Fund Evaluator:
Federated Hermes Intermediate Muni A (FIMTX)
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Best Performing in Muni National Interm Over the Last Year
| 8.4% | Sit Tax-Free Income (SNTIX) |
| 5.6% | Putnam Strategic Intermediate Muncpl Y (PAMYX) |
| 5.5% | Goldman Sachs Dynamic Municipal Inc Inv (GUIRX) |
| 5.3% | Victory Tax Exempt Intermediate-Term (USATX) |
| 5.2% | Vanguard Tax-Exempt Bond Index Admiral (VTEAX) |
Fund Details
Federated Hermes Intermediate Muni A Overview
Federated Hermes Intermediate Muni A (FIMTX) is an actively managed Municipal Bond Muni National Interm fund. Federated launched the fund in 1985.
The investment seeks to provide current income exempt from federal regular income tax. The fund pursues its objective by investing its assets so that, normally distributions of annual interest income are exempt from federal regular income tax. At least 75% of its portfolio securities will be investment grade or of comparable quality. The fund's Adviser expects that, normally, up to 15% of the fund's total assets may be invested in securities rated below investment grade. The fund's average weighted maturity is not less than three nor more than ten years.
About Federated Hermes Intermediate Muni A (FIMTX)
There are 3 members of the management team with an average tenure of 4.78 years: Richard Gallo (2017), Ann Ferentino (2022), Derek Plaski (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P Municipal Bond TR index with a weighting of 100% and S&P Municipal Bond Intermediate TR index with a weighting of 100%. Federated Hermes Intermediate Muni A has 206 securities in its portfolio. The top 10 holdings constitute 12.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Federated Hermes Intermediate Muni A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Federated Hermes Intermediate Muni A has 1.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 100.0% (98.1% domestic bond, 1.9% foreign bond and 0.0% convertible bond). Federated Hermes Intermediate Muni A has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $30 million in total assets, which is below the $1 billion average for the Muni National Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FIMTX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Federated Hermes Intermediate Muni A expense ratio is above average compared to funds in the Muni National Interm category. Federated Hermes Intermediate Muni A has an expense ratio of 0.70%, which is 3% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Federated Hermes Intermediate Muni A has a portfolio turnover rate of 29%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 39% for the Muni National Interm category.
Recently, in the month of July 2026, Federated Hermes Intermediate Muni A returned -1.6%, which earned it a grade of C, as the Muni National Interm category had an average return of -1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Federated Hermes Intermediate Muni A has a trailing yield of 3.08%, which is below the 3.27% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Federated Hermes Intermediate Muni A Grades
Year to date, the fund has returned 0.0%, 0.4 percentage points worse than the category, which translates into a grade of D. The fund has returned 4.2% over the past year (grade of D), 3.1% over the past three years (grade of C) and 0.7% per year over the past five years (grade of C) and 1.7% per year over the past 10 years (grade of C).
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FIMTX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FIMTX Return (NAV) | -1.6% | -0.7% | 4.2% | 3.1% | 0.7% | 1.7% |
| FIMTX Grade | C | D | D | C | C | C |
| +/- Category | -0.0% | -0.2% | -0.5% | -0.1% | 0.1% | 0.0% |
| Muni National Interm Avg | -1.6% | -0.5% | 4.6% | 3.2% | 0.6% | 1.7% |
| FIMTX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.1% |
FIMTX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FIMTX Return (NAV) | 0.0% | 4.6% | 1.4% | 6.5% | -7.5% | 0.8% | 4.6% | 7.0% | 0.5% | 4.5% | 0.2% |
| FIMTX Grade | D | B | D | A | B | D | B | B | D | D | B |
| +/- Category | -0.4% | 0.4% | -0.6% | 0.7% | 0.7% | -0.9% | 0.3% | 0.3% | -0.3% | -0.3% | 0.4% |
| Muni National Interm Avg | 0.4% | 4.2% | 2.0% | 5.8% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 4.7% |
| Total Risk Index: | 0.38 - Low |
| Category Risk Index: | 0.99 - Average |
| Category Risk Grade: | C (51% Rank) |
| Beta: | 0.82 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $199 Mil |
| Fund Total Assets: | $ 31 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 29% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 9.0 years | |||
| Average Tenure: 4.8 years | |||
| Managers (Year): Gallo Richard (2017), Ferentino Ann (2022), Plaski Derek (2025) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 206 |
| % in Top 10 Holdings: | 12.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 98.1% |
| Foreign Bond: | 1.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Fund Family: | Federated |
| Phone Number: | 800-341-7400 |
| Website: | www.federatedinvestors.com |
| Status: | Open |
| Inception Date: | December 26, 1985 |
| Min. Initial Purchase: | $1,500 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | No |
| Front Load Maximum: | 4.50% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.70% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.68% |
| Share Class: | Federated Hermes Intermediate Muni A |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
