FMUIX Fees and Costs — Federated Hermes Muni and Stock Advantage Fund, Institutional Shares
Data updated: 2026-09-23
The net expense ratio is 0.74%: a 0.65% management fee plus 0.19% other expenses, less a 0.10% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $240K in broker commissions, 0.0176% of average net assets, and portfolio turnover was 31%.
FMUIX Fees and Expenses
Annual operating expenses and sales charges of FMUIX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.19% |
| Gross expense ratio | 0.84% |
| Fee waiver | −0.10% |
| Net expense ratio | 0.74% |
| 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 |
FMUIX Costs Over Time
On $10,000 invested in FMUIX, assuming 5% a year before costs, total costs come to $476 over 5 years, cutting the return by 0.80% 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 0.74%) | $78 | $243 | $423 |
| Trading costs (broker commissions) | $2 | $6 | $10 |
| Lost growth on money paid in costs | $0 | $12 | $44 |
| Total costs | $80 | $261 | $476 |
| Value after costs | $10,420 | $11,315 | $12,287 |
| Impact on return, per year | 0.80% | 0.80% | 0.80% |
FMUIX 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): 0.0176%
- Total broker commissions: $240K
- Bought from dealers (principal trades, not a cost): $1.0B
- Portfolio turnover (prospectus): 31%
- Securities lending: none during the year
FMUIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Instinet, LLC | $70K | 37.08% |
| J.P. Morgan Securities LLC | $41K | 21.95% |
| Barclays Capital Inc. | $14K | 7.28% |
| Merrill Lynch, Pierce, Fenner, & Smith Incorporated | $11K | 6.07% |
| Goldman Sachs & Co. LLC | $11K | 5.98% |
| JonesTrading | $10K | 5.55% |
| STATE STREET GLOBAL ADVISORS FUNDS DISTRIBUTORS, LLC | $8K | 4.27% |
| Citigroup Global Markets Inc. | $8K | 4.20% |
| Sanford C. Bernstein & Co., LLC | $7K | 3.98% |
| UBS Securities LLC | $7K | 3.64% |
FMUIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $378.3M | 43.14% |
| Morgan Stanley & Co. LLC | $92.1M | 10.50% |
| Merrill Lynch, Pierce, Fenner, & Smith Incorporated | $88.2M | 10.06% |
| Barclays Capital Inc. | $73.4M | 8.36% |
| TD Securities (USA) LLC | $64.4M | 7.34% |
| Wells Fargo Securities, LLC | $53.2M | 6.06% |
| Stifel, Nicolaus & Company, Incorporated | $50.5M | 5.76% |
| Piper Sandler & Co. | $34.3M | 3.91% |
| RBC Capital Markets, LLC | $23.6M | 2.69% |
| Goldman Sachs & Co. LLC | $19.1M | 2.17% |
Federated Hermes Muni and Stock Advantage Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FMUIX | Institutional Shares | 0.74% | none |
| FMUAX | Class A | 0.99% | 4.50% |
| FMUFX | Class F | 0.99% | 1.00% |
| FMUCX | Class C | 1.74% | 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.