FHMAX Fees and Costs — Federated Hermes Conservative Municipal Microshort Fund
Data updated: 2026-07-27
The net expense ratio is 0.40%: a 0.25% management fee, a 0.15% 12b-1 fee plus 0.18% other expenses, less a 0.18% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 60%.
FHMAX Fees and Expenses
Annual operating expenses and sales charges of FHMAX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | 0.15% |
| Other expenses | 0.18% |
| Gross expense ratio | 0.58% |
| Fee waiver | −0.18% |
| Net expense ratio | 0.40% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
FHMAX Costs Over Time
On $10,000 invested in FHMAX, assuming 5% a year before costs, total costs come to $253 over 5 years, cutting the return by 0.42% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.40%) | $42 | $132 | $230 |
| Lost growth on money paid in costs | $0 | $7 | $23 |
| Total costs | $42 | $138 | $253 |
| Value after costs | $10,458 | $11,438 | $12,510 |
| Impact on return, per year | 0.42% | 0.42% | 0.42% |
FHMAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $889.4M
- Portfolio turnover (prospectus): 60%
- Securities lending: none during the year
FHMAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $323.2M | 39.58% |
| Barclays Capital Inc. | $122.7M | 15.03% |
| Goldman Sachs & Co. LLC | $66.8M | 8.17% |
| Wells Fargo Securities, LLC | $59.8M | 7.32% |
| Deutsche Bank Securities Inc. | $49.7M | 6.09% |
| Piper Sandler & Co. | $49.2M | 6.02% |
| Morgan Stanley & Co. LLC | $46.5M | 5.70% |
| U.S. Bancorp Investments, Inc. | $40.0M | 4.89% |
| BofA Securities, Inc. | $29.8M | 3.64% |
| Truist Securities, Inc. | $29.1M | 3.56% |
Federated Hermes Conservative Municipal Microshort Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FHMIX | Institutional Shares | 0.25% | none |
| FHMAX | C000224644 | 0.40% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.