0000353101 fhsidmt:C000024677Member 2016-06-30 2016-06-30 0000353101 fhsidmt:C000024678Member 2016-06-30 2016-06-30 0000353101 fhsidmt:C000037571Member 2016-06-30 2016-06-30 0000353101 fhsidmt:MorningstarUSFundMuniNationalShortFundsCategoryAverageMember 2016-06-30 2016-06-30 0000353101 fhsidmt:SAndPMunicipalBond15YearsInvestmentGrade5PreRefundedIndexMember 2016-06-30 2016-06-30 0000353101 fhsidmt:SAndPMunicipalBondIndexMember 2016-06-30 2016-06-30 0000353101 fhsidmt:SAndPMunicipalBondShortIndexMember 2016-06-30 2016-06-30 0000353101 fhsidmt:C000024677Member 2016-07-01 2018-06-30 0000353101 fhsidmt:C000024678Member 2016-07-01 2018-06-30 0000353101 fhsidmt:C000037571Member 2016-07-01 2018-06-30 0000353101 fhsidmt:MorningstarUSFundMuniNationalShortFundsCategoryAverageMember 2016-07-01 2018-06-30 0000353101 fhsidmt:SAndPMunicipalBond15YearsInvestmentGrade5PreRefundedIndexMember 2016-07-01 2018-06-30 0000353101 fhsidmt:SAndPMunicipalBondIndexMember 2016-07-01 2018-06-30 0000353101 fhsidmt:SAndPMunicipalBondShortIndexMember 2016-07-01 2018-06-30 0000353101 fhsidmt:C000024677Member 2016-07-01 2019-06-30 0000353101 fhsidmt:C000024678Member 2016-07-01 2019-06-30 0000353101 fhsidmt:C000037571Member 2016-07-01 2019-06-30 0000353101 fhsidmt:MorningstarUSFundMuniNationalShortFundsCategoryAverageMember 2016-07-01 2019-06-30 0000353101 fhsidmt:SAndPMunicipalBond15YearsInvestmentGrade5PreRefundedIndexMember 2016-07-01 2019-06-30 0000353101 fhsidmt:SAndPMunicipalBondIndexMember 2016-07-01 2019-06-30 0000353101 fhsidmt:SAndPMunicipalBondShortIndexMember 2016-07-01 2019-06-30 0000353101 fhsidmt:C000024677Member 2016-07-01 2020-06-30 0000353101 fhsidmt:C000024678Member 2016-07-01 2020-06-30 0000353101 fhsidmt:C000037571Member 2016-07-01 2020-06-30 0000353101 fhsidmt:MorningstarUSFundMuniNationalShortFundsCategoryAverageMember 2016-07-01 2020-06-30 0000353101 fhsidmt:SAndPMunicipalBond15YearsInvestmentGrade5PreRefundedIndexMember 2016-07-01 2020-06-30 0000353101 fhsidmt:SAndPMunicipalBondIndexMember 2016-07-01 2020-06-30 0000353101 fhsidmt:SAndPMunicipalBondShortIndexMember 2016-07-01 2020-06-30 0000353101 fhsidmt:C000024677Member 2016-07-01 2022-06-30 0000353101 fhsidmt:C000024678Member 2016-07-01 2022-06-30 0000353101 fhsidmt:C000037571Member 2016-07-01 2022-06-30 0000353101 fhsidmt:MorningstarUSFundMuniNationalShortFundsCategoryAverageMember 2016-07-01 2022-06-30 0000353101 fhsidmt:SAndPMunicipalBond15YearsInvestmentGrade5PreRefundedIndexMember 2016-07-01 2022-06-30 0000353101 fhsidmt:SAndPMunicipalBondIndexMember 2016-07-01 2022-06-30 0000353101 fhsidmt:SAndPMunicipalBondShortIndexMember 2016-07-01 2022-06-30 0000353101 fhsidmt:C000024677Member 2016-07-01 2023-06-30 0000353101 fhsidmt:C000024678Member 2016-07-01 2023-06-30 0000353101 fhsidmt:C000037571Member 2016-07-01 2023-06-30 0000353101 fhsidmt:MorningstarUSFundMuniNationalShortFundsCategoryAverageMember 2016-07-01 2023-06-30 0000353101 fhsidmt:SAndPMunicipalBond15YearsInvestmentGrade5PreRefundedIndexMember 2016-07-01 2023-06-30 0000353101 fhsidmt:SAndPMunicipalBondIndexMember 2016-07-01 2023-06-30 0000353101 fhsidmt:SAndPMunicipalBondShortIndexMember 2016-07-01 2023-06-30 0000353101 fhsidmt:C000024677Member 2016-07-01 2024-06-30 0000353101 fhsidmt:C000024678Member 2016-07-01 2024-06-30 0000353101 fhsidmt:C000037571Member 2016-07-01 2024-06-30 0000353101 fhsidmt:MorningstarUSFundMuniNationalShortFundsCategoryAverageMember 2016-07-01 2024-06-30 0000353101 fhsidmt:SAndPMunicipalBond15YearsInvestmentGrade5PreRefundedIndexMember 2016-07-01 2024-06-30 0000353101 fhsidmt:SAndPMunicipalBondIndexMember 2016-07-01 2024-06-30 0000353101 fhsidmt:SAndPMunicipalBondShortIndexMember 2016-07-01 2024-06-30 0000353101 fhsidmt:C000024677Member 2016-07-01 2025-06-30 0000353101 fhsidmt:C000024678Member 2016-07-01 2025-06-30 0000353101 fhsidmt:C000037571Member 2016-07-01 2025-06-30 0000353101 fhsidmt:MorningstarUSFundMuniNationalShortFundsCategoryAverageMember 2016-07-01 2025-06-30 0000353101 fhsidmt:SAndPMunicipalBond15YearsInvestmentGrade5PreRefundedIndexMember 2016-07-01 2025-06-30 0000353101 fhsidmt:SAndPMunicipalBondIndexMember 2016-07-01 2025-06-30 0000353101 fhsidmt:SAndPMunicipalBondShortIndexMember 2016-07-01 2025-06-30 0000353101 2025-07-01 2026-06-30 0000353101 fhsidmt:C000024677Member 2016-07-01 2021-06-30 0000353101 fhsidmt:C000024678Member 2016-07-01 2021-06-30 0000353101 fhsidmt:C000037571Member 2016-07-01 2021-06-30 0000353101 fhsidmt:MorningstarUSFundMuniNationalShortFundsCategoryAverageMember 2016-07-01 2021-06-30 0000353101 fhsidmt:SAndPMunicipalBond15YearsInvestmentGrade5PreRefundedIndexMember 2016-07-01 2021-06-30 0000353101 fhsidmt:SAndPMunicipalBondIndexMember 2016-07-01 2021-06-30 0000353101 fhsidmt:SAndPMunicipalBondShortIndexMember 2016-07-01 2021-06-30 0000353101 fhsidmt:C000024677Member 2021-07-01 2026-06-30 0000353101 fhsidmt:C000024678Member 2021-07-01 2026-06-30 0000353101 fhsidmt:C000037571Member 2021-07-01 2026-06-30 0000353101 fhsidmt:C000037571Member oef:WithoutSalesLoadMember 2021-07-01 2026-06-30 0000353101 fhsidmt:MorningstarUSFundMuniNationalShortFundsCategoryAverageMember 2021-07-01 2026-06-30 0000353101 fhsidmt:SAndPMunicipalBond15YearsInvestmentGrade5PreRefundedIndexMember 2021-07-01 2026-06-30 0000353101 fhsidmt:SAndPMunicipalBondIndexMember 2021-07-01 2026-06-30 0000353101 fhsidmt:SAndPMunicipalBondShortIndexMember 2021-07-01 2026-06-30 0000353101 fhsidmt:C000024677Member 2016-07-01 2017-06-30 0000353101 fhsidmt:C000024678Member 2016-07-01 2017-06-30 0000353101 fhsidmt:C000037571Member 2016-07-01 2017-06-30 0000353101 fhsidmt:MorningstarUSFundMuniNationalShortFundsCategoryAverageMember 2016-07-01 2017-06-30 0000353101 fhsidmt:SAndPMunicipalBond15YearsInvestmentGrade5PreRefundedIndexMember 2016-07-01 2017-06-30 0000353101 fhsidmt:SAndPMunicipalBondIndexMember 2016-07-01 2017-06-30 0000353101 fhsidmt:SAndPMunicipalBondShortIndexMember 2016-07-01 2017-06-30 0000353101 fhsidmt:C000024677Member 2025-07-01 2026-06-30 0000353101 fhsidmt:C000024678Member 2025-07-01 2026-06-30 0000353101 fhsidmt:C000037571Member 2025-07-01 2026-06-30 0000353101 fhsidmt:C000037571Member oef:WithoutSalesLoadMember 2025-07-01 2026-06-30 0000353101 fhsidmt:MorningstarUSFundMuniNationalShortFundsCategoryAverageMember 2025-07-01 2026-06-30 0000353101 fhsidmt:SAndPMunicipalBond15YearsInvestmentGrade5PreRefundedIndexMember 2025-07-01 2026-06-30 0000353101 fhsidmt:SAndPMunicipalBondIndexMember 2025-07-01 2026-06-30 0000353101 fhsidmt:SAndPMunicipalBondShortIndexMember 2025-07-01 2026-06-30 0000353101 fhsidmt:C000024677Member 2016-07-01 2026-06-30 0000353101 fhsidmt:C000024678Member 2016-07-01 2026-06-30 0000353101 fhsidmt:C000037571Member 2016-07-01 2026-06-30 0000353101 fhsidmt:C000037571Member oef:WithoutSalesLoadMember 2016-07-01 2026-06-30 0000353101 fhsidmt:MorningstarUSFundMuniNationalShortFundsCategoryAverageMember 2016-07-01 2026-06-30 0000353101 fhsidmt:SAndPMunicipalBond15YearsInvestmentGrade5PreRefundedIndexMember 2016-07-01 2026-06-30 0000353101 fhsidmt:SAndPMunicipalBondIndexMember 2016-07-01 2026-06-30 0000353101 fhsidmt:SAndPMunicipalBondShortIndexMember 2016-07-01 2026-06-30 0000353101 fhsidmt:C000024677Member 2026-06-30 0000353101 fhsidmt:C000024677Member fhsidmt:AirportMember 2026-06-30 0000353101 fhsidmt:C000024677Member fhsidmt:ElectricAndGasMember 2026-06-30 0000353101 fhsidmt:GeneralObligationLocalMember fhsidmt:C000024677Member 2026-06-30 0000353101 fhsidmt:GeneralObligationStateMember fhsidmt:C000024677Member 2026-06-30 0000353101 fhsidmt:C000024677Member fhsidmt:HospitalMember 2026-06-30 0000353101 fhsidmt:IndustrialDevelopmentBondPollutionControlRevenueMember fhsidmt:C000024677Member 2026-06-30 0000353101 fhsidmt:C000024677Member srt:MultifamilyMember 2026-06-30 0000353101 fhsidmt:C000024677Member fhsidmt:PrepaidGasUtilityMember 2026-06-30 0000353101 fhsidmt:C000024677Member fhsidmt:SeniorCareMember 2026-06-30 0000353101 fhsidmt:C000024677Member fhsidmt:TollRoadMember 2026-06-30 0000353101 fhsidmt:C000024677Member fhsidmt:WaterAndSewerMember 2026-06-30 0000353101 fhsidmt:C000024678Member 2026-06-30 0000353101 fhsidmt:C000024678Member fhsidmt:AirportMember 2026-06-30 0000353101 fhsidmt:C000024678Member fhsidmt:ElectricAndGasMember 2026-06-30 0000353101 fhsidmt:GeneralObligationLocalMember fhsidmt:C000024678Member 2026-06-30 0000353101 fhsidmt:GeneralObligationStateMember fhsidmt:C000024678Member 2026-06-30 0000353101 fhsidmt:C000024678Member fhsidmt:HospitalMember 2026-06-30 0000353101 fhsidmt:IndustrialDevelopmentBondPollutionControlRevenueMember fhsidmt:C000024678Member 2026-06-30 0000353101 fhsidmt:C000024678Member srt:MultifamilyMember 2026-06-30 0000353101 fhsidmt:C000024678Member fhsidmt:PrepaidGasUtilityMember 2026-06-30 0000353101 fhsidmt:C000024678Member fhsidmt:SeniorCareMember 2026-06-30 0000353101 fhsidmt:C000024678Member fhsidmt:TollRoadMember 2026-06-30 0000353101 fhsidmt:C000024678Member fhsidmt:WaterAndSewerMember 2026-06-30 0000353101 fhsidmt:C000037571Member 2026-06-30 0000353101 fhsidmt:C000037571Member fhsidmt:AirportMember 2026-06-30 0000353101 fhsidmt:C000037571Member fhsidmt:ElectricAndGasMember 2026-06-30 0000353101 fhsidmt:GeneralObligationLocalMember fhsidmt:C000037571Member 2026-06-30 0000353101 fhsidmt:GeneralObligationStateMember fhsidmt:C000037571Member 2026-06-30 0000353101 fhsidmt:C000037571Member fhsidmt:HospitalMember 2026-06-30 0000353101 fhsidmt:IndustrialDevelopmentBondPollutionControlRevenueMember fhsidmt:C000037571Member 2026-06-30 0000353101 fhsidmt:C000037571Member srt:MultifamilyMember 2026-06-30 0000353101 fhsidmt:C000037571Member fhsidmt:PrepaidGasUtilityMember 2026-06-30 0000353101 fhsidmt:C000037571Member fhsidmt:SeniorCareMember 2026-06-30 0000353101 fhsidmt:C000037571Member fhsidmt:TollRoadMember 2026-06-30 0000353101 fhsidmt:C000037571Member fhsidmt:WaterAndSewerMember 2026-06-30 iso4217:USD pure fhsidmt:Holding 10132.72284 10054.158 11806.20473 9989 10941.17985 10043.27987 11707.09396 10274 10875 11471.86413 10804 9972 11031.37366 11235.59772 10777.22461 10510 10078.90946 10674 10585.24781 10123.44623 10188 10821.04377 10369 10721 11672.36126 11337 11268 10000 10779.73874 10597.38889 10930.85515 10712.23268 10094.67358 10049 10000 10191 10000 10704.43289 9900 11496 11094.68327 10682.32454 10336 10781.3157 10427.35512 9971.691 11095 10534 10465 10445 10025 10458.27743 10120 10752.74461 11798.93027 10358 10572.66361 12443.38026 10159 10565.9206 10000 11426.60836 11314.50056 10165 10014.34 11493.7801 10975.34051 10478 9913 10000 10421.3504 10000 10929 11703.66168 10365.18677 10557 11764 0.127 0.024 0.147 0.114 0.114 0.024 0.042 0.127 0.024 0.023 0.073 0.042 0.036 0.147 0.042 0.147 0.073 0.073 0.023 0.036 0.048 0.114 0.048 0.069 0.036 0.130 0.069 0.023 0.127 0.130 0.130 0.069 0.048 0000353101 false N-1A N-CSR Federated Hermes Short-Intermediate Duration Municipal Trust 2026-06-30 Federated Hermes Short-Intermediate Municipal Fund Class A Shares FMTAX This annual shareholder report contains important information about the Federated Hermes Short-Intermediate Municipal Fund (the “Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-style:solid;text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'times new roman';font-size:10pt">FederatedHermes.com/us/FundInformation</span>. You can also request this information by contacting us at 1‑800‑341‑7400, Option 4, or your financial advisor. FederatedHermes.com/us/FundInformation 1‑800‑341‑7400 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;"> <b>This report describes changes made to the Fund during the reporting period.</b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;">What were the Fund costs for the last year?</div><div style="margin-top:0px;margin-bottom:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;">(Based on a hypothetical $10,000 investment)</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;"><strong>Class Name</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;"><strong><span style="white-space:nowrap">Costs of a $10,000 investment</span></strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; width: 180pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom;">Class A Shares</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;"><span style="float:none">$</span>66</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; white-space: nowrap;">0.65<span>%</span></td> </tr> </table> 66 0.0065 <div style="margin-bottom:0px;"> <div style="break-inside:avoid;"> <div style="font-family:'times new roman';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">Management's Discussion of Fund Performance</div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">The following discussion compares the performance of the Fund to the S&amp;P Municipal Bond Short Index (the “Index”) to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the S&amp;P Municipal Bond Index, a required broad-based index which represents the overall US municipal fixed-income market. The Fund seeks to provide dividend income, which is exempt from federal regular income tax, by investing its assets so that normally distributions of annual interest income are exempt from federal regular income tax. A majority of the Fund’s assets are invested in securities rated investment-grade.</div> </div> <div style="break-inside:avoid;"> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;text-transform:none;letter-spacing:normal;font-weight:bold;page-break-after:avoid;"> <b>Top Contributors to Performance</b> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">Yield curve and duration management contributed positively to relative Fund performance. A tactical 26% allocation to bonds not in the Index with maturities beyond four years had a positive contribution. The Fund also benefited from being positioned long relative to the Index as interest rates declined during the fiscal year.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">Credit allocation contributed positively with significant overweight positions relative to the Index in A- and BBB-rated securities, which outperformed the Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">Security selection contributed positively to relative Fund performance as the Fund outperformed the Index after accounting for duration, yield curve positioning, sector allocation and credit contributions. Noteworthy positive contributors included high-grade callable bonds with maturities beyond 10 years.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">Sector allocation contributed positively to relative Fund performance with an overweight allocation to Housing and Senior Care bonds.</div> </li> </ul> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;"> </div> <div style="margin-top:0px;margin-bottom:0px;"> <br/> </div> <div style="break-inside:avoid;"> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;text-transform:none;letter-spacing:normal;font-weight:bold;page-break-after:avoid;"> <b>Top Detractors from Performance</b> </div> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">Security selection detracted from relative Fund performance given an approximately 10.8% allocation to variable/floating-rate notes excluded from the Index, in an environment where interest rates declined.</div> </li> </ul> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;"> </div> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;">Fund Performance</div><div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;"> <b>Keep in mind that the Fund’s past performance is not a predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</b> </div><div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;">Cumulative Performance: June 30, 2016 through June 30, 2026</div><div style="text-transform:none;font-family:'times new roman';color:rgb(0, 0, 0);letter-spacing:normal;font-size:10pt;margin-bottom:3pt;font-weight:normal;margin-top:11.5pt;">Initial Investment of $10,000</div><div style="margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_12152504.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 521pt;"/> </div> Keep in mind that the Fund’s past performance is not a predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;font-family:'times new roman';font-weight:bold;font-size:12pt;color:rgb(0, 0, 0);border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial;padding-left:3px"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3px; text-align: left; font-family: 'Times New Roman'; font-weight: bold; font-size: 12pt; width: 60%; color: rgb(0, 0, 0);">Average Annual Total Returns</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt;"></td> </tr> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3px; text-align: left; font-family: 'Times New Roman'; font-weight: bold; font-size: 12pt; width: 60%; color: rgb(0, 0, 0);"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; width: 14%;"><strong>10 Years</strong></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3px; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;">Class A Shares with sales load</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.20<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3px; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;">Class A Shares without sales load</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.46<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.30<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3px; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;">S&amp;P Municipal Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.21<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3px; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;">S&amp;P Municipal Bond Short Index </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.67<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3px; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;">S&amp;P Municipal Bond 1-5 Years Investment Grade 5% Pre-Refunded Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.67<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3px; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;">Morningstar US Fund Muni National Short Funds Category Average</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">3.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.73<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.60<span>%</span></td> </tr> </table> Class A Shares with sales load 0.0258 0.0127 0.0120 Class A Shares without sales load 0.0361 0.0146 0.0130 S&P Municipal Bond Index 0.0661 0.0123 0.0221 S&P Municipal Bond Short Index  0.0291 0.0176 0.0167 S&P Municipal Bond 1-5 Years Investment Grade 5% Pre-Refunded Index 0.0326 0.0154 0.0167 Morningstar US Fund Muni National Short Funds Category Average 0.0345 0.0173 0.0160 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Visit <span style="text-decoration-style:solid;text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'times new roman';font-size:10pt">FederatedHermes.com/us/FundInformation</span> and click on the link to your fund and share class for more recent performance information.</div> <div style="font-family:'times new roman';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;break-after:avoid;">Key Fund Statistics</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold;">Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>400,348,788</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold;">Number of Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">214</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold;">Portfolio Turnover</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold;">Total Advisory Fees Paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>707,714</td> </tr> </table> 400348788 214 0.26 707714 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;">Fund Holdings</div><div style="margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'times new roman';color:rgb(0, 0, 0);letter-spacing:normal;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;font-weight:bold;"> <b>Top Sectors</b> <br/> <b>(% of Net Assets)</b> </div><div style="padding-left:0px;padding-right:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_12152499.jpg" style="width: 172.8pt;"/> </div> <div style="font-family:'times new roman';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;clear:both;">Material Fund Changes</div><div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Following is a summary of material changes made to the Fund during the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at <span style="text-decoration-style:solid;text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'times new roman';font-size:10pt">FederatedHermes.com/us/FundInformation</span> or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.</div><div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Effective April 2, 2026, Mary Jo Ochson no longer serves as a portfolio manager of the Fund.</div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Following is a summary of material changes made to the Fund during the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at <span style="text-decoration-style:solid;text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'times new roman';font-size:10pt">FederatedHermes.com/us/FundInformation</span> or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.</div> FederatedHermes.com/us/FundInformation 1-800-341-7400 Federated Hermes Short-Intermediate Municipal Fund Institutional Shares FSHIX This annual shareholder report contains important information about the Federated Hermes Short-Intermediate Municipal Fund (the “Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">FederatedHermes.com/us/FundInformation</span>. You can also request this information by contacting us at 1‑800‑341‑7400, Option 4, or your financial advisor. FederatedHermes.com/us/FundInformation 1‑800‑341‑7400 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt;"><b>This report describes changes made to the Fund during the reporting period.</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>Class Name</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong><span style="white-space: nowrap;">Costs of a $10,000 investment</span></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; width: 180pt; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Institutional Shares</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>41</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.40<span>%</span></td> </tr> </table> 41 0.0040 <div style="margin-bottom: 0px;"> <div style="break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">The following discussion compares the performance of the Fund to the S&amp;P Municipal Bond Short Index (the “Index”) to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the S&amp;P Municipal Bond Index, a required broad-based index which represents the overall US municipal fixed-income market. The Fund seeks to provide dividend income, which is exempt from federal regular income tax, by investing its assets so that normally distributions of annual interest income are exempt from federal regular income tax. A majority of the Fund’s assets are invested in securities rated investment-grade.</div> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold; page-break-after: avoid;"><b>Top Contributors to Performance</b></div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Yield curve and duration management contributed positively to relative Fund performance. A tactical 26% allocation to bonds not in the Index with maturities beyond four years had a positive contribution. The Fund also benefited from being positioned long relative to the Index as interest rates declined during the fiscal year.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Credit allocation contributed positively with significant overweight positions relative to the Index in A- and BBB-rated securities, which outperformed the Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Security selection contributed positively to relative Fund performance as the Fund outperformed the Index after accounting for duration, yield curve positioning, sector allocation and credit contributions. Noteworthy positive contributors included high-grade callable bonds with maturities beyond 10 years.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Sector allocation contributed positively to relative Fund performance with an overweight allocation to Housing and Senior Care bonds.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;"> </div> <div style="margin-top: 0px; margin-bottom: 0px;"><br/></div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold; page-break-after: avoid;"><b>Top Detractors from Performance</b></div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Security selection detracted from relative Fund performance given an approximately 10.8% allocation to variable/floating-rate notes excluded from the Index, in an environment where interest rates declined.</div> </li> </ul> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;"> </div> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund’s past performance is not a predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: June 30, 2016 through June 30, 2026</div> <div style="text-transform: none; font-family: 'times new roman'; color: rgb(0, 0, 0); letter-spacing: normal; font-size: 10pt; margin-bottom: 3pt; font-weight: normal; margin-top: 11.5pt;">Initial Investment of $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_12152502.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 521pt;"/> </div> Keep in mind that the Fund’s past performance is not a predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; font-family: 'times new roman'; font-weight: bold; font-size: 12pt; color: rgb(0, 0, 0); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 3px;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Times New Roman'; font-weight: bold; font-size: 12pt; width: 60%; color: rgb(0, 0, 0); padding: 6pt 3pt 3pt 3px;">Average Annual Total Returns</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> </tr> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Times New Roman'; font-weight: bold; font-size: 12pt; width: 60%; color: rgb(0, 0, 0); padding: 6pt 3pt 3pt 3px;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; width: 14%; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Institutional Shares</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.64<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">S&amp;P Municipal Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.21<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">S&amp;P Municipal Bond Short Index </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">S&amp;P Municipal Bond 1-5 Years Investment Grade 5% Pre-Refunded Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Morningstar US Fund Muni National Short Funds Category Average</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.73<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.60<span>%</span></td> </tr> </table> Institutional Shares 0.0376 0.0172 0.0164 S&P Municipal Bond Index 0.0661 0.0123 0.0221 S&P Municipal Bond Short Index  0.0291 0.0176 0.0167 S&P Municipal Bond 1-5 Years Investment Grade 5% Pre-Refunded Index 0.0326 0.0154 0.0167 Morningstar US Fund Muni National Short Funds Category Average 0.0345 0.0173 0.0160 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">Visit <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">FederatedHermes.com/us/FundInformation</span> and click on the link to your fund and share class for more recent performance information.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt; break-after: avoid;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 3px;"><span style="float: none;">$</span>400,348,788</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Number of Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 3px;">214</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Portfolio Turnover</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 3px;">26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Total Advisory Fees Paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 3px;"><span style="float: none;">$</span>707,714</td> </tr> </table> 400348788 214 0.26 707714 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Holdings</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; font-weight: bold; margin: 5pt 0px 5pt 0px;"><b>Top Sectors</b> <br/><b>(% of Net Assets)</b></div> <div style="padding-left: 0px; padding-right: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_12152490.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt; clear: both;">Material Fund Changes</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">Following is a summary of material changes made to the Fund during the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">FederatedHermes.com/us/FundInformation</span> or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">Effective April 2, 2026, Mary Jo Ochson no longer serves as a portfolio manager of the Fund.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">Following is a summary of material changes made to the Fund during the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">FederatedHermes.com/us/FundInformation</span> or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.</div> FederatedHermes.com/us/FundInformation 1-800-341-7400 Federated Hermes Short-Intermediate Municipal Fund Service Shares FSHSX This annual shareholder report contains important information about the Federated Hermes Short-Intermediate Municipal Fund (the “Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">FederatedHermes.com/us/FundInformation</span>. You can also request this information by contacting us at 1‑800‑341‑7400, Option 4, or your financial advisor. FederatedHermes.com/us/FundInformation 1‑800‑341‑7400 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt;"><b>This report describes changes made to the Fund during the reporting period.</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>Class Name</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong><span style="white-space: nowrap;">Costs of a $10,000 investment</span></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; width: 180pt; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Service Shares</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>65</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.64<span>%</span></td> </tr> </table> 65 0.0064 <div style="margin-bottom: 0px;"> <div style="break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">The following discussion compares the performance of the Fund to the S&amp;P Municipal Bond Short Index (the “Index”) to show how the Fund’s performance compares to the returns of similar investments for the reporting period. See the Average Annual Total Returns table below for the returns of the Fund and related indexes, including the S&amp;P Municipal Bond Index, a required broad-based index which represents the overall US municipal fixed-income market. The Fund seeks to provide dividend income, which is exempt from federal regular income tax, by investing its assets so that normally distributions of annual interest income are exempt from federal regular income tax. A majority of the Fund’s assets are invested in securities rated investment-grade.</div> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold; page-break-after: avoid;"><b>Top Contributors to Performance</b></div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Yield curve and duration management contributed positively to relative Fund performance. A tactical 26% allocation to bonds not in the Index with maturities beyond four years had a positive contribution. The Fund also benefited from being positioned long relative to the Index as interest rates declined during the fiscal year.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Credit allocation contributed positively with significant overweight positions relative to the Index in A- and BBB-rated securities, which outperformed the Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Security selection contributed positively to relative Fund performance as the Fund outperformed the Index after accounting for duration, yield curve positioning, sector allocation and credit contributions. Noteworthy positive contributors included high-grade callable bonds with maturities beyond 10 years.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Sector allocation contributed positively to relative Fund performance with an overweight allocation to Housing and Senior Care bonds.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;"> </div> <div style="margin-top: 0px; margin-bottom: 0px;"><br/></div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; text-transform: none; letter-spacing: normal; font-weight: bold; page-break-after: avoid;"><b>Top Detractors from Performance</b></div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Security selection detracted from relative Fund performance given an approximately 10.8% allocation to variable/floating-rate notes excluded from the Index, in an environment where interest rates declined.</div> </li> </ul> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;"> </div> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund’s past performance is not a predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: June 30, 2016 through June 30, 2026</div> <div style="text-transform: none; font-family: 'times new roman'; color: rgb(0, 0, 0); letter-spacing: normal; font-size: 10pt; margin-bottom: 3pt; font-weight: normal; margin-top: 11.5pt;">Initial Investment of $10,000</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_12152503.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 521pt;"/> </div> Keep in mind that the Fund’s past performance is not a predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; font-family: 'times new roman'; font-weight: bold; font-size: 12pt; color: rgb(0, 0, 0); border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 3px;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Times New Roman'; font-weight: bold; font-size: 12pt; width: 60%; color: rgb(0, 0, 0); padding: 6pt 3pt 3pt 3px;">Average Annual Total Returns</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"></td> </tr> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Times New Roman'; font-weight: bold; font-size: 12pt; width: 60%; color: rgb(0, 0, 0); padding: 6pt 3pt 3pt 3px;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 10pt; width: 14%; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Service Shares</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.62<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">S&amp;P Municipal Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.21<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">S&amp;P Municipal Bond Short Index </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">S&amp;P Municipal Bond 1-5 Years Investment Grade 5% Pre-Refunded Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Morningstar US Fund Muni National Short Funds Category Average</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.73<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.60<span>%</span></td> </tr> </table> Service Shares 0.0362 0.0149 0.0140 S&P Municipal Bond Index 0.0661 0.0123 0.0221 S&P Municipal Bond Short Index  0.0291 0.0176 0.0167 S&P Municipal Bond 1-5 Years Investment Grade 5% Pre-Refunded Index 0.0326 0.0154 0.0167 Morningstar US Fund Muni National Short Funds Category Average 0.0345 0.0173 0.0160 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">Visit <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">FederatedHermes.com/us/FundInformation</span> and click on the link to your fund and share class for more recent performance information.</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt; break-after: avoid;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 3px;"><span style="float: none;">$</span>400,348,788</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Number of Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 3px;">214</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Portfolio Turnover</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 3px;">26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Total Advisory Fees Paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 3px;"><span style="float: none;">$</span>707,714</td> </tr> </table> 400348788 214 0.26 707714 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Holdings</div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; font-weight: bold; margin: 5pt 0px 5pt 0px;"><b>Top Sectors</b> <br/><b>(% of Net Assets)</b></div> <div style="padding-left: 0px; padding-right: 0px;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_12152500.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt; clear: both;">Material Fund Changes</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">Following is a summary of material changes made to the Fund during the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">FederatedHermes.com/us/FundInformation</span> or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">Effective April 2, 2026, Mary Jo Ochson no longer serves as a portfolio manager of the Fund.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 7.5pt;">Following is a summary of material changes made to the Fund during the reporting period. For more complete and current information, you may review the Fund’s disclosure documents on its webpage at <span style="text-decoration-style: solid; text-decoration-line: underline; color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 10pt;">FederatedHermes.com/us/FundInformation</span> or upon request at 1-800-341-7400, Option 4, or by contacting your financial advisor.</div> FederatedHermes.com/us/FundInformation 1-800-341-7400