FIHBX Fees and Costs — Federated Hermes Institutional High Yield Bond Fund, Institutional Shares
Data updated: 2026-09-23
The net expense ratio is 0.50%: a 0.40% management fee plus 0.15% other expenses, less a 0.05% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $106 in broker commissions, and portfolio turnover was 21%.
FIHBX Fees and Expenses
Annual operating expenses and sales charges of FIHBX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.15% |
| Gross expense ratio | 0.55% |
| Fee waiver | −0.05% |
| Net expense ratio | 0.50% |
| 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 |
FIHBX Costs Over Time
On $10,000 invested in FIHBX, assuming 5% a year before costs, total costs come to $316 over 5 years, cutting the return by 0.52% 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 0.50%) | $52 | $165 | $287 |
| Lost growth on money paid in costs | $0 | $8 | $29 |
| Total costs | $52 | $173 | $316 |
| Value after costs | $10,448 | $11,403 | $12,447 |
| Impact on return, per year | 0.52% | 0.52% | 0.52% |
FIHBX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: $106
- Bought from dealers (principal trades, not a cost): $7.1B
- Portfolio turnover (prospectus): 21%
- Securities lending: none during the year
FIHBX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| TD Securities (USA) LLC | $106 | 100.00% |
FIHBX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Federated Securities Corp. | $3.8B | 56.51% |
| J.P. Morgan Securities LLC | $715.0M | 10.72% |
| Goldman Sachs & Co. LLC | $648.8M | 9.73% |
| BofA Securities, Inc. | $342.4M | 5.14% |
| Jefferies LLC | $307.8M | 4.62% |
| Morgan Stanley & Co. LLC | $301.1M | 4.52% |
| Citigroup Global Markets Inc. | $212.4M | 3.19% |
| Wells Fargo Securities, LLC | $161.1M | 2.42% |
| Barclays Capital Inc. | $132.4M | 1.99% |
| Deutsche Bank Securities Inc. | $78.7M | 1.18% |
Federated Hermes Institutional High Yield Bond Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FIHLX | Class R6 | 0.49% | none |
| FIHBX | Institutional Shares | 0.50% | none |
| FIHAX | Class A | 0.75% | 4.50% |
| FIHCX | Class C | 1.54% | 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.