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Class A Shares LMSFX This<span style="white-space:nowrap"> </span>annual shareholder report contains important information about the Federated Hermes Municipal Bond Fund, Inc. (the “Fund”) for the period of April 1, 2024 to March 31, 2025. 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:'avenirltpro';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:'avenirltpro';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;"> <b>This report describes planned changes made to the Fund since the beginning of the reporting period.</b> </div> <div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;" title="oef:ExpensesTextBlock">What were the Fund costs for the last year?</div><div style="margin-top:0px;margin-bottom:0px;font-family:'avenirltpro';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-page"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <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: 'AvenirLTPro'; 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: 'AvenirLTPro'; 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: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; width: 180pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom;">Class A Shares</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;"><span style="float:none">$</span>83</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; vertical-align: bottom; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">0.83<span>%</span></td> </tr> </table> 83 0.0083 <div style="margin-bottom:0px;"> <div style="break-inside:avoid;"> <div style="font-family:'avenirltpro';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:'avenirltpro';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 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. The Fund seeks to provide for its shareholders a high level of current income which is exempt from federal regular income tax by investing at least a majority of its assets in a portfolio of investment-grade, tax-exempt securities.</div> </div> <div style="break-inside:avoid;"> <div style="margin-top:0px;font-family:'avenirltpro';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> </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; break-inside: avoid;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">The Fund’s credit allocation, notably an overweight position in A-rated and BBB-rated bonds and an underweight position in bonds with ratings of AA and AAA was a positive contributor to relative performance versus the Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; 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, especially overweight positions in life care and toll roads, added to relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">Individual security selection was a positive contributor to performance relative to the Index. This includes several Fund holdings which were advance refunded.</div> </li> </ul> <div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;"> </div> <div style="break-inside:avoid;"> <div style="margin-top:0px;font-family:'avenirltpro';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; break-inside: avoid;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">The Fund’s duration was longer than that of the Index while interest rates rose. This was a net detractor from relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">The Fund yield curve allocation, particularly an overweight position in bonds with a duration of six to eight years and an underweight position in bonds with a duration of less than two years, was also a detractor from performance relative to the Index.</div> </li> </ul> <div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;"> </div> </div> <div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund Performance</div><div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;" title="stop"> <b>Keep in mind that the Fund’s past performance is not a good 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:'avenirltpro';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;">Cumulative Performance: March 31, 2015 through March 31, 2025</div><div style="text-transform:none;font-family:'avenirltpro';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_9833708.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 521pt;"/> </div> Keep in mind that the Fund’s past performance is not a good 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-page" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="break-after:avoid;border-bottom-style:none;border-bottom-width:initial;break-inside:avoid-page;height:20pt;font-family:'avenirltpro';font-weight:bold;font-size:12pt;color:rgb(0, 0, 0);border-bottom-color: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: 'AvenirLTPro'; 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="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left;"><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: 'AvenirLTPro'; 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: 'AvenirLTPro'; 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: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; width: 14%;"><strong>10 Years</strong></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <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: 10pt; font-family: 'AvenirLTPro'; font-weight: normal;">Class A Shares — including 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">-3.83<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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">-0.16<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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">1.27<span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <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: 10pt; font-family: 'AvenirLTPro'; font-weight: normal;">Class A Shares — excluding 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">0.65<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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">0.76<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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">1.73<span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <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: 10pt; font-family: 'AvenirLTPro'; 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">1.26<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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">2.22<span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <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: 10pt; font-family: 'AvenirLTPro'; font-weight: normal;">Morningstar Municipal National Long Funds 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">1.05<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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">1.92<span>%</span></td> </tr> </table> Class A Shares — including sales load -0.0383 -0.0016 0.0127 Class A Shares — excluding sales load 0.0065 0.0076 0.0173 S&P Municipal Bond Index 0.0176 0.0126 0.0222 Morningstar Municipal National Long Funds Average 0.0146 0.0105 0.0192 <div style="margin-top:0px;font-family:'avenirltpro';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:'avenirltpro';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:'avenirltpro';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-page"> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;"><span style="float:none">$</span>231,185,241</td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">168</td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold;">Portfolio Turnover Rate</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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">31<span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;"><span style="float:none">$</span>723,003</td> </tr> </table> 231185241 168 0.31 723003 <div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;">Fund Holdings</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'avenirltpro';color:rgb(0, 0, 0);letter-spacing:normal;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top: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_9833713.jpg" style="width: 172.8pt;"/> </div> <div style="font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;" title="oef:MaterialFundChngTextBlock">Material Fund Changes</div><div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Following is a summary of material changes planned for the Fund since the beginning of 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:'avenirltpro';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:'avenirltpro';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Effective May 29, 2025, Derek Plaski has been added to the Fund’s portfolio management team.</div> <div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Following is a summary of material changes planned for the Fund since the beginning of 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:'avenirltpro';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 Municipal Bond Fund, Inc. Class C Shares LMSCX This<span style="white-space:nowrap"> </span>annual shareholder report contains important information about the Federated Hermes Municipal Bond Fund, Inc. (the “Fund”) for the period of April 1, 2024 to March 31, 2025. 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:'avenirltpro';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:'avenirltpro';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;"> <b>This report describes planned changes made to the Fund since the beginning of the reporting period.</b> </div> <div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;" title="oef:ExpensesTextBlock">What were the Fund costs for the last year?</div><div style="margin-top:0px;margin-bottom:0px;font-family:'avenirltpro';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-page"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <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: 'AvenirLTPro'; 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: 'AvenirLTPro'; 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: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; width: 180pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom;">Class C Shares</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;"><span style="float:none">$</span>158</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; vertical-align: bottom; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">1.58<span>%</span></td> </tr> </table> 158 0.0158 <div style="margin-bottom:0px;"> <div style="break-inside:avoid;"> <div style="font-family:'avenirltpro';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:'avenirltpro';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 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. The Fund seeks to provide for its shareholders a high level of current income which is exempt from federal regular income tax by investing at least a majority of its assets in a portfolio of investment-grade, tax-exempt securities.</div> </div> <div style="break-inside:avoid;"> <div style="margin-top:0px;font-family:'avenirltpro';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> </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; break-inside: avoid;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">The Fund’s credit allocation, notably an overweight position in A-rated and BBB-rated bonds and an underweight position in bonds with ratings of AA and AAA was a positive contributor to relative performance versus the Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; 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, especially overweight positions in life care and toll roads, added to relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">Individual security selection was a positive contributor to performance relative to the Index. This includes several Fund holdings which were advance refunded.</div> </li> </ul> <div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;"> </div> <div style="break-inside:avoid;"> <div style="margin-top:0px;font-family:'avenirltpro';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; break-inside: avoid;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">The Fund’s duration was longer than that of the Index while interest rates rose. This was a net detractor from relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">The Fund yield curve allocation, particularly an overweight position in bonds with a duration of six to eight years and an underweight position in bonds with a duration of less than two years, was also a detractor from performance relative to the Index.</div> </li> </ul> <div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;"> </div> </div> <div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund Performance</div><div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;" title="stop"> <b>Keep in mind that the Fund’s past performance is not a good 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:'avenirltpro';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;">Cumulative Performance: March 31, 2015 through March 31, 2025</div><div style="text-transform:none;font-family:'avenirltpro';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_9833748.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 521pt;"/> </div> Keep in mind that the Fund’s past performance is not a good 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-page" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="break-after:avoid;border-bottom-style:none;border-bottom-width:initial;break-inside:avoid-page;height:20pt;font-family:'avenirltpro';font-weight:bold;font-size:12pt;color:rgb(0, 0, 0);border-bottom-color: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: 'AvenirLTPro'; 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="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left;"><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: 'AvenirLTPro'; 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: 'AvenirLTPro'; 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: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; width: 14%;"><strong>10 Years</strong></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <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: 10pt; font-family: 'AvenirLTPro'; font-weight: normal;">Class C Shares — including 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">-1.18<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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">-0.02<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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">1.11<span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <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: 10pt; font-family: 'AvenirLTPro'; font-weight: normal;">Class C Shares — excluding 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">-0.20<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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">-0.02<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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">1.11<span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <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: 10pt; font-family: 'AvenirLTPro'; 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">1.26<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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">2.22<span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <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: 10pt; font-family: 'AvenirLTPro'; font-weight: normal;">Morningstar Municipal National Long Funds 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">1.05<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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">1.92<span>%</span></td> </tr> </table> Class C Shares — including sales load -0.0118 -0.0002 0.0111 Class C Shares — excluding sales load -0.0020 -0.0002 0.0111 S&P Municipal Bond Index 0.0176 0.0126 0.0222 Morningstar Municipal National Long Funds Average 0.0146 0.0105 0.0192 <div style="margin-top:0px;font-family:'avenirltpro';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:'avenirltpro';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:'avenirltpro';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-page"> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;"><span style="float:none">$</span>231,185,241</td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">168</td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold;">Portfolio Turnover Rate</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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">31<span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;"><span style="float:none">$</span>723,003</td> </tr> </table> 231185241 168 0.31 723003 <div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;">Fund Holdings</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'avenirltpro';color:rgb(0, 0, 0);letter-spacing:normal;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top: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_9833753.jpg" style="width: 172.8pt;"/> </div> <div style="font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;" title="oef:MaterialFundChngTextBlock">Material Fund Changes</div><div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Following is a summary of material changes planned for the Fund since the beginning of 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:'avenirltpro';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:'avenirltpro';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Effective May 29, 2025, Derek Plaski has been added to the Fund’s portfolio management team.</div> <div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Following is a summary of material changes planned for the Fund since the beginning of 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:'avenirltpro';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 Municipal Bond Fund, Inc. Class F Shares LMFFX This<span style="white-space:nowrap"> </span>annual shareholder report contains important information about the Federated Hermes Municipal Bond Fund, Inc. (the “Fund”) for the period of April 1, 2024 to March 31, 2025. 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:'avenirltpro';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:'avenirltpro';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;"> <b>This report describes planned changes made to the Fund since the beginning of the reporting period.</b> </div> <div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;" title="oef:ExpensesTextBlock">What were the Fund costs for the last year?</div><div style="margin-top:0px;margin-bottom:0px;font-family:'avenirltpro';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-page"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <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: 'AvenirLTPro'; 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: 'AvenirLTPro'; 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: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; width: 180pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom;">Class F Shares</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;"><span style="float:none">$</span>83</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; vertical-align: bottom; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">0.83<span>%</span></td> </tr> </table> 83 0.0083 <div style="margin-bottom:0px;"> <div style="break-inside:avoid;"> <div style="font-family:'avenirltpro';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:'avenirltpro';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 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. The Fund seeks to provide for its shareholders a high level of current income which is exempt from federal regular income tax by investing at least a majority of its assets in a portfolio of investment-grade, tax-exempt securities.</div> </div> <div style="break-inside:avoid;"> <div style="margin-top:0px;font-family:'avenirltpro';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> </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; break-inside: avoid;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">The Fund’s credit allocation, notably an overweight position in A-rated and BBB-rated bonds and an underweight position in bonds with ratings of AA and AAA was a positive contributor to relative performance versus the Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; 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, especially overweight positions in life care and toll roads, added to relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">Individual security selection was a positive contributor to performance relative to the Index. This includes several Fund holdings which were advance refunded.</div> </li> </ul> <div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;"> </div> <div style="break-inside:avoid;"> <div style="margin-top:0px;font-family:'avenirltpro';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; break-inside: avoid;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">The Fund’s duration was longer than that of the Index while interest rates rose. This was a net detractor from relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top:0px;margin-bottom:0px;">The Fund yield curve allocation, particularly an overweight position in bonds with a duration of six to eight years and an underweight position in bonds with a duration of less than two years, was also a detractor from performance relative to the Index.</div> </li> </ul> <div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;"> </div> </div> <div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund Performance</div><div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;" title="stop"> <b>Keep in mind that the Fund’s past performance is not a good 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:'avenirltpro';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;">Cumulative Performance: March 31, 2015 through March 31, 2025</div><div style="text-transform:none;font-family:'avenirltpro';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_9833788.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 521pt;"/> </div> Keep in mind that the Fund’s past performance is not a good 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-page" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="break-after:avoid;border-bottom-style:none;border-bottom-width:initial;break-inside:avoid-page;height:20pt;font-family:'avenirltpro';font-weight:bold;font-size:12pt;color:rgb(0, 0, 0);border-bottom-color: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: 'AvenirLTPro'; 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="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left;"><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: 'AvenirLTPro'; 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: 'AvenirLTPro'; 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: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt; width: 14%;"><strong>10 Years</strong></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <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: 10pt; font-family: 'AvenirLTPro'; font-weight: normal;">Class F Shares — including 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">-1.35<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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">0.54<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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">1.62<span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <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: 10pt; font-family: 'AvenirLTPro'; font-weight: normal;">Class F Shares — excluding 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">0.65<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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">0.75<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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">1.72<span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <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: 10pt; font-family: 'AvenirLTPro'; 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">1.26<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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">2.22<span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <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: 10pt; font-family: 'AvenirLTPro'; font-weight: normal;">Morningstar Municipal National Long Funds 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">1.05<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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">1.92<span>%</span></td> </tr> </table> Class F Shares — including sales load -0.0135 0.0054 0.0162 Class F Shares — excluding sales load 0.0065 0.0075 0.0172 S&P Municipal Bond Index 0.0176 0.0126 0.0222 Morningstar Municipal National Long Funds Average 0.0146 0.0105 0.0192 <div style="margin-top:0px;font-family:'avenirltpro';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:'avenirltpro';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:'avenirltpro';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-page"> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;"><span style="float:none">$</span>231,185,241</td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">168</td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold;">Portfolio Turnover Rate</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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;">31<span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 3px; color: rgb(0, 0, 0); font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: rgb(0, 0, 0); font-size: 10pt;"><span style="float:none">$</span>723,003</td> </tr> </table> 231185241 168 0.31 723003 <div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;">Fund Holdings</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'avenirltpro';color:rgb(0, 0, 0);letter-spacing:normal;text-transform:uppercase;font-size:9pt;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top: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_9833793.jpg" style="width: 172.8pt;"/> </div> <div style="font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;" title="oef:MaterialFundChngTextBlock">Material Fund Changes</div><div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Following is a summary of material changes planned for the Fund since the beginning of 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:'avenirltpro';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:'avenirltpro';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Effective May 29, 2025, Derek Plaski has been added to the Fund’s portfolio management team.</div> <div style="margin-top:0px;font-family:'avenirltpro';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:7.5pt;">Following is a summary of material changes planned for the Fund since the beginning of 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:'avenirltpro';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 Municipal Bond Fund, Inc. Institutional Shares LMBIX This<span style="white-space: nowrap;"> </span>annual shareholder report contains important information about the Federated Hermes Municipal Bond Fund, Inc. (the “Fund”) for the period of April 1, 2024 to March 31, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-style: solid; text-decoration-line: underline; color: #000000; font-family: 'avenirltpro'; 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: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt;"><b>This report describes planned changes made to the Fund since the beginning of the reporting period.</b></div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;" title="oef:ExpensesTextBlock">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; font-family: 'AvenirLTPro'; color: #000000; 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: 'AvenirLTPro'; color: #000000; 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: 'AvenirLTPro'; color: #000000; font-size: 10pt; width: 180pt; padding: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Institutional Shares</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>58</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">0.58<span>%</span></td> </tr> </table> 58 0.0058 <div style="margin-bottom: 0px;"> <div style="break-inside: avoid;"> <div style="font-family: 'avenirltpro'; color: #000000; 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: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;">The following discussion compares the performance of the Fund to the S&amp;P Municipal Bond 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. The Fund seeks to provide for its shareholders a high level of current income which is exempt from federal regular income tax by investing at least a majority of its assets in a portfolio of investment-grade, tax-exempt securities.</div> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; 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> </div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Fund’s credit allocation, notably an overweight position in A-rated and BBB-rated bonds and an underweight position in bonds with ratings of AA and AAA was a positive contributor to relative performance versus the Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Sector allocation, especially overweight positions in life care and toll roads, added to relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">Individual security selection was a positive contributor to performance relative to the Index. This includes several Fund holdings which were advance refunded.</div> </li> </ul> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;"></div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; 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="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Fund’s duration was longer than that of the Index while interest rates rose. This was a net detractor from relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; margin-left: 11pt; list-style-type: square;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Fund yield curve allocation, particularly an overweight position in bonds with a duration of six to eight years and an underweight position in bonds with a duration of less than two years, was also a detractor from performance relative to the Index.</div> </li> </ul> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;"></div> </div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund Performance</div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 10pt;" title="stop"><b>Keep in mind that the Fund’s past performance is not a good 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: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: March 31, 2015 through March 31, 2025</div> <div style="text-transform: none; font-family: 'avenirltpro'; color: #000000; 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_9833828.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 521pt;"/> </div> Keep in mind that the Fund’s past performance is not a good 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-page;" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="break-after: avoid; border-bottom-style: none; border-bottom-width: initial; break-inside: avoid-page; height: 20pt; font-family: 'avenirltpro'; font-weight: bold; font-size: 12pt; color: #000000; border-bottom-color: initial; padding-left: 3px;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; font-size: 12pt; width: 60%; color: #000000; 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="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'AvenirLTPro'; color: #000000; 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: 'AvenirLTPro'; color: #000000; 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: 'AvenirLTPro'; color: #000000; font-size: 10pt; width: 14%; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</strong></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Institutional Shares¹</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">0.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">0.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">1.85<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">1.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">1.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">2.22<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'AvenirLTPro'; font-weight: normal; padding: 6pt 3pt 3pt 3px;">Morningstar Municipal National Long Funds Average</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">1.46<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">1.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 3pt 3pt 3pt;">1.92<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'AvenirLTPro'; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: #000000; width: 14pt; padding: 10pt 0 0 0;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 7.5pt; margin-bottom: 0px;">¹</div> </td> <td style="break-inside: avoid-page; font-family: 'AvenirLTPro'; font-style: italic; text-align: left; font-size: 7.5pt; vertical-align: top; color: #000000; padding: 10pt 0 0 0;"> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 7.5pt; margin-bottom: 0px;">The Fund’s Institutional Shares commenced operations on July 27, 2017. For the period prior to the commencement of operations of Institutional Shares, the performance information shown for the Fund’s Institutional Shares is for the Class A Shares. The performance of the Class A Shares has not been adjusted to reflect the expenses of the Institutional Shares, since the Institutional Shares have a lower expense ratio than the expense ratio of Class A Shares.</div> </td> </tr> </table> Institutional Shares 0.0081 0.0099 0.0185 S&P Municipal Bond Index 0.0176 0.0126 0.0222 Morningstar Municipal National Long Funds Average 0.0146 0.0105 0.0192 2017-07-27 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;">Visit <span style="text-decoration-style: solid; text-decoration-line: underline; color: #000000; font-family: 'avenirltpro'; 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: 'avenirltpro'; color: #000000; 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-page;"> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Net Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="float: none;">$</span>231,185,241</td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Number of Investments</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;">168</td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; font-weight: bold; padding: 6pt 10pt 3pt 3px;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;">31<span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; width: 40%; text-align: left; font-family: 'AvenirLTPro'; 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; white-space: nowrap; font-family: 'AvenirLTPro'; color: #000000; font-size: 10pt; padding: 6pt 10pt 3pt 3px;"><span style="float: none;">$</span>723,003</td> </tr> </table> 231185241 168 0.31 723003 <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">Fund Holdings</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'avenirltpro'; color: #000000; letter-spacing: normal; text-transform: uppercase; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 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_9833833.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'avenirltpro'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;" title="oef:MaterialFundChngTextBlock">Material Fund Changes</div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;">Following is a summary of material changes planned for the Fund since the beginning of 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: #000000; font-family: 'avenirltpro'; 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: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;">Effective May 29, 2025, Derek Plaski has been added to the Fund’s portfolio management team.</div> <div style="margin-top: 0px; font-family: 'avenirltpro'; color: #000000; font-size: 10pt; margin-bottom: 7.5pt;">Following is a summary of material changes planned for the Fund since the beginning of 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: #000000; font-family: 'avenirltpro'; 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 The Fund’s Institutional Shares commenced operations on July 27, 2017. For the period prior to the commencement of operations of Institutional Shares, the performance information shown for the Fund’s Institutional Shares is for the Class A Shares. The performance of the Class A Shares has not been adjusted to reflect the expenses of the Institutional Shares, since the Institutional Shares have a lower expense ratio than the expense ratio of Class A Shares.