the six months ended November 30, 2022, the Fund’s Wealth Shares and Advisor Shares did not incur other service fees.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

Semi-Annual Shareholder Report

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 11/30/2022		Year Ended 5/31/2022
Wealth Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	2,820,064	$2,820,064	3,133,791	$3,133,791
Shares issued to shareholders in payment of distributions declared	12,192	12,192	1,278	1,278
Shares redeemed	(2,278,119)	(2,278,119)	(3,176,400)	(3,176,400)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	554,137	$554,137	(41,331)	$(41,331)
	Six Months Ended 11/30/2022		Year Ended 5/31/2022
Advisor Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	261,818	$261,818	36,197	$36,197
Shares issued to shareholders in payment of distributions declared	701	701	28	28
Shares redeemed	(134,110)	(134,110)	(12,838)	(12,838)
NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS	128,409	$128,409	23,387	$23,387
	Six Months Ended 11/30/2022		Year Ended 5/31/2022
Service Shares:	Shares (000’s omitted)	Amount (000’s omitted)	Shares (000’s omitted)	Amount (000’s omitted)
Shares sold	174,220	$174,220	278,917	$278,917
Shares issued to shareholders in payment of distributions declared	499	499	34	34
Shares redeemed	(145,878)	(145,878)	(344,024)	(344,024)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	28,841	$28,841	(65,073)	$(65,073)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	711,387	$711,387	(83,017)	$(83,017)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Semi-Annual Shareholder Report

Administrative Fee

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

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

For the six months ended November 30, 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 six months ended November 30, 2022, FSSC received $2,697 of the other service fees disclosed in Note 2.

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses 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

Semi-Annual Shareholder Report

Directors’/Trustees’ and Miscellaneous Fees

5. INTERFUND LENDING

6. INDEMNIFICATIONS

7. OTHER MATTERS

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

	Beginning Account Value 6/1/2022	Ending Account Value 11/30/2022	Expenses Paid During Period1
Actual	$1,000.00	$1,007.00	$1.06
Hypothetical (assuming a 5% return before expenses)	$1,000.00	$1,024.02	$1.07

1	Expenses are equal to the Fund’s Wealth Shares annualized net expense ratio of 0.21%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half-year period).

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2022

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

Information Received and Review Process

Semi-Annual Shareholder Report

Nature, Extent and Quality of Services

Semi-Annual Shareholder Report

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

Fund Investment Performance

Semi-Annual Shareholder Report

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

Fund Expenses

Semi-Annual Shareholder Report

Profitability

Economies of Scale

Semi-Annual Shareholder Report

Other Benefits

Semi-Annual Shareholder Report

Conclusions

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Item 2.

Code of Ethics

Not Applicable

Item 3.

Audit Committee Financial Expert

Not Applicable

Item 4.

Principal Accountant Fees and Services

Not Applicable

Item 5.

Audit Committee of Listed Registrants

Not Applicable

Item 6.

Schedule of Investments

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

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

Item 7.

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

Not Applicable

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not Applicable

Item 9.

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

Not Applicable

Item 10.

Submission of Matters to a Vote of Security Holders

No Changes to Report

Item 11.

Controls and Procedures

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

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

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the 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 January 23, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By /S/ J. Christopher Donahue

J. Christopher Donahue

Principal Executive Officer

Date January 23, 2023

By /S/ Lori A. Hensler

Lori A. Hensler

Principal Financial Officer

Date January 23, 2023

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

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	76.0%
Municipal Notes	18.0%
Commercial Paper	6.3%
Other Assets and Liabilities—Net2	(0.3)%
TOTAL	100%

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	62.1%
8-30 Days	3.3%
31-90 Days	24.9%
91-180 Days	2.8%
181 Days or more	7.2%
Other Assets and Liabilities—Net2	(0.3)%
Total	100%

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
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
IDRB	—Industrial Development Revenue Bond
INS	—Insured
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MFH	—Multi-Family Housing
PCFA	—Pollution Control Financing Authority
PCRB	—Pollution Control Revenue Bond
PCRBs	—Pollution Control Revenue Bonds
PUTTERs	—Puttable Tax-Exempt Receipts
TANs	—Tax Anticipation Notes
TOBs	—Tender Option Bonds
VMTP	—Variable Municipal Term Preferred
VRDNs	—Variable Rate Demand Notes
VRDPs	—Variable Rate Demand Preferreds
VRENs	—Variable Rate Extendible Notes

Assets:
Investment in securities, at amortized cost and fair value	$2,864,285,742
Cash	3,437,510
Income receivable	9,356,449
Receivable for investments sold	24,887,771
Receivable for shares sold	2,390,397
Total Assets	2,904,357,869
Liabilities:
Payable for investments purchased	38,979,829
Payable for shares redeemed	9,584,928
Income distribution payable	340,977
Payable for investment adviser fee (Note 4)	8,643
Payable for administrative fee (Note 4)	6,130
Payable for Directors’/Trustees’ fees (Note 4)	109
Payable for distribution services fee (Note 4)	102,464
Payable for other service fees (Notes 2 and 4)	141,905
Accrued expenses (Note 4)	126,846
Total Liabilities	49,291,831
Net assets for 2,855,015,691 shares outstanding	$2,855,066,038
Net Assets Consist of:
Paid-in capital	$2,854,995,379
Total distributable earnings (loss)	70,659
Total Net Assets	$2,855,066,038

Portfolio of Investments Summary Tables	1
Portfolio of Investments	2
Financial Highlights	16
Statement of Assets and Liabilities	24
Statement of Operations	26
Statement of Changes in Net Assets	27
Notes to Financial Statements	28
Shareholder Expense Example	37
Evaluation and Approval of Advisory Contract	39
Voting Proxies on Fund Portfolio Securities	49
Portfolio Schedule	49

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

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

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Automated Shares:
$4,377,023 ÷ 4,376,946 shares outstanding, no par value, unlimited shares authorized	$1.00
Investment Shares:
$4,033,458 ÷ 4,033,387 shares outstanding, no par value, unlimited shares authorized	$1.00
Wealth Shares:
$2,160,488,978 ÷ 2,160,450,864 shares outstanding, no par value, unlimited shares authorized	$1.00
Service Shares:
$229,936,916 ÷ 229,932,861 shares outstanding, no par value, unlimited shares authorized	$1.00
Cash II Shares:
$66,957,074 ÷ 66,955,894 shares outstanding, no par value, unlimited shares authorized	$1.00
Cash Series Shares:
$197,861,570 ÷ 197,858,088 shares outstanding, no par value, unlimited shares authorized	$1.00
Capital Shares:
$191,411,019 ÷ 191,407,651 shares outstanding, no par value, unlimited shares authorized	$1.00

Investment Income:
Interest	$24,917,552
Expenses:
Investment adviser fee (Note 4)	2,862,503
Administrative fee (Note 4)	1,122,899
Custodian fees	42,753
Transfer agent fees (Note 2)	252,665
Directors’/Trustees’ fees (Note 4)	8,989
Auditing fees	11,851
Legal fees	4,229
Portfolio accounting fees	125,779
Distribution services fee (Note 4)	796,503
Other service fees (Notes 2 and 4)	968,434
Share registration costs	93,967
Printing and postage	21,216
Miscellaneous (Note 4)	10,609
TOTAL EXPENSES	6,322,397
Waivers and Reimbursements:
Waiver of investment adviser fee (Note 4)	(1,253,460)
Waivers/reimbursements of other operating expenses (Notes 2 and 4)	(191,814)
TOTAL WAIVERS AND REIMBURSEMENTS	(1,445,274)
Net expenses	4,877,123
Net investment income	20,040,429
Change in net assets resulting from operations	$20,040,429

	Six Months Ended (unaudited) 11/30/2022	Year Ended 5/31/2022
Increase (Decrease) in Net Assets
Operations:
Net investment income	$20,040,429	$2,176,337
Net realized gain (loss)	—	69,113
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	20,040,429	2,245,450
Distributions to Shareholders:
Automated Shares	(335,661)	(242,884)
Investment Shares	(13,904)	(720)
Wealth Shares	(15,614,472)	(1,667,616)
Service Shares	(1,536,629)	(127,174)
Cash II Shares	(296,764)	(9,913)
Cash Series Shares	(810,926)	(37,090)
Capital Shares	(1,431,863)	(177,141)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(20,040,219)	(2,262,538)
Share Transactions:
Proceeds from sale of shares	3,378,335,781	3,952,421,143
Net asset value of shares issued to shareholders in payment of distributions declared	18,470,106	2,064,912
Cost of shares redeemed	(3,754,811,666)	(3,710,160,577)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(358,005,779)	244,325,478
Change in net assets	(358,005,569)	244,308,390
Net Assets:
Beginning of period	3,213,071,607	2,968,763,217
End of period	$2,855,066,038	$3,213,071,607

Assets:
Investment in securities, at amortized cost and fair value	$3,269,137,730
Cash	5,777,995
Income receivable	10,498,996
Receivable for investments sold	57,947,222
Receivable for shares sold	17,616,669
Total Assets	3,360,978,612
Liabilities:
Payable for investments purchased	67,843,400
Payable for shares redeemed	3,398,473
Income distribution payable	1,403,178
Payable for investment adviser fee (Note 4)	10,421
Payable for administrative fee (Note 4)	7,016
Accrued expenses (Note 4)	37,151
Total Liabilities	72,699,639
Net assets for 3,288,266,380 shares outstanding	$3,288,278,973
Net Assets Consist of:
Paid-in capital	$3,288,246,897
Total distributable earnings (loss)	32,076
Total Net Assets	$3,288,278,973
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Wealth Shares:
$2,928,409,237 ÷ 2,928,397,916 shares outstanding, no par value, unlimited shares authorized	$1.00
Advisor Shares:
$169,954,437 ÷ 169,953,905 shares outstanding, no par value, unlimited shares authorized	$1.00
Service Shares:
$189,915,299 ÷ 189,914,559 shares outstanding, no par value, unlimited shares authorized	$1.00

Investment Income:
Interest	$23,422,329
Expenses:
Investment adviser fee (Note 4)	2,887,305
Administrative fee (Note 4)	1,132,397
Custodian fees	42,935
Transfer agent fees	13,296
Directors’/Trustees’ fees (Note 4)	7,865
Auditing fees	11,851
Legal fees	1,575
Portfolio accounting fees	105,241
Other service fees (Notes 2 and 4)	206,397
Share registration costs	59,478
Printing and postage	14,085
Miscellaneous (Note 4)	31,796
TOTAL EXPENSES	4,514,221
Waiver of investment adviser fee (Note 4)	(1,205,414)
Net expenses	3,308,807
Net investment income	20,113,522
Net realized gain on investments	26,809
Change in net assets resulting from operations	$20,140,331