United States
Securities and Exchange Commission
Washington, D.C. 20549
Form
Certified Shareholder Report
of Registered Management Investment Companies
811-5950
(Investment Company Act File Number)
(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: 2026-07-31
Date of Reporting Period:
| Item 1. | Reports to Stockholders |
| Item 2. | Code of Ethics |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
| Item 3. | Audit Committee Financial Expert |
The registrant’s Board has determined that each of the following members of the Board’s Audit Committee is an “audit committee financial expert,” and is “independent,” for purposes of this Item 3: John G. Carson, Thomas M. O’Neill and John S. Walsh.
| Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2026 - $408,476
Fiscal year ended 2025 - $406,082
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2026 - $4,326*
Fiscal year ended 2025 - $4,326*
*Fiscal year ended 2026 & 2025 - Audit consent fee for N-1A filing.
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2026 - $0
Fiscal year ended 2025 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2026 - $0
Fiscal year ended 2025 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. The Audit Committee is required to pre-concur with independence conclusions made by the independent auditor regarding non-audit services to be provided by the independent auditor to the Funds, the Funds Board of Directors, or any entity that is controlled directly or indirectly by the Funds. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval (and pre-concurrence for non-audit services) by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate to management its responsibilities to pre-approve services performed by the independent auditor.
The Audit Committee has delegated pre-approval/pre-concurrence authority to its chairman (the “Chairman”) for services that do not exceed a specified dollar threshold. The Chairman or Chief Audit Executive will report any such pre-approval/pre-concurrence decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval/pre-concurrence authority when the Chairman is unavailable.
AUDIT SERVICES
The annual audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain audit services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the RIC’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved/pre-concurred certain tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved/pre-concurred by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of permissible services other than audit, review or attest services the pre-approval/pre-concurrence requirement is waived if:
(1) With respect to such services rendered to the Funds, the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the audit client to its accountant during the fiscal year in which the services are provided; and,
(2) With respect to such services rendered to the Fund’s investment adviser ( the “Adviser”)and any entity controlling, controlled by to under common control with the Adviser such as affiliated non-U.S. and U.S. funds not under the Audit Committee’s purview and which do not fall within a category of service which has been determined by the Audit Committee not to have a direct impact on the operations or financial reporting of the RIC, the aggregate amount of all services provided constitutes no more than five percent of the total amount of revenues paid to the RIC’s auditor by the RIC, its Adviser and any entity controlling, controlled by, or under common control with the Adviser during the fiscal year in which the services are provided; and
(3) Such services were not recognized by the issuer or RIC at the time of the engagement to be non-audit services; and
(4) Such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Audit Committee.
The Audit Committee may grant general pre-approval/pre-concurrence to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services, and would not impair the independence of the auditor.
The Securities and Exchange Commission’s (the “SEC”) rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval/concurrence by the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Accounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2026 – 0%
Fiscal year ended 2025 - 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2026 – 0%
Fiscal year ended 2025 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2026 – 0%
Fiscal year ended 2025 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) NA
(g) Non-Audit Fees billed to the registrant, the registrant’s Adviser, and certain entities controlling, controlled by or under common control with the Adviser:
Fiscal year ended 2026 - $810,400
Fiscal year ended 2025 - $165,250
(h) The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s Adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) Not Applicable
(j) 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 Financial Statements filed under Item 7 of this form.
(b) Not Applicable
| Item 7. | Financial Statements and Financial Highlights for Open-End Management Companies |
Annual Financial Statements
and Additional Information
and Additional Information
July 31, 2026
|
Shares | Ticker
|
Select | GRTXX
|
Institutional | GOIXX
|
Service | GOSXX
|
Administrative | GOEXX
|
|
|
Cash
II | GFYXX
|
Cash
Series | GFSXX
|
Capital | GOCXX
|
Trust | GORXX
|
|
|
Premier | GOFXX
|
Advisor | GOVXX
|
SDG | GPHXX
|
|
Federated Hermes Government Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
Not FDIC Insured ▪ May
Lose Value ▪ No Bank Guarantee
CONTENTS
Portfolio
of Investments
July 31, 2026
|
Principal
Amount
|
|
|
Value
|
|
|
|
REPURCHASE
AGREEMENTS—50.8% |
|
|
$ 500,000,000
|
|
Interest
in $1,000,000,000 joint repurchase agreement 3.66%, dated 7/31/2026 under which Bank of Montreal will
repurchase
securities provided as collateral for $1,001,728,333 on 8/17/2026. The securities provided as collateral
at
the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with
various
maturities to 8/1/2056 and the market value of those underlying securities was $1,020,311,100. |
$ 500,000,000
|
|
749,000,000
|
|
Interest
in $1,000,000,000 joint repurchase agreement 3.66%, dated 7/31/2026 under which BMO Capital Markets
Corp.
will repurchase securities provided as collateral for $1,002,440,000 on 8/24/2026. The securities provided as
collateral
at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities
with
various maturities to 7/1/2056 and the market value of those underlying securities was $1,020,311,101. |
749,000,000
|
|
550,000,000
|
|
Interest
in $1,000,000,000 joint repurchase agreement 3.67%, dated 7/15/2026 under which Credit Agricole
Corporate
and Investment Bank will repurchase securities provided as collateral for $1,003,364,167 on 8/17/2026.
The
securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were
U.S.
Treasury securities with various maturities to 2/15/2055 and the market value of those underlying securities
was
$1,021,975,684. |
550,000,000
|
|
825,000,000
|
|
Interest
in $1,000,000,000 joint repurchase agreement 3.69%, dated 7/30/2026 under which Societe Generale, New
York
will repurchase securities provided as collateral for $1,000,717,500 on 8/6/2026. The securities provided as
collateral
at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with
various
maturities to 5/15/2056 and the market value of those underlying securities was $1,020,418,262. |
825,000,000
|
|
134,050,000
|
|
Interest
in $1,050,000,000 joint repurchase agreement 3.65%, dated 7/31/2026 under which BMO Capital Markets
Corp.
will repurchase securities provided as collateral for $1,050,319,375 on 8/3/2026. The securities provided as
collateral
at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities
with
various maturities to 6/20/2066 and the market value of those underlying securities was $1,081,828,957. |
134,050,000
|
|
900,000,000
|
|
Interest
in $2,000,000,000 joint repurchase agreement 3.65%, dated 5/4/2026 under which BNP Paribas S.A. will
repurchase
securities provided as collateral for $2,018,655,556 on 8/4/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities
to
5/15/2033 and the market value of those underlying securities was $2,059,028,714. |
900,000,000
|
|
800,000,000
|
|
Interest
in $2,000,000,000 joint repurchase agreement 3.66%, dated 7/13/2026 under which Credit Agricole
Corporate
and Investment Bank will repurchase securities provided as collateral for $2,006,303,333 on 8/13/2026.
The
securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were
U.S.
Treasury securities with various maturities to 5/15/2056 and the market value of those underlying securities
was
$2,044,355,400. |
800,000,000
|
|
1,650,000,000
|
|
Interest
in $2,000,000,000 joint repurchase agreement 3.69%, dated 7/30/2026 under which Societe Generale, New
York
will repurchase securities provided as collateral for $2,001,230,000 on 8/5/2026. The securities provided as
collateral
at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and
U.S.
Treasury securities with various maturities to 6/20/2076 and the market value of those underlying securities
was
$2,042,359,962. |
1,650,000,000
|
|
823,700,000
|
|
Interest
in $1,475,000,000 joint repurchase agreement 3.71%, dated 3/26/2026 under which BNP Paribas S.A. will
repurchase
securities provided as collateral for $1,503,121,285 on 9/28/2026. The securities provided as collateral
at
the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various
maturities
to 11/15/2055 and the market value of those underlying securities was $1,533,183,713. |
823,700,000
|
|
185,000,000
|
|
Interest
in $250,000,000 joint repurchase agreement 3.66%, dated 7/31/2026 under which ABN Amro Bank N.V.,
Netherlands
will repurchase securities provided as collateral for $250,076,250 on 8/3/2026. The securities provided
as
collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and
U.S.
Treasury securities with various maturities to 5/1/2056 and the market value of those underlying securities
was
$255,404,416. |
185,000,000
|
|
2,146,209,000
|
|
Interest
in $3,000,000,000 joint repurchase agreement 3.65%, dated 7/31/2026 under which Sumitomo Mitsui
Banking
Corp will repurchase securities provided as collateral for $3,000,912,500 on 8/3/2026. The securities
provided
as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government
Agency
and U.S. Treasury securities with various maturities to 11/20/2054 and the market value of those underlying
securities
was $3,060,930,750. |
2,146,209,000
|
|
898,000,000
|
|
Interest
in $3,048,000,000 joint repurchase agreement 3.64%, dated 7/31/2026 under which BNP Paribas S.A. will
repurchase
securities provided as collateral for $3,048,924,560 on 8/3/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities
to
11/15/2054 and the market value of those underlying securities was $3,109,903,105. |
898,000,000
|
|
2,850,000,000
|
|
Interest
in $3,700,000,000 joint repurchase agreement 3.67%, dated 7/2/2025 under which Bank of Montreal will
repurchase
securities provided as collateral for $3,713,201,806 on 9/10/2026. The securities provided as collateral
at
the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with
various
maturities to 7/20/2066 and the market value of those underlying securities was $3,801,055,326. |
2,850,000,000
|
|
465,055,000
|
|
Interest
in $5,000,000,000 joint repurchase agreement 3.64%, dated 7/31/2026 under which J.P. Morgan Securities
LLC
will repurchase securities provided as collateral for $5,001,516,667 on 8/3/2026. The securities provided as
collateral
at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with
various
maturities to 7/15/2031 and the market value of those underlying securities was $5,100,000,101. |
465,055,000
|
|
2,550,000,000
|
|
Interest
in $5,000,000,000 joint repurchase agreement 3.67%, dated 7/8/2026 under which J.P. Morgan Securities
LLC
will repurchase securities provided as collateral for $5,014,781,944 on 8/6/2026. The securities provided as
collateral
at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with
various
maturities to 6/30/2030 and the market value of those underlying securities was $5,100,000,087. |
2,550,000,000
|
Annual
Financial Statements and Additional Information
1
|
Principal
Amount
|
|
|
Value
|
|
|
|
REPURCHASE
AGREEMENTS—continued
|
|
|
$ 2,300,000,000
|
|
Interest
in $5,000,000,000 joint repurchase agreement 3.67%, dated 7/8/2026 under which J.P. Morgan Securities
LLC
will repurchase securities provided as collateral for $5,014,781,944 on 8/6/2026. The securities provided as
collateral
at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with
various
maturities to 10/31/2029 and the market value of those underlying securities was $5,100,000,053. |
$ 2,300,000,000
|
|
189,260,000
|
|
Interest
in $500,000,000 joint repurchase agreement 3.65%, dated 7/31/2026 under which Bank of Nova Scotia will
repurchase
securities provided as collateral for $500,152,083 on 8/3/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities and a
U.S.
Treasury security with various maturities to 7/1/2056 and the market value of those underlying securities
was
$510,155,142. |
189,260,000
|
|
322,541,000
|
|
Interest
in $502,000,000 joint repurchase agreement 3.65%, dated 7/31/2026 under which Bank of America, N.A.
will
repurchase securities provided as collateral for $502,152,692 on 8/3/2026. The securities provided as collateral
at
the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with
various
maturities to 12/1/2047 and the market value of those underlying securities was $512,195,746. |
322,541,000
|
|
1,875,000,000
|
|
Interest
in $7,025,000,000 joint repurchase agreement 3.65%, dated 7/31/2026 under which Citigroup Global
Markets,
Inc. will repurchase securities provided as collateral for $7,027,136,771 on 8/3/2026. The securities
provided
as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government
Agency
and U.S. Treasury securities with various maturities to 7/15/2068 and the market value of those underlying
securities
was $7,167,679,507. |
1,875,000,000
|
|
350,000,000
|
|
Interest
in $700,000,000 joint repurchase agreement 3.67%, dated 7/10/2026 under which Bank of Montreal will
repurchase
securities provided as collateral for $702,212,194 on 8/10/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with
various
maturities to 6/20/2076 and the market value of those underlying securities was $722,397,079. |
350,000,000
|
|
500,000,000
|
|
Interest
in $750,000,000 joint repurchase agreement 3.67%, dated 7/23/2026 under which Credit Agricole
Corporate
and Investment Bank will repurchase securities provided as collateral for $752,446,667 on 8/24/2026.
The
securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were
U.S.
Treasury securities with various maturities to 2/15/2054 and the market value of those underlying securities
was
$765,857,870. |
500,000,000
|
|
699,500,000
|
|
Interest
in $800,000,000 joint repurchase agreement 3.68%, dated 7/6/2026 under which Bank of Montreal will
repurchase
securities provided as collateral for $802,535,111 on 8/6/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with
various
maturities to 7/1/2056 and the market value of those underlying securities was $818,335,574. |
699,500,000
|
|
843,312,000
|
|
Interest
in $900,000,000 joint repurchase agreement 3.65%, dated 7/31/2026 under which Mizuho Securities USA
LLC
will repurchase securities provided as collateral for $900,273,750 on 8/3/2026. The securities provided as
collateral
at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and
U.S.
Treasury securities with various maturities to 5/20/2056 and the market value of those underlying securities
was
$918,533,978. |
843,312,000
|
|
5,000,000,000
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which Fixed Income Clearing Corporation - BNYM will
repurchase
securities provided as collateral for $5,001,516,667 on 8/3/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities
to
5/31/2033 and the market value of those underlying securities was $5,100,000,081. |
5,000,000,000
|
|
2,500,000,000
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which Fixed Income Clearing Corporation - JPM will
repurchase
a security provided as collateral for $2,500,758,333 on 8/3/2026. The security provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, was a U.S. Government Agency security maturing on
12/31/2029
and the market value of that underlying security was $2,550,000,061. |
2,500,000,000
|
|
450,002,006
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which Metropolitan Life Insurance Co. will repurchase
securities
provided as collateral for $450,165,882 on 8/3/2026. The securities provided as collateral at the end of
the
period held with State Street Bank & Trust Co. as custodian, were U.S. Government Agency securities with
various
maturities to 2/15/2036 and the market value of those underlying securities was $459,169,801. |
450,002,006
|
|
2,000,000,000
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which Fixed Income Clearing Corporation - BNP will
repurchase
securities provided as collateral for $2,000,606,667 on 8/3/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities
to
5/15/2046 and the market value of those underlying securities was $2,040,618,805. |
2,000,000,000
|
|
1,000,000,000
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which Fixed Income Clearing Corporation - ING will
repurchase
securities provided as collateral for $1,000,303,333 on 8/3/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities
to
5/15/2052 and the market value of those underlying securities was $1,020,309,401. |
1,000,000,000
|
|
3,200,000,000
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which Fixed Income Clearing Corporation - Wells will
repurchase
securities provided as collateral for $3,200,970,667 on 8/3/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities
to
2/15/2055 and the market value of those underlying securities was $3,264,990,124. |
3,200,000,000
|
|
1,500,000,000
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which Fixed Income Clearing Corporation - MS will
repurchase
securities provided as collateral for $1,500,455,000 on 8/3/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities
to
2/15/2035 and the market value of those underlying securities was $1,530,000,072. |
1,500,000,000
|
|
150,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which HSBC Securities (USA), Inc. will repurchase securities
provided
as collateral for $150,045,625 on 8/3/2026. The securities provided as collateral at the end of the period
held
with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to
6/1/2056
and the market value of those underlying securities was $153,000,001. |
150,000,000
|
Annual
Financial Statements and Additional Information
2
|
Principal
Amount
|
|
|
Value
|
|
|
|
REPURCHASE
AGREEMENTS—continued
|
|
|
$ 250,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which ING Financial Markets LLC will repurchase securities
provided
as collateral for $250,076,042 on 8/3/2026. The securities provided as collateral at the end of the period
held
with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to
4/1/2056
and the market value of those underlying securities was $255,482,310. |
$ 250,000,000
|
|
4,000,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Fixed Income Clearing Corporation - SSB will
repurchase
securities provided as collateral for $4,001,216,667 on 8/3/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury
securities
with various maturities to 9/1/2061 and the market value of those underlying securities
was
$4,097,136,380. |
4,000,000,000
|
|
1,000,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Bank of Montreal will repurchase securities provided
as
collateral for $1,000,304,167 on 8/3/2026. The securities provided as collateral at the end of the period held with
BNY
Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/1/2056 and the
market
value of those underlying securities was $1,020,310,250. |
1,000,000,000
|
|
800,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which BNP Paribas S.A. will repurchase securities provided as
collateral
for $800,243,333 on 8/3/2026. The securities provided as collateral at the end of the period held with
BNY
Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 11/25/2055 and
the
market value of those underlying securities was $824,250,633. |
800,000,000
|
|
1,100,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Bofa Securities, Inc. will repurchase securities provided
as
collateral for $1,100,334,583 on 8/3/2026. The securities provided as collateral at the end of the period held with
BNY
Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 7/20/2066 and
the
market value of those underlying securities was $1,122,341,276. |
1,100,000,000
|
|
3,400,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Fixed Income Clearing Corporation - BNYM will
repurchase
securities provided as collateral for $3,401,034,167 on 8/3/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury
securities
with various maturities to 6/1/2064 and the market value of those underlying securities
was
$3,501,215,964. |
3,400,000,000
|
|
700,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Fixed Income Clearing Corporation - BNYM will
repurchase
securities provided as collateral for $700,212,917 on 8/3/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with
various
maturities to 7/20/2056 and the market value of those underlying securities was $1,744,025,251. |
700,000,000
|
|
3,000,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Fixed Income Clearing Corporation - JPM will
repurchase
securities provided as collateral for $3,000,912,500 on 8/3/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with
various
maturities to 5/15/2067 and the market value of those underlying securities was $3,060,000,001. |
3,000,000,000
|
|
450,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which BMO Bank N.A. will repurchase securities provided as
collateral
for $450,136,875 on 8/3/2026. The securities provided as collateral at the end of the period held with
BNY
Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 9/1/2051 and the
market
value of those underlying securities was $463,930,777. |
450,000,000
|
|
250,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Truist Bank will repurchase securities provided as
collateral
for $250,076,042 on 8/3/2026. The securities provided as collateral at the end of the period held with
BNY
Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 11/1/2050 and
the
market value of those underlying securities was $255,000,000. |
250,000,000
|
|
2,800,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Fixed Income Clearing Corporation - Mizuho will
repurchase
securities provided as collateral for $2,800,851,667 on 8/3/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury
securities
with various maturities to 7/15/2068 and the market value of those underlying securities
was
$2,856,868,700. |
2,800,000,000
|
|
2,500,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Fixed Income Clearing Corporation - CITI will
repurchase
securities provided as collateral for $2,500,760,417 on 8/3/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities
to
9/15/2028 and the market value of those underlying securities was $2,550,000,002. |
2,500,000,000
|
|
5,500,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Fixed Income Clearing Corporation - Natixis will
repurchase
securities provided as collateral for $5,501,672,917 on 8/3/2026. The securities provided as collateral at
the
end of the period held with State Street Bank & Trust Co. as custodian, were U.S. Government Agency
securities
with various maturities to 11/15/2035 and the market value of those underlying securities
was
$5,612,636,190. |
5,500,000,000
|
|
200,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which PNC Bank, N.A. will repurchase securities provided as
collateral
for $200,060,833 on 8/3/2026. The securities provided as collateral at the end of the period held with
BNY
Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 2/1/2056 and the
market
value of those underlying securities was $204,000,001. |
200,000,000
|
|
3,000,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Fixed Income Clearing Corporation - RBC will
repurchase
securities provided as collateral for $3,000,912,500 on 8/3/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities
to
2/15/2035 and the market value of those underlying securities was $3,060,930,751. |
3,000,000,000
|
|
5,000,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Fixed Income Clearing Corporation - RBC will
repurchase
securities provided as collateral for $5,001,520,833 on 8/3/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities
to
2/15/2035 and the market value of those underlying securities was $5,101,551,251. |
5,000,000,000
|
Annual
Financial Statements and Additional Information
3
|
Principal
Amount
|
|
|
Value
|
|
|
|
REPURCHASE
AGREEMENTS—continued
|
|
|
$ 6,750,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Fixed Income Clearing Corporation - Credit Agricole
will
repurchase securities provided as collateral for $6,752,053,125 on 8/3/2026. The securities provided as
collateral
at the end of the period held with State Street Bank & Trust Co. as custodian, were U.S. Government
Agency
securities with various maturities to 2/15/2042 and the market value of those underlying securities
was
$6,887,413,397. |
$ 6,750,000,000
|
|
500,000,000
|
|
Repurchase
agreement 3.66%, dated 7/31/2026 under which TD Securities (USA), LLC will repurchase securities
provided
as collateral for $500,152,500 on 8/3/2026. The securities provided as collateral at the end of the period
held
with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to
7/20/2056
and the market value of those underlying securities was $515,157,076. |
500,000,000
|
|
3,500,000,000
|
|
Repurchase
agreement 3.66%, dated 7/31/2026 under which Australia & New Zealand Banking Group, Ltd. will
repurchase
securities provided as collateral for $3,501,067,500 on 8/3/2026. The securities provided as collateral at
the
end of the period held with State Street Bank & Trust Co. as custodian, were U.S. Government Agency
securities
with various maturities to 11/15/2055 and the market value of those underlying securities
was
$3,571,605,510. |
3,500,000,000
|
|
3,000,000,000
|
|
Repurchase
agreement 3.66%, dated 7/31/2026 under which Fixed Income Clearing Corporation - Barclays will
repurchase
securities provided as collateral for $3,000,915,000 on 8/3/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities
to
8/15/2055 and the market value of those underlying securities was $3,060,933,320. |
3,000,000,000
|
|
291,875,000
|
|
Repurchase
agreement 3.67%, dated 7/31/2026 under which Prudential Insurance Co. of America will repurchase
securities
provided as collateral for $291,964,265 on 8/3/2026. The securities provided as collateral at the end of
the
period held with State Street Bank & Trust Co. as custodian, were U.S. Government Agency securities with
various
maturities to 4/15/2030 and the market value of those underlying securities was $298,207,300. |
291,875,000
|
|
1,300,000,000
|
|
Repurchase
agreement 3.68%, dated 7/30/2026 under which Fixed Income Clearing Corporation - Wells will
repurchase
securities provided as collateral for $1,300,664,444 on 8/4/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities
to
5/31/2033 and the market value of those underlying securities was $1,326,406,738. |
1,300,000,000
|
|
2,050,000,000
|
|
Repurchase
agreement 3.68%, dated 7/30/2026 under which Fixed Income Clearing Corporation - Wells will
repurchase
securities provided as collateral for $2,051,466,889 on 8/6/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities
to
8/15/2034 and the market value of those underlying securities was $2,091,641,242. |
2,050,000,000
|
|
|
|
TOTAL
REPURCHASE AGREEMENTS |
90,247,504,006
|
|
|
|
GOVERNMENT
AGENCIES—25.0% |
|
|
250,000,000
|
|
Federal
Farm Credit System Discount Notes, 3.630%, 8/31/2026 |
249,243,750
|
|
253,900,000
|
1
|
Federal
Farm Credit System Floating Rate Notes, 3.695% (SOFR +0.045%), 8/3/2026 |
253,900,000
|
|
275,000,000
|
1
|
Federal
Farm Credit System Floating Rate Notes, 3.700% (SOFR +0.050%), 8/3/2026 |
275,000,000
|
|
200,000,000
|
1
|
Federal
Farm Credit System Floating Rate Notes, 3.710% (SOFR +0.060%), 8/3/2026 |
200,000,000
|
|
1,299,415,000
|
1
|
Federal
Farm Credit System Floating Rate Notes, 3.730% (SOFR +0.080%), 8/3/2026 |
1,299,329,564
|
|
487,850,000
|
1
|
Federal
Farm Credit System Floating Rate Notes, 3.735% (SOFR +0.085%), 8/3/2026 |
487,850,000
|
|
788,675,000
|
1
|
Federal
Farm Credit System Floating Rate Notes, 3.740% (SOFR +0.090%), 8/3/2026 |
788,675,000
|
|
2,897,350,000
|
1
|
Federal
Farm Credit System Floating Rate Notes, 3.745% (SOFR +0.095%), 8/3/2026 |
2,897,350,000
|
|
244,900,000
|
1
|
Federal
Farm Credit System Floating Rate Notes, 3.750% (SOFR +0.100%), 8/3/2026 |
244,900,000
|
|
864,750,000
|
1
|
Federal
Farm Credit System Floating Rate Notes, 3.755% (SOFR +0.105%), 8/3/2026 |
864,750,000
|
|
812,675,000
|
1
|
Federal
Farm Credit System Floating Rate Notes, 3.760% (SOFR +0.110%), 8/3/2026 |
812,675,000
|
|
425,800,000
|
1
|
Federal
Farm Credit System Floating Rate Notes, 3.765% (SOFR +0.115%), 8/3/2026 |
425,800,000
|
|
343,850,000
|
1
|
Federal
Farm Credit System Floating Rate Notes, 3.775% (SOFR +0.125%), 8/3/2026 |
343,850,000
|
|
710,850,000
|
1
|
Federal
Farm Credit System Floating Rate Notes, 3.780% - 3.790% (SOFR +0.140%), 8/3/2026 - 8/4/2026 |
710,850,000
|
|
1,525,300,000
|
1
|
Federal
Farm Credit System Floating Rate Notes, 3.780% (SOFR +0.130%), 8/3/2026 |
1,525,300,000
|
|
192,900,000
|
1
|
Federal
Farm Credit System Floating Rate Notes, 3.785% (SOFR +0.135%), 8/3/2026 |
192,900,000
|
|
844,900,000
|
1
|
Federal
Farm Credit System Floating Rate Notes, 3.800% (SOFR +0.150%), 8/3/2026 |
844,900,000
|
|
3,633,700,000
|
|
Federal
Home Loan Bank System Discount Notes, 3.509% - 3.630%, 8/19/2026 - 12/11/2026 |
3,619,569,802
|
|
287,900,000
|
1
|
Federal
Home Loan Bank System Floating Rate Notes, 3.685% (SOFR +0.035%), 8/3/2026 |
287,900,000
|
|
799,500,000
|
1
|
Federal
Home Loan Bank System Floating Rate Notes, 3.690% (SOFR +0.040%), 8/3/2026 |
799,500,000
|
|
355,000,000
|
1
|
Federal
Home Loan Bank System Floating Rate Notes, 3.695% (SOFR +0.045%), 8/3/2026 |
355,000,000
|
|
1,417,675,000
|
1
|
Federal
Home Loan Bank System Floating Rate Notes, 3.700% (SOFR +0.050%), 8/3/2026 |
1,417,675,000
|
|
763,700,000
|
1
|
Federal
Home Loan Bank System Floating Rate Notes, 3.705% (SOFR +0.055%), 8/3/2026 |
763,700,000
|
|
529,000,000
|
1
|
Federal
Home Loan Bank System Floating Rate Notes, 3.710% (SOFR +0.060%), 8/3/2026 |
529,000,000
|
|
490,750,000
|
1
|
Federal
Home Loan Bank System Floating Rate Notes, 3.725% (SOFR +0.075%), 8/3/2026 |
490,750,000
|
|
371,850,000
|
1
|
Federal
Home Loan Bank System Floating Rate Notes, 3.730% (SOFR +0.080%), 8/3/2026 |
371,850,000
|
|
174,950,000
|
1
|
Federal
Home Loan Bank System Floating Rate Notes, 3.740% (SOFR +0.090%), 8/3/2026 |
174,950,000
|
|
50,000,000
|
1
|
Federal
Home Loan Bank System Floating Rate Notes, 3.760% (SOFR +0.110%), 8/3/2026 |
50,000,000
|
|
308,850,000
|
1
|
Federal
Home Loan Bank System Floating Rate Notes, 3.770% (SOFR +0.120%), 8/3/2026 |
308,850,000
|
Annual
Financial Statements and Additional Information
4
|
Principal
Amount
|
|
|
Value
|
|
|
|
GOVERNMENT
AGENCIES—continued
|
|
|
$ 365,900,000
|
1
|
Federal
Home Loan Bank System Floating Rate Notes, 3.775% (SOFR +0.125%), 8/3/2026 |
$ 365,900,000
|
|
219,900,000
|
1
|
Federal
Home Loan Bank System Floating Rate Notes, 3.785% (SOFR +0.135%), 8/3/2026 |
219,900,000
|
|
414,800,000
|
1
|
Federal
Home Loan Bank System Floating Rate Notes, 3.795% (SOFR +0.145%), 8/3/2026 |
414,800,000
|
|
362,850,000
|
1
|
Federal
Home Loan Bank System Floating Rate Notes, 3.830% (SOFR +0.180%), 8/3/2026 |
362,850,000
|
|
200,000,000
|
1
|
Federal
Home Loan Bank System Floating Rate Notes, 4.210% (SOFR +0.560%), 8/3/2026 |
200,000,000
|
|
14,700,766,667
|
|
Federal
Home Loan Bank System, 3.500% - 4.255%, 10/23/2026 - 8/20/2027 |
14,700,766,667
|
|
399,800,000
|
1
|
Federal
Home Loan Mortgage Corp. Floating Rate Notes, 3.745% (SOFR +0.095%), 8/3/2026 |
399,800,000
|
|
732,000,000
|
1
|
Federal
Home Loan Mortgage Corp. Floating Rate Notes, 3.750% (SOFR +0.100%), 8/3/2026 |
732,000,000
|
|
573,000,000
|
1
|
Federal
Home Loan Mortgage Corp. Floating Rate Notes, 3.780% (SOFR +0.130%), 8/3/2026 |
573,000,000
|
|
1,371,850,000
|
1
|
Federal
Home Loan Mortgage Corp. Floating Rate Notes, 3.790% (SOFR +0.140%), 8/3/2026 |
1,371,850,000
|
|
913,600,000
|
1
|
Federal
National Mortgage Association Floating Rate Notes, 3.730% (SOFR +0.080%), 8/3/2026 |
913,600,000
|
|
497,850,000
|
1
|
Federal
National Mortgage Association Floating Rate Notes, 3.735% (SOFR +0.085%), 8/3/2026 |
497,837,943
|
|
508,800,000
|
1
|
Federal
National Mortgage Association Floating Rate Notes, 3.740% (SOFR +0.090%), 8/3/2026 |
508,800,000
|
|
830,700,000
|
1
|
Federal
National Mortgage Association Floating Rate Notes, 3.790% (SOFR +0.140%), 8/3/2026 |
830,700,000
|
|
349,850,000
|
1
|
Federal
National Mortgage Association Floating Rate Notes, 3.910% (SOFR +0.260%), 8/3/2026 |
350,348,572
|
|
259,979,000
|
1
|
Housing
and Urban Development Floating Rate Notes, 4.060% (91-day T-Bill +0.350%), 8/1/2026 |
259,979,000
|
|
|
|
TOTAL
GOVERNMENT AGENCIES |
44,288,150,298
|
|
|
|
U.S.
TREASURIES—22.7% |
|
|
|
2
|
U.S.
Treasury Bills—15.6% |
|
|
1,645,000,000
|
|
United
States Treasury Bills, 3.380% - 3.840%, 12/24/2026 |
1,620,789,430
|
|
1,400,000,000
|
|
United
States Treasury Bills, 3.390%, 1/21/2027 |
1,377,192,831
|
|
2,658,000,000
|
|
United
States Treasury Bills, 3.460% - 3.470%, 11/27/2026 |
2,627,828,091
|
|
940,000,000
|
|
United
States Treasury Bills, 3.500%, 8/13/2026 |
938,903,334
|
|
225,880,000
|
|
United
States Treasury Bills, 3.500%, 8/20/2026 |
225,462,749
|
|
2,397,000,000
|
|
United
States Treasury Bills, 3.540% - 3.660%, 10/1/2026 |
2,382,520,329
|
|
915,000,000
|
|
United
States Treasury Bills, 3.590%, 9/22/2026 |
910,255,217
|
|
581,500,000
|
|
United
States Treasury Bills, 3.595% - 3.656%, 3/18/2027 |
568,140,060
|
|
1,095,000,000
|
|
United
States Treasury Bills, 3.615%, 8/4/2026 |
1,094,670,131
|
|
478,000,000
|
|
United
States Treasury Bills, 3.615%, 9/15/2026 |
475,840,038
|
|
1,826,000,000
|
|
United
States Treasury Bills, 3.630%, 9/29/2026 |
1,815,136,819
|
|
2,296,000,000
|
|
United
States Treasury Bills, 3.635%, 10/6/2026 |
2,280,699,079
|
|
1,427,000,000
|
|
United
States Treasury Bills, 3.640%, 9/10/2026 |
1,421,228,578
|
|
912,000,000
|
|
United
States Treasury Bills, 3.650%, 5/13/2027 |
885,646,997
|
|
3,540,000,000
|
|
United
States Treasury Bills, 3.665%, 10/13/2026 |
3,513,691,411
|
|
939,000,000
|
|
United
States Treasury Bills, 3.665%, 12/3/2026 |
927,146,169
|
|
1,789,000,000
|
|
United
States Treasury Bills, 3.730%, 10/22/2026 |
1,773,800,457
|
|
960,000,000
|
|
United
States Treasury Bills, 3.750%, 6/10/2027 |
928,699,997
|
|
1,895,000,000
|
|
United
States Treasury Bills, 3.790%, 11/10/2026 |
1,874,850,360
|
|
|
|
TOTAL
|
27,642,502,077
|
|
|
|
U.S.
Treasury Notes—7.1% |
|
|
896,000,000
|
1
|
United
States Treasury Floating Rate Notes, 3.902% (91-day T-Bill +0.050%), 8/4/2026 |
896,000,000
|
|
1,755,000,000
|
1
|
United
States Treasury Floating Rate Notes, 3.950% (91-day T-Bill +0.098%), 8/4/2026 |
1,754,927,545
|
|
2,128,000,000
|
1
|
United
States Treasury Floating Rate Notes, 4.012% (91-day T-Bill +0.160%), 8/4/2026 |
2,128,140,680
|
|
719,500,000
|
1
|
United
States Treasury Floating Rate Notes, 4.057% (91-day T-Bill +0.205%), 8/4/2026 |
719,609,794
|
|
836,000,000
|
|
United
States Treasury Notes, 0.750% - 3.750%, 8/31/2026 |
834,351,689
|
|
389,000,000
|
|
United
States Treasury Notes, 0.875% - 3.500%, 9/30/2026 |
388,778,323
|
|
652,000,000
|
|
United
States Treasury Notes, 1.125% - 4.125%, 10/31/2026 |
651,124,091
|
|
273,500,000
|
|
United
States Treasury Notes, 1.250%, 12/31/2026 |
270,904,596
|
|
1,158,000,000
|
|
United
States Treasury Notes, 1.500% - 4.125%, 1/31/2027 |
1,154,623,022
|
|
778,000,000
|
|
United
States Treasury Notes, 2.625% - 3.875%, 5/31/2027 |
775,359,600
|
|
400,000,000
|
|
United
States Treasury Notes, 3.750%, 6/30/2027 |
399,268,103
|
|
633,000,000
|
|
United
States Treasury Notes, 3.875%, 3/31/2027 |
634,042,337
|
|
277,000,000
|
|
United
States Treasury Notes, 4.125%, 2/15/2027 |
277,828,422
|
|
821,000,000
|
|
United
States Treasury Notes, 4.250%, 11/30/2026 |
822,791,390
|
Annual
Financial Statements and Additional Information
5
|
Principal
Amount
|
|
|
Value
|
|
|
|
U.S.
TREASURIES—continued
|
|
|
|
|
U.S.
Treasury Notes—continued |
|
|
$ 502,000,000
|
|
United
States Treasury Notes, 4.375%, 7/15/2027 |
$ 503,149,914
|
|
267,000,000
|
|
United
States Treasury Notes, 4.625%, 9/15/2026 |
267,293,475
|
|
150,000,000
|
|
United
States Treasury Notes, 4.625%, 10/15/2026 |
150,281,795
|
|
|
|
TOTAL
|
12,628,474,776
|
|
|
|
TOTAL
U.S. TREASURIES |
40,270,976,853
|
|
|
|
TOTAL
INVESTMENT IN SECURITIES—98.5%
(AT
AMORTIZED COST)3
|
174,806,631,157
|
|
|
|
OTHER
ASSETS AND LIABILITIES - NET—1.5%4
|
2,649,258,082
|
|
|
|
NET
ASSETS—100% |
$177,455,889,239
|
|
1
|
Floating/variable
note with current rate and current maturity or next reset date shown. |
|
2
|
Discount
rate at time of purchase. |
|
3
|
Also
represents cost of investments for federal tax purposes. |
|
4
|
Assets,
other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Note: The categories of investments are
shown as a percentage of net assets at July 31, 2026.
Various inputs are used in determining the
value of the Fund’s investments. These inputs are summarized in the three broad levels listed
below:
Level 1—quoted prices in active markets
for identical securities.
Level 2—other significant observable
inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk,
etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs
(including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing
securities are not an indication of the risk associated with investing in those securities.
In valuing the Fund’s assets as of
July 31, 2026, all investments of the Fund are valued using amortized cost, which is a methodology utilizing
Level 2 inputs.
|
The
following acronym(s) are used throughout this portfolio: |
| |
|
SOFR
|
—Secured
Overnight Financing Rate | |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
6
Financial
Highlights–Select
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.037
|
0.045
|
0.052
|
0.026
|
0.003
|
|
Net
realized gain (loss) |
(0.000)2
|
0.0002
|
0.0002
|
0.014
|
(0.000)2
|
|
Total
From Investment Operations |
0.037
|
0.045
|
0.052
|
0.040
|
0.003
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.037)
|
(0.045)
|
(0.052)
|
(0.040)
|
(0.003)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.79%
|
4.57%
|
5.37%
|
4.03%
|
0.31%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.18%
|
0.17%
|
0.17%
|
0.17%
|
0.09%
|
|
Net
investment income |
3.71%
|
4.47%
|
5.24%
|
2.56%
|
0.25%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.08%
|
0.13%
|
0.22%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$1,418,333
|
$1,252,119
|
$927,077
|
$181,157
|
$5,921,339
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
7
Financial
Highlights–Institutional
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.037
|
0.044
|
0.052
|
0.039
|
0.003
|
|
Net
realized gain (loss) |
0.0002
|
0.0002
|
0.0002
|
0.0002
|
(0.000)2
|
|
Total
From Investment Operations |
0.037
|
0.044
|
0.052
|
0.039
|
0.003
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.037)
|
(0.044)
|
(0.052)
|
(0.039)
|
(0.003)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.76%
|
4.53%
|
5.33%
|
3.99%
|
0.30%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.20%
|
0.20%
|
0.20%
|
0.20%
|
0.10%
|
|
Net
investment income |
3.70%
|
4.43%
|
5.20%
|
3.92%
|
0.28%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.09%
|
0.13%
|
0.23%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$33,610,094
|
$34,297,775
|
$31,818,839
|
$28,952,071
|
$31,227,810
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
8
Financial
Highlights–Service
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.035
|
0.042
|
0.050
|
0.037
|
0.002
|
|
Net
realized gain (loss) |
0.0002
|
0.0002
|
0.0002
|
(0.000)2
|
(0.000)2
|
|
Total
From Investment Operations |
0.035
|
0.042
|
0.050
|
0.037
|
0.002
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.035)
|
(0.042)
|
(0.050)
|
(0.037)
|
(0.002)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.54%
|
4.31%
|
5.10%
|
3.76%
|
0.22%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.42%
|
0.42%
|
0.42%
|
0.42%
|
0.17%
|
|
Net
investment income |
3.48%
|
4.22%
|
4.99%
|
3.73%
|
0.19%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.09%
|
0.13%
|
0.38%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$12,622,885
|
$12,299,717
|
$11,429,684
|
$10,250,481
|
$10,082,923
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
9
Financial
Highlights–Administrative
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.034
|
0.042
|
0.049
|
0.044
|
0.046
|
|
Net
realized gain (loss) |
(0.000)2
|
0.0002
|
0.001
|
(0.007)
|
(0.044)
|
|
Total
From Investment Operations |
0.034
|
0.042
|
0.050
|
0.037
|
0.002
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.034)
|
(0.042)
|
(0.050)
|
(0.037)
|
(0.002)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.50%
|
4.27%
|
5.06%
|
3.73%
|
0.22%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.45%
|
0.45%
|
0.45%
|
0.45%
|
0.14%
|
|
Net
investment income |
3.32%
|
4.17%
|
4.95%
|
4.43%
|
0.14%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.08%
|
0.13%
|
0.43%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$643,755
|
$123,137
|
$162,885
|
$9,462
|
$78
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
10
Financial
Highlights–Cash
II Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.031
|
0.038
|
0.046
|
0.033
|
0.001
|
|
Net
realized gain (loss) |
0.0002
|
0.0002
|
0.0002
|
(0.000)2
|
(0.000)2
|
|
Total
From Investment Operations |
0.031
|
0.038
|
0.046
|
0.033
|
0.001
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.031)
|
(0.038)
|
(0.046)
|
(0.033)
|
(0.001)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.11%
|
3.87%
|
4.66%
|
3.33%
|
0.12%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.83%
|
0.84%
|
0.84%
|
0.84%
|
0.27%
|
|
Net
investment income |
3.05%
|
3.80%
|
4.56%
|
3.32%
|
0.11%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.09%
|
0.13%
|
0.70%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$765,806
|
$638,150
|
$655,506
|
$641,702
|
$567,676
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
11
Financial
Highlights–Cash
Series Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.029
|
0.036
|
0.044
|
0.034
|
0.001
|
|
Net
realized gain (loss) |
0.0002
|
0.001
|
0.0002
|
(0.003)
|
(0.000)2
|
|
Total
From Investment Operations |
0.029
|
0.037
|
0.044
|
0.031
|
0.001
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.029)
|
(0.037)
|
(0.044)
|
(0.031)
|
(0.001)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
2.92%
|
3.74%
|
4.52%
|
3.18%
|
0.10%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
1.02%
|
0.96%
|
0.98%
|
0.98%
|
0.26%
|
|
Net
investment income |
2.90%
|
3.60%
|
4.43%
|
3.38%
|
0.08%
|
|
Expense
waiver/reimbursement5
|
0.09%
|
0.13%
|
0.14%
|
0.18%
|
0.93%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$7,324,875
|
$9,924,997
|
$600,873
|
$902,755
|
$307,895
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
12
Financial
Highlights–Capital
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.036
|
0.043
|
0.051
|
0.038
|
0.003
|
|
Net
realized gain (loss) |
(0.000)2
|
0.0002
|
0.0002
|
0.0002
|
(0.000)2
|
|
Total
From Investment Operations |
0.036
|
0.043
|
0.051
|
0.038
|
0.003
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.036)
|
(0.043)
|
(0.051)
|
(0.038)
|
(0.003)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.66%
|
4.43%
|
5.22%
|
3.89%
|
0.26%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.30%
|
0.30%
|
0.30%
|
0.30%
|
0.14%
|
|
Net
investment income |
3.59%
|
4.36%
|
5.10%
|
3.81%
|
0.24%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.08%
|
0.13%
|
0.30%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$7,228,650
|
$7,771,841
|
$10,563,189
|
$3,529,186
|
$3,094,786
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
13
Financial
Highlights–Trust
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.032
|
0.040
|
0.047
|
0.035
|
0.002
|
|
Net
realized gain (loss) |
(0.000)2
|
0.0002
|
0.0002
|
(0.001)
|
(0.000)2
|
|
Total
From Investment Operations |
0.032
|
0.040
|
0.047
|
0.034
|
0.002
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.032)
|
(0.040)
|
(0.047)
|
(0.034)
|
(0.002)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.27%
|
4.03%
|
4.82%
|
3.50%
|
0.16%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.68%
|
0.68%
|
0.69%
|
0.68%
|
0.24%
|
|
Net
investment income |
3.19%
|
3.96%
|
4.72%
|
3.52%
|
0.13%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.09%
|
0.13%
|
0.59%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$1,958,301
|
$1,397,006
|
$1,199,776
|
$1,331,183
|
$1,276,028
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
14
Financial
Highlights–Premier
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.037
|
0.045
|
0.053
|
0.040
|
0.003
|
|
Net
realized gain (loss) |
0.0002
|
0.0002
|
0.0002
|
(0.000)2
|
(0.000)2
|
|
Total
From Investment Operations |
0.037
|
0.045
|
0.053
|
0.040
|
0.003
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.037)
|
(0.045)
|
(0.053)
|
(0.040)
|
(0.003)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.81%
|
4.58%
|
5.38%
|
4.04%
|
0.31%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.15%
|
0.15%
|
0.15%
|
0.15%
|
0.09%
|
|
Net
investment income |
3.74%
|
4.49%
|
5.25%
|
3.99%
|
0.33%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.09%
|
0.13%
|
0.20%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$101,295,564
|
$101,380,542
|
$99,742,080
|
$88,718,697
|
$83,546,204
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
15
Financial
Highlights–Advisor
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.037
|
0.045
|
0.053
|
0.043
|
0.003
|
|
Net
realized gain (loss) |
0.0002
|
0.0002
|
0.0002
|
(0.003)
|
(0.000)2
|
|
Total
From Investment Operations |
0.037
|
0.045
|
0.053
|
0.040
|
0.003
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.037)
|
(0.045)
|
(0.053)
|
(0.040)
|
(0.003)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.81%
|
4.58%
|
5.38%
|
4.04%
|
0.31%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.15%
|
0.15%
|
0.15%
|
0.15%
|
0.10%
|
|
Net
investment income |
3.75%
|
4.48%
|
5.25%
|
4.30%
|
0.54%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.09%
|
0.13%
|
0.18%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$8,485,547
|
$9,218,424
|
$8,343,757
|
$8,642,312
|
$1,942,655
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
16
Financial
Highlights–SDG
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
|
Period
Ended
7/31/20221
| |||
|
|
2026
|
2025
|
2024
|
2023
| |
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income2
|
0.037
|
0.045
|
0.053
|
0.041
|
0.003
|
|
Net
realized gain (loss) |
(0.000)3
|
0.0003
|
0.0003
|
(0.001)
|
(0.000)3
|
|
Total
From Investment Operations |
0.037
|
0.045
|
0.053
|
0.040
|
0.003
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.037)
|
(0.045)
|
(0.053)
|
(0.040)
|
(0.003)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return4
|
3.81%
|
4.58%
|
5.38%
|
4.04%
|
0.29%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses5
|
0.15%
|
0.15%
|
0.15%
|
0.15%
|
0.14%6
|
|
Net
investment income |
3.68%
|
4.47%
|
5.25%
|
4.07%
|
0.92%6
|
|
Expense
waiver/reimbursement7
|
0.08%
|
0.08%
|
0.09%
|
0.13%
|
0.15%6
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$2,102,079
|
$1,625,557
|
$2,845,220
|
$1,781,724
|
$496,384
|
|
1
|
Reflects
operations for the period from March 30, 2022 (commencement of operations) to July 31, 2022. |
|
2
|
Per
share numbers have been calculated using the average shares method. |
|
3
|
Represents
less than $0.001. |
|
4
|
Based
on net asset value. Total returns for periods of less than one year are not annualized. |
|
5
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
6
|
Computed
on an annualized basis. |
|
7
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
17
Statement
of Assets and Liabilities
July 31, 2026
|
Assets:
|
|
|
Investment
in repurchase agreements |
$90,247,504,006
|
|
Investment
in securities |
84,559,127,151
|
|
Investment
in securities, at amortized cost and fair value |
174,806,631,157
|
|
Cash
|
2,909,593,984
|
|
Income
receivable |
312,006,857
|
|
Receivable
for shares sold |
178,387,035
|
|
Total
Assets |
178,206,619,033
|
|
Liabilities:
|
|
|
Payable
for investments purchased |
268,000,000
|
|
Payable
for shares redeemed |
170,159,062
|
|
Income
distribution payable |
295,989,682
|
|
Payable
for investment adviser fee (Note 5)
|
479,694
|
|
Payable
for administrative fee (Note 5)
|
374,818
|
|
Payable
for Directors’/Trustees’ fees (Note 5)
|
167,592
|
|
Payable
for distribution services fee (Note 5)
|
4,413,171
|
|
Payable
for other service fees (Notes 2 and 5)
|
7,422,637
|
|
Accrued
expenses (Note 5)
|
3,723,138
|
|
Total
Liabilities |
750,729,794
|
|
Net
assets for 177,506,359,633 shares outstanding |
$177,455,889,239
|
|
Net Assets
Consist of: |
|
|
Paid-in
capital |
$177,506,537,200
|
|
Total
distributable earnings (loss) |
(50,647,961)
|
|
Total
Net Assets |
$177,455,889,239
|
|
Net Asset
Value, Offering Price and Redemption Proceeds Per Share: |
|
|
Select
Shares: |
|
|
$1,418,333,286
÷ 1,418,739,131 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Institutional
Shares: |
|
|
$33,610,094,023
÷ 33,619,795,272 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Service
Shares: |
|
|
$12,622,884,712
÷ 12,626,489,895 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Administrative
Shares: |
|
|
$643,755,212
÷ 643,935,764 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Cash II
Shares: |
|
|
$765,805,636
÷ 766,023,754 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Cash Series
Shares: |
|
|
$7,324,875,222
÷ 7,326,965,165 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Capital
Shares: |
|
|
$7,228,649,922
÷ 7,230,691,260 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Trust Shares:
|
|
|
$1,958,300,902
÷ 1,958,865,812 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Premier
Shares: |
|
|
$101,295,563,933
÷ 101,324,210,729 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Advisor
Shares: |
|
|
$8,485,547,329
÷ 8,487,967,936 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
SDG Shares:
|
|
|
$2,102,079,062
÷ 2,102,674,915 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
18
Statement
of Operations
Year Ended July 31,
2026
|
Investment
Income: |
|
|
Interest
|
$7,212,964,011
|
|
Expenses:
|
|
|
Investment
adviser fee (Note 5)
|
277,503,690
|
|
Administrative
fee (Note 5)
|
142,871,965
|
|
Custodian
fees |
5,039,193
|
|
Transfer
agent fees (Note 2) |
5,928,311
|
|
Directors’/Trustees’
fees (Note 5)
|
931,174
|
|
Auditing
fees |
32,543
|
|
Legal
fees |
11,386
|
|
Portfolio
accounting fees |
304,076
|
|
Distribution
services fee (Note 5)
|
61,620,686
|
|
Other
service fees (Notes 2 and 5)
|
89,189,321
|
|
Share
registration costs |
1,965,296
|
|
Printing
and postage |
1,603,072
|
|
Miscellaneous
(Note 5)
|
630,101
|
|
TOTAL
EXPENSES |
587,630,814
|
|
Waivers
and Reimbursement: |
|
|
Waiver
of investment adviser fee (Note 5) |
(145,681,779)
|
|
Waiver/reimbursement
of other operating expenses (Notes 2 and 5) |
(837,072)
|
|
TOTAL
WAIVERS AND REIMBURSEMENT |
(146,518,851)
|
|
Net
expenses |
441,111,963
|
|
Net
investment income |
6,771,852,048
|
|
Net
realized gain on investments |
23,840
|
|
Change
in net assets resulting from operations |
$6,771,875,888
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
19
Statement
of Changes in Net Assets
|
Year
Ended July 31 |
2026
|
2025
|
|
Increase
(Decrease) in Net Assets |
|
|
|
Operations:
|
|
|
|
Net
investment income (loss) |
$6,771,852,048
|
$7,550,794,625
|
|
Net
realized gain (loss) |
23,840
|
1,519,319
|
|
CHANGE
IN NET ASSETS RESULTING FROM OPERATIONS |
6,771,875,888
|
7,552,313,944
|
|
Distributions
to Shareholders: |
|
|
|
Select
Shares |
(49,547,203)
|
(50,502,639)
|
|
Institutional
Shares |
(1,346,461,845)
|
(1,525,053,414)
|
|
Service
Shares |
(419,256,518)
|
(503,660,283)
|
|
Administrative
Shares |
(13,782,110)
|
(6,352,161)
|
|
Cash
II Shares |
(21,968,762)
|
(27,303,736)
|
|
Cash
Series Shares |
(264,656,771)
|
(32,577,539)
|
|
Capital
Shares |
(272,343,255)
|
(408,814,262)
|
|
Trust
Shares |
(53,950,050)
|
(48,462,470)
|
|
Premier
Shares |
(3,842,188,529)
|
(4,458,960,340)
|
|
Advisor
Shares |
(332,325,691)
|
(404,395,046)
|
|
SDG
Shares |
(156,068,396)
|
(84,768,169)
|
|
CHANGE
IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS |
(6,772,549,130)
|
(7,550,850,059)
|
|
Share Transactions:
|
|
|
|
Proceeds
from sale of shares |
991,059,663,038
|
866,073,815,983
|
|
Net
asset value of shares issued to shareholders in payment of distributions declared |
3,220,104,320
|
3,482,732,733
|
|
Cost
of shares redeemed |
(996,752,471,206)
|
(857,917,631,349)
|
|
CHANGE
IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS |
(2,472,703,848)
|
11,638,917,367
|
|
Change
in net assets |
(2,473,377,090)
|
11,640,381,252
|
|
Net Assets:
|
|
|
|
Beginning
of period |
179,929,266,329
|
168,288,885,077
|
|
End
of period |
$177,455,889,239
|
$179,929,266,329
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
20
Notes to
Financial Statements
July 31, 2026
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 15 portfolios. The financial statements included
herein are only those of Federated Hermes Government Obligations
Fund (the “Fund”), a diversified portfolio. The financial statements of
the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited
to the portfolio in which shares are held. Each portfolio pays
its own expenses. The Fund offers eleven classes of shares: Select Shares, Institutional
Shares, Service Shares, Administrative Shares, Cash II Shares, Cash Series Shares, Capital Shares, Trust Shares, Premier Shares,
Advisor Shares and SDG Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The
investment objective of the Fund is to provide current income consistent with stability of principal.
The Fund operates as
a government money market fund. As a government money market fund, the Fund: (1) invests at least 99.5% of its
total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities;
and/or (iii) repurchase agreements that are collateralized fully; and (2) generally continues to use amortized cost to value
its portfolio securities and transact at a stable $1.00 net asset value (NAV).
2. SIGNIFICANT
ACCOUNTING POLICIES
The following is a summary of significant
accounting policies consistently followed by the Fund in the preparation of its financial statements.
These policies are in conformity with U.S. generally accepted accounting principles (GAAP).
Investment Valuation
Securities
are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition
cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call,
demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities
will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the
fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share,
and the actual value obtained could be materially different.
Pursuant to Rule 2a-5
under the Act, the Fund’s Board of Trustees (the “Trustees”) has designated Federated Investment Management
Company (the “Adviser”) as the Fund’s valuation designee to perform any fair value determinations for securities and
other assets held by the Fund. The Adviser is subject to the Trustees’
oversight and certain reporting and other requirements intended to provide
the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through
its valuation committee (“Valuation Committee”), is responsible for determining the fair value of investments.
The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines
fair value of securities and oversees the comparison of amortized cost to market-based value. The Valuation Committee is also
authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of monitoring
the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party
pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods
(including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event
that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value
of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by
the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part
of the Fund’s compliance program and will review any changes
made to the procedures.
Repurchase Agreements
The
Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to
a repurchase agreement to transfer to the Fund’s custodian
or sub-custodian eligible securities or cash with a market value (after transaction
costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred
to accounts with the custodian or sub-custodian in which the Fund holds a “securities entitlement” and exercises “control”
as those terms are defined in the Uniform Commercial Code. Certain
repurchase agreements may be structured as loans secured by a security
interest or lien on the eligible securities. The Fund has established procedures for monitoring the market value of the transferred securities
and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also
allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase
price or in exchange for other eligible securities of equivalent market value.
The insolvency of the
other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause
the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund
in excess of the repurchase price and related transaction costs must be remitted to the other party.
The Fund may enter into
repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the
custodian or sub-custodian for investment companies and other clients advised by the Fund’s Adviser and its affiliates. The Fund
will participate on a pro rata basis with the other investment
companies and clients in its share of the securities transferred under such repurchase
agreements and in its share of proceeds from any repurchase or other disposition of such securities.
Annual
Financial Statements and Additional Information
21
Repurchase
agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that
provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or
termination. Amounts presented on the Portfolio of Investments
and Statement of Assets and Liabilities are not net settlement amounts but
gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase
price to be paid under the agreement reducing the net settlement amount to zero.
Investment Income, Gains and Losses, Expenses and Distributions
Investment
transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an
identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date.
Distributions of net investment income, if any, are declared daily and paid monthly. In addition, distributions of capital gains, if any,
are declared and paid at least annually. Amortization/accretion
of premium and discount is included in investment income. Investment income,
realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except
that select classes will bear certain expenses unique to those classes. Dividends are declared separately for each class. No class has
preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses. The
detail of the total fund expense waivers and reimbursement of
$146,518,851 is disclosed in various locations in this Note 2 and Note 5.
Transfer Agent Fees
For
the year ended July 31, 2026, transfer agent fees for the Fund were as follows:
|
|
Transfer
Agent
Fees
Incurred |
Transfer
Agent
Fees
Reimbursed |
|
Select
Shares |
$9,821
|
$—
|
|
Institutional
Shares |
268,127
|
—
|
|
Service
Shares |
1,744,192
|
—
|
|
Administrative
Shares |
3,095
|
(39)
|
|
Cash
II Shares |
573,537
|
—
|
|
Cash
Series Shares |
1,971,700
|
—
|
|
Capital
Shares |
55,510
|
—
|
|
Trust
Shares |
447,808
|
—
|
|
Premier
Shares |
755,639
|
(4,539)
|
|
Advisor
Shares |
68,219
|
(3,465)
|
|
SDG
Shares |
30,663
|
—
|
|
TOTAL
|
$5,928,311
|
$(8,043)
|
Other Service Fees
The
Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund’s Select Shares, Institutional Shares, Service
Shares, Administrative Shares, Cash II Shares, Cash Series Shares,
Capital Shares, Trust Shares, Premier Shares and Advisor Shares to unaffiliated
financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining
shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund
for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be
modified or terminated at any time. For the year ended July 31,
2026, other service fees for the Fund were as follows:
|
|
Other
Service
Fees
Incurred |
|
Select
Shares |
$297,973
|
|
Institutional
Shares |
17,560,955
|
|
Service
Shares |
30,114,716
|
|
Administrative
Shares |
1,037,787
|
|
Cash
II Shares |
1,798,024
|
|
Cash
Series Shares |
22,779,014
|
|
Capital
Shares |
11,374,591
|
|
Trust
Shares |
4,226,261
|
|
TOTAL
|
$89,189,321
|
For the year ended July 31, 2026, the Fund’s
Premier Shares and Advisor Shares did not incur other service fees; however, they may begin
to incur this fee upon approval of the Trustees. Effective July 1, 2025, the Select Shares and Institutional Shares can incur up to 0.25%
of average daily net assets; however, the Select Shares and Institutional Shares will not incur and pay a fee in excess of 0.03% and 0.05%,
respectively, until such time as approved by the Trustees. Prior to July 1, 2025, the Select Shares did not incur and pay a fee in excess
of 0.02%.
Annual
Financial Statements and Additional Information
22
Federal Income Taxes
It
is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 (the “Code”) and
to distribute to shareholders each year substantially all of its
income. Accordingly, no provision for federal income tax is necessary. As of and during the year
ended July 31, 2026, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if
any, related to tax liabilities as income tax expense in the Statement
of Operations. As of July 31, 2026, tax years 2023 through 2026
remain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the Commonwealth
of Massachusetts.
When-Issued and Delayed-Delivery Transactions
The
Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains
security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased
on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses
may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the
contract.
Other
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from
those estimated. The Fund applies investment company accounting
and reporting guidance.
3. SHARES
OF BENEFICIAL INTEREST
The following tables summarize share activity:
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Select
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
5,879,465,689
|
$5,879,465,689
|
10,407,985,198
|
$10,407,985,198
|
|
Shares
issued to shareholders in payment of distributions declared |
25,403,416
|
25,403,416
|
25,726,188
|
25,726,188
|
|
Shares
redeemed |
(5,738,595,659)
|
(5,738,595,659)
|
(10,108,602,678)
|
(10,108,602,678)
|
|
NET
CHANGE RESULTING FROM SELECT SHARE TRANSACTIONS |
166,273,446
|
$166,273,446
|
325,108,708
|
$325,108,708
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Institutional
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
154,123,646,054
|
$154,123,646,054
|
155,068,054,465
|
$155,068,054,465
|
|
Shares
issued to shareholders in payment of distributions declared |
602,136,150
|
602,136,150
|
707,000,738
|
707,000,738
|
|
Shares
redeemed |
(155,413,269,344)
|
(155,413,269,344)
|
(153,296,299,367)
|
(153,296,299,368)
|
|
NET
CHANGE RESULTING FROM INSTITUTIONAL
SHARE
TRANSACTIONS |
(687,487,140)
|
$(687,487,140)
|
2,478,755,836
|
$2,478,755,835
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Service
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
41,347,283,640
|
$41,347,283,640
|
33,559,586,256
|
$33,559,586,256
|
|
Shares
issued to shareholders in payment of distributions declared |
154,100,858
|
154,100,858
|
171,169,476
|
171,169,476
|
|
Shares
redeemed |
(41,178,016,515)
|
(41,178,016,515)
|
(32,860,800,306)
|
(32,860,800,306)
|
|
NET
CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS |
323,367,983
|
$323,367,983
|
869,955,426
|
$869,955,426
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Administrative
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
3,366,517,738
|
$3,366,517,738
|
1,030,122,972
|
$1,030,122,973
|
|
Shares
issued to shareholders in payment of distributions declared |
1,901,470
|
1,901,470
|
1,018,323
|
1,018,323
|
|
Shares
redeemed |
(2,847,654,735)
|
(2,847,654,735)
|
(1,070,904,238)
|
(1,070,904,238)
|
|
NET
CHANGE RESULTING FROM ADMINISTRATIVE
SHARE
TRANSACTIONS |
520,764,473
|
$520,764,473
|
(39,762,943)
|
$(39,762,942)
|
Annual
Financial Statements and Additional Information
23
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Cash
II Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
868,115,784
|
$868,115,784
|
677,441,705
|
$677,441,705
|
|
Shares
issued to shareholders in payment of distributions declared |
21,700,127
|
21,700,127
|
26,443,383
|
26,443,383
|
|
Shares
redeemed |
(762,118,640)
|
(762,118,640)
|
(721,263,738)
|
(721,263,738)
|
|
NET
CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS |
127,697,271
|
$127,697,271
|
(17,378,650)
|
$(17,378,650)
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Cash
Series Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
5,286,395,610
|
$5,286,395,610
|
13,669,082,371
|
$13,669,082,371
|
|
Shares
issued to shareholders in payment of distributions declared |
264,542,704
|
264,542,704
|
32,531,916
|
32,531,916
|
|
Shares
redeemed |
(8,151,718,353)
|
(8,151,718,353)
|
(4,374,924,992)
|
(4,374,924,992)
|
|
NET
CHANGE RESULTING FROM CASH SERIES
SHARE
TRANSACTIONS |
(2,600,780,039)
|
$(2,600,780,039)
|
9,326,689,295
|
$9,326,689,295
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Capital
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
13,810,683,446
|
$13,810,683,446
|
11,089,609,788
|
$11,089,609,788
|
|
Shares
issued to shareholders in payment of distributions declared |
38,717,308
|
38,717,308
|
46,831,900
|
46,831,900
|
|
Shares
redeemed |
(14,392,702,849)
|
(14,392,702,849)
|
(13,928,860,117)
|
(13,928,860,117)
|
|
NET
CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS |
(543,302,095)
|
$(543,302,095)
|
(2,792,418,429)
|
$(2,792,418,429)
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Trust
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
5,363,662,544
|
$5,363,662,544
|
3,586,968,183
|
$3,586,968,183
|
|
Shares
issued to shareholders in payment of distributions declared |
34,708,251
|
34,708,251
|
33,550,844
|
33,550,844
|
|
Shares
redeemed |
(4,836,897,659)
|
(4,836,897,659)
|
(3,423,266,983)
|
(3,423,266,983)
|
|
NET
CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS |
561,473,136
|
$561,473,136
|
197,252,044
|
$197,252,044
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Premier
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
674,988,706,029
|
$674,988,706,029
|
574,039,649,625
|
$574,039,649,626
|
|
Shares
issued to shareholders in payment of distributions declared |
1,660,513,326
|
1,660,513,326
|
2,012,063,963
|
2,012,063,963
|
|
Shares
redeemed |
(676,733,606,515)
|
(676,733,606,515)
|
(574,415,577,468)
|
(574,415,577,469)
|
|
NET
CHANGE RESULTING FROM PREMIER
SHARE
TRANSACTIONS |
(84,387,160)
|
$(84,387,160)
|
1,636,136,120
|
$1,636,136,120
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Advisor
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
18,391,752,982
|
$18,391,752,982
|
21,814,508,710
|
$21,814,508,709
|
|
Shares
issued to shareholders in payment of distributions declared |
301,273,136
|
301,273,136
|
366,495,109
|
366,495,109
|
|
Shares
redeemed |
(19,426,018,483)
|
(19,426,018,506)
|
(21,306,344,502)
|
(21,306,344,521)
|
|
NET
CHANGE RESULTING FROM ADVISOR
SHARE
TRANSACTIONS |
(732,992,365)
|
$(732,992,388)
|
874,659,317
|
$874,659,297
|
Annual
Financial Statements and Additional Information
24
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
SDG
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
67,633,433,522
|
$67,633,433,522
|
41,130,806,709
|
$41,130,806,709
|
|
Shares
issued to shareholders in payment of distributions declared |
115,107,574
|
115,107,574
|
59,900,893
|
59,900,893
|
|
Shares
redeemed |
(67,271,872,431)
|
(67,271,872,431)
|
(42,410,786,939)
|
(42,410,786,939)
|
|
NET
CHANGE RESULTING FROM SDG SHARE TRANSACTIONS |
476,668,665
|
$476,668,665
|
(1,220,079,337)
|
$(1,220,079,337)
|
|
NET
CHANGE RESULTING FROM TOTAL FUND
SHARE
TRANSACTIONS |
(2,472,703,825)
|
$(2,472,703,848)
|
11,638,917,387
|
$11,638,917,367
|
4. FEDERAL
TAX INFORMATION
The tax character of distributions as reported
on the Statement of Changes in Net Assets for the years ended July 31, 2026 and 2025,
was as follows:
|
|
2026
|
2025
|
|
Ordinary
income |
$6,772,549,130
|
$7,550,850,059
|
As of July 31, 2026, the components of distributable
earnings on a tax-basis were as follows:
|
Distributions
payable |
$(593,826)
|
|
Capital
loss carryforwards and deferrals |
$(50,054,135)
|
|
TOTAL
|
$(50,647,961)
|
As of July 31, 2026, the Fund had a capital
loss carryforward of $50,054,135 which will reduce the Fund’s taxable income arising from future
net realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to shareholders
which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these net
capital losses retain their character as either short-term or long-term and do not expire.
The following schedule summarizes the Fund’s
capital loss carryforwards:
|
Short-Term
|
Long-Term
|
Total
|
|
$50,054,135
|
$—
|
$50,054,135
|
The Fund used capital loss carryforwards
of $23,840 to offset capital gains realized during the year ended July 31, 2026.
5. INVESTMENT
ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Adviser Fee
The
advisory agreement between the Fund and the Fund’s Adviser provides for an annual fee equal to 0.15% of the Fund’s average
daily net assets. Subject to the terms described in the Expense
Limitation note, the Fund’s Adviser may voluntarily choose to waive any portion
of its fee and/or reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund’s expense
ratio, or as and when appropriate, to maintain positive or zero net yields. For the year ended July 31, 2026, the Fund’s Adviser
voluntarily waived $145,681,779 of its fee and voluntarily reimbursed
$8,043 of transfer agent fees.
Administrative Fee
Federated
Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and
services. For purposes of determining the appropriate rate breakpoint, “Investment Complex” is defined as all of the Federated
Hermes Funds subject to a fee under the Administrative Services
Agreement. The fee paid to FAS is based on the average daily net assets
of the Investment Complex as specified below:
|
Administrative
Fee |
Average
Daily Net Assets
of
the Investment Complex |
|
0.100%
|
on
assets up to $50 billion |
|
0.075%
|
on
assets over $50 billion |
Subject to the terms described in the Expense
Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the year ended
July 31, 2026, the annualized fee paid to FAS was 0.077% of average daily net assets of the Fund.
In addition, FAS may charge certain out-of-pocket
expenses to the Fund.
Annual
Financial Statements and Additional Information
25
Distribution Services Fee
The
Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund
will compensate Federated Securities Corp. (FSC), the principal
distributor, from the daily net assets of the Fund’s Administrative Shares, Cash
II Shares, Cash Series Shares and Trust Shares to finance activities intended to result in the sale of these shares. The Plan provides
that the Fund may incur distribution expenses at the following
percentages of average daily net assets annually, to compensate FSC:
|
|
Percentage
of Average Daily
Net
Assets of Class |
|
Administrative
Shares |
0.05%
|
|
Cash
II Shares |
0.35%
|
|
Cash
Series Shares |
0.60%
|
|
Trust
Shares |
0.25%
|
The Fund may incur and pay a Distribution
(12b-1) Fee on the ADM class of the Fund of up to a maximum of 0.10%. However, the ADM class
of the Fund will not incur and pay a 12b-1 Fee in excess of 0.05% until such time as approved by the Trustees.
Subject to the terms
described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the year
ended July 31, 2026, distribution services fees for the Fund were as follows:
|
|
Distribution
Services
Fees
Incurred |
Distribution
Services
Fees
Waived |
|
Administrative
Shares |
$207,558
|
$—
|
|
Cash
II Shares |
2,517,233
|
—
|
|
Cash
Series Shares |
54,669,633
|
(829,029)
|
|
Trust
Shares |
4,226,262
|
—
|
|
TOTAL
|
$61,620,686
|
$(829,029)
|
When FSC receives fees, it may pay some
or all of them to financial intermediaries whose customers purchase shares. For the year ended July
31, 2026, FSC retained $1,869,156 of fees paid by the Fund.
Other Service Fees
For
the year ended July 31, 2026, FSSC received $158,559 of the other service fees disclosed in Note 2.
Expense Limitation
Due
to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction
of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Fund’s Adviser
and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of
their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding
interest expense, extraordinary expenses and proxy-related expenses,
if any) paid by the Fund’s Select Shares, Institutional Shares, Service
Shares, Administrative Shares, Cash II Shares, Cash Series Shares, Capital Shares, Trust Shares, Premier Shares, Advisor Shares and
SDG Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.18%, 0.20%, 0.45%, 0.45%, 0.85%, 1.05%, 0.30%, 0.70%,
0.15%, 0.15% and 0.15% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”):
(a) October 1, 2027; or (b) the date of the Fund’s next
effective Prospectus. While the Fund’s Adviser and its applicable affiliates currently do
not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated
or the Fee Limit increased prior to the Termination Date with the approval of the Trustees.
Directors’/Trustees’ and Miscellaneous Fees
Certain
Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate
payment, Independent Directors’/Trustees’ fees and
certain expenses related to conducting meetings of the Directors/Trustees and other
miscellaneous expenses are paid by an affiliate of the Fund’s Adviser which in due course are reimbursed by the Fund. These expenses
related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous
Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.
6. CREDIT
RISK
The Fund may place its cash on deposit with
financial institutions in the United States, which is insured by the Federal Deposit Insurance Corporation
(FDIC) up to $250,000. The Fund’s credit risk in the event of failure of these financial institutions is represented by the difference
between the FDIC limit and the total amounts on deposit. The Fund from time to time may have amounts on deposit in excess of
the insured limits.
7. INTERFUND
LENDING
Pursuant to an Exemptive Order issued by
the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries
of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility
allowing the Fund to borrow from other participating affiliated funds. As of July 31, 2026, there were no outstanding loans. During
the year ended July 31, 2026, the program was not utilized.
Annual
Financial Statements and Additional Information
26
8. OPERATING
SEGMENTS
An operating segment is defined as a component
of a public entity that engages in business activities from which it may recognize revenues
and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM)
to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information
available. A management committee of the Adviser acts as the CODM. The Fund represents a single operating segment, as the
CODM monitors the operating results of the Fund as a whole and the strategic asset allocation is determined based on the investment
objective of the Fund and executed by the Fund’s portfolio management team. The financial information in the form of the Fund’s
portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations,
subscriptions and redemptions) which is reviewed by the CODM to assess the Fund’s performance in comparison to the Fund’s
benchmarks and to make resource allocation decisions for the Fund’s single segment is consistent with the information presented
in these financial statements. Segment assets are reflected on
the accompanying Statement of Assets and Liabilities as “total assets” and significant
segment expenses are listed on the accompanying Statement of Operations.
9. INDEMNIFICATIONS
Under the Fund’s organizational documents,
its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the
performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence
or reckless disregard of their duties to the Fund). In addition,
in the normal course of business, the Fund provides certain indemnifications under
arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into
by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to
the arrangement, provided the third party’s actions are
not deemed to have breached an agreed-upon standard of care (such as willful misfeasance,
bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund’s maximum exposure under these
arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund
does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss
to be remote.
10. FEDERAL
TAX INFORMATION (UNAUDITED)
For the fiscal year ended July 31, 2026,
100% of dividends paid by the Fund are interest-related dividends, as provided by the American Jobs
Creation Act of 2004.
For the year ended July
31, 2026, 100% of total ordinary income distributions qualified as business interest income for purposes of163(j)
and the regulations thereunder.
Annual
Financial Statements and Additional Information
27
Report of
Independent Registered Public Accounting Firm
To the Shareholders of Federated
Hermes Government Obligations Fund and the Board of Trustees
of Federated Hermes Money Market Obligations Trust
Opinion on the Financial Statements
We have audited the accompanying
statement of assets and liabilities of Federated Hermes Government Obligations Fund (the
Fund), a portfolio of Federated Hermes Money Market Obligations Trust, including the portfolio of investments, as of July
31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of
the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial
highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements
and financial highlights present fairly, in all material respects, the financial position of the Fund as of July
31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year
period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in
conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and
financial highlights are the responsibility of the Fund’s management. Our responsibility is to
express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting
firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance
with the standards of the PCAOB. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material
misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material
misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of
securities owned as of July 31, 2026, by correspondence with the custodian and brokers; when replies were not received from
brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall presentation of the financial statements and
financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor
of one or more Federated Hermes’ investment companies since 2006.
Boston, Massachusetts
September 23, 2026
September 23, 2026
Annual
Financial Statements and Additional Information
28
Evaluation
and Approval of Advisory Contract–May
2026
Federated Hermes Government
Obligations Fund (the “Fund”)
At its meetings in May 2026 (the
“May Meetings”), the Fund’s Board of Trustees (the “Board”), including those Trustees who
are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the
“Independent Trustees”), reviewed and unanimously approved the continuation of the investment advisory contract between
the Fund and Federated Investment Management Company (the “Adviser”) (the “Contract”) for an additional one-year
term. The Board’s determination to approve the continuation of the Contract reflects the exercise of its business judgment
after considering such information deemed necessary to evaluate the terms of the Contract and to approve the continuation
of the existing arrangement. The information, factors and conclusions that formed the basis for the Board’s approval
are summarized below.
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 report regarding data related to the Fund’s management fee (the
“CCO Management Fee Report”). The Board considered the CCO Management Fee Report, along with other information,
in evaluating the reasonableness of the Fund’s management fee and in determining to approve the continuation
of the Contract.
In addition
to the CCO Management Fee Report, the Board considered information specifically prepared in connection with
the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding
the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the
Adviser and its affiliates (collectively, “Federated Hermes”) in response to requests posed to Federated Hermes by independent
legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized
below. The Board also considered such additional matters as the Independent Trustees deemed reasonably necessary
to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the
Board at its meetings throughout the year.
The Board’s
consideration of the Contract included review of materials and information covering the following matters, among
others: (1) a copy of the Contract; (2) the nature, quality and extent of the advisory and other services provided to the
Fund by Federated Hermes; (3) Federated Hermes’ business and operations; (4) the Adviser’s investment philosophy, personnel
and processes; (5) the Fund’s investment objective and strategies; (6) the Fund’s short-term and long-term performance
- in absolute terms (both on a gross basis and net of expenses) and relative to an appropriate group of peer funds
and its benchmark; (7) the Fund’s fees and expenses, including the advisory fee and the overall expense structure of the
Fund - in absolute terms and relative to an appropriate group of peer funds, with due regard for contractual or voluntary
expense limitations (if any); (8) the financial condition of Federated Hermes; (9) the Adviser’s profitability with respect
to managing the Fund; (10) distribution and sales activity for the Fund; and (11) the use and allocation of brokerage
commissions derived from trading the Fund’s portfolio securities (if any).
The Board
also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered
funds in evaluating the Contract. Using these judicial decisions as a guide, the Board considered several factors it
deemed relevant to an adviser’s fiduciary duty with respect to its receipt of compensation from a fund, including: (1) the nature
and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the
fund, its benchmark and comparable funds; (2) the adviser’s cost of providing the services and the profitability to the adviser
of providing advisory services to the fund; (3) the extent to which the adviser may realize “economies of scale” as the
fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its
shareholders or the family of funds; (4) any “fall-out” benefits that accrue to the adviser because of its relationship with
the fund, including research services received from
brokers that execute fund trades and any fees paid to affiliates of the adviser
for services rendered to the fund; (5) comparative fees and expenses, including a comparison of management fees paid
to the adviser with those paid by similar funds managed by the same adviser or other advisers as well as management fees
charged to institutional and other advisory clients of the same adviser for what might be viewed as like services; and (6)
the extent of care, conscientiousness and independence with which the fund’s board members perform their duties and their
expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the
adviser’s services and fees. The Board considered that the Securities and Exchange Commission (“SEC”) disclosure requirements
regarding the basis for a fund board’s approval of the fund’s investment advisory contract generally align with
the factors listed above. The Board was guided by these factors in its evaluation of the Contract to the extent it considered
them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors
in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters
relating to the oversight of the other funds advised by Federated Hermes (each, a “Federated Hermes Fund” and, collectively,
the “Federated Hermes Funds”).
Annual
Financial Statements and Additional Information
29
In
addition, the Board considered the preferences and expectations of Fund shareholders and the potential disruptions of the
Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate
or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund
based on the strength of Federated Hermes’ industry standing and reputation and with the expectation that Federated Hermes
will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that there are a range
of investment options available to the Fund’s shareholders in the marketplace, and such shareholders, having had the opportunity
to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the
Fund.
In determining
to approve the continuation of the Contract, the members of the Board reviewed and evaluated information
and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment.
While individual members of the Board may have weighed certain factors differently, the Board’s determination
to approve the continuation of the Contract was based on a comprehensive consideration of all information provided
to the Board throughout the year. The Board recognized that its evaluation process is evolutionary and that the factors
considered and the emphasis placed on relevant factors may change in recognition of changing circumstances in the
registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal
counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive
session with their independent legal counsel and without management present to review the relevant materials and
consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes
also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations
furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as
part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made
on a fund-by-fund basis.
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 full range of services provided to the Fund by Federated Hermes. The Board considered the Adviser’s personnel,
investment philosophy and process, investment research capabilities and resources, trade operations capabilities,
experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities
of the portfolio management team primarily responsible for the day-to-day management of the Fund and evaluated
Federated Hermes’ ability and experience in attracting and retaining qualified personnel to service the Fund. The Board
considered the trading operations by the Adviser, including the execution of portfolio transactions and the selection of
brokers for those transactions. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance
with the limitations set forth in Rule 2a-7 under the Investment Company Act of 1940, as amended. In this connection,
the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with
the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board
also considered the Adviser’s ability to deliver competitive investment performance for the Fund when compared to the
Fund’s Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the
Adviser is executing the Fund’s investment program.
In addition,
the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to
consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational
enhancements that are designed to benefit the Federated Hermes Funds. The Board considered the quality of Federated
Hermes’ communications with the Board and responsiveness to Board inquiries and requests made from time to time
with respect to the Federated Hermes Funds. The Board also considered that Federated Hermes is responsible for providing
the Federated Hermes Funds’ officers.
The Board
received and evaluated information regarding Federated Hermes’ regulatory and compliance environment. The
Board considered Federated Hermes’ compliance program and compliance history and reports from the CCO about Federated
Hermes’ compliance with applicable laws and regulations, including responses to regulatory developments and any
compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes’ support of the Federated
Hermes Funds’ compliance control structure and the compliance-related resources devoted by Federated Hermes
in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, as amended,
including Federated Hermes’ commitment to respond to rulemaking and other regulatory initiatives of the SEC. The
Board considered Federated Hermes’ approach to internal audits and risk management with respect to the Federated Hermes
Funds and its day-to-day oversight of the Federated Hermes Funds’ compliance with their investment objectives and
policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time
Annual
Financial Statements and Additional Information
30
led, and
continue to lead, to an increase in the scope of Federated Hermes’ oversight in this regard. In addition, the Board noted
Federated Hermes’ commitment to maintaining high quality systems and expending substantial resources to prepare for
and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service
providers operate.
The Board
considered Federated Hermes’ efforts to provide shareholders in the Federated Hermes Funds with a comprehensive
array of funds with different investment objectives, policies and strategies. The Board considered the expenses
that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in
sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted
the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to
exchange investments between the same class of shares without the incurrence of additional sales charges.
Based on
these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services
provided by the Adviser to the Fund.
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 provided to the Board throughout the year and in connection with the May Meetings. These reports included,
among other items, information on the Fund’s gross and net returns, the Fund’s investment performance compared
to one or more relevant categories or groups of peer funds and the Fund’s benchmark, performance attribution information
and commentary on the effect of market conditions. The Board noted that it evaluated investment performance at
meetings throughout the year and received reports from Federated Hermes regarding the performance of certain Federated
Hermes Funds as well as Federated Hermes’ explanations for less favorable performance and any specific actions
Federated Hermes had taken, or had determined to take, to seek to enhance Fund investment performance and the results
of those actions.
The Board
also reviewed comparative information regarding the performance of other registered funds in the category of
peer funds selected by iMoneyNet, an independent fund ranking organization (the “Performance Peer Group”). The Board
noted the CCO’s statement that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating
the performance of the Adviser in managing the Fund.
The Board
also considered comparative performance data from Lipper, Inc. that was included in reports provided to the Board
throughout the year.
The Board
considered that for the one-year period ended December 31, 2025, 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 overall category of peer funds selected by iMoneyNet (the “Expense Peer Group”). The Board received a description
of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also
reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet
category.
While mindful
that courts have cautioned against giving too much weight to comparative information concerning fees charged
to funds by other advisers, the Board found that the use of comparisons between the Fund and its Expense Peer Group
assisted the Board in its evaluation of the Fund’s fees and expenses. The Board focused on comparisons with other registered
funds more heavily than non-registered fund products or services because such comparisons are believed to be more
relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily
available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact,
chosen and maintained by the Fund’s shareholders. The Board noted that the range of such other registered funds’ fees
and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace
in which the Fund competes.
Annual
Financial Statements and Additional Information
31
The
Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position
of the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory
fee rate was at the median of the Expense Peer Group, and the Board was satisfied that the overall expense structure
of the Fund remained competitive.
The Board
also received and considered information about the nature and extent of services offered and fees charged by Federated
Hermes to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including
non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for
which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO’s statement that non-registered fund clients
are inherently different products due to the following differences, among others: (i) types of targeted investors; (ii)
applicable laws and regulations; (iii) legal structures; (iv) average account sizes; (v) portfolio management techniques made
necessary by different cash flows and different associated costs; (vi) the time spent by portfolio managers and their teams
(among other personnel across various departments, including legal, compliance and risk management) in reviewing securities
pricing; (vii) SEC mandated risk management programs with respect to fund liquidity and use of derivatives; (viii)
questions on regulatory reporting; (ix) a variety of different administrative responsibilities; and (x) degrees of risk associated
with management. The Board also considered information regarding the differences in the nature of the services required
for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as
a sub-adviser to another institution’s registered fund, noting the CCO’s statement that Federated Hermes generally performs
significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes
Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO emphasized
that differences in fees for providing advisory services to other types of clients may not be appropriate when judging
the appropriateness of the Federated Hermes Funds’ advisory fees because of the different services provided.
Based on
these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction
with other matters considered, are reasonable in light of the services provided.
Profitability
The Board
received and considered profitability information furnished by Federated Hermes. Such profitability information
included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund
basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered
the CCO’s statement that, while the cost allocation report applies consistent allocation processes for purposes of
general comparison of funds, the inherent difficulties in arbitrarily allocating costs lack precision and may cause the report
to be unreliable because a single change in an allocation estimate can dramatically alter the resulting estimate of cost
and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered
the CCO’s statement that the allocation methodologies used by Federated Hermes in estimating profitability for purposes
of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies
previously reviewed by an independent consultant. The Board noted that the independent consultant had previously
conducted a review of the allocation methodologies and reported to the Board that, although there is no single best
method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board considered the CCO’s
statement that the estimated profitability to the Adviser from its relationship with the Fund was not unreasonable in relation
to the services provided.
The Board
also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly-held
fund management companies, including information regarding profitability trends over time. The Board recognized
that profitability comparisons among fund management companies are difficult because of the variation in the type
of comparative information that is publicly available, and the profitability of any fund management company is affected
by numerous factors. The Board considered the CCO’s statement that, based on such profitability information, Federated
Hermes’ profit margins did not appear to be excessive and that Federated Hermes appeared financially sound, with
the resources available to fulfill its contractual obligations.
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 isolating and quantifying economies of scale at an individual fund level, and the extent
to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes
has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: portfolio
management, investment research and trading operations; shareholder services; compliance; business continuity, cybersecurity
and information security programs; internal audit and risk management functions; and technology, systems capabilities
and use of data. The Board noted that Federated Hermes’ investments in these areas are extensive and are designed
to provide enhanced or expanded services to the Federated Hermes Funds and their shareholders. The Board 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
Annual
Financial Statements and Additional Information
32
economies
of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes
Fund’s assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in
the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds
and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future.
The Board also considered that Federated Hermes has been active in managing expenses of the Federated Hermes Funds
in recent years, which has resulted in benefits being realized by shareholders.
The Board
also received and considered information on adviser-paid fees (commonly referred to as “revenue sharing” payments)
that was provided to the Board throughout the year and in connection with the May Meetings. The Board considered
that Federated Hermes believes that this information is relevant to consider whether Federated Hermes had an incentive
to either not apply breakpoints, or to apply breakpoints at higher levels, but should not be considered when evaluating
the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines
on economies of scale, which is compounded by the lack of any uniform methodology or pattern with respect to structuring
fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.
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 considered that Federated Hermes may
derive a benefit to its reputation as an adviser to the Fund, which may help in attracting other clients and investment personnel.
The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds’ investment advisory
contracts, Federated Hermes’ affiliates also receive fees for providing other services to the Federated Hermes Funds
under separate service contracts, including for serving as the Federated Hermes Funds’ administrator and distributor.
In this regard, the Board considered that Federated Hermes’ affiliates provide distribution and shareholder services
to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant
to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing the benefits, if any,
that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the
Federated Hermes Funds.
Conclusions
The Board
considered the CCO’s presentation and statements and the information accompanying the CCO Management Fee
Report. The Board recognized that its evaluation of the Federated Hermes Funds’ advisory and sub-advisory arrangements
is a continuing and ongoing process that is informed by the information that the Board requests and receives from
management throughout the course of the year.
On the basis
of the information and factors summarized above, among other information and factors deemed relevant by the
Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation
of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances
and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations
identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them
to be determinative.
Annual
Financial Statements and Additional Information
33
You could lose money
by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per
share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support
to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
This information is authorized
for distribution to prospective investors only when preceded or accompanied by the Fund’s Prospectus,
which contains facts concerning its objective and policies, management fees, expenses and other information.
Federated Hermes Government Obligations
Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Contact us at
FederatedHermes.com/us
or call 1-800-341-7400.
or call 1-800-341-7400.
Federated Securities Corp., Distributor
CUSIP 608919478
CUSIP 60934N104
CUSIP 60934N807
CUSIP 608919395
CUSIP 608919676
CUSIP 608919684
CUSIP 608919809
CUSIP 60934N153
CUSIP 608919718
CUSIP 608919437
CUSIP 31423R104
CUSIP 60934N104
CUSIP 60934N807
CUSIP 608919395
CUSIP 608919676
CUSIP 608919684
CUSIP 608919809
CUSIP 60934N153
CUSIP 608919718
CUSIP 608919437
CUSIP 31423R104
Q450513 (9/26)
©
2026 Federated Hermes, Inc.
Annual Financial Statements
and Additional Information
and Additional Information
July 31, 2026
|
Share
Class | Ticker
|
Automated | PTAXX
|
R | PTRXX
|
Wealth | PCOXX
|
Advisor | PCVXX
|
|
|
Service | PRCXX
|
Cash
II | PCDXX
|
Cash
Series | PTSXX
|
Capital
| PCCXX
|
|
|
Trust | PTTXX
|
|
|
|
Federated Hermes Prime Cash Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
The Fund
is a Retail Money Market Fund and is only available for investment to accounts beneficially owned by natural
persons.
Not FDIC Insured ▪ May
Lose Value ▪ No Bank Guarantee
CONTENTS
Portfolio
of Investments
July 31, 2026
|
Principal
Amount
|
|
|
Value
|
|
|
|
REPURCHASE
AGREEMENTS—28.7% |
|
|
|
|
Finance
- Banking—28.7% |
|
|
$1,450,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Barclays Bank PLC will repurchase securities provided as
collateral
for $1,450,441,042 on 8/3/2026. The securities provided as collateral at the end of the period held with
BNY
Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to
2/15/2052
and the market value of those underlying securities was $1,479,449,886. |
$ 1,450,000,000
|
|
1,500,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Barclays Bank PLC will repurchase securities provided as
collateral
for $1,500,456,250 on 8/3/2026. The securities provided as collateral at the end of the period held with
BNY
Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 9/16/2067 and the
market
value of those underlying securities was $1,545,469,938. |
1,500,000,000
|
|
1,300,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Barclays Capital, Inc. will repurchase securities provided
as
collateral for $1,300,395,417 on 8/3/2026. The securities provided as collateral at the end of the period held with
BNY
Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 3/20/2046 and the
market
value of those underlying securities was $1,326,403,644. |
1,300,000,000
|
|
2,150,000,000
|
|
Interest
in $3,048,000,000 joint repurchase agreement 3.64%, dated 7/31/2026 under which BNP Paribas S.A. will
repurchase
securities provided as collateral for $3,048,924,560 on 8/3/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to
11/15/2054
and the market value of those underlying securities was $3,109,903,105. |
2,150,000,000
|
|
900,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Credit Agricole Corporate and Investment Bank will
repurchase
securities provided as collateral for $900,273,750 on 8/3/2026. The securities provided as collateral at the
end
of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury
securities
with various maturities to 9/20/2065 and the market value of those underlying securities was $924,376,537. |
900,000,000
|
|
4,000,000,000
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which Fixed Income Clearing Corporation - BNP will
repurchase
securities provided as collateral for $4,001,213,333 on 8/3/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to
11/15/2035
and the market value of those underlying securities was $4,081,237,617. |
4,000,000,000
|
|
4,000,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Fixed Income Clearing Corporation - BNYM will
repurchase
securities provided as collateral for $4,001,216,667 on 8/3/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury
securities
with various maturities to 9/1/2062 and the market value of those underlying securities
was
$4,118,731,537. |
4,000,000,000
|
|
1,100,000,000
|
|
Repurchase
agreement 3.66%, dated 7/31/2026 under which HSBC Securities (USA), Inc. will repurchase securities
provided
as collateral for $1,100,335,500 on 8/3/2026. The securities provided as collateral at the end of the period
held
with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to
4/25/2056
and the market value of those underlying securities was $1,132,483,227. |
1,100,000,000
|
|
1,000,000,000
|
|
Interest
in $5,000,000,000 joint repurchase agreement 3.64%, dated 7/31/2026 under which J.P. Morgan Securities
LLC
will repurchase securities provided as collateral for $5,001,516,667 on 8/3/2026. The securities provided as
collateral
at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various
maturities
to 7/15/2031 and the market value of those underlying securities was $5,100,000,101. |
1,000,000,000
|
|
2,953,000,000
|
|
Interest
in $7,500,000,000 joint repurchase agreement 3.64%, dated 7/31/2026 under which J.P. Morgan Securities
LLC
will repurchase securities provided as collateral for $7,502,275,000 on 8/3/2026. The securities provided as
collateral
at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various
maturities
to 1/15/2031 and the market value of those underlying securities was $7,650,000,078. |
2,953,000,000
|
|
2,000,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which J.P. Morgan Securities LLC will repurchase securities
provided
as collateral for $2,000,608,333 on 8/3/2026. The securities provided as collateral at the end of the period
held
with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2061
and
the market value of those underlying securities was $2,040,000,001. |
2,000,000,000
|
|
1,150,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which MUFG Securities Americas, Inc. will repurchase
securities
provided as collateral for $1,150,349,792 on 8/3/2026. The securities provided as collateral at the end of
the
period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities
to
6/20/2070 and the market value of those underlying securities was $1,184,860,286. |
1,150,000,000
|
|
1,000,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Societe Generale, Paris will repurchase securities
provided
as collateral for $1,000,304,167 on 8/3/2026. The securities provided as collateral at the end of the period
held
with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various
maturities
to 7/1/2056 and the market value of those underlying securities was $1,020,310,785. |
1,000,000,000
|
|
550,000,000
|
|
Interest
in $1,250,000,000 joint repurchase agreement 3.65%, dated 7/31/2026 under which Standard Chartered
Bank
will repurchase securities provided as collateral for $1,250,380,208 on 8/3/2026. The securities provided as
collateral
at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and
U.S.
Treasury securities with various maturities to 8/1/2056 and the market value of those underlying securities
was
$1,276,973,010. |
550,000,000
|
Annual
Financial Statements and Additional Information
1
|
Principal
Amount
|
|
|
Value
|
|
|
|
REPURCHASE
AGREEMENTS—continued
|
|
|
|
|
Finance
- Banking—continued |
|
|
$ 425,000,000
|
|
Interest
in $3,000,000,000 joint repurchase agreement 3.65%, dated 7/31/2026 under which Sumitomo Mitsui
Banking
Corp. will repurchase securities provided as collateral for $3,000,912,500 on 8/3/2026. The securities
provided
as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government
Agency
and U.S. Treasury securities with various maturities to 11/20/2054 and the market value of those underlying
securities
was $3,060,930,750. |
$ 425,000,000
|
|
4,230,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Wells Fargo Securities LLC will repurchase securities
provided
as collateral for $4,231,286,625 on 8/3/2026. The securities provided as collateral at the end of the period
held
with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to
4/26/2060
and the market value of those underlying securities was $4,323,114,022. |
4,230,000,000
|
|
|
|
TOTAL
REPURCHASE AGREEMENTS |
29,708,000,000
|
|
|
|
OTHER
REPURCHASE AGREEMENTS—24.1% |
|
|
|
|
Finance
- Banking—24.1% |
|
|
35,000,000
|
|
BMO
Capital Markets Corp., 3.78%, dated 7/31/2026, interest in a $35,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $35,011,025 on 8/3/2026, in which asset-backed securities,
collateralized
mortgage obligations, corporate bonds and medium-term notes with a market value of $35,711,642
have
been received as collateral and held with BNY Mellon as tri-party agent. |
35,000,000
|
|
700,000,000
|
|
BMO
Capital Markets Corp., 3.73%, dated 7/31/2026, interest in a $1,000,000,000 joint collateralized loan
agreement
will repurchase securities provided as collateral for $1,000,310,833 on 8/3/2026, in which asset-backed
securities,
collateralized mortgage obligations, corporate bonds, medium-term notes, and sovereign debt securities
with
a market value of $1,021,777,784 have been received as collateral and held with BNY Mellon as tri-party agent. |
700,000,000
|
|
1,175,000,000
|
|
BNP
Paribas S.A., 3.75%, dated 7/31/2026, interest in a $1,475,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $1,475,460,938 on 8/3/2026, in which asset-backed securities,
corporate
bonds, medium-term notes and treasury notes with a market value of $1,504,970,620 have been received
as
collateral and held with BNY Mellon as tri-party agent. |
1,175,000,000
|
|
1,510,000,000
|
|
BNP
Paribas S.A., 3.69%, dated 7/31/2026, interest in a $2,050,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $2,050,630,375 on 8/3/2026, in which asset-backed securities,
collateralized
mortgage obligations, corporate bonds, medium-term notes, municipal bonds, treasury bonds, treasury
notes
and U.S. Government Agency securities with a market value of $2,091,786,089 have been received as collateral
and
held with BNY Mellon as tri-party agent. |
1,510,000,000
|
|
10,000,000
|
|
Citigroup
Global Markets, Inc., 4.13%, dated 7/31/2026, interest in a $10,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $10,003,442 on 8/3/2026, in which asset-backed securities and
collateralized
mortgage obligations with a market value of $10,203,512 have been received as collateral and held
with
BNY Mellon as tri-party agent. |
10,000,000
|
|
515,000,000
|
|
Citigroup
Global Markets, Inc., 4.03%, dated 2/6/2025, interest in a $515,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $517,017,799 on 9/10/2026, in which American depositary receipts,
common
stocks, convertible bonds, corporate bonds, exchange-traded funds, medium-term notes and Preferred
Stocks
with a market value of $527,238,756 have been received as collateral and held with BNY Mellon as tri-party
agent.
|
515,000,000
|
|
100,000,000
|
|
Citigroup
Global Markets, Inc., 3.94%, dated 2/19/2026, interest in a $100,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $100,076,611 on 8/13/2026, in which asset-backed securities,
collateralized
mortgage obligations, corporate bonds and medium-term notes with a market value of $102,033,677
have
been received as collateral and held with BNY Mellon as tri-party agent. |
100,000,000
|
|
535,000,000
|
|
Citigroup
Global Markets, Inc., 4.04%, dated 10/24/2024, interest in a $685,000,000 joint collateralized loan
agreement
will repurchase securities provided as collateral for $687,690,528 on 9/10/2026, in which common stocks,
corporate
bonds and exchange-traded funds with a market value of $701,275,510 have been received as collateral
and
held with BNY Mellon as tri-party agent. |
535,000,000
|
|
600,000,000
|
|
Citigroup
Global Markets, Inc., 3.71%, dated 7/31/2026, interest in a $750,000,000 joint collateralized loan
agreement
will repurchase securities provided as collateral for $750,231,875 on 8/3/2026, in which corporate bonds
and
treasury bonds with a market value of $765,236,513 have been received as collateral and held with BNY Mellon
as
tri-party agent. |
600,000,000
|
|
750,000,000
|
|
Citigroup
Global Markets, Inc., 4.03%, dated 1/11/2024, interest in a $750,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $752,938,542 on 9/10/2026, in which American depositary receipts,
common
stocks, convertible bonds, corporate bonds and exchange-traded funds with a market value of
$767,823,654
have been received as collateral and held with BNY Mellon as tri-party agent. |
750,000,000
|
|
25,000,000
|
|
Credit
Agricole S.A, 3.73%, dated 10/30/2025, interest in a $200,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $200,145,056 on 8/13/2026, in which asset-backed securities,
collateralized
mortgage obligations, commercial paper, corporate bonds, medium-term notes and sovereign debt
securities
with a market value of $204,063,581 have been received as collateral and held with BNY Mellon as tri-party
agent.
|
25,000,000
|
|
165,000,000
|
|
Credit
Agricole S.A, 3.70%, dated 7/27/2026, interest in a $190,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $190,136,694 on 8/3/2026, in which asset-backed securities,
collateralized
mortgage obligations, commercial paper, corporate bonds, medium-term notes and sovereign debt
securities
with a market value of $193,939,908 have been received as collateral and held with BNY Mellon as tri-party
agent.
|
165,000,000
|
Annual
Financial Statements and Additional Information
2
|
Principal
Amount
|
|
|
Value
|
|
|
|
OTHER
REPURCHASE AGREEMENTS—continued
|
|
|
|
|
Finance
- Banking—continued |
|
|
$ 200,000,000
|
|
Credit
Agricole S.A, 3.69%, dated 4/2/2026, interest in a $200,000,000 collateralized loan agreement will repurchase
securities
provided as collateral for $200,143,500 on 8/13/2026, in which asset-backed securities, collateralized
mortgage
obligations, commercial paper, corporate bonds, medium-term notes and sovereign debt securities with a
market
value of $204,062,900 have been received as collateral and held with BNY Mellon as tri-party agent. |
$ 200,000,000
|
|
300,000,000
|
|
Credit
Agricole S.A, 3.71%, dated 7/29/2026, interest in a $365,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $365,263,307 on 8/5/2026, in which asset-backed securities,
collateralized
mortgage obligations, commercial paper, corporate bonds, medium-term notes and sovereign debt
securities
with a market value of $372,491,839 have been received as collateral and held with BNY Mellon as tri-party
agent.
|
300,000,000
|
|
345,000,000
|
|
Credit
Agricole S.A, 3.70%, dated 7/31/2026, interest in a $395,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $395,121,792 on 8/3/2026, in which collateralized mortgage
obligations,
commercial paper, corporate bonds, medium-term notes, sovereign debt securities, treasury notes and
U.S.
Government Agency securities with a market value of $403,024,229 have been received as collateral and held
with
BNY Mellon as tri-party agent. |
345,000,000
|
|
400,000,000
|
|
Credit
Agricole S.A, 3.69%, dated 4/7/2026, interest in a $400,000,000 collateralized loan agreement will repurchase
securities
provided as collateral for $400,287,000 on 8/13/2026, in which asset-backed securities, collateralized
mortgage
obligations, commercial paper, corporate bonds, medium-term notes and sovereign debt securities with a
market
value of $408,125,801 have been received as collateral and held with BNY Mellon as tri-party agent. |
400,000,000
|
|
400,000,000
|
|
Credit
Agricole S.A, 3.70%, dated 7/30/2026, interest in a $455,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $455,327,347 on 8/6/2026, in which asset-backed securities,
collateralized
mortgage obligations, commercial paper, corporate bonds, medium-term notes, sovereign debt
securities
and U.S. Government Agency securities with a market value of $464,290,797 have been received as
collateral
and held with BNY Mellon as tri-party agent. |
400,000,000
|
|
600,000,000
|
|
Credit
Agricole S.A, 3.71%, dated 7/28/2026, interest in a $680,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $680,490,544 on 8/4/2026, in which asset-backed securities,
collateralized
mortgage obligations, commercial paper, corporate bonds, medium-term notes, sovereign debt
securities,
treasury bills, treasury bonds, treasury notes and U.S. Government Agency securities with a market value
of
$694,042,313 have been received as collateral and held with BNY Mellon as tri-party agent. |
600,000,000
|
|
1,525,000,000
|
|
Credit
Agricole S.A, 3.69%, dated 10/30/2025, interest in a $1,800,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $1,801,291,500 on 8/13/2026, in which asset-backed securities,
collateralized
mortgage obligations, commercial paper, corporate bonds, medium-term notes, sovereign debt
securities
and U.S. Government Agency securities with a market value of $1,836,566,100 have been received as
collateral
and held with BNY Mellon as tri-party agent. |
1,525,000,000
|
|
60,000,000
|
|
HSBC
Securities (USA), Inc., 3.83%, dated 7/31/2026, interest in a $60,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $60,019,150 on 8/3/2026, in which corporate bonds with a market
value
of $61,200,000 have been received as collateral and held with BNY Mellon as tri-party agent. |
60,000,000
|
|
482,000,000
|
|
HSBC
Securities (USA), Inc., 3.73%, dated 7/31/2026, interest in a $882,000,000 joint collateralized loan agreement
will
repurchase securities provided as collateral for $882,274,155 on 8/3/2026, in which corporate bonds,
medium-term
notes and sovereign debt securities with a market value of $899,640,058 have been received as
collateral
and held with BNY Mellon as tri-party agent. |
482,000,000
|
|
50,000,000
|
|
HSBC
Securities (USA), Inc., 3.73%, dated 7/31/2026, interest in a $50,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $50,015,542 on 8/3/2026, in which asset-backed securities with a
market
value of $51,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. |
50,000,000
|
|
785,000,000
|
|
ING
Financial Markets LLC, 3.73%, dated 7/31/2026, interest in a $1,300,000,000 joint collateralized loan agreement
will
repurchase securities provided as collateral for $1,300,404,083 on 8/3/2026, in which common stocks and
exchange-traded
funds with a market value of $1,326,412,221 have been received as collateral and held with BNY
Mellon
as tri-party agent. |
785,000,000
|
|
1,500,000,000
|
|
J.P.
Morgan Securities LLC, 3.89%, dated 6/11/2026, interest in a $1,700,000,000 joint collateralized loan agreement
will
repurchase securities provided as collateral for $1,712,307,528 on 8/17/2026, in which American depositary
receipts,
convertible bonds and mutual funds with a market value of $1,734,000,000 have been received as collateral
and
held with BNY Mellon as tri-party agent. |
1,500,000,000
|
|
2,000,000,000
|
|
J.P.
Morgan Securities LLC, 3.87%, dated 6/5/2026, interest in a $2,300,000,000 joint collateralized loan agreement
will
repurchase securities provided as collateral for $2,314,587,750 on 8/3/2026, in which corporate bonds,
medium-term
notes, municipal bonds and sovereign debt securities with a market value of $2,346,000,000 have been
received
as collateral and held with BNY Mellon as tri-party agent. |
2,000,000,000
|
|
100,000,000
|
|
Mizuho
Securities USA LLC, 4.03%, dated 12/20/2024, interest in a $100,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $100,391,806 on 9/10/2026, in which collateralized mortgage
obligations
with a market value of $102,376,437 have been received as collateral and held with BNY Mellon as
tri-party
agent. |
100,000,000
|
|
210,000,000
|
|
Mizuho
Securities USA LLC, 4.03%, dated 7/31/2025, interest in a $250,000,000 joint collateralized loan agreement
will
repurchase securities provided as collateral for $250,979,514 on 9/10/2026, in which collateralized mortgage
obligations
with a market value of $255,941,092 have been received as collateral and held with BNY Mellon as
tri-party
agent. |
210,000,000
|
Annual
Financial Statements and Additional Information
3
|
Principal
Amount
|
|
|
Value
|
|
|
|
OTHER
REPURCHASE AGREEMENTS—continued
|
|
|
|
|
Finance
- Banking—continued |
|
|
$ 270,000,000
|
|
Mizuho
Securities USA LLC, 4.03%, dated 11/12/2024, interest in a $300,000,000 joint collateralized loan agreement
will
repurchase securities provided as collateral for $301,175,417 on 9/10/2026, in which collateralized mortgage
obligations,
corporate bonds, medium-term notes and municipal bonds with a market value of $307,129,310 have
been
received as collateral and held with BNY Mellon as tri-party agent. |
$ 270,000,000
|
|
1,150,000,000
|
|
Mizuho
Securities USA LLC, 3.78%, dated 7/31/2026, interest in a $1,200,000,000 joint collateralized loan agreement
will
repurchase securities provided as collateral for $1,200,378,000 on 8/3/2026, in which asset-backed securities,
commercial
paper, corporate bonds, medium-term notes, municipal bonds and sovereign debt securities with a
market
value of $1,224,387,879 have been received as collateral and held with BNY Mellon as tri-party agent. |
1,150,000,000
|
|
2,361,000,000
|
|
Mizuho
Securities USA LLC, 3.78%, dated 7/31/2026, interest in a $2,975,000,000 joint collateralized loan agreement
will
repurchase securities provided as collateral for $2,975,937,125 on 8/3/2026, in which common stocks with a
market
value of $3,035,456,644 have been received as collateral and held with BNY Mellon as tri-party agent. |
2,361,000,000
|
|
200,000,000
|
|
MUFG
Securities Americas Inc., 3.78%, dated 7/31/2026, interest in a $200,000,000 collateralized loan agreement
will
repurchase securities provided as collateral for $200,063,000 on 8/3/2026, in which American depositary
receipts,
collateralized mortgage obligations, common stocks, corporate bonds, exchange-traded funds,
medium-term
notes and mutual funds with a market value of $204,064,286 have been received as collateral and held
with
BNY Mellon as tri-party agent. |
200,000,000
|
|
200,000,000
|
|
MUFG
Securities Americas Inc., 3.78%, dated 7/31/2026, interest in a $300,000,000 joint collateralized loan
agreement
will repurchase securities provided as collateral for $300,094,500 on 8/3/2026, in which American
depositary
receipts, convertible bonds, corporate bonds and mutual funds with a market value of $306,192,549 have
been
received as collateral and held with BNY Mellon as tri-party agent. |
200,000,000
|
|
165,000,000
|
|
Pershing
LLC, 3.88%, dated 6/12/2024, interest in a $300,000,000 joint collateralized loan agreement will repurchase
securities
provided as collateral for $300,226,333 on 8/13/2026, in which asset-backed securities, certificates of
deposit,
collateralized mortgage obligations, commercial paper, common stocks, convertible bonds, corporate
bonds,
exchange-traded funds, medium-term notes, municipal bonds and U.S. Government Agency securities with a
market
value of $306,139,505 have been received as collateral and held with BNY Mellon as tri-party agent. |
165,000,000
|
|
500,000,000
|
|
Societe
Generale, Paris, 3.70%, dated 7/31/2026, interest in a $900,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $900,277,500 on 8/3/2026, in which asset-backed securities,
collateralized
mortgage obligations, corporate bonds, medium-term notes and sovereign debt securities with a
market
value of $918,283,117 have been received as collateral and held with BNY Mellon as tri-party agent. |
500,000,000
|
|
525,000,000
|
|
Societe
Generale, Paris, 4.00%, dated 7/31/2026, interest in a $600,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $603,933,333 on 9/28/2026, in which asset-backed securities,
collateralized
mortgage obligations, corporate bonds, medium-term notes, treasury bonds and treasury notes with a
market
value of $612,218,090 have been received as collateral and held with BNY Mellon as tri-party agent. |
525,000,000
|
|
600,000,000
|
|
Societe
Generale, Paris, 3.75%, dated 7/31/2026, interest in a $800,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $800,250,000 on 8/3/2026, in which asset-backed securities,
collateralized
mortgage obligations, corporate bonds, medium-term notes, sovereign debt securities, treasury bills,
treasury
bonds and treasury notes with a market value of $816,255,043 have been received as collateral and held
with
BNY Mellon as tri-party agent. |
600,000,000
|
|
75,000,000
|
|
Standard
Chartered Bank, 3.70%, dated 7/31/2026, interest in a $175,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $175,053,958 on 8/3/2026, in which collateralized mortgage
obligations
and treasury bonds with a market value of $178,555,103 have been received as collateral and held with
BNY
Mellon as tri-party agent. |
75,000,000
|
|
175,000,000
|
|
Standard
Chartered Bank, 3.70%, dated 7/30/2026, interest in a $175,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $175,125,903 on 8/6/2026, in which collateralized mortgage
obligations,
treasury bonds, treasury notes and U.S. Government Agency securities with a market value of
$178,704,535
have been received as collateral and held with BNY Mellon as tri-party agent. |
175,000,000
|
|
425,000,000
|
|
TD
Securities (USA), LLC, 3.73%, dated 6/8/2026, interest in a $500,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $500,362,639 on 8/13/2026, in which corporate bonds and
medium-term
notes with a market value of $510,159,417 have been received as collateral and held with BNY Mellon
as
tri-party agent. |
425,000,000
|
|
175,000,000
|
|
Wells
Fargo Securities LLC, 4.19%, dated 8/19/2025, interest in a $175,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $176,833,125 on 11/4/2026, in which convertible bonds and
convertible
Preferred Stocks with a market value of $178,562,479 have been received as collateral and held with BNY
Mellon
as tri-party agent. |
175,000,000
|
|
250,000,000
|
|
Wells
Fargo Securities LLC, 4.19%, dated 2/12/2025, interest in a $250,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $252,415,069 on 10/28/2026, in which convertible bonds with a
market
value of $255,089,835 have been received as collateral and held with BNY Mellon as tri-party agent. |
250,000,000
|
|
300,000,000
|
|
Wells
Fargo Securities LLC, 3.75%, dated 7/22/2025, interest in a $300,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $300,218,750 on 8/13/2026, in which corporate bonds and sovereign
debt
securities with a market value of $306,096,499 have been received as collateral and held with BNY Mellon as
tri-party
agent. |
300,000,000
|
|
400,000,000
|
|
Wells
Fargo Securities LLC, 4.19%, dated 1/29/2025, interest in a $400,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $404,190,000 on 11/4/2026, in which convertible bonds with a market
value
of $408,143,570 have been received as collateral and held with BNY Mellon as tri-party agent. |
400,000,000
|
Annual
Financial Statements and Additional Information
4
|
Principal
Amount
|
|
|
Value
|
|
|
|
OTHER
REPURCHASE AGREEMENTS—continued
|
|
|
|
|
Finance
- Banking—continued |
|
|
$ 630,000,000
|
|
Wells
Fargo Securities LLC, 4.04%, dated 2/4/2025, interest in a $630,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $636,363,000 on 11/4/2026, in which collateralized mortgage
obligations
with a market value of $642,816,877 have been received as collateral and held with BNY Mellon as
tri-party
agent. |
$ 630,000,000
|
|
1,020,000,000
|
|
Wells
Fargo Securities LLC, 3.81%, dated 7/30/2026, interest in a $1,020,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $1,020,755,650 on 8/6/2026, in which convertible bonds with a
market
value of $1,040,840,761 have been received as collateral and held with BNY Mellon as tri-party agent. |
1,020,000,000
|
|
100,000,000
|
|
Wells
Fargo Securities LLC, 3.75%, dated 8/1/2025, interest in a $100,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $100,072,917 on 8/13/2026, in which commercial paper and
certificates
of deposit with a market value of $102,031,875 have been received as collateral and held with BNY
Mellon
as tri-party agent. |
100,000,000
|
|
150,000,000
|
|
Wells
Fargo Securities LLC, 4.19%, dated 9/12/2025, interest in a $150,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $151,571,250 on 11/4/2026, in which convertible bonds with a market
value
of $153,054,171 have been received as collateral and held with BNY Mellon as tri-party agent. |
150,000,000
|
|
220,000,000
|
|
Wells
Fargo Securities LLC, 4.19%, dated 2/5/2025, interest in a $220,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $222,278,894 on 11/3/2026, in which convertible bonds with a market
value
of $224,478,704 have been received as collateral and held with BNY Mellon as tri-party agent. |
220,000,000
|
|
|
|
TOTAL
OTHER REPURCHASE AGREEMENTS |
24,968,000,000
|
|
|
1
|
COMMERCIAL
PAPER—17.5% |
|
|
|
|
Aerospace/Auto—0.2%
|
|
|
144,400,000
|
|
BMW
US Capital LLC, (Guaranteed by Bayerische Motoren Werke AG), 3.744% - 3.746%, 8/6/2026 - 8/11/2026 |
144,293,826
|
|
90,000,000
|
|
Toyota
Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 3.963%, 8/4/2026 |
89,971,125
|
|
|
|
TOTAL
|
234,264,951
|
|
|
|
Consumer
Products—0.1% |
|
|
48,000,000
|
|
Unilever
Capital Corp., (Unilever PLC GTD), 3.762%, 8/10/2026 |
47,955,000
|
|
|
|
Finance
- Banking—15.4% |
|
|
273,000,000
|
|
Albion
Capital LLC, (MUFG Bank Ltd. LIQ), 3.853% - 3.898%, 8/20/2026 - 8/27/2026 |
272,331,770
|
|
75,000,000
|
|
Antalis
S.A., (Societe Generale S.A. LIQ), 3.702%, 8/3/2026 |
74,984,583
|
|
215,000,000
|
|
Australia
& New Zealand Banking Group Ltd., 4.396%, 7/20/2027 |
206,124,501
|
|
85,000,000
|
|
Bank
of Montreal, 3.876%, 12/7/2026 |
83,872,711
|
|
199,500,000
|
|
Bank
of New York Mellon, N.A., 4.157%, 5/21/2027 |
193,021,404
|
|
1,098,000,000
|
|
Bank
of Nova Scotia, 4.061% - 4.186%, 4/16/2027 - 5/26/2027 |
1,063,351,634
|
|
150,000,000
|
|
Bedford
Row Funding Corp., (Royal Bank of Canada GTD), 3.994%, 1/6/2027 |
147,432,500
|
|
54,000,000
|
|
Bennington
Stark Capital Co., LLC, (Societe Generale S.A. LIQ), 3.904%, 9/17/2026 |
53,726,460
|
|
400,000,000
|
|
BPCE
S.A., 3.860%, 8/28/2026 |
398,854,000
|
|
290,000,000
|
|
Canadian
Imperial Bank of Commerce, 3.960% - 4.250%, 10/1/2026 - 6/9/2027 |
281,925,228
|
|
219,000,000
|
|
DZ
Bank AG Deutsche Zentral-Genossenschaftsbank, 3.916%, 10/29/2026 |
216,920,960
|
|
320,000,000
|
|
Gotham
Funding Corp., (MUFG Bank Ltd. LIQ), 3.858% - 3.870%, 8/21/2026 - 9/8/2026 |
318,847,415
|
|
1,509,500,000
|
|
ING
Bank N.V., 3.769% - 4.001%, 8/20/2026 - 12/18/2026 |
1,489,732,258
|
|
4,265,000,000
|
|
National
Bank of Canada, 3.774% - 4.441%, 9/24/2026 - 7/12/2027 |
4,172,016,434
|
|
700,000,000
|
|
Paradelle
Funding LLC, 3.898% - 4.452%, 9/23/2026 - 7/22/2027 |
682,562,185
|
|
125,000,000
|
|
Paradelle
Funding LLC, (Toronto Dominion Bank COL), 3.955%, 10/1/2026 |
125,000,000
|
|
100,000,000
|
|
Podium
Funding Trust, 4.016% - 4.335%, 10/27/2026 - 4/1/2027 |
98,385,700
|
|
2,804,000,000
|
|
Royal
Bank of Canada, 3.909% - 4.001%, 9/3/2026 - 3/11/2027 |
2,766,929,935
|
|
1,021,000,000
|
|
Royal
Bank of Canada, 4.169% - 4.403%, 6/1/2027 - 6/17/2027 |
984,263,381
|
|
210,000,000
|
|
Royal
Bank of Canada, Three World Financial Center Branch, 3.908%, 10/7/2026 |
208,530,467
|
|
589,500,000
|
|
Toronto
Dominion Bank, 3.896% - 4.251%, 10/1/2026 - 6/16/2027 |
574,883,717
|
|
720,000,000
|
|
Victory
Receivables Corp., (MUFG Bank Ltd. LIQ), 3.832% - 3.883%, 8/18/2026 - 8/27/2026 |
718,370,533
|
|
834,000,000
|
|
Westpac
Banking Corp. Ltd., 3.870% - 4.150%, 8/6/2026 - 5/13/2027 |
828,061,836
|
|
|
|
TOTAL
|
15,960,129,612
|
|
|
|
Finance
- Retail—0.5% |
|
|
112,500,000
|
|
Barton
Capital S.A., 3.857% - 3.859%, 8/7/2026 - 8/14/2026 |
112,396,267
|
|
85,000,000
|
|
Chariot
Funding LLC, 3.812%, 8/26/2026 |
84,775,694
|
|
100,000,000
|
|
Falcon
Asset Funding LLC, 3.855%, 9/17/2026 |
99,499,972
|
Annual
Financial Statements and Additional Information
5
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
COMMERCIAL
PAPER—continued |
|
|
|
|
Finance
- Retail—continued |
|
|
$ 82,500,000
|
|
Old
Line Funding, LLC, 3.969% - 3.992%, 9/21/2026 - 11/19/2026 |
$ 81,778,539
|
|
40,000,000
|
|
Sheffield
Receivables Co. LLC, 3.914%, 9/25/2026 |
39,762,278
|
|
130,000,000
|
|
Thunder
Bay Funding, LLC, 3.994%, 11/18/2026 |
128,449,172
|
|
|
|
TOTAL
|
546,661,922
|
|
|
|
Health
Care—0.2% |
|
|
225,000,000
|
|
Ascension
Health Alliance Senior Credit Group, 3.911%, 8/26/2026 |
224,390,625
|
|
|
|
Insurance—0.2%
|
|
|
171,000,000
|
|
UnitedHealth
Group, Inc., 3.702%, 8/4/2026 |
170,947,275
|
|
|
|
Pharmaceuticals
and Health Care—0.8% |
|
|
585,000,000
|
|
Eli
Lilly & Co., 3.744%, 8/10/2026 |
584,453,025
|
|
225,500,000
|
|
Novartis
Finance Corp., (Guaranteed by Novartis AG), 3.714% - 3.787%, 8/26/2026 - 9/8/2026 |
224,641,904
|
|
|
|
TOTAL
|
809,094,929
|
|
|
|
Sovereign—0.1%
|
|
|
150,000,000
|
|
KFW,
3.846%, 9/17/2026 |
149,250,937
|
|
|
|
TOTAL
COMMERCIAL PAPER |
18,142,695,251
|
|
|
2
|
NOTES
- VARIABLE—11.5% |
|
|
|
|
Aerospace/Auto—1.7%
|
|
|
450,000,000
|
|
Toyota
Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 3.950% (SOFR +0.300%), 8/3/2026 |
450,000,000
|
|
350,000,000
|
|
Toyota
Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 3.980% (SOFR +0.330%), 8/3/2026 |
350,000,000
|
|
510,000,000
|
|
Toyota
Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 4.000% (SOFR +0.350%), 8/3/2026 |
510,000,000
|
|
400,000,000
|
|
Toyota
Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 4.000% (SOFR +0.350%), 8/3/2026 |
400,000,000
|
|
|
|
TOTAL
|
1,710,000,000
|
|
|
|
Finance
- Banking—8.7% |
|
|
29,385,000
|
|
Alper
Drive Apts., LLC, (Northern Trust Co. LOC), 3.760%, 8/6/2026 |
29,385,000
|
|
50,000,000
|
|
Anglesea
Funding LLC, (Bank of Montreal COL)/(Bank of Nova Scotia COL)/(Lloyds Bank Corporate Markets PLC
COL)/(Royal
Bank of Canada COL), 4.000% (SOFR +0.350%), 8/3/2026 |
50,000,000
|
|
127,500,000
|
|
Bank
of America N.A., 4.000% (SOFR +0.350%), 8/3/2026 |
127,500,000
|
|
135,000,000
|
|
Bank
of Montreal, 3.990% (SOFR +0.340%), 8/3/2026 |
135,000,000
|
|
249,000,000
|
|
Bank
of Montreal, 4.020% (SOFR +0.370%), 8/3/2026 |
249,000,000
|
|
295,000,000
|
|
Bank
of Montreal, 4.040% (SOFR +0.390%), 8/3/2026 |
295,000,000
|
|
235,000,000
|
|
Bank
of Montreal, 4.050% (SOFR +0.400%), 8/3/2026 |
235,000,000
|
|
50,000,000
|
|
Bank
of Montreal, 4.060% (SOFR +0.410%), 8/3/2026 |
50,000,000
|
|
400,000,000
|
|
Bank
of Montreal, 4.070% (SOFR +0.420%), 8/3/2026 |
400,000,000
|
|
225,000,000
|
|
Bank
of Montreal, 4.080% (SOFR +0.430%), 8/3/2026 |
225,000,000
|
|
225,000,000
|
|
Bank
of Montreal, 4.080% (SOFR +0.430%), 8/3/2026 |
225,000,000
|
|
410,000,000
|
|
Bank
of Montreal, 4.100% (SOFR +0.450%), 8/3/2026 |
410,000,000
|
|
200,000,000
|
|
Bank
of Nova Scotia, 3.950% (SOFR +0.300%), 8/3/2026 |
200,000,000
|
|
300,000,000
|
|
Bank
of Nova Scotia, 4.010% (SOFR +0.360%), 8/3/2026 |
300,000,000
|
|
210,000,000
|
|
Bank
of Nova Scotia, 4.050% (SOFR +0.400%), 8/3/2026 |
210,000,000
|
|
100,000,000
|
|
Bedford
Row Funding Corp., (Royal Bank of Canada GTD), 3.930% (SOFR +0.280%), 8/3/2026 |
100,000,000
|
|
173,000,000
|
|
Canadian
Imperial Bank of Commerce, 4.020% (SOFR +0.370%), 8/3/2026 |
173,000,000
|
|
4,220,000
|
|
City
Furniture, Inc., (Wells Fargo Bank, N.A. LOC), 3.750%, 8/6/2026 |
4,220,000
|
|
150,000,000
|
|
Collateralized
Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 3.940% (SOFR +0.290%), 8/3/2026 |
150,000,000
|
|
125,000,000
|
|
Collateralized
Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 3.970% (SOFR +0.320%), 8/3/2026 |
125,000,000
|
|
30,000,000
|
|
Collateralized
Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 3.980% (SOFR +0.330%), 8/3/2026 |
30,000,000
|
|
165,000,000
|
|
Collateralized
Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 3.980% (SOFR +0.330%), 8/3/2026 |
165,000,000
|
|
175,000,000
|
|
Collateralized
Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 4.020% (SOFR +0.370%), 8/3/2026 |
175,000,000
|
|
100,000,000
|
|
Collateralized
Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 4.020% (SOFR +0.370%), 8/3/2026 |
100,000,000
|
|
150,000,000
|
|
Collateralized
Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 4.020% (SOFR +0.370%), 8/3/2026 |
150,000,000
|
|
150,000,000
|
|
Commonwealth
Bank of Australia, 3.950% (SOFR +0.300%), 8/3/2026 |
150,000,000
|
|
470,000,000
|
|
ING
(U.S.) Funding LLC, 3.920% (SOFR +0.270%), 8/3/2026 |
470,000,000
|
Annual
Financial Statements and Additional Information
6
|
Principal
Amount
|
|
|
Value
|
|
|
2
|
NOTES
- VARIABLE—continued
|
|
|
|
|
Finance
- Banking—continued |
|
|
$ 180,000,000
|
|
J.P.
Morgan Securities LLC, 4.000% (SOFR +0.350%), 8/3/2026 |
$ 180,000,000
|
|
272,500,000
|
|
J.P.
Morgan Securities LLC, 4.000% (SOFR +0.350%), 8/3/2026 |
272,500,000
|
|
148,000,000
|
|
J.P.
Morgan Securities LLC, 4.000% (SOFR +0.350%), 8/3/2026 |
148,000,000
|
|
425,000,000
|
|
MUFG
Bank Ltd., 3.860% (SOFR +0.210%), 8/3/2026 |
425,000,000
|
|
215,000,000
|
|
National
Bank of Canada, 3.950% (SOFR +0.300%), 8/3/2026 |
215,000,000
|
|
19,670,000
|
|
Osprey
Properties LP, LLLP & Nighthawk Properties, LLC, Series 2008, (Wells Fargo Bank, N.A. LOC),
3.750%,
8/6/2026 |
19,670,000
|
|
29,435,000
|
|
Panel
Rey S.A., Series 2016, (Citibank, N.A. LOC), 3.770%, 8/6/2026 |
29,435,000
|
|
85,000,000
|
|
Paradelle
Funding LLC, (Toronto Dominion Bank COL), 4.060% (SOFR +0.410%), 8/3/2026 |
85,000,000
|
|
100,000,000
|
|
Park
Avenue Collateralized Notes Co., LLC, (J.P. Morgan Securities LLC COL), 4.020% (SOFR +0.370%), 8/3/2026 |
100,000,000
|
|
9,005,000
|
|
Richelle
Marous 2025 Irrevocable Life Insurance Trust, (BMO Bank, N.A. LOC), 3.770%, 8/6/2026 |
9,005,000
|
|
23,920,000
|
|
Rooney
Holdings, LLC, (BMO Bank, N.A. LOC), 3.770%, 8/6/2026 |
23,920,000
|
|
400,000,000
|
|
Standard
Chartered Bank, 3.890% (SOFR +0.240%), 8/3/2026 |
400,000,000
|
|
110,000,000
|
|
Svenska
Handelsbanken AB, 3.950% (SOFR +0.300%), 8/3/2026 |
110,000,000
|
|
76,108,000
|
|
Taxable
Tender Option Bond Trust 2024-XF3219TX, (Series 2024-XF3219TX) Weekly VRDNs, (Mizuho Bank Ltd.
LIQ)/(Mizuho
Bank Ltd. LOC), 3.900%, 8/6/2026 |
76,108,000
|
|
350,000,000
|
|
Toronto
Dominion Bank, 4.050% (SOFR +0.400%), 8/3/2026 |
350,000,000
|
|
405,000,000
|
|
Toronto
Dominion Bank, 4.050% (SOFR +0.400%), 8/3/2026 |
405,000,000
|
|
350,000,000
|
|
Toronto
Dominion Bank, 4.050% (SOFR +0.400%), 8/3/2026 |
350,000,000
|
|
150,000,000
|
|
Toronto
Dominion Bank, 4.050% (SOFR +0.400%), 8/3/2026 |
150,000,000
|
|
450,000,000
|
|
Wells
Fargo Bank, N.A., 4.050% (SOFR +0.400%), 8/3/2026 |
450,000,000
|
|
214,000,000
|
|
Westpac
Banking Corp. Ltd., 3.950% (SOFR +0.300%), 8/3/2026 |
214,000,000
|
|
85,000,000
|
|
Westpac
Banking Corp. Ltd., 3.950% (SOFR +0.300%), 8/3/2026 |
85,000,000
|
|
|
|
TOTAL
|
9,030,743,000
|
|
|
|
Finance
- Retail—0.1% |
|
|
100,000,000
|
|
Chariot
Funding LLC, 3.950% (SOFR +0.300%), 8/3/2026 |
100,000,000
|
|
40,000,000
|
|
Thunder
Bay Funding, LLC, 3.950% (SOFR +0.300%), 8/3/2026 |
40,000,000
|
|
|
|
TOTAL
|
140,000,000
|
|
|
|
Government
Agency—1.0% |
|
|
64,000,000
|
|
24
Acq Refi Borrowers, Series 2026-A, (Federal Home Loan Bank of San Francisco LOC), 3.720%, 8/6/2026 |
64,000,000
|
|
7,445,000
|
|
2-D
Max Enterprises LLC, (Federal Home Loan Bank of Atlanta LOC), 3.720%, 8/6/2026 |
7,445,000
|
|
15,550,000
|
|
Archer
1 LLC, (Federal Home Loan Bank of San Francisco LOC), 3.720%, 8/6/2026 |
15,550,000
|
|
96,970,000
|
|
BOZ
McKinley Owner, LLC, (Federal Home Loan Bank of San Francisco LOC), 3.720%, 8/6/2026 |
96,970,000
|
|
7,280,000
|
|
Brian
Luke Bobenage 2022 Family Trust, (Federal Home Loan Bank of Des Moines LOC), 3.720%, 8/6/2026 |
7,280,000
|
|
4,895,000
|
|
Brian
Peterson Life Insurance Trust, (Federal Home Loan Bank of Topeka LOC), 3.720%, 8/6/2026 |
4,895,000
|
|
4,460,000
|
|
Burnett
Family Trust, (Federal Home Loan Bank of Dallas LOC), 3.720%, 8/6/2026 |
4,460,000
|
|
980,000
|
|
BWF
Forge TL Properties Owner LLC, (Federal Home Loan Bank of Des Moines LOC)/(Federal Home Loan Bank of
San
Francisco LOC), 3.720%, 8/6/2026 |
980,000
|
|
10,545,000
|
|
Callewart
Life Insurance Trust, (Federal Home Loan Bank of Dallas LOC), 3.720%, 8/6/2026 |
10,545,000
|
|
11,800,000
|
|
Carmel
Valley Senior Living, LP, (Federal Home Loan Bank of San Francisco LOC), 3.720%, 8/6/2026 |
11,800,000
|
|
9,860,000
|
|
Catania
Family Trust, (Federal Home Loan Bank of Dallas LOC), 3.720%, 8/6/2026 |
9,860,000
|
|
5,695,000
|
|
Charles
J. Doering Irrevocable Trust, Series 2026, (Federal Home Loan Bank of Topeka LOC), 3.720%, 8/6/2026 |
5,695,000
|
|
5,415,000
|
|
Copper
Top, LLC, Series 2023, (Federal Home Loan Bank of Topeka LOC), 3.720%, 8/6/2026 |
5,415,000
|
|
28,220,000
|
|
CP
Canyons WFH, LLC, (Federal Home Loan Bank of Des Moines LOC)/(Federal Home Loan Bank of San Francisco
LOC),
3.720%, 8/6/2026 |
28,220,000
|
|
18,000,000
|
|
CRE
Impact BCM Tech Atlanta GA, LLC, 2025, (Federal Home Loan Bank of Cincinnati LOC), 3.720%, 8/6/2026 |
18,000,000
|
|
4,205,000
|
|
Dennis
Wesley Co., Inc., The Dennis Wesley Co., Inc. Project, (Federal Home Loan Bank of Indianapolis LOC),
3.720%,
8/6/2026 |
4,205,000
|
|
20,000,000
|
|
Desert
Vistas, a California LP, (Federal Home Loan Bank of San Francisco LOC), 3.720%, 8/6/2026 |
20,000,000
|
|
9,990,000
|
|
Eagle
Hesperia 55 II LP, (Federal Home Loan Bank of San Francisco LOC), 3.720%, 8/6/2026 |
9,990,000
|
|
15,500,000
|
|
East
Town Crossing, LLC, (Federal Home Loan Bank of Des Moines LOC), 3.720%, 8/6/2026 |
15,500,000
|
|
9,400,000
|
|
Encinitas
Senior Living, LP, (Federal Home Loan Bank of San Francisco LOC), 3.720%, 8/6/2026 |
9,400,000
|
Annual
Financial Statements and Additional Information
7
|
Principal
Amount
|
|
|
Value
|
|
|
2
|
NOTES
- VARIABLE—continued
|
|
|
|
|
Government
Agency—continued |
|
|
$ 73,360,000
|
|
Envive
Indiana 8-SNF Refinance Borrowers, Series 2026-A, (Federal Home Loan Bank of San Francisco LOC),
3.720%,
8/6/2026 |
$ 73,360,000
|
|
15,640,000
|
|
Envive
Indiana 8-SNF Refinance Borrowers, Series 2026-B, (Federal Home Loan Bank of San Francisco LOC),
3.720%,
8/6/2026 |
15,640,000
|
|
10,955,000
|
|
Frank
Dale Insurance Trust, Series 2025, (Federal Home Loan Bank of Dallas LOC), 3.720%, 8/6/2026 |
10,955,000
|
|
30,000,000
|
|
HW
Hellman Building, LP, (Federal Home Loan Bank of San Francisco LOC), 3.720%, 8/6/2026 |
30,000,000
|
|
15,900,000
|
|
Ivy
Row at Jax St, LLC, (Federal Home Loan Bank of Atlanta LOC), 3.720%, 8/6/2026 |
15,900,000
|
|
14,730,000
|
|
Ivy
Row at LA Tech, LLC, Series 2023, (Federal Home Loan Bank of Dallas LOC), 3.720%, 8/6/2026 |
14,730,000
|
|
10,920,000
|
|
Ivy
Row at South, LLC, (Federal Home Loan Bank of Atlanta LOC), 3.720%, 8/6/2026 |
10,920,000
|
|
13,645,000
|
|
Ivy
Row at Southern Miss, LLC, (Federal Home Loan Bank of Atlanta LOC), 3.720%, 8/6/2026 |
13,645,000
|
|
5,260,000
|
|
JCW
2022 Heritage Trust dated December 13, 2022, Series 2023, (Federal Home Loan Bank of Dallas LOC),
3.720%,
8/5/2026 |
5,260,000
|
|
25,000,000
|
|
Journey
Investments, LLP, Series 2026, (Federal Home Loan Bank of Des Moines LOC), 3.720%, 8/6/2026 |
25,000,000
|
|
5,985,000
|
|
JWM
Family Trust, (Federal Home Loan Bank of Des Moines LOC), 3.720%, 8/6/2026 |
5,985,000
|
|
40,500,000
|
|
La
Jolla Cove Motel and Hotel Apartments, LLC and La Jolla Cove Shops, LLC, 2026-A, (Federal Home Loan Bank of
Des
Moines LOC)/(Federal Home Loan Bank of San Francisco LOC), 3.720%, 8/6/2026 |
40,500,000
|
|
7,665,000
|
|
Marvin
J. Base 2019 Irrevocable Trust, (Federal Home Loan Bank of Topeka LOC), 3.720%, 8/6/2026 |
7,665,000
|
|
13,500,000
|
|
MHF
DKF Insurance Trust, 2025, (Federal Home Loan Bank of Dallas LOC), 3.720%, 8/6/2026 |
13,500,000
|
|
22,500,000
|
|
Midtown
Senior Housing LP and Avon Tower Investors LP, (Federal Home Loan Bank of San Francisco LOC),
3.720%,
8/6/2026 |
22,500,000
|
|
6,980,000
|
|
Morofsky
Legacy Irrevocable Trust, (Series 2024), (Federal Home Loan Bank of Des Moines LOC), 3.720%, 8/6/2026 |
6,980,000
|
|
4,785,000
|
|
Nicolai
Legacy Irrevocable Trust, (Federal Home Loan Bank of Dallas LOC), 3.720%, 8/6/2026 |
4,785,000
|
|
25,000,000
|
|
Olive
Development Bond I LLC, (San Marcos Project) Series 2024, (Federal Home Loan Bank of Topeka LOC),
4.150%,
8/5/2026 |
25,000,000
|
|
13,790,000
|
|
Our
Family IV, LLC, (Federal Home Loan Bank of Topeka LOC), 3.720%, 8/6/2026 |
13,790,000
|
|
21,000,000
|
|
Pittsburg
Fox Creek Associates, LP, Series 2011-A, (Federal Home Loan Bank of San Francisco LOC),
3.720%,
8/6/2026 |
21,000,000
|
|
32,015,000
|
|
Plaza
Fitzsimons Owner, LLC, (Federal Home Loan Bank of San Francisco LOC), 3.720%, 8/6/2026 |
32,015,000
|
|
4,390,000
|
|
Randall
S. Raner Irrevocable Life Insurance Trust Dated March 19, 2024, (Federal Home Loan Bank of Topeka LOC),
3.720%,
8/6/2026 |
4,390,000
|
|
9,840,000
|
|
Richard
F. Wilks Spousal Gifting Trust, (Federal Home Loan Bank of Topeka LOC), 3.720%, 8/6/2026 |
9,840,000
|
|
6,000,000
|
|
Riverview
Project, Series 2021, (Federal Home Loan Bank of Des Moines LOC), 3.720%, 8/6/2026 |
6,000,000
|
|
7,020,000
|
|
Robert
Kinsala 2009 Trust, (Federal Home Loan Bank of Dallas LOC), 3.720%, 8/6/2026 |
7,020,000
|
|
28,250,000
|
|
Rohnert
Park 668, LP, (Federal Home Loan Bank of San Francisco LOC), 3.720%, 8/6/2026 |
28,250,000
|
|
11,455,000
|
|
Sandy
Jacobs Irrevocable Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 3.720%, 8/6/2026 |
11,455,000
|
|
11,260,000
|
|
Shawn
R. Trapuzzano Irrevocable Insurance Trust, (Federal Home Loan Bank of Pittsburgh LOC), 3.720%, 8/6/2026 |
11,260,000
|
|
12,000,000
|
|
Sibley
Family Irrevocable Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 3.720%, 8/6/2026 |
12,000,000
|
|
7,110,000
|
|
SMZ
Holdings, LLC, (Federal Home Loan Bank of Dallas LOC), 3.720%, 8/6/2026 |
7,110,000
|
|
8,985,000
|
|
Spingola
Insurance Trust, Series 2026, (Federal Home Loan Bank of Topeka LOC), 3.720%, 8/6/2026 |
8,985,000
|
|
3,500,000
|
|
TBD
Hide, LLC, (Federal Home Loan Bank of Des Moines LOC), 3.720%, 8/6/2026 |
3,500,000
|
|
18,100,000
|
|
The
CLC Irrevocable Insurance Trust, Series 2026, (Federal Home Loan Bank of Des Moines LOC), 3.720%, 8/6/2026 |
18,100,000
|
|
7,780,000
|
|
The
D. Neiman Legacy Trust, (Federal Home Loan Bank of Topeka LOC), 3.720%, 8/6/2026 |
7,780,000
|
|
14,950,000
|
|
The
Gathering at UC, LLC, 2025, (Federal Home Loan Bank of Atlanta LOC), 3.720%, 8/6/2026 |
14,950,000
|
|
18,870,000
|
|
The
Greathouse 2021 Children’s Trust, Series 2025, (Federal Home Loan Bank of Dallas LOC), 3.720%, 8/6/2026 |
18,870,000
|
|
3,360,000
|
|
The
J.G. Aguirre Master Trust, Series 2026, (Federal Home Loan Bank of Des Moines LOC), 3.720%, 8/6/2026 |
3,360,000
|
|
5,675,000
|
|
The
Joshua I. Kadish Irrevocable Insurance Trust - II, (Federal Home Loan Bank of Dallas LOC), 3.720%, 8/6/2026 |
5,675,000
|
|
7,395,000
|
|
The
Murray D. Berry Trust, (Federal Home Loan Bank of Des Moines LOC), 3.720%, 8/6/2026 |
7,395,000
|
|
7,490,000
|
|
The
Ray L. Berry Trust, (Federal Home Loan Bank of Des Moines LOC), 3.720%, 8/6/2026 |
7,490,000
|
|
10,190,000
|
|
Thomas
Bently Durant Irrevocable Life Insurance Trust, (Federal Home Loan Bank of Topeka LOC), 3.720%, 8/6/2026 |
10,190,000
|
|
37,840,000
|
|
Trustwell
4 Borrowers, (Federal Home Loan Bank of San Francisco LOC), 3.720%, 8/6/2026 |
37,840,000
|
|
17,400,000
|
|
VSL
Property Holdings (AB), LLC, (Federal Home Loan Bank of Atlanta LOC), 3.720%, 8/6/2026 |
17,400,000
|
|
10,740,000
|
|
Walker
Manufacturing Co., (Federal Home Loan Bank of Dallas LOC), 3.720%, 8/6/2026 |
10,740,000
|
Annual
Financial Statements and Additional Information
8
|
Principal
Amount
|
|
|
Value
|
|
|
2
|
NOTES
- VARIABLE—continued
|
|
|
|
|
Government
Agency—continued |
|
|
$ 7,835,000
|
|
Wild
Eagle Insurance Trust, (Federal Home Loan Bank of Topeka LOC), 3.720%, 8/6/2026 |
$ 7,835,000
|
|
|
|
TOTAL
|
1,036,775,000
|
|
|
|
TOTAL
NOTES - VARIABLE |
11,917,518,000
|
|
|
|
CERTIFICATES
OF DEPOSIT—10.4% |
|
|
|
|
Finance
- Banking—10.4% |
|
|
446,500,000
|
|
Bank
of America N.A., 3.850% - 3.900%, 10/2/2026 - 12/4/2026 |
446,500,000
|
|
200,000,000
|
|
Bank
of Montreal, 3.960% - 4.150%, 8/7/2026 - 11/17/2026 |
200,000,000
|
|
884,000,000
|
|
Bank
of Nova Scotia, 3.880% - 4.180%, 3/10/2027 - 6/3/2027 |
884,000,000
|
|
2,702,500,000
|
|
Canadian
Imperial Bank of Commerce, 3.800% - 4.250%, 8/27/2026 - 5/3/2027 |
2,702,500,000
|
|
639,000,000
|
|
DZ
Bank AG Deutsche Zentral-Genossenschaftsbank, 3.750% - 3.900%, 8/25/2026 - 11/9/2026 |
639,000,000
|
|
550,000,000
|
|
Mizuho
Bank Ltd., 3.850% - 3.900%, 8/5/2026 - 9/8/2026 |
550,000,000
|
|
35,000,000
|
|
Royal
Bank of Canada, 3.900%, 10/1/2026 |
35,000,000
|
|
240,000,000
|
|
Royal
Bank of Canada, 4.070% - 4.140%, 4/19/2027 - 5/20/2027 |
240,000,000
|
|
1,190,000,000
|
|
Sumitomo
Mitsui Trust Bank Ltd., 3.870% - 3.970%, 8/13/2026 - 10/29/2026 |
1,190,000,000
|
|
1,745,000,000
|
|
Toronto
Dominion Bank, 3.900% - 4.400%, 12/10/2026 - 7/21/2027 |
1,745,000,000
|
|
1,545,000,000
|
|
Truist
Bank, 3.850% - 4.000%, 8/3/2026 - 10/16/2026 |
1,545,000,000
|
|
600,000,000
|
|
Wells
Fargo Bank, N.A., 3.850% - 4.070%, 8/26/2026 - 4/16/2027 |
600,000,000
|
|
|
|
TOTAL
CERTIFICATES OF DEPOSIT |
10,777,000,000
|
|
|
|
BANK
NOTE—3.3% |
|
|
|
|
Finance
- Banking—3.3% |
|
|
3,446,300,000
|
|
Bank
of America N.A., 3.790% - 4.200%, 8/4/2026 - 6/4/2027 |
3,446,300,000
|
|
|
|
TIME
DEPOSITS—2.4% |
|
|
|
|
Finance
- Banking—2.4% |
|
|
1,850,000,000
|
|
ABN
Amro Bank NV, 3.650% - 3.670%, 8/3/2026 - 8/6/2026 |
1,850,000,000
|
|
595,000,000
|
|
Royal
Bank of Canada, 3.690%, 8/3/2026 |
595,000,000
|
|
|
|
TOTAL
TIME DEPOSITS |
2,445,000,000
|
|
|
|
TOTAL
INVESTMENT IN SECURITIES—97.9%
(AT
AMORTIZED COST)3
|
101,404,513,251
|
|
|
|
OTHER
ASSETS AND LIABILITIES - NET—2.1%4
|
2,194,815,048
|
|
|
|
NET
ASSETS—100% |
$103,599,328,299
|
|
1
|
Discount
rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
|
2
|
Floating/variable
note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference
rate
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. |
|
3
|
Also
represents cost of investments for federal tax purposes. |
|
4
|
Assets,
other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Note: The categories of investments are
shown as a percentage of net assets at July 31, 2026.
Various inputs are used in determining the
value of the Fund’s investments. These inputs are summarized in the three broad levels listed
below:
Level 1—quoted prices in active markets
for identical securities.
Level 2—other significant observable
inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk,
etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs
(including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing
securities are not an indication of the risk associated with investing in those securities.
Annual
Financial Statements and Additional Information
9
In valuing the Fund’s
assets as of July 31, 2026, all investments of the Fund are valued at amortized cost, which is a methodology utilizing Level
2 inputs.
|
The
following acronym(s) are used throughout this portfolio: |
| |
|
COL
|
—Collateralized
| |
|
GTD
|
—Guaranteed
| |
|
LIQ
|
—Liquidity
Agreement | |
|
LOC
|
—Letter
of Credit | |
|
MHF
|
—Maryland
Housing Fund | |
|
SOFR
|
—Secured
Overnight Financing Rate | |
|
VRDNs
|
—Variable
Rate Demand Notes | |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
10
Financial
Highlights–Automated
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.035
|
0.042
|
0.051
|
0.038
|
0.002
|
|
Net
realized gain (loss) |
—
|
0.001
|
0.0002
|
(0.000)2
|
0.0002
|
|
Total
From Investment Operations |
0.035
|
0.043
|
0.051
|
0.038
|
0.002
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.035)
|
(0.043)
|
(0.051)
|
(0.038)
|
(0.002)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.035)
|
(0.043)
|
(0.051)
|
(0.038)
|
(0.002)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.60%
|
4.35%
|
5.23%
|
3.89%
|
0.20%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.50%
|
0.50%
|
0.49%
|
0.51%
|
0.32%
|
|
Net
investment income |
3.51%
|
4.23%
|
5.10%
|
3.70%
|
0.18%
|
|
Expense
waiver/reimbursement5
|
0.03%
|
0.04%
|
0.04%
|
0.09%
|
0.33%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$1,905,055
|
$1,327,305
|
$965,810
|
$536,771
|
$711,893
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
11
Financial
Highlights–Class
R Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.029
|
0.036
|
0.045
|
0.032
|
0.001
|
|
Net
realized gain (loss) |
—
|
0.0002
|
0.0002
|
(0.000)2
|
0.0002
|
|
Total
From Investment Operations |
0.029
|
0.036
|
0.045
|
0.032
|
0.001
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.029)
|
(0.036)
|
(0.045)
|
(0.032)
|
(0.001)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.029)
|
(0.036)
|
(0.045)
|
(0.032)
|
(0.001)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
2.93%
|
3.68%
|
4.56%
|
3.24%
|
0.08%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
1.15%
|
1.14%
|
1.13%
|
1.13%
|
0.45%
|
|
Net
investment income |
2.90%
|
3.61%
|
4.46%
|
3.23%
|
0.09%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.09%
|
0.10%
|
0.14%
|
0.82%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$51,224
|
$57,042
|
$51,757
|
$48,737
|
$41,244
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
12
Financial
Highlights–Wealth
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.038
|
0.045
|
0.054
|
0.041
|
0.003
|
|
Net
realized gain (loss) |
—
|
0.001
|
0.0002
|
(0.000)2
|
0.0002
|
|
TOTAL
FROM INVESTMENT OPERATIONS |
0.038
|
0.046
|
0.054
|
0.041
|
0.003
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.038)
|
(0.046)
|
(0.054)
|
(0.041)
|
(0.003)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
(0.000)2
|
(0.000)2
|
|
TOTAL
DISTRIBUTIONS |
(0.038)
|
(0.046)
|
(0.054)
|
(0.041)
|
(0.003)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.90%
|
4.65%
|
5.52%
|
4.20%
|
0.33%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.20%
|
0.20%
|
0.20%
|
0.20%
|
0.19%
|
|
Net
investment income |
3.83%
|
4.54%
|
5.39%
|
4.42%
|
0.36%
|
|
Expense
waiver/reimbursement5
|
0.03%
|
0.04%
|
0.04%
|
0.09%
|
0.12%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$92,507,736
|
$87,059,962
|
$69,770,608
|
$44,262,167
|
$13,928,308
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
13
Financial
Highlights–Advisor
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.038
|
0.046
|
0.054
|
0.041
|
0.003
|
|
Net
realized gain (loss) |
—
|
0.0002
|
0.0002
|
(0.000)2
|
0.0002
|
|
Total
From Investment Operations |
0.038
|
0.046
|
0.054
|
0.041
|
0.003
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.038)
|
(0.046)
|
(0.054)
|
(0.041)
|
(0.003)
|
|
Distributions
from net realized gains |
—
|
—
|
—
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.038)
|
(0.046)
|
(0.054)
|
(0.041)
|
(0.003)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.90%
|
4.65%
|
5.52%
|
4.20%
|
0.33%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.20%
|
0.20%
|
0.20%
|
0.20%
|
0.19%
|
|
Net
investment income |
3.84%
|
4.56%
|
5.39%
|
4.42%
|
0.75%
|
|
Expense
waiver/reimbursement5
|
0.03%
|
0.04%
|
0.04%
|
0.09%
|
0.10%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$2,200,779
|
$2,653,891
|
$2,731,361
|
$3,288,901
|
$1,026,476
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
14
Financial
Highlights–Service
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.036
|
0.043
|
0.051
|
0.039
|
0.002
|
|
Net
realized gain (loss) |
—
|
0.0002
|
0.0002
|
(0.000)2
|
0.0002
|
|
Total
From Investment Operations |
0.036
|
0.043
|
0.051
|
0.039
|
0.002
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.036)
|
(0.043)
|
(0.051)
|
(0.039)
|
(0.002)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.036)
|
(0.043)
|
(0.051)
|
(0.039)
|
(0.002)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.64%
|
4.39%
|
5.26%
|
3.94%
|
0.24%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.45%
|
0.45%
|
0.45%
|
0.45%
|
0.28%
|
|
Net
investment income |
3.58%
|
4.30%
|
5.14%
|
4.07%
|
0.23%
|
|
Expense
waiver/reimbursement5
|
0.03%
|
0.04%
|
0.04%
|
0.09%
|
0.28%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$4,538,700
|
$4,500,346
|
$4,082,531
|
$2,868,424
|
$1,479,712
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
15
Financial
Highlights–Cash
II Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.031
|
0.039
|
0.047
|
0.034
|
0.001
|
|
Net
realized gain (loss) |
—
|
0.0002
|
0.0002
|
(0.000)2
|
0.0002
|
|
Total
From Investment Operations |
0.031
|
0.039
|
0.047
|
0.034
|
0.001
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.031)
|
(0.039)
|
(0.047)
|
(0.034)
|
(0.001)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.031)
|
(0.039)
|
(0.047)
|
(0.034)
|
(0.001)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.18%
|
3.93%
|
4.79%
|
3.48%
|
0.12%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.90%
|
0.90%
|
0.90%
|
0.90%
|
0.40%
|
|
Net
investment income |
3.13%
|
3.85%
|
4.69%
|
3.35%
|
0.12%
|
|
Expense
waiver/reimbursement5
|
0.03%
|
0.04%
|
0.04%
|
0.09%
|
0.60%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$1,400,354
|
$1,348,655
|
$1,198,130
|
$1,061,640
|
$1,301,550
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
16
Financial
Highlights–Cash
Series Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.030
|
0.037
|
0.045
|
0.033
|
0.001
|
|
Net
realized gain (loss) |
—
|
0.0002
|
0.0002
|
(0.000)2
|
0.0002
|
|
Total
From Investment Operations |
0.030
|
0.037
|
0.045
|
0.033
|
0.001
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.030)
|
(0.037)
|
(0.045)
|
(0.033)
|
(0.001)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.030)
|
(0.037)
|
(0.045)
|
(0.033)
|
(0.001)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.03%
|
3.77%
|
4.64%
|
3.34%
|
0.09%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
1.05%
|
1.05%
|
1.05%
|
1.04%
|
0.42%
|
|
Net
investment income |
2.98%
|
3.70%
|
4.54%
|
3.45%
|
0.10%
|
|
Expense
waiver/reimbursement5
|
0.13%
|
0.14%
|
0.15%
|
0.19%
|
0.84%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$125,828
|
$109,040
|
$115,357
|
$72,195
|
$42,283
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
17
Financial
Highlights–Capital
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.037
|
0.045
|
0.053
|
0.040
|
0.003
|
|
Net
realized gain (loss) |
—
|
0.0002
|
0.0002
|
(0.000)2
|
0.0002
|
|
Total
From Investment Operations |
0.037
|
0.045
|
0.053
|
0.040
|
0.003
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.037)
|
(0.045)
|
(0.053)
|
(0.040)
|
(0.003)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.037)
|
(0.045)
|
(0.053)
|
(0.040)
|
(0.003)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.80%
|
4.55%
|
5.42%
|
4.10%
|
0.29%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.30%
|
0.30%
|
0.30%
|
0.30%
|
0.23%
|
|
Net
investment income |
3.73%
|
4.46%
|
5.29%
|
4.20%
|
0.27%
|
|
Expense
waiver/reimbursement5
|
0.03%
|
0.04%
|
0.04%
|
0.09%
|
0.18%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$740,110
|
$801,415
|
$787,691
|
$600,915
|
$310,975
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
18
Financial
Highlights–Trust
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.034
|
0.041
|
0.049
|
0.036
|
0.002
|
|
Net
realized gain (loss) |
—
|
0.0002
|
0.0002
|
(0.000)2
|
0.0002
|
|
Total
From Investment Operations |
0.034
|
0.041
|
0.049
|
0.036
|
0.002
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.034)
|
(0.041)
|
(0.049)
|
(0.036)
|
(0.002)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
(0.000)2
|
(0.000)2
|
|
Total
Distributions |
(0.034)
|
(0.041)
|
(0.049)
|
(0.036)
|
(0.002)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.42%
|
4.16%
|
5.03%
|
3.69%
|
0.17%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.68%
|
0.68%
|
0.67%
|
0.69%
|
0.33%
|
|
Net
investment income |
3.37%
|
4.07%
|
4.91%
|
3.97%
|
0.12%
|
|
Expense
waiver/reimbursement5
|
0.03%
|
0.04%
|
0.04%
|
0.09%
|
0.47%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$129,543
|
$144,211
|
$115,945
|
$48,449
|
$18,172
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
19
Statement
of Assets and Liabilities
July 31, 2026
|
Assets:
|
|
|
Investment
in repurchase agreements and other repurchase agreements |
$54,676,000,000
|
|
Investment
in securities |
46,728,513,251
|
|
Investment
in securities, at amortized cost and fair value |
101,404,513,251
|
|
Cash
|
2,102,256,359
|
|
Income
receivable |
304,575,759
|
|
Receivable
for shares sold |
267,439,096
|
|
Total
Assets |
104,078,784,465
|
|
Liabilities:
|
|
|
Payable
for investments purchased |
227,500,000
|
|
Payable
for shares redeemed |
240,455,640
|
|
Income
distribution payable |
5,504,972
|
|
Payable
for investment adviser fee (Note 5)
|
349,983
|
|
Payable
for administrative fee (Note 5)
|
218,406
|
|
Payable
for Directors’/Trustees’ fees (Note 5)
|
92,457
|
|
Payable
for distribution services fee (Note 5)
|
514,313
|
|
Payable
for other service fees (Notes 2 and 5)
|
1,841,485
|
|
Accrued
expenses (Note 5)
|
2,978,910
|
|
Total
Liabilities |
479,456,166
|
|
Net
assets for 103,604,071,345 shares outstanding |
$103,599,328,299
|
|
Net Assets
Consist of: |
|
|
Paid-in
capital |
$103,604,062,519
|
|
Total
distributable earnings (loss) |
(4,734,220)
|
|
Net
Assets |
$103,599,328,299
|
|
Net Asset
Value, Offering Price and Redemption Proceeds Per Share: |
|
|
Automated
Shares: |
|
|
$1,905,054,774
÷ 1,905,141,178 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Class R
Shares: |
|
|
$51,223,515
÷ 51,225,844 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Wealth
Shares: |
|
|
$92,507,736,101
÷ 92,511,972,614 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Advisor
Shares: |
|
|
$2,200,778,755
÷ 2,200,879,985 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Service
Shares: |
|
|
$4,538,700,421
÷ 4,538,908,679 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Cash II
Shares: |
|
|
$1,400,353,539
÷ 1,400,416,484 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Cash Series
Shares: |
|
|
$125,827,841
÷ 125,833,673 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Capital
Shares: |
|
|
$740,110,368
÷ 740,144,000 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Trust Shares:
|
|
|
$129,542,985
÷ 129,548,888 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
20
Statement
of Operations
Year Ended July 31,
2026
|
Investment
Income: |
|
|
Interest
|
$4,131,612,564
|
|
Expenses:
|
|
|
Investment
adviser fee (Note 5)
|
153,663,103
|
|
Administrative
fee (Note 5)
|
79,114,900
|
|
Custodian
fees |
2,909,888
|
|
Transfer
agent fees (Note 2) |
3,282,575
|
|
Directors’/Trustees’
fees (Note 5)
|
507,403
|
|
Auditing
fees |
30,651
|
|
Legal
fees |
10,934
|
|
Portfolio
accounting fees |
289,103
|
|
Distribution
services fee (Note 5)
|
6,234,693
|
|
Other
service fees (Notes 2 and 5)
|
20,540,747
|
|
Share
registration costs |
1,773,431
|
|
Printing
and postage |
1,474,293
|
|
Miscellaneous
(Note 5)
|
414,489
|
|
TOTAL
EXPENSES |
270,246,210
|
|
Waivers
and Reimbursement: |
|
|
Waiver
of investment adviser fee (Note 5) |
(31,193,186)
|
|
Waiver/reimbursement
of other operating expenses (Notes 2 and 5) |
(176,010)
|
|
TOTAL
WAIVERS AND REIMBURSEMENT |
(31,369,196)
|
|
Net
expenses |
238,877,014
|
|
Net
investment income |
3,892,735,550
|
|
Change
in net assets resulting from operations |
$3,892,735,550
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
21
Statement
of Changes in Net Assets
|
Year
Ended July 31 |
2026
|
2025
|
|
Increase
(Decrease) in Net Assets |
|
|
|
Operations:
|
|
|
|
Net
investment income |
$3,892,735,550
|
$4,024,018,550
|
|
Net
realized gain (loss) |
—
|
257,492
|
|
CHANGE
IN NET ASSETS RESULTING FROM OPERATIONS |
3,892,735,550
|
4,024,276,042
|
|
Distributions
to Shareholders: |
|
|
|
Automated
Shares |
(57,481,096)
|
(47,021,260)
|
|
Class
R Shares |
(1,537,970)
|
(1,899,066)
|
|
Wealth
Shares |
(3,497,491,831)
|
(3,572,981,262)
|
|
Advisor
Shares |
(92,055,812)
|
(119,826,952)
|
|
Service
Shares |
(163,653,893)
|
(186,838,434)
|
|
Cash
II Shares |
(43,921,008)
|
(50,359,851)
|
|
Cash
Series Shares |
(3,633,259)
|
(4,256,855)
|
|
Capital
Shares |
(30,029,111)
|
(35,601,262)
|
|
Trust
Shares |
(4,486,713)
|
(5,156,855)
|
|
CHANGE
IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS |
(3,894,290,693)
|
(4,023,941,797)
|
|
Share Transactions:
|
|
|
|
Proceeds
from sale of shares |
94,553,447,287
|
97,842,817,870
|
|
Net
asset value of shares issued to shareholders in payment of distributions declared |
3,817,106,977
|
3,940,619,207
|
|
Cost
of shares redeemed |
(92,771,537,496)
|
(83,601,093,709)
|
|
CHANGE
IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS |
5,599,016,768
|
18,182,343,368
|
|
Change
in net assets |
5,597,461,625
|
18,182,677,613
|
|
Net Assets:
|
|
|
|
Beginning
of period |
98,001,866,674
|
79,819,189,061
|
|
End
of period |
$103,599,328,299
|
$98,001,866,674
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
22
Notes to
Financial Statements
July 31, 2026
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 15 portfolios. The financial statements included
herein are only those of Federated Hermes Prime Cash Obligations
Fund (the “Fund”), a diversified portfolio. The financial statements of the
other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to
the portfolio in which shares are held. Each portfolio pays its
own expenses. The Fund offers nine classes of shares: Automated Shares, Class
R Shares, Wealth Shares, Advisor Shares, Service Shares, Cash II Shares, Cash Series Shares, Capital Shares and Trust Shares. All shares
of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide
current income consistent with stability of principal and liquidity.
The Fund operates as
a retail money market fund. As a retail money market fund, the Fund: (1) will generally continue to use amortized
cost to value its portfolio securities and transact at a stable $1.00 net asset value (NAV); (2) has adopted policies and procedures
reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons as required for a retail
money market fund by Rule 2a-7 under the Act; and (3) may impose a discretionary liquidity fee of up to 2% of the value of the shares
redeemed, if the Fund’s Board of Trustees (the “Trustees”), or its delegate, determines such liquidity fee is in the
best interest of the Fund.
2. SIGNIFICANT
ACCOUNTING POLICIES
The following is a summary of significant
accounting policies consistently followed by the Fund in the preparation of its financial statements.
These policies are in conformity with U.S. generally accepted accounting principles (GAAP).
Investment Valuation
Securities
are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition
cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call,
demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities
will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the
fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share,
and the actual value obtained could be materially different.
Pursuant to Rule 2a-5
under the Act, the Trustees have designated Federated Investment Management Company (the “Adviser”) as the
Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser
is subject to the Trustees’ oversight and certain reporting
and other requirements intended to provide the Trustees the information needed to
oversee the Adviser’s fair value determinations.
The Adviser, acting through
its valuation committee (“Valuation Committee”), is responsible for determining the fair value of investments.
The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines
fair value of securities and oversees the comparison of amortized cost to market-based value. The Valuation Committee is also
authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of monitoring
the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party
pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods
(including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event
that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value
of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by
the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part
of the Fund’s compliance program and will review any changes
made to the procedures.
Repurchase Agreements
The
Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to
a repurchase agreement to transfer to the Fund’s custodian
or sub-custodian eligible securities or cash with a market value (after transaction
costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred
to accounts with the custodian or sub-custodian in which the Fund holds a “securities entitlement” and exercises “control”
as those terms are defined in the Uniform Commercial Code. Certain
repurchase agreements may be structured as loans secured by a security
interest or lien on the eligible securities. The Fund has established procedures for monitoring the market value of the transferred securities
and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also
allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase
price or in exchange for other eligible securities of equivalent market value.
The insolvency of the
other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause
the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund
in excess of the repurchase price and related transaction costs must be remitted to the other party.
The Fund may enter into
repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the
custodian or sub-custodian for investment companies and other clients advised by the Fund’s Adviser and its affiliates. The Fund
will participate on a pro rata basis with the other investment
companies and clients in its share of the securities transferred under such repurchase
agreements and in its share of proceeds from any repurchase or other disposition of such securities.
Annual
Financial Statements and Additional Information
23
Repurchase
agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that
provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or
termination. Amounts presented on the Portfolio of Investments
and Statement of Assets and Liabilities are not net settlement amounts but
gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase
price to be paid under the agreement reducing the net settlement amount to zero.
Investment Income, Gains and Losses, Expenses and Distributions
Investment
transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an
identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date.
Distributions of net investment income, if any, are declared daily and paid monthly. In addition, distributions of capital gains, if any,
are declared and paid at least annually. Amortization/accretion
of premium and discount is included in investment income. Investment income,
realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except
that select classes will bear certain expenses unique to those classes. Dividends are declared separately for each class. No class has
preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses. The
detail of the total fund expense waivers and reimbursement of
$31,369,196 is disclosed in various locations in this Note 2 and Note 5.
Transfer Agent Fees
For
the year ended July 31, 2026, transfer agent fees for the Fund were as follows:
|
|
Transfer
Agent
Fees
Incurred |
Transfer
Agent
Fees
Reimbursed |
|
Automated
Shares |
$781,042
|
$(3,829)
|
|
Class
R Shares |
132,376
|
(2,197)
|
|
Wealth
Shares |
810,827
|
(743)
|
|
Advisor
Shares |
21,255
|
—
|
|
Service
Shares |
40,575
|
—
|
|
Cash
II Shares |
1,369,237
|
(19,402)
|
|
Cash
Series Shares |
118,950
|
(1,298)
|
|
Capital
Shares |
7,130
|
—
|
|
Trust
Shares |
1,183
|
—
|
|
TOTAL
|
$3,282,575
|
$(27,469)
|
Other Service Fees
The
Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund’s Automated Shares, Class R Shares, Wealth
Shares, Advisor Shares, Service Shares, Cash II Shares, Cash Series
Shares, Capital Shares and Trust Shares to unaffiliated financial intermediaries
or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts.
Financial intermediaries may include a company affiliated with management of Federated Hermes, Inc. A financial intermediary affiliated
with management of Federated Hermes, Inc. received $44,794 of other service fees for the year ended July 31, 2026. Subject to
the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. In addition, unaffiliated
third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time.
For the year ended July 31, 2026, other
service fees for the Fund were as follows:
|
|
Other
Service
Fees
Incurred |
|
Automated
Shares |
$4,088,106
|
|
Class
R Shares |
132,022
|
|
Service
Shares |
11,415,748
|
|
Cash
II Shares |
3,503,395
|
|
Cash
Series Shares |
305,030
|
|
Capital
Shares |
803,645
|
|
Trust
Shares |
292,801
|
|
TOTAL
|
$20,540,747
|
For the year ended July 31, 2026, the Fund’s
Wealth Shares and Advisor Shares did not incur other service fees; however, they may begin to
incur this fee upon approval of the Trustees.
Federal Taxes
It
is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 (the “Code”) and
to distribute to shareholders each year substantially all of its
income. Accordingly, no provision for federal income tax is necessary. As of and during the year
ended July 31, 2026, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if
any, related to tax liabilities as income tax expense in the Statement
of Operations. As of July 31, 2026, tax years 2023 through 2026
remain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the Commonwealth
of Massachusetts.
Annual
Financial Statements and Additional Information
24
When-Issued and Delayed-Delivery
Transactions
The
Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains
security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased
on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses
may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the
contract.
Restricted Securities
The
Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered
for public sale without first being registered, or being able
to take advantage of an exemption from registration, under the Securities Act of
1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale
without first being registered, the issuer of the restricted security
has agreed to register such securities for resale, at the issuer’s expense, either
upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be
resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria
established by the Trustees. The Fund will not incur any registration costs upon such resales. Restricted securities are valued at amortized
cost in accordance with Rule 2a-7 under the Act.
Other
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from
those estimated. The Fund applies investment company accounting
and reporting guidance.
3. SHARES
OF BENEFICIAL INTEREST
The following tables summarize share activity:
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Automated
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
2,239,193,557
|
$2,239,193,557
|
1,467,529,999
|
$1,467,529,999
|
|
Shares
issued to shareholders in payment of distributions declared |
56,895,608
|
56,895,608
|
46,621,717
|
46,621,717
|
|
Shares
redeemed |
(1,718,296,516)
|
(1,718,296,516)
|
(1,152,655,530)
|
(1,152,655,530)
|
|
NET
CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS |
577,792,649
|
$577,792,649
|
361,496,186
|
$361,496,186
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Class
R Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
15,155,461
|
$15,155,461
|
25,517,064
|
$25,517,064
|
|
Shares
issued to shareholders in payment of distributions declared |
1,531,703
|
1,531,703
|
1,894,632
|
1,894,632
|
|
Shares
redeemed |
(22,505,463)
|
(22,505,463)
|
(22,127,191)
|
(22,127,191)
|
|
NET
CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS |
(5,818,299)
|
$(5,818,299)
|
5,284,505
|
$5,284,505
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Wealth
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
83,377,915,704
|
$83,377,915,704
|
86,546,169,577
|
$86,546,169,577
|
|
Shares
issued to shareholders in payment of distributions declared |
3,430,474,137
|
3,430,474,137
|
3,498,515,464
|
3,498,515,464
|
|
Shares
redeemed |
(81,359,210,216)
|
(81,359,210,223)
|
(72,755,577,603)
|
(72,755,577,606)
|
|
NET
CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS |
5,449,179,625
|
$5,449,179,618
|
17,289,107,438
|
$17,289,107,435
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Advisor
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
2,808,004,765
|
$2,808,004,765
|
3,592,725,044
|
$3,592,725,044
|
|
Shares
issued to shareholders in payment of distributions declared |
92,055,701
|
92,055,701
|
119,826,103
|
119,826,103
|
|
Shares
redeemed |
(3,353,158,546)
|
(3,353,158,546)
|
(3,790,054,906)
|
(3,790,054,906)
|
|
NET
CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS |
(453,098,080)
|
$(453,098,080)
|
(77,503,759)
|
$(77,503,759)
|
Annual
Financial Statements and Additional Information
25
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Service
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
4,317,841,207
|
$4,317,841,207
|
4,285,986,095
|
$4,285,986,095
|
|
Shares
issued to shareholders in payment of distributions declared |
156,382,757
|
156,382,757
|
181,495,629
|
181,495,629
|
|
Shares
redeemed |
(4,435,807,327)
|
(4,435,807,327)
|
(4,049,701,151)
|
(4,049,701,151)
|
|
NET
CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS |
38,416,637
|
$38,416,637
|
417,780,573
|
$417,780,573
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Cash
II Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
871,245,740
|
$871,245,740
|
888,258,497
|
$888,258,497
|
|
Shares
issued to shareholders in payment of distributions declared |
43,411,434
|
43,411,434
|
49,773,630
|
49,773,630
|
|
Shares
redeemed |
(862,939,175)
|
(862,939,175)
|
(787,516,159)
|
(787,516,159)
|
|
NET
CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS |
51,717,999
|
$51,717,999
|
150,515,968
|
$150,515,968
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Cash
Series Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
156,007,634
|
$156,007,634
|
129,018,890
|
$129,018,890
|
|
Shares
issued to shareholders in payment of distributions declared |
3,595,045
|
3,595,045
|
4,206,114
|
4,206,114
|
|
Shares
redeemed |
(142,812,875)
|
(142,812,875)
|
(139,543,248)
|
(139,543,248)
|
|
NET
CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS |
16,789,804
|
$16,789,804
|
(6,318,244)
|
$(6,318,244)
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Capital
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
642,659,467
|
$642,659,467
|
655,997,021
|
$655,997,021
|
|
Shares
issued to shareholders in payment of distributions declared |
28,281,515
|
28,281,515
|
33,156,723
|
33,156,723
|
|
Shares
redeemed |
(732,238,071)
|
(732,238,071)
|
(675,438,379)
|
(675,438,379)
|
|
NET
CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS |
(61,297,089)
|
$(61,297,089)
|
13,715,365
|
$13,715,365
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Trust
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
125,423,752
|
$125,423,752
|
251,615,683
|
$251,615,683
|
|
Shares
issued to shareholders in payment of distributions declared |
4,479,077
|
4,479,077
|
5,129,195
|
5,129,195
|
|
Shares
redeemed |
(144,569,300)
|
(144,569,300)
|
(228,479,539)
|
(228,479,539)
|
|
NET
CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS |
(14,666,471)
|
$(14,666,471)
|
28,265,339
|
$28,265,339
|
|
NET
CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS |
5,599,016,775
|
$5,599,016,768
|
18,182,343,371
|
$18,182,343,368
|
4. FEDERAL
TAX INFORMATION
The tax character of distributions as reported
on the Statement of Changes in Net Assets for the years ended July 31, 2026 and 2025,
was as follows:
|
|
2026
|
2025
|
|
Ordinary
income |
$3,894,290,693
|
$4,023,941,797
|
As of July 31, 2026, the components of distributable
earnings on a tax-basis were as follows:
|
Distributions
payable |
$(1,431,034)
|
|
Capital
loss carryforwards and deferrals |
$(3,303,186)
|
|
TOTAL
|
$(4,734,220)
|
Annual
Financial Statements and Additional Information
26
As of July 31, 2026,
the Fund had a capital loss carryforward of $3,303,186 which will reduce the Fund’s taxable income arising from future
net realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to shareholders
which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these net
capital losses retain their character as either short-term or long-term and do not expire.
The following schedule summarizes the Fund’s
capital loss carryforwards:
|
Short-Term
|
Long-Term
|
Total
|
|
$3,303,186
|
$—
|
$3,303,186
|
5. INVESTMENT
ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Adviser Fee
The
advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.15% of the Fund’s average daily net assets.
Subject to the terms described in the Expense Limitation note, the Fund’s Adviser may voluntarily choose to waive any portion of
its fee and/or reimburse certain operating expenses of the Fund
for competitive reasons such as to maintain the Fund’s expense ratio, or as
and when appropriate, to maintain positive or zero net yields. For the year ended July 31, 2026, the Adviser voluntarily waived $31,193,186
of its fee and voluntarily reimbursed $27,469 of transfer agent fees.
Administrative Fee
Federated
Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and
services. For purposes of determining the appropriate rate breakpoint, “Investment Complex” is defined as all of the Federated
Hermes Funds subject to a fee under the Administrative Services
Agreement. The fee paid to FAS is based on the average daily net assets
of the Investment Complex as specified below:
|
Administrative
Fee |
Average
Daily Net Assets
of
the Investment Complex |
|
0.100%
|
on
assets up to $50 billion |
|
0.075%
|
on
assets over $50 billion |
Subject to the terms described in the Expense
Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the year ended
July 31, 2026, the annualized fee paid to FAS was 0.077% of average daily net assets of the Fund.
In addition, FAS may charge certain out-of-pocket
expenses to the Fund.
Distribution Services Fee
The
Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund
will compensate Federated Securities Corp. (FSC), the principal
distributor, from the daily net assets of the Fund’s Class R Shares, Cash II Shares,
Cash Series Shares and Trust Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund
may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:
|
|
Percentage
of Average Daily
Net
Assets of Class |
|
Class
R Shares |
0.50%
|
|
Cash
II Shares |
0.35%
|
|
Cash
Series Shares |
0.60%
|
|
Trust
Shares |
0.25%
|
Subject to the terms described in the Expense
Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the year ended
July 31, 2026, distribution services fees for the Fund were as follows:
|
|
Distribution
Services
Fees
Incurred |
Distribution
Services
Fees
Waived |
|
Class
R Shares |
$265,291
|
$(26,529)
|
|
Cash
II Shares |
4,904,753
|
—
|
|
Cash
Series Shares |
732,072
|
(122,012)
|
|
Trust
Shares |
332,577
|
—
|
|
TOTAL
|
$6,234,693
|
$(148,541)
|
When FSC receives fees, it may pay some
or all of them to financial intermediaries whose customers purchase shares. For the year ended July
31, 2026, FSC retained $589,291 of fees paid by the Fund.
Other Service Fees
For
the year ended July 31, 2026, FSSC received $41,818 of the other service fees disclosed in Note 2.
Annual
Financial Statements and Additional Information
27
Expense Limitation
Due
to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction
of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and
certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their
respective fees and/or reimburse expenses. Total annual fund operating
expenses (as shown in the financial highlights, excluding interest expense,
extraordinary expenses and proxy-related expenses, if any) including the Fund’s share of fees and expenses of the investments in
affiliated funds paid by the Fund’s Automated Shares, Class R Shares, Wealth Shares, Advisor Shares, Service Shares, Cash II Shares,
Cash Series Shares, Capital Shares and Trust Shares (after the
voluntary waivers and/or reimbursements) will not exceed 0.50%, 1.15%, 0.20%,
0.20%, 0.45%, 0.90%, 1.05%, 0.30% and 0.70% (the “Fee Limit”), respectively, up to but not including the later of (the
“Termination Date”): (a) October 1, 2027; or (b) the date of the Fund’s next effective Prospectus. While the Adviser
and its applicable affiliates currently do not anticipate terminating
or increasing these arrangements prior to the Termination Date, these arrangements
may only be terminated or the Fee Limit increased prior to the Termination Date with the approval of the Trustees.
Directors’/Trustees’ and Miscellaneous Fees
Certain
Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate
payment, Independent Directors’/Trustees’ fees and
certain expenses related to conducting meetings of the Directors/Trustees and other
miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related
to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous
Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.
6. CONCENTRATION
OF RISK
A substantial portion of the Fund’s
portfolio may be comprised of securities deemed by the Adviser to be in similar sectors. As a result, the
Fund may be more susceptible to any economic, business, political or other developments which generally affect these entities.
7. CREDIT
RISK
The Fund may place its cash on deposit with
financial institutions in the United States, which is insured by the Federal Deposit Insurance Corporation
(FDIC) up to $250,000. The Fund’s credit risk in the event of failure of these financial institutions is represented by the difference
between the FDIC limit and the total amounts on deposit. The Fund from time to time may have amounts on deposit in excess of
the insured limits.
8. LINE
OF CREDIT
The Fund participates with certain other
Federated Hermes Funds, on a several basis, in an up to $400,000,000 unsecured, 364-day, committed,
revolving line of credit (LOC) agreement dated June 16, 2026. The LOC was made available to temporarily finance the repurchase
or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary
or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund’s
ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied
before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to (a) the highest, on
any day, of (i) the federal funds effective rate, (ii) the published secured overnight financing rate plus an assigned percentage, and
(iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under
the LOC pays its pro rata share of a commitment fee based on the amount of
the lenders’ commitment that has not been utilized, quarterly in arrears and at maturity. As of July 31, 2026, the Fund had no outstanding
loans. During the year ended July 31, 2026, the Fund did not utilize the LOC.
9. INTERFUND
LENDING
Pursuant to an Exemptive Order issued by
the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries
of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility
allowing the Fund to borrow from other participating affiliated funds. As of July 31, 2026, there were no outstanding loans. During
the year ended July 31, 2026, the program was not utilized.
10. OPERATING
SEGMENTS
An operating segment is defined as a component
of a public entity that engages in business activities from which it may recognize revenues
and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM)
to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information
available. A management committee of the Adviser acts as the CODM. The Fund represents a single operating segment, as the
CODM monitors the operating results of the Fund as a whole and the strategic asset allocation is determined based on the investment
objective of the Fund and executed by the Fund’s portfolio management team. The financial information in the form of the Fund’s
portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations,
subscriptions and redemptions) which is reviewed by the CODM to assess the Fund’s performance in comparison to the Fund’s
benchmarks and to make resource allocation decisions for the Fund’s single segment is consistent with the information presented
in these financial statements. Segment assets are reflected on
the accompanying Statement of Assets and Liabilities as “total assets” and significant
segment expenses are listed on the accompanying Statement of Operations.
Annual
Financial Statements and Additional Information
28
11. INDEMNIFICATIONS
Under the Fund’s organizational documents,
its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the
performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence
or reckless disregard of their duties to the Fund). In addition,
in the normal course of business, the Fund provides certain indemnifications under
arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into
by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to
the arrangement, provided the third party’s actions are
not deemed to have breached an agreed-upon standard of care (such as willful misfeasance,
bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund’s maximum exposure under these
arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund
does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss
to be remote.
12. FEDERAL
TAX INFORMATION (UNAUDITED)
For the fiscal year ended July 31, 2026,
74.5% of dividends paid by the Fund are interest-related dividends, as provided by the American Jobs
Creation Act of 2004.
For the fiscal year ended
July 31, 2026, 100% of total ordinary income distributions qualified as business interest income for purposes of
163(j) of the Code and the regulations thereunder.
Annual
Financial Statements and Additional Information
29
Report of
Independent Registered Public Accounting Firm
To the Shareholders of Federated
Hermes Prime Cash Obligations Fund and the Board of Trustees
of Federated Hermes Money Market Obligations Trust:
Opinion on the Financial Statements
We have audited the accompanying
statement of assets and liabilities of Federated Hermes Prime Cash Obligations Fund (the
Fund), a portfolio of Federated Hermes Money Market Obligations Trust, including the portfolio of investments, as of July
31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of
the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial
highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial
highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2026, the results of
its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended,
and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S.
generally accepted accounting principles.
Basis for Opinion
These financial statements and
financial highlights are the responsibility of the Fund’s management. Our responsibility is to
express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting
firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance
with the standards of the PCAOB. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material
misstatement, whether due to error or fraud.
Our audits included performing
procedures to assess the risks of material misstatement of the financial statements and financial
highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial
highlights. Such procedures also included confirmation of securities owned as of July 31, 2026, by correspondence
with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures.
Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that
our audits provide a reasonable basis for our opinion.
We have served as the auditor
of one or more Federated Hermes’ investment companies since 2006.
Boston, Massachusetts
September 23, 2026
September 23, 2026
Annual
Financial Statements and Additional Information
30
Evaluation
and Approval of Advisory Contract–May
2026
Federated Hermes Prime Cash
Obligations Fund (the “Fund”)
At its meetings in May 2026 (the
“May Meetings”), the Fund’s Board of Trustees (the “Board”), including those Trustees who
are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the
“Independent Trustees”), reviewed and unanimously approved the continuation of the investment advisory contract between
the Fund and Federated Investment Management Company (the “Adviser”) (the “Contract”) for an additional one-year
term. The Board’s determination to approve the continuation of the Contract reflects the exercise of its business judgment
after considering such information deemed necessary to evaluate the terms of the Contract and to approve the continuation
of the existing arrangement. The information, factors and conclusions that formed the basis for the Board’s approval
are summarized below.
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 report regarding data related to the Fund’s management fee (the
“CCO Management Fee Report”). The Board considered the CCO Management Fee Report, along with other information,
in evaluating the reasonableness of the Fund’s management fee and in determining to approve the continuation
of the Contract.
In addition
to the CCO Management Fee Report, the Board considered information specifically prepared in connection with
the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding
the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the
Adviser and its affiliates (collectively, “Federated Hermes”) in response to requests posed to Federated Hermes by independent
legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized
below. The Board also considered such additional matters as the Independent Trustees deemed reasonably necessary
to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the
Board at its meetings throughout the year.
The Board’s
consideration of the Contract included review of materials and information covering the following matters, among
others: (1) a copy of the Contract; (2) the nature, quality and extent of the advisory and other services provided to the
Fund by Federated Hermes; (3) Federated Hermes’ business and operations; (4) the Adviser’s investment philosophy, personnel
and processes; (5) the Fund’s investment objective and strategies; (6) the Fund’s short-term and long-term performance
- in absolute terms (both on a gross basis and net of expenses) and relative to an appropriate group of peer funds
and its benchmark; (7) the Fund’s fees and expenses, including the advisory fee and the overall expense structure of the
Fund - in absolute terms and relative to an appropriate group of peer funds, with due regard for contractual or voluntary
expense limitations (if any); (8) the financial condition of Federated Hermes; (9) the Adviser’s profitability with respect
to managing the Fund; (10) distribution and sales activity for the Fund; and (11) the use and allocation of brokerage
commissions derived from trading the Fund’s portfolio securities (if any).
The Board
also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered
funds in evaluating the Contract. Using these judicial decisions as a guide, the Board considered several factors it
deemed relevant to an adviser’s fiduciary duty with respect to its receipt of compensation from a fund, including: (1) the nature
and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the
fund, its benchmark and comparable funds; (2) the adviser’s cost of providing the services and the profitability to the adviser
of providing advisory services to the fund; (3) the extent to which the adviser may realize “economies of scale” as the
fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its
shareholders or the family of funds; (4) any “fall-out” benefits that accrue to the adviser because of its relationship with
the fund, including research services received from
brokers that execute fund trades and any fees paid to affiliates of the adviser
for services rendered to the fund; (5) comparative fees and expenses, including a comparison of management fees paid
to the adviser with those paid by similar funds managed by the same adviser or other advisers as well as management fees
charged to institutional and other advisory clients of the same adviser for what might be viewed as like services; and (6)
the extent of care, conscientiousness and independence with which the fund’s board members perform their duties and their
expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the
adviser’s services and fees. The Board considered that the Securities and Exchange Commission (“SEC”) disclosure requirements
regarding the basis for a fund board’s approval of the fund’s investment advisory contract generally align with
the factors listed above. The Board was guided by these factors in its evaluation of the Contract to the extent it considered
them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors
in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters
relating to the oversight of the other funds advised by Federated Hermes (each, a “Federated Hermes Fund” and, collectively,
the “Federated Hermes Funds”).
Annual
Financial Statements and Additional Information
31
In
addition, the Board considered the preferences and expectations of Fund shareholders and the potential disruptions of the
Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate
or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund
based on the strength of Federated Hermes’ industry standing and reputation and with the expectation that Federated Hermes
will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that there are a range
of investment options available to the Fund’s shareholders in the marketplace, and such shareholders, having had the opportunity
to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the
Fund.
In determining
to approve the continuation of the Contract, the members of the Board reviewed and evaluated information
and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment.
While individual members of the Board may have weighed certain factors differently, the Board’s determination
to approve the continuation of the Contract was based on a comprehensive consideration of all information provided
to the Board throughout the year. The Board recognized that its evaluation process is evolutionary and that the factors
considered and the emphasis placed on relevant factors may change in recognition of changing circumstances in the
registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal
counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive
session with their independent legal counsel and without management present to review the relevant materials and
consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes
also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations
furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as
part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made
on a fund-by-fund basis.
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 full range of services provided to the Fund by Federated Hermes. The Board considered the Adviser’s personnel,
investment philosophy and process, investment research capabilities and resources, trade operations capabilities,
experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities
of the portfolio management team primarily responsible for the day-to-day management of the Fund and evaluated
Federated Hermes’ ability and experience in attracting and retaining qualified personnel to service the Fund. The Board
considered the trading operations by the Adviser, including the execution of portfolio transactions and the selection of
brokers for those transactions. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance
with the limitations set forth in Rule 2a-7 under the Investment Company Act of 1940, as amended. In this connection,
the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with
the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board
also considered the Adviser’s ability to deliver competitive investment performance for the Fund when compared to the
Fund’s Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the
Adviser is executing the Fund’s investment program.
In addition,
the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to
consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational
enhancements that are designed to benefit the Federated Hermes Funds. The Board considered the quality of Federated
Hermes’ communications with the Board and responsiveness to Board inquiries and requests made from time to time
with respect to the Federated Hermes Funds. The Board also considered that Federated Hermes is responsible for providing
the Federated Hermes Funds’ officers.
The Board
received and evaluated information regarding Federated Hermes’ regulatory and compliance environment. The
Board considered Federated Hermes’ compliance program and compliance history and reports from the CCO about Federated
Hermes’ compliance with applicable laws and regulations, including responses to regulatory developments and any
compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes’ support of the Federated
Hermes Funds’ compliance control structure and the compliance-related resources devoted by Federated Hermes
in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, as amended,
including Federated Hermes’ commitment to respond to rulemaking and other regulatory initiatives of the SEC. The
Board considered Federated Hermes’ approach to internal audits and risk management with respect to the Federated Hermes
Funds and its day-to-day oversight of the Federated Hermes Funds’ compliance with their investment objectives and
policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time
Annual
Financial Statements and Additional Information
32
led, and
continue to lead, to an increase in the scope of Federated Hermes’ oversight in this regard. In addition, the Board noted
Federated Hermes’ commitment to maintaining high quality systems and expending substantial resources to prepare for
and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service
providers operate.
The Board
considered Federated Hermes’ efforts to provide shareholders in the Federated Hermes Funds with a comprehensive
array of funds with different investment objectives, policies and strategies. The Board considered the expenses
that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in
sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted
the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to
exchange investments between the same class of shares without the incurrence of additional sales charges.
Based on
these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services
provided by the Adviser to the Fund.
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 provided to the Board throughout the year and in connection with the May Meetings. These reports included,
among other items, information on the Fund’s gross and net returns, the Fund’s investment performance compared
to one or more relevant categories or groups of peer funds and the Fund’s benchmark, performance attribution information
and commentary on the effect of market conditions. The Board noted that it evaluated investment performance at
meetings throughout the year and received reports from Federated Hermes regarding the performance of certain Federated
Hermes Funds as well as Federated Hermes’ explanations for less favorable performance and any specific actions
Federated Hermes had taken, or had determined to take, to seek to enhance Fund investment performance and the results
of those actions.
The Board
also reviewed comparative information regarding the performance of other registered funds in the category of
peer funds selected by iMoneyNet, an independent fund ranking organization (the “Performance Peer Group”). The Board
noted the CCO’s statement that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating
the performance of the Adviser in managing the Fund.
The Board
also considered comparative performance data from Lipper, Inc. that was included in reports provided to the Board
throughout the year.
The Board
considered that for the one-year period ended December 31, 2025, 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 overall category of peer funds selected by iMoneyNet (the “Expense Peer Group”). The Board received a description
of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also
reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet
category.
While mindful
that courts have cautioned against giving too much weight to comparative information concerning fees charged
to funds by other advisers, the Board found that the use of comparisons between the Fund and its Expense Peer Group
assisted the Board in its evaluation of the Fund’s fees and expenses. The Board focused on comparisons with other registered
funds more heavily than non-registered fund products or services because such comparisons are believed to be more
relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily
available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact,
chosen and maintained by the Fund’s shareholders. The Board noted that the range of such other registered funds’ fees
and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace
in which the Fund competes.
Annual
Financial Statements and Additional Information
33
The
Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position
of the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory
fee rate was below the median of the Expense Peer Group, and the Board was satisfied that the overall expense structure
of the Fund remained competitive.
The Board
also received and considered information about the nature and extent of services offered and fees charged by Federated
Hermes to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including
non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for
which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO’s statement that non-registered fund clients
are inherently different products due to the following differences, among others: (i) types of targeted investors; (ii)
applicable laws and regulations; (iii) legal structures; (iv) average account sizes; (v) portfolio management techniques made
necessary by different cash flows and different associated costs; (vi) the time spent by portfolio managers and their teams
(among other personnel across various departments, including legal, compliance and risk management) in reviewing securities
pricing; (vii) SEC mandated risk management programs with respect to fund liquidity and use of derivatives; (viii)
questions on regulatory reporting; (ix) a variety of different administrative responsibilities; and (x) degrees of risk associated
with management. The Board also considered information regarding the differences in the nature of the services required
for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as
a sub-adviser to another institution’s registered fund, noting the CCO’s statement that Federated Hermes generally performs
significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes
Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO emphasized
that differences in fees for providing advisory services to other types of clients may not be appropriate when judging
the appropriateness of the Federated Hermes Funds’ advisory fees because of the different services provided.
In the case
of the Fund, the Board noted that Federated Hermes does not manage any other types of clients that are comparable
to the Fund.
Based on
these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction
with other matters considered, are reasonable in light of the services provided.
Profitability
The Board
received and considered profitability information furnished by Federated Hermes. Such profitability information
included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund
basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered
the CCO’s statement that, while the cost allocation report applies consistent allocation processes for purposes of
general comparison of funds, the inherent difficulties in arbitrarily allocating costs lack precision and may cause the report
to be unreliable because a single change in an allocation estimate can dramatically alter the resulting estimate of cost
and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered
the CCO’s statement that the allocation methodologies used by Federated Hermes in estimating profitability for purposes
of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies
previously reviewed by an independent consultant. The Board noted that the independent consultant had previously
conducted a review of the allocation methodologies and reported to the Board that, although there is no single best
method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board considered the CCO’s
statement that the estimated profitability to the Adviser from its relationship with the Fund was not unreasonable in relation
to the services provided.
The Board
also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly-held
fund management companies, including information regarding profitability trends over time. The Board recognized
that profitability comparisons among fund management companies are difficult because of the variation in the type
of comparative information that is publicly available, and the profitability of any fund management company is affected
by numerous factors. The Board considered the CCO’s statement that, based on such profitability information, Federated
Hermes’ profit margins did not appear to be excessive and that Federated Hermes appeared financially sound, with
the resources available to fulfill its contractual obligations.
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 isolating and quantifying economies of scale at an individual fund level, and the extent
to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes
has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: portfolio
management, investment research and trading operations; shareholder services; compliance; business continuity, cybersecurity
and information security programs; internal audit and risk management functions; and technology, systems capabilities
and use of data. The Board noted that Federated Hermes’ investments in these areas are extensive and are designed
to provide enhanced or expanded services to the Federated Hermes Funds and their shareholders. The Board
Annual
Financial Statements and Additional Information
34
considered
that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole.
In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies
of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes
Fund’s assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in
the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds
and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future.
The Board also considered that Federated Hermes has been active in managing expenses of the Federated Hermes Funds
in recent years, which has resulted in benefits being realized by shareholders.
The Board
also received and considered information on adviser-paid fees (commonly referred to as “revenue sharing” payments)
that was provided to the Board throughout the year and in connection with the May Meetings. The Board considered
that Federated Hermes believes that this information is relevant to consider whether Federated Hermes had an incentive
to either not apply breakpoints, or to apply breakpoints at higher levels, but should not be considered when evaluating
the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines
on economies of scale, which is compounded by the lack of any uniform methodology or pattern with respect to structuring
fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.
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 considered that Federated Hermes may
derive a benefit to its reputation as an adviser to the Fund, which may help in attracting other clients and investment personnel.
The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds’ investment advisory
contracts, Federated Hermes’ affiliates also receive fees for providing other services to the Federated Hermes Funds
under separate service contracts, including for serving as the Federated Hermes Funds’ administrator and distributor.
In this regard, the Board considered that Federated Hermes’ affiliates provide distribution and shareholder services
to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant
to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing the benefits, if any,
that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the
Federated Hermes Funds.
Conclusions
The Board
considered the CCO’s presentation and statements and the information accompanying the CCO Management Fee
Report. The Board recognized that its evaluation of the Federated Hermes Funds’ advisory and sub-advisory arrangements
is a continuing and ongoing process that is informed by the information that the Board requests and receives from
management throughout the course of the year.
On the basis
of the information and factors summarized above, among other information and factors deemed relevant by the
Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation
of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances
and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations
identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them
to be determinative.
Annual
Financial Statements and Additional Information
35
You could lose money
by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per
share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend
your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other
factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you
should not expect that the sponsor will provide financial support to the Fund at any time.
This information is authorized
for distribution to prospective investors only when preceded or accompanied by the Fund’s Prospectus,
which contains facts concerning its objective and policies, management fees, expenses and other information.
Federated Hermes Prime Cash Obligations
Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Contact us at
FederatedHermes.com/us
or call 1-800-341-7400.
or call 1-800-341-7400.
Federated Securities Corp., Distributor
CUSIP 608919627
CUSIP 608919577
CUSIP 60934N625
CUSIP 608919429
CUSIP 60934N617
CUSIP 608919593
CUSIP 608919585
CUSIP 60934N591
CUSIP 608919619
CUSIP 608919577
CUSIP 60934N625
CUSIP 608919429
CUSIP 60934N617
CUSIP 608919593
CUSIP 608919585
CUSIP 60934N591
CUSIP 608919619
Q450519 (9/26)
©
2026 Federated Hermes, Inc.
Annual Financial Statements
and Additional Information
and Additional Information
July 31, 2026
|
Share
Class | Ticker
|
Institutional | POIXX
|
Service | PRSXX
|
|
|
Federated Hermes Institutional Prime Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
The Fund
operates as a “Floating Net Asset Value” Money Market Fund.
The Share Price will fluctuate. It is possible to lose money by
investing in the Fund.
Not FDIC Insured ▪ May
Lose Value ▪ No Bank Guarantee
CONTENTS
Portfolio
of Investments
July 31, 2026
|
Principal
Amount
|
|
|
Value
|
|
|
|
OTHER
REPURCHASE AGREEMENTS—34.9% |
|
|
|
|
Finance
- Banking—34.9% |
|
|
$ 300,000,000
|
|
BMO
Capital Markets Corp., 3.73%, dated 7/31/2026, interest in a $1,000,000,000 joint collateralized loan agreement
will
repurchase securities provided as collateral for $1,000,310,833 on 8/3/2026, in which asset-backed securities,
collateralized
mortgage obligations, corporate bonds, medium-term notes and sovereign debt securities with a
market
value of $1,021,777,784 have been received as collateral and held with BNY Mellon as tri-party agent. |
$ 300,000,000
|
|
521,250,000
|
|
BNP
Paribas S.A., 3.69%, dated 7/31/2026, interest in a $2,050,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $2,050,630,375 on 8/3/2026, in which asset-backed securities,
corporate
bonds, collateralized mortgage obligations, medium-term notes, municipal bonds, treasury bonds and
treasury
notes with a market value of $2,091,786,089 have been received as collateral and held with BNY Mellon as
tri-party
agent. |
521,250,000
|
|
296,250,000
|
|
BNP
Paribas S.A., 3.75%, dated 7/31/2026, interest in a $1,475,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $1,475,460,938 on 8/3/2026, in which asset-backed securities,
corporate
bonds, medium-term notes and treasury notes with a market value of $1,504,970,620 have been received as
collateral
and held with BNY Mellon as tri-party agent. |
296,250,000
|
|
100,000,000
|
|
BofA
Securities, Inc., 4.25%, dated 9/4/2020, interest in a $100,000,000 collateralized loan agreement will repurchase
securities
provided as collateral for $101,062,500 on 11/4/2026, in which American depositary receipts and
exchange-traded
funds with a market value of $102,397,008 have been received as collateral and held with BNY
Mellon
as tri-party agent. |
100,000,000
|
|
150,000,000
|
|
BofA
Securities, Inc., 4.25%, dated 1/29/2024, interest in a $150,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $151,593,750 on 11/4/2026, in which American depositary receipts and
convertible
bonds with a market value of $153,595,511 have been received as collateral and held with BNY Mellon as
tri-party
agent. |
150,000,000
|
|
150,000,000
|
|
Citigroup
Global Markets, Inc., 3.71%, dated 7/31/2026, interest in a $750,000,000 joint collateralized loan agreement
will
repurchase securities provided as collateral for $750,231,875 on 8/3/2026, in which corporate bonds and treasury
bonds
with a market value of $765,236,513 have been received as collateral and held with BNY Mellon as tri-party
agent.
|
150,000,000
|
|
150,000,000
|
|
Citigroup
Global Markets, Inc., 4.04%, dated 10/24/2024, interest in a $685,000,000 joint collateralized loan
agreement
will repurchase securities provided as collateral for $687,690,528 on 9/10/2026, in which common stocks,
corporate
bonds and exchange-traded funds with a market value of $701,275,510 have been received as collateral
and
held with BNY Mellon as tri-party agent. |
150,000,000
|
|
25,000,000
|
|
Credit
Agricole S.A., 3.70%, dated 7/27/2026, interest in a $190,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $190,136,694 on 8/3/2026, in which asset-backed securities,
collateralized
mortgage obligations, commercial paper, corporate bonds, medium-term notes and sovereign debt
securities
with a market value of $193,939,908 have been received as collateral and held with BNY Mellon as tri-party
agent.
|
25,000,000
|
|
50,000,000
|
|
Credit
Agricole S.A., 3.70%, dated 7/31/2026, interest in a $395,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $395,121,792 on 8/3/2026, in which asset-backed securities,
collateralized
mortgage obligations, commercial paper, corporate bonds, medium-term notes, sovereign debt
securities
and treasury notes with a market value of $403,024,229 have been received as collateral and held with BNY
Mellon
as tri-party agent. |
50,000,000
|
|
55,000,000
|
|
Credit
Agricole S.A., 3.70%, dated 7/30/2026, interest in a $455,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $455,327,347 on 8/6/2026, in which asset-backed securities,
collateralized
mortgage obligations, commercial paper, corporate bonds, medium-term notes and sovereign debt
securities
with a market value of $464,290,797 have been received as collateral and held with BNY Mellon as tri-party
agent.
|
55,000,000
|
|
65,000,000
|
|
Credit
Agricole S.A., 3.71%, dated 7/29/2026, interest in a $365,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $365,263,307 on 8/5/2026, in which asset-backed securities,
collateralized
mortgage obligations, commercial paper, corporate bonds, medium-term notes and sovereign debt
securities
with a market value of $372,491,839 have been received as collateral and held with BNY Mellon as tri-party
agent.
|
65,000,000
|
|
80,000,000
|
|
Credit
Agricole S.A., 3.71%, dated 7/28/2026, interest in a $680,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $680,490,544 on 8/4/2026, in which asset-backed securities,
collateralized
mortgage obligations, commercial paper, corporate bonds, medium-term notes, sovereign debt
securities,
treasury bills, treasury bonds and treasury notes with a market value of $694,042,313 have been received as
collateral
and held with BNY Mellon as tri-party agent. |
80,000,000
|
|
175,000,000
|
|
Credit
Agricole S.A., 3.73%, dated 7/30/2026, interest in a $200,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $200,145,056 on 8/13/2026, in which asset-backed securities,
collateralized
mortgage obligations, commercial paper, corporate bonds, medium-term notes and sovereign debt
securities
with a market value of $204,063,581 have been received as collateral and held with BNY Mellon as tri-party
agent.
|
175,000,000
|
Annual
Financial Statements and Additional Information
1
|
Principal
Amount
|
|
|
Value
|
|
|
|
OTHER
REPURCHASE AGREEMENTS—continued
|
|
|
|
|
Finance
- Banking—continued |
|
|
$ 275,000,000
|
|
Credit
Agricole S.A., 3.69%, dated 7/30/2026, interest in a $1,800,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $1,801,291,500 on 8/13/2026, in which asset-backed securities,
collateralized
mortgage obligations, commercial paper, corporate bonds, medium-term notes and sovereign debt
securities
with a market value of $1,836,566,100 have been received as collateral and held with BNY Mellon as
tri-party
agent. |
$ 275,000,000
|
|
400,000,000
|
|
HSBC
Securities (USA), Inc., 3.73%, dated 7/31/2026, interest in a $882,000,000 joint collateralized loan agreement
will
repurchase securities provided as collateral for $882,274,155 on 8/3/2026, in which corporate bonds,
medium-term
notes and sovereign debt securities with a market value of $899,640,058 have been received as
collateral
and held with BNY Mellon as tri-party agent. |
400,000,000
|
|
500,000,000
|
|
ING
Financial Markets LLC, 3.73%, dated 7/31/2026, interest in a $1,300,000,000 joint collateralized loan agreement
will
repurchase securities provided as collateral for $1,300,404,083 on 8/3/2026, in which common stocks and
exchange-traded
funds with a market value of $1,326,412,221 have been received as collateral and held with BNY
Mellon
as tri-party agent. |
500,000,000
|
|
200,000,000
|
|
J.P.
Morgan Securities LLC, 3.89%, dated 6/11/2026, interest in a $1,700,000,000 joint collateralized loan agreement
will
repurchase securities provided as collateral for $1,712,307,528 on 8/17/2026, in which American depositary
receipts,
corporate bonds and mutual funds with a market value of $1,734,000,000 have been received as collateral
and
held with BNY Mellon as tri-party agent. |
200,000,000
|
|
300,000,000
|
|
J.P.
Morgan Securities LLC, 3.87%, dated 6/5/2026, interest in a $2,300,000,000 joint collateralized loan agreement
will
repurchase securities provided as collateral for $2,314,587,750 on 8/3/2026, in which corporate bonds,
medium-term
notes, municipal bonds and sovereign debt securities with a market value of $2,346,000,000 have been
received
as collateral and held with BNY Mellon as tri-party agent. |
300,000,000
|
|
25,000,000
|
|
Mizuho
Securities USA LLC, 4.03%, dated 11/12/2024, interest in a $300,000,000 joint collateralized loan agreement
will
repurchase securities provided as collateral for $301,175,417 on 9/10/2026, in which asset-backed securities,
collateralized
mortgage obligations, corporate bonds, medium-term notes and municipal bonds with a market value of
$307,129,310
have been received as collateral and held with BNY Mellon as tri-party agent. |
25,000,000
|
|
40,000,000
|
|
Mizuho
Securities USA LLC, 4.03%, dated 7/31/2025, interest in a $250,000,000 joint collateralized loan agreement
will
repurchase securities provided as collateral for $250,979,514 on 9/10/2026, in which collateralized mortgage
obligations
with a market value of $255,941,092 have been received as collateral and held with BNY Mellon as
tri-party
agent. |
40,000,000
|
|
50,000,000
|
|
Mizuho
Securities USA LLC, 3.78%, dated 7/31/2026, interest in a $1,200,000,000 joint collateralized loan agreement
will
repurchase securities provided as collateral for $1,200,378,000 on 8/3/2026, in which asset-backed securities,
commercial
paper, corporate bonds, medium-term notes, municipal bonds and sovereign debt securities with a market
value
of $1,224,387,879 have been received as collateral and held with BNY Mellon as tri-party agent. |
50,000,000
|
|
600,500,000
|
|
Mizuho
Securities USA LLC, 3.78%, dated 7/31/2026, interest in a $2,975,000,000 joint collateralized loan agreement
will
repurchase securities provided as collateral for $2,975,937,125 on 8/3/2026, in which common stocks with a
market
value of $3,035,456,644 have been received as collateral and held with BNY Mellon as tri-party agent. |
600,500,000
|
|
74,000,000
|
|
MUFG
Securities Americas Inc., 3.78%, dated 7/31/2026, interest in a $300,000,000 joint collateralized loan
agreement
will repurchase securities provided as collateral for $300,094,500 on 8/3/2026, in which American
depositary
receipts, convertible bonds, corporate bonds and medium-term notes with a market value of $306,192,549
have
been received as collateral and held with BNY Mellon as tri-party agent. |
74,000,000
|
|
135,000,000
|
|
Pershing
LLC, 3.88%, dated 6/12/2024, interest in a $300,000,000 joint collateralized loan agreement will repurchase
securities
provided as collateral for $300,226,333 on 8/13/2026, in which asset-backed securities, certificates of
deposit,
collateralized mortgage obligations, commercial paper, common stocks, convertible bonds, corporate bonds,
medium-term
notes and municipal bonds with a market value of $306,139,505 have been received as collateral and
held
with BNY Mellon as tri-party agent. |
135,000,000
|
|
400,000,000
|
|
Societe
Generale, Paris, 3.70%, dated 7/31/2026, interest in a $900,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $900,277,500 on 8/3/2026, in which asset-backed securities,
collateralized
mortgage obligations, corporate bonds, medium-term notes and sovereign debt securities with a
market
value of $918,283,117 have been received as collateral and held with BNY Mellon as tri-party agent. |
400,000,000
|
|
75,000,000
|
|
Societe
Generale, Paris, 4.00%, dated 7/31/2026, interest in a $600,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $603,933,333 on 9/28/2026, in which asset-backed securities,
collateralized
mortgage obligations, corporate bonds, medium-term notes, treasury bonds and treasury notes with a
market
value of $612,218,090 have been received as collateral and held with BNY Mellon as tri-party agent. |
75,000,000
|
|
177,500,000
|
|
Societe
Generale, Paris, 3.75%, dated 7/31/2026, interest in a $800,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $800,250,000 on 8/3/2026, in which asset-backed securities,
collateralized
mortgage obligations, corporate bonds, medium-term notes, sovereign debt securities, treasury bills,
treasury
bonds and treasury notes with a market value of $816,255,043 have been received as collateral and held with
BNY
Mellon as tri-party agent. |
177,500,000
|
|
74,000,000
|
|
Standard
Chartered Bank, 3.70%, dated 7/31/2026, interest in a $175,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $175,053,958 on 8/3/2026, in which collateralized mortgage
obligations
and treasury bonds with a market value of $178,555,103 have been received as collateral and held with
BNY
Mellon as tri-party agent. |
74,000,000
|
Annual
Financial Statements and Additional Information
2
|
Principal
Amount
|
|
|
Value
|
|
|
|
OTHER
REPURCHASE AGREEMENTS—continued
|
|
|
|
|
Finance
- Banking—continued |
|
|
$ 75,000,000
|
|
TD
Securities (USA), LLC, 3.73%, dated 6/8/2026, interest in a $500,000,000 joint collateralized loan agreement will
repurchase
securities provided as collateral for $500,362,639 on 8/13/2026, in which corporate bonds and
medium-term
notes with a market value of $510,159,417 have been received as collateral and held with BNY Mellon
as
tri-party agent. |
$ 75,000,000
|
|
25,000,000
|
|
Wells
Fargo Securities LLC, 4.19%, dated 8/19/2025, interest in a $25,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $25,261,875 on 11/4/2026, in which convertible bonds with a market
value
of $25,508,925 have been received as collateral and held with BNY Mellon as tri-party agent. |
25,000,000
|
|
100,000,000
|
|
Wells
Fargo Securities LLC, 3.75%, dated 8/1/2025, interest in a $100,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $100,072,917 on 8/13/2026, in which commercial paper and sovereign
debt
securities with a market value of $102,032,073 have been received as collateral and held with BNY Mellon as
tri-party
agent. |
100,000,000
|
|
200,000,000
|
|
Wells
Fargo Securities LLC, 3.75%, dated 7/22/2025, interest in a $200,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $200,145,833 on 8/13/2026, in which collateralized mortgage
obligations,
corporate bonds and medium-term notes with a market value of $204,283,372 have been received as
collateral
and held with BNY Mellon as tri-party agent. |
200,000,000
|
|
50,000,000
|
|
Wells
Fargo Securities LLC, 4.19%, dated 9/12/2025, interest in a $50,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $50,523,750 on 11/4/2026, in which convertible bonds with a market
value
of $51,017,854 have been received as collateral and held with BNY Mellon as tri-party agent. |
50,000,000
|
|
75,000,000
|
|
Wells
Fargo Securities LLC, 3.81%, dated 7/30/2026, interest in a $75,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $75,055,563 on 8/6/2026, in which convertible bonds with a market
value
of $76,532,632 have been received as collateral and held with BNY Mellon as tri-party agent. |
75,000,000
|
|
125,000,000
|
|
Wells
Fargo Securities LLC, 4.19%, dated 2/12/2025, interest in a $125,000,000 collateralized loan agreement will
repurchase
securities provided as collateral for $126,207,535 on 10/28/2026, in which convertible bonds with a market
value
of $127,545,309 have been received as collateral and held with BNY Mellon as tri-party agent. |
125,000,000
|
|
|
|
TOTAL
OTHER REPURCHASE AGREEMENTS
(IDENTIFIED
COST $6,093,500,000) |
6,093,500,000
|
|
|
1
|
COMMERCIAL
PAPER—20.8% |
|
|
|
|
Aerospace/Auto—0.2%
|
|
|
27,000,000
|
|
BMW
US Capital LLC, (Guaranteed by Bayerische Motoren Werke AG), 3.744% - 3.746%, 8/6/2026 - 8/11/2026 |
26,977,056
|
|
10,000,000
|
|
Toyota
Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 3.963%, 8/4/2026 |
9,995,910
|
|
|
|
TOTAL
|
36,972,966
|
|
|
|
Finance
- Banking—16.6% |
|
|
62,949,000
|
|
Albion
Capital LLC, (MUFG Bank Ltd. LIQ), 3.853% - 3.898%, 8/20/2026 - 8/27/2026 |
62,791,195
|
|
13,400,000
|
|
Antalis
S.A., (Societe Generale S.A. LIQ), 3.702%, 8/3/2026 |
13,395,881
|
|
100,000,000
|
|
ASB
Bank Ltd., 3.790%, 8/5/2026 |
99,949,250
|
|
35,000,000
|
|
Australia
& New Zealand Banking Group Ltd., 4.396%, 7/20/2027 |
33,561,528
|
|
13,500,000
|
|
Bank
of Montreal, 3.876%, 12/7/2026 |
13,310,467
|
|
50,000,000
|
|
Bank
of New York Mellon, N.A., 4.157%, 5/21/2027 |
48,312,465
|
|
275,000,000
|
|
Bank
of Nova Scotia, 4.061% - 4.186%, 4/16/2027 - 5/26/2027 |
266,093,683
|
|
25,000,000
|
|
Bedford
Row Funding Corp., (Royal Bank of Canada GTD), 3.994%, 1/6/2027 |
24,557,670
|
|
50,000,000
|
|
BPCE
S.A., 3.860%, 8/28/2026 |
49,858,125
|
|
60,000,000
|
|
Canadian
Imperial Bank of Commerce, 3.960% - 4.250%, 10/1/2026 - 6/9/2027 |
59,953,782
|
|
30,000,000
|
|
DZ
Bank AG Deutsche Zentral-Genossenschaftsbank, 3.916%, 10/29/2026 |
30,000,018
|
|
130,000,000
|
|
Gotham
Funding Corp., (MUFG Bank Ltd. LIQ), 3.858% - 3.870%, 8/21/2026 - 9/8/2026 |
129,629,087
|
|
281,300,000
|
|
ING
Bank N.V., 3.771% - 4.001%, 8/24/2026 - 12/18/2026 |
277,240,802
|
|
720,000,000
|
|
National
Bank of Canada, 3.774% - 4.441%, 9/24/2026 - 7/12/2027 |
701,059,531
|
|
105,000,000
|
|
Paradelle
Funding LLC, 3.898% - 4.452%, 9/23/2026 - 7/22/2027 |
102,530,626
|
|
25,000,000
|
|
Paradelle
Funding LLC, (Toronto Dominion Bank COL), 3.955%, 10/1/2026 |
25,001,750
|
|
35,000,000
|
|
Podium
Funding Trust, 4.016% - 4.053%, 10/8/2026 - 10/27/2026 |
34,721,642
|
|
365,000,000
|
|
Royal
Bank of Canada, 3.909% - 4.001%, 9/3/2026 - 3/11/2027 |
360,698,233
|
|
194,500,000
|
|
Royal
Bank of Canada, 4.169% - 4.403%, 6/1/2027 - 6/17/2027 |
187,366,595
|
|
40,000,000
|
|
Royal
Bank of Canada, Three World Financial Center Branch, 3.908%, 10/7/2026 |
39,711,628
|
|
95,000,000
|
|
Toronto
Dominion Bank, 3.896% - 4.251%, 10/1/2026 - 6/16/2027 |
92,553,870
|
|
55,000,000
|
|
Victory
Receivables Corp., (MUFG Bank Ltd. LIQ), 3.832% - 3.858%, 8/19/2026 - 8/27/2026 |
54,856,915
|
|
194,500,000
|
|
Westpac
Banking Corp. Ltd., 3.870% - 4.150%, 8/6/2026 - 5/13/2027 |
192,945,618
|
|
|
|
TOTAL
|
2,900,100,361
|
Annual
Financial Statements and Additional Information
3
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
COMMERCIAL
PAPER—continued |
|
|
|
|
Finance
- Retail—1.4% |
|
|
$ 80,000,000
|
|
Barton
Capital S.A., 3.823% - 3.859%, 8/7/2026 - 8/14/2026 |
$ 79,937,138
|
|
53,000,000
|
|
Chariot
Funding LLC, 3.812% - 3.812%, 8/6/2026 - 8/26/2026 |
52,935,857
|
|
50,000,000
|
|
Falcon
Asset Funding LLC, 3.855%, 9/17/2026 |
49,747,335
|
|
42,500,000
|
|
Old
Line Funding, LLC, 3.969% - 3.995%, 9/21/2026 - 11/19/2026 |
42,053,170
|
|
20,000,000
|
|
Thunder
Bay Funding, LLC, 3.994%, 11/18/2026 |
19,762,278
|
|
|
|
TOTAL
|
244,435,778
|
|
|
|
Insurance—0.3%
|
|
|
50,000,000
|
|
UnitedHealth
Group, Inc., 3.702%, 8/4/2026 |
49,979,550
|
|
|
|
Pharmaceuticals
and Health Care—0.9% |
|
|
120,000,000
|
|
Eli
Lilly & Co., 3.744%, 8/10/2026 |
119,878,620
|
|
25,000,000
|
|
Novartis
Finance Corp., (Novartis AG GTD), 3.787%, 9/8/2026 |
24,899,765
|
|
|
|
TOTAL
|
144,778,385
|
|
|
|
Sovereign—1.4%
|
|
|
200,000,000
|
|
Caisse
d’Amortissement de la Dette Sociale (CADES), 4.004%, 11/9/2026 |
197,838,040
|
|
50,000,000
|
|
KFW,
3.846%, 9/17/2026 |
49,754,400
|
|
|
|
TOTAL
|
247,592,440
|
|
|
|
TOTAL
COMMERCIAL PAPER
(IDENTIFIED
COST $3,625,621,339) |
3,623,859,480
|
|
|
|
REPURCHASE
AGREEMENTS—15.6% |
|
|
|
|
Banking—0.6%
|
|
|
100,000,000
|
|
Interest
in $500,000,000 joint repurchase agreement 3.65%, dated 7/31/2026 under which Bank of Nova Scotia will
repurchase
securities provided as collateral for $500,152,083 on 8/3/2026. The securities provided as collateral at the
end
of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities and a
U.S.
Treasury security with various maturities to 7/1/2056 and the market value of those underlying securities
was
$510,155,142. |
100,000,000
|
|
|
|
Finance
- Banking—15.0% |
|
|
127,000,000
|
|
Interest
in $1,050,000,000 joint repurchase agreement 3.65%, dated 7/31/2026 under which BMO Capital Markets
Corp.
will repurchase securities provided as collateral for $1,050,319,375 on 8/3/2026. The securities provided as
collateral
at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities
with
various maturities to 6/20/2066 and the market value of those underlying securities was $1,081,828,957. |
127,000,000
|
|
2,500,000,000
|
|
Interest
in $7,025,000,000 joint repurchase agreement 3.65%, dated 7/31/2026 under which Citigroup Global Markets,
Inc.
will repurchase securities provided as collateral for $7,027,136,771 on 8/3/2026. The securities provided as
collateral
at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and
U.S.
Treasury securities with various maturities to 7/15/2068 and the market value of those underlying securities
was
$7,167,679,507. |
2,500,000,000
|
|
|
|
TOTAL
|
2,627,000,000
|
|
|
|
TOTAL
REPURCHASE AGREEMENTS
(IDENTIFIED
COST $2,727,000,000) |
2,727,000,000
|
|
|
|
CERTIFICATES
OF DEPOSIT—11.3% |
|
|
|
|
Finance
- Banking—11.3% |
|
|
40,000,000
|
|
Bank
of America N.A., 3.900%, 10/2/2026 |
40,002,932
|
|
15,000,000
|
|
Bank
of Montreal, 3.960%, 11/17/2026 |
14,997,149
|
|
215,000,000
|
|
Bank
of Nova Scotia, 3.880% - 4.180%, 3/10/2027 - 6/3/2027 |
214,712,013
|
|
430,000,000
|
|
Canadian
Imperial Bank of Commerce, 3.800% - 4.250%, 8/27/2026 - 5/3/2027 |
428,221,999
|
|
220,000,000
|
|
DZ
Bank AG Deutsche Zentral-Genossenschaftsbank, 3.750% - 3.900%, 8/25/2026 - 11/9/2026 |
219,715,417
|
|
50,000,000
|
|
Mizuho
Bank Ltd., 3.860% - 3.900%, 8/5/2026 - 9/8/2026 |
50,002,933
|
|
10,000,000
|
|
Royal
Bank of Canada, 3.900%, 10/1/2026 |
10,000,166
|
|
35,000,000
|
|
Royal
Bank of Canada, 4.070% - 4.140%, 4/19/2027 - 5/20/2027 |
34,967,789
|
|
325,000,000
|
|
Sumitomo
Mitsui Trust Bank Ltd., 3.870% - 3.970%, 8/13/2026 - 10/29/2026 |
324,192,965
|
|
100,000,000
|
|
Sumitomo
Mitsui Trust Bank Ltd., 4.000%, 10/15/2026 |
100,010,140
|
|
253,500,000
|
|
Toronto
Dominion Bank, 3.900% - 4.400%, 12/10/2026 - 7/21/2027 |
253,234,475
|
|
220,000,000
|
|
Truist
Bank, 3.850% - 3.950%, 8/3/2026 - 10/16/2026 |
220,023,454
|
|
62,000,000
|
|
Wells
Fargo Bank, N.A., 3.850% - 4.070%, 8/26/2026 - 4/16/2027 |
61,938,668
|
|
|
|
TOTAL
CERTIFICATES OF DEPOSIT
(IDENTIFIED
COST $1,972,993,335) |
1,972,020,100
|
Annual
Financial Statements and Additional Information
4
|
Principal
Amount
|
|
|
Value
|
|
|
2
|
NOTES
- VARIABLE—11.0% |
|
|
|
|
Aerospace/Auto—1.3%
|
|
|
$ 45,000,000
|
|
Toyota
Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 3.950% (SOFR +0.300%), 8/3/2026 |
$ 44,995,239
|
|
60,000,000
|
|
Toyota
Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 3.980% (SOFR +0.330%), 8/3/2026 |
60,003,038
|
|
50,000,000
|
|
Toyota
Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 4.000% (SOFR +0.350%), 8/3/2026 |
50,010,000
|
|
75,000,000
|
|
Toyota
Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 4.000% (SOFR +0.350%), 8/3/2026 |
75,007,500
|
|
|
|
TOTAL
|
230,015,777
|
|
|
|
Finance
- Banking—8.4% |
|
|
20,000,000
|
|
Anglesea
Funding LLC, (Bank of Montreal COL)/(Bank of Nova Scotia COL)/(Lloyds Bank Corporate Markets PLC
COL)/(Royal
Bank of Canada COL), 4.000% (SOFR +0.350%), 8/3/2026 |
20,001,095
|
|
15,000,000
|
|
Bank
of Montreal, 3.990% (SOFR +0.340%), 8/3/2026 |
15,000,712
|
|
55,000,000
|
|
Bank
of Montreal, 4.040% (SOFR +0.390%), 8/3/2026 |
54,999,928
|
|
40,000,000
|
|
Bank
of Montreal, 4.050% (SOFR +0.400%), 8/3/2026 |
40,009,213
|
|
50,000,000
|
|
Bank
of Montreal, 4.070% (SOFR +0.420%), 8/3/2026 |
50,003,569
|
|
25,000,000
|
|
Bank
of Montreal, 4.080% (SOFR +0.430%), 8/3/2026 |
24,999,983
|
|
25,000,000
|
|
Bank
of Montreal, 4.080% (SOFR +0.430%), 8/3/2026 |
25,000,000
|
|
40,000,000
|
|
Bank
of Montreal, 4.100% (SOFR +0.450%), 8/3/2026 |
40,010,086
|
|
20,000,000
|
|
Bank
of Nova Scotia, 3.950% (SOFR +0.300%), 8/3/2026 |
20,004,264
|
|
50,000,000
|
|
Bank
of Nova Scotia, 4.010% (SOFR +0.360%), 8/3/2026 |
50,023,290
|
|
40,000,000
|
|
Bank
of Nova Scotia, 4.050% (SOFR +0.400%), 8/3/2026 |
40,027,312
|
|
34,000,000
|
|
Canadian
Imperial Bank of Commerce, 4.020% (SOFR +0.370%), 8/3/2026 |
34,014,198
|
|
9,280,000
|
|
City
Furniture, Inc., (Wells Fargo Bank, N.A. LOC), 3.750%, 8/6/2026 |
9,280,000
|
|
50,000,000
|
|
Collateralized
Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 3.940% (SOFR +0.290%), 8/3/2026 |
50,000,078
|
|
37,000,000
|
|
Collateralized
Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 3.970% (SOFR +0.320%), 8/3/2026 |
36,995,325
|
|
10,000,000
|
|
Collateralized
Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 3.980% (SOFR +0.330%), 8/3/2026 |
9,999,224
|
|
40,000,000
|
|
Collateralized
Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 3.980% (SOFR +0.330%), 8/3/2026 |
39,996,864
|
|
25,000,000
|
|
Collateralized
Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 4.020% (SOFR +0.370%), 8/3/2026 |
24,999,965
|
|
25,000,000
|
|
Collateralized
Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 4.020% (SOFR +0.370%), 8/3/2026 |
24,999,970
|
|
25,000,000
|
|
Commonwealth
Bank of Australia, 3.950% (SOFR +0.300%), 8/3/2026 |
25,010,338
|
|
16,700,000
|
|
Greene
County Development Authority, Reynolds Lodge, LLC Series 2000B, (U.S. Bank, N.A. LOC), 3.800%, 8/6/2026 |
16,700,000
|
|
7,595,000
|
|
Gulf
Gate Apartments LLC, Series 2003, (Wells Fargo Bank, N.A. LOC), 3.750%, 8/6/2026 |
7,595,000
|
|
7,305,000
|
|
Hamilton
Station Park and Ride, Series 2005, (Wells Fargo Bank, N.A. LOC), 3.750%, 8/6/2026 |
7,305,000
|
|
50,000,000
|
|
ING
(U.S.) Funding LLC, 3.920% (SOFR +0.270%), 8/3/2026 |
49,994,365
|
|
23,431,000
|
|
Iowa
Student Loan Liquidity Corp., (Series 2023-1) Weekly VRDNs, (Royal Bank of Canada LOC), 3.720%, 8/6/2026 |
23,431,000
|
|
50,000,000
|
|
J.P.
Morgan Securities LLC, 4.000% (SOFR +0.350%), 8/3/2026 |
50,006,315
|
|
50,000,000
|
|
J.P.
Morgan Securities LLC, 4.000% (SOFR +0.350%), 8/3/2026 |
50,003,660
|
|
75,000,000
|
|
MUFG
Bank Ltd., 3.860% (SOFR +0.210%), 8/3/2026 |
75,006,405
|
|
35,000,000
|
|
National
Bank of Canada, 3.950% (SOFR +0.300%), 8/3/2026 |
35,012,002
|
|
34,000,000
|
|
Nuveen
Floating Rate Income Fund, (Series A), (Sumitomo Mitsui Banking Corp. LOC), 3.780%, 8/6/2026 |
34,000,000
|
|
15,000,000
|
|
Paradelle
Funding LLC, (Toronto Dominion Bank COL), 4.060% (SOFR +0.410%), 8/3/2026 |
15,009,651
|
|
25,000,000
|
|
Park
Avenue Collateralized Notes Co., LLC, (J.P. Morgan Securities LLC COL), 4.020% (SOFR +0.370%), 8/3/2026 |
24,999,965
|
|
18,965,000
|
|
Salem
Green, LLLP, Salem Green Apartments Project, Series 2010, (Wells Fargo Bank, N.A. LOC), 3.750%, 8/6/2026 |
18,965,000
|
|
50,000,000
|
|
Standard
Chartered Bank, 3.890% (SOFR +0.240%), 8/3/2026 |
49,999,935
|
|
20,000,000
|
|
Svenska
Handelsbanken AB, 3.950% (SOFR +0.300%), 8/3/2026 |
19,999,978
|
|
50,000,000
|
|
Toronto
Dominion Bank, 4.050% (SOFR +0.400%), 8/3/2026 |
50,032,765
|
|
50,000,000
|
|
Toronto
Dominion Bank, 4.050% (SOFR +0.400%), 8/3/2026 |
50,010,229
|
|
50,000,000
|
|
Toronto
Dominion Bank, 4.050% (SOFR +0.400%), 8/3/2026 |
50,014,260
|
|
100,000,000
|
|
Toronto
Dominion Bank, 4.050% (SOFR +0.400%), 8/3/2026 |
100,034,405
|
|
50,000,000
|
|
Wells
Fargo Bank, N.A., 4.050% (SOFR +0.400%), 8/3/2026 |
50,033,640
|
|
35,000,000
|
|
Westpac
Banking Corp. Ltd., 3.950% (SOFR +0.300%), 8/3/2026 |
35,013,405
|
|
15,000,000
|
|
Westpac
Banking Corp. Ltd., 3.950% (SOFR +0.300%), 8/3/2026 |
15,005,789
|
|
|
|
TOTAL
|
1,463,548,183
|
Annual
Financial Statements and Additional Information
5
|
Principal
Amount
|
|
|
Value
|
|
|
2
|
NOTES
- VARIABLE—continued
|
|
|
|
|
Finance
- Retail—0.1% |
|
|
$ 10,000,000
|
|
Chariot
Funding LLC, 3.950% (SOFR +0.300%), 8/3/2026 |
$ 10,000,044
|
|
10,000,000
|
|
Thunder
Bay Funding, LLC, 3.950% (SOFR +0.300%), 8/3/2026 |
9,999,990
|
|
|
|
TOTAL
|
20,000,034
|
|
|
|
Government
Agency—1.2% |
|
|
51,450,000
|
|
Archer
1 LLC, (Federal Home Loan Bank of San Francisco LOC), 3.720%, 8/6/2026 |
51,450,000
|
|
2,330,000
|
|
Baker
Life Insurance Trust, (Federal Home Loan Bank of Des Moines LOC), 3.720%, 8/6/2026 |
2,330,000
|
|
7,500,000
|
|
BOZ
McKinley Owner, LLC, (Federal Home Loan Bank of San Francisco LOC), 3.720%, 8/6/2026 |
7,500,000
|
|
17,060,000
|
|
BWF
Forge TL Properties Owner LLC, (Federal Home Loan Bank of Des Moines LOC)/(Federal Home Loan Bank of
San
Francisco LOC), 3.720%, 8/6/2026 |
17,060,000
|
|
6,500,000
|
|
Carmel
Valley Senior Living, LP, (Federal Home Loan Bank of San Francisco LOC), 3.720%, 8/6/2026 |
6,500,000
|
|
2,000,000
|
|
Eagle
Hesperia 55 II LP, (Federal Home Loan Bank of San Francisco LOC), 3.720%, 8/6/2026 |
2,000,000
|
|
1,700,000
|
|
East
Town Crossing, LLC, (Federal Home Loan Bank of Des Moines LOC), 3.720%, 8/6/2026 |
1,700,000
|
|
17,030,000
|
|
Mohr
Green Associates, LP, 2012-A, (Federal Home Loan Bank of San Francisco LOC), 3.720%, 8/6/2026 |
17,030,000
|
|
22,610,000
|
|
NWD
2017 Family Trust No. 1, (Federal Home Loan Bank of Dallas LOC), 3.720%, 8/6/2026 |
22,610,000
|
|
17,335,000
|
|
Plaza
Fitzsimons Owner, LLC, (Federal Home Loan Bank of San Francisco LOC), 3.720%, 8/6/2026 |
17,335,000
|
|
6,500,000
|
|
Rohnert
Park 668, LP, (Federal Home Loan Bank of San Francisco LOC), 3.720%, 8/6/2026 |
6,500,000
|
|
33,000,000
|
|
TBD
Hide, LLC, (Federal Home Loan Bank of Des Moines LOC), 3.720%, 8/6/2026 |
33,000,000
|
|
9,555,000
|
|
The
Gregory P. Berry Trust, (Federal Home Loan Bank of Des Moines LOC), 3.720%, 8/6/2026 |
9,555,000
|
|
5,740,000
|
|
The
Leopold Family Insurance Trust, (Federal Home Loan Bank of Dallas LOC), 3.720%, 8/6/2026 |
5,740,000
|
|
|
|
TOTAL
|
200,310,000
|
|
|
|
TOTAL
NOTES - VARIABLE
(IDENTIFIED
COST $1,913,586,000) |
1,913,873,994
|
|
|
|
TIME
DEPOSITS—4.0% |
|
|
|
|
Finance
- Banking—4.0% |
|
|
520,000,000
|
|
ABN
Amro Bank NV, 3.650% - 3.670%, 8/3/2026 - 8/6/2026 |
520,000,000
|
|
175,000,000
|
|
Royal
Bank of Canada, 3.690%, 8/3/2026 |
175,000,000
|
|
|
|
TOTAL
TIME DEPOSITS
(IDENTIFIED
COST $695,000,000) |
695,000,000
|
|
|
|
BANK
NOTE—1.9% |
|
|
|
|
Finance
- Banking—1.9% |
|
|
329,000,000
|
|
Bank
of America N.A., 3.800% - 4.200%, 8/6/2026 - 6/4/2027 |
328,724,721
|
|
|
|
ASSET-BACKED
SECURITIES—0.1% |
|
|
|
|
Auto
Receivables—0.1% |
|
|
13,309,247
|
|
Enterprise
Fleet Financing LLC 2026-1, Class A1, 3.849%, 2/22/2027 |
13,308,146
|
|
|
|
Equipment
Lease—0.0% |
|
|
1,881,157
|
|
Great
America Leasing Receivables 2025-2, Class A1, 4.035%, 11/16/2026 |
1,881,242
|
|
|
|
TOTAL
ASSET-BACKED SECURITIES
(IDENTIFIED
COST $15,190,405) |
15,189,388
|
|
|
|
TOTAL
INVESTMENT IN SECURITIES—99.6%
(IDENTIFIED
COST $17,371,891,079)3
|
17,369,167,683
|
|
|
|
OTHER
ASSETS AND LIABILITIES - NET—0.4%4
|
73,729,188
|
|
|
|
NET
ASSETS—100% |
$17,442,896,871
|
|
1
|
Discount
rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
|
2
|
Floating/variable
note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference
rate
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. |
|
3
|
Also
represents cost of investments for federal tax purposes. |
|
4
|
Assets,
other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Note: The categories of investments are
shown as a percentage of net assets at July 31, 2026.
Various inputs are used in determining the
value of the Fund’s investments. These inputs are summarized in the three broad levels listed
below:
Level 1—quoted prices in active markets
for identical securities.
Annual
Financial Statements and Additional Information
6
Level
2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit
risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs
(including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing
securities are not an indication of the risk associated with investing in those securities.
As of July 31, 2026, all investments of
the Fund utilized Level 2 inputs in valuing the Fund’s assets carried at fair value.
|
The
following acronym(s) are used throughout this portfolio: |
| |
|
COL
|
—Collateralized
| |
|
GTD
|
—Guaranteed
| |
|
LIQ
|
—Liquidity
Agreement | |
|
LOC
|
—Letter
of Credit | |
|
SOFR
|
—Secured
Overnight Financing Rate | |
|
VRDNs
|
—Variable
Rate Demand Notes | |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
7
Financial
Highlights–Institutional
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.0002
|
$1.0003
|
$1.0002
|
$0.9998
|
$1.0005
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income (loss)1
|
0.0387
|
0.0460
|
0.0540
|
0.0413
|
0.0037
|
|
Net
realized and unrealized gain (loss) |
(0.0001)
|
(0.0003)
|
0.0001
|
0.0004
|
(0.0008)
|
|
Total
From Investment Operations |
0.0386
|
0.0457
|
0.0541
|
0.0417
|
0.0029
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.0387)
|
(0.0458)
|
(0.0540)
|
(0.0413)
|
(0.0036)
|
|
Net
Asset Value, End of Period |
$1.0001
|
$1.0002
|
$1.0003
|
$1.0002
|
$0.9998
|
|
Total
Return2
|
3.93%
|
4.67%
|
5.55%
|
4.25%
|
0.29%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses3
|
0.18%
|
0.18%
|
0.18%
|
0.18%
|
0.16%
|
|
Net
investment income |
3.87%
|
4.60%
|
5.40%
|
4.17%
|
0.38%
|
|
Expense
waiver/reimbursement4
|
0.05%
|
0.05%
|
0.06%
|
0.10%
|
0.12%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$16,324,702
|
$15,765,900
|
$16,797,152
|
$17,694,479
|
$14,232,133
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Based
on net asset value. |
|
3
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
4
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
8
Financial
Highlights–Service
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.0001
|
$1.0002
|
$1.0001
|
$0.9997
|
$1.0005
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income (loss)1
|
0.0362
|
0.0434
|
0.0455
|
0.0389
|
0.0019
|
|
Net
realized and unrealized gain (loss) |
(0.0000)2
|
(0.0001)
|
0.0062
|
0.0003
|
(0.0002)
|
|
Total
From Investment Operations |
0.0362
|
0.0433
|
0.0517
|
0.0392
|
0.0017
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.0363)
|
(0.0434)
|
(0.0516)
|
(0.0388)
|
(0.0025)
|
|
Net
Asset Value, End of Period |
$1.0000
|
$1.0001
|
$1.0002
|
$1.0001
|
$0.9997
|
|
Total
Return3
|
3.68%
|
4.42%
|
5.29%
|
3.99%
|
0.17%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.42%
|
0.42%
|
0.43%
|
0.43%
|
0.26%
|
|
Net
investment income |
3.62%
|
4.34%
|
5.10%
|
3.82%
|
0.18%
|
|
Expense
waiver/reimbursement5
|
0.05%
|
0.05%
|
0.05%
|
0.10%
|
0.25%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$1,118,195
|
$873,589
|
$841,236
|
$9,456
|
$12,713
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.0001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
9
Statement
of Assets and Liabilities
July 31, 2026
|
Assets:
|
|
|
Investment
in repurchase agreements and other repurchase agreements |
$8,820,500,000
|
|
Investment
in securities |
8,548,667,683
|
|
Investment
in securities, at value (identified
cost $17,371,891,079) |
17,369,167,683
|
|
Cash
|
652,419
|
|
Income
receivable |
45,164,920
|
|
Receivable
for shares sold |
109,996,057
|
|
Total
Assets |
17,524,981,079
|
|
Liabilities:
|
|
|
Payable
for investments purchased |
25,000,000
|
|
Payable
for shares redeemed |
32,878,477
|
|
Income
distribution payable |
23,218,818
|
|
Payable
for investment adviser fee (Note 5)
|
44,251
|
|
Payable
for administrative fee (Note 5)
|
36,664
|
|
Payable
for Directors’/Trustees’ fees (Note 5)
|
14,700
|
|
Payable
for other service fees (Notes 2 and 5)
|
268,217
|
|
Accrued
expenses (Note 5)
|
623,081
|
|
Total
Liabilities |
82,084,208
|
|
Net
assets for 17,441,632,419 shares outstanding |
$17,442,896,871
|
|
Net Assets
Consist of: |
|
|
Paid-in
capital |
$17,448,463,765
|
|
Total
distributable earnings (loss) |
(5,566,894)
|
|
Net
Assets |
$17,442,896,871
|
|
Net Asset
Value, Offering Price and Redemption Proceeds Per Share: |
|
|
Institutional
Shares: |
|
|
$16,324,701,922
÷ 16,323,436,338 shares outstanding, no par value, unlimited shares authorized |
$1.0001
|
|
Service
Shares: |
|
|
$1,118,194,949
÷ 1,118,196,081 shares outstanding, no par value, unlimited shares authorized |
$1.0000
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
10
Statement
of Operations
Year Ended July 31,
2026
|
Investment
Income: |
|
|
Interest
|
$684,069,287
|
|
Expenses:
|
|
|
Investment
adviser fee (Note 5)
|
25,320,641
|
|
Administrative
fee (Note 5)
|
13,039,047
|
|
Custodian
fees |
546,044
|
|
Transfer
agent fees |
167,968
|
|
Directors’/Trustees’
fees (Note 5)
|
84,326
|
|
Auditing
fees |
30,202
|
|
Legal
fees |
10,933
|
|
Portfolio
accounting fees |
335,342
|
|
Other
service fees (Notes 2 and 5)
|
2,263,050
|
|
Share
registration costs |
343,100
|
|
Printing
and postage |
79,418
|
|
Miscellaneous
(Note 5)
|
104,630
|
|
TOTAL
EXPENSES |
42,324,701
|
|
Waiver
of investment adviser fee (Note 5) |
(8,849,791)
|
|
Net
expenses |
33,474,910
|
|
Net
investment income |
650,594,377
|
|
Realized
and Unrealized Gain (Loss) on Investments: |
|
|
Net
realized gain on investments |
5,622
|
|
Net
change in unrealized depreciation of investments |
(2,317,381)
|
|
Net
realized and unrealized gain (loss) on investments |
(2,311,759)
|
|
Change
in net assets resulting from operations |
$648,282,618
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
11
Statement
of Changes in Net Assets
|
Year
Ended July 31 |
2026
|
2025
|
|
Increase
(Decrease) in Net Assets |
|
|
|
Operations:
|
|
|
|
Net
investment income |
$650,594,377
|
$723,155,540
|
|
Net
realized gain (loss) |
5,622
|
13,804
|
|
Net
change in unrealized appreciation/depreciation |
(2,317,381)
|
(1,164,857)
|
|
CHANGE
IN NET ASSETS RESULTING FROM OPERATIONS |
648,282,618
|
722,004,487
|
|
Distributions
to Shareholders: |
|
|
|
Institutional
Shares |
(616,002,492)
|
(686,111,077)
|
|
Service
Shares |
(34,668,524)
|
(36,923,101)
|
|
CHANGE
IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS |
(650,671,016)
|
(723,034,178)
|
|
Share Transactions:
|
|
|
|
Proceeds
from sale of shares |
28,098,477,503
|
28,800,301,237
|
|
Net
asset value of shares issued to shareholders in payment of distributions declared |
370,349,814
|
417,755,969
|
|
Cost
of shares redeemed |
(27,663,031,270)
|
(30,215,926,094)
|
|
CHANGE
IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS |
805,796,047
|
(997,868,888)
|
|
Change
in net assets |
803,407,649
|
(998,898,579)
|
|
Net Assets:
|
|
|
|
Beginning
of period |
16,639,489,222
|
17,638,387,801
|
|
End
of period |
$17,442,896,871
|
$16,639,489,222
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
12
Notes to
Financial Statements
July 31, 2026
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 15 portfolios. The financial statements included
herein are only those of Federated Hermes Institutional Prime
Obligations Fund (the “Fund”), a diversified portfolio. The financial statements
of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited
to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers two classes of shares: Institutional
Shares and Service Shares. All shares of the Fund have equal rights
with respect to voting, except on class-specific matters. The investment
objective of the Fund is to provide current income consistent with stability of principal.
The Fund operates as
an institutional money market fund. As an institutional money market fund, the Fund: (1) will not be limited to institutional
investors, but will continue to be available to retail investors; (2) will utilize current market-based prices to value its portfolio
securities and transact at a floating net asset value (NAV) that
uses four decimal-place precision ($1.0000); (3) may impose a discretionary liquidity
fee of up to 2% of the value of the shares redeemed, if the Fund’s Board of Trustees (the “Trustees”), or its delegate,
determines such liquidity fee is in the best interest of the Fund;
and (4) is required to impose a mandatory liquidity fee when the Fund experiences daily
net redemptions that exceed 5% of net assets based on flow information available within a reasonable period after the last computation
of the Fund’s NAV on that calendar day.
2. SIGNIFICANT
ACCOUNTING POLICIES
The following is a summary of significant
accounting policies consistently followed by the Fund in the preparation of its financial statements.
These policies are in conformity with U.S. generally accepted accounting principles (GAAP).
Investment Valuation
In
calculating its NAV, the Fund generally values investments as follows:
■
Fixed-income
securities are fair valued using price evaluations provided by a pricing service approved by Federated Investment Management
Company (the ”Adviser”).
■
Shares
of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share
practical expedient, as applicable.
■
For
securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain
factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer
or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature
and duration of restrictions on disposition, the movement of the
market in which the security is normally traded, public trading in similar securities
or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited
to industry changes and relevant government actions.
If any price, quotation, price evaluation
or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain
price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth
in the Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion
of the Adviser’s valuation committee (“Valuation Committee”),
is deemed not representative of the fair value of such security, the Fund uses the
fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund
could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines
its NAV per share, and the actual value obtained could be materially different.
Fair Valuation Procedures
Pursuant
to Rule 2a-5 under the Act, the Trustees have designated the Adviser as the Fund’s valuation designee to perform any fair value
determinations for securities and other assets held by the Fund.
The Adviser is subject to the Trustees’ oversight and certain reporting and
other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through
its Valuation Committee, is responsible for determining the fair value of investments for which market quotations
are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated
companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use
pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The
Valuation Committee employs various methods for reviewing third-party
pricing-service evaluations including periodic reviews of third-party
pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional
back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on
recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee
determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review
the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant
events procedures as part of the Fund’s compliance program
and will review any changes made to the procedures.
Factors considered by
pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon,
maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers
and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an
investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price
between
Annual
Financial Statements and Additional Information
13
the prices bid and
ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities,
mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income
securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment,
the fair value of the investment is determined in accordance with procedures adopted by the Adviser.
Repurchase Agreements
The
Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to
a repurchase agreement to transfer to the Fund’s custodian
or sub-custodian eligible securities or cash with a market value (after transaction
costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred
to accounts with the custodian or sub-custodian in which the Fund holds a “securities entitlement” and exercises “control”
as those terms are defined in the Uniform Commercial Code. Certain
repurchase agreements may be structured as loans secured by a security
interest or lien on the eligible securities. The Fund has established procedures for monitoring the market value of the transferred securities
and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also
allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase
price or in exchange for other eligible securities of equivalent market value.
The insolvency of the
other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause
the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund
in excess of the repurchase price and related transaction costs must be remitted to the other party.
The Fund may enter into
repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the
custodian or sub-custodian for investment companies and other clients advised by the Fund’s Adviser and its affiliates. The Fund
will participate on a pro rata basis with the other investment
companies and clients in its share of the securities transferred under such repurchase
agreements and in its share of proceeds from any repurchase or other disposition of such securities.
Repurchase agreements
are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that
provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or
termination. Amounts presented on the Portfolio of Investments
and Statement of Assets and Liabilities are not net settlement amounts but
gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase
price to be paid under the agreement reducing the net settlement amount to zero.
Investment Income, Gains and Losses, Expenses and Distributions
Investment
transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an
identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date.
Distributions of net investment income, if any, are declared daily and paid monthly. In addition, distributions of capital gains, if any,
are declared and paid at least annually. Amortization/accretion
of premium and discount is included in investment income. Investment income,
realized and unrealized gains and losses and certain fund-level expenses are allocated to each class based on relative average daily
net assets, except that select classes will bear certain expenses unique to those classes. The detail of the total fund expense waiver
of $8,849,791 is disclosed in Note 5.
Dividends are declared
separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally
due to differences in separate class expenses.
Other Service Fees
The
Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund’s Institutional Shares and Service Shares
to financial intermediaries or to Federated Shareholder Services
Company (FSSC) for providing services to shareholders and maintaining shareholder
accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service
fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated
at any time.
For the year ended July 31, 2026, other
service fees for the Fund were as follows:
|
|
Other
Service
Fees
Incurred |
|
Service
Shares |
$2,263,050
|
For the year ended July 31, 2026, the Fund’s
Institutional Shares did not incur other service fees.
Federal Taxes
It
is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 (the “Code”) and
to distribute to shareholders each year substantially all of its
income. Accordingly, no provision for federal income tax is necessary. As of and during the year
ended July 31, 2026, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if
any, related to tax liabilities as income tax expense in the Statement
of Operations. As of July 31, 2026, tax years 2023 through 2026
remain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the Commonwealth
of Massachusetts.
Annual
Financial Statements and Additional Information
14
When-Issued and Delayed-Delivery
Transactions
The
Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains
security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased
on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses
may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the
contract.
Restricted Securities
The
Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered
for public sale without first being registered, or being able
to take advantage of an exemption from registration, under the Securities Act of
1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale
without first being registered, the issuer of the restricted security
has agreed to register such securities for resale, at the issuer’s expense, either
upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be
resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria
established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund’s restricted securities,
like other securities, are priced in accordance with procedures
established by and under the general supervision of the Adviser.
Other
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from
those estimated. The Fund applies investment company accounting
and reporting guidance.
3. SHARES
OF BENEFICIAL INTEREST
The following tables summarize share activity:
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Institutional
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
26,773,510,234
|
$26,782,160,867
|
27,761,616,879
|
$27,772,392,265
|
|
Shares
issued to shareholders in payment of distributions declared |
335,855,793
|
335,966,344
|
381,010,444
|
381,156,874
|
|
Shares
redeemed |
(26,548,462,522)
|
(26,557,105,255)
|
(29,171,699,702)
|
(29,183,869,632)
|
|
NET
CHANGE RESULTING FROM INSTITUTIONAL
SHARE
TRANSACTIONS |
560,903,505
|
$561,021,956
|
(1,029,072,379)
|
$(1,030,320,493)
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Service
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
1,316,014,506
|
$1,316,316,636
|
1,027,602,200
|
$1,027,908,972
|
|
Shares
issued to shareholders in payment of distributions declared |
34,375,096
|
34,383,470
|
36,588,508
|
36,599,095
|
|
Shares
redeemed |
(1,105,663,827)
|
(1,105,926,015)
|
(1,031,755,201)
|
(1,032,056,462)
|
|
NET
CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS |
244,725,775
|
$244,774,091
|
32,435,507
|
$32,451,605
|
|
NET
CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS |
805,629,280
|
$805,796,047
|
(996,636,872)
|
$(997,868,888)
|
4. FEDERAL
TAX INFORMATION
The tax character of distributions as reported
on the Statement of Changes in Net Assets for the years ended July 31, 2026 and 2025,
was as follows:
|
|
2026
|
2025
|
|
Ordinary
income |
$650,671,016
|
$723,034,178
|
As of July 31, 2026, the components of distributable
earnings on a tax-basis were as follows:
|
Undistributed
ordinary income |
$8,934
|
|
Net
unrealized depreciation |
$(2,723,396)
|
|
Capital
loss carryforwards and deferrals |
$(2,852,432)
|
|
TOTAL
|
$(5,566,894)
|
At July 31, 2026, the cost of investments
for federal tax purposes was $17,371,891,079. The net unrealized depreciation of investments for
federal tax purposes was $2,723,396. This consists of unrealized appreciation from investments for those securities having an excess of
value over cost of $488,478 and unrealized depreciation from investments for those securities having an excess of cost over value of
$3,211,874.
Annual
Financial Statements and Additional Information
15
As
of July 31, 2026, the Fund had a capital loss carryforward of $2,852,432 which will reduce the Fund’s taxable income arising from
future net realized gains on investments, if any, to the extent
permitted by the Code, thereby reducing the amount of distributions to shareholders
which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these net
capital losses retain their character as either short-term or long-term and do not expire.
The following schedule summarizes the Fund’s
capital loss carryforwards:
|
Short-Term
|
Long-Term
|
Total
|
|
$1,367,849
|
$1,484,583
|
$2,852,432
|
The Fund used capital loss carryforwards
of $5,622 to offset capital gains realized during the year ended July 31, 2026.
5. INVESTMENT
ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Adviser Fee
The
advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.15% of the Fund’s average daily net assets.
Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee for
competitive reasons, such as to maintain the Fund’s expense ratio, or as and when appropriate, to maintain positive or zero net
yields. For the year ended July 31, 2026, the Adviser voluntarily
waived $8,849,791 of its fee.
Administrative Fee
Federated
Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and
services. For purposes of determining the appropriate rate breakpoint, “Investment Complex” is defined as all of the Federated
Hermes Funds subject to a fee under the Administrative Services
Agreement. The fee paid to FAS is based on the average daily net assets
of the Investment Complex as specified below:
|
Administrative
Fee |
Average
Daily Net Assets
of
the Investment Complex |
|
0.100%
|
on
assets up to $50 billion |
|
0.075%
|
on
assets over $50 billion |
Subject to the terms described in the Expense
Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the year ended
July 31, 2026, the annualized fee paid to FAS was 0.077% of average daily net assets of the Fund.
In addition, FAS may charge certain out-of-pocket
expenses to the Fund.
Other Service Fees
For
the year ended July 31, 2026, FSSC received $359 of the other service fees disclosed in Note 2.
Expense Limitation
Due
to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction
of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and
certain of its affiliates (which may include FSSC and FAS) on their own initiative have agreed to waive certain amounts of their respective
fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding interest expense,
extraordinary expenses and proxy-related expenses, if any) paid by the Fund’s Institutional Shares and Service Shares (after the
voluntary waivers and/or reimbursements) will not exceed 0.20%
and 0.45% (the “Fee Limit”), respectively, up to but not including the later
of (the “Termination Date”): (a) October 1, 2027 or (b) the date of the Fund’s next effective Prospectus. While the
Adviser and its applicable affiliates currently do not anticipate
terminating or increasing these arrangements prior to the Termination Date, these arrangements
may only be terminated or the Fee Limit increased prior to the Termination Date with the approval of the Trustees.
Directors’/Trustees’ and Miscellaneous Fees
Certain
Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate
payment, Independent Directors’/Trustees’ fees and
certain expenses related to conducting meetings of the Directors/Trustees and other
miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related
to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous
Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.
6. CONCENTRATION
OF RISK
A substantial part of the Fund’s portfolio
may be comprised of obligations of banks. As a result, the Fund may be more susceptible to any
economic, business, political or other developments which generally affect these entities.
7. CREDIT
RISK
The Fund may place its cash on deposit with
financial institutions in the United States, which is insured by the Federal Deposit Insurance Corporation
(FDIC) up to $250,000. The Fund’s credit risk in the event of failure of these financial institutions is represented by the difference
between the FDIC limit and the total amounts on deposit. The Fund from time to time may have amounts on deposit in excess of
the insured limits.
Annual
Financial Statements and Additional Information
16
8. LINE
OF CREDIT
The Fund participates with certain other
Federated Hermes Funds, on a several basis, in an up to $400,000,000 unsecured, 364-day, committed,
revolving line of credit (LOC) agreement dated June 16, 2026. The LOC was made available to temporarily finance the repurchase
or redemption of shares of the Fund, failed trades, payment of dividends, settlement of trades and for other short-term, temporary
or emergency general business purposes. The Fund cannot borrow under the LOC if an inter-fund loan is outstanding. The Fund’s
ability to borrow under the LOC also is subject to the limitations of the Act and various conditions precedent that must be satisfied
before the Fund can borrow. Loans under the LOC are charged interest at a fluctuating rate per annum equal to (a) the highest, on
any day, of (i) the federal funds effective rate, (ii) the published secured overnight financing rate plus an assigned percentage, and
(iii) 0.0%, plus (b) a margin. Any fund eligible to borrow under
the LOC pays its pro rata share of a commitment fee based on the amount of
the lenders’ commitment that has not been utilized, quarterly in arrears and at maturity. As of July 31, 2026, the Fund had no outstanding
loans. During the year ended July 31, 2026, the Fund did not utilize the LOC.
9. INTERFUND
LENDING
Pursuant to an Exemptive Order issued by
the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries
of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility
allowing the Fund to borrow from other participating affiliated funds. As of July 31, 2026, there were no outstanding loans. During
the year ended July 31, 2026, the program was not utilized.
10. OPERATING
SEGMENTS
An operating segment is defined as a component
of a public entity that engages in business activities from which it may recognize revenues
and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM)
to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information
available. A management committee of the Adviser acts as the CODM. The Fund represents a single operating segment, as the
CODM monitors the operating results of the Fund as a whole and the strategic asset allocation is determined based on the investment
objective of the Fund and executed by the Fund’s portfolio management team. The financial information in the form of the Fund’s
portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations,
subscriptions and redemptions) which is reviewed by the CODM to assess the Fund’s performance in comparison to the Fund’s
benchmarks and to make resource allocation decisions for the Fund’s single segment is consistent with the information presented
in these financial statements. Segment assets are reflected on
the accompanying Statement of Assets and Liabilities as “total assets” and significant
segment expenses are listed on the accompanying Statement of Operations.
11. INDEMNIFICATIONS
Under the Fund’s organizational documents,
its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the
performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence
or reckless disregard of their duties to the Fund). In addition,
in the normal course of business, the Fund provides certain indemnifications under
arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into
by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to
the arrangement, provided the third party’s actions are
not deemed to have breached an agreed-upon standard of care (such as willful misfeasance,
bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund’s maximum exposure under these
arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund
does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss
to be remote.
12. FEDERAL
TAX INFORMATION (UNAUDITED)
For the fiscal year ended July 31, 2026,
71.7% of dividends paid by the Fund are interest-related dividends, as provided by the American Jobs
Creation Act of 2004.
For the fiscal year ended
July 31, 2026, 100% of total ordinary income distributions qualified as business interest income for purposes of
163(j) of the Code and the regulations thereunder.
Annual
Financial Statements and Additional Information
17
Report of
Independent Registered Public Accounting Firm
TO THE SHAREHOLDERS OF FEDERATED
HERMES INSTITUTIONAL PRIME OBLIGATIONS FUND AND THE BOARD OF
TRUSTEES OF FEDERATED HERMES MONEY MARKET OBLIGATIONS TRUST:
Opinion on the Financial Statements
We have audited the accompanying
statement of assets and liabilities of Federated Hermes Institutional Prime Obligations Fund
(the Fund), a portfolio of Federated Hermes Money Market Obligations Trust, including the portfolio of investments, as
of July 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each
of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial
highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial
highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2026, the results of
its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended,
and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S.
generally accepted accounting principles.
Basis for Opinion
These financial statements and
financial highlights are the responsibility of the Fund’s management. Our responsibility is to
express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting
firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance
with the standards of the PCAOB. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material
misstatement, whether due to error or fraud.
Our audits included performing
procedures to assess the risks of material misstatement of the financial statements and financial
highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial
highlights. Such procedures also included confirmation of securities owned as of July 31, 2026, by correspondence
with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures.
Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that
our audits provide a reasonable basis for our opinion.
We have served as the auditor
of one or more Federated Hermes’ investment companies since 2006.
Boston, Massachusetts
September 23, 2026
September 23, 2026
Annual
Financial Statements and Additional Information
18
Evaluation
and Approval of Advisory Contract–May
2026
Federated Hermes Institutional
Prime Obligations Fund (the “Fund”)
At its meetings in May 2026 (the
“May Meetings”), the Fund’s Board of Trustees (the “Board”), including those Trustees who
are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the
“Independent Trustees”), reviewed and unanimously approved the continuation of the investment advisory contract between
the Fund and Federated Investment Management Company (the “Adviser”) (the “Contract”) for an additional one-year
term. The Board’s determination to approve the continuation of the Contract reflects the exercise of its business judgment
after considering such information deemed necessary to evaluate the terms of the Contract and to approve the continuation
of the existing arrangement. The information, factors and conclusions that formed the basis for the Board’s approval
are summarized below.
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 report regarding data related to the Fund’s management fee (the
“CCO Management Fee Report”). The Board considered the CCO Management Fee Report, along with other information,
in evaluating the reasonableness of the Fund’s management fee and in determining to approve the continuation
of the Contract.
In addition
to the CCO Management Fee Report, the Board considered information specifically prepared in connection with
the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding
the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the
Adviser and its affiliates (collectively, “Federated Hermes”) in response to requests posed to Federated Hermes by independent
legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized
below. The Board also considered such additional matters as the Independent Trustees deemed reasonably necessary
to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the
Board at its meetings throughout the year.
The Board’s
consideration of the Contract included review of materials and information covering the following matters, among
others: (1) a copy of the Contract; (2) the nature, quality and extent of the advisory and other services provided to the
Fund by Federated Hermes; (3) Federated Hermes’ business and operations; (4) the Adviser’s investment philosophy, personnel
and processes; (5) the Fund’s investment objective and strategies; (6) the Fund’s short-term and long-term performance
- in absolute terms (both on a gross basis and net of expenses) and relative to an appropriate group of peer funds
and its benchmark; (7) the Fund’s fees and expenses, including the advisory fee and the overall expense structure of the
Fund - in absolute terms and relative to an appropriate group of peer funds, with due regard for contractual or voluntary
expense limitations (if any); (8) the financial condition of Federated Hermes; (9) the Adviser’s profitability with respect
to managing the Fund; (10) distribution and sales activity for the Fund; and (11) the use and allocation of brokerage
commissions derived from trading the Fund’s portfolio securities (if any).
The Board
also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered
funds in evaluating the Contract. Using these judicial decisions as a guide, the Board considered several factors it
deemed relevant to an adviser’s fiduciary duty with respect to its receipt of compensation from a fund, including: (1) the nature
and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the
fund, its benchmark and comparable funds; (2) the adviser’s cost of providing the services and the profitability to the adviser
of providing advisory services to the fund; (3) the extent to which the adviser may realize “economies of scale” as the
fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its
shareholders or the family of funds; (4) any “fall-out” benefits that accrue to the adviser because of its relationship with
the fund, including research services received from
brokers that execute fund trades and any fees paid to affiliates of the adviser
for services rendered to the fund; (5) comparative fees and expenses, including a comparison of management fees paid
to the adviser with those paid by similar funds managed by the same adviser or other advisers as well as management fees
charged to institutional and other advisory clients of the same adviser for what might be viewed as like services; and (6)
the extent of care, conscientiousness and independence with which the fund’s board members perform their duties and their
expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the
adviser’s services and fees. The Board considered that the Securities and Exchange Commission (“SEC”) disclosure requirements
regarding the basis for a fund board’s approval of the fund’s investment advisory contract generally align with
the factors listed above. The Board was guided by these factors in its evaluation of the Contract to the extent it considered
them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors
in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters
relating to the oversight of the other funds advised by Federated Hermes (each, a “Federated Hermes Fund” and, collectively,
the “Federated Hermes Funds”).
Annual
Financial Statements and Additional Information
19
In
addition, the Board considered the preferences and expectations of Fund shareholders and the potential disruptions of the
Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate
or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund
based on the strength of Federated Hermes’ industry standing and reputation and with the expectation that Federated Hermes
will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that there are a range
of investment options available to the Fund’s shareholders in the marketplace, and such shareholders, having had the opportunity
to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the
Fund.
In determining
to approve the continuation of the Contract, the members of the Board reviewed and evaluated information
and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment.
While individual members of the Board may have weighed certain factors differently, the Board’s determination
to approve the continuation of the Contract was based on a comprehensive consideration of all information provided
to the Board throughout the year. The Board recognized that its evaluation process is evolutionary and that the factors
considered and the emphasis placed on relevant factors may change in recognition of changing circumstances in the
registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal
counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive
session with their independent legal counsel and without management present to review the relevant materials and
consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes
also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations
furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as
part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made
on a fund-by-fund basis.
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 full range of services provided to the Fund by Federated Hermes. The Board considered the Adviser’s personnel,
investment philosophy and process, investment research capabilities and resources, trade operations capabilities,
experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities
of the portfolio management team primarily responsible for the day-to-day management of the Fund and evaluated
Federated Hermes’ ability and experience in attracting and retaining qualified personnel to service the Fund. The Board
considered the trading operations by the Adviser, including the execution of portfolio transactions and the selection of
brokers for those transactions. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance
with the limitations set forth in Rule 2a-7 under the Investment Company Act of 1940, as amended. In this connection,
the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with
the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board
also considered the Adviser’s ability to deliver competitive investment performance for the Fund when compared to the
Fund’s Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the
Adviser is executing the Fund’s investment program.
In addition,
the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to
consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational
enhancements that are designed to benefit the Federated Hermes Funds. The Board considered the quality of Federated
Hermes’ communications with the Board and responsiveness to Board inquiries and requests made from time to time
with respect to the Federated Hermes Funds. The Board also considered that Federated Hermes is responsible for providing
the Federated Hermes Funds’ officers.
The Board
received and evaluated information regarding Federated Hermes’ regulatory and compliance environment. The
Board considered Federated Hermes’ compliance program and compliance history and reports from the CCO about Federated
Hermes’ compliance with applicable laws and regulations, including responses to regulatory developments and any
compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes’ support of the Federated
Hermes Funds’ compliance control structure and the compliance-related resources devoted by Federated Hermes
in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, as amended,
including Federated Hermes’ commitment to respond to rulemaking and other regulatory initiatives of the SEC. The
Board considered Federated Hermes’ approach to internal audits and risk management with respect to the Federated Hermes
Funds and its day-to-day oversight of the Federated Hermes Funds’ compliance with their investment objectives and
policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time
Annual
Financial Statements and Additional Information
20
led, and
continue to lead, to an increase in the scope of Federated Hermes’ oversight in this regard. In addition, the Board noted
Federated Hermes’ commitment to maintaining high quality systems and expending substantial resources to prepare for
and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service
providers operate.
The Board
considered Federated Hermes’ efforts to provide shareholders in the Federated Hermes Funds with a comprehensive
array of funds with different investment objectives, policies and strategies. The Board considered the expenses
that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in
sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted
the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to
exchange investments between the same class of shares without the incurrence of additional sales charges.
Based on
these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services
provided by the Adviser to the Fund.
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 provided to the Board throughout the year and in connection with the May Meetings. These reports included,
among other items, information on the Fund’s gross and net returns, the Fund’s investment performance compared
to one or more relevant categories or groups of peer funds and the Fund’s benchmark, performance attribution information
and commentary on the effect of market conditions. The Board noted that it evaluated investment performance at
meetings throughout the year and received reports from Federated Hermes regarding the performance of certain Federated
Hermes Funds as well as Federated Hermes’ explanations for less favorable performance and any specific actions
Federated Hermes had taken, or had determined to take, to seek to enhance Fund investment performance and the results
of those actions.
The Board
also reviewed comparative information regarding the performance of other registered funds in the category of
peer funds selected by iMoneyNet, an independent fund ranking organization (the “Performance Peer Group”). The Board
noted the CCO’s statement that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating
the performance of the Adviser in managing the Fund.
The Board
also considered comparative performance data from Lipper, Inc. that was included in reports provided to the Board
throughout the year.
The Board
considered that for the one-year period ended December 31, 2025, 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 overall category of peer funds selected by iMoneyNet (the “Expense Peer Group”). The Board received a description
of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also
reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet
category.
While mindful
that courts have cautioned against giving too much weight to comparative information concerning fees charged
to funds by other advisers, the Board found that the use of comparisons between the Fund and its Expense Peer Group
assisted the Board in its evaluation of the Fund’s fees and expenses. The Board focused on comparisons with other registered
funds more heavily than non-registered fund products or services because such comparisons are believed to be more
relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily
available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact,
chosen and maintained by the Fund’s shareholders. The Board noted that the range of such other registered funds’ fees
and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace
in which the Fund competes.
Annual
Financial Statements and Additional Information
21
The
Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position
of the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory
fee rate was at the median of the Expense Peer Group, and the Board was satisfied that the overall expense structure
of the Fund remained competitive.
The Board
also received and considered information about the nature and extent of services offered and fees charged by Federated
Hermes to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including
non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for
which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO’s statement that non-registered fund clients
are inherently different products due to the following differences, among others: (i) types of targeted investors; (ii)
applicable laws and regulations; (iii) legal structures; (iv) average account sizes; (v) portfolio management techniques made
necessary by different cash flows and different associated costs; (vi) the time spent by portfolio managers and their teams
(among other personnel across various departments, including legal, compliance and risk management) in reviewing securities
pricing; (vii) SEC mandated risk management programs with respect to fund liquidity and use of derivatives; (viii)
questions on regulatory reporting; (ix) a variety of different administrative responsibilities; and (x) degrees of risk associated
with management. The Board also considered information regarding the differences in the nature of the services required
for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as
a sub-adviser to another institution’s registered fund, noting the CCO’s statement that Federated Hermes generally performs
significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes
Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO emphasized
that differences in fees for providing advisory services to other types of clients may not be appropriate when judging
the appropriateness of the Federated Hermes Funds’ advisory fees because of the different services provided.
Based on
these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction
with other matters considered, are reasonable in light of the services provided.
Profitability
The Board
received and considered profitability information furnished by Federated Hermes. Such profitability information
included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund
basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered
the CCO’s statement that, while the cost allocation report applies consistent allocation processes for purposes of
general comparison of funds, the inherent difficulties in arbitrarily allocating costs lack precision and may cause the report
to be unreliable because a single change in an allocation estimate can dramatically alter the resulting estimate of cost
and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered
the CCO’s statement that the allocation methodologies used by Federated Hermes in estimating profitability for purposes
of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies
previously reviewed by an independent consultant. The Board noted that the independent consultant had previously
conducted a review of the allocation methodologies and reported to the Board that, although there is no single best
method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board considered the CCO’s
statement that the estimated profitability to the Adviser from its relationship with the Fund was not unreasonable in relation
to the services provided.
The Board
also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly-held
fund management companies, including information regarding profitability trends over time. The Board recognized
that profitability comparisons among fund management companies are difficult because of the variation in the type
of comparative information that is publicly available, and the profitability of any fund management company is affected
by numerous factors. The Board considered the CCO’s statement that, based on such profitability information, Federated
Hermes’ profit margins did not appear to be excessive and that Federated Hermes appeared financially sound, with
the resources available to fulfill its contractual obligations.
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 isolating and quantifying economies of scale at an individual fund level, and the extent
to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes
has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: portfolio
management, investment research and trading operations; shareholder services; compliance; business continuity, cybersecurity
and information security programs; internal audit and risk management functions; and technology, systems capabilities
and use of data. The Board noted that Federated Hermes’ investments in these areas are extensive and are designed
to provide enhanced or expanded services to the Federated Hermes Funds and their shareholders. The Board 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
Annual
Financial Statements and Additional Information
22
economies
of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes
Fund’s assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in
the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds
and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future.
The Board also considered that Federated Hermes has been active in managing expenses of the Federated Hermes Funds
in recent years, which has resulted in benefits being realized by shareholders.
The Board
also received and considered information on adviser-paid fees (commonly referred to as “revenue sharing” payments)
that was provided to the Board throughout the year and in connection with the May Meetings. The Board considered
that Federated Hermes believes that this information is relevant to consider whether Federated Hermes had an incentive
to either not apply breakpoints, or to apply breakpoints at higher levels, but should not be considered when evaluating
the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines
on economies of scale, which is compounded by the lack of any uniform methodology or pattern with respect to structuring
fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.
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 considered that Federated Hermes may
derive a benefit to its reputation as an adviser to the Fund, which may help in attracting other clients and investment personnel.
The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds’ investment advisory
contracts, Federated Hermes’ affiliates also receive fees for providing other services to the Federated Hermes Funds
under separate service contracts, including for serving as the Federated Hermes Funds’ administrator and distributor.
In this regard, the Board considered that Federated Hermes’ affiliates provide distribution and shareholder services
to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant
to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing the benefits, if any,
that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the
Federated Hermes Funds.
Conclusions
The Board
considered the CCO’s presentation and statements and the information accompanying the CCO Management Fee
Report. The Board recognized that its evaluation of the Federated Hermes Funds’ advisory and sub-advisory arrangements
is a continuing and ongoing process that is informed by the information that the Board requests and receives from
management throughout the course of the year.
On the basis
of the information and factors summarized above, among other information and factors deemed relevant by the
Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation
of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances
and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations
identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them
to be determinative.
Annual
Financial Statements and Additional Information
23
You could lose money
by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares
they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of
your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because
of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial
support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any
time.
This information is authorized
for distribution to prospective investors only when preceded or accompanied by the Fund’s Prospectus,
which contains facts concerning its objective and policies, management fees, expenses and other information.
Federated Hermes Institutional Prime Obligations
Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Contact us at
FederatedHermes.com/us
or call 1-800-341-7400.
or call 1-800-341-7400.
Federated Securities Corp., Distributor
CUSIP 60934N203
CUSIP 60934N708
CUSIP 60934N708
Q450523 (9/26)
©
2026 Federated Hermes, Inc.
Annual Financial Statements
and Additional Information
and Additional Information
July 31, 2026
|
Share
Class | Ticker
|
Select | TOLXX
|
Automated | TOAXX
|
Institutional | TOIXX
|
Advisor | TOVXX
|
|
|
Service | TOSXX
|
Administrative | TODXX
|
Cash
Management | TOMXX
|
Capital | TOCXX
|
|
|
Trust | TOTXX
|
Premier | TOPXX
|
|
|
Federated Hermes Treasury Obligations Fund
A Portfolio of Federated Hermes Money Market Obligations Trust
Not FDIC Insured ▪ May
Lose Value ▪ No Bank Guarantee
CONTENTS
Portfolio
of Investments
July 31, 2026
|
Principal
Amount
|
|
|
Value
|
|
|
|
REPURCHASE
AGREEMENTS—49.4% |
|
|
$ 695,000,000
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which HSBC Securities (USA), Inc. will repurchase securities
provided
as collateral for $695,210,817 on 8/3/2026. The securities provided as collateral at the end of the period
held
with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2056 and the
market
value of those underlying securities was $708,900,012. |
$ 695,000,000
|
|
850,000,000
|
|
Interest
in $2,000,000,000 joint repurchase agreement 3.65%, dated 5/4/2026 under which BNP Paribas S.A. will
repurchase
securities provided as collateral for $2,018,655,556 on 8/4/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to
5/15/2033
and the market value of those underlying securities was $2,059,028,714. |
850,000,000
|
|
800,000,000
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which Natixis Financial Products LLC will repurchase securities
provided
as collateral for $800,242,667 on 8/3/2026. The securities provided as collateral at the end of the period
held
with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2056 and the
market
value of those underlying securities was $816,247,543. |
800,000,000
|
|
2,250,000,000
|
|
Interest
in $7,500,000,000 joint repurchase agreement 3.64%, dated 7/31/2026 under which J.P. Morgan Securities
LLC
will repurchase securities provided as collateral for $7,502,275,000 on 8/3/2026. The securities provided as
collateral
at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various
maturities
to 1/15/2031 and the market value of those underlying securities was $7,650,000,078. |
2,250,000,000
|
|
500,000,000
|
|
Interest
in $5,000,000,000 joint repurchase agreement 3.64%, dated 7/31/2026 under which J.P. Morgan Securities
LLC
will repurchase securities provided as collateral for $5,001,516,667 on 8/3/2026. The securities provided as
collateral
at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various
maturities
to 7/15/2031 and the market value of those underlying securities was $5,100,000,101. |
500,000,000
|
|
100,000,000
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which HSBC Securities (USA), Inc. will repurchase securities
provided
as collateral for $100,030,333 on 8/3/2026. The securities provided as collateral at the end of the period
held
with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2056 and the
market
value of those underlying securities was $102,000,086. |
100,000,000
|
|
2,000,000,000
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which Fixed Income Clearing Corporation - BNYM will
repurchase
securities provided as collateral for $2,000,606,667 on 8/3/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to
2/15/2054
and the market value of those underlying securities was $2,040,000,041. |
2,000,000,000
|
|
747,711,750
|
|
Repurchase
agreement 3.66%, dated 7/31/2026 under which Prudential Insurance Co. of America will repurchase
securities
provided as collateral for $747,939,802 on 8/3/2026. The securities provided as collateral at the end of the
period
held with State Street Bank & Trust Co. as custodian, were U.S. Treasury securities with various maturities to
5/15/2055
and the market value of those underlying securities was $763,313,357. |
747,711,750
|
|
199,970,000
|
|
Repurchase
agreement 3.66%, dated 7/31/2026 under which Prudential Legacy Insurance Co. Of NJ will repurchase
securities
provided as collateral for $200,030,991 on 8/3/2026. The securities provided as collateral at the end of the
period
held with State Street Bank & Trust Co. as custodian, were U.S. Treasury securities with various maturities to
11/15/2052
and the market value of those underlying securities was $204,357,646. |
199,970,000
|
|
250,000,000
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which Citibank, N.A. will repurchase securities provided as
collateral
for $250,075,833 on 8/3/2026. The securities provided as collateral at the end of the period held with BNY
Mellon
as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2055 and the market value of
those
underlying securities was $255,077,427. |
250,000,000
|
|
1,600,000,000
|
|
Interest
in $2,000,000,000 joint repurchase agreement 3.67%, dated 4/13/2026 under which BNP Paribas S.A. will
repurchase
securities provided as collateral for $2,024,874,444 on 8/13/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to
2/15/2053
and the market value of those underlying securities was $2,065,371,935. |
1,600,000,000
|
|
400,000,000
|
|
Interest
in $1,475,000,000 joint repurchase agreement 3.71%, dated 3/26/2026 under which BNP Paribas S.A. will
repurchase
securities provided as collateral for $1,503,121,285 on 9/28/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to
11/15/2055
and the market value of those underlying securities was $1,533,183,713. |
400,000,000
|
|
700,000,000
|
|
Interest
in $750,000,000 joint repurchase agreement 3.66%, dated 7/7/2026 under which Credit Agricole Corporate
and
Investment Bank will repurchase securities provided as collateral for $752,363,750 on 8/7/2026. The securities
provided
as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities
with
various maturities to 8/15/2054 and the market value of those underlying securities was $767,099,927. |
700,000,000
|
|
675,000,000
|
|
Interest
in $675,000,000 joint repurchase agreement 3.64%, dated 7/31/2026 under which Bank of America, N.A. will
repurchase
securities provided as collateral for $675,204,750 on 8/3/2026. The securities provided as collateral at the
end
of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to
5/15/2047
and the market value of those underlying securities was $688,708,878. |
675,000,000
|
|
600,000,000
|
|
Interest
in $700,000,000 joint repurchase agreement 3.66%, dated 7/13/2026 under which CIBC World Markets Corp.
will
repurchase securities provided as collateral for $701,565,667 on 8/4/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to
11/15/2054
and the market value of those underlying securities was $715,596,987. |
600,000,000
|
Annual
Financial Statements and Additional Information
1
|
Principal
Amount
|
|
|
Value
|
|
|
|
REPURCHASE
AGREEMENTS—continued
|
|
|
$1,000,000,000
|
|
Interest
in $5,000,000,000 joint repurchase agreement 3.67%, dated 7/8/2026 under which J.P. Morgan Securities LLC
will
repurchase securities provided as collateral for $5,014,781,944 on 8/6/2026. The securities provided as collateral
at
the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities
to
10/31/2029 and the market value of those underlying securities was $5,100,000,053. |
$ 1,000,000,000
|
|
500,000,000
|
|
Interest
in $5,000,000,000 joint repurchase agreement 3.67%, dated 7/8/2026 under which J.P. Morgan Securities LLC
will
repurchase securities provided as collateral for $5,014,781,944 on 8/6/2026. The securities provided as collateral
at
the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities
to
6/30/2030 and the market value of those underlying securities was $5,100,000,087. |
500,000,000
|
|
400,000,000
|
|
Interest
in $500,000,000 joint repurchase agreement 3.66%, dated 7/8/2026 under which Credit Agricole Corporate
and
Investment Bank will repurchase securities provided as collateral for $501,677,500 on 8/10/2026. The securities
provided
as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities
with
various maturities to 5/15/2056 and the market value of those underlying securities was $511,348,104. |
400,000,000
|
|
800,000,000
|
|
Interest
in $2,000,000,000 joint repurchase agreement 3.66%, dated 7/13/2026 under which Credit Agricole
Corporate
and Investment Bank will repurchase securities provided as collateral for $2,006,303,333 on 8/13/2026. The
securities
provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury
securities
with various maturities to 5/15/2056 and the market value of those underlying securities
was
$2,044,355,400. |
800,000,000
|
|
1,000,000,000
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which Goldman Sachs & Co. will repurchase a security provided
as
collateral for $1,000,303,333 on 8/3/2026. The security provided as collateral at the end of the period held with
BNY
Mellon as tri-party agent, was a U.S. Treasury security maturing on 11/15/2045 and the market value of that
underlying
security was $1,020,309,407. |
1,000,000,000
|
|
250,000,000
|
|
Interest
in $1,000,000,000 joint repurchase agreement 3.67%, dated 7/15/2026 under which Credit Agricole
Corporate
and Investment Bank will repurchase securities provided as collateral for $1,003,364,167 on 8/17/2026. The
securities
provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury
securities
with various maturities to 2/15/2055 and the market value of those underlying securities
was
$1,021,975,684. |
250,000,000
|
|
350,000,000
|
|
Interest
in $400,000,000 joint repurchase agreement 3.67%, dated 7/23/2026 under which Credit Agricole Corporate
and
Investment Bank will repurchase securities provided as collateral for $401,304,889 on 8/24/2026. The securities
provided
as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities
with
various maturities to 2/15/2055 and the market value of those underlying securities was $408,457,528. |
350,000,000
|
|
200,000,000
|
|
Interest
in $750,000,000 joint repurchase agreement 3.67%, dated 7/23/2026 under which Credit Agricole Corporate
and
Investment Bank will repurchase securities provided as collateral for $752,446,667 on 8/24/2026. The securities
provided
as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities
with
various maturities to 2/15/2054 and the market value of those underlying securities was $765,857,870. |
200,000,000
|
|
1,240,000,000
|
|
Interest
in $1,500,000,000 joint repurchase agreement 3.68%, dated 7/30/2026 under which Societe Generale, New
York
will repurchase securities provided as collateral for $1,500,920,000 on 8/5/2026. The securities provided as
collateral
at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various
maturities
to 3/31/2032 and the market value of those underlying securities was $1,530,625,617. |
1,240,000,000
|
|
450,003,812
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which Metropolitan Life Insurance Co. will repurchase securities
provided
as collateral for $450,140,313 on 8/3/2026. The securities provided as collateral at the end of the period
held
with State Street Bank & Trust Co. as custodian, were U.S. Treasury securities with various maturities to
2/15/2051
and the market value of those underlying securities was $460,292,996. |
450,003,812
|
|
4,000,000,000
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which Fixed Income Clearing Corporation - BNP will repurchase
securities
provided as collateral for $4,001,213,333 on 8/3/2026. The securities provided as collateral at the end of
the
period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2056
and
the market value of those underlying securities was $4,081,237,606. |
4,000,000,000
|
|
1,000,000,000
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which Fixed Income Clearing Corporation - ING will repurchase
securities
provided as collateral for $1,000,303,333 on 8/3/2026. The securities provided as collateral at the end of
the
period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2049
and
the market value of those underlying securities was $1,020,309,401. |
1,000,000,000
|
|
1,500,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Fixed Income Clearing Corporation - CIBC will
repurchase
securities provided as collateral for $1,500,456,250 on 8/3/2026. The securities provided as collateral at
the
end of the period held with State Street Bank & Trust Co. as custodian, were U.S. Treasury securities with various
maturities
to 12/31/2030 and the market value of those underlying securities was $1,530,795,921. |
1,500,000,000
|
|
2,000,000,000
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which Fixed Income Clearing Corporation - Wells Fargo Bank
will
repurchase securities provided as collateral for $2,000,606,667 on 8/3/2026. The securities provided as collateral
at
the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities
to
8/15/2034 and the market value of those underlying securities was $2,040,618,850. |
2,000,000,000
|
|
800,000,000
|
|
Interest
in $1,000,000,000 joint repurchase agreement 3.68%, dated 7/30/2026 under which Societe Generale, New
York
will repurchase securities provided as collateral for $1,000,715,556 on 8/6/2026. The securities provided as
collateral
at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various
maturities
to 2/15/2035 and the market value of those underlying securities was $1,020,417,085. |
800,000,000
|
|
|
|
TOTAL
REPURCHASE AGREEMENTS |
27,857,685,562
|
Annual
Financial Statements and Additional Information
2
|
Principal
Amount
|
|
|
Value
|
|
|
|
U.S.
TREASURIES—46.8% |
|
|
|
1
|
U.S.
Treasury Bills—24.7% |
|
|
$ 898,000,000
|
|
United
States Treasury Bills, 3.380% - 3.840%, 12/24/2026 |
$ 885,222,599
|
|
439,000,000
|
|
United
States Treasury Bills, 3.390%, 1/21/2027 |
431,848,323
|
|
1,625,000,000
|
|
United
States Treasury Bills, 3.460% - 3.650%, 11/27/2026 |
1,606,200,043
|
|
635,000,000
|
|
United
States Treasury Bills, 3.485% - 3.656%, 3/18/2027 |
620,657,012
|
|
293,000,000
|
|
United
States Treasury Bills, 3.500%, 8/13/2026 |
292,658,167
|
|
765,000,000
|
|
United
States Treasury Bills, 3.500% - 3.505%, 8/20/2026 |
763,586,342
|
|
585,000,000
|
|
United
States Treasury Bills, 3.540%, 10/1/2026 |
581,490,975
|
|
870,000,000
|
|
United
States Treasury Bills, 3.590%, 9/22/2026 |
865,488,567
|
|
345,000,000
|
|
United
States Treasury Bills, 3.615%, 8/4/2026 |
344,896,069
|
|
480,000,000
|
|
United
States Treasury Bills, 3.615%, 9/15/2026 |
477,831,001
|
|
588,000,000
|
|
United
States Treasury Bills, 3.615%, 10/8/2026 |
583,984,941
|
|
574,000,000
|
|
United
States Treasury Bills, 3.615%, 11/19/2026 |
567,659,693
|
|
1,130,000,000
|
|
United
States Treasury Bills, 3.630%, 9/29/2026 |
1,123,277,440
|
|
691,000,000
|
|
United
States Treasury Bills, 3.635%, 10/6/2026 |
686,395,062
|
|
435,000,000
|
|
United
States Treasury Bills, 3.640%, 9/10/2026 |
433,240,667
|
|
281,000,000
|
|
United
States Treasury Bills, 3.650%, 5/13/2027 |
272,880,270
|
|
1,130,000,000
|
|
United
States Treasury Bills, 3.665%, 10/13/2026 |
1,121,602,060
|
|
282,000,000
|
|
United
States Treasury Bills, 3.665%, 12/3/2026 |
278,440,064
|
|
565,000,000
|
|
United
States Treasury Bills, 3.730%, 10/22/2026 |
560,199,697
|
|
585,000,000
|
|
United
States Treasury Bills, 3.745%, 11/17/2026 |
578,427,525
|
|
292,000,000
|
|
United
States Treasury Bills, 3.750%, 6/10/2027 |
282,479,582
|
|
590,000,000
|
|
United
States Treasury Bills, 3.790%, 11/10/2026 |
583,726,497
|
|
|
|
TOTAL
|
13,942,192,596
|
|
|
|
U.S.
Treasury Notes—22.1% |
|
|
443,000,000
|
2
|
United
States Treasury Floating Rate Notes, 3.902% (91-day T-Bill +0.050%), 8/4/2026 |
443,000,000
|
|
1,017,000,000
|
2
|
United
States Treasury Floating Rate Notes, 3.940% (91-day T-Bill +0.088%), 8/4/2026 |
1,016,925,263
|
|
1,810,000,000
|
2
|
United
States Treasury Floating Rate Notes, 3.950% (91-day T-Bill +0.098%), 8/4/2026 |
1,809,988,857
|
|
1,159,000,000
|
2
|
United
States Treasury Floating Rate Notes, 3.955% (91-day T-Bill +0.103%), 8/4/2026 |
1,159,270,419
|
|
691,000,000
|
2
|
United
States Treasury Floating Rate Notes, 4.011% (91-day T-Bill +0.159%), 8/4/2026 |
690,843,361
|
|
1,337,400,000
|
2
|
United
States Treasury Floating Rate Notes, 4.012% (91-day T-Bill +0.160%), 8/4/2026 |
1,337,451,570
|
|
1,035,000,000
|
2
|
United
States Treasury Floating Rate Notes, 4.042% (91-day T-Bill +0.190%), 8/4/2026 |
1,035,782,890
|
|
1,526,000,000
|
2
|
United
States Treasury Floating Rate Notes, 4.057% (91-day T-Bill +0.205%), 8/4/2026 |
1,526,194,832
|
|
384,000,000
|
|
United
States Treasury Notes, 0.875% - 3.500%, 9/30/2026 |
383,157,312
|
|
147,000,000
|
|
United
States Treasury Notes, 1.125%, 10/31/2026 |
146,072,580
|
|
213,000,000
|
|
United
States Treasury Notes, 1.250%, 12/31/2026 |
210,973,259
|
|
83,000,000
|
|
United
States Treasury Notes, 1.500%, 8/15/2026 |
82,918,026
|
|
272,000,000
|
|
United
States Treasury Notes, 1.500% - 4.125%, 1/31/2027 |
271,338,975
|
|
191,000,000
|
|
United
States Treasury Notes, 2.375%, 5/15/2027 |
188,946,026
|
|
549,000,000
|
|
United
States Treasury Notes, 2.625% - 3.875%, 5/31/2027 |
546,913,304
|
|
67,000,000
|
|
United
States Treasury Notes, 3.750%, 8/31/2026 |
66,979,648
|
|
184,000,000
|
|
United
States Treasury Notes, 3.750%, 6/30/2027 |
183,663,327
|
|
179,000,000
|
|
United
States Treasury Notes, 3.875%, 3/31/2027 |
179,282,413
|
|
88,000,000
|
|
United
States Treasury Notes, 4.125%, 2/15/2027 |
88,263,181
|
|
648,000,000
|
|
United
States Treasury Notes, 4.125%, 2/28/2027 |
650,096,151
|
|
178,000,000
|
|
United
States Treasury Notes, 4.250%, 11/30/2026 |
178,362,283
|
|
156,000,000
|
|
United
States Treasury Notes, 4.375%, 7/15/2027 |
156,357,344
|
Annual
Financial Statements and Additional Information
3
|
Principal
Amount
|
|
|
Value
|
|
|
|
U.S.
TREASURIES—continued
|
|
|
|
|
U.S.
Treasury Notes—continued |
|
|
$ 85,000,000
|
|
United
States Treasury Notes, 4.625%, 9/15/2026 |
$ 85,079,398
|
|
|
|
TOTAL
|
12,437,860,419
|
|
|
|
TOTAL
U.S. TREASURIES |
26,380,053,015
|
|
|
|
TOTAL
INVESTMENT IN SECURITIES—96.2%
(AT
AMORTIZED COST)3
|
54,237,738,577
|
|
|
|
OTHER
ASSETS AND LIABILITIES - NET—3.8%4
|
2,159,683,544
|
|
|
|
NET
ASSETS—100% |
$56,397,422,121
|
|
1
|
Discount
rate(s) at time of purchase. |
|
2
|
Floating/variable
note with current rate and current maturity or next reset date shown. |
|
3
|
Also
represents cost of investments for federal tax purposes. |
|
4
|
Assets,
other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Note: The categories of investments are
shown as a percentage of net assets at July 31, 2026.
Various inputs are used in determining the
value of the Fund’s investments. These inputs are summarized in the three broad levels listed
below:
Level 1—quoted prices in active markets
for identical securities.
Level 2—other significant observable
inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk,
etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs
(including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing
securities are not an indication of the risk associated with investing in those securities.
In valuing the Fund’s assets as of
July 31, 2026, all investments of the Fund are valued using amortized cost, which is a methodology utilizing
Level 2 inputs.
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
4
Financial
Highlights–Select
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
|
Period
Ended
7/31/20231
| ||
|
|
2026
|
2025
|
2024
| |
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
Net
investment income2
|
0.037
|
0.045
|
0.052
|
0.004
|
|
Net
realized gain (loss) |
0.0003
|
(0.000)3
|
0.0003
|
0.0003
|
|
Total
From Investment Operations |
0.037
|
0.045
|
0.052
|
0.004
|
|
Less Distributions:
|
|
|
|
|
|
Distributions
from net investment income |
(0.037)
|
(0.045)
|
(0.052)
|
(0.004)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return4
|
3.77%
|
4.55%
|
5.36%
|
0.40%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
Net
expenses5
|
0.18%
|
0.18%
|
0.17%
|
0.17%6
|
|
Net
investment income |
3.65%
|
4.42%
|
5.21%
|
5.39%6
|
|
Expense
waiver/reimbursement7
|
0.08%
|
0.08%
|
0.08%
|
0.14%6
|
|
Supplemental
Data: |
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$1,022,116
|
$526,462
|
$289,336
|
$50
|
|
1
|
Reflects
operations for the period from July 3, 2023 (commencement of operations) to July 31, 2023. |
|
2
|
Per
share numbers have been calculated using the average shares method. |
|
3
|
Represents
less than $0.001. |
|
4
|
Based
on net asset value. Total returns for periods of less than one year are not annualized. |
|
5
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
6
|
Computed
on an annualized basis. |
|
7
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
5
Financial
Highlights–Automated
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.034
|
0.041
|
0.049
|
0.036
|
0.002
|
|
Net
realized gain (loss) |
0.0002
|
(0.000)2
|
0.0002
|
0.0002
|
(0.000)2
|
|
Total
From Investment Operations |
0.034
|
0.041
|
0.049
|
0.036
|
0.002
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.034)
|
(0.041)
|
(0.049)
|
(0.036)
|
(0.002)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
—
|
(0.000)2
|
|
Total
Distributions |
(0.034)
|
(0.041)
|
(0.049)
|
(0.036)
|
(0.002)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.45%
|
4.21%
|
5.01%
|
3.67%
|
0.18%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.50%
|
0.50%
|
0.50%
|
0.54%
|
0.21%
|
|
Net
investment income |
3.40%
|
4.14%
|
4.90%
|
3.52%
|
0.13%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.09%
|
0.08%
|
0.42%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$1,272,962
|
$1,309,821
|
$1,390,319
|
$1,116,884
|
$1,615,683
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
6
Financial
Highlights–Institutional
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.037
|
0.044
|
0.052
|
0.040
|
0.003
|
|
Net
realized gain (loss) |
0.0002
|
(0.000)2
|
0.0002
|
0.0002
|
(0.000)2
|
|
Total
From Investment Operations |
0.037
|
0.044
|
0.052
|
0.040
|
0.003
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.037)
|
(0.044)
|
(0.052)
|
(0.040)
|
(0.003)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
—
|
(0.000)2
|
|
Total
Distributions |
(0.037)
|
(0.044)
|
(0.052)
|
(0.040)
|
(0.003)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.76%
|
4.52%
|
5.33%
|
4.02%
|
0.29%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.20%
|
0.20%
|
0.20%
|
0.20%
|
0.12%
|
|
Net
investment income |
3.70%
|
4.44%
|
5.20%
|
4.02%
|
0.29%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.09%
|
0.08%
|
0.16%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$28,546,810
|
$31,812,496
|
$32,320,699
|
$44,853,097
|
$40,500,072
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
7
Financial
Highlights–Advisor
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
|
Period
Ended
7/31/20231
| ||
|
|
2026
|
2025
|
2024
| |
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
Net
investment income2
|
0.037
|
0.045
|
0.053
|
0.004
|
|
Net
realized gain (loss) |
0.0003
|
—
|
0.0003
|
0.0003
|
|
Total
From Investment Operations |
0.037
|
0.045
|
0.053
|
0.004
|
|
Less Distributions:
|
|
|
|
|
|
Distributions
from net investment income |
(0.037)
|
(0.045)
|
(0.053)
|
(0.004)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return4
|
3.81%
|
4.57%
|
5.38%
|
0.40%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
Net
expenses5
|
0.15%
|
0.15%
|
0.15%
|
0.15%6
|
|
Net
investment income |
3.65%
|
4.25%
|
5.25%
|
5.41%6
|
|
Expense
waiver/reimbursement7
|
0.08%
|
0.08%
|
0.09%
|
0.14%6
|
|
Supplemental
Data: |
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$29,772
|
$6,822
|
$50
|
$50
|
|
1
|
Reflects
operations for the period from July 3, 2023 (commencement of operations) to July 31, 2023. |
|
2
|
Per
share numbers have been calculated using the average shares method. |
|
3
|
Represents
less than $0.001. |
|
4
|
Based
on net asset value. Total returns for periods of less than one year are not annualized. |
|
5
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
6
|
Computed
on an annualized basis. |
|
7
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
8
Financial
Highlights–Service
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.035
|
0.042
|
0.050
|
0.037
|
0.002
|
|
Net
realized gain (loss) |
0.0002
|
(0.000)2
|
0.0002
|
0.0002
|
(0.000)2
|
|
Total
From Investment Operations |
0.035
|
0.042
|
0.050
|
0.037
|
0.002
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.035)
|
(0.042)
|
(0.050)
|
(0.037)
|
(0.002)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
—
|
(0.000)2
|
|
Total
Distributions |
(0.035)
|
(0.042)
|
(0.050)
|
(0.037)
|
(0.002)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.53%
|
4.29%
|
5.10%
|
3.77%
|
0.20%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.42%
|
0.42%
|
0.42%
|
0.45%
|
0.20%
|
|
Net
investment income |
3.48%
|
4.19%
|
4.99%
|
3.82%
|
0.19%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.09%
|
0.08%
|
0.33%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$3,932,434
|
$4,324,371
|
$3,886,520
|
$6,216,332
|
$4,833,929
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
9
Financial
Highlights–Administrative
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
|
Period
Ended
7/31/20231
| ||
|
|
2026
|
2025
|
2024
| |
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
Net
investment income2
|
0.034
|
0.042
|
0.049
|
0.004
|
|
Net
realized gain (loss) |
0.0003
|
(0.000)3
|
0.0003
|
0.0003
|
|
Total
From Investment Operations |
0.034
|
0.042
|
0.049
|
0.004
|
|
Less Distributions:
|
|
|
|
|
|
Distributions
from net investment income |
(0.034)
|
(0.042)
|
(0.049)
|
(0.004)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return4
|
3.49%
|
4.26%
|
5.06%
|
0.38%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
Net
expenses5
|
0.45%
|
0.45%
|
0.45%
|
0.45%6
|
|
Net
investment income |
3.43%
|
4.17%
|
4.93%
|
5.11%6
|
|
Expense
waiver/reimbursement7
|
0.08%
|
0.08%
|
0.08%
|
0.14%6
|
|
Supplemental
Data: |
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$3,117,981
|
$2,857,645
|
$2,781,255
|
$50
|
|
1
|
Reflects
operations for the period from July 3, 2023 (commencement of operations) to July 31, 2023. |
|
2
|
Per
share numbers have been calculated using the average shares method. |
|
3
|
Represents
less than $0.001. |
|
4
|
Based
on net asset value. Total returns for periods of less than one year are not annualized. |
|
5
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
6
|
Computed
on an annualized basis. |
|
7
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
10
Financial
Highlights–Cash
Management Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
|
Period
Ended
7/31/20231
| ||
|
|
2026
|
2025
|
2024
| |
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
Net
investment income2
|
0.030
|
0.039
|
0.047
|
0.004
|
|
Net
realized gain (loss) |
0.002
|
—
|
0.0003
|
0.0003
|
|
Total
From Investment Operations |
0.032
|
0.039
|
0.047
|
0.004
|
|
Less Distributions:
|
|
|
|
|
|
Distributions
from net investment income |
(0.032)
|
(0.039)
|
(0.047)
|
(0.004)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return4
|
3.24%
|
4.00%
|
4.80%
|
0.36%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
Net
expenses5
|
0.70%
|
0.70%
|
0.70%
|
0.70%6
|
|
Net
investment income |
3.03%
|
3.86%
|
4.70%
|
4.88%6
|
|
Expense
waiver/reimbursement7
|
0.08%
|
0.08%
|
0.09%
|
0.14%6
|
|
Supplemental
Data: |
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$6,713
|
$94
|
$50
|
$50
|
|
1
|
Reflects
operations for the period from July 3, 2023 (commencement of operations) to July 31, 2023. |
|
2
|
Per
share numbers have been calculated using the average shares method. |
|
3
|
Represents
less than $0.001. |
|
4
|
Based
on net asset value. Total returns for periods of less than one year are not annualized. |
|
5
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
6
|
Computed
on an annualized basis. |
|
7
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
11
Financial
Highlights–Capital
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.036
|
0.043
|
0.051
|
0.039
|
0.002
|
|
Net
realized gain (loss) |
0.0002
|
(0.000)2
|
0.0002
|
0.0002
|
(0.000)2
|
|
Total
From Investment Operations |
0.036
|
0.043
|
0.051
|
0.039
|
0.002
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.036)
|
(0.043)
|
(0.051)
|
(0.039)
|
(0.002)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
—
|
(0.000)2
|
|
Total
Distributions |
(0.036)
|
(0.043)
|
(0.051)
|
(0.039)
|
(0.002)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.65%
|
4.41%
|
5.21%
|
3.92%
|
0.25%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.30%
|
0.30%
|
0.30%
|
0.30%
|
0.16%
|
|
Net
investment income |
3.59%
|
4.31%
|
5.09%
|
4.08%
|
0.25%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.09%
|
0.09%
|
0.22%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$7,472,532
|
$7,340,155
|
$6,538,348
|
$4,829,109
|
$2,100,176
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
12
Financial
Highlights–Trust
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.032
|
0.040
|
0.047
|
0.035
|
0.001
|
|
Net
realized gain (loss) |
0.0002
|
(0.000)2
|
0.0002
|
0.0002
|
(0.000)2
|
|
Total
From Investment Operations |
0.032
|
0.040
|
0.047
|
0.035
|
0.001
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.032)
|
(0.040)
|
(0.047)
|
(0.035)
|
(0.001)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
—
|
(0.000)2
|
|
Total
Distributions |
(0.032)
|
(0.040)
|
(0.047)
|
(0.035)
|
(0.001)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.29%
|
4.05%
|
4.84%
|
3.51%
|
0.14%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.66%
|
0.66%
|
0.66%
|
0.70%
|
0.27%
|
|
Net
investment income |
3.24%
|
3.95%
|
4.74%
|
3.45%
|
0.14%
|
|
Expense
waiver/reimbursement5
|
0.08%
|
0.08%
|
0.09%
|
0.08%
|
0.51%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$797,576
|
$724,812
|
$430,658
|
$655,941
|
$796,860
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
13
Financial
Highlights–Premier
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
|
Period
Ended
7/31/20231
| ||
|
|
2026
|
2025
|
2024
| |
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
Net
investment income2
|
0.037
|
0.045
|
0.052
|
0.004
|
|
Net
realized gain (loss) |
0.0003
|
(0.000)3
|
0.001
|
0.0003
|
|
Total
From Investment Operations |
0.037
|
0.045
|
0.053
|
0.004
|
|
Less Distributions:
|
|
|
|
|
|
Distributions
from net investment income |
(0.037)
|
(0.045)
|
(0.053)
|
(0.004)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return4
|
3.80%
|
4.57%
|
5.38%
|
0.40%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
Net
expenses5
|
0.15%
|
0.15%
|
0.15%
|
0.15%6
|
|
Net
investment income |
3.74%
|
4.45%
|
5.24%
|
5.09%6
|
|
Expense
waiver/reimbursement7
|
0.08%
|
0.08%
|
0.08%
|
0.13%6
|
|
Supplemental
Data: |
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$10,198,526
|
$9,892,758
|
$9,664,446
|
$808,502
|
|
1
|
Reflects
operations for the period from July 3, 2023 (commencement of operations) to July 31, 2023. |
|
2
|
Per
share numbers have been calculated using the average shares method. |
|
3
|
Represents
less than $0.001. |
|
4
|
Based
on net asset value. Total returns for periods of less than one year are not annualized. |
|
5
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
6
|
Computed
on an annualized basis. |
|
7
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
14
Statement
of Assets and Liabilities
July 31, 2026
|
Assets:
|
|
|
Investment
in repurchase agreements |
$27,857,685,562
|
|
Investment
in securities |
26,380,053,015
|
|
Investment
in securities, at amortized cost and fair value |
54,237,738,577
|
|
Cash
|
2,117,520,730
|
|
Income
receivable |
68,387,407
|
|
Receivable
for shares sold |
143,367,150
|
|
Total
Assets |
56,567,013,864
|
|
Liabilities:
|
|
|
Payable
for shares redeemed |
88,266,151
|
|
Income
distribution payable |
75,292,361
|
|
Payable
for investment adviser fee (Note 5)
|
109,034
|
|
Payable
for administrative fee (Note 5)
|
118,976
|
|
Payable
for Directors’/Trustees’ fees (Note 5)
|
50,467
|
|
Payable
for distribution services fee (Note 5)
|
313,947
|
|
Payable
for other service fees (Notes 2 and 5)
|
4,024,513
|
|
Accrued
expenses (Note 5)
|
1,416,294
|
|
Total
Liabilities |
169,591,743
|
|
Net
assets for 56,418,582,137 shares outstanding |
$56,397,422,121
|
|
Net Assets
Consist of: |
|
|
Paid-in
capital |
$56,418,775,140
|
|
Total
distributable earnings (loss) |
(21,353,019)
|
|
Net
Assets |
$56,397,422,121
|
|
Net Asset
Value, Offering Price and Redemption Proceeds Per Share: |
|
|
Select
Shares: |
|
|
$1,022,116,234
÷ 1,022,466,522 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Automated
Shares: |
|
|
$1,272,961,501
÷ 1,273,444,194 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Institutional
Shares: |
|
|
$28,546,810,072
÷ 28,557,667,486 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Advisor
Shares: |
|
|
$29,772,355
÷ 29,783,578 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Service
Shares: |
|
|
$3,932,434,025
÷ 3,933,909,978 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Administrative
Shares: |
|
|
$3,117,981,331
÷ 3,119,157,718 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Cash Management
Shares: |
|
|
$6,712,768
÷ 6,715,300 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Capital
Shares: |
|
|
$7,472,532,098
÷ 7,475,349,761 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Trust Shares:
|
|
|
$797,575,875
÷ 797,869,554 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Premier
Shares: |
|
|
$10,198,525,862
÷ 10,202,218,046 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
15
Statement
of Operations
Year Ended July 31,
2026
|
Investment
Income: |
|
|
Interest
|
$2,257,573,983
|
|
Expenses:
|
|
|
Investment
adviser fee (Note 5)
|
86,888,309
|
|
Administrative
fee (Note 5)
|
44,734,886
|
|
Custodian
fees |
1,599,736
|
|
Transfer
agent fees (Note 2) |
2,359,912
|
|
Directors’/Trustees’
fees (Note 5)
|
296,029
|
|
Auditing
fees |
34,986
|
|
Legal
fees |
14,684
|
|
Portfolio
accounting fees |
287,426
|
|
Distribution
services fee (Note 5)
|
3,582,965
|
|
Other
service fees (Notes 2 and 5)
|
50,065,045
|
|
Share
registration costs |
662,720
|
|
Printing
and postage |
301,765
|
|
Miscellaneous
(Note 5)
|
274,892
|
|
TOTAL
EXPENSES |
191,103,355
|
|
Waiver
of investment adviser fee (Note 5) |
(45,694,367)
|
|
Net
expenses |
145,408,988
|
|
Net
investment income |
2,112,164,995
|
|
Net
realized gain on investments |
486
|
|
Change
in net assets resulting from operations |
$2,112,165,481
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
16
Statement
of Changes in Net Assets
|
Year
Ended July 31 |
2026
|
2025
|
|
Increase
(Decrease) in Net Assets |
|
|
|
Operations:
|
|
|
|
Net
investment income |
$2,112,164,995
|
$2,552,582,126
|
|
Net
realized gain (loss) |
486
|
(3,442)
|
|
CHANGE
IN NET ASSETS RESULTING FROM OPERATIONS |
2,112,165,481
|
2,552,578,684
|
|
Distributions
to Shareholders: |
|
|
|
Select
Shares |
(29,963,243)
|
(19,646,072)
|
|
Automated
Shares |
(46,122,494)
|
(61,342,622)
|
|
Institutional
Shares |
(1,125,758,232)
|
(1,424,047,117)
|
|
Advisor
Shares |
(759,726)
|
(195,774)
|
|
Service
Shares |
(158,842,003)
|
(180,533,147)
|
|
Administrative
Shares |
(104,357,867)
|
(116,422,013)
|
|
Cash
Management Shares |
(210,718)
|
(3,222)
|
|
Capital
Shares |
(264,272,950)
|
(307,435,200)
|
|
Trust
Shares |
(26,463,507)
|
(26,830,777)
|
|
Premier
Shares |
(356,009,705)
|
(416,152,593)
|
|
CHANGE
IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS |
(2,112,760,445)
|
(2,552,608,537)
|
|
Share Transactions:
|
|
|
|
Proceeds
from sale of shares |
249,332,427,572
|
233,207,472,113
|
|
Net
asset value of shares issued to shareholders in payment of distributions declared |
1,113,832,740
|
1,282,369,147
|
|
Cost
of shares redeemed |
(252,843,678,690)
|
(232,996,056,711)
|
|
CHANGE
IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS |
(2,397,418,378)
|
1,493,784,549
|
|
Change
in net assets |
(2,398,013,342)
|
1,493,754,696
|
|
Net Assets:
|
|
|
|
Beginning
of period |
58,795,435,463
|
57,301,680,767
|
|
End
of period |
$56,397,422,121
|
$58,795,435,463
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
17
Notes to
Financial Statements
July 31, 2026
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 15 portfolios. The financial statements included
herein are only those of Federated Hermes Treasury Obligations
Fund (the “Fund”), a diversified portfolio. The financial statements of the
other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited to
the portfolio in which shares are held. Each portfolio pays its
own expenses. The Fund offers ten classes of shares: Select Shares, Automated Shares,
Institutional Shares, Advisor Shares, Service Shares, Administrative Shares, Cash Management Shares, Capital Shares, Trust Shares
and Premier Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment
objective of the Fund is to provide current income consistent with stability of principal.
The Fund operates as
a government money market fund. As a government money market fund, the Fund: (1) invests at least 99.5% of its
total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities;
and/or (iii) repurchase agreements that are collateralized fully; and (2) generally continues to use amortized cost to value
its portfolio securities and transact at a stable $1.00 net asset value (NAV).
2. SIGNIFICANT
ACCOUNTING POLICIES
The following is a summary of significant
accounting policies consistently followed by the Fund in the preparation of its financial statements.
These policies are in conformity with U.S. generally accepted accounting principles (GAAP).
Investment Valuation
Securities
are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition
cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call,
demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities
will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the
fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share,
and the actual value obtained could be materially different.
Pursuant to Rule 2a-5
under the Act, the Fund’s Board of Trustees (the “Trustees”) has designated Federated Investment Management
Company (the “Adviser”) as the Fund’s valuation designee to perform any fair value determinations for securities and
other assets held by the Fund. The Adviser is subject to the Trustees’
oversight and certain reporting and other requirements intended to provide
the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through
its valuation committee (“Valuation Committee”), is responsible for determining the fair value of investments.
The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines
fair value of securities and oversees the comparison of amortized cost to market-based value. The Valuation Committee is also
authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of monitoring
the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party
pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods
(including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event
that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value
of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by
the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part
of the Fund’s compliance program and will review any changes
made to the procedures.
Repurchase Agreements
The
Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to
a repurchase agreement to transfer to the Fund’s custodian
or sub-custodian eligible securities or cash with a market value (after transaction
costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred
to accounts with the custodian or sub-custodian in which the Fund holds a “securities entitlement” and exercises “control”
as those terms are defined in the Uniform Commercial Code. Certain
repurchase agreements may be structured as loans secured by a security
interest or lien on the eligible securities. The Fund has established procedures for monitoring the market value of the transferred securities
and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also
allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase
price or in exchange for other eligible securities of equivalent market value.
The insolvency of the
other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause
the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund
in excess of the repurchase price and related transaction costs must be remitted to the other party.
The Fund may enter into
repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the
custodian or sub-custodian for investment companies and other clients advised by the Fund’s Adviser and its affiliates. The Fund
will participate on a pro rata basis with the other investment
companies and clients in its share of the securities transferred under such repurchase
agreements and in its share of proceeds from any repurchase or other disposition of such securities.
Annual
Financial Statements and Additional Information
18
Repurchase
agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that
provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or
termination. Amounts presented on the Portfolio of Investments
and Statement of Assets and Liabilities are not net settlement amounts but
gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase
price to be paid under the agreement reducing the net settlement amount to zero.
Investment Income, Gains and Losses, Expenses and Distributions
Investment
transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an
identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date.
Distributions of net investment income, if any, are declared daily and paid monthly. In addition, distributions of capital gains, if any,
are declared and paid at least annually. Amortization/accretion
of premium and discount is included in investment income. Investment income,
realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except
that select classes will bear certain expenses unique to those classes. Dividends are declared separately for each class. No class has
preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses. The
detail of the total fund expense waiver of $45,694,367 is disclosed
in Note 5.
Transfer Agent Fees
For
the year ended July 31, 2026, transfer agent fees for the Fund were as follows:
|
|
Transfer
Agent
Fees
Incurred |
|
Select
Shares |
$4,566
|
|
Automated
Shares |
1,265,454
|
|
Institutional
Shares |
171,129
|
|
Advisor
Shares |
116
|
|
Service
Shares |
784,636
|
|
Administrative
Shares |
17,070
|
|
Cash
Management Shares |
33
|
|
Capital
Shares |
41,343
|
|
Trust
Shares |
22,088
|
|
Premier
Shares |
53,477
|
|
TOTAL
|
$2,359,912
|
Other Service Fees
The
Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund’s Select Shares, Automated Shares, Institutional
Shares, Advisor Shares, Service Shares, Administrative Shares, Cash Management Shares, Capital Shares, Trust Shares and Premier
Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders
and maintaining shareholder accounts. Financial intermediaries may include a company affiliated with management of Federated
Hermes, Inc. A financial intermediary affiliated with management of Federated Hermes, Inc. received $6,882 of other service fees
for the year ended July 31, 2026. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund
for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be
modified or terminated at any time.
For the year ended July 31, 2026, other
service fees for the Fund were as follows:
|
|
Other
Service
Fees
Incurred |
|
Select
Shares |
$246,316
|
|
Automated
Shares |
3,388,833
|
|
Institutional
Shares |
14,317,494
|
|
Service
Shares |
11,412,124
|
|
Administrative
Shares |
7,603,664
|
|
Cash
Management Shares |
17,379
|
|
Capital
Shares |
11,037,858
|
|
Trust
Shares |
2,041,377
|
|
TOTAL
|
$50,065,045
|
For the year ended July 31, 2026, the Fund’s
Advisor Shares and Premier Shares did not incur other service fees; however it may begin to
incur this fee upon approval of the Trustees. The Select Shares and Institutional Shares can incur up to 0.25% of average daily net assets;
however the Select Shares and Institutional Shares will not incur and pay a fee in excess of 0.03% and 0.05%, respectively, until such
time as approved by the Trustees.
Annual
Financial Statements and Additional Information
19
Federal Taxes
It
is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 (the “Code”) and
to distribute to shareholders each year substantially all of its
income. Accordingly, no provision for federal income tax is necessary. As of and during the year
ended July 31, 2026, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if
any, related to tax liabilities as income tax expense in the Statement
of Operations. As of July 31, 2026, tax years 2023 through 2026
remain subject to examination by the Fund’s major tax jurisdictions, which include the United States of America and the Commonwealth
of Massachusetts.
When-Issued and Delayed-Delivery Transactions
The
Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains
security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased
on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses
may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the
contract.
Other
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from
those estimated. The Fund applies investment company accounting
and reporting guidance.
3. SHARES
OF BENEFICIAL INTEREST
The following tables summarize share activity:
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Select
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
8,065,362,756
|
$8,065,362,756
|
927,804,391
|
$927,804,391
|
|
Shares
issued to shareholders in payment of distributions declared |
19,923,920
|
19,923,920
|
19,478,930
|
19,478,930
|
|
Shares
redeemed |
(7,589,463,287)
|
(7,589,463,287)
|
(710,078,642)
|
(710,078,642)
|
|
NET
CHANGE RESULTING FROM SELECT SHARE TRANSACTIONS |
495,823,389
|
$495,823,389
|
237,204,679
|
$237,204,679
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Automated
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
2,072,504,993
|
$2,072,504,993
|
2,148,757,925
|
$2,148,757,925
|
|
Shares
issued to shareholders in payment of distributions declared |
45,052,376
|
45,052,376
|
59,871,417
|
59,871,417
|
|
Shares
redeemed |
(2,154,392,127)
|
(2,154,392,127)
|
(2,289,167,288)
|
(2,289,167,288)
|
|
NET
CHANGE RESULTING FROM AUTOMATED
SHARE
TRANSACTIONS |
(36,834,758)
|
$(36,834,758)
|
(80,537,946)
|
$(80,537,946)
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Institutional
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
154,810,759,310
|
$154,810,759,310
|
148,740,417,591
|
$148,740,417,591
|
|
Shares
issued to shareholders in payment of distributions declared |
523,127,197
|
523,127,197
|
627,216,983
|
627,216,983
|
|
Shares
redeemed |
(158,599,854,793)
|
(158,599,854,793)
|
(149,876,295,661)
|
(149,876,295,661)
|
|
NET
CHANGE RESULTING FROM INSTITUTIONAL
SHARE
TRANSACTIONS |
(3,265,968,286)
|
$(3,265,968,286)
|
(508,661,087)
|
$(508,661,087)
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Advisor
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
57,584,065
|
$57,584,065
|
40,903,638
|
$40,903,638
|
|
Shares
issued to shareholders in payment of distributions declared |
757,741
|
757,741
|
193,533
|
193,533
|
|
Shares
redeemed |
(35,382,073)
|
(35,382,073)
|
(34,323,326)
|
(34,323,326)
|
|
NET
CHANGE RESULTING FROM ADVISOR
SHARE
TRANSACTIONS |
22,959,733
|
$22,959,733
|
6,773,845
|
$6,773,845
|
Annual
Financial Statements and Additional Information
20
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Service
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
18,496,476,766
|
$18,496,476,766
|
17,245,775,078
|
$17,245,775,078
|
|
Shares
issued to shareholders in payment of distributions declared |
79,729,150
|
79,729,150
|
85,512,481
|
85,512,481
|
|
Shares
redeemed |
(18,968,177,315)
|
(18,968,177,315)
|
(16,893,326,392)
|
(16,893,326,392)
|
|
NET
CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS |
(391,971,399)
|
$(391,971,399)
|
437,961,167
|
$437,961,167
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Administrative
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
2,702,514,492
|
$2,702,514,492
|
1,515,180,650
|
$1,515,180,650
|
|
Shares
issued to shareholders in payment of distributions declared |
30,894
|
30,894
|
—
|
—
|
|
Shares
redeemed |
(2,442,034,178)
|
(2,442,034,178)
|
(1,438,787,860)
|
(1,438,787,860)
|
|
NET
CHANGE RESULTING FROM ADMINISTRATIVE
SHARE
TRANSACTIONS |
260,511,208
|
$260,511,208
|
76,392,790
|
$76,392,790
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Cash
Management Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
47,364,434
|
$47,364,434
|
96,500
|
$96,500
|
|
Shares
issued to shareholders in payment of distributions declared |
13,117
|
13,117
|
1,219
|
1,219
|
|
Shares
redeemed |
(40,755,970)
|
(40,755,970)
|
(54,000)
|
(54,000)
|
|
NET
CHANGE RESULTING FROM CASH MANAGEMENT
SHARE
TRANSACTIONS |
6,621,581
|
$6,621,581
|
43,719
|
$43,719
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Capital
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
9,844,216,779
|
$9,844,216,779
|
10,945,232,173
|
$10,945,232,173
|
|
Shares
issued to shareholders in payment of distributions declared |
239,088,385
|
239,088,385
|
273,330,392
|
273,330,392
|
|
Shares
redeemed |
(9,950,670,449)
|
(9,950,670,449)
|
(10,416,529,800)
|
(10,416,529,800)
|
|
NET
CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS |
132,634,715
|
$132,634,715
|
802,032,765
|
$802,032,765
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Trust
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
1,920,101,626
|
$1,920,101,626
|
6,661,259,240
|
$6,661,259,240
|
|
Shares
issued to shareholders in payment of distributions declared |
14,938,400
|
14,938,400
|
20,599,515
|
20,599,515
|
|
Shares
redeemed |
(1,862,235,876)
|
(1,862,235,876)
|
(6,387,605,819)
|
(6,387,605,819)
|
|
NET
CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS |
72,804,150
|
$72,804,150
|
294,252,936
|
$294,252,936
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Premier
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
51,315,542,351
|
$51,315,542,351
|
44,982,044,927
|
$44,982,044,927
|
|
Shares
issued to shareholders in payment of distributions declared |
191,171,560
|
191,171,560
|
196,164,677
|
196,164,677
|
|
Shares
redeemed |
(51,200,712,622)
|
(51,200,712,622)
|
(44,949,887,923)
|
(44,949,887,923)
|
|
NET
CHANGE RESULTING FROM PREMIER
SHARE
TRANSACTIONS |
306,001,289
|
$306,001,289
|
228,321,681
|
$228,321,681
|
|
NET
CHANGE RESULTING FROM TOTAL FUND
SHARE
TRANSACTIONS |
(2,397,418,378)
|
$(2,397,418,378)
|
1,493,784,549
|
$1,493,784,549
|
Annual
Financial Statements and Additional Information
21
4. FEDERAL
TAX INFORMATION
The tax character of distributions as reported
on the Statement of Changes in Net Assets for the years ended July 31, 2026 and 2025,
was as follows:
|
|
2026
|
2025
|
|
Ordinary
income |
$2,112,760,445
|
$2,552,608,537
|
As of July 31, 2026, the components of distributable
earnings on a tax-basis were as follows:
|
Distributions
payable |
$(583,240)
|
|
Capital
loss carryforwards and deferrals |
$(20,769,779)
|
|
TOTAL
|
$(21,353,019)
|
As of July 31, 2026, the Fund had a capital
loss carryforward of $20,769,779 which will reduce the Fund’s taxable income arising from future
net realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to shareholders
which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these net
capital losses retain their character as either short-term or long-term and do not expire.
The following schedule summarizes the Fund’s
capital loss carryforwards:
|
Short-Term
|
Long-Term
|
Total
|
|
$20,766,337
|
$3,442
|
$20,769,779
|
The Fund used capital loss carryforwards
of $487 to offset capital gains realized during the year ended July 31, 2026.
5. INVESTMENT
ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Adviser Fee
The
advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.15% of the Fund’s average daily net assets.
Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or
reimburse certain operating expenses of the Fund for competitive reasons such as to maintain the Fund’s expense ratio, or as and
when appropriate, to maintain positive or zero net yields. For
the year ended July 31, 2026, the Adviser voluntarily waived $45,694,367 of
its fee.
Administrative Fee
Federated
Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and
services. For purposes of determining the appropriate rate breakpoint, “Investment Complex” is defined as all of the Federated
Hermes Funds subject to a fee under the Administrative Services
Agreement. The fee paid to FAS is based on the average daily net assets
of the Investment Complex as specified below:
|
Administrative
Fee |
Average
Daily Net Assets
of
the Investment Complex |
|
0.100%
|
on
assets up to $50 billion |
|
0.075%
|
on
assets over $50 billion |
Subject to the terms described in the Expense
Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the year ended
July 31, 2026, the annualized fee paid to FAS was 0.077% of average daily net assets of the Fund.
In addition, FAS may charge certain out-of-pocket
expenses to the Fund.
Distribution Services Fee
The
Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund
will compensate Federated Securities Corp. (FSC), the principal
distributor, from the daily net assets of the Fund’s Administrative Shares, Cash
Management Shares, and Trust Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund
may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:
|
|
Percentage
of Average Daily
Net
Assets of Class |
|
Administrative
Shares |
0.10%
|
|
Cash
Management Shares |
0.30%
|
|
Trust
Shares |
0.25%
|
Annual
Financial Statements and Additional Information
22
Subject to the terms
described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the year ended
July 31, 2026, distribution services fees for the Fund were as follows:
|
|
Distribution
Services
Fees
Incurred |
|
Administrative
Shares |
$1,520,733
|
|
Cash
Management Shares |
20,855
|
|
Trust
Shares |
2,041,377
|
|
TOTAL
|
$3,582,965
|
When FSC receives fees, it may pay some
or all of them to financial intermediaries whose customers purchase shares. The Administrative Shares
can incur up to 0.10% of average daily net assets. However, the class will not incur and pay a fee in excess of 0.05% until such time
as approved by the Trustees. For the year ended July 31, 2026, FSC retained $20,964 of fees paid by the Fund.
Other Service Fees
For
the year ended July 31, 2026, FSSC received $126,653 of the other service fees disclosed in Note 2.
Expense Limitation
Due
to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction
of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and
certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their
respective fees and/or reimburse expenses. Total annual fund operating
expenses (as shown in the financial highlights, excluding interest expense,
extraordinary expenses and proxy-related expenses, if any) paid by the Fund’s Select Shares, Automated Shares, Institutional Shares,
Advisor Shares, Service Shares, Administrative Shares, Cash Management Shares, Capital Shares, Trust Shares and Premier Shares (after
the voluntary waivers and/or reimbursements) will not exceed 0.18%, 0.50%, 0.20%, 0.15%, 0.45%, 0.45%, 0.70%, 0.30%, 0.70% and
0.15% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) October
1, 2027; or (b) the date of the Fund’s next effective Prospectus.
While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing
these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior
to the Termination Date with the approval of the Trustees.
Directors’/Trustees’ and Miscellaneous Fees
Certain
Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate
payment, Independent Directors’/Trustees’ fees and
certain expenses related to conducting meetings of the Directors/Trustees and other
miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related
to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous
Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.
6. CREDIT
RISK
The Fund may place its cash on deposit with
financial institutions in the United States, which is insured by the Federal Deposit Insurance Corporation
(FDIC) up to $250,000. The Fund’s credit risk in the event of failure of these financial institutions is represented by the difference
between the FDIC limit and the total amounts on deposit. The Fund from time to time may have amounts on deposit in excess of
the insured limits.
7. INTERFUND
LENDING
Pursuant to an Exemptive Order issued by
the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries
of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility
allowing the Fund to borrow from other participating affiliated funds. As of July 31, 2026, there were no outstanding loans. During
the year ended July 31, 2026, the program was not utilized.
8. OPERATING
SEGMENTS
An operating segment is defined as a component
of a public entity that engages in business activities from which it may recognize revenues
and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM)
to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information
available. A management committee of the Adviser acts as the CODM. The Fund represents a single operating segment, as the
CODM monitors the operating results of the Fund as a whole and the strategic asset allocation is determined based on the investment
objective of the Fund and executed by the Fund’s portfolio management team. The financial information in the form of the Fund’s
portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations,
subscriptions and redemptions) which is reviewed by the CODM to assess the Fund’s performance in comparison to the Fund’s
benchmarks and to make resource allocation decisions for the Fund’s single segment is consistent with the information presented
in these financial statements. Segment assets are reflected on
the accompanying Statement of Assets and Liabilities as “total assets” and significant
segment expenses are listed on the accompanying Statement of Operations.
Annual
Financial Statements and Additional Information
23
9. INDEMNIFICATIONS
Under the Fund’s organizational documents,
its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the
performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence
or reckless disregard of their duties to the Fund). In addition,
in the normal course of business, the Fund provides certain indemnifications under
arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into
by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to
the arrangement, provided the third party’s actions are
not deemed to have breached an agreed-upon standard of care (such as willful misfeasance,
bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund’s maximum exposure under these
arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund
does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss
to be remote.
10. FEDERAL
TAX INFORMATION (UNAUDITED)
For the fiscal year ended July 31, 2026,
100% of dividends paid by the Fund are interest-related dividends, as provided by the American Jobs
Creation Act of 2004.
For the fiscal year ended
July 31, 2026, 100% of total ordinary income distributions qualified as business interest income for purposes of
163(j) of the Code and the regulations thereunder.
Annual
Financial Statements and Additional Information
24
Report of
Independent Registered Public Accounting Firm
To the Shareholders of Federated
Hermes Treasury Obligations Fund and the Board of Trustees of
Federated Hermes Money Market Obligations Trust:
Opinion on the Financial Statements
We have audited the accompanying
statement of assets and liabilities of Federated Hermes Treasury Obligations Fund (the Fund),
a portfolio of Federated Hermes Money Market Obligations Trust, including the portfolio of investments, as of July
31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of
the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial
highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements
and financial highlights present fairly, in all material respects, the financial position of the Fund as of July
31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year
period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in
conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and
financial highlights are the responsibility of the Fund’s management. Our responsibility is to
express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting
firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance
with the standards of the PCAOB. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material
misstatement, whether due to error or fraud.
Our audits included performing
procedures to assess the risks of material misstatement of the financial statements and financial
highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial
highlights. Such procedures also included confirmation of securities owned as of July 31, 2026, by correspondence
with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures.
Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that
our audits provide a reasonable basis for our opinion.
We have served as the auditor
of one or more Federated Hermes’ investment companies since 2006.
Boston, Massachusetts
September 23, 2026
September 23, 2026
Annual
Financial Statements and Additional Information
25
Evaluation
and Approval of Advisory Contract–May
2026
Federated Hermes Treasury Obligations
Fund (the “Fund”)
At its meetings in May 2026 (the
“May Meetings”), the Fund’s Board of Trustees (the “Board”), including those Trustees who
are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the
“Independent Trustees”), reviewed and unanimously approved the continuation of the investment advisory contract between
the Fund and Federated Investment Management Company (the “Adviser”) (the “Contract”) for an additional one-year
term. The Board’s determination to approve the continuation of the Contract reflects the exercise of its business judgment
after considering such information deemed necessary to evaluate the terms of the Contract and to approve the continuation
of the existing arrangement. The information, factors and conclusions that formed the basis for the Board’s approval
are summarized below.
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 report regarding data related to the Fund’s management fee (the
“CCO Management Fee Report”). The Board considered the CCO Management Fee Report, along with other information,
in evaluating the reasonableness of the Fund’s management fee and in determining to approve the continuation
of the Contract.
In addition
to the CCO Management Fee Report, the Board considered information specifically prepared in connection with
the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding
the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the
Adviser and its affiliates (collectively, “Federated Hermes”) in response to requests posed to Federated Hermes by independent
legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized
below. The Board also considered such additional matters as the Independent Trustees deemed reasonably necessary
to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the
Board at its meetings throughout the year.
The Board’s
consideration of the Contract included review of materials and information covering the following matters, among
others: (1) a copy of the Contract; (2) the nature, quality and extent of the advisory and other services provided to the
Fund by Federated Hermes; (3) Federated Hermes’ business and operations; (4) the Adviser’s investment philosophy, personnel
and processes; (5) the Fund’s investment objective and strategies; (6) the Fund’s short-term and long-term performance
- in absolute terms (both on a gross basis and net of expenses) and relative to an appropriate group of peer funds
and its benchmark; (7) the Fund’s fees and expenses, including the advisory fee and the overall expense structure of the
Fund - in absolute terms and relative to an appropriate group of peer funds, with due regard for contractual or voluntary
expense limitations (if any); (8) the financial condition of Federated Hermes; (9) the Adviser’s profitability with respect
to managing the Fund; (10) distribution and sales activity for the Fund; and (11) the use and allocation of brokerage
commissions derived from trading the Fund’s portfolio securities (if any).
The Board
also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered
funds in evaluating the Contract. Using these judicial decisions as a guide, the Board considered several factors it
deemed relevant to an adviser’s fiduciary duty with respect to its receipt of compensation from a fund, including: (1) the nature
and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the
fund, its benchmark and comparable funds; (2) the adviser’s cost of providing the services and the profitability to the adviser
of providing advisory services to the fund; (3) the extent to which the adviser may realize “economies of scale” as the
fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its
shareholders or the family of funds; (4) any “fall-out” benefits that accrue to the adviser because of its relationship with
the fund, including research services received from
brokers that execute fund trades and any fees paid to affiliates of the adviser
for services rendered to the fund; (5) comparative fees and expenses, including a comparison of management fees paid
to the adviser with those paid by similar funds managed by the same adviser or other advisers as well as management fees
charged to institutional and other advisory clients of the same adviser for what might be viewed as like services; and (6)
the extent of care, conscientiousness and independence with which the fund’s board members perform their duties and their
expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the
adviser’s services and fees. The Board considered that the Securities and Exchange Commission (“SEC”) disclosure requirements
regarding the basis for a fund board’s approval of the fund’s investment advisory contract generally align with
the factors listed above. The Board was guided by these factors in its evaluation of the Contract to the extent it considered
them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors
in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters
relating to the oversight of the other funds advised by Federated Hermes (each, a “Federated Hermes Fund” and, collectively,
the “Federated Hermes Funds”).
Annual
Financial Statements and Additional Information
26
In
addition, the Board considered the preferences and expectations of Fund shareholders and the potential disruptions of the
Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate
or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund
based on the strength of Federated Hermes’ industry standing and reputation and with the expectation that Federated Hermes
will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that there are a range
of investment options available to the Fund’s shareholders in the marketplace, and such shareholders, having had the opportunity
to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the
Fund.
In determining
to approve the continuation of the Contract, the members of the Board reviewed and evaluated information
and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment.
While individual members of the Board may have weighed certain factors differently, the Board’s determination
to approve the continuation of the Contract was based on a comprehensive consideration of all information provided
to the Board throughout the year. The Board recognized that its evaluation process is evolutionary and that the factors
considered and the emphasis placed on relevant factors may change in recognition of changing circumstances in the
registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal
counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive
session with their independent legal counsel and without management present to review the relevant materials and
consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes
also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations
furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as
part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made
on a fund-by-fund basis.
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 full range of services provided to the Fund by Federated Hermes. The Board considered the Adviser’s personnel,
investment philosophy and process, investment research capabilities and resources, trade operations capabilities,
experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities
of the portfolio management team primarily responsible for the day-to-day management of the Fund and evaluated
Federated Hermes’ ability and experience in attracting and retaining qualified personnel to service the Fund. The Board
considered the trading operations by the Adviser, including the execution of portfolio transactions and the selection of
brokers for those transactions. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance
with the limitations set forth in Rule 2a-7 under the Investment Company Act of 1940, as amended. In this connection,
the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with
the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board
also considered the Adviser’s ability to deliver competitive investment performance for the Fund when compared to the
Fund’s Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the
Adviser is executing the Fund’s investment program.
In addition,
the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to
consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational
enhancements that are designed to benefit the Federated Hermes Funds. The Board considered the quality of Federated
Hermes’ communications with the Board and responsiveness to Board inquiries and requests made from time to time
with respect to the Federated Hermes Funds. The Board also considered that Federated Hermes is responsible for providing
the Federated Hermes Funds’ officers.
The Board
received and evaluated information regarding Federated Hermes’ regulatory and compliance environment. The
Board considered Federated Hermes’ compliance program and compliance history and reports from the CCO about Federated
Hermes’ compliance with applicable laws and regulations, including responses to regulatory developments and any
compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes’ support of the Federated
Hermes Funds’ compliance control structure and the compliance-related resources devoted by Federated Hermes
in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, as amended,
including Federated Hermes’ commitment to respond to rulemaking and other regulatory initiatives of the SEC. The
Board considered Federated Hermes’ approach to internal audits and risk management with respect to the Federated Hermes
Funds and its day-to-day oversight of the Federated Hermes Funds’ compliance with their investment objectives and
policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time
Annual
Financial Statements and Additional Information
27
led, and
continue to lead, to an increase in the scope of Federated Hermes’ oversight in this regard. In addition, the Board noted
Federated Hermes’ commitment to maintaining high quality systems and expending substantial resources to prepare for
and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service
providers operate.
The Board
considered Federated Hermes’ efforts to provide shareholders in the Federated Hermes Funds with a comprehensive
array of funds with different investment objectives, policies and strategies. The Board considered the expenses
that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in
sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted
the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to
exchange investments between the same class of shares without the incurrence of additional sales charges.
Based on
these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services
provided by the Adviser to the Fund.
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 provided to the Board throughout the year and in connection with the May Meetings. These reports included,
among other items, information on the Fund’s gross and net returns, the Fund’s investment performance compared
to one or more relevant categories or groups of peer funds and the Fund’s benchmark, performance attribution information
and commentary on the effect of market conditions. The Board noted that it evaluated investment performance at
meetings throughout the year and received reports from Federated Hermes regarding the performance of certain Federated
Hermes Funds as well as Federated Hermes’ explanations for less favorable performance and any specific actions
Federated Hermes had taken, or had determined to take, to seek to enhance Fund investment performance and the results
of those actions.
The Board
also reviewed comparative information regarding the performance of other registered funds in the category of
peer funds selected by iMoneyNet, an independent fund ranking organization (the “Performance Peer Group”). The Board
noted the CCO’s statement that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating
the performance of the Adviser in managing the Fund.
The Board
also considered comparative performance data from Lipper, Inc. that was included in reports provided to the Board
throughout the year.
The Board
considered that for the one-year period ended December 31, 2025, 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 overall category of peer funds selected by iMoneyNet (the “Expense Peer Group”). The Board received a description
of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also
reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet
category.
While mindful
that courts have cautioned against giving too much weight to comparative information concerning fees charged
to funds by other advisers, the Board found that the use of comparisons between the Fund and its Expense Peer Group
assisted the Board in its evaluation of the Fund’s fees and expenses. The Board focused on comparisons with other registered
funds more heavily than non-registered fund products or services because such comparisons are believed to be more
relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily
available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact,
chosen and maintained by the Fund’s shareholders. The Board noted that the range of such other registered funds’ fees
and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace
in which the Fund competes.
Annual
Financial Statements and Additional Information
28
The
Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position
of the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory
fee rate was at the median of the Expense Peer Group, and the Board was satisfied that the overall expense structure
of the Fund remained competitive.
The Board
also received and considered information about the nature and extent of services offered and fees charged by Federated
Hermes to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including
non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for
which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO’s statement that non-registered fund clients
are inherently different products due to the following differences, among others: (i) types of targeted investors; (ii)
applicable laws and regulations; (iii) legal structures; (iv) average account sizes; (v) portfolio management techniques made
necessary by different cash flows and different associated costs; (vi) the time spent by portfolio managers and their teams
(among other personnel across various departments, including legal, compliance and risk management) in reviewing securities
pricing; (vii) SEC mandated risk management programs with respect to fund liquidity and use of derivatives; (viii)
questions on regulatory reporting; (ix) a variety of different administrative responsibilities; and (x) degrees of risk associated
with management. The Board also considered information regarding the differences in the nature of the services required
for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as
a sub-adviser to another institution’s registered fund, noting the CCO’s statement that Federated Hermes generally performs
significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes
Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO emphasized
that differences in fees for providing advisory services to other types of clients may not be appropriate when judging
the appropriateness of the Federated Hermes Funds’ advisory fees because of the different services provided.
In the case
of the Fund, the Board noted that Federated Hermes does not manage any other types of clients that are comparable
to the Fund.
Based on
these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction
with other matters considered, are reasonable in light of the services provided.
Profitability
The Board
received and considered profitability information furnished by Federated Hermes. Such profitability information
included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund
basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered
the CCO’s statement that, while the cost allocation report applies consistent allocation processes for purposes of
general comparison of funds, the inherent difficulties in arbitrarily allocating costs lack precision and may cause the report
to be unreliable because a single change in an allocation estimate can dramatically alter the resulting estimate of cost
and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered
the CCO’s statement that the allocation methodologies used by Federated Hermes in estimating profitability for purposes
of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies
previously reviewed by an independent consultant. The Board noted that the independent consultant had previously
conducted a review of the allocation methodologies and reported to the Board that, although there is no single best
method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board considered the CCO’s
statement that the estimated profitability to the Adviser from its relationship with the Fund was not unreasonable in relation
to the services provided.
The Board
also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly-held
fund management companies, including information regarding profitability trends over time. The Board recognized
that profitability comparisons among fund management companies are difficult because of the variation in the type
of comparative information that is publicly available, and the profitability of any fund management company is affected
by numerous factors. The Board considered the CCO’s statement that, based on such profitability information, Federated
Hermes’ profit margins did not appear to be excessive and that Federated Hermes appeared financially sound, with
the resources available to fulfill its contractual obligations.
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 isolating and quantifying economies of scale at an individual fund level, and the extent
to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes
has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: portfolio
management, investment research and trading operations; shareholder services; compliance; business continuity, cybersecurity
and information security programs; internal audit and risk management functions; and technology, systems capabilities
and use of data. The Board noted that Federated Hermes’ investments in these areas are extensive and are designed
to provide enhanced or expanded services to the Federated Hermes Funds and their shareholders. The Board
Annual
Financial Statements and Additional Information
29
considered
that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole.
In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies
of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes
Fund’s assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in
the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds
and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future.
The Board also considered that Federated Hermes has been active in managing expenses of the Federated Hermes Funds
in recent years, which has resulted in benefits being realized by shareholders.
The Board
also received and considered information on adviser-paid fees (commonly referred to as “revenue sharing” payments)
that was provided to the Board throughout the year and in connection with the May Meetings. The Board considered
that Federated Hermes believes that this information is relevant to consider whether Federated Hermes had an incentive
to either not apply breakpoints, or to apply breakpoints at higher levels, but should not be considered when evaluating
the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines
on economies of scale, which is compounded by the lack of any uniform methodology or pattern with respect to structuring
fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.
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 considered that Federated Hermes may
derive a benefit to its reputation as an adviser to the Fund, which may help in attracting other clients and investment personnel.
The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds’ investment advisory
contracts, Federated Hermes’ affiliates also receive fees for providing other services to the Federated Hermes Funds
under separate service contracts, including for serving as the Federated Hermes Funds’ administrator and distributor.
In this regard, the Board considered that Federated Hermes’ affiliates provide distribution and shareholder services
to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant
to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing the benefits, if any,
that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the
Federated Hermes Funds.
Conclusions
The Board
considered the CCO’s presentation and statements and the information accompanying the CCO Management Fee
Report. The Board recognized that its evaluation of the Federated Hermes Funds’ advisory and sub-advisory arrangements
is a continuing and ongoing process that is informed by the information that the Board requests and receives from
management throughout the course of the year.
On the basis
of the information and factors summarized above, among other information and factors deemed relevant by the
Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation
of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances
and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations
identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them
to be determinative.
Annual
Financial Statements and Additional Information
30
You could lose money
by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per
share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support
to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
This information is authorized
for distribution to prospective investors only when preceded or accompanied by the Fund’s Prospectus,
which contains facts concerning its objective and policies, management fees, expenses and other information.
Federated Hermes Treasury Obligations Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Contact us at
FederatedHermes.com/us
or call 1-800-341-7400.
or call 1-800-341-7400.
Federated Securities Corp., Distributor
CUSIP 31423R609
CUSIP 608919726
CUSIP 60934N500
CUSIP 31423R203
CUSIP 60934N872
CUSIP 31423R302
CUSIP 31423R401
CUSIP 60934N823
CUSIP 60934N120
CUSIP 31423R500
CUSIP 608919726
CUSIP 60934N500
CUSIP 31423R203
CUSIP 60934N872
CUSIP 31423R302
CUSIP 31423R401
CUSIP 60934N823
CUSIP 60934N120
CUSIP 31423R500
Q450531 (9/26)
©
2026 Federated Hermes, Inc.
Annual Financial Statements
and Additional Information
and Additional Information
July 31, 2026
|
Share
Class | Ticker
|
Automated | TATXX
|
Institutional | TTOXX
|
Service | TTQXX
|
Cash
II | TTIXX
|
Cash
Series | TCSXX
|
Federated Hermes Trust for U.S. Treasury Obligations
A Portfolio of Federated Hermes Money Market Obligations Trust
Not FDIC Insured ▪ May
Lose Value ▪ No Bank Guarantee
CONTENTS
Portfolio
of Investments
July 31, 2026
|
Principal
Amount
|
|
|
Value
|
|
|
|
REPURCHASE
AGREEMENTS—56.0% |
|
|
$ 90,000,000
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which Bank of Montreal will repurchase securities provided as
collateral
for $90,027,300 on 8/3/2026. The securities provided as collateral at the end of the period held with BNY
Mellon
as tri-party agent, were U.S. Treasury securities with various maturities to 5/31/2033 and the market value of
those
underlying securities was $91,827,906. |
$ 90,000,000
|
|
150,000,000
|
|
Interest
in $2,000,000,000 joint repurchase agreement 3.65%, dated 5/4/2026 under which BNP Paribas S.A. will
repurchase
securities provided as collateral for $2,018,655,556 on 8/4/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to
5/15/2033
and the market value of those underlying securities was $2,059,028,714. |
150,000,000
|
|
400,000,000
|
|
Interest
in $2,000,000,000 joint repurchase agreement 3.67%, dated 4/13/2026 under which BNP Paribas S.A. will
repurchase
securities provided as collateral for $2,024,874,444 on 8/13/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to
2/15/2053
and the market value of those underlying securities was $2,065,371,935. |
400,000,000
|
|
100,000,000
|
|
Interest
in $1,475,000,000 joint repurchase agreement 3.71%, dated 3/26/2026 under which BNP Paribas S.A. will
repurchase
securities provided as collateral for $1,503,121,285 on 9/28/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to
11/15/2055
and the market value of those underlying securities was $1,533,183,713. |
100,000,000
|
|
100,000,000
|
|
Interest
in $700,000,000 joint repurchase agreement 3.66%, dated 7/13/2026 under which CIBC World Markets Corp.
will
repurchase securities provided as collateral for $701,565,667 on 8/4/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to
11/15/2054
and the market value of those underlying securities was $715,596,987. |
100,000,000
|
|
100,000,000
|
|
Interest
in $500,000,000 joint repurchase agreement 3.66%, dated 7/8/2026 under which Credit Agricole Corporate
and
Investment Bank will repurchase securities provided as collateral for $501,677,500 on 8/10/2026. The securities
provided
as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities
with
various maturities to 5/15/2056 and the market value of those underlying securities was $511,348,104. |
100,000,000
|
|
400,000,000
|
|
Interest
in $2,000,000,000 joint repurchase agreement 3.66%, dated 7/13/2026 under which Credit Agricole
Corporate
and Investment Bank will repurchase securities provided as collateral for $2,006,303,333 on 8/13/2026. The
securities
provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury
securities
with various maturities to 5/15/2056 and the market value of those underlying securities
was
$2,044,355,400. |
400,000,000
|
|
50,000,000
|
|
Interest
in $1,000,000,000 joint repurchase agreement 3.67%, dated 7/15/2026 under which Credit Agricole
Corporate
and Investment Bank will repurchase securities provided as collateral for $1,003,364,167 on 8/17/2026. The
securities
provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury
securities
with various maturities to 2/15/2055 and the market value of those underlying securities
was
$1,021,975,684. |
50,000,000
|
|
50,000,000
|
|
Interest
in $400,000,000 joint repurchase agreement 3.67%, dated 7/23/2026 under which Credit Agricole Corporate
and
Investment Bank will repurchase securities provided as collateral for $401,304,889 on 8/24/2026. The securities
provided
as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities
with
various maturities to 2/15/2055 and the market value of those underlying securities was $408,457,528. |
50,000,000
|
|
50,000,000
|
|
Interest
in $750,000,000 joint repurchase agreement 3.67%, dated 7/23/2026 under which Credit Agricole Corporate
and
Investment Bank will repurchase securities provided as collateral for $752,446,667 on 8/24/2026. The securities
provided
as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities
with
various maturities to 2/15/2054 and the market value of those underlying securities was $765,857,870. |
50,000,000
|
|
50,000,000
|
|
Interest
in $750,000,000 joint repurchase agreement 3.66%, dated 7/7/2026 under which Credit Agricole Corporate
and
Investment Bank will repurchase securities provided as collateral for $752,363,750 on 8/7/2026. The securities
provided
as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities
with
various maturities to 8/15/2054 and the market value of those underlying securities was $767,099,927. |
50,000,000
|
|
1,750,000,000
|
|
Repurchase
agreement 3.65%, dated 7/31/2026 under which Fixed Income Clearing Corporation - CIBC will
repurchase
securities provided as collateral for $1,750,532,292 on 8/3/2026. The securities provided as collateral at
the
end of the period held with State Street Bank & Trust Co. as custodian, were U.S. Treasury securities with various
maturities
to 2/28/2033 and the market value of those underlying securities was $1,786,038,669. |
1,750,000,000
|
|
1,000,000,000
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which Fixed Income Clearing Corporation - ING will repurchase
securities
provided as collateral for $1,000,303,333 on 8/3/2026. The securities provided as collateral at the end of
the
period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2034
and
the market value of those underlying securities was $1,020,309,403. |
1,000,000,000
|
|
500,000,000
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which Fixed Income Clearing Corporation - Wells Fargo Bank
will
repurchase securities provided as collateral for $500,151,667 on 8/3/2026. The securities provided as collateral at
the
end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to
10/31/2032
and the market value of those underlying securities was $510,154,749. |
500,000,000
|
|
250,000,000
|
|
Repurchase
agreement 3.64%, dated 7/31/2026 under which Fixed Income Clearing Corporation - BNYM will
repurchase
securities provided as collateral for $250,075,833 on 8/3/2026. The securities provided as collateral at the
end
of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to
1/31/2033
and the market value of those underlying securities was $255,000,041. |
250,000,000
|
Annual
Financial Statements and Additional Information
1
|
Principal
Amount
|
|
|
Value
|
|
|
|
REPURCHASE
AGREEMENTS—continued
|
|
|
$ 500,000,000
|
|
Interest
in $5,000,000,000 joint repurchase agreement 3.64%, dated 7/31/2026 under which J.P. Morgan Securities
LLC
will repurchase securities provided as collateral for $5,001,516,667 on 8/3/2026. The securities provided as
collateral
at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various
maturities
to 7/15/2031 and the market value of those underlying securities was $5,100,000,101. |
$ 500,000,000
|
|
1,297,000,000
|
|
Interest
in $7,500,000,000 joint repurchase agreement 3.64%, dated 7/31/2026 under which J.P. Morgan Securities
LLC
will repurchase securities provided as collateral for $7,502,275,000 on 8/3/2026. The securities provided as
collateral
at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various
maturities
to 1/15/2031 and the market value of those underlying securities was $7,650,000,078. |
1,297,000,000
|
|
200,000,000
|
|
Interest
in $5,000,000,000 joint repurchase agreement 3.67%, dated 7/8/2026 under which J.P. Morgan Securities LLC
will
repurchase securities provided as collateral for $5,014,781,944 on 8/6/2026. The securities provided as collateral
at
the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities
to
10/31/2029 and the market value of those underlying securities was $5,100,000,053. |
200,000,000
|
|
200,000,000
|
|
Interest
in $5,000,000,000 joint repurchase agreement 3.67%, dated 7/8/2026 under which J.P. Morgan Securities LLC
will
repurchase securities provided as collateral for $5,014,781,944 on 8/6/2026. The securities provided as collateral
at
the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities
to
6/30/2030 and the market value of those underlying securities was $5,100,000,087. |
200,000,000
|
|
260,000,000
|
|
Interest
in $1,500,000,000 joint repurchase agreement 3.68%, dated 7/30/2026 under which Societe Generale, New
York
will repurchase securities provided as collateral for $1,500,920,000 on 8/5/2026. The securities provided as
collateral
at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various
maturities
to 3/31/2032 and the market value of those underlying securities was $1,530,625,617. |
260,000,000
|
|
200,000,000
|
|
Interest
in $1,000,000,000 joint repurchase agreement 3.68%, dated 7/30/2026 under which Societe Generale, New
York
will repurchase securities provided as collateral for $1,000,715,556 on 8/6/2026. The securities provided as
collateral
at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various
maturities
to 2/15/2035 and the market value of those underlying securities was $1,020,417,085. |
200,000,000
|
|
|
|
TOTAL
REPURCHASE AGREEMENTS |
7,697,000,000
|
|
|
1
|
U.S.
TREASURIES—43.8% |
|
|
|
|
U.S.
Treasury Bills—24.0% |
|
|
100,000,000
|
|
United
States Treasury Bill, 3.390%, 1/21/2027 |
98,370,916
|
|
67,000,000
|
|
United
States Treasury Bill, 3.500%, 8/13/2026 |
66,921,833
|
|
128,000,000
|
|
United
States Treasury Bill, 3.540%, 10/1/2026 |
127,232,213
|
|
210,000,000
|
|
United
States Treasury Bill, 3.590%, 9/22/2026 |
208,911,034
|
|
82,000,000
|
|
United
States Treasury Bill, 3.615%, 8/4/2026 |
81,975,298
|
|
115,000,000
|
|
United
States Treasury Bill, 3.615%, 9/15/2026 |
114,480,344
|
|
137,000,000
|
|
United
States Treasury Bill, 3.615%, 10/8/2026 |
136,064,518
|
|
137,000,000
|
|
United
States Treasury Bill, 3.615%, 11/19/2026 |
135,486,721
|
|
270,000,000
|
|
United
States Treasury Bill, 3.630%, 9/29/2026 |
268,393,725
|
|
168,000,000
|
|
United
States Treasury Bill, 3.635%, 10/6/2026 |
166,880,420
|
|
105,000,000
|
|
United
States Treasury Bill, 3.640%, 9/10/2026 |
104,575,333
|
|
68,000,000
|
|
United
States Treasury Bill, 3.650%, 5/13/2027 |
66,035,083
|
|
275,000,000
|
|
United
States Treasury Bill, 3.665%, 10/13/2026 |
272,956,254
|
|
68,000,000
|
|
United
States Treasury Bill, 3.665%, 12/3/2026 |
67,141,576
|
|
137,000,000
|
|
United
States Treasury Bill, 3.730%, 10/22/2026 |
135,836,033
|
|
142,000,000
|
|
United
States Treasury Bill, 3.745%, 11/17/2026 |
140,404,630
|
|
72,000,000
|
|
United
States Treasury Bill, 3.750%, 6/10/2027 |
69,652,500
|
|
139,000,000
|
|
United
States Treasury Bill, 3.790%, 11/10/2026 |
137,522,005
|
|
207,000,000
|
|
United
States Treasury Bills, 3.380% - 3.840%, 12/24/2026 |
204,048,525
|
|
373,000,000
|
|
United
States Treasury Bills, 3.460% - 3.650%, 11/27/2026 |
368,682,159
|
|
150,000,000
|
|
United
States Treasury Bills, 3.485% - 3.656%, 3/18/2027 |
146,611,608
|
|
180,500,000
|
|
United
States Treasury Bills, 3.500% - 3.505%, 8/20/2026 |
180,166,449
|
|
|
|
TOTAL
|
3,298,349,177
|
|
|
|
U.S.
Treasury Notes—19.8% |
|
|
107,000,000
|
2
|
United
States Treasury Floating Rate Notes, 3.902% (91-day T-Bill +0.050%), 8/4/2026 |
107,000,000
|
|
233,000,000
|
2
|
United
States Treasury Floating Rate Notes, 3.940% (91-day T-Bill +0.088%), 8/4/2026 |
232,982,669
|
|
350,000,000
|
2
|
United
States Treasury Floating Rate Notes, 3.950% (91-day T-Bill +0.098%), 8/4/2026 |
349,997,636
|
|
286,000,000
|
2
|
United
States Treasury Floating Rate Notes, 3.955% (91-day T-Bill +0.103%), 8/4/2026 |
286,067,417
|
|
150,000,000
|
2
|
United
States Treasury Floating Rate Notes, 4.011% (91-day T-Bill +0.159%), 8/4/2026 |
149,965,054
|
|
276,000,000
|
2
|
United
States Treasury Floating Rate Notes, 4.012% (91-day T-Bill +0.160%), 8/4/2026 |
276,010,659
|
Annual
Financial Statements and Additional Information
2
|
Principal
Amount
|
|
|
Value
|
|
|
1
|
U.S.
TREASURIES—continued
|
|
|
|
|
U.S.
Treasury Notes—continued |
|
|
$ 241,000,000
|
2
|
United
States Treasury Floating Rate Notes, 4.042% (91-day T-Bill +0.190%), 8/4/2026 |
$ 241,184,802
|
|
293,000,000
|
2
|
United
States Treasury Floating Rate Notes, 4.057% (91-day T-Bill +0.205%), 8/4/2026 |
293,037,248
|
|
32,000,000
|
|
United
States Treasury Note, 1.125%, 10/31/2026 |
31,798,113
|
|
47,000,000
|
|
United
States Treasury Note, 1.250%, 12/31/2026 |
46,552,791
|
|
17,000,000
|
|
United
States Treasury Note, 1.500%, 8/15/2026 |
16,983,210
|
|
44,000,000
|
|
United
States Treasury Note, 2.375%, 5/15/2027 |
43,526,833
|
|
15,000,000
|
|
United
States Treasury Note, 3.750%, 8/31/2026 |
14,995,444
|
|
44,500,000
|
|
United
States Treasury Note, 3.750%, 6/30/2027 |
44,418,576
|
|
43,000,000
|
|
United
States Treasury Note, 3.875%, 3/31/2027 |
43,067,665
|
|
20,000,000
|
|
United
States Treasury Note, 4.125%, 2/15/2027 |
20,059,814
|
|
152,000,000
|
|
United
States Treasury Note, 4.125%, 2/28/2027 |
152,491,690
|
|
39,000,000
|
|
United
States Treasury Note, 4.250%, 11/30/2026 |
39,079,377
|
|
37,000,000
|
|
United
States Treasury Note, 4.375%, 7/15/2027 |
37,084,755
|
|
17,000,000
|
|
United
States Treasury Note, 4.625%, 9/15/2026 |
17,015,879
|
|
75,000,000
|
|
United
States Treasury Notes, 0.875% - 3.500%, 9/30/2026 |
74,816,869
|
|
63,000,000
|
|
United
States Treasury Notes, 1.500% - 4.125%, 1/31/2027 |
62,843,169
|
|
132,000,000
|
|
United
States Treasury Notes, 2.625% - 3.875%, 5/31/2027 |
131,503,896
|
|
|
|
TOTAL
|
2,712,483,566
|
|
|
|
TOTAL
U.S. TREASURIES |
6,010,832,743
|
|
|
|
TOTAL
INVESTMENT IN SECURITIES—99.8%
(AT
AMORTIZED COST)3
|
13,707,832,743
|
|
|
|
OTHER
ASSETS AND LIABILITIES - NET—0.2%4
|
21,876,275
|
|
|
|
NET
ASSETS—100% |
$13,729,709,018
|
|
1
|
Discount
rate(s) at time of purchase. |
|
2
|
Floating/variable
note with current rate and current maturity or next reset date shown. |
|
3
|
Also
represents cost of investments for federal tax purposes. |
|
4
|
Assets,
other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Note: The categories of investments are
shown as a percentage of net assets at July 31, 2026.
Various inputs are used in determining the
value of the Fund’s investments. These inputs are summarized in the three broad levels listed
below:
Level 1—quoted prices in active markets
for identical securities.
Level 2—other significant observable
inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk,
etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs
(including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing
securities are not an indication of the risk associated with investing in those securities.
In valuing the Fund’s assets as of
July 31, 2026, all investments of the Fund are valued using amortized cost, which is a methodology utilizing
Level 2 inputs.
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
3
Financial
Highlights–Automated
Shares
(For a Share Outstanding Throughout the
Period)1
|
Year
Ended July 31, |
Period
Ended
7/31/2026
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
|
Income
From Investment Operations: |
|
|
Net
investment income2
|
0.006
|
|
Net
realized gain (loss) |
0.0003
|
|
Total
From Investment Operations |
0.006
|
|
Less Distributions:
|
|
|
Distributions
from net investment income |
(0.006)
|
|
Net
Asset Value, End of Period |
$1.00
|
|
Total
Return4
|
0.56%
|
|
Ratios
to Average Net Assets: |
|
|
Net
expenses5
|
0.50%6
|
|
Net
investment income |
3.06%6
|
|
Expense
waiver/reimbursement7
|
0.04%6
|
|
Supplemental
Data: |
|
|
Net
assets, end of period (000 omitted) |
$3,795
|
|
1
|
Reflects
operations for the period from May 29, 2026 (commencement of operations) to July 31, 2026. |
|
2
|
Per
share numbers have been calculated using the average shares method. |
|
3
|
Represents
less than $0.001. |
|
4
|
Based
on net asset value. Total returns for periods of less than one year are not annualized. |
|
5
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
6
|
Computed
on an annualized basis. |
|
7
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
4
Financial
Highlights–Institutional
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.037
|
0.044
|
0.052
|
0.044
|
0.003
|
|
Net
realized gain (loss) |
0.0002
|
(0.000)2
|
0.0002
|
(0.005)
|
(0.000)2
|
|
Total
From Investment Operations |
0.037
|
0.044
|
0.052
|
0.039
|
0.003
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.037)
|
(0.044)
|
(0.052)
|
(0.039)
|
(0.003)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
—
|
(0.000)2
|
|
Total
Distributions |
(0.037)
|
(0.044)
|
(0.052)
|
(0.039)
|
(0.003)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.75%
|
4.51%
|
5.32%
|
3.98%
|
0.26%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.20%
|
0.20%
|
0.20%
|
0.20%
|
0.12%
|
|
Net
investment income |
3.68%
|
4.40%
|
5.19%
|
4.36%
|
0.22%
|
|
Expense
waiver/reimbursement5
|
0.04%
|
0.04%
|
0.05%
|
0.10%
|
0.18%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$11,984,092
|
$10,697,218
|
$8,181,401
|
$5,050,177
|
$1,134,075
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
5
Financial
Highlights–Service
Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
|
Period
Ended
7/31/20231
| ||
|
|
2026
|
2025
|
2024
| |
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
Net
investment income2
|
0.034
|
0.042
|
0.049
|
0.004
|
|
Net
realized gain (loss) |
0.0003
|
(0.000)3
|
0.0003
|
0.0003
|
|
Total
From Investment Operations |
0.034
|
0.042
|
0.049
|
0.004
|
|
Less Distributions:
|
|
|
|
|
|
Distributions
from net investment income |
(0.034)
|
(0.042)
|
(0.049)
|
(0.004)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return4
|
3.49%
|
4.25%
|
5.06%
|
0.38%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
Net
expenses5
|
0.45%
|
0.45%
|
0.45%
|
0.45%6
|
|
Net
investment income |
3.43%
|
4.19%
|
4.94%
|
5.03%6
|
|
Expense
waiver/reimbursement7
|
0.04%
|
0.04%
|
0.04%
|
0.10%6
|
|
Supplemental
Data: |
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$508,314
|
$428,065
|
$436,221
|
$50
|
|
1
|
Reflects
operations for the period from July 3, 2023 (commencement of operations) to July 31, 2023. |
|
2
|
Per
share numbers have been calculated using the average shares method. |
|
3
|
Represents
less than $0.001. |
|
4
|
Based
on net asset value. Total returns for periods of less than one year are not annualized. |
|
5
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
6
|
Computed
on an annualized basis. |
|
7
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
6
Financial
Highlights–Cash
II Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.030
|
0.037
|
0.045
|
0.035
|
0.001
|
|
Net
realized gain (loss) |
0.0002
|
(0.000)2
|
0.0002
|
(0.003)
|
(0.000)2
|
|
Total
From Investment Operations |
0.030
|
0.037
|
0.045
|
0.032
|
0.001
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.030)
|
(0.037)
|
(0.045)
|
(0.032)
|
(0.001)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
—
|
(0.000)2
|
|
Total
Distributions |
(0.030)
|
(0.037)
|
(0.045)
|
(0.032)
|
(0.001)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
3.03%
|
3.79%
|
4.59%
|
3.27%
|
0.08%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
0.90%
|
0.90%
|
0.90%
|
0.89%
|
0.30%
|
|
Net
investment income |
2.98%
|
3.71%
|
4.50%
|
3.50%
|
0.08%
|
|
Expense
waiver/reimbursement5
|
0.04%
|
0.04%
|
0.05%
|
0.11%
|
0.70%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$639,585
|
$589,385
|
$507,758
|
$1,246,548
|
$691,193
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
7
Financial
Highlights–Cash
Series Shares
(For a Share Outstanding Throughout Each
Period)
|
|
Year Ended July 31,
| ||||
|
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Net Asset
Value, Beginning of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Income
From Investment Operations: |
|
|
|
|
|
|
Net
investment income1
|
0.029
|
0.036
|
0.044
|
0.032
|
0.001
|
|
Net
realized gain (loss) |
0.0002
|
(0.000)2
|
0.0002
|
(0.001)
|
(0.000)2
|
|
Total
From Investment Operations |
0.029
|
0.036
|
0.044
|
0.031
|
0.001
|
|
Less Distributions:
|
|
|
|
|
|
|
Distributions
from net investment income |
(0.029)
|
(0.036)
|
(0.044)
|
(0.031)
|
(0.001)
|
|
Distributions
from net realized gain |
—
|
—
|
—
|
—
|
(0.000)2
|
|
Total
Distributions |
(0.029)
|
(0.036)
|
(0.044)
|
(0.031)
|
(0.001)
|
|
Net
Asset Value, End of Period |
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
|
Total
Return3
|
2.89%
|
3.66%
|
4.44%
|
3.11%
|
0.06%
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
expenses4
|
1.04%
|
1.03%
|
1.04%
|
1.04%
|
0.33%
|
|
Net
investment income |
2.86%
|
3.59%
|
4.35%
|
3.17%
|
0.06%
|
|
Expense
waiver/reimbursement5
|
0.14%
|
0.14%
|
0.15%
|
0.20%
|
0.92%
|
|
Supplemental
Data: |
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$593,922
|
$656,273
|
$637,903
|
$1,080,745
|
$719,191
|
|
1
|
Per
share numbers have been calculated using the average shares method. |
|
2
|
Represents
less than $0.001. |
|
3
|
Based
on net asset value. |
|
4
|
Amount
does not reflect net expenses incurred by investment companies in which the Fund may invest. |
|
5
|
This
expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense
waiver/
reimbursement
recorded by investment companies in which the Fund may invest. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
8
Statement
of Assets and Liabilities
July 31, 2026
|
Assets:
|
|
|
Investment
in repurchase agreements |
$7,697,000,000
|
|
Investment
in securities |
6,010,832,743
|
|
Investment
in securities, at amortized cost and fair value |
13,707,832,743
|
|
Cash
|
262,255
|
|
Income
receivable |
15,217,353
|
|
Receivable
for shares sold |
36,573,447
|
|
Total
Assets |
13,759,885,798
|
|
Liabilities:
|
|
|
Payable
for shares redeemed |
26,910,689
|
|
Income
distribution payable |
1,672,193
|
|
Payable
for investment adviser fee (Note 5)
|
41,487
|
|
Payable
for administrative fee (Note 5)
|
28,940
|
|
Payable
for Directors’/Trustees’ fees (Note 5)
|
12,065
|
|
Payable
for distribution services fee (Note 5)
|
454,171
|
|
Payable
for other service fees (Notes 2 and 5)
|
359,672
|
|
Accrued
expenses (Note 5)
|
697,563
|
|
Total
Liabilities |
30,176,780
|
|
Net
assets for 13,730,485,624 shares outstanding |
$13,729,709,018
|
|
Net Assets
Consist of: |
|
|
Paid-in
capital |
$13,730,485,654
|
|
Total
distributable earnings (loss) |
(776,636)
|
|
Net
Assets |
$13,729,709,018
|
|
Net Asset
Value, Offering Price and Redemption Proceeds Per Share: |
|
|
Automated
Shares: |
|
|
$3,795,372
÷ 3,795,613 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Institutional
Shares: |
|
|
$11,984,092,491
÷ 11,984,767,557 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Service
Shares: |
|
|
$508,314,461
÷ 508,342,148 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Cash II
Shares: |
|
|
$639,584,542
÷ 639,619,554 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
|
Cash Series
Shares: |
|
|
$593,922,152
÷ 593,960,752 shares outstanding, no par value, unlimited shares authorized |
$1.00
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
9
Statement
of Operations
Year Ended July 31,
2026
|
Investment
Income: |
|
|
Interest
|
$515,997,688
|
|
Expenses:
|
|
|
Investment
adviser fee (Note 5)
|
19,940,280
|
|
Administrative
fee (Note 5)
|
10,267,187
|
|
Custodian
fees |
392,022
|
|
Transfer
agent fees (Note 2) |
1,325,582
|
|
Directors’/Trustees’
fees (Note 5)
|
65,552
|
|
Auditing
fees |
29,757
|
|
Legal
fees |
11,633
|
|
Portfolio
accounting fees |
218,692
|
|
Distribution
services fee (Note 5)
|
6,530,009
|
|
Other
service fees (Notes 2 and 5)
|
4,558,188
|
|
Share
registration costs |
547,882
|
|
Printing
and postage |
200,704
|
|
Miscellaneous
(Note 5)
|
138,595
|
|
TOTAL
EXPENSES |
44,226,083
|
|
Waivers
and Reimbursement: |
|
|
Waiver
of investment adviser fee (Note 5) |
(4,659,192)
|
|
Waiver/reimbursement
of other operating expenses (Notes 2 and 5) |
(746,081)
|
|
TOTAL
WAIVERS AND REIMBURSEMENT |
(5,405,273)
|
|
Net
expenses |
38,820,810
|
|
Net
investment income |
477,176,878
|
|
Net
realized gain on investments |
114
|
|
Change
in net assets resulting from operations |
$477,176,992
|
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
10
Statement
of Changes in Net Assets
|
Year
Ended July 31 |
2026
|
2025
|
|
Increase
(Decrease) in Net Assets |
|
|
|
Operations:
|
|
|
|
Net
investment income |
$477,176,878
|
$483,173,810
|
|
Net
realized gain (loss) |
114
|
(202)
|
|
CHANGE
IN NET ASSETS RESULTING FROM OPERATIONS |
477,176,992
|
483,173,608
|
|
Distributions
to Shareholders: |
|
|
|
Automated
Shares1
|
(6,890)
|
—
|
|
Institutional
Shares |
(422,202,484)
|
(420,230,150)
|
|
Service
Shares |
(16,300,631)
|
(17,081,452)
|
|
Cash
II Shares |
(18,676,506)
|
(20,673,606)
|
|
Cash
Series Shares |
(20,712,415)
|
(25,191,275)
|
|
CHANGE
IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS |
(477,898,926)
|
(483,176,483)
|
|
Share Transactions:
|
|
|
|
Proceeds
from sale of shares |
15,338,715,107
|
15,163,054,061
|
|
Net
asset value of shares issued to shareholders in payment of distributions declared |
457,074,824
|
461,031,660
|
|
Cost
of shares redeemed |
(14,436,300,131)
|
(13,016,425,023)
|
|
CHANGE
IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS |
1,359,489,800
|
2,607,660,698
|
|
Change
in net assets |
1,358,767,866
|
2,607,657,823
|
|
Net Assets:
|
|
|
|
Beginning
of period |
12,370,941,152
|
9,763,283,329
|
|
End
of period |
$13,729,709,018
|
$12,370,941,152
|
|
1
|
Reflects
operations for the period from May 29, 2026 (commencement of operations) to July 31, 2026. |
See Notes which are an integral part of
the Financial Statements
Annual
Financial Statements and Additional Information
11
Notes to
Financial Statements
July 31, 2026
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 15 portfolios. The financial statements included
herein are only those of Federated Hermes Trust for U.S. Treasury
Obligations (the “Fund”), a diversified portfolio. The financial statements
of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder’s interest is limited
to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers five classes of shares: Automated Shares,
Institutional Shares, Service Shares, Cash II Shares and Cash Series Shares. All shares of the Fund have equal rights with respect to
voting, except on class-specific matters. The investment objective of the Fund is to provide stability of principal and current income
consistent with stability of principal.
The Fund operates as
a government money market fund. As a government money market fund, the Fund: (1) invests at least 99.5% of its
total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities;
and/or (iii) repurchase agreements that are collateralized fully; and (2) generally continues to use amortized cost to value
its portfolio securities and transact at a stable $1.00 net asset value (NAV).
The Fund’s Automated Shares commenced
operations on May 29, 2026.
2. SIGNIFICANT
ACCOUNTING POLICIES
The following is a summary of significant
accounting policies consistently followed by the Fund in the preparation of its financial statements.
These policies are in conformity with U.S. generally accepted accounting principles (GAAP).
Investment Valuation
Securities
are valued at amortized cost. The amortized cost method of valuation generally prescribes that an investment is valued at its acquisition
cost as adjusted daily for amortization of premium or accretion of discount to the specified redemption value on the nearest call,
demand or maturity date, as appropriate. If amortized cost is determined not to approximate fair value, the value of the portfolio securities
will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the
fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share,
and the actual value obtained could be materially different.
Pursuant to Rule 2a-5
under the Act, the Fund’s Board of Trustees (the “Trustees”) has designated Federated Investment Management
Company (the “Adviser”) as the Fund’s valuation designee to perform any fair value determinations for securities and
other assets held by the Fund. The Adviser is subject to the Trustees’
oversight and certain reporting and other requirements intended to provide
the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through
its valuation committee (“Valuation Committee”), is responsible for determining the fair value of investments.
The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines
fair value of securities and oversees the comparison of amortized cost to market-based value. The Valuation Committee is also
authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of monitoring
the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party
pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods
(including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event
that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value
of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by
the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part
of the Fund’s compliance program and will review any changes
made to the procedures.
Repurchase Agreements
The
Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to
a repurchase agreement to transfer to the Fund’s custodian
or sub-custodian eligible securities or cash with a market value (after transaction
costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred
to accounts with the custodian or sub-custodian in which the Fund holds a “securities entitlement” and exercises “control”
as those terms are defined in the Uniform Commercial Code. Certain
repurchase agreements may be structured as loans secured by a security
interest or lien on the eligible securities. The Fund has established procedures for monitoring the market value of the transferred securities
and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also
allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase
price or in exchange for other eligible securities of equivalent market value.
The insolvency of the
other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause
the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund
in excess of the repurchase price and related transaction costs must be remitted to the other party.
The Fund may enter into
repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the
custodian or sub-custodian for investment companies and other clients advised by the Fund’s Adviser and its affiliates. The Fund
will participate on a pro rata basis with the other investment
companies and clients in its share of the securities transferred under such repurchase
agreements and in its share of proceeds from any repurchase or other disposition of such securities.
Annual
Financial Statements and Additional Information
12
Repurchase
agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that
provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or
termination. Amounts presented on the Portfolio of Investments
and Statement of Assets and Liabilities are not net settlement amounts but
gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase
price to be paid under the agreement reducing the net settlement amount to zero.
Investment Income, Gains and Losses, Expenses and Distributions
Investment
transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an
identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date.
Distributions of net investment income, if any, are declared daily and paid monthly. In addition, distributions of capital gains, if any,
are declared and paid at least annually. Amortization/accretion
of premium and discount is included in investment income. Investment income,
realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except
that select classes will bear certain expenses unique to those classes. Dividends are declared separately for each class. No class has
preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses. The
detail of the total fund expense waivers and reimbursement of
$5,405,273 is disclosed in various locations in this Note 2 and Note 5.
Transfer Agent Fees
For
the year ended July 31, 2026, transfer agent fees for the Fund were as follows:
|
|
Transfer
Agent
Fees
Incurred |
Transfer
Agent
Fees
Reimbursed |
|
Automated
Shares |
$108
|
$—
|
|
Institutional
Shares |
75,085
|
(1,455)
|
|
Service
Shares |
3,036
|
—
|
|
Cash
II Shares |
627,277
|
(14,308)
|
|
Cash
Series Shares |
620,076
|
(7,235)
|
|
TOTAL
|
$1,325,582
|
$(22,998)
|
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, Institutional Shares,
Service Shares, Cash II Shares and Cash Series Shares to unaffiliated
financial intermediaries or to Federated Shareholder Services Company
(FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense
Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries
may waive other service fees. This waiver can be modified or terminated at any time. For the year ended July 31, 2026, other
service fees for the Fund were as follows:
|
|
Other
Service
Fees
Incurred |
|
Automated
Shares |
$536
|
|
Service
Shares |
1,184,580
|
|
Cash
II Shares |
1,565,364
|
|
Cash
Series Shares |
1,807,708
|
|
TOTAL
|
$4,558,188
|
For the year ended July 31, 2026, the Fund’s
Institutional Shares did not incur other service fees; however it may begin to incur this fee upon
approval of the Trustees.
Federal Taxes
It
is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986 (the “Code”) and
to distribute to shareholders each year substantially all of its
income. Accordingly, no provision for federal income tax is necessary. As of and during the year
ended July 31, 2026, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if
any, related to tax liabilities as income tax expense in the Statement
of Operations. As of July 31, 2026, tax years 2023 through 2026
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.
Annual
Financial Statements and Additional Information
13
Other
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ materially from
those estimated. The Fund applies investment company accounting
and reporting guidance.
3. SHARES
OF BENEFICIAL INTEREST
The following tables summarize share activity:
|
|
Year
Ended
7/31/20261
|
Year
Ended
7/31/2025
| ||
|
Automated
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
4,596,800
|
$4,596,800
|
—
|
$—
|
|
Shares
issued to shareholders in payment of distributions declared |
6,328
|
6,328
|
—
|
—
|
|
Shares
redeemed |
(807,515)
|
(807,515)
|
—
|
—
|
|
NET
CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS |
3,795,613
|
$3,795,613
|
—
|
$—
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Institutional
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
10,360,600,753
|
$10,360,600,753
|
10,192,930,219
|
$10,192,930,219
|
|
Shares
issued to shareholders in payment of distributions declared |
418,455,936
|
418,455,936
|
416,324,765
|
416,324,765
|
|
Shares
redeemed |
(9,491,554,872)
|
(9,491,554,872)
|
(8,093,433,989)
|
(8,093,433,989)
|
|
NET
CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS |
1,287,501,817
|
$1,287,501,817
|
2,515,820,995
|
$2,515,820,995
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Service
Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
1,150,537,958
|
$1,150,537,958
|
973,400,108
|
$973,400,108
|
|
Shares
issued to shareholders in payment of distributions declared |
50,360
|
50,360
|
117
|
117
|
|
Shares
redeemed |
(1,070,312,981)
|
(1,070,312,981)
|
(981,556,306)
|
(981,556,306)
|
|
NET
CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS |
80,275,337
|
$80,275,337
|
(8,156,081)
|
$(8,156,081)
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Cash
II Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
448,121,882
|
$448,121,882
|
416,964,721
|
$416,964,721
|
|
Shares
issued to shareholders in payment of distributions declared |
18,164,468
|
18,164,468
|
20,152,653
|
20,152,653
|
|
Shares
redeemed |
(416,054,476)
|
(416,054,476)
|
(355,490,586)
|
(355,490,586)
|
|
NET
CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS |
50,231,874
|
$50,231,874
|
81,626,788
|
$81,626,788
|
|
|
Year
Ended
7/31/2026
|
Year
Ended
7/31/2025
| ||
|
Cash
Series Shares: |
Shares
|
Amount
|
Shares
|
Amount
|
|
Shares
sold |
3,374,857,714
|
$3,374,857,714
|
3,579,759,013
|
$3,579,759,013
|
|
Shares
issued to shareholders in payment of distributions declared |
20,397,732
|
20,397,732
|
24,554,125
|
24,554,125
|
|
Shares
redeemed |
(3,457,570,287)
|
(3,457,570,287)
|
(3,585,944,142)
|
(3,585,944,142)
|
|
NET
CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS |
(62,314,841)
|
$(62,314,841)
|
18,368,996
|
$18,368,996
|
|
NET
CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS |
1,359,489,800
|
$1,359,489,800
|
2,607,660,698
|
$2,607,660,698
|
|
1
|
Reflects
operations for the period from May 29, 2026 (commencement of operations) to July 31, 2026. |
4. FEDERAL
TAX INFORMATION
The tax character of distributions as reported
on the Statement of Changes in Net Assets for the years ended July 31, 2026 and 2025,
was as follows:
|
|
2026
|
2025
|
|
Ordinary
income |
$477,898,926
|
$483,176,483
|
Annual
Financial Statements and Additional Information
14
As of July 31, 2026,
the components of distributable earnings on a tax-basis were as follows:
|
Distributions
payable |
$(720,082)
|
|
Capital
loss carryforwards and deferrals |
$(56,554)
|
|
TOTAL
|
$(776,636)
|
As of July 31, 2026, the Fund had a capital
loss carryforward of $56,554 which will reduce the Fund’s taxable income arising from future net
realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to shareholders
which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, these net
capital losses retain their character as either short-term or long-term and do not expire.
The following schedule summarizes the Fund’s
capital loss carryforwards:
|
Short-Term
|
Long-Term
|
Total
|
|
$45,545
|
$11,009
|
$56,554
|
The Fund used capital loss carryforwards
of $114 to offset capital gains realized during the year ended July 31, 2026.
5. INVESTMENT
ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Adviser Fee
The
advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.15% of the Fund’s average daily net assets.
Under the investment advisory contract, which is subject to annual review by the Trustees, the Adviser will reimburse the amount, limited
to the amount of the advisory fee, by which the Fund’s Institutional Shares aggregate annual operating expenses, including the investment
advisory fee, but excluding interest, taxes, brokerage commissions, expenses of registering and qualifying the Fund and its shares
under federal and state laws and regulations, expenses of withholding taxes and extraordinary expenses, exceed 0.45% of the Fund’s
Institutional Shares average daily net assets. To comply with the 0.45% limitation imposed under the investment advisory contract, the
Adviser may waive its advisory fee and/or reimburse its advisory fee or other Fund expenses, affiliates of the Adviser may waive, reimburse
or reduce amounts otherwise included in the aggregate annual operating expenses of the Fund, or there may be a combination
of waivers, reimbursements and/or reductions by the Adviser and its affiliates. The amount that the Adviser waives/reimburses
under the investment advisory contract will be reduced to the extent that affiliates of the Adviser waive, reimburse or reduce amounts
that would otherwise be included in the aggregate annual operating expenses of the Fund. Subject to the terms described in the
Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses
of the Fund for competitive reasons such as to maintain the Fund’s expense ratio, or as and when appropriate, to maintain positive
or zero net yields. For the year ended July 31, 2026, the Adviser voluntarily waived $4,659,192 of its fee and voluntarily reimbursed
$22,998 of transfer agent fees.
Administrative Fee
Federated
Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and
services. For purposes of determining the appropriate rate breakpoint, “Investment Complex” is defined as all of the Federated
Hermes Funds subject to a fee under the Administrative Services
Agreement. The fee paid to FAS is based on the average daily net assets
of the Investment Complex as specified below:
|
Administrative
Fee |
Average
Daily Net Assets
of
the Investment Complex |
|
0.100%
|
on
assets up to $50 billion |
|
0.075%
|
on
assets over $50 billion |
Subject to the terms described in the Expense
Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the year ended
July 31, 2026, the annualized fee paid to FAS was 0.077% of average daily net assets of the Fund.
In addition, FAS may charge certain out-of-pocket
expenses to the Fund.
Distribution Services Fee
The
Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund
will compensate Federated Securities Corp. (FSC), the principal
distributor, from the daily net assets of the Fund’s Cash II Shares and Cash Series
Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses
at the following percentages of average daily net assets annually, to compensate FSC:
|
|
Percentage
of Average Daily
Net
Assets of Class |
|
Cash
II Shares |
0.35%
|
|
Cash
Series Shares |
0.60%
|
Annual
Financial Statements and Additional Information
15
Subject to the terms
described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the year ended
July 31, 2026, distribution services fees for the Fund were as follows:
|
|
Distribution
Services
Fees
Incurred |
Distribution
Services
Fees
Waived |
|
Cash
II Shares |
$2,191,510
|
$—
|
|
Cash
Series Shares |
4,338,499
|
(723,083)
|
|
TOTAL
|
$6,530,009
|
$(723,083)
|
When FSC receives fees, it may pay some
or all of them to financial intermediaries whose customers purchase shares. For the year ended July
31, 2026, FSC retained $125,585 of fees paid by the Fund.
Other Service Fees
For
the year ended July 31, 2026, FSSC received $401 of the other service fees disclosed in Note 2.
Expense Limitation
In
addition to the contractual fee waiver described under “Investment Adviser Fee” above with regard to the Fund’s Institutional
Shares, the Adviser and certain of its affiliates (which may include
FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts
of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding
interest expense, extraordinary expenses and proxy-related expenses, if any) paid by the Fund’s Automated Shares, Institutional
Shares, Service Shares, Cash II Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed
0.50%, 0.20%, 0.45%, 0.90% and 1.05% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination
Date”): (a) October 1, 2027; or (b) the date of the Fund’s
next effective Prospectus. While the Adviser and its applicable affiliates currently
do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated
or the Fee Limit increased prior to the Termination Date with the approval of the Trustees.
Directors’/Trustees’ and Miscellaneous Fees
Certain
Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate
payment, Independent Directors’/Trustees’ fees and
certain expenses related to conducting meetings of the Directors/Trustees and other
miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. These expenses related
to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous
Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.
6. CREDIT
RISK
The Fund may place its cash on deposit with
financial institutions in the United States, which is insured by the Federal Deposit Insurance Corporation
(FDIC) up to $250,000. The Fund’s credit risk in the event of failure of these financial institutions is represented by the difference
between the FDIC limit and the total amounts on deposit. The Fund from time to time may have amounts on deposit in excess of
the insured limits.
7. INTERFUND
LENDING
Pursuant to an Exemptive Order issued by
the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries
of Federated Hermes, Inc., may participate in an interfund lending program. This program provides an alternative credit facility
allowing the Fund to borrow from other participating affiliated funds. As of July 31, 2026, there were no outstanding loans. During
the year ended July 31, 2026, the program was not utilized.
8. Operating
Segments
An operating segment is defined as a component
of a public entity that engages in business activities from which it may recognize revenues
and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM)
to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information
available. A management committee of the Adviser acts as the CODM. The Fund represents a single operating segment, as the
CODM monitors the operating results of the Fund as a whole and the strategic asset allocation is determined based on the investment
objective of the Fund and executed by the Fund’s portfolio management team. The financial information in the form of the Fund’s
portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations,
subscriptions and redemptions) which is reviewed by the CODM to assess the Fund’s performance in comparison to the Fund’s
benchmarks and to make resource allocation decisions for the Fund’s single segment is consistent with the information presented
in these financial statements. Segment assets are reflected on
the accompanying Statement of Assets and Liabilities as “total assets” and significant
segment expenses are listed on the accompanying Statement of Operations.
9. INDEMNIFICATIONS
Under the Fund’s organizational documents,
its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the
performance of their duties to the Fund (other than liabilities arising out of their willful misfeasance, bad faith, gross negligence
or reckless disregard of their duties to the Fund). In addition,
in the normal course of business, the Fund provides certain indemnifications under
arrangements with third parties. Typically, obligations to indemnify a third party arise in the context of an arrangement entered into
by the Fund under which the Fund agrees to indemnify such third party for certain liabilities arising out of actions taken pursuant to
Annual
Financial Statements and Additional Information
16
the arrangement, provided
the third party’s actions are not deemed to have breached an agreed-upon standard of care (such as willful misfeasance,
bad faith, gross negligence or reckless disregard of their duties under the contract). The Fund’s maximum exposure under these
arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet arisen. The Fund
does not anticipate any material claims or losses pursuant to these arrangements at this time, and accordingly expects the risk of loss
to be remote.
10. FEDERAL
TAX INFORMATION (UNAUDITED)
For the fiscal year ended July 31, 2026,
100% of total ordinary income distributions qualified as business interest income for purposes of 163(j)
of the Code and the regulations thereunder.
Annual
Financial Statements and Additional Information
17
Report of
Independent Registered Public Accounting Firm
TO THE SHAREHOLDERS AND THE
BOARD OF TRUSTEES OF FEDERATED HERMES TRUST FOR U.S. TREASURY
OBLIGATIONS:
Opinion on the Financial Statements
We have audited the accompanying
statement of assets and liabilities of Federated Hermes Trust for U.S. Treasury Obligations
(the “Fund”) (one of the portfolios constituting Federated Hermes Money Market Obligations Trust (the
“Trust”)), including the portfolio of investments, as of July 31, 2026, and the related statement of operations for the year
then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights
for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”).
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund
(one of the portfolios constituting Federated Hermes Money Market Obligations Trust) at July 31, 2026, the results of
its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its
financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting
principles.
Basis for Opinion
These financial statements are
the responsibility of the Trust’s management. Our responsibility is to express an opinion on the
Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance
with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We conducted our audits in accordance
with the standards of the PCAOB. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether
due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal
control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control
over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal
control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing
procedures to assess the risks of material misstatement of the financial statements, whether due
to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation
of securities owned as of July 31, 2026, by correspondence with the custodian, brokers, and others; when replies
were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating
the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation
of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor
of one or more Federated Hermes investment companies since 1979.
Boston, Massachusetts
September 23, 2026
September 23, 2026
Annual
Financial Statements and Additional Information
18
Evaluation
and Approval of Advisory Contract–May
2026
Federated Hermes Trust for
U.S. Treasury Obligations (the “Fund”)
At its meetings in May 2026 (the
“May Meetings”), the Fund’s Board of Trustees (the “Board”), including those Trustees who
are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the
“Independent Trustees”), reviewed and unanimously approved the continuation of the investment advisory contract between
the Fund and Federated Investment Management Company (the “Adviser”) (the “Contract”) for an additional one-year
term. The Board’s determination to approve the continuation of the Contract reflects the exercise of its business judgment
after considering such information deemed necessary to evaluate the terms of the Contract and to approve the continuation
of the existing arrangement. The information, factors and conclusions that formed the basis for the Board’s approval
are summarized below.
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 report regarding data related to the Fund’s management fee (the
“CCO Management Fee Report”). The Board considered the CCO Management Fee Report, along with other information,
in evaluating the reasonableness of the Fund’s management fee and in determining to approve the continuation
of the Contract.
In addition
to the CCO Management Fee Report, the Board considered information specifically prepared in connection with
the approval of the continuation of the Contract that was presented at the May Meetings. In this regard, in the months preceding
the May Meetings, the Board requested and reviewed written responses and supporting materials prepared by the
Adviser and its affiliates (collectively, “Federated Hermes”) in response to requests posed to Federated Hermes by independent
legal counsel on behalf of the Independent Trustees encompassing a wide variety of topics, including those summarized
below. The Board also considered such additional matters as the Independent Trustees deemed reasonably necessary
to evaluate the Contract, which included detailed information about the Fund and Federated Hermes furnished to the
Board at its meetings throughout the year.
The Board’s
consideration of the Contract included review of materials and information covering the following matters, among
others: (1) a copy of the Contract; (2) the nature, quality and extent of the advisory and other services provided to the
Fund by Federated Hermes; (3) Federated Hermes’ business and operations; (4) the Adviser’s investment philosophy, personnel
and processes; (5) the Fund’s investment objective and strategies; (6) the Fund’s short-term and long-term performance
- in absolute terms (both on a gross basis and net of expenses) and relative to an appropriate group of peer funds
and its benchmark; (7) the Fund’s fees and expenses, including the advisory fee and the overall expense structure of the
Fund - in absolute terms and relative to an appropriate group of peer funds, with due regard for contractual or voluntary
expense limitations (if any); (8) the financial condition of Federated Hermes; (9) the Adviser’s profitability with respect
to managing the Fund; (10) distribution and sales activity for the Fund; and (11) the use and allocation of brokerage
commissions derived from trading the Fund’s portfolio securities (if any).
The Board
also considered judicial decisions concerning allegedly excessive investment advisory fees charged to other registered
funds in evaluating the Contract. Using these judicial decisions as a guide, the Board considered several factors it
deemed relevant to an adviser’s fiduciary duty with respect to its receipt of compensation from a fund, including: (1) the nature
and quality of the services provided by the adviser to the fund and its shareholders, including the performance of the
fund, its benchmark and comparable funds; (2) the adviser’s cost of providing the services and the profitability to the adviser
of providing advisory services to the fund; (3) the extent to which the adviser may realize “economies of scale” as the
fund grows larger and, if such economies of scale exist, whether they have been appropriately shared with the fund and its
shareholders or the family of funds; (4) any “fall-out” benefits that accrue to the adviser because of its relationship with
the fund, including research services received from
brokers that execute fund trades and any fees paid to affiliates of the adviser
for services rendered to the fund; (5) comparative fees and expenses, including a comparison of management fees paid
to the adviser with those paid by similar funds managed by the same adviser or other advisers as well as management fees
charged to institutional and other advisory clients of the same adviser for what might be viewed as like services; and (6)
the extent of care, conscientiousness and independence with which the fund’s board members perform their duties and their
expertise, including whether they are fully informed about all facts the board deems relevant to its consideration of the
adviser’s services and fees. The Board considered that the Securities and Exchange Commission (“SEC”) disclosure requirements
regarding the basis for a fund board’s approval of the fund’s investment advisory contract generally align with
the factors listed above. The Board was guided by these factors in its evaluation of the Contract to the extent it considered
them to be appropriate and relevant, as discussed further below. The Board considered and weighed these factors
in light of its substantial accumulated experience in governing the Fund and working with Federated Hermes on matters
relating to the oversight of the other funds advised by Federated Hermes (each, a “Federated Hermes Fund” and, collectively,
the “Federated Hermes Funds”).
Annual
Financial Statements and Additional Information
19
In
addition, the Board considered the preferences and expectations of Fund shareholders and the potential disruptions of the
Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate
or not renew the Contract. In particular, the Board recognized that many shareholders likely have invested in the Fund
based on the strength of Federated Hermes’ industry standing and reputation and with the expectation that Federated Hermes
will have a continuing role in providing advisory services to the Fund. Thus, the Board observed that there are a range
of investment options available to the Fund’s shareholders in the marketplace, and such shareholders, having had the opportunity
to consider other investment options, have effectively selected Federated Hermes by virtue of investing in the
Fund.
In determining
to approve the continuation of the Contract, the members of the Board reviewed and evaluated information
and factors they believed to be relevant and appropriate through the exercise of their reasonable business judgment.
While individual members of the Board may have weighed certain factors differently, the Board’s determination
to approve the continuation of the Contract was based on a comprehensive consideration of all information provided
to the Board throughout the year. The Board recognized that its evaluation process is evolutionary and that the factors
considered and the emphasis placed on relevant factors may change in recognition of changing circumstances in the
registered fund marketplace. The Independent Trustees were assisted throughout the evaluation process by independent legal
counsel. In connection with their deliberations at the May Meetings, the Independent Trustees met separately in executive
session with their independent legal counsel and without management present to review the relevant materials and
consider their responsibilities under applicable laws. In addition, senior management representatives of Federated Hermes
also met with the Independent Trustees and their independent legal counsel to discuss the materials and presentations
furnished to the Board at the May Meetings. The Board considered the approval of the Contract for the Fund as
part of its consideration of agreements for funds across the family of Federated Hermes Funds, but its approvals were made
on a fund-by-fund basis.
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 full range of services provided to the Fund by Federated Hermes. The Board considered the Adviser’s personnel,
investment philosophy and process, investment research capabilities and resources, trade operations capabilities,
experience and performance track record. The Board reviewed the qualifications, backgrounds and responsibilities
of the portfolio management team primarily responsible for the day-to-day management of the Fund and evaluated
Federated Hermes’ ability and experience in attracting and retaining qualified personnel to service the Fund. The Board
considered the trading operations by the Adviser, including the execution of portfolio transactions and the selection of
brokers for those transactions. In addition, the Board noted that the Fund is a money market mutual fund that operates in accordance
with the limitations set forth in Rule 2a-7 under the Investment Company Act of 1940, as amended. In this connection,
the Board considered the expertise of the Adviser in managing money market funds, its extensive experience with
the requirements of Rule 2a-7 and its commitment to managing the Fund in accordance with these requirements. The Board
also considered the Adviser’s ability to deliver competitive investment performance for the Fund when compared to the
Fund’s Performance Peer Group (as defined below), which was deemed by the Board to be a useful indicator of how the
Adviser is executing the Fund’s investment program.
In addition,
the Board considered the financial resources and overall reputation of Federated Hermes and its willingness to
consider and make investments in personnel, infrastructure, technology, cybersecurity, business continuity planning and operational
enhancements that are designed to benefit the Federated Hermes Funds. The Board considered the quality of Federated
Hermes’ communications with the Board and responsiveness to Board inquiries and requests made from time to time
with respect to the Federated Hermes Funds. The Board also considered that Federated Hermes is responsible for providing
the Federated Hermes Funds’ officers.
The Board
received and evaluated information regarding Federated Hermes’ regulatory and compliance environment. The
Board considered Federated Hermes’ compliance program and compliance history and reports from the CCO about Federated
Hermes’ compliance with applicable laws and regulations, including responses to regulatory developments and any
compliance or other issues raised by regulatory agencies. The Board also noted Federated Hermes’ support of the Federated
Hermes Funds’ compliance control structure and the compliance-related resources devoted by Federated Hermes
in support of the Fund’s obligations pursuant to Rule 38a-1 under the Investment Company Act of 1940, as amended,
including Federated Hermes’ commitment to respond to rulemaking and other regulatory initiatives of the SEC. The
Board considered Federated Hermes’ approach to internal audits and risk management with respect to the Federated Hermes
Funds and its day-to-day oversight of the Federated Hermes Funds’ compliance with their investment objectives and
policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time
Annual
Financial Statements and Additional Information
20
led, and
continue to lead, to an increase in the scope of Federated Hermes’ oversight in this regard. In addition, the Board noted
Federated Hermes’ commitment to maintaining high quality systems and expending substantial resources to prepare for
and respond to ongoing changes due to the market, regulatory and control environments in which the Fund and its service
providers operate.
The Board
considered Federated Hermes’ efforts to provide shareholders in the Federated Hermes Funds with a comprehensive
array of funds with different investment objectives, policies and strategies. The Board considered the expenses
that Federated Hermes had incurred, as well as the entrepreneurial and other risks assumed by Federated Hermes, in
sponsoring and providing on-going services to new funds to expand these opportunities for shareholders. The Board noted
the benefits to shareholders of being part of the family of Federated Hermes Funds, which include the general right to
exchange investments between the same class of shares without the incurrence of additional sales charges.
Based on
these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services
provided by the Adviser to the Fund.
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 provided to the Board throughout the year and in connection with the May Meetings. These reports included,
among other items, information on the Fund’s gross and net returns, the Fund’s investment performance compared
to one or more relevant categories or groups of peer funds and the Fund’s benchmark, performance attribution information
and commentary on the effect of market conditions. The Board noted that it evaluated investment performance at
meetings throughout the year and received reports from Federated Hermes regarding the performance of certain Federated
Hermes Funds as well as Federated Hermes’ explanations for less favorable performance and any specific actions
Federated Hermes had taken, or had determined to take, to seek to enhance Fund investment performance and the results
of those actions.
The Board
also reviewed comparative information regarding the performance of other registered funds in the category of
peer funds selected by iMoneyNet, an independent fund ranking organization (the “Performance Peer Group”). The Board
noted the CCO’s statement that comparisons to fund peer groups may be helpful, though not conclusive, in evaluating
the performance of the Adviser in managing the Fund.
The Board
also considered comparative performance data from Lipper, Inc. that was included in reports provided to the Board
throughout the year.
The Board
considered that for the one-year period ended December 31, 2025, 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 overall category of peer funds selected by iMoneyNet (the “Expense Peer Group”). The Board received a description
of the methodology used to select the Expense Peer Group from the overall iMoneyNet category. The Board also
reviewed comparative information regarding the fees and expenses of the broader group of funds in the overall iMoneyNet
category.
While mindful
that courts have cautioned against giving too much weight to comparative information concerning fees charged
to funds by other advisers, the Board found that the use of comparisons between the Fund and its Expense Peer Group
assisted the Board in its evaluation of the Fund’s fees and expenses. The Board focused on comparisons with other registered
funds more heavily than non-registered fund products or services because such comparisons are believed to be more
relevant. The Board considered that other registered funds are the products most like the Fund, in that they are readily
available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle, in fact,
chosen and maintained by the Fund’s shareholders. The Board noted that the range of such other registered funds’ fees
and expenses, therefore, appears to be a relevant indicator of what investors have found to be reasonable in the marketplace
in which the Fund competes.
Annual
Financial Statements and Additional Information
21
The
Board reviewed the contractual advisory fee rate, net advisory fee rate and other expenses of the Fund and noted the position
of the Fund’s fee rates relative to its Expense Peer Group. In this regard, the Board noted that the contractual advisory
fee rate was below the median of the Expense Peer Group, and the Board was satisfied that the overall expense structure
of the Fund remained competitive.
The Board
also received and considered information about the nature and extent of services offered and fees charged by Federated
Hermes to other types of clients with investment strategies similar to those of the Federated Hermes Funds, including
non-registered fund clients (such as institutional separate accounts) and third-party unaffiliated registered funds for
which the Adviser or its affiliates serve as sub-adviser. The Board noted the CCO’s statement that non-registered fund clients
are inherently different products due to the following differences, among others: (i) types of targeted investors; (ii)
applicable laws and regulations; (iii) legal structures; (iv) average account sizes; (v) portfolio management techniques made
necessary by different cash flows and different associated costs; (vi) the time spent by portfolio managers and their teams
(among other personnel across various departments, including legal, compliance and risk management) in reviewing securities
pricing; (vii) SEC mandated risk management programs with respect to fund liquidity and use of derivatives; (viii)
questions on regulatory reporting; (ix) a variety of different administrative responsibilities; and (x) degrees of risk associated
with management. The Board also considered information regarding the differences in the nature of the services required
for Federated Hermes to manage its proprietary registered fund business versus managing a discrete pool of assets as
a sub-adviser to another institution’s registered fund, noting the CCO’s statement that Federated Hermes generally performs
significant additional services and assumes substantially greater risks in managing the Fund and other Federated Hermes
Funds than in its role as sub-adviser to an unaffiliated third-party registered fund. The Board noted that the CCO emphasized
that differences in fees for providing advisory services to other types of clients may not be appropriate when judging
the appropriateness of the Federated Hermes Funds’ advisory fees because of the different services provided.
In the case
of the Fund, the Board noted that Federated Hermes does not manage any other types of clients that are comparable
to the Fund.
Based on
these considerations, the Board concluded that the fees and total operating expenses of the Fund, in conjunction
with other matters considered, are reasonable in light of the services provided.
Profitability
The Board
received and considered profitability information furnished by Federated Hermes. Such profitability information
included revenues reported on a fund-by-fund basis and estimates of the allocation of expenses made on a fund-by-fund
basis, using allocation methodologies specified by the CCO and described to the Board. The Board considered
the CCO’s statement that, while the cost allocation report applies consistent allocation processes for purposes of
general comparison of funds, the inherent difficulties in arbitrarily allocating costs lack precision and may cause the report
to be unreliable because a single change in an allocation estimate can dramatically alter the resulting estimate of cost
and/or profitability of a Federated Hermes Fund and may produce unintended consequences. In addition, the Board considered
the CCO’s statement that the allocation methodologies used by Federated Hermes in estimating profitability for purposes
of reporting to the Board in connection with the continuation of the Contract are consistent with the methodologies
previously reviewed by an independent consultant. The Board noted that the independent consultant had previously
conducted a review of the allocation methodologies and reported to the Board that, although there is no single best
method to allocate expenses, the methodologies used by Federated Hermes are reasonable. The Board considered the CCO’s
statement that the estimated profitability to the Adviser from its relationship with the Fund was not unreasonable in relation
to the services provided.
The Board
also reviewed information compiled by Federated Hermes comparing its profitability information to other publicly-held
fund management companies, including information regarding profitability trends over time. The Board recognized
that profitability comparisons among fund management companies are difficult because of the variation in the type
of comparative information that is publicly available, and the profitability of any fund management company is affected
by numerous factors. The Board considered the CCO’s statement that, based on such profitability information, Federated
Hermes’ profit margins did not appear to be excessive and that Federated Hermes appeared financially sound, with
the resources available to fulfill its contractual obligations.
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 isolating and quantifying economies of scale at an individual fund level, and the extent
to which potential scale benefits are shared with shareholders. In this regard, the Board considered that Federated Hermes
has made significant and long-term investments in areas that support all of the Federated Hermes Funds, such as: portfolio
management, investment research and trading operations; shareholder services; compliance; business continuity, cybersecurity
and information security programs; internal audit and risk management functions; and technology, systems capabilities
and use of data. The Board noted that Federated Hermes’ investments in these areas are extensive and are designed
to provide enhanced or expanded services to the Federated Hermes Funds and their shareholders. The Board
Annual
Financial Statements and Additional Information
22
considered
that the benefits of these investments are likely to be shared with the family of Federated Hermes Funds as a whole.
In addition, the Board considered that fee waivers and expense reimbursements are another means for potential economies
of scale to be shared with shareholders and can provide protection from an increase in expenses if a Federated Hermes
Fund’s assets decline. The Board considered that, in order for the Federated Hermes Funds to remain competitive in
the marketplace, Federated Hermes has frequently waived fees and/or reimbursed expenses for the Federated Hermes Funds
and has disclosed to shareholders and/or reported to the Board its intention to do so (or continue to do so) in the future.
The Board also considered that Federated Hermes has been active in managing expenses of the Federated Hermes Funds
in recent years, which has resulted in benefits being realized by shareholders.
The Board
also received and considered information on adviser-paid fees (commonly referred to as “revenue sharing” payments)
that was provided to the Board throughout the year and in connection with the May Meetings. The Board considered
that Federated Hermes believes that this information is relevant to consider whether Federated Hermes had an incentive
to either not apply breakpoints, or to apply breakpoints at higher levels, but should not be considered when evaluating
the reasonableness of advisory fees. The Board also noted the absence of any applicable regulatory or industry guidelines
on economies of scale, which is compounded by the lack of any uniform methodology or pattern with respect to structuring
fund advisory fees with breakpoints that serve to reduce the fees as a fund attains a certain size.
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 considered that Federated Hermes may
derive a benefit to its reputation as an adviser to the Fund, which may help in attracting other clients and investment personnel.
The Board noted that, in addition to receiving advisory fees under the Federated Hermes Funds’ investment advisory
contracts, Federated Hermes’ affiliates also receive fees for providing other services to the Federated Hermes Funds
under separate service contracts, including for serving as the Federated Hermes Funds’ administrator and distributor.
In this regard, the Board considered that Federated Hermes’ affiliates provide distribution and shareholder services
to the Federated Hermes Funds, for which they may be compensated through distribution and servicing fees paid pursuant
to Rule 12b-1 plans or otherwise. The Board also received and considered information detailing the benefits, if any,
that Federated Hermes may derive from its receipt of research services from brokers who execute portfolio trades for the
Federated Hermes Funds.
Conclusions
The Board
considered the CCO’s presentation and statements and the information accompanying the CCO Management Fee
Report. The Board recognized that its evaluation of the Federated Hermes Funds’ advisory and sub-advisory arrangements
is a continuing and ongoing process that is informed by the information that the Board requests and receives from
management throughout the course of the year.
On the basis
of the information and factors summarized above, among other information and factors deemed relevant by the
Board, and the evaluation thereof, the Board, including the Independent Trustees, unanimously voted to approve the continuation
of the Contract. The Board based its determination to approve the Contract on the totality of the circumstances
and relevant factors and with a view of past and future long-term considerations. Not all of the factors and considerations
identified above were necessarily deemed to be relevant to the Fund, nor did the Board consider any one of them
to be determinative.
Annual
Financial Statements and Additional Information
23
You could lose money
by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per
share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support
to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
This information is authorized
for distribution to prospective investors only when preceded or accompanied by the Fund’s Prospectus,
which contains facts concerning its objective and policies, management fees, expenses and other information.
Federated Hermes Trust for U.S. Treasury
Obligations
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Contact us at
FederatedHermes.com/us
or call 1-800-341-7400.
or call 1-800-341-7400.
Federated Securities Corp., Distributor
CUSIP 31423R849
CUSIP 60934N799
CUSIP 31423R864
CUSIP 608919551
CUSIP 608919569
CUSIP 60934N799
CUSIP 31423R864
CUSIP 608919551
CUSIP 608919569
28731 (9/26)
©
2026 Federated Hermes, Inc.
| Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
Federated Hermes Government Obligations Fund: Not Applicable.
Federated Hermes Prime Cash Obligations Fund: Not Applicable.
Federated Hermes Institutional Prime Obligations Fund: Not Applicable.
Federated Hermes Treasury Obligations Fund: Not Applicable.
Federated Hermes Trust for U.S. Treasury Obligations: Not Applicable.
| Item 9. | Proxy Disclosures for Open-End Management Investment Companies. |
Federated Hermes Government Obligations Fund: Not Applicable.
Federated Hermes Prime Cash Obligations Fund: Not Applicable.
Federated Hermes Institutional Prime Obligations Fund: Not Applicable.
Federated Hermes Treasury Obligations Fund: Not Applicable.
Federated Hermes Trust for U.S. Treasury Obligations: Not Applicable.
| Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
Federated Hermes Government Obligations Fund: The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
Federated Hermes Prime Cash Obligations Fund: The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
Federated Hermes Institutional Prime Obligations Fund: The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
Federated Hermes Treasury Obligations Fund: The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
Federated Hermes Trust for U.S. Treasury Obligations: The Fund’s disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. |
Federated Hermes Government Obligations Fund: The Fund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.
Federated Hermes Prime Cash Obligations Fund: The Fund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.
Federated Hermes Institutional Prime Obligations Fund: The Fund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.
Federated Hermes Treasury Obligations Fund: The Fund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.
Federated Hermes Trust for U.S. Treasury Obligations: The Fund’s Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.
| Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
| Item 13. | Portfolio Managers of Closed-End Management Investment Companies. |
Not Applicable
| Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not Applicable
| Item 15. | Submission of Matters to a Vote of Security Holders. |
No Changes to Report
| Item 16. | Controls and Procedures. |
(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
| Item 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not Applicable
| Item 18. | Recovery of Erroneously Awarded Compensation |
(a) Not Applicable
(b) Not Applicable
| Item 19. | Exhibits |
(a)(1) Not Applicable.
(a)(2) Not Applicable.
(a)(3) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(4) Not Applicable.
(a)(5) 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/
Jeremy
D.
Boughton
Jeremy
D.
Boughton,
Principal
Financial
Officer
Date: September 23, 2026
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: September 23, 2026
By:
/s/
Jeremy
D.
Boughton
Jeremy
D.
Boughton,
Principal
Financial
Officer
Date: September 23, 2026