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Trending ETFs

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$9.91

$2.22 B

2.60%

$0.26

0.36%

Vitals

YTD Return

0.3%

1 yr return

-0.8%

3 Yr Avg Return

-0.4%

5 Yr Avg Return

-0.2%

Net Assets

$2.22 B

Holdings in Top 10

19.1%

52 WEEK LOW AND HIGH

$9.9
$9.83
$9.99

Expenses

OPERATING FEES

Expense Ratio 0.36%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 61.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$9.91

$2.22 B

2.60%

$0.26

0.36%

FMUSX - Profile

Distributions

  • YTD Total Return 0.5%
  • 3 Yr Annualized Total Return -0.4%
  • 5 Yr Annualized Total Return -0.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.39%
DIVIDENDS
  • Dividend Yield 2.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Federated Hermes Municipal Ultra Short Fund
  • Fund Family Name
    Federated
  • Inception Date
    Oct 24, 2000
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Jeff Kozemchak

Fund Description

The Fund pursues its objective by investing its assets so that, normally, distributions of annual interest income are exempt from federal regular income tax. Interest from the Fund’s investments may be subject to (or may be a specific preference item for purposes of) the federal alternative minimum tax (AMT) for individuals.The Fund will invest at least 65% of its assets in securities rated investment-grade (or unrated securities of comparable quality) without regard to the maturity of the securities and may purchase securities rated below investment-grade, which are also known as junk bonds, (or unrated securities of comparable quality) without regard to the maturity of the securities up to 35% of its assets. The Fund’s investment adviser (“Adviser”) seeks to maintain a low degree of Share price fluctuation by generally limiting the Fund’s dollar-weighted average portfolio duration to one year or less. The Adviser may lengthen or shorten duration from time to time based on its interest rate outlook. Duration measures the sensitivity of a security’s price to changes in interest rates. The Adviser may also continue to seek to maintain a low degree of Share price fluctuation and manage the Fund’s average duration by investing in variable rate demand notes, municipal notes and short-term municipal bonds as a core position in the Fund’s portfolio.The Adviser may seek higher returns than may be offered by a tax-exempt money market fund by generally investing in:◾ short-term securities with maturities greater than one year;◾ medium-quality securities; and/or◾ noninvestment-grade securities.Short-term securities generally include securities with maturities of no more than three years. The Fund also may invest in securities with maturities greater than three years, subject to the Fund generally limiting the Fund’s dollar-weighted average portfolio duration to one year or less.Medium-quality securities generally include investment-grade securities that are rated in the third and fourth highest rating category by a nationally recognized statistical rating organization (NRSRO) and unrated securities of comparable quality. Investment-grade securities are securities that receive investment-grade ratings (i.e., generally ratings in the first, second, third or fourth highest rating categories) by an NRSRO or unrated securities of comparable quality. For example, securities rated AAA, AA, A and BBB (including modifiers, sub-categories or gradations) by Standard & Poor’s, an NRSRO, would be rated in the first, second, third or fourth highest rating category, respectively. Tax-exempt securities rated A and BBB by Standard & Poor’s are rated in the third (A) and fourth (BBB) highest rating categories and would be considered medium-quality securities by the Fund. The presence of a ratings modifier, sub-category, or gradation (for example, a (+) or (-)), is intended to show relative standing within the major rating categories and does not affect the security credit rating for purposes of the Fund’s investment parameters. Although medium-quality securities are still considered investment-grade securities, lower credit ratings do correspond to higher perceived credit risk.Noninvestment-grade securities generally include securities rated below investment-grade and unrated securities of comparable quality. For example, tax-exempt securities rated BB by Standard & Poor’s would be noninvestment-grade securities.The securities in which the Fund may principally invest include tax-exempt securities, which may include, for example, general obligation bonds; special revenue bonds; private activity bonds; tax increment financing bonds; municipal mortgage-backed securities; planned amortization classes; variable rate demand instruments; municipal notes; and tax-exempt commercial paper. Certain of the tax-exempt securities in which the Fund invests may be subject to credit enhancement.The Fund also may principally invest in derivative contracts (such as, for example, futures contracts, options contracts and swap contracts) and/or hybrid instruments to implement its investment strategy. For example, the Fund may use derivative contracts or hybrid instruments to increase or decrease the portfolio’s exposure to the investment(s) underlying the derivative contracts or hybrid instruments in an attempt to benefit from changes in the value of the underlying investment(s), to gain exposure to the municipal bond sector, to increase or decrease the effective duration of the Fund’s portfolio or to hedge against potential losses. There can be no assurance that the Fund’s use of derivative contracts or hybrid instruments will work as intended. Derivative investments made by the Fund are included within the Fund’s 80% policy (as described below) and are calculated at market value.The Fund is not a money market fund and is not subject to the special regulatory requirements (including maturity and credit quality constraints) designed to enable money market funds to maintain a stable share price.The Fund will normally invest so that at least 80% of its net assets are in tax-exempt securities or at least 80% of its annual interest income is exempt from federal regular income tax. Only for purposes of compliance with Rule 35d-1 under the Investment Company Act of 1940 (“1940 Act”), the Fund will invest its assets so that at least 80% of the income it distributes will be exempt from federal regular income tax. This policy may not be changed without shareholder approval.
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FMUSX - Performance

Return Ranking - Trailing

Period FMUSX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.3% -86.8% 7.5% 74.69%
1 Yr -0.8% -21.8% 15.7% 25.67%
3 Yr -0.4%* -10.3% 52.1% 27.63%
5 Yr -0.2%* -4.8% 29.9% 30.19%
10 Yr -0.1%* -3.2% 13.6% 13.89%

* Annualized

Return Ranking - Calendar

Period FMUSX Return Category Return Low Category Return High Rank in Category (%)
2022 -1.5% -91.1% 101.7% 17.53%
2021 -0.1% -79.2% 102.5% 46.22%
2020 0.1% -66.1% 60.0% 73.36%
2019 0.1% -57.4% 7.6% 88.72%
2018 0.0% -35.9% 3.2% 8.95%

Total Return Ranking - Trailing

Period FMUSX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -86.8% 7.5% 73.28%
1 Yr -0.8% -21.8% 15.4% 13.52%
3 Yr -0.4%* -10.3% 52.1% 29.48%
5 Yr -0.2%* -4.8% 29.9% 35.17%
10 Yr -0.1%* -3.2% 13.6% 21.18%

* Annualized

Total Return Ranking - Calendar

Period FMUSX Return Category Return Low Category Return High Rank in Category (%)
2022 -1.7% -91.1% 101.7% 18.50%
2021 -0.1% -79.2% 102.5% 46.25%
2020 0.1% -66.1% 60.0% 73.37%
2019 0.1% -57.4% 7.6% 88.93%
2018 0.0% -35.9% 3.2% 12.14%

NAV & Total Return History


FMUSX - Holdings

Concentration Analysis

FMUSX Category Low Category High FMUSX % Rank
Net Assets 2.22 B 2.87 M 73.9 B 15.84%
Number of Holdings 370 1 14000 27.62%
Net Assets in Top 10 403 M -317 M 8.64 B 5.99%
Weighting of Top 10 19.06% 2.4% 100.0% 54.15%

Top 10 Holdings

  1. PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 0.65% 2.72%
  2. PORT CORPUS CHRISTI AUTH TEX NUECES CNTY SOLID WASTE DISP REV 0.55% 2.37%
  3. J P MORGAN CHASE PUTTERS / DRIVERS TR VAR STS 0.64% 2.07%
  4. PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 0.17% 2.06%
  5. NUVEEN AMT-FREE MUN CR INCOME FD 0.71% 2.00%
  6. NUVEEN INSD TAX-FREE ADVANTAGE MUN FD 0.71% 1.88%
  7. ST JAMES PARISH LA REV 0.68% 1.74%
  8. CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV 0.75% 1.71%
  9. DEUTSCHE BK SPEARS/LIFERS SER DBE-7001 TR 0.91% 1.70%
  10. MEADE CNTY KY INDL BLDG REV 0.52% 1.60%

Asset Allocation

Weighting Return Low Return High FMUSX % Rank
Bonds
97.05% 0.00% 150.86% 75.17%
Cash
2.95% -50.86% 100.00% 23.63%
Stocks
0.00% -0.03% 4.63% 12.96%
Preferred Stocks
0.00% -1.79% 0.04% 9.89%
Other
0.00% -13.03% 30.01% 11.11%
Convertible Bonds
0.00% 0.00% 0.93% 9.98%

Bond Sector Breakdown

Weighting Return Low Return High FMUSX % Rank
Municipal
97.11% 0.00% 100.00% 74.24%
Cash & Equivalents
2.89% 0.00% 100.00% 24.54%
Derivative
0.00% 0.00% 21.68% 9.84%
Securitized
0.00% 0.00% 5.93% 11.25%
Corporate
0.00% 0.00% 9.99% 25.58%
Government
0.00% 0.00% 52.02% 15.42%

Bond Geographic Breakdown

Weighting Return Low Return High FMUSX % Rank
US
97.05% 0.00% 142.23% 55.19%
Non US
0.00% 0.00% 62.14% 71.11%

FMUSX - Expenses

Operational Fees

FMUSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.36% 0.02% 3.60% 70.42%
Management Fee 0.30% 0.00% 1.10% 14.85%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.10% 0.01% 0.44% 33.01%

Sales Fees

FMUSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 4.90% N/A
Deferred Load N/A 0.25% 5.50% N/A

Trading Fees

FMUSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

FMUSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 61.00% 0.00% 283.00% 95.59%

FMUSX - Distributions

Dividend Yield Analysis

FMUSX Category Low Category High FMUSX % Rank
Dividend Yield 2.60% 0.00% 35.27% 65.25%

Dividend Distribution Analysis

FMUSX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

FMUSX Category Low Category High FMUSX % Rank
Net Income Ratio 0.39% -0.53% 24.00% 96.81%

Capital Gain Distribution Analysis

FMUSX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Annually Semi-Annually Semi-Annually

Distributions History

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FMUSX - Fund Manager Analysis

Managers

Jeff Kozemchak


Start Date

Tenure

Tenure Rank

Oct 24, 2000

21.61

21.6%

Mr. Kozemchak joined Federated in 1987 and has been a Senior Portfolio Manager since 1996 and a Senior Vice President of Federated since 1999. He was a Portfolio Manager until 1996 and a Vice President of Federated from 1993 to 1998. Mr. Kozemchak has received the Chartered Financial Analyst designation and his M.S. in Industrial Administration from Carnegie Mellon University in 1987.

Mary Ochson


Start Date

Tenure

Tenure Rank

Nov 30, 2017

4.5

4.5%

Ms. Ochson joined Federated Investment Management Company in 1982 as a portfolio manager and Ms. Ochson is a Senior Portfolio Manager and Head of the Tax-Free Money Market Investment Group. She was appointed Senior Vice President in 2004. Ms. Ochson has received the Chartered Financial Analyst designation and a M.B.A. from University of Pittsburgh. Ms. Ochson is a Senior Portfolio Manager and Head of the Tax-Free Money Market Investment Group.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.22 1.58