Fund Evaluator:
Federated Hermes PA Municipal Income A (PAMFX)
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Best Performing in Muni Pennsylvania Over the Last Year
| 6.7% | Vanguard PA Long-Term Tax-Exempt Adm (VPALX) |
| 6.7% | Vanguard PA Long-Term Tax-Exempt Inv (VPAIX) |
| 5.0% | Fidelity Pennsylvania Municipal Income (FPXTX) |
Fund Details
Federated Hermes PA Municipal Income A Overview
Federated Hermes PA Municipal Income A (PAMFX) is an actively managed Municipal Bond Muni Pennsylvania fund. Federated launched the fund in 1990.
The investment seeks to provide current income exempt from federal regular income tax (federal regular income tax does not include the federal alternative minimum tax (AMT)) and the personal income taxes imposed by the state of Pennsylvania and Pennsylvania municipalities. The fund pursues its objective by investing in a portfolio of tax-exempt securities so that, normally, distributions of annual interest income are exempt from federal regular income tax and the Commonwealth of Pennsylvania personal income tax.
About Federated Hermes PA Municipal Income A (PAMFX)
There are 2 members of the management team with an average tenure of 0.75 years: Ann Ferentino (2025), 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 Pennsylvania TR index with a weighting of 100%. Federated Hermes PA Municipal Income A has 95 securities in its portfolio. The top 10 holdings constitute 17.5% 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 PA Municipal Income A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Federated Hermes PA Municipal Income A has 2.0% 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% (98.0% domestic bond, 2.0% foreign bond and 0.0% convertible bond). Federated Hermes PA Municipal Income A has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $70 million in total assets, which is below the $189 million average for the Muni Pennsylvania 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.
PAMFX 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 PA Municipal Income A expense ratio is above average compared to funds in the Muni Pennsylvania category. Federated Hermes PA Municipal Income A has an expense ratio of 0.76%, which is 9% lower than its category average, making the fund expense ratio grade a C. 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 PA Municipal Income A has a portfolio turnover rate of 35%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 27% for the Muni Pennsylvania category.
Recently, in the month of July 2026, Federated Hermes PA Municipal Income A returned -1.7%, which earned it a grade of B, as the Muni Pennsylvania category had an average return of -1.9%. 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 PA Municipal Income A has a trailing yield of 3.41%, which is below the 3.51% 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 PA Municipal Income A Grades
Year to date, the fund has returned 0.8%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 6.1% over the past year (grade of D), 2.8% over the past three years (grade of D) and 0.3% per year over the past five years (grade of C) and 1.6% per year over the past 10 years (grade of C).
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PAMFX 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 |
|
| PAMFX Return (NAV) | -1.7% | -0.3% | 6.1% | 2.8% | 0.3% | 1.6% |
| PAMFX Grade | B | B | D | D | C | C |
| +/- Category | 0.2% | 0.2% | -0.1% | -0.3% | 0.2% | -0.1% |
| Muni Pennsylvania Avg | -1.9% | -0.5% | 6.3% | 3.1% | 0.1% | 1.7% |
| PAMFX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
PAMFX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PAMFX Return (NAV) | 0.8% | 3.1% | 1.9% | 5.4% | -9.1% | 1.9% | 4.3% | 6.8% | 0.5% | 4.7% | 1.0% |
| PAMFX Grade | B | D | D | D | A | D | C | C | F | C | B |
| +/- Category | 0.2% | -0.2% | -0.4% | -0.5% | 1.4% | -0.6% | -0.1% | -0.4% | -1.4% | 0.5% | 0.4% |
| Muni Pennsylvania Avg | 0.6% | 3.3% | 2.2% | 5.9% | -10.5% | 2.6% | 4.4% | 7.1% | 2.0% | 4.1% | 0.7% |
| Risk Measures | |
| Standard Deviation: | 5.6% |
| Total Risk Index: | 0.45 - Low |
| Category Risk Index: | 0.88 - Low |
| Category Risk Grade: | A (13% Rank) |
| Beta: | 0.96 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 3.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $94 Mil |
| Fund Total Assets: | $ 71 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 35% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.8 years | |||
| Average Tenure: 0.8 years | |||
| Managers (Year): Ferentino Ann (2025), Plaski Derek (2025) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 95 |
| % in Top 10 Holdings: | 17.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 98.0% |
| Foreign Bond: | 2.0% |
| 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: | October 11, 1990 |
| Min. Initial Purchase: | $1,500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 4.50% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.76% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.84% |
| Share Class: | Federated Hermes PA Municipal Income A |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
